American Independence Global Tactical Allocation Fund

Overview

Objectives & Strategy

The American Independence Global Tactical Allocation Fund’s (the “Fund”) objective is to provide long-term capital appreciation while providing lower than average risk.

Description

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.

 

Important Notice
In order for potential investors and current shareholders to better understand the current management of the Fund, we are providing the following additional information.  As of the end of the first quarter of 2018, the Fund’s portfolio asset class and geographic allocations reflected the recommendations provided by the Fund’s new signal provider, Lee Capital Management. The actual aggregate positions listed below may differ from positions reported by external data services, which in many cases do not reflect trades executed on the final day of the month. It is important to note that the fund positions have the ability to change daily based on market conditions.

  • U.S. Equities: 45%
  • European Equities: 3%
  • Japanese Equities: 9%
  • Asian Equities ex-Japan: 9%
  • Emerging Market Equities: 9%
  • Fixed Income: 0%
  • Cash: 25%

This information is as of a particular date and Fund management has no obligation to update this information.  Please read the Fund’s Prospectus and Statement of Additional information for more complete information about the Fund, including its objective, risks, charges and expenses before investing. Shares of the Funds are distributed by M360 Distributors, Inc.

Tickers and CUSIPs

Share ClassTickerCUSIPFund Number
InstitutionalRMAIX0267622602620
AAARMX0267622522621
CACRMX0267622452622

Portfolio Fundamentals
As of 03/31/2018

Number of Holdings15
Net Assets$110.5 Million
Turnover138%
Fund Inception DateSeptember 20, 2013

Investment Approach

Under normal market conditions, the Fund intends to invest in the following manner:

  •  At least 80% (and generally as close to 100% as practical) of its net assets, plus borrowings for investment purposes, will be invested in equities, fixed income, and alternative investments in ETFs listed on U.S. exchanges, representing both developed and emerging market countries; and
  • At least 20% of its net assets, plus borrowings for investment purposes, will be invested in fixed income ETFs, listed on U.S. exchanges, representing both developed and emerging market countries, with varying maturities and credit qualities including high yield securities (commonly known as junk bonds).

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.

Managers

Portfolio Management

The American Independence  Global Tactical Allocation Fund is managed by Manifold Fund Advisors, LLC (formerly RiskX Investments, LLC or the “Adviser”). Manifold Fund Advisors is responsible for managing the Fund’s portfolio in accordance with the Fund’s goal and policies.

Under the investment advisory agreement, Manifold Fund Advisors is responsible for the oversight of the sub-adviser.

General Information


Manifold Fund Advisors, LLC

(866) 410-2006

75 Virginia Road
North White Plains, New York 10603

Fees & Distributions

Shareholder Fees
As of 03/31/2018

(fees paid directly from your investment)

Institutional Class SharesClass A SharesClass C Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)None5.75%None
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase)NoneNone1.00% 1
Redemption FeeNoneNoneNone

1Class C shares will be assessed a 1.00% contingent deferred sales charge if redeemed within one year of date of purchase

Annual Fund Operating Expenses
As of 03/31/2018

(expenses that you pay each year as a percentage of the value of your investment)

Institutional Class SharesClass A SharesClass C Shares
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements20.95%1.33%1.95%
Total Annual Fund Operating Expenses1.55%1.93%2.55%

2In order to keep the expense ratios of each of the share classes competitive, Manifold Fund Advisors, LLC (“Manifold Fund Advisors” or the “Adviser”) has agreed to reduce the management fee and reimburse or otherwise limit the expenses of each of the shares classes of the Fund so that Net Annual Fund Operating Expenses for the Institutional Class shares, Class A shares and Class C shares will be 0.95%, 1.33% and 1.95%, respectively, of the Fund’s average net assets for each such class of shares. The 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.

Purchase Minimums

Institutional Class SharesClass A SharesClass C Shares
Initial Purchase$3,000,000.00$5,000.00$5,000.00
Subsequent Purchase$5,000.00$250.00$250.00

Distribution Schedule

Dividend FrequencyQuarterly
Capital GainsAnnually

Capital Gains

(per share distribution)

PayableShort-TermLong-Term
12/11/2015NoneNone
12/19/2014NoneNone
12/13/2013NoneNone

Performance

Quarter-end Performance
As of 03/31/2018

NameQTRYTD1 Year3 YearSince Inception3
Institutional Class Shares-0.25%-0.25%11.46%5.38%6.36%
Class A Shares (NAV)-0.25%-0.25%11.11%5.01%5.99%
Class A Shares (w/ 5.75% max load)-5.98%-5.98%4.75%2.97%4.61%
Class C Shares (w/ 1.00% max CDSC)-1.51%-1.51%9.34%4.34%5.30%
MSCI All Country World Index-0.96%-0.96%14.85%8.12%--

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 March 1, 2018. 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.

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.

Composition

Sector Weightings
As of 03/31/2018

U.S. Equity Exchange Traded Products45.09%
International Equity Exchange Traded Products26.93%
Cash Equivalents15.22%
U.S. Fixed Income Exchange Traded Products6.64%
International Fixed Income Exchange Traded Products6.12%

Top 10 Holdings
As of 03/31/2018

SPDR S&P 500 ETF Trust11.84%
iShares Core MSCI Emerging Markets ETF10.25%
Financial Select Sector SPDR Fund9.57%
Energy Select Sector SPDR Fund8.76%
iShares MSCI Japan ETF7.94%
iShares Exponential Technologies ETF7.46%
iShares J.P. Morgan USD Emerging Markets Bond ETF6.11%
iShares U.S. Preferred Stock ETF4.72%
iShares U.S. Aerospace & Defense ETF4.06%
VanEck Vectors Agribusiness ETF3.41%
Percent in Top 1074.12%

Portfolio holdings are subject to change.

Literature

Important Disclosures

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 Funds and AI 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.

Manifold Fund Advisors, LLC is a limited liability company.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE.