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AMERICAN INDEPENDENCE FUNDS TRUST
SUPPLEMENTS TO THE PROSPECTUS DATED MARCH 1, 2000
THE KANSAS TAX-EXEMPT BOND FUND
On October 27, 2000, the shareholders of the Kansas Tax-Exempt Bond Fund (the "
Fund") approved a new sub-advisory arrangement between Galliard Capital
Management Inc. "Galliard") and INTRUST Financial Services, Inc. ("INTRUST"),
the investment adviser to the Fund (the "Sub-Advisory Agreement"). Galliard
currently serves as Sub-Adviser for the Short- Term Bond Fund and Intermediate
Bond Fund. The new sub-advisory relationship will not result in any change in
advisory fees currently paid by the Fund to INTRUST. Please see "Fund
Management- Sub-Advisers" for information regarding Galliard. Robert A.
Campbell, a senior portfolio manager with Galliard since August 2000, is the
portfolio manager of the Fund. Prior to his employment with Galliard, Mr.
Campbell served as a municipal/fixed income portfolio manager with First
Commerce Investors (1997-2000), U.S. Bank/First Bank (1996-1997) and Firstier
Bank (1995-1996).
SUPPLEMENT DATED OCTOBER 27, 2000
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THE SHORT-TERM BOND FUND
THE INTERMEDIATE BOND FUND
On August 29, 2000, the Board of Trustees of American Independence
Funds Trust ("Trust") approved on behalf of the Intermediate Bond Fund and
Short-Term Bond Fund (the "Funds") a reallocation of the advisory fees between
the Funds' sub-adviser, Galliard Capital Management Inc. ("Galliard") and the
Funds' adviser, INTRUST Financial Services, Inc. ("INTRUST") whereby, effective
November 1, 2000, the sub-advisory fees payable by INTRUST to Galliard were
reduced from 0.125% to 0.06% of each such Fund's average net assets and the
amount realized from the reduction in Galliard's fee is retained by INTRUST. The
reallocation in fees will not result in any change in advisory fees paid by the
Funds to INTRUST nor a reduction in the quality or quantity of advisory services
to the Funds.
SUPPLEMENT DATED NOVEMBER 1, 2000
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THE STOCK FUND
The following information supplements the information contained under the
section "Fund Management- Sub-Advisers" of the Prospectus and replaces the
Supplement dated October 10, 2000 to the Prospectus dated March 1, 2000:
On November 15, 2000, Shareholders of the Stock Fund approved a new
sub-advisory agreement between Barrow Hanley, Mewhinney & Strauss, Inc. ("Barrow
Hanley") and AMR Investment Services, Inc. ("AMR") , the sub-adviser of the
Stock Fund (the "New Sub-Advisory Agreement"). The terms of the New Sub-Advisory
Agreement are the same in all material respects to the previous sub-advisory
agreement between AMR and Barrow Hanley.
On September 25, 2000, Old Mutual plc acquired United Asset Management
Corporation, the parent company of Barrow Hanley. As a result, Barrow Hanley
became an indirect subsidiary of Old Mutual plc. The change in control of Barrow
Hanley constituted an assignment of, and automatically terminated, the
Sub-Advisory Agreement in previous effect between AMR and Barrow Hanley under
applicable federal law.
On October 10, 2000, the Board of Trustees of American Independence
Funds Trust approved on behalf of the Fund, the New Sub-Advisory Agreement and
an interim sub-advisory agreement (the "Interim Agreement") between AMR and
Barrow Hanley. Barrow Hanley continued to provide investment sub-advisory
services to the Fund under the Interim Agreement until the approval of the New
Sub-Advisory Agreement by the Fund's shareholders.
SUPPLEMENT DATED NOVEMBER 15, 2000
