Mutual Fund Summary Prospectus (497k)
01 Mars 2013 - 11:14PM
Edgar (US Regulatory)
Click here to view the fund's statutory
prospectus
or
statement of additional information
Summary Prospectus
March 1, 2013
American Independence
Core Plus Fund
Institutional
| IIISX | 026762500
Class A
| IBFSX | 026762609
The Fund’s statutory Prospectus and Statement of Additional Information dated March 1, 2013, are incorporated into and made part of this Summary Prospectus by reference. Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund online at
www.aifunds.com
. You can also get this information at no cost by calling 866-410-2006 or by sending an e-mail request to info@americanindependence.com.
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal o
ff
ense.
Not FDIC Insured
•
May Lose Value
•
No Bank Guarantee
Core Plus Fund
FUND SUMMARY – CORE PLUS FUND
Investment Objectives/Goals.
The Fund’s investment objective is to provide investors with a competitive total return.
Fees and Expenses of the Fund.
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in “Investing With The Funds” starting on page 67 of the Fund’s Prospectus.
|
Institutional Class Shares
|
Class A Shares
|
|
Shareholder Fees
(fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
None
|
4.25%
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase)
|
None
|
None
|
|
Redemption Fee
|
None
|
None
|
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fee
|
0.40%
|
0.40%
|
|
Distribution and Service (12b-1) Fees
|
None
|
0.35%
(1)
|
|
Other Expenses
|
0.33%
|
0.33%
|
|
Total Annual Fund Operating Expenses
|
0.73%
|
1.08%
|
|
Fee Waivers and Expense Reimbursements
(2)
|
-0.28%
|
-0.28%
|
|
Net Annual Fund Operation Expenses After Fee Waivers and Expense Reimbursements
(2)
|
0.45%
|
0.80%
|
|
(1)
The Board has approved a Rule 12b-1 plan with a 0.25% distribution fee for Class A Shares. In addition, the Board has approved a Shareholder Services Plan for Class A Shares which would provide for a fee paid monthly at an annual rate of up to 0.25%. At the present time, the Fund is assessing the full 0.25% distribution fee and is assessing 0.10% of the shareholder servicing fee.
(2)
American Independence Financial Services, LLC (“American Independence” or the “Adviser”) has contractually agreed to reduce the management fee and reimburse expenses until March 1, 2014 in order to keep the Total Annual Fund Operating Expenses at 0.45% and 0.80% of the Fund’s average net assets for the Institutional Class Shares and Class A Shares, respectively. The Adviser is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid in any fiscal year of the Fund over the following three fiscal years, as long as the reimbursement does not cause the Fund’s operating expenses to exceed the expense limitation. The expense limitation may be terminated only by approval of the Board of Trustees.
Example
This
Example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds.
The
Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that
the Fund’s operating expenses remain the same. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Institutional
Class Shares
|
$46
|
$205
|
$378
|
$880
|
Class
A Shares
|
$503
|
$727
|
$969
|
$1,662
|
Portfolio Turnover
The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or
"turns over" its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when
Fund shares are held in a taxable account. These costs, which are
not reflected in the annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year ended, October
31, 2012, the Fund’s portfolio turnover rate was 41% of the average value of
its portfolio.
Principal Investment
Strategies, Risks and Performance.
Principal
Strategies.
Under
normal market conditions,
the Fund intends to invest in the following manner:
Ø
At least 80% of the
value of its net assets, plus the amount of any borrowings for investment
purposes, in bonds;
Ø
Limit the Fund’s
average duration to +/- 20% of the Fund’s benchmark, the Barclays Capital U.S.
Aggregate Index;
Ø
In derivatives for
hedging and non-hedging purposes, such as to manage the effective duration of
the Portfolio or as a substitute for direct investment;
Ø
May invest up to 20%
of the value of its net assets, plus borrowings for investment purposes, in
international fixed income securities;
Ø
May invest up to 20%
of the value of its net assets, plus borrowings for investment purposes, in
high-yield securities; and
Ø
At least 65% of the
Fund’s net assets, plus borrowings for investment purposes, invested in bonds
that are rated Baa/BBB or better, at the time of purchase, as rated by a
nationally recognized statistical rating organization, such as Moody’s
Investors Service Inc. (‘‘Moody’s’’), Standard & Poor’s Corporation
(‘‘S&P’’), or Fitch Ratings Ltd. (‘‘Fitch’’), or which are unrated and
determined by the Fund’s adviser to be of comparable quality
Main
types of securities in which the Fund may invest:
Ø
U.S. Treasury
Obligations
Ø
U.S. Government
Agency Securities
Ø
Corporate Debt
Securities
Ø
Mortgage-backed
Securities
Ø
Derivative Securities
(consisting of exchange-traded U.S. Government bond futures and options on
interest rates or Government bonds)
Ø
Forward Commitment
Transactions – U.S. Government Agency mortgage-backed to-be-announced (“TBAs”)
securities
Ø
International Fixed Income
Securities
Ø
High Yield Securities
Principal Risks.
Before investing in the Fund, you should carefully consider your own
investment goals, the amount of time you are willing to leave your money
invested and the amount of risk you are willing to take. The Fund is subject
to management risk and may not achieve its objective if the sub-adviser’s
expectations regarding particular securities or markets are not met. A summary
of the principal risks of investing in the Fund can be found below:
Fixed-Income
Securities Risk
.
Fixed-income securities are subject to the risk of the issuer’s inability to
meet principal and interest payments on its obligations (i.e., credit risk) and
are subject to price volatility resulting from, among other things, interest
rate sensitivity, market perception of the creditworthiness of the issuer and
general market liquidity (i.e., market risk). Generally fixed-income securities
will decrease in value if interest rates rise and will increase in value if
interest rates decline. Securities with longer durations are likely to be more
sensitive to changes in interest rates, generally making them more volatile
than securities with shorter durations. Lower rated fixed-income securities
have greater volatility because there is less certainty that principal and
interest payments will be made as scheduled.
Interest Rate and
Duration Risk
. The
Fund's share price and total return will vary in response to changes in
interest rates. If rates increase, the value of the Fund's
investments generally will decline, as will the value of your investment in the
Fund. Longer-term securities are subject to greater interest rate risk. Duration
is a measure of the sensitivity of a security's price to changes in interest
rates. The longer a security's duration, the more sensitive it will be to
changes in interest rates. Similarly, a fund with longer average fund duration
will be more sensitive to changes in interest rates and will experience more
price volatility than a fund with a shorter average fund duration.
Credit Risk
.
The
issuer of a fixed income security may not be able to make interest and
principal payments when due. Generally, the lower the credit rating
of a security, the greater the risk that the issuer will default on its
obligation, which could result in a loss to the Fund.
Prepayment Risk
.
Prepayment occurs
when the issuer of a security can repay principal prior to the security’s
maturity. Securities subject to prepayment can offer less potential for gains
during a declining interest rate environment and similar or greater potential
for loss in a rising interest rate environment. In addition, the potential
impact of prepayment features on the price of a debt security can be difficult
to predict and result in greater volatility. This risk could affect the total
return of the Fund.
Mortgage
Backed-Securities Risk
. Mortgage-backed securities entail prepayment risk,
which generally increases during a period of falling interest rates. Rising
interest rates tend to discourage refinancings, with the result that the
average life and volatility of mortgage securities will increase and market
price will decrease. Rates of prepayment, faster or slower than expected by the
Adviser, could reduce the Fund’s yield, increase the volatility of the Fund
and/or cause a decline in net asset value. Certain mortgage-backed securities may
be more volatile and less liquid than other traditional types of debt
securities. In addition, an unexpectedly high rate of defaults on the mortgages
held by a mortgage pool may adversely affect the value of a mortgage-backed
security and could result in losses to the Fund. The risk of such defaults is
generally higher in the case of mortgage pools that include sub-prime
mortgages.
U.S. Government
Obligations Risk
.
U.S. government securities are subject to
market and interest rate risk, as well as varying degrees of credit risk. Some
U.S. government securities are issued or guaranteed by the U.S. Treasury and
are supported by the full faith and credit of the United States. Other types of
U.S. government securities are supported by the full faith and credit of the
United States (but not issued by the U.S. Treasury). These securities may have
less credit risk than U.S. government securities not supported by the full
faith and credit of the United States. With respect to U.S. government
securities that are not backed by the full faith and credit of the U.S.
Government, there is the risk that the U.S. Government will not provide
financial support to such U.S. government agencies, instrumentalities or
sponsored enterprises if it is not obligated to do so by law.
Derivatives Risk
.
Derivatives
may be riskier than other types of investments and may increase the volatility
of the Fund. Derivatives may be more sensitive to changes in economic or market
conditions than other types of investments and could result in losses that
significantly exceed the Fund’s original investment. Many derivatives create
leverage thereby causing the Fund to be more volatile than it would be if it
had not used derivatives. Derivatives expose the Fund to counterparty risk,
which is the risk that the derivative counterparty will not fulfill its
contractual obligations (and includes credit risk associated with the
counterparty). When used for hedging, the change in value
of a derivative may not correlate as expected with the security or other risk
being hedged. In addition, derivatives expose the Fund to risks of mispricing
or improper valuation.
Forward Commitment
Risk
.
The Fund may purchase or sell securities on a forward commitment basis. A
forward commitment transaction is an agreement by a Fund to purchase or sell
securities at a specified future date. When the Fund engages in these
transactions, the Fund relies on the buyer or seller, as the case may be, to
consummate the sale. Failure to do so may result in the Fund missing the
opportunity to obtain a price or yield considered to be advantageous. As part
of an investment strategy, the Fund may sell the forward commitment securities
before the settlement date or enter into new commitments to extend the delivery
date into the future. Such securities have the effect of leverage on the Fund
and may contribute to volatility of the Fund’s net asset value and create a
higher portfolio turnover rate.
Foreign
Securities Risk
. To the extent the Fund invests in foreign securities, such
investments are subject to additional risks including political and economic
risks, greater volatility, civil conflicts and war, currency fluctuations,
expropriation and nationalization risks, higher transaction costs, delayed
settlement, possible foreign controls on investment, and less stringent
investor protection and disclosure standards of foreign markets.
Political Risk
.
A greater potential
for revolts, and the expropriation of assets by governments exists when
investing in securities of foreign countries
Foreign Currency Risk
.
Investments in
foreign currencies are subject to the risk that those currencies will decline
in value relative to the U.S. dollar, or, in the case of hedged positions, that
the U.S. dollar will decline relative to the currency being hedged. When the
U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value
of an investment denominated in that currency will typically fall. Currency
rates in foreign countries may fluctuate significantly over short periods of
time.
High Yield
Securities Risk
. Lower rated securities are subject to greater risk of loss of
income and principal than higher rated securities and may have a higher
incidence of default than higher-rated securities. The prices of lower rated
securities are likely to be more sensitive to adverse economic changes or
individual corporate developments than higher rated securities.
Investments in the Fund are not deposits or
obligations of, or guaranteed or endorsed by, any bank and are not insured or
guaranteed by the FDIC, the Federal Reserve Board or any other government
agency.
You could lose money by investing in the Fund.
Past Performance.
The bar chart and the
table listed below give some indication of the risks of an investment in the
Fund (and its predecessor) by showing changes in the Fund’s performance from
year to year and by showing how the Fund’s average annual returns for the 1, 5
and 10 years periods compare with those of the Fund’s benchmark, the Barclays
Capital U.S. Aggregate Index. The Fund has been in existence since January 21,
1997, but until March 2, 2006, the Fund was organized as the Intermediate Bond
Fund of the former American Independence Funds Trust. Effective December 27,
2010, the Fund changed its name to the Core Plus Fund.
Past performance
(before and after taxes) does not indicate how a Fund will perform in the
future.
The returns in the
bar chart below are for the Institutional Class and do not include s
ales loads or account fees; if such amounts were reflected,
returns would be less than those shown. Returns for Class A Shares
will
differ because of differences in the expenses of each class
Updated performance
figures are available on the Fund’s website at
www.aifunds.com
or by calling the Fund at
1-888-266-8787. The Fund’s 30-day yield may be obtained by calling
1-888-266-8787.
Best
quarter:
|
5.32%
|
Q4 2008
|
Worst
quarter:
|
(2.44)%
|
Q2 2004
|
AVERAGE ANNUAL
TOTAL RETURNS
For the Period
Ended December 31, 2012
|
|
1 Year
|
5 Years
|
10 Years
|
Institutional
Class Shares
|
|
|
|
|
Return Before Taxes
|
5.25%
|
6.46%
|
5.09%
|
|
Return After Taxes
on Distributions
|
4.05%
|
4.85%
|
3.51%
|
|
Return After Taxes
on Distributions and sale of shares
|
3.54%
|
4.62%
|
3.45%
|
|
Class A Shares
(Return Before Taxes)
|
0.45%
|
5.35%
|
4.46%
|
|
Barclays Capital
U.S. Aggregate Index (reflects no deduction for fees, expenses or taxes)
|
4.21%
|
5.95%
|
5.18%
|
|
After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes. Actual after-tax
returns depend on the investor’s tax situation and may differ from those shown.
After-tax returns shown are not relevant to investors who hold Fund shares
through tax-deferred arrangements such as 401(k) plans or individual retirement
accounts.
Returns for Class A
Shares reflect the deduction of the sales load. After-tax returns for Class A
Shares, which are not shown, will vary from those shown for Institutional Class
Shares.
Portfolio Management.
Investment Adviser.
The investment
adviser for the Fund is American Independence Financial Services, LLC.
Sub-Adviser.
Boyd Watterson Asset
Management, LLC, located at 1801E. 9
th
St., Suite 1400, Cleveland,
Ohio 44114, serves as the sub-adviser to the Fund. The portfolio managers
responsible for the day-to-day management of the Fund are shown below:
Manager Name
|
Primary Title
|
Managed the Fund
Since
|
Brian Gevry
|
CIO at Titanium Asset Management/ CEO
|
2010
|
James Shirak
|
Executive Vice President/ Deputy CIO
|
2010
|
Gregory Cobb
|
Executive Vice President/ Lead Fixed Income
Strategist
|
2011
|
David Dirk
|
Senior Vice President/ Director Portfolio
Management and Trading
|
2010
|
Purchase and Sale Information.
Purchase minimums
|
Institutional Class
Shares
|
Class A Shares
|
|
|
Initial
Purchase
|
$3,000,000
|
$5,000
|
|
|
Subsequent
Purchases
|
$5,000
|
$250
|
|
|
How to purchase and redeem shares
·
Through
Matrix Capital Group, Inc. (the “Distributor”)
·
Through
banks, brokers and other investment representatives
·
Through
retirement plan administrators and record keepers
·
Purchases
: by completing an
application and sending a check to the Fund at the address below (an
application can be obtained through the Fund’s website at www.aifunds.com or by
calling 1-888-266-8787).
·
Redemptions
: by calling
1-888-266-8787 or by writing to the Fund at the address below:
American
Independence Funds
|
P.O.
Box 8045
|
Boston,
MA 02266-8045
|
Tax Information.
The Fund intends to
make distributions that may be taxed as ordinary income or capital gains,
except when your investment is in an IRA, 401(k) plan or other tax-advantaged
investment plan.
Financial Intermediary
Compensation.
If you
purchase the Fund through a broker-dealer or other financial intermediary (such
as a bank), the Fund and its related companies may pay the intermediary for the
sale of Fund shares and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other intermediary and your
salesperson to recommend the Fund over another investment. Ask your salesperson
or visit your financial intermediary’s Web site for more information.
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