The American Independence Kansas Tax-Exempt Bond Fund’s (the “Fund”) investment objective is to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes.
This Fund is intended for investors seeking investment income exempt from federal taxes and Kansas State Tax.
The Fund manager seeks to generate monthly income focusing on investment grade intermediate bonds.
Monthly Tax-Free Income
The income generated by the Fund is not subject to local, state, or federal taxes. The Fund pays monthly dividends and the Fund does not currently own securities subject to the Alternative Minimum Tax.
Largest Kansas Tax-Free Fund, Managed Locally
The Fund manager resides in Wichita and visits many of the public works projects that are supported by the Fund’s investments.
|Share Class||Ticker||CUSIP||Fund Number|
|Number of Holdings||229|
|Net Assets||$178.8 Million|
|Fund Inception Date||December 10, 1990|
|Share Class||Subsidized 30-Day SEC Yield||Unsubsidized 30-Day SEC Yield|
Duration is a measure of a bond price’s sensitivity to changes in interest rates. Bond or bond funds with a higher duration generally have higher price volatility than those with lower durations.
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 Kansas Tax-Exempt Bond Fund is managed by RiskX Investments, LLC (formerly known as American Independence Financial Services, LLC). The Fund is sub-advised by Carret Asset Management, LLC. Robert A. Campbell, CFA has been responsible for the day-to-day management of the Fund since November 2000.
Carret Asset Management, LLC (“Carret”) is an independent investment advisor headquartered in New York City offering active investment-grade fixed-income management, a long-term track record, and a team-based investment decision-making process. Founded in 1963, Carret manages in excess of $2.4 billion in assets for wealth mangers, financial advisors, corporate relationships, select institutions, mutual fund companies, non-profit organizations and high-net-worth individuals and families.
Robert A. Campbell, CFA, serves as a Managing Director and Portfolio Manager at Carret, before which he was President and Portfolio Manager of Arrivato Asset Management, LLC (the previous sub-adviser to the Kansas Tax-Exempt Bond Fund). Prior to that, he was Vice Present and Portfolio Manager of the Adviser, RiskX Investments, LLC. Mr. Campbell began managing the Kansas Fund in 2000 when he was a Senior Portfolio Manager with Galliard Capital Management, Inc. (a previous sub-adviser to the Kansas Fund). Mr. Campbell has also served as a municipal/fixed income portfolio manager with First Commerce Investors (1997-2000), U.S. Bank/First Bank (1996-1997) and Firstier Bank (1995-1996).
Jason R. Graybill, CFA, has been a Senior Managing Director and Senior Portfolio Manager at Carret since May of 2008. From January 1995 through May 2008, he was a Managing Director and Senior Portfolio Manager at Abner, Herrman & Brock, LLC. Mr. Graybill graduated from Towson University in 1992, with a B.S. in Business Administration and from University of Baltimore with an M.S. in Finance in 1994. He has been a Chartered Financial Analyst (CFA®) since 1998.
Neil D. Klein has been a Senior Managing Director and Senior Portfolio Manager of Carret since May of 2008. From July 2005 through May 2008, he was a Senior Portfolio Manager at Abner, Herrman & Brock, LLC. Mr. Klein graduated from Pennsylvania State University in 1987, with a B.S. in AgriBusiness Management and received his M.B.A. from Temple University, Fox School of Business.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
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||4.25%||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 (“RiskX Investments” or the “Adviser”) has contractually agreed to reduce the management fee and reimburse expenses until March 1, 2018 in order to keep the Net Annual Fund Operating Expenses at 0.48%, 0.87% and 1.48% of the Fund’s average net assets for the 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||5 Year||10 Year||Since Inception3|
|Institutional Class Shares||$10.88||0.16%||0.95%||0.19%||3.07%||2.73%||3.72%||4.71%|
|Class A Shares (NAV)||$10.88||0.13%||0.85%||-0.20%||2.68%||2.34%||3.32%||4.30%|
|Class A Shares (w/ 4.25% max load)||$11.36||-4.10%||-3.42%||-4.47%||1.22%||1.47%||2.87%||4.13%|
|Class C Shares (w/ 1.00% max CDSC)||$10.88||-0.92%||-0.21%||-1.77%||2.07%||1.73%||2.69%||3.67%|
|Barclays 7 Year Municipal Bond Index||--||0.17%||1.95%||-0.06%||2.89%||2.72%||4.47%||--|
|Name||QTR||YTD||1 Year||3 Year||5 Year||10 Year||Since Inception3|
|Institutional Class Shares||0.95%||0.95%||0.19%||3.07%||2.73%||3.72%||4.71%|
|Class A Shares (NAV)||0.85%||0.85%||-0.20%||2.68%||2.34%||3.32%||4.30%|
|Class A Shares (w/ 4.25% max load)||-3.42%||-3.42%||-4.47%||1.22%||1.47%||2.87%||4.13%|
|Class C Shares (w/ 1.00% max CDSC)||-0.21%||-0.21%||-1.77%||2.07%||1.73%||2.69%||3.67%|
|Barclays 7 Year Municipal Bond Index||1.95%||1.95%||-0.06%||2.89%||2.72%||4.47%||--|
3Since December 10, 1990 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 March 1, 2017. The expense ratio is net of a contractual expense cap of 0.48% for the Institutional share, 0.87% for the A share, and 1.48% for the C share classes through March 1, 2018.
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 Barclays Capital 7-Year Municipal Bond Index tracks the performance of investment-grade, fixed-rate municipal bonds with maturities of 6 - 8 years. The index does not incur fees and expenses and is not available for purchase.
Portfolio Statistics source: Zephyr StyleADVISOR.
Alpha measures a fund’s risk-adjusted performance independent of benchmark performance.
Beta is a measure of a fund’s volatility in comparison to a market benchmark: a Beta of less than 1 indicates a fund is less volatile than the market, while a Beta of greater than 1 indicates a fund is more volatile than the market.
R-Squared measures the portion of a fund’s movement that is explained by the broad market’s movements.
Standard Deviation measures a fund’s performance volatility based on the spread of its returns around its average return.
Sharpe Ratio measures risk-adjusted returns using excess return and standard deviation to determine a fund’s reward per unit of risk taken. A higher sharpe ratio indicates better historical risk-adjusted performance.
|Other Revenue Bonds||1.62%|
|Johnson County Water District No. 1, 3.25%,12/01/30||2.04%|
|City of Wichita, 5.00%,11/15/29||1.99%|
|City of Wichita, 5.00%,10/01/28||1.69%|
|City of Topeka Combined Utility Revenue, 4.00%,8/01/26||1.57%|
|Kansas Development Finance Authority, 5.00%,6/15/31||1.51%|
|Topeka Public Building Commission, 5.00%,6/01/27||1.40%|
|Crawford County Public Building Commission, 5.38%,9/01/24||1.40%|
|City of Wichita, 5.25%,11/15/24||1.33%|
|City of Topeka Combined Utility Revenue, 3.50%,8/01/33||1.29%|
|Kansas Development Finance Authority, 5.00%,4/01/34||1.26%|
|Percent in Top 10||15.48%|
Portfolio holdings are subject to change.
4The Credit Ratings shown are provided by a nationally recognized ratings organization (the lower of S&P, Moody's, or Fitch). Bond ratings of AAA to BBB- (Aaa to Baa3 as rated by Moody's) reflect investment grade quality. Bond ratings below BBB- / Baa3 are below-investment grade quality.
Information found on this site is directed to U.S. Investors.
State Specific Risk. State specific risk is the chance that a Fund, because it invests primarily in securities issued by a specific state and its municipalities, is more vulnerable to unfavorable developments in that state than funds that invest in municipal bonds of many different states.
Fixed Income Securities Risk. Some of the securities or other investment companies in which a Fund may invest are invested in a broad range of bonds or fixed-income securities. To the extent that a security or other investment company is so invested, the return on, and value of, an investment will fluctuate with changes in interest rates, credit rating and duration.
Non-Diversified Fund Risk. The Fund is “non-diversified” under the 1940 Act, and therefore is not required to meet certain diversification requirements under federal laws. The Fund may invest a greater percentage of its assets in the securities of an issuer. However, a decline in the value of a single investment could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.
For more complete information on the American Independence 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 and Carret Asset Management, LLC.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE.
RiskX Investments, LLC is a limited liability company.
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