AMERICAN INDEPENDENCE STRATEGIC INCOME FUND CLASS A (ISTSX) Exchange: NMFQS

DELISTED - Principal Strategies. Under normal market conditions, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in fixed income securities and maintain an average dollar weighted duration between 1 and 3 years. The Fund may invest more than 25% of its total assets in the banking and finance industry. For purposes of this limitation, the banking and finance industry is deemed to include securities of issuers engaged in banking or finance businesses, including issuers of asset- and mortgage-backed securities. Under normal market conditions, the Fund intends to limit its net assets in certain investments as follows: • No more than 25% in high-yield securities (commonly referred to as “junk bonds”); • No more than 20% in non-U.S. dollar denominated securities of foreign entities; • No more than 10% in each of the following: o Exchange Traded Funds (“ETFs”) that invest in fixed income securities; o Collateralized Debt Obligations (“CDOs”), including Collateralized Loan Obligations (“CLOs”) and Collateralized Bond Obligations (“CBOs”); and • No more than 5% in each of the following: o Convertible securities; o Preferred securities. Main types of securities in which the Fund may invest: • Asset-backed securities • Corporate debt instruments • Derivative instruments (consisting of exchange-traded U.S. government bond futures, options and interest rate swaps) • Foreign debt instruments • Mortgage-backed securities • High yield securities (commonly known as “junk bonds”) • Other investment companies, including ETFs; to the extent the Fund invests in ETFs and other investment companies the Fund will bear the proportionate share of the underlying expenses of the ETF and other investment company • U.S. government and agency securities • CDOs, including CLOs and CBOs • Convertible securities • Preferred securities