Global Tactical Allocation Fund 3 Year Anniversary

The American Independence JAForlines Global Tactical Allocation Fund
Sub-advised by "Strategist of the Year"1 JAForlines

celebrates its

3-Year Anniversary with Top 12th percentile Peer Group Ranking

as of September 30, 20162

The Fund’s actively managed global macro strategy offers a multi-asset class portfolio with a fundamental, credit-driven investment approach.

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1JAForlines Global was awarded the SMA Manager of the Year for the Strategist category. This is the 12th annual award ceremony and the second year for the strategist category. Envestnet | PMC presented 11 SMA Manager of the Year awards. The categories were Large Cap US Equity, Small and Mid-Cap US Equity, International or Global Equity, Fixed Income, Strategist, Impact, Specialty, and Overall Manager of the Year. Each category has one winner, with the exception of Large Cap US Equity and Small and Mid-Cap US Equity, which has 2 winners. JAForlines Global was only considered in the strategist category and this was the first year they were considered.

The award was based on composite performance and not representative of the performance of any single client. Each individual client experience was dependent on a number of factors and it should not be assumed that the receipt of this award implies or is representative of any client experience or approval of JAForlines. Additionally, there is no assurance that favorable performance will be experienced in the future. Full composite performance information is available upon request.

The award finalists and winners were chosen using the systematic, proprietary, and multi-factor evaluation methodology developed by Envestnet | PMC's Premium Research Solutions, a leading source of investment manager due diligence and research applications for advisors. Its evaluation framework considers performance, firm profile, customer service, investment process and style, composite, tax efficiency, and other quantitative and qualitative criteria.

JAForlines Global was eligible for the award since their portfolios are reported through PMC’s PrimaGuide research application, they manage more than $200 million in assets, and their management team has more than 3 years of experience. JAForlines Global did not pay a fee to be included in the SMA awards.

2The American Independence JAForlines Global Tactical Allocation Fund Class I received a 4-Star rating for the 3-year period ending September 30, 2016 among 289 funds. Morningstar Peer Group Ranking is the Institutional Class only; other classes may have different performance characteristics. The Overall Morningstar Rating for a fund is derived from a weighted average of the risk-adjusted returns associated with its three-, five-, and ten-year (if applicable) Morningstar rating metrics. For each fund with at least three-year history, Morningstar calculates a Morningstar Rating Risk-Adjusted Return measure that accounts for variations 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 rated separately, which may cause slight variations in the distribution percentages.) Morningstar rating is for the Institutional Class only; other classes may have different performance characteristics. One year peer group ranking is among 355 funds in the Tactical Allocation Category.

Important Disclosures

All investments involve risk including the loss of principal. By investing in ETFs, an investor will indirectly bear the fees and expenses charged by the ETFs in addition to other fees and expenses an investor will incur by investing in the American Independence JAForlines Global Tactical Allocation Fund (the "Fund"), such as advisory, brokerage commissions and custody.

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 which are more volatile than large cap stocks. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. Investments in fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rises when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates.

Investing in a single-sector mutual fund involves greater risk and potential reward than investing in a more diversified fund. By concentrating on a small number of holdings, the fund carries greater risk because each investment has a greater effect on the fund’s overall performance.

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.

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.

Tracking Error Risk. ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.

Emerging Markets Risk. The Fund may invest in foreign securities that may include securities of companies located in developing or emerging markets, which entail additional risks, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; national policies that may restrict securities investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.

Fund of Funds Structure. 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.

Equity Securities Risk. In general, prices of equity securities are more volatile than those of fixed income securities. The prices of equity securities fluctuate, and sometimes widely fluctuate, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions.

For a complete list of fund risks, please see the prospectuses.

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.

For more complete information on the American Independence and Rx 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 Rx Funds and American Independence Funds are distributed by Matrix Capital Group, Inc., which is not affiliated with RiskX Investments, LLC.


About JAForlines Global

JAForlines has been acquired by and operates through W.E. Donoghue & Co., LLC.
W.E. Donoghue is a registered investment adviser with United States Securities and Exchange Commission in accordance with the Investment Advisers Act of 1940.

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W.E. Donoghue & Co., LLC
Tel: (516) 609-3370