American Independence Kansas Tax-Exempt Bond Fund


Objectives & Strategy

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.

Investor Profile

This Fund is intended for investors seeking investment income exempt from federal taxes and Kansas State Tax.

Investment Approach

The Fund managers seek 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.

Tickers and CUSIPs

Share ClassTickerCUSIPFund Number

Portfolio Fundamentals
As of 12/31/2017

Number of Holdings213
Net Assets$172.2 Million
Duration3.75 years
Fund Inception DateDecember 10, 1990

SEC Yields
As of 12/31/2017

Share ClassSubsidized 30-Day SEC YieldUnsubsidized 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.


Portfolio Management

The American Independence Kansas Tax-Exempt Bond Fund is managed by Manifold Fund Advisors, LLC (formerly known as RiskX Investments, LLC). The Fund is sub-advised by Carret Asset Management, LLC. Neil Klein and Jason Graybill, CFA are responsible for the day-to-day management of the Fund. Neil Klein and Jason Graybill became portfolio managers of the Fund in 2016.

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.

Fund Manager Logo 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.

General Information

Manifold Fund Advisors, LLC

(866) 410-2006

75 Virginia Road
North White Plains, New York 10603

Fees & Distributions

Shareholder Fees
As of 12/31/2017

(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)None4.25%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 12/31/2017

(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 Reimbursements20.48%0.87%1.48%
Total Annual Fund Operating Expenses0.60%0.99%1.60%

2Manifold Fund Advisors, LLC (“Manifold Fund Advisors” 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.

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 FrequencyMonthly
Capital GainsAnnually

Capital Gains

(per share distribution)



Important Disclosures

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 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.

Shares of the American Independence Funds and AI Funds are distributed by Matrix 360 Distributors, LLC, which is not affiliated with Manifold Fund Advisors, LLC and Carret Asset Management, LLC.


Manifold Fund Advisors, LLC is a limited liability company.