The American Independence JAForlines Global Tactical Allocation Fund’s (the “Fund”) objective is to provide long-term capital appreciation while providing lower than average risk.
The Fund strives to obtain a lower than average risk by diversifying the portfolio across several different asset classes which have low, or negative, correlations to one another. By having a portfolio with multiple asset classes with differing correlations, the total volatility of the portfolio is lower than some, or all, of the underlying asset classes if they were held individually. Also, the use of cash as a tactical asset class during times of high market volatility further helps reduce the risk of the portfolio.
|Share Class||Ticker||CUSIP||Fund Number|
|Number of Holdings||16|
|Net Assets||$105.1 Million|
|Fund Inception Date||September 20, 2013|
|Share Class||Subsidized 30-Day SEC Yield||Unsubsidized 30-Day SEC Yield|
Under normal market conditions, the Fund intends to invest in the following manner:
The Fund is a “fund of funds.” The term “fund of funds” is typically used to describe mutual funds whose primary investment strategy involves investing in other investment companies, such as ETFs and other mutual funds. The Fund is best suited for long-term investors.
In addition to investing primarily in ETFs, the Fund may also invest in short-term money market securities, cash, money market mutual funds and Treasury Bills.
30-Day SEC Yield and Unsubsidized SEC Yield: The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share as of the date specified. The SEC 30-Day Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances. Subsidized yields reflect fee waivers in effect. Without such waivers, yields would be reduced. The unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or expense reimbursements.
The American Independence JAForlines Global Tactical Allocation Fund is managed by RiskX Investments, LLC (formerly American Independence Financial Services, LLC or the “Adviser”). RiskX Investments is responsible for managing the Fund’s portfolio in accordance with the Fund’s goal and policies.
J.A. Forlines, LLC (“JAF”) serves as the Sub-Adviser to the Fund. JAF is a Delaware corporation and is registered as an investment adviser under the Advisers Act, and has been in business since May, 2009. JAF is based at 63 Forest Avenue Suite #1, Locust Valley, NY 11560. JAF provides ongoing money management services for clients who have relationships with registered representatives of Broker/Dealers and Registered Investment Advisers.
Under the investment advisory agreement, RiskX Investments is responsible for the oversight of the sub-adviser.
John A. Forlines III, is the portfolio manager for the Fund and is primarily responsible for the day-to-day management of the Fund’s portfolio. Mr. Forlines is Chairman and Chief Investment Officer at the Sub-Adviser since its inception in May 2009. Mr. Forlines also currently serves as Senior Advisor to Core Asset Management Company since 2009 and previously served as the Co-Chair and President of the Investment Committee of Core Asset Management Company from 2004 to 2008. Prior to joining Core Asset Management Company, Mr. Forlines was a founder of a family office that is active primarily in charitable support for education in the United States. Mr. Forlines also enjoyed a long career with J.P. Morgan from 1986-2000, serving various roles with the firm, including Vice President of Structured Products, Co-Head of the U.S. Private Equity Group, Managing Director in the Securities Business Development Group and Managing Director and Co-Head of U.S. Tech, Media & Telecom Investment Banking. Mr. Forlines is a member of the State of New York Bar Association; before his career at J.P. Morgan he practiced law specializing in structured debt and equity products. Additionally, he is an Executive in Residence in the Department of Economics at Duke University. Mr. Forlines graduated from Duke University with Honors in English and Economics and also earned his J.D. from the Duke University School of Law.
RiskX Investments, LLC
1345 Avenue of the Americas, 2nd Floor,
New York, NY 10105
|Institutional Class Shares||Class A Shares||Class C Shares|
|Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)||None||5.75%||None|
|Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase)||None||None||1.00% 1|
1Class C shares will be assessed a 1.00% contingent deferred sales charge if redeemed within one year of date of purchase
2RiskX Investments, LLC (formerly, American Independence Financial Services, LLC) (“RiskX Investments” or the “Adviser”) has contractually agreed to reduce the management fee and reimburse expenses until March 1, 2017 in order to keep the Total Annual Fund Operating Expenses to 0.95%, 1.33% and 1.95% of the Fund’s average net assets for Institutional Class shares, Class A shares and Class C shares, respectively. The contractual expense limitation does not apply to any taxes, brokerage commissions, interest on borrowings, acquired fund fees, extraordinary expenses, or short sale dividend and interest expenses. 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.
|Name||NAV||1 Month||YTD||1 Year||3 Year||Since Inception3|
|Institutional Class Shares||$10.72||2.00%||2.00%||8.20%||4.30%||4.26%|
|Class A Shares (NAV)||$10.71||2.00%||2.00%||7.84%||3.91%||3.89%|
|Class A Shares (w/ 5.75% max load)||$11.36||-3.86%||-3.86%||1.67%||1.87%||2.08%|
|Class C Shares (w/ 1.00% max CDSC)||$10.60||0.92%||0.92%||6.17%||3.28%||3.22%|
|MSCI All Country World Index||--||2.73%||2.73%||17.93%||5.49%||--|
|Name||QTR||YTD||1 Year||3 Year||Since Inception3|
|Institutional Class Shares||-2.75%||4.53%||4.53%||2.78%||3.74%|
|Class A Shares (NAV)||-2.82%||4.07%||4.07%||2.39%||3.37%|
|Class A Shares (w/ 5.75% max load)||-8.37%||-1.88%||-1.88%||0.39%||1.52%|
|Class C Shares (w/ 1.00% max CDSC)||-3.96%||2.48%||2.48%||1.76%||2.70%|
|MSCI All Country World Index||1.19%||7.86%||7.86%||3.13%||--|
3Since September 20, 2013 Inception
During certain of the periods shown in the performance table above, the adviser waived a portion of its management fee and capped the total operating expenses of the Fund. Absent such expense cap and fee waiver, the Fund would have had a higher expense ratio and lower performance. The expense ratio is per the most recent prospectus dated February 29, 2016. The expense ratio is net of a contractual expense cap of 0.95% for the Institutional share, 1.33% for the A share, and 1.95% for the C share classes through March 1, 2017.
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month-end, please call 866.410.2006 or visit the Product Performance pages of this website.
The MSCI All Country World Index ("MSCI ACWI") is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is comprised of stocks from both developed and emerging markets. The index does not incur fees and expenses and is not available for purchase.
|U.S. Fixed Income Exchange Traded Products||34.52%|
|International Equity Exchange Traded Products||19.40%|
|U.S. Equity Exchange Traded Products||18.39%|
|International Fixed Income Exchange Traded Products||15.04%|
|U.S. Alternative Exchange Traded Products||4.71%|
|iShares U.S. Preferred Stock ETF||14.27%|
|iShares J.P. Morgan USD Emerging Markets Bond ETF||12.01%|
|iShares Core S&P Small-Cap ETF||9.11%|
|iShares iBoxx High Yield Corporate Bond ETF||8.26%|
|VanEck Vectors Fallen Angel High Yield Bond ETF||7.94%|
|Financial Select Sector SPDR Fund||7.04%|
|iShares MSCI Europe Financials ETF||6.21%|
|iShares U.S. Technology ETF||6.17%|
|iShares MSCI Eurozone ETF||5.17%|
|iShares Gold Trust||4.71%|
|Percent in Top 10||80.89%|
Portfolio holdings are subject to change.
Information found on this site is directed to U.S. Investors.
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.
General ETF Risk. The cost to a shareholder of investing in the Fund may be higher than the cost of investing directly in ETF shares and may be higher than other mutual funds that invest directly in equities. You will indirectly bear fees and expenses charged by the ETFs in addition to the Fund’s direct fees and expenses.
Fund of Funds Structure Risk. Investments in securities of other investment companies, including ETFs, are subject to statutory limitations prescribed by the 1940 Act. Absent an available exemption, the Fund may not: (i) acquire more than 3% of the voting securities of any other investment company; (ii) invest more than 5% of its total assets in securities of any one investment company; or (iii) invest more than 10% of its total assets in securities of all investment companies.
Many ETFs have obtained exemptive relief from the SEC to permit unaffiliated funds to invest in the ETF’s shares beyond the above statutory limitations, subject to certain conditions and pursuant to a contractual arrangement between the particular ETF and the investing fund. The Fund may rely on these exemptive orders to invest in unaffiliated ETFs. If the Fund is unable to rely on an exemptive order, the limitations discussed above may prevent the Fund from allocating its investments in the manner the Advisor considers prudent, or cause the Advisor to select an investment other than that which the Advisor considers suitable.
Because the Fund’s investments are concentrated in underlying funds, and the Fund’s performance is directly related to the performance of such underlying funds, the ability of the Fund to achieve its investment objective is directly related to the ability of the underlying funds to meet their investment objectives.
Foreign Securities Risk. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets or smaller capital markets.
New Fund Risk. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees or the Adviser may determine to liquidate the Fund. The liquidation can be initiated by the Board of Trustees without a shareholder vote and, while shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders.
The sub-adviser has not previously managed an open end fund.
For more complete information on the American Independence and Rx Funds, you can obtain a prospectus containing complete information for the Funds by calling 866.410.2006 or by downloading them from this web site. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest or send money. Information about these and other important subjects is in the Funds’ prospectus. The prospectus and, if available, the summary prospectus, should be read carefully before investing.
Shares of the American Independence Funds are distributed by Matrix 360 Distributors, LLC, which is not affiliated with RiskX Investments, LLC.
RiskX Investments, LLC is a limited liability company.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE.
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