American Independence is pleased to announce that the American Independence Stock Fund continued its status as the ONLY Large Cap Fund that has outperformed the S&P 500 EACH YEAR since 2000.   This follows Morningstar’s previously published “Fund Times” article on December 24, 2009, that notes the Stock Fund as the sole Large Cap Fund to have this distinction for the previous years.  The Stock Fund’s 2010 net performance was greater than that of the S&P by 0.49%.

As of December 31, 2010, The total return* for the Stock Fund, Russell 1000 Value Index, and S&P 500 Index were as follows:

Stock Fund – 1 Year = 15.55%, 3 Year = 3.38%, 5 Year = 7.16%, and 10 Year = 6.66%

Russell 1000 Value Index – 1 Year = 15.51%, 3 Year = (4.42%), 5 Year = 1.28%, and 10 Year = 3.26%; and

S&P 500 Index – 1 Year = 15.06%, 3 Year = (2.86%), 5 Year = 2.29%, an 10 Year = 1.41%

The Fund’s Expense Ratio ** : 1.07% (net expense); 1.41% (gross expense)

* Time-weighted rates of returns.  All returns for periods less than one year are not annualized.  The Fund’s returns are after fees and expenses.  The Indices do not incur expenses.

** The expense ratios are per the most recent Prospectus dated March 1, 2010 and include the weighted average expenses of any acquired fund fees. Expense ratios may fluctuate. The Adviser has contractual agreed to an expense cap of 1.06%, which does not included Acquired Fund Fees, through March 1, 2011. Please refer to the Fund’s most recent semi-annual report, annual report or prospectus for the most updated expense ratios.

Said John J. Pileggi, Managing Partner of American Independence Financial Services, LLC, the Fund’s advisor, “We once again point with extreme pride to the long term results of the Stock Fund.  The financial press continues to produce articles that describe the challenges faced by some of the largest and most well known mutual fund Value managers in terms of surpassing their benchmarks, including the S&P 500.  While no one can predict with certainty the future movement of securities prices, we are pleased that our Stock Fund is alone in its ability to add value over unmanaged benchmark results, and has consistently and constantly outperformed some legendary managers.  We can modestly say that the Stock Fund has been unique for over a decade.”

Jeff Miller, portfolio manager of the Stock Fund since May of 2007 stated that, “My team and I are pleased that once again our process has proven itself in the markets.  By sticking to our discipline of searching for strong operating companies that are temporarily weak in the market, and focusing on those companies that have a high return on invested capital that sell for a low price to free cash flow, we were able to once again outperform our benchmark.  In 2010, we avoided the 2 worst performing sectors, Utilities and Healthcare, while investing selectively in strong consumer, financial and information technology companies.  While the outlook for the markets is always uncertain, we believe that our process allows us to provide excellent results for investors over time.”

American Independence Stock Fund is available on many brokerage firm platforms, and through Registered Investment Advisors. Please call American Independence at 1-866-410-2006 to find out how you can purchase shares of the fund.

About American Independence Financial Services, LLC

American Independence Financial Services, LLC (“AIFS”) is the investment adviser and administrator for the American Independence Funds featuring the 5 Star Morningstar rated Stock Fund. Jeff Miller was noted for his management of the American Independence Stock Fund, which was listed in Morningstar’s “Large Cap Funds on Winning Streaks” on July 11, 2010. It is currently the only Large Cap Value fund to have out-performed the S&P 500 every year since the end of 1999. The American Independence Fund family is currently comprised of 15 funds. AIFS also has a strong SMA business featuring the tactical bond strategies, as well as Large Cap Value. Total firm assets under management are approximately $1.1 billion.


American Independence Financial Services, LLC

Eric Rubin, President

Tel. 646-747-3477

Important Disclosures

Investing in the Funds involves risk. Equity securities are more volatile and carry more risk than other forms of investments. The Funds may invest in small and mid cap securities that are more volatile than large cap stocks.

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 visiting . Please read the prospectus carefully before investing. 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.

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 Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe.  It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.  The index is not available for purchase. The S&P 500 Index has been widely regarded as the best single gauge of the large cap U.S. equities market since the index was first published in 1957.  The index is not available for purchase.

The American Independence Stock Fund I Class received a 5-star rating for overall performance, for the period ending December 31, 2010, 5 stars for 3-year performance among 1,753 Large Blend funds, 5 stars for 5-year performance among 1,457 funds, and 5 stars for 10-year performance among 802 funds. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

Past performance does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original costs.

American Independence Financial Services, LLC is a limited liability company.

Shares of the American Independence Funds are distributed by Matrix Capital Group, Inc., which is not affiliated with American Independence Financial Services, LLC.

Not FDIC Insured – May Lose Value – No Bank Guarantee

CONTACT: Eric Rubin, President, American Independence Financial Services, LLC, +1-646-747-3477,

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