NestEgg Dow Jones U.S. Target Date Funds Based on the Dow Jones

Document Sample
NestEgg Dow Jones U.S. Target Date Funds Based on the Dow Jones Powered By Docstoc
					March 1, 2006 · Class A Shares
                Class C Shares




     Nest Egg Dow Jones U.S. Target Date Funds




                             Based on the Dow Jones U.S. Target Date Indexes.




   NOT FDIC Insured. May lose value. No bank guarantee.

The Securities and Exchange Commission has not approved or disapproved of these securities. Further, it has not
determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
 American Independence Financial Services LLC is a limited liability company. “Dow Jones,” “Dow Jones Indexes” and
“Dow Jones U.S. Target Date Indexes” are service marks of Dow Jones & Company, Inc. Dow Jones does not sell, nor
 does it sponsor, endorse, or make any recommendation regarding the purchase or sale of any security.
The Notice of Privacy Policy and Practices of the Funds is included with this Prospectus,
but is not considered to be a part of the Prospectus.
Inside This Prospectus
Descriptions of each fund’s goal, strategy, and main risks, along with information on costs, the individual who manages
the funds, and the past performance of the indexes the funds are intended to track.




                     About the Funds        NestEgg Dow Jones U.S. Target Date Funds                                      1
                                            NestEgg Dow Jones U.S. 2010 Fund                                              4
                                            NestEgg Dow Jones U.S. 2015 Fund                                              9
                                            NestEgg Dow Jones U.S. 2020 Fund                                          14
                                            NestEgg Dow Jones U.S. 2030 Fund                                          19
                                            NestEgg Dow Jones U.S. 2040 Fund                                          24
                                            The Investment Adviser                                                    29
                                            Index Performance                                                         30


                        How to Invest       The Share Classes                                                         32
                                            How To Buy Fund Shares                                                    36
                                            How To Sell and Exchange Fund Shares                                      38
                                            Shareholder Services and Policies                                         40
                                            Information, instructions, and policies to know about
                                            your fund account and transactions                                        42
                                            Distributions and Taxes                                                   46
                                            Financial Highlights                                                      49
                                            Notice of Privacy Policy                                                  55
About the Funds
The NestEgg Dow Jones U.S. Target            invests in six stock categories (U.S.        The NestEgg Dow Jones U.S. Target
Date Funds are five mutual funds offer-       large-cap value, U.S. large-cap growth,      Date Funds invest in ten asset classes
ing distinct investment choices to suit a    U.S. mid-cap value, U.S. mid-cap             that correspond to the asset classes
range of investment goals. Each Fund         growth, U.S. small-cap value and U.S.        comprising the Dow Jones U.S. Target
seeks to track the performance of one of     small-cap growth), in three bond catego-     Date Indexes. Each NestEgg Dow Jones
the Dow Jones U.S. Target Date In-           ries (U.S. government bonds, U.S. corpo-     U.S. Target Date Fund has a distinct
dexes, a unique group of U.S. target         rate bonds and U.S. mortgage backed          asset mix. The allocation to stocks,
date indexes, less operating expenses.       bonds), and cash and short-term money        bonds and cash for each Fund systemati-
                                             market securities. By investing in ten       cally grows more conservative as the
Each of the NestEgg Dow Jones                different asset classes, each Index at-      target date in the Fund’s title
U.S. Target Date Funds is offered to         tempts to maximize the diversification       approaches.
investors who are saving for a particular    benefits offered by the total U.S. securi-
goal in life — such as retirement — or                                                    The systematic reduction of equity risk
                                             ties market. Allocations are made to
need to withdraw a substantial portion                                                    over time exposes investors to higher
                                             stocks and fixed-income securities in the
of their investment in, or close to, the                                                  levels of equity risk in the early years
                                             indexes according to a mathematical
year named in the Fund’s title.                                                           and lower levels of equity risk in the
                                             formula (Dow Jones U.S. Target Date
                                                                                          years immediately prior to their target
                                             Indexes Methodology).
Each Dow Jones U.S. Target Date Index                                                     dates.
contains thousands of domestic securities.
Each Dow Jones U.S. Target Date Index



                                 REL ATIVE EQUITY RISK OF THE DOW JONES
                                         U.S. TARGET DATE INDEXES

                     100     2040   2035
                     90
                                             2030
                     80
                                                            2025
                     70
       Equity Risk




                     60
                                                                            2020
                     50
                                                                                          2015
                     40
                                                                                                          2010
                     30
                                                                                                                      2006
                     20
                     10
                      0

                           420      360      300             240             180          120              60                0
                                                       Months remaining

                                                                                                                  About the Funds    1
As each Fund reaches the stated tar-        process selects stocks for the funds so     ment characteristics similar to those of
get date, Fund assets will be invested      that industry weightings, market capi-      the Dow Jones U.S. Target Date Indexes
in an Asset Allocation Strategy that        talizations and fundamental character-      as a whole. The Funds may exclude or
holds risk at approximately 20% of          istics (price-to-book ratios,               remove any stock from the fund if the
the risk of the U.S. Stock Market.          price-to-earnings ratios, debt-to-asset     Funds believe that the stock is illiquid
                                            ratios and dividend yields), closely rep-   or that the merit of the investment has
The funds will pursue their objectives
                                            licate those of the securities in the Dow   been impaired by financial conditions or
by investing primarily in the securities
                                            Jones U.S. Target Date Indexes. Over        other extraordinary events. The portfolio
of the companies included in the bench-
                                            the long term, the Funds seek a             manager may purchase a stock not
mark and derivative instruments, such
                                            correlation between the performance of      included in the Dow Jones U.S. Target
as futures contracts and options, relat-
                                            the funds, before expenses, and the         Date Index when it is believed to be a
ing to the benchmark. Futures con-
                                            Dow Jones U.S. Target Date Indexes of       cost-efficient way of approximating the
tracts and options are used as a low-
                                            98% or better. A figure of 100%             Dow Jones U.S. Target Date Index’s
cost method of gaining exposure to a
                                            would indicate perfect correlation.         performance or in an effort to satisfy
particular securities market without in-
                                                                                        the investment needs of shareholders.
vesting directly in those securities. The   Principal investments                       For example, it may do so in anticipa-
portfolio manager uses quantitative
                                                                                        tion of a stock being added to the Dow
analysis techniques to structure the        Under normal circumstances, the             Jones U.S. Target Date Index. The fund
fund to obtain a high correlation to the    funds intend to invest at least 80% of      may hold assets in short-term debt
Dow Jones U.S. Target Date Indexes,         their assets, determined at the time of     securities or money market instruments
while keeping the funds as fully in-        purchase, in securities included in the     for liquidity purposes. The funds may
vested as possible in all market envi-      Dow Jones U.S. Target Date Indexes          lend their investment securities up to
ronments. To attempt to replicate the       and in derivative instruments, such as      30% of their total assets to approved
risk and return characteristics of the      futures contracts and options, that         institutional borrowers who need to
Dow Jones U.S. Target Date Indexes as       provide exposure to the stocks of           borrow securities in order to complete
closely as possible, the funds invest in    companies in the Dow Jones U.S.             certain transactions.
a statistically selected sample of the      Target Date Indexes.
securities found in the Dow Jones
U.S. Target Date Indexes, using a           The funds’ securities are weighted to
process known as ‘optimization.’ This       attempt to make the funds’ total invest-




PORTFOLIO MANAGER

The Fund’s portfolio manager is responsible for the day-to-day management of the
fund.
Jared Goldstrom, Vice President and         member of the Securities Trader Asso-
Portfolio Manager. Mr. Goldstrom            ciation and also holds the Chartered
joined American Independence Finan-         Portfolio Management certification.
cial Services, LLC (‘‘AIFS’’) in May
                                            For additional information about the
of 2005. Before joining AIFS,
                                            portfolio manager’s compensation,
Mr. Goldstrom was Head Trader of a
                                            other accounts managed by the portfo-
private investment fund based out of
                                            lio manager and the portfolio man-
New York. Prior to that he was Head
                                            ager’s ownership of securities of the
Managing Trader at E*Trade Profes-
                                            funds he manages, please consult the
sional, the trading division of E*Trade
                                            SAI.
Securities. Mr. Goldstrom graduated
from Emory University with a B.A. in
Economics. Mr. Goldstrom is a

2   About the Funds
                                           EQUITY ALLOCATION
DEFINITIONS                                                                              Investment process
                                                U.S. Small              U.S. Large
                                               Cap Growth               Cap Value        In an effort to run an efficient and
Dow Jones U.S. Style Indexes                      16.67%                16.67%
                                                                                         effective strategy, instead of purchasing
A series of six unmanaged indexes rep-                                                   all of the securities of the Dow Jones
                                            U.S. Small                    U.S. Large
resenting the six main categories of         Cap Value                    Cap Growth     U.S. Target Date Indexes, the funds use
stocks within the U.S. stock market. The      16.67%                      16.67%         the process of ‘optimization,’ a statisti-
six indexes, and the approximate num-                                                    cal sampling technique. The sampling
ber of companies in each index, as of              U.S. Mid          U.S. Mid            method could cause the portfolio to
the date of this Prospectus, are:                 Cap Value          Cap Growth          overweight or underweight securities
                                                   16.67%            16.67%              held with respect to the Dow Jones
)   Large Growth Index (100 companies)                                                   U.S. Target Date Index. Using cash
)   Large Value Index (125 companies)                                                    flows and risk assessments as determi-
)   Mid Growth Index (200 companies)       Market capitalization The total               nants, the funds first purchase securities
)   Mid Value Index (250 companies)        market value of all shares owned by           with larger weightings as established by
)   Small Growth Index (300 companies)     investors. Market capitalization may be       the Dow Jones U.S. Target Date Index,
)   Small Value Index (350 companies)      measured for an individual company, a         and then systematically add lesser
                                           group of companies, or a stock market         weighted securities until an optimal
The large, mid and small indexes include   as a whole. Terms such as ‘‘small cap’’       point where the adviser believes replica-
only companies with these respective       and ‘‘large cap’’ refer to stocks with        tion of the characteristics of the indexes
sizes. Dow Jones defines large-cap as                                                     are achieved without incurring unneces-
                                           small and large total market values,
those companies that make up 70% of                                                      sary transaction costs.
                                           respectively. ‘‘Float adjusted’’ market
what it considers to be the total float-    capitalization measures only those            Before investing, you should carefully
adjusted market capitalization; mid-cap    shares that are readily available for         consider your investment goals, your
is the next 20%; and small-cap is the      trading.                                      time horizon, and your tolerance for
next 5%. (The companies in the smallest                                                  risk. This knowledge can be helpful in
5% are considered micro-cap and are        Growth stocks Stocks that appear              identifying the funds in this prospectus
eliminated due to their low liquidity.)    to have above-average potential for           that may most closely match your invest-
Currently, Dow Jones reviews the com-      growth of revenue, earnings and stock         ing needs.
position of the Dow Jones U.S. Style       price over time.                              Remember that mutual funds are invest-
Indexes twice a year, in March and                                                       ments, not bank deposits. They are not
September. As indicated below, the eq-     Value stocks Stocks whose market              insured or guaranteed by the FDIC or
uity portion of each Dow Jones U.S.        price appears low in light of certain         any other government agency. Their
Target Date Index is made up of one-       other measures of worth, such as book         share prices will go up and down and
third large cap, one-third mid-cap and     value, recent earnings, or earnings           you could lose money by investing in
one-third small-cap and is equally di-     growth.                                       them.
vided between growth and value.

The growth and value indexes include       ‘‘Dow Jones,’’ ‘‘Dow Jones U.S. Target Date Indexes,’’ ‘‘Dow Jones U.S. Style Indexes,’’
only companies with these respective       ‘‘Dow Jones U.S. Target 2010 Index,’’ ‘‘Dow Jones U.S. Target 2015 Index,’’ ‘‘Dow
stock characteristics. The indexes use a   Jones U.S. Target 2020 Index,’’ ‘‘Dow Jones U.S. Target 2030 Index,’’ and ‘‘Dow Jones
methodology that is designed to exclude    U.S. Target 2040 Index’’ are service marks of Dow Jones & Company, Inc. and have
most companies that cannot be clearly      been licensed for use for certain purposes by American Independence Financial Services,
                                           LLC (‘‘AIFS’’ or the ‘‘Adviser’’). The NestEgg Dow Jones U.S. Target Date Funds, based
classified as either growth or value, as
                                           on the Dow Jones U.S. Target Date Indexes are not sponsored, endorsed, sold or promoted
well as companies that are very small
                                           by Dow Jones, and Dow Jones makes no representation regarding the advisability of
and thinly traded.
                                           investing in such product(s).




                                                                                                                About the Funds   3
                                                        TICKER SYMBOL    Class A: NECPX
                                                       CUSIP NUMBERS     Class A: 026762831 Class C: 0079P207
                                                        FUND NUMBERS     Class A: 202 Class C: 302

N E S T E G G D O W J O N E S U . S . T A R G E T D AT E F U N D S


NestEgg Dow Jones U.S. 2010 Fund
                               The Fund seeks to provide capital appreciation and
                           current income consistent with its current asset allocation.
MAIN STRATEGIES
The Fund’s fundamental strategy is to           The Fund may use statistical sam-            Major policies/limits
seek to track the overall performance           pling techniques in seeking to track
of the Dow Jones U.S. Target 2010               the performance of the 2010 Index.           H The Fund allocates at least 4% of its
Index (2010 Index), before operating            The Fund intends to adjust its hold-           assets to each of the major asset
expenses. Although the Adviser does             ings to reflect any changes arising             classes (stocks, bonds, and cash)
not currently intend to do so, at               from changes in the composition of
some time in the future, the Fund               the 2010 Index.                              H The Fund intends to remain fully
may also seek to achieve its objective                                                         invested at all times, and does not
by investing in a set of underlying                      Fund Asset Allocation                 intend to make more defensive in-
Master Portfolios each representing                                                            vestments in adverse market
                                                                        Six Dow Jones
various asset classes and sectors                                       U.S. Style Indexes
                                                                                               conditions
which are representative of the sub-                                    18.9%
                                                                                             H The Fund may engage in securities
indexes which comprise the Dow                    Three U.S.                                   lending
Jones U.S. Target Date Indexes. If the          Bond Indexes
Fund was to do this, it would bear a                  46.5%                                  H The Fund is subject to the restric-
                                                                           Cash Index
portion of the underlying portfolio’s                                      34.6%               tions of Section 12(d)(1). Generally,
expenses. Shareholders would be no-                                                            except as provided otherwise by the
tified in advance in the event the                                                              Investment Company Act of 1940,
Fund was to achieve its objective by            As of October 31, 2005, the allocation         this means that (a) the Fund cannot
investing through master portfolios.            of the 2010 Index was 18.9% equally            invest in any registered investment
Main types of securities the fund               divided among the six Dow Jones                company, to the extent that the
                                                U.S. Style Indexes, 46.5% equally              Fund would own more than 3% of
may hold
                                                divided among three U.S. bond in-              that regulated investment company’s
H Common stocks of companies traded             dexes and 34.6% in one cash index.             outstanding share position, (b) the
  on major U.S. stock exchanges                                                                Fund cannot invest more than 5% of
                                                The Fund’s asset allocation will be-           its total assets in the securities of any
H Fixed income securities included in           come more conservative over time by            one registered investment company
  the Lehman Government, Corporate,             decreasing equity exposure as the              and, (c) the Fund cannot invest
  and Mortgage Bond Indexes                     Fund approaches its target date. The           more than 10% of its total assets in
                                                assets of the NestEgg Dow Jones U.S.           the securities of registered invest-
H Short term Money Market securities            2010 Fund will be rebalanced                   ment companies in the aggregate.
                                                monthly.
H Exchange-traded funds that provide
  exposure to one or more Dow Jones             Although major changes tend to be
  U.S. Style Indexes, the Lehman U.S.           rare, the Fund’s fundamental strategy          This Fund may interest investors
  Bond index, or derivatives that serve         can only be changed by a vote of the           who have short to medium time
  this same purpose such as options             majority of the Fund’s outstanding             horizons, or may be saving for a
  and futures. To the extent the Fund           shares.                                        particular goal in life and may need
  invests in ETF’s the Fund will pay                                                           to withdraw a substantial portion of
  the proportionate share of the under-                                                        their investment in, or around, the
  lying expenses of the ETF.                                                                   year 2010.

    The ETF’s expenses are in addition
    to the expenses reflected in the
    Fund’s fee table.




4   NestEgg Dow Jones U.S. 2010 Fund
MAIN RISKS                              Index Risk Because the Fund uses           Prepayment Risk Many types of
                                        an indexing strategy, your money           debt securities, including mortgage
Stock Market Risk Stock prices          remains fully exposed to market con-       securities, are subject to prepayment
change daily, and may rise or fall in   ditions (as measured by the index)         risk. Prepayment occurs when the
response to business, political, or     during market declines. In addition,       issuer of a security can repay princi-
economic news. Declines in the          the fund could underperform the            pal prior to the security’s maturity.
market may occur rapidly or slowly,     2010 Index over the short or long          Securities subject to prepayment can
and may be short- or long-lived. The    term. Reasons for this include the         offer less potential for gains during a
fund’s share price changes with the     effects of Fund expenses and transac-      declining interest rate environment
value of the fund’s securities, and     tion costs; differences between the        and similar or greater potential for
when you sell shares they may be        stocks and bonds (and their weight-        loss in a rising interest rate environ-
worth more or less than what you        ings) in the 2010 Index and in the         ment. In addition, the potential im-
paid for them.                          fund’s portfolio; and the timing and       pact of prepayment features on the
                                        magnitude of shareholder                   price of a debt security can be
Style Risk Growth stocks and            transactions in Fund shares.               difficult to predict and result in
value stocks tend to perform differ-
                                                                                   greater volatility.
ently in different markets. Because     Interest Rate Risk When interest
the fund invests in both types of       rates rise, market prices of bonds         Credit Risk The Fund’s bond allo-
stocks, its performance may lag         generally fall, which could hurt the       cation could perform poorly if the
whichever category performs best        total return of the Fund’s bond            credit quality of its bonds declines,
during a given period.                  allocation. Debt and money market          or if a bond goes into default. Hard
                                        securities have varying levels of sensi-   economic times, corporate malfea-
Mid- and Small-Cap Risk                 tivity to changes in interest rates. In    sance, and incorrect assessment of
Because midsized and small compa-       general, the price of a debt or money      risks are among the types of factors
nies tend to have limited business      market security can fall when interest     that could cause a decline in credit
lines, financial resources, and com-     rates rise and can rise when interest      quality.
petitive advantages compared to         rates fall. Securities with longer ma-
larger companies, their stock prices    turities, mortgage securities, and the     Derivatives Risk Derivatives, in-
tend to fluctuate more than those of     securities of issuers in the financial      cluding futures and options, could
larger companies, and may move in a     services sector can be more sensitive      produce losses that are substantially
different direction than the broader    to interest rate changes. In other         greater than the amount invested.
market. Shares of small companies in    words, the longer the maturity of a        Derivatives could also add to the
particular may be thinly traded, mak-   security, the greater the impact a         fund’s expenses or eliminate some
ing them potentially less easy to buy   change in interest rates could have        opportunities for gains. With some
or sell at a desired time or price.     on the security’s price.                   derivatives, there is also a risk that
Rising interest rates and changes in                                               the fund could lose money if the
key personnel may hurt small                                                       counterparty to the derivative fails to
businesses more than large ones.                                                   honor its contractual obligation.




Past performance of the Dow Jones U.S. Target 2010 Index appears on page 30.

                                                                                       NestEgg Dow Jones U.S. 2010 Fund    5
FEES AND EXPENSES
These tables are intended to help you understand the various costs and
expenses you will pay as a shareholder in the Fund. These tables do not reflect
charges that may be imposed in connection with an account through which
you hold Fund shares. A broker dealer or financial institution maintaining an
account through which you hold Fund shares may charge separate account,
service or transaction fees on the purchase or sale of Fund shares that would
be in addition to the fees and expenses shown here. Each of the share classes
described in this prospectus has its own cost structure. ‘‘Annual Operating
Expenses’’ are deducted from fund assets, so their effect is included in the
fund’s performance figures.
SHAREHOLDER FEES                                                         Class A          Class C
(fees paid directly from your investment)                                 Shares          Shares
Maximum sales charge (load) imposed on purchases (as a
 percentage of offering price)                                           4.75%             None
Maximum deferred sales charge (as a percentage of the
 Net Asset Value at purchase)                                              None(1)        1.00%(2)
Redemption Fee(3)
  (as a percentage of amount redeemed, if applicable)                    2.00%            2.00%
ANNUAL FUND OPERATING EXPENSES
Management Fee                                                           0.60%            0.60%
Distribution (12b-1) and Service Fees                                    0.50%            1.00%
                   (4)
Other Expenses                                                           0.88%            0.88%
Total Annual Fund Operating Expenses Before Reductions                   1.98%            2.48%
Expense Reductions(5)                                                   –0.53%           –0.53%
Total Annual Fund Operating Expenses After Reductions                    1.45%            1.95%
(1)
      Class A shares that are purchased at NAV in amounts of $1,000,000 or more will be
      assessed a 1.00% CDSC if they are redeemed within one year of the date of purchase and a
      0.50% CDSC if redeemed after the first year and within the second year.
(2)
      Class C shares will be assessed a 1.00% CDSC if redeemed within one year of the date of
      purchase.
(3)
      If you purchase Class A shares and then redeem those shares within 60 days, you will pay a
      redemption fee of 2.00% of the amount redeemed. If you purchase Class C shares although
      you do not pay a sales charge you will pay a 2.00% redemption fee if redeemed within
      60 days.
(4)
      Other Expenses are based on estimated amounts for the current fiscal year.
(5)
      American Independence Financial Services, LLC has contractually agreed to reduce the
      management fee and reimburse expenses until 3/1/09 in order to keep the Total Annual Fund
      Operating Expenses at 1.45% for Class A shares and 1.95% for Class C shares. This
      reduction lowers the expense ratio and increases overall returns to investors.



EXAMPLE
Based on the costs above, this exam-                $10,000, earned 5% annual returns                                 1     3       5     10
                                                                                                                   Year Years   Years   Years
ple helps you compare the expenses of               and reinvested all dividends and distri-
each share class with those of other                butions. This is only an example;                Class A Shares $616 $910 $1,337 $2,523
mutual funds. The example assumes                   actual expenses may be different.                Class C
the expenses above remain the same.                                                                  Redemption   $298 $610 $1,161 $2,428
It also assumes that you invested                                                                    No Redemption $198 $610 $1,161 $2,428

6     NestEgg Dow Jones U.S. 2010 Fund
PREDECESSOR FUND
Pursuant to an agreement and plan of reorganization, the fund acquired the
assets and liabilities of the NestEgg Capital Preservation Fund (the predecessor
fund) on March 2, 2006. In the reorganization, the predecessor fund exchanged
all of its assets for shares of the fund. The predecessor fund offered a class of
shares similar to the fund’s Class A shares known as Premium Class. As a result
of the reorganization, the fund will carryforward the performance history of the
predecessor fund, as the predecessor fund is the accounting survivor. The
performance of the Class A shares of the fund includes the performance of the
predecessor fund’s Premium Class shares prior to the reorganization, which has
been restated to reflect differences in any applicable sales charges (but not
differences in expenses). If the performance had been adjusted to reflect all
differences in expenses, the performance of the fund would be lower.
Class C shares were not previously offered by the predecessor fund and,
therefore, no performance is being shown for Class C.
The fund’s past performance does not necessarily indicate how it will perform in
the future. As a shareowner, you may lose or make money on your investment.

FUND PERFORMANCE
Set forth below is performance information for the Predecessor Fund. The
Chart shows how the Fund’s total return (not including any deduction for sales
charges) has varied from year to year. The table shows average total return for
the Fund over time compared to a broad based market index. The bar chart
gives you an indication of the risks of investing in the Fund, including the fact
that you could incur a loss and experience volatility of returns year to year.
Past performance does not indicate future results.
                     P E R F O R M A N C E B A R C H A RT A N D TA B L E
                         Y E A R - B Y - Y E A R T O TA L R E T U R N S ( 1 )




                                                            11.01%




                  Premium Class                                      5.42%

                                  3.34%
                                          2.32%                                2.56%




                                                  -3.01%



                                  2000    2001    2002     2003      2004     2005



      Premium Class
        Best quarter:                                                         6.33%          Q2 ’03
        Worst quarter:                                                       (1.56)%         Q2 ’04
(1)
      These figures are as of December 31 of each year. They do not reflect sales charges and would
      be lower if they did.


                                                                                                      NestEgg Dow Jones U.S. 2010 Fund   7
                                                        AVERAGE ANNUAL TOTAL RETURNS
                                                          One Year      Five Years
                                                           Ended          Ended
                                                        December 31,   December 31,        Since
CLASS A(2)                          Inception               2005           2005         Inception(1)
Return Before Taxes            January 4, 1999            –2.33%         2.55%            2.79%
                        (3)
Return After Taxes
  on Distribution                                         –3.58%         1.49%            1.60%
                       (3)
Return after taxes
  on distribution and
  sale of shares                                             –.72%       1.65%            1.74%
Lehman Brothers
  Aggregate Bond
  Index                                                      2.43%       5.87%            5.69%
Lipper Flexible
  Portfolio
  Fund Index                                                 6.34%       2.54%            3.09%
(1)
      Reflects the inception dates of the predecessor fund.
(2)
      These figures reflect deduction of sales charges.
(3)
      After-tax returns are calculated using historical highest individual federal marginal income
      tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
      depend on the investor’s tax situation and may differ from those shown. After-tax returns
      shown are not relevant to investors who hold Fund shares through tax-deferred arrangements
      such as 401(k) plans or individual retirement accounts.




8     NestEgg Dow Jones U.S. 2010 Fund
                                                        TICKER SYMBOL        Class A: NENPX
                                                       CUSIP NUMBERS         Class A: 026762815 Class C: 00790P405
                                                        FUND NUMBERS         Class A: 203 Class C: 303

N E S T E G G D O W J O N E S U . S . T A R G E T D AT E F U N D S


NestEgg Dow Jones U.S. 2015 Fund
                               The Fund seeks to provide capital appreciation and
                           current income consistent with its current asset allocation.
MAIN STRATEGIES
The Fund’s fundamental strategy is to           The Fund may use statistical sam-               Major policies/limits
seek to track the overall performance           pling techniques in seeking to track
of the Dow Jones U.S. Target 2015               the performance of the 2015 Index.              H The Fund allocates at least 4% of
Index (2015 Index), before operating            The Fund intends to adjust its hold-              assets to each of the major asset
expenses. Although the Adviser does             ings to reflect any changes arising                classes (stocks, bonds, and cash)
not currently intend to do so, at               from changes in the composition of              H The Fund intends to remain fully
some time in the future, the Fund               the 2015 Index.                                   invested at all times, and does not
may also seek to achieve its objective                                                            intend to make defensive invest-
by investing in a set of underlying                      Fund Asset Allocation                    ments in adverse market conditions
Master Portfolios each representing
                                                                Cash Index   Six Dow
various asset classes and sectors                                    7.1%
                                                                                                H The Fund may engage in securities
                                                                             Jones U.S.
which are representative of the sub-                                         Style Indexes        lending
indexes which comprise the Dow                                               26.8%
Jones U.S. Target Date Indexes. If the                                                          H The Fund is subject to the restric-
Fund was to do this, it would bear a                                                              tions of Section 12(d)(1). Generally,
portion of the underlying portfolio’s                                                             except as provided otherwise by the
                                                   Three U.S.
expenses. Shareholders would be no-              Bond Indexes                                     Investment Company Act of 1940,
tified in advance in the event the
                                                       66.1%                                      this means that (a) the Fund cannot
Fund was to achieve its objective by                                                              invest in any registered investment
                                                As of October 31, 2005, the allocation            company, to the extent that the
investing through master portfolios.            of the 2015 Index was 26.8% equally               Fund would own more than 3% of
                                                divided among the 6 Dow Jones U.S.                that regulated investment company’s
Main types of securities the fund               Style Indexes, 66.1% equally divided              outstanding share position, (b) the
may hold                                        among the 3 U.S. bond indexes and                 Fund cannot invest more than 5% of
                                                7.1% in one cash index.                           its total assets in the securities of any
H Common stocks of companies traded
  on major U.S. stock exchanges                 The Fund’s asset allocation will be-              one registered investment company
                                                come more conservative over time by               and, (c) the Fund cannot invest
H Fixed income securities included in                                                             more than 10% of its total assets in
                                                decreasing equity exposure as the
  the Lehman Government, Corporate,                                                               the securities of registered invest-
                                                Fund approaches its target date. The
  and Mortgage Bond Indexes                                                                       ment companies in the aggregate.
                                                assets of the 2015 Fund will be
H Short term Money Market securities            rebalanced monthly.
                                                Although major changes tend to be                  This Fund may interest moderate to
H Exchange-traded funds (ETFs) that
                                                rare, the Fund’s fundamental strategy              conservative investors, or investors
  provide exposure to one or more
                                                can only be changed by a vote of the               who may be saving for a particular
  Dow Jones U.S. Style Index, the
  Lehman U.S. Bond indexes, or deriv-           majority of the fund’s outstanding                 goal in life and may need to with-
  atives that serve this same purpose           shares.                                            draw a substantial portion of their
  such as options and futures. To the                                                              investment in, or around, the year
  extent the Fund invests in ETF’s the                                                             2015.
  Fund will pay the proportionate
  share of the underlying expenses of
  the ETF. The ETF’s expenses are in
  addition to the expenses reflected in
  the Fund’s fee table.



                                                                                                         NestEgg Dow Jones U.S. 2015 Fund   9
MAIN RISKS                              Index Risk Because the Fund uses           Prepayment Risk Many types of
                                        an indexing strategy, your money           debt securities, including mortgage
Stock Market Risk Stock prices          remains fully exposed to market            securities, are subject to prepayment
change daily, and may rise or fall in   conditions (as measured by the in-         risk. Prepayment occurs when the
response to business, political, or     dexes) during market declines. In          issuer of a security can repay princi-
economic news. Declines in the mar-     addition, the fund could un-               pal prior to the security’s maturity.
ket may occur rapidly or slowly, and    derperform the 2015 Index over the         Securities subject to prepayment can
may be short- or long-lived. The        short or long term. Reasons for this       offer less potential for gains during a
Fund’s share price changes with the     include the effects of fund expenses       declining interest rate environment
value of the fund’s securities, and     and transaction costs; differences be-     and similar or greater potential for
when you sell shares they may be        tween the stocks and bonds (and            loss in a rising interest rate environ-
worth more or less than what you        their weightings) in the 2015 Index        ment. In addition, the potential im-
paid for them.                          and in the fund’s portfolio; and the       pact of prepayment features on the
                                        timing and magnitude of shareholder        price of a debt security can be
Style Risk Growth stocks and            transactions in Fund shares.               difficult to predict and result in
value stocks tend to perform differ-
                                                                                   greater volatility.
ently in different markets. Because     Interest Rate Risk When interest
the fund invests in both types of       rates rise, market prices of bonds         Credit Risk The Fund’s bond allo-
stocks, its performance may lag         generally fall, which could hurt the       cation could perform poorly if the
whichever category performs best        total return of the Fund’s bond            credit quality of its bonds declines,
during a given period.                  allocation. Debt and money market          or if a bond goes into default. Hard
                                        securities have varying levels of sensi-   economic times, corporate malfea-
Mid- and Small-Cap Risk                 tivity to changes in interest rates. In    sance, and incorrect assessment of
Because midsized and small compa-       general, the price of a debt or money      risks are among the types of factors
nies tend to have limited business      market security can fall when interest     that could cause a decline in credit
lines, financial resources, and com-     rates rise and can rise when interest      quality.
petitive advantages compared to         rates fall. Securities with longer ma-
larger companies, their stock prices    turities, mortgage securities, and the     Derivatives Risk Derivatives, in-
tend to fluctuate more than those of     securities of issuers in the financial      cluding futures and options, could
larger companies, and may move in a     services sector can be more sensitive      produce losses that are substantially
different direction than the broader    to interest rate changes. In other         greater than the amount invested.
market. Shares of small companies in    words, the longer the maturity of a        Derivatives could also add to the
particular may be thinly traded, mak-   security, the greater the impact a         fund’s expenses or eliminate some
ing them potentially less easy to buy   change in interest rates could have        opportunities for gains. With some
or sell at a desired time or price.     on the security’s price.                   derivatives, there is also a risk that
Rising interest rates and changes in                                               the fund could lose money if the
key personnel may hurt small busi-                                                 counterparty to the derivative fails to
nesses more than large ones.                                                       honor its contractual obligation.




Past performance of the Dow Jones U.S. Target 2015 Index appears on page 30.

10 NestEgg Dow Jones U.S. 2015 Fund
FEES AND EXPENSES
These tables are intended to help you understand the various costs and
expenses you will pay as a shareholder in the Fund. These tables do not reflect
charges that may be imposed in connection with an account through which
you hold Fund shares. A broker dealer or financial institution maintaining an
account through which you hold Fund shares may charge separate account,
service or transaction fees on the purchase or sale of Fund shares that would
be in addition to the fees and expenses shown here. Each of the share classes
described in this prospectus has its own cost structure. ‘‘Annual Operating
Expenses’’ are deducted from fund assets, so their effect is included in the
fund’s performance figures.
SHAREHOLDER FEES                                                         Class A          Class C
(fees paid directly from your investment)                                 Shares          Shares
Maximum sales charge (load) imposed on purchases (as a
 percentage of offering price)                                           4.75%             None
Maximum deferred sales charge (as a percentage of the
 Net Asset Value at purchase)                                              None(1)        1.00%(2)
Redemption Fee(3)
  (as a percentage of amount redeemed, if applicable)                    2.00%            2.00%
ANNUAL FUND OPERATING EXPENSES
Management Fee                                                           0.60%            0.60%
Distribution (12b-1) and Service Fees                                    0.50%            1.00%
                   (4)
Other Expenses                                                           0.57%            0.57%
Total Annual Fund Operating Expenses Before Reductions                   1.67%            2.17%
Expense Reductions(5)                                                   –0.22%           –0.22%
Total Annual Fund Operating Expenses After Reductions                    1.45%            1.95%
(1)
      Class A shares that are purchased at NAV in amounts of $1,000,000 or more will be
      assessed a 1.00% CDSC if they are redeemed within one year of the date of purchase and a
      0.50% CDSC if redeemed after the first year and within the second year.
(2)
      Class C shares will be assessed a 1.00% CDSC if redeemed within one year of the date of
      purchase.
(3)
      If you purchase Class A shares and then redeem those shares within 60 days, you will pay a
      redemption fee of 2.00% of the amount redeemed. If you purchase Class C shares although
      you do not pay a sales charge you will pay a 2.00% redemption fee if redeemed within
      60 days.
(4)
      Other Expenses are based on estimated amounts for the current fiscal year.
(5)
      American Independence Financial Services, LLC has contractually agreed to reduce the
      management fee and reimburse expenses until 3/1/09 in order to keep the Total Annual Fund
      Operating Expenses at 1.45% for Class A shares and 1.95% for Class C shares. This
      reduction lowers the expense ratio and increases overall returns to investors.



EXAMPLE
Based on the costs above, this exam-                $10,000, earned 5% annual returns                                    1     3       5     10
                                                                                                                      Year Years   Years   Years
ple helps you compare the expenses of               and reinvested all dividends and distri-
each share class with those of other                butions. This is only an example;                Class A Shares   $616 $911 $1,275 $2,295
mutual funds. The example assumes                   actual expenses may be different.                Class C Shares
the expenses above remain the same.                                                                  Redemption       $298 $611 $1,098 $2,197
It also assumes that you invested                                                                    No Redemption $198 $611 $1,098 $2,197

                                                                                                        NestEgg Dow Jones U.S. 2015 Fund     11
PREDECESSOR FUND
Pursuant to an agreement and plan of reorganization, the fund acquired the
assets and liabilities of the NestEgg 2010 Fund (the predecessor fund) on
March 2, 2006. In the reorganization, the predecessor fund exchanged all of its
assets for shares of the fund. The predecessor fund offered a class of shares
similar to the fund’s Class A shares known as Premium Class. As a result of the
reorganization, the fund will carryforward the performance history of the
predecessor fund, as the predecessor fund is the accounting survivor. The
performance of the Class A shares of the fund includes the performance of the
predecessor fund’s Premium Class shares prior to the reorganization, which has
been restated to reflect differences in any applicable sales charges (but not
differences in expenses). If the performance had been adjusted to reflect all
differences in expenses, the performance of the fund would be lower.
Class C shares were not previously offered by the predecessor fund and,
therefore, no performance is being shown for Class C.
The fund’s past performance does not necessarily indicate how it will perform in
the future. As a shareowner, you may lose or make money on your investment.

FUND PERFORMANCE
Set forth below is performance information for the Predecessor Fund. The
Chart shows how the Fund’s total return (not including any deduction for sales
charges) has varied from year to year. The table shows average total return
compared to a broad based market index. The bar chart gives you an
indication of the risks of investing in the Fund, including the fact that you
could incur a loss and experience volatility of returns year to year. Past
performance does not indicate future results.

                     P E R F O R M A N C E B A R C H A RT A N D TA B L E
                         Y E A R - B Y - Y E A R T O TA L R E T U R N S ( 1 )



                                                             13.89%




                                                                      6.49%

                  Premium Class
                                                                               2.89%



                                  -0.33%
                                           -2.04%




                                                    -8.47%

                                  2000     2001     2002     2003     2004     2005



      Premium Class
        Best quarter:                                                          8.13%         Q2 ’03
        Worst quarter:                                                        (1.50)%        Q2 ’04
(1)
      These figures are as of December 31 of each year. They do not reflect sales charges and would
      be lower if they did.


12 NestEgg Dow Jones U.S. 2015 Fund
                                                        AVERAGE ANNUAL TOTAL RETURNS
                                                          One Year      Five Years
                                                           Ended          Ended
                                                        December 31,   December 31,        Since
CLASS A(2)                          Inception               2005           2005         Inception(1)
Return Before Taxes            January 4, 1999            –1.96%         1.29%            1.98%
                        (3)
Return After Taxes
  on Distribution                                         –2.85%         0.53%            1.12%
                       (3)
Return after taxes
  on distribution
  and sale of shares                                      –0.75%         0.67%            1.20%
Lehman Brothers
  Aggregate Bond
  Index                                                      2.43%       5.87%            5.69%
Lipper Flexible
  Portfolio
  Fund Index                                                 6.34%       2.54%            3.09%
Wilshire 5000
 Index                                                       6.25%       3.48%            0.81%
Morgan Stanley
 Capital
 International
 Europe
 Australasia and
 Far East (MSCI
 EAFE) Index                                              14.02%         4.94%            4.86%
(1)
      Reflects the inception dates of the predecessor fund.
(2)
      These figures reflect deduction of sales charges.
(3)
      After-tax returns are calculated using historical highest individual federal marginal income
      tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
      depend on the investor’s tax situation and may differ from hose shown. After-tax returns
      shown are not relevant to investors who hold Fund shares through tax-deferred arrangements
      such as 401(k) plans or individual retirement accounts.




                                                                                                       NestEgg Dow Jones U.S. 2015 Fund   13
                                                        TICKER SYMBOL       Class A: NETPX
                                                       CUSIP NUMBERS        Class A: 026762781 Class C: 0079P603
                                                        FUND NUMBERS        Class A: 204 Class C: 304

N E S T E G G D O W J O N E S U . S . T A R G E T D AT E F U N D S


NestEgg Dow Jones U.S. 2020 Fund
                               The Fund seeks to provide capital appreciation and
                           current income consistent with its current asset allocation.
MAIN STRATEGIES
The Fund’s fundamental strategy is to           The Fund may use statistical sam-              Major policies/limits
seek to track the overall performance           pling techniques in seeking to track
of the Dow Jones U.S. Target 2020               the performance of the 2020 Index.             H The Fund allocates at least 4% of
Index (2020 Index), before operating            The fund intends to adjust its hold-             assets to each of the major asset
expenses. Although the Adviser does             ings to reflect any changes arising               classes (stocks, bonds, and cash)
not currently intend to do so, at               from changes in the composition of             H The Fund intends to remain fully
some time in the future, the Fund               the 2020 Index.                                  invested at all times, and does not
may also seek to achieve its objective                                                           intend to make defensive investments
by investing in a set of underlying                      Fund Asset Allocation                   in adverse market conditions
Master Portfolios each representing                            Cash Index
various asset classes and sectors                                   4.0%                       H The Fund may engage in securities
which are representative of the sub-                                          Six Dow            lending
indexes which comprise the Dow                    Three U.S.                  Jones U.S.
Jones U.S. Target Date Indexes. If the          Bond Indexes                  Style Indexes    H The Fund is subject to the restric-
                                                      47.7%                   48.3%              tions of Section 12(d)(1). Generally,
Fund was to do this, it would bear a
portion of the underlying Portfolio’s                                                            except as provided otherwise by the
expenses. Shareholders would be no-                                                              Investment Company Act of 1940,
tified in advance in the event the                                                                this means that (a) the Fund cannot
Fund was to achieve its objective by            As of October 31, 2005, the allocation           invest in any registered investment
investing through master portfolios.            of the 2020 Index was 48.3% equally              company, to the extent that the
                                                divided among the 6 Dow Jones U.S.               Fund would own more than 3% of
Main types of securities the fund               Style Indexes, 47.7% equally divided             that regulated investment company’s
may hold                                        among the 3 U.S. bond indexes and                outstanding share position, (b) the
                                                4.0% in one cash index.                          Fund cannot invest more than 5% of
H Common stocks of companies traded                                                              its total assets in the securities of any
  on major U.S. stock exchanges                 The Fund’s asset allocation will be-             one registered investment company
                                                come more conservative over time by              and, (c) the Fund cannot invest
H Fixed income securities included in           decreasing equity exposure as the                more than 10% of its total assets in
  the Lehman Government, Corporate,             Fund approaches its target date. The             the securities of registered invest-
  and Mortgage Bond Indexes                     assets of the 2020 Fund will be                  ment companies in the aggregate.
H Short term Money Market securities            rebalanced monthly.
                                                Although major changes tend to be
H Exchange-traded funds that provide                                                              This Fund may interest investors
                                                rare, the fund’s fundamental strategy
  exposure to one or more Dow Jones
                                                can only be changed by a vote of the              who seek long-term total return
  U.S. Style Index, the Lehman U.S.
                                                majority of the fund’s outstanding                from a balanced portfolio, or inves-
  Bond indexes, or derivatives that
                                                shares.                                           tors who may be saving for a
  serve this same purpose such as
  options and futures. To the extent                                                              particular goal in life and may need
  the Fund invests in ETF’s the Fund                                                              to withdraw a substantial portion of
  will pay the proportionate share of                                                             their investment in, or around, the
  the underlying expenses of the ETF.                                                             year 2020.
  The ETF’s expenses are in addition
  to the expenses reflected in the
  Fund’s fee table.



14 NestEgg Dow Jones U.S. 2020 Fund
MAIN RISKS
Stock Market Risk Stock prices          Index Risk Because the Fund uses           Prepayment Risk Many types of
change daily, and may rise or fall in   an indexing strategy, your money           debt securities, including mortgage
response to business, political, or     remains fully exposed to market            securities, are subject to prepayment
economic news. Declines in the mar-     conditions (as measured by the in-         risk. Prepayment occurs when the
ket may occur rapidly or slowly, and    dexes) during market declines. In          issuer of a security can repay princi-
may be short- or long-lived. The        addition, the fund could under-            pal prior to the security’s maturity.
fund’s share price changes with the     perform the 2020 Index over the            Securities subject to prepayment can
value of the fund’s securities, and     short or long term. Reasons for this       offer less potential for gains during a
when you sell shares they may be        include the effects of fund expenses       declining interest rate environment
worth more or less than what you        and transaction costs; differences be-     and similar or greater potential for
paid for them.                          tween the stocks and bonds (and            loss in a rising interest rate environ-
                                        their weightings) in the 2020 Index        ment. In addition, the potential im-
Style Risk Growth stocks and            and in the fund’s portfolio; and the       pact of prepayment features on the
value stocks tend to perform differ-    timing and magnitude of shareholder        price of a debt security can be
ently in different markets. Because     transactions in Fund shares.               difficult to predict and result in
the fund invests in both types of                                                  greater volatility.
                                        Interest Rate Risk When interest
stocks, its performance may lag
                                        rates rise, market prices of bonds         Credit Risk The Fund’s bond allo-
whichever category performs best
                                        generally fall, which could hurt the       cation could perform poorly if the
during a given period.
                                        total return of the Fund’s bond            credit quality of its bonds declines, or
                                        allocation. Debt and money market          if a bond goes into default. Hard
Mid- and Small-Cap Risk                 securities have varying levels of sensi-   economic times, corporate malfeasance,
Because midsized and small compa-       tivity to changes in interest rates. In    and incorrect assessment of risks are
nies tend to have limited business      general, the price of a debt or money      among the types of factors that could
lines, financial resources, and com-     market security can fall when interest     cause a decline in credit quality.
petitive advantages compared to         rates rise and can rise when interest
larger companies, their stock prices    rates fall. Securities with longer ma-     Derivatives Risk Derivatives, in-
tend to fluctuate more than those of     turities, mortgage securities, and the     cluding futures and options, could
larger companies, and may move in a     securities of issuers in the financial      produce losses that are substantially
different direction than the broader    services sector can be more sensitive      greater than the amount invested.
market. Shares of small companies in    to interest rate changes. In other         Derivatives could also add to the
particular may be thinly traded, mak-   words, the longer the maturity of a        fund’s expenses or eliminate some
ing them potentially less easy to buy   security, the greater the impact a         opportunities for gains. With some
or sell at a desired time or price.     change in interest rates could have        derivatives, there is also a risk that
Rising interest rates and changes in    on the security’s price.                   the fund could lose money if the
key personnel may hurt small busi-                                                 counterparty to the derivative fails to
nesses more than large ones.                                                       honor its contractual obligation.




Past performance of the Dow Jones U.S. Target 2020 Index appears on page 30.

                                                                                      NestEgg Dow Jones U.S. 2020 Fund   15
FEES AND EXPENSES
These tables are intended to help you understand the various costs and
expenses you will pay as a shareholder in the Fund. These tables do not reflect
charges that may be imposed in connection with an account through which
you hold Fund shares. A broker dealer or financial institution maintaining an
account through which you hold Fund shares may charge separate account,
service or transaction fees on the purchase or sale of Fund shares that would
be in addition to the fees and expenses shown here. Each of the share classes
described in this prospectus has its own cost structure. ‘‘Annual Operating
Expenses’’ are deducted from fund assets, so their effect is included in the
fund’s performance figures.
SHAREHOLDER FEES                                                         Class A          Class C
(fees paid directly from your investment)                                 Shares          Shares
Maximum sales charge (load) imposed on purchases (as a
 percentage of offering price)                                           4.75%             None
Maximum deferred sales charge (as a percentage of the
 Net Asset Value at purchase)                                              None(1)          1.00(2)
Redemption Fee(3)
  (as a percentage of amount redeemed, if applicable)                    2.00%            2.00%
ANNUAL FUND OPERATING EXPENSES
Management Fee                                                           0.60%            0.60%
Distribution (12b-1) and Service Fees                                    0.50%            1.00%
                   (4)
Other Expenses                                                           0.47%            0.47%
Total Annual Fund Operating Expenses Before Reductions                   1.57%            2.07%
Expense Reductions(5)                                                   –0.12%           –0.12%
Total Annual Fund Operating Expenses After Reductions                    1.45%            1.95%
(1)
      Class A shares that are purchased at NAV in amounts of $1,000,000 or more will be
      assessed a 1.00% CDSC if they are redeemed within one year of the date of purchase and a
      0.50% CDSC if redeemed after the first year and within the second year.
(2)
      Class C shares will be assessed a 1.00% CDSC if redeemed within one year of the date of
      purchase.
(3)
      If you purchase Class A shares and then redeem those shares within 60 days, you will pay a
      redemption fee of 2.00% of the amount redeemed. If you purchase Class C shares although
      you do not pay a sales charge you will pay a 2.00% redemption fee if redeemed within
      60 days.
(4)
      Other Expenses are based on estimated amounts for the current fiscal year.
(5)
      American Independence Financial Services, LLC has contractually agreed to reduce the
      management fee and reimburse expenses until 3/1/09 in order to keep the Total Annual Fund
      Operating Expenses at 1.45% for Class A shares and 1.95% for Class C shares. This
      reduction lowers the expense ratio and increases overall returns to investors.



EXAMPLE
Based on the costs above, this exam-                butions. This is only an example;                                     1     3     5   10
                                                                                                                       Year Years Years Years
ple helps you compare the expenses of               actual expenses may be different.
each share class with those of other                                                                  Class A Shares   $616 $911 $1,254 $2,220
mutual funds. The example assumes                                                                     Class C Shares
the expenses above remain the same.
                                                                                                      Redemption       $298 $612 $1,077 $2,121
It also assumes that you invested
$10,000, earned 5% annual returns                                                                     No Redemption    $198 $612 $1,077 $2,121
and reinvested all dividends and distri-

16 NestEgg Dow Jones U.S. 2020 Fund
PREDECESSOR FUND
Pursuant to an agreement and plan of reorganization, the fund acquired the
assets and liabilities of the NestEgg 2020 Fund (the predecessor fund) on
March 2, 2006. In the reorganization, the predecessor fund exchanged all of its
assets for shares of the fund. The predecessor fund offered a class of shares
similar to the fund’s Class A shares known as Premium Class. As a result of the
reorganization, the fund will carryforward the performance of the predecessor
fund as the predecessor fund is the accounting survivor. The performance of
the Class A shares of the fund includes the performance of the predecessor
fund’s Premium Class shares prior to the reorganization, which has been
restated to reflect differences in any applicable sales charges (but not differences
in expenses). If the performance had been adjusted to reflect all differences in
expenses, the performance of the fund would be lower.
Class C shares were not previously offered by the predecessor fund and,
therefore, no performance is being shown for Class C.
The fund’s past performance does not necessarily indicate how it will perform in
the future. As a shareowner, you may lose or make money on your investment.

FUND PERFORMANCE
Set forth below is performance information for the Predecessor Fund. The
Chart shows how the Fund’s total return (not including any deduction for sales
charges) has varied from year to year. The table shows average total return for
the Fund over time compared to a broad based market index. The bar chart
gives you an indication of the risks of investing in the Fund, including the fact
that you could incur a loss and experience volatility of returns year to year.
Past performance does not indicate future results.
                    P E R F O R M A N C E B A R C H A RT A N D TA B L E
                        Y E A R - B Y - Y E A R T O TA L R E T U R N S ( 1 )




                                                             18.72%




                 Premium Class                                        8.12%

                                                                               3.56%




                                 -4.62%
                                          -7.59%

                                                   -13.01%


                                 2000     2001     2002      2003     2004     2005



      Premium Class
        Best quarter:                                                         10.29%     Q2 ’03
        Worst quarter:                                                        (2.24)%    Q1 ’03
(1)
      These figures are as of December 31 of each year. They do not reflect sales charges and
      would be lower if they did.


                                                                                                  NestEgg Dow Jones U.S. 2020 Fund   17
                                                        AVERAGE ANNUAL TOTAL RETURNS
                                                          One Year      Five Years
                                                           Ended          Ended
                                                        December 31,   December 31,        Since
CLASS A(2)                          Inception               2005           2005         Inception(1)
Return Before Taxes            January 4, 1999            –1.33%         0.35%            1.25%
                        (3)
Return After Taxes
  on Distribution                                         –1.74%         0.16%            0.67%
                       (3)
Return after taxes
  on distribution and
  sale of shares                                          –0.77%         0.01%             .72%
Lehman Brothers
  Aggregate Bond
  Index                                                      2.43%       5.87%            5.69%
Lipper Flexible
  Portfolio
  Fund Index                                                 6.34%       2.54%            3.09%
Wilshire 5000 Index                                          6.25%       3.48%            0.81%
Morgan Stanley
 Capital
 International
 Europe
 Australasia and
 Far East (MSCI
 EAFE) Index                                              14.02%         4.94%            4.86%
(1)
      Reflects the inception dates of the predecessor fund.
(2)
      These figures reflect deduction of sales charges.

(3)
      After-tax returns are calculated using historical highest individual federal marginal income
      tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
      depend on the investor’s tax situation and may differ from those shown. After-tax returns
      shown are not relevant to investors who hold Fund shares through tax-deferred arrangements
      such as 401(k) plans or individual retirement accounts.




18 NestEgg Dow Jones U.S. 2020 Fund
                                                       TICKER SYMBOL         Class A: NEHPX
                                                       CUSIP NUMBERS         Class A: 026762765 Class C: 00790P801
                                                        FUND NUMBERS         Class A: 205 Class C: 305

N E S T E G G D O W J O N E S U . S . T A R G E T D AT E F U N D S


NestEgg Dow Jones U.S. 2030 Fund
                               The Fund seeks to provide capital appreciation and
                           current income consistent with its current asset allocation.

MAIN STRATEGIES
The Fund’s fundamental strategy is to           The Fund may use statistical sam-               Major policies/limits
seek to track the overall performance           pling techniques in seeking to track
                                                                                                H The Fund allocates at least 4% of
of the Dow Jones U.S. Target 2030               the performance of the 2030 Index.
                                                                                                  assets to each of the major asset
Index (2030 Index), before operating            The fund intends to adjust its hold-
                                                                                                  classes (stocks, bonds, and cash)
expenses. Although the Adviser does             ings to reflect any changes arising
not currently intend to do so, at               from changes in the composition of              H The Fund intends to remain fully
sometime in the future, the Fund                the 2030 Index.                                   invested at all times, and does not
may also seek to achieve its objective                                                            intend to make defensive investments
                                                         Fund Asset Allocation                    in adverse market conditions
by investing in a set of underlying
Master Portfolios each representing                             Cash Index
                                                                     4.0%                       H The Fund may engage in securities
various asset classes and sectors                  Three U.S.                                     lending
which are representative of the sub-             Bond Indexes
                                                                               Six Dow
indexes which comprise the Dow
                                                       17.5%
                                                                               Jones U.S.
                                                                                                H The Fund is subject to the restrictions
Jones U.S. Target Date Indexes. If the                                         Style Indexes      of Section 12(d)(1). Generally, except
Fund was to do this, it would bear a
                                                                               78.5%              as provided otherwise by the Invest-
portion of the underlying Fund’s                                                                  ment Company Act of 1940, this
expenses. Shareholders would be no-                                                               means that (a) the Fund cannot
tified in advance in the event the                                                                 invest in any registered investment
                                                As of October 31, 2005, the allocation            company, to the extent that the Fund
Fund was to achieve its objective by            of the 2030 Index was 78.5% equally               would own more than 3% of that
investing through master portfolios.            divided among the 6 Dow Jones U.S.                regulated investment company’s out-
Main types of securities the fund               Style Indexes, 17.5% equally divided              standing share position, (b) the Fund
                                                among the 3 U.S. bond indexes and                 cannot invest more than 5% of its
may hold
                                                4.0% in one cash index.                           total assets in the securities of any
H Common stocks of companies traded                                                               one registered investment company
                                                The Fund’s asset allocation will be-
  on major U.S. stock exchanges                                                                   and, (c) the Fund cannot invest more
                                                come more conservative over time by
H Fixed income securities included in           decreasing equity exposure as the                 than 10% of its total assets in the
  the Lehman Government, Corporate,             Fund approaches its target date. The              securities of registered investment
  and Mortgage Bond Indexes                     assets of the 2030 Fund will be                   companies in the aggregate.
H Short term Money Market securities            rebalanced monthly.                               This Fund may interest investors
H Exchange-traded funds that provide            Although major changes tend to be                 who have a long-term time horizon,
  exposure to one or more Dow Jones             rare, the fund’s fundamental strategy             or investors who may be saving for
  U.S. Style Index, the Lehman U.S.             can only be changed by a vote of the              a particular goal in life and may
  Bond indexes, or derivatives that             majority of the fund’s outstanding                need to withdraw a substantial por-
  serve this same purpose such as               shares.                                           tion of their investment in, or
  options and futures. To the extent                                                              around, the year 2030.
  the Fund invests in ETF’s the Fund
  will pay the proportionate share of
  the underlying expenses of the ETF.
  The ETF’s expenses are in addition
  to the expenses reflected in the
  Fund’s fee table.




                                                                                                    NestEgg Dow Jones U.S. 2030 Fund   19
MAIN RISKS                              Index Risk Because the Fund uses          Prepayment Risk Many types of
Stock Market Risk Stock prices          an indexing strategy, your money          debt securities, including mortgage
change daily, and may rise or fall in   remains fully exposed to market con-      securities, are subject to prepayment
response to business, political, or     ditions (as measured by the indexes)      risk. Prepayment occurs when the
economic news. Declines in the mar-     during market declines. In addition,      issuer of a security can repay princi-
ket may occur rapidly or slowly, and    the fund could underperform the           pal prior to the security’s maturity.
may be short- or long-lived. The        2030 Index over the short or long         Securities subject to prepayment can
Fund’s share price changes with the     term. Reasons for this include the        offer less potential for gains during a
value of the Fund’s securities, and     effects of fund expenses and transac-     declining interest rate environment
when you sell shares they may be        tion costs; differences between the       and similar or greater potential for
worth more or less than what you        stocks and bonds (and their weight-       loss in a rising interest rate environ-
paid for them.                          ings) in the 2030 Index and in the        ment. In addition, the potential im-
                                        fund’s portfolio; and the timing and      pact of prepayment features on the
Style Risk Growth stocks and            magnitude of shareholder transac-         price of a debt security can be
value stocks tend to perform differ-    tions in Fund shares.                     difficult to predict and result in
ently in different markets. Because                                               greater volatility.
                                        Interest Rate Risk When interest
the Fund invests in both types of       rates rise, market prices of bonds        Credit Risk The Fund’s bond allo-
stocks, its performance may lag         generally fall, which could hurt the      cation could perform poorly if the
whichever category performs best        total return of the fund’s bond alloca-   credit quality of its bonds declines,
during a given period.                  tion. Debt and money market securi-       or if a bond goes into default. Hard
                                        ties have varying levels of sensitivity   economic times, corporate malfea-
Mid- and Small-Cap Risk                 to changes in interest rates. In          sance, and incorrect assessment of
Because midsized and small              general, the price of a debt or money     risks are among the types of factors
companies tend to have limited busi-    market security can fall when interest    that could cause a decline in credit
ness lines, financial resources, and     rates rise and can rise when interest     quality.
competitive advantages compared to      rates fall. Securities with longer ma-
larger companies, their stock prices    turities, mortgage securities, and the    Derivatives Risk Derivatives, in-
tend to fluctuate more than those of     securities of issuers in the financial     cluding futures and options, could
larger companies, and may move in a     services sector can be more sensitive     produce losses that are substantially
different direction than the broader    to interest rate changes. In other        greater than the amount invested.
market. Shares of small companies in    words, the longer the maturity of a       Derivatives could also add to the
particular may be thinly traded, mak-   security, the greater the impact a        fund’s expenses or eliminate some
ing them potentially less easy to buy   change in interest rates could have       opportunities for gains. With some
or sell at a desired time or price.     on the security’s price.                  derivatives, there is also a risk that
Rising interest rates and changes in                                              the Fund could lose money if the
key personnel may hurt small busi-                                                counterparty to the derivative fails to
nesses more than large ones.                                                      honor its contractual obligation.




Past performance of the Dow Jones U.S. Target 2030 Index appears on page 30.

20 NestEgg Dow Jones U.S. 2030 Fund
FEES AND EXPENSES
These tables are intended to help you understand the various costs and
expenses you will pay as a shareholder in the Fund. These tables do not reflect
charges that may be imposed in connection with an account through which
you hold Fund shares. A broker dealer or financial institution maintaining an
account through which you hold Fund shares may charge separate account,
service or transaction fees on the purchase or sale of Fund shares that would
be in addition to the fees and expenses shown here. Each of the share classes
described in this prospectus has its own cost structure. ‘‘Annual Operating
Expenses’’ are deducted from fund assets, so their effect is included in the
fund’s performance figures.
SHAREHOLDER FEES                                                           Class A          Class C
 (fees paid directly from your investment)                                  Shares          Shares
Maximum sales charge (load) imposed on purchases (as a
 percentage of offering price)                                             4.75%             None
Maximum deferred sales charge (as a percentage of the
 Net Asset Value at purchase)                                                None(1)        1.00%(2)
Redemption Fee(3)
  (as a percentage of amount redeemed, if applicable)                      2.00%            2.00%
ANNUAL FUND OPERATING EXPENSES
Management Fee                                                             0.60%            0.60%
Distribution (12b-1) and Service Fees                                      0.50%            1.00%
                   (4)
Other Expenses                                                             0.53%            0.53%
Total Annual Fund Operating Expenses Before Reductions                     1.63%            2.13%
Expense Reductions(5)                                                     –0.18%          –0.18%
Total Annual Fund Operating Expenses After Reductions                      1.45%            1.95%
(1)
      Class A shares that are purchased at NAV in amounts of $1,000,000 or more will be
      assessed a 1.00% CDSC if they are redeemed within one year of the date of purchase and a
      0.50% CDSC if redeemed after the first year and within the second year.
(2)
      Class C shares will be assessed a 1.00% CDSC if redeemed within one year of the date of
      purchase.
(3)
      If you purchase Class A shares and then redeem those shares within 60 days, you will pay a
      redemption fee of 2.00% of the amount redeemed. If you purchase Class C shares although
      you do not pay a sales charge you will pay a 2.00% redemption fee if redeemed within
      60 days.
(4)
      Other Expenses are based on estimated amounts for the current fiscal year.
(5)
      American Independence Financial Services, LLC has contractually agreed to reduce the
      management fee and reimburse expenses until 3/1/09 in order to keep the Total Annual Fund
      Operating Expenses at 1.45% for Class A shares and 1.95% for Class C shares. This reduction
      lowers the expense ratio and increases overall returns to investors.




EXAMPLE
Based on the costs above, this exam-                 butions. This is only an example;                                     1     3       5     10
                                                                                                                        Year Years   Years   Years
ple helps you compare the expenses of                actual expenses may be different.
                                                                                                       Class A Shares   $616 $911 $1,267 $2,265
each share class with those of other
mutual funds. The example assumes                                                                      Class C Shares
the expenses above remain the same.                                                                    Redemption       $298 $611 $1,089 $2,167
It also assumes that you invested                                                                      No Redemption    $198 $611 $1,089 $2,167
$10,000, earned 5% annual returns
and reinvested all dividends and distri-

                                                                                                          NestEgg Dow Jones U.S. 2030 Fund     21
PREDECESSOR FUND
Pursuant to an agreement and plan of reorganization, the fund acquired the
assets and liabilities of the NestEgg 2030 Fund (the predecessor fund) on
March 2, 2006. In the reorganization, the predecessor fund exchanged all of its
assets for shares of the fund. The predecessor fund offered a class of shares
similar to the fund’s Class A shares known as Premium Class. As a result of the
reorganization, the fund will carry forward the performance history of the
predecessor fund, as the predecessor fund is the accounting survivor. The
performance of the Class A shares of the fund includes the performance of the
predecessor fund’s Premium Class shares prior to the reorganization, which has
been restated to reflect differences in any applicable sales charges (but not
differences in expenses). If the performance had been adjusted to reflect all
differences in expenses, the performance of the fund would be lower.
Class C shares were not previously offered by the predecessor fund and,
therefore, no performance is being shown for Class C.
The fund’s past performance does not necessarily indicate how it will perform
in the future. As a shareowner, you may lose or make money on your
investment.
FUND PERFORMANCE
Set forth below is performance information for the Predecessor Fund. The
Chart shows how the Fund’s total return (not including any deduction for sales
charges) has varied from year to year. The table shows average total return for
the Fund over time compared to a broad based market index. The bar chart
gives you an indication of the risks of investing in the Fund, including the fact
that you could incur a loss and experience volatility of returns year to year.
Past performance does not indicate future results.
                    P E R F O R M A N C E B A R C H A RT A N D TA B L E
                         Y E A R - B Y - Y E A R T O TA L R E T U R N S
                                  PREMIUM SHARES(1)




                                                             18.72%




                 Premium Class                                        8.12%

                                                                              3.56%




                                 -4.62%
                                          -7.59%

                                                   -13.01%


                                 2000     2001     2002      2003     2004    2005



      Premium Class
        Best quarter:                                                         12.67%         Q2 ’03
        Worst quarter:                                                        (3.44)%        Q1 ’03
(1)
      These figures are as of December 31 of each year. They do not reflect sales charges and would
      be lower if they did.


22 NestEgg Dow Jones U.S. 2030 Fund
                                                     AVERAGE ANNUAL TOTAL RETURNS
                                                       One Year        Five Years
                                                        Ended            Ended
                                                     December 31,     December 31,         Since
CLASS A(2)                          Inception            2005             2005          Inception(1)
Return Before Taxes            January 4, 1999          –0.72%           –0.08%           0.97%
Return After Taxes
  on Distribution(3)                                    –1.06%           –0.96%           0.58%
Return after taxes
  on distribution
  and sale of
  shares(3)                                             –0.20%           –0.28%           0.61%

Lehman Brothers
  Aggregate Bond
  Index                                                  2.43%            5.87%           5.69%
Lipper Flexible
  Portfolio
  Fund Index                                             6.34%            2.54%           3.09%
Wilshire 5000
  Index                                                  6.25%            3.48%           0.81%
Morgan Stanley
  Capital
  International
  Europe
  Australasia and
  Far East (MSCI
  EAFE) Index                                          14.02%             4.94%           4.86%
(1)
      Reflects the inception dates of the predecessor fund.
(2)
      These figures reflect deduction of sales charges.
(3)
      After-tax returns are calculated using historical highest individual federal marginal income
      tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
      depend on the investor’s tax situation and may differ from hose shown. After-tax returns
      shown are not relevant to investors who hold Fund shares through tax-deferred arrangements
      such as 401(k) plans or individual retirement accounts.




                                                                                                       NestEgg Dow Jones U.S. 2030 Fund   23
                                                        TICKER SYMBOL             Class A: NEFPX
                                                       CUSIP NUMBERS              Class A: 026762740 Class C: 00790P884
                                                        FUND NUMBERS              Class A: 206 Class C: 306

N E S T E G G D O W J O N E S U . S . T A R G E T D AT E F U N D S


NestEgg Dow Jones U.S. 2040 Fund
                               The Fund seeks to provide capital appreciation and
                           current income consistent with its current asset allocation.
MAIN STRATEGIES
The Fund’s fundamental strategy is to           The Fund may use statistical sam-                    Major policies/limits
seek to track the overall performance           pling techniques in seeking to track
of the Dow Jones U.S. Target 2040               the performance of the 2040 Index.                   H The Fund allocates at least 4% of
Index (2040 Index), before operating            The fund intends to adjust its hold-                   assets to each of the major asset
expenses. Although the Fund does                ings to reflect any changes arising                     classes (stocks, bonds, and cash)
not currently intend to do so, at               from changes in the composition of
some time in the future, the Fund               the 2040 Index.                                      H The Fund intends to remain fully
may also seek to achieve its objective                                                                 invested at all times, and does not
                                                         Fund Asset Allocation
by investing in a set of underlying                                                                    intend to make defensive invest-
Master Portfolios each representing                   Three U.S.     Cash Index
                                                    Bond Indexes     4.0%                              ments in adverse market conditions
various asset classes and sectors                          5.5%
which are representative of the sub-                                                Six Dow          H The Fund may engage in securities
indexes which comprise the Dow                                                      Jones U.S.         lending
Jones U.S. Target Date Indexes. If the                                              Style Indexes
                                                                                    90.5%
Fund was to do this, it would bear a                                                                 H The Fund is subject to the restrictions
portion of the underlying portfolio’s                                                                  of Section 12(d)(1). Generally, except
expenses. Shareholders would be no-
                                                                                                       as provided otherwise by the Invest-
tified in advance in the event the
Fund was to achieve its objective by            As of October 31, 2005, the alloca-                    ment Company Act of 1940, this
investing through master portfolios.            tion of the 2040 Fund’s assets was                     means that (a) the Fund cannot
                                                90.5% equally divided among the
                                                                                                       invest in any registered investment
Main types of securities the fund               6 Dow Jones U.S. Style Indexes,
                                                5.5% equally divided among the                         company, to the extent that the Fund
may hold
                                                3 U.S. bond indexes and 4.0% in                        would own more than 3% of that
H Common stocks of companies traded             one cash index.                                        regulated investment company’s out-
  on major U.S. stock exchanges
                                                The Fund’s asset allocation will be-                   standing share position, (b) the Fund
H Fixed income securities included in           come more conservative over time by                    cannot invest more than 5% of its
  the Lehman Government, Corporate,             decreasing equity exposure as the                      total assets in the securities of any
  and Mortgage Bond Indexes                     Fund approaches its target date. The                   one registered investment company
H Short term Money Market securities            assets of the 2040 Fund will be
                                                                                                       and, (c) the Fund cannot invest more
H Exchange-traded funds that provide            rebalanced monthly.
                                                                                                       than 10% of its total assets in the
  exposure to one or more Dow Jones             Although major changes tend to be
                                                rare, the fund’s fundamental strategy                  securities of registered investment
  U.S. Style Index, the Lehman U.S.
  Bond indexes, or derivatives that             can only be changed by a vote of the                   companies in the aggregate.
  serve this same purpose such as               majority of the fund’s outstanding
  options and futures. To the extent            shares.                                                 This Fund may interest investors
  the Fund invests in ETF’s the Fund                                                                    who have a long-term time horizon,
  will pay the proportionate share of                                                                   or investors who may be saving for
  the underlying expenses of the ETF.                                                                   a particular goal in life and may
  The ETF’s expenses are in addition                                                                    need to withdraw a substantial por-
  to the expenses reflected in the                                                                       tion of their investment in, or
  Fund’s fee table.                                                                                     around, the year 2040.




24 NestEgg Dow Jones U.S. 2040 Fund
MAIN RISKS
Stock Market Risk Stock prices             Index Risk Because the Fund uses           Prepayment Risk Many types of
change daily, and may rise or fall in      an indexing strategy, your money           debt securities, including mortgage
response to business, political, or eco-   remains fully exposed to market con-       securities, are subject to prepayment
nomic news. Declines in the market         ditions (as measured by the indexes)       risk. Prepayment occurs when the
may occur rapidly or slowly, and may       during market declines. In addition,       issuer of a security can repay princi-
be short- or long-lived. The fund’s        the fund could underperform the            pal prior to the security’s maturity.
share price changes with the value of      2040 Index over the short or long          Securities subject to prepayment can
the Fund’s securities, and when you        term. Reasons for this include the         offer less potential for gains during a
sell shares they may be worth more or      effects of fund expenses and transac-      declining interest rate environment
less than what you paid for them.          tion costs; differences between the        and similar or greater potential for
                                           stocks and bonds (and their weight-        loss in a rising interest rate environ-
Style Risk Growth stocks and               ings) in the 2040 Index and in the         ment. In addition, the potential im-
value stocks tend to perform differ-       fund’s portfolio; and the timing and       pact of prepayment features on the
ently in different markets. Because        magnitude of shareholder                   price of a debt security can be
the fund invests in both types of          transactions in Fund shares.               difficult to predict and result in
stocks, its performance may lag                                                       greater volatility.
whichever category performs best           Interest Rate Risk When interest
during a given period.                     rates rise, market prices of bonds         Credit Risk The Fund’s bond allo-
                                           generally fall, which could hurt the       cation could perform poorly if the
Mid- and Small-Cap Risk                    total return of the Fund’s bond            credit quality of its bonds declines,
Because midsized and small compa-          allocation. Debt and money market          or if a bond goes into default. Hard
nies tend to have limited business         securities have varying levels of sensi-   economic times, corporate malfea-
lines, financial resources, and com-        tivity to changes in interest rates. In    sance, and incorrect assessment of
petitive advantages compared to            general, the price of a debt or money      risks are among the types of factors
larger companies, their stock prices       market security can fall when interest     that could cause a decline in credit
tend to fluctuate more than those of        rates rise and can rise when interest      quality.
larger companies, and may move in a        rates fall. Securities with longer ma-
different direction than the broader
                                           turities, mortgage securities, and the     Derivatives Risk Derivatives, in-
market. Shares of small companies in                                                  cluding futures and options, could
                                           securities of issuers in the financial
particular may be thinly traded, mak-                                                 produce losses that are substantially
                                           services sector can be more sensitive
ing them potentially less easy to buy                                                 greater than the amount invested.
                                           to interest rate changes. In other
or sell at a desired time or price.                                                   Derivatives could also add to the
                                           words, the longer the maturity of a
Rising interest rates and changes in                                                  fund’s expenses or eliminate some
                                           security, the greater the impact a
key personnel may hurt small busi-                                                    opportunities for gains. With some
                                           change in interest rates could have
nesses more than large ones.                                                          derivatives, there is also a risk that
                                           on the security’s price.
                                                                                      the fund could lose money if the
                                                                                      counterparty to the derivative fails to
                                                                                      honor its contractual obligation.




Past performance of the Dow Jones U.S. Target 2040 Index appears on page 30.

                                                                                         NestEgg Dow Jones U.S. 2040 Fund   25
FEES AND EXPENSES
These tables are intended to help you understand the various costs and
expenses you will pay as a shareholder in the Fund. These tables do not reflect
charges that may be imposed in connection with an account through which
you hold Fund shares. A broker dealer or financial institution maintaining an
account through which you hold Fund shares may charge separate account,
service or transaction fees on the purchase or sale of Fund shares that would
be in addition to the fees and expenses shown here. Each of the share classes
described in this prospectus has its own cost structure. ‘‘Annual Operating
Expenses’’ are deducted from fund assets, so their effect is included in the
fund’s performance figures.
SHAREHOLDER FEES                                                         Class A          Class C
(fees paid directly from your investment)                                 Shares          Shares
Maximum sales charge (load) imposed on purchases (as a
 percentage of offering price)                                           4.75%             None
Maximum deferred sales charge (as a percentage of the
 Net Asset Value at purchase)                                              None(1)        1.00%(2)
Redemption Fee(3)
  (as a percentage of amount redeemed, if applicable)                    2.00%            2.00%
ANNUAL FUND OPERATING EXPENSES
Management Fee                                                           0.60%            0.60%
Distribution (12b-1) and Service Fees                                    0.50%            1.00%
                   (4)
Other Expenses                                                           0.60%            0.60%
Total Annual Fund Operating Expenses Before Reductions                   1.70%            2.20%
Expense Reductions(5)                                                   –0.25%           –0.25%
Total Annual Fund Operating Expenses After Reductions                    1.45%            1.95%
(1)
      Class A shares that are purchased at NAV in amounts of $1,000,000 or more will be
      assessed a 1.00% CDSC if they are redeemed within one year of the date of purchase and a
      0.50% CDSC if redeemed after the first year and within the second year.
(2)
      Class C shares will be assessed a 1.00% CDSC if redeemed within one year of the date of
      purchase.
(3)
      If you purchase Class A shares and then redeem those shares within 60 days, you will pay a
      redemption fee of 2.00% of the amount redeemed. If you purchase Class C shares although
      you do not pay a sales charge you will pay a 2.00% redemption fee if redeemed within
      60 days.
(4)
      Other Expenses are based on estimated amounts for the current fiscal year.
(5)
      American Independence Financial Services, LLC has contractually agreed to reduce the
      management fee and reimburse expenses until 3/1/09 in order to keep the Total Annual Fund
      Operating Expenses at 1.45% for Class A shares and 1.95% for Class C shares. This
      reduction lowers the expense ratio and increases overall returns to investors.



EXAMPLE
Based on the costs above, including                 invested $10,000, earned 5% annual                                1     3       5     10
                                                                                                                   Year Years   Years   Years
expenses of the underlying funds, this              returns and reinvested all dividends
example helps you compare the ex-                   and distributions. This is only an               Class A Shares $616 $911 $1,281 $2,317
penses of each share class with those               example; actual expenses may be                  Class C Shares
of other mutual funds. The example                  different.                                       Redemption     $298 $611 $1,104 $2,220
assumes the expenses above remain                                                                    No Redemption $198 $611 $1,104 $2,220
the same. It also assumes that you

26 NestEgg Dow Jones U.S. 2040 Fund
PREDECESSOR FUND
Pursuant to an agreement and plan of reorganization, the fund acquired the
assets and liabilities of the NestEgg 2040 Fund (the predecessor fund) on
March 2, 2006. In the reorganization, the predecessor fund exchanged all of its
assets for shares of the fund. The predecessor fund offered a class of shares
similar to the fund’s Class A shares known as Premium Class. As a result of the
reorganization, the fund will carryforward the performance history of the
predecessor fund, as the predecessor fund is the accounting survivor. The
performance of the Class A shares of the fund includes the performance of the
predecessor fund’s Premium Class shares prior to the reorganization, which has
been restated to reflect differences in any applicable sales charges (but not
differences in expenses). If the performance had been adjusted to reflect all
differences in expenses, the performance of the fund would be lower.
Class C shares were not previously offered by the predecessor fund and,
therefore, no performance is being shown for Class C.
The fund’s past performance does not necessarily indicate how it will perform in
the future. As a shareowner, you may lose or make money on your investment.

FUND PERFORMANCE
Set forth below is performance information for the Predecessor Fund. The
Chart shows how the Fund’s total return (not including any deduction for sales
charges) has varied from year to year. The table shows average total return for
the Fund over time compared to a broad based market index. The bar chart
gives you an indication of the risks of investing in the Fund, including the fact
that you could incur a loss and experience volatility of returns year to year.
Past performance does not indicate future results.
                     P E R F O R M A N C E B A R C H A RT A N D TA B L E
                         Y E A R - B Y - Y E A R T O TA L R E T U R N S ( 1 )




                                                               28.32%


                                                      19.39%


                  Premium Class                                         11.08%

                                                                                  5.04%




                                  -10.70%
                                            -14.52%

                                  2000      2001      2002     2003     2004      2005



      Premium Class
        Best quarter:                                                            14.98%      Q2 ’03
        Worst quarter:                                                           (4.09)%     Q1 ’03
(1)
      These figures are as of December 31 of each year. They do not reflect sales charges and would
      be lower if they did.


                                                                                                      NestEgg Dow Jones U.S. 2040 Fund   27
                                                     AVERAGE ANNUAL TOTAL RETURNS
                                                       One Year        Five Years
                                                        Ended            Ended
                                                     December 31,     December 31,         Since
CLASS A(2)                          Inception            2005             2005          Inception(1)
Return Before Taxes            January 4, 1999           0.10%           –0.34%           0.68%
                        (3)
Return After Taxes
  on Distribution                                       –0.03%           –0.59%           0.45%
                       (3)
Return after taxes
  on distribution
  and sale of shares                                      .22%           –0.44%           0.46%
Lipper Flexible
  Portfolio
  Fund Index                                             6.34%           2.54%            3.09%
Wilshire 5000
 Index                                                   6.25%           3.48%            0.81%
Morgan Stanley
 Capital
 International
 Europe
 Australasia and
 Far East (MSCI
 EAFE) Index                                           14.02%            4.94%            4.86%
(1)
      Reflects the inception dates of the predecessor fund.
(2)
      These figures reflect deduction of sales charges.
(3)
      After-tax returns are calculated using historical highest individual federal marginal income
      tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
      depend on the investor’s tax situation and may differ from hose shown. After-tax returns
      shown are not relevant to investors who hold Fund shares through tax-deferred arrangements
      such as 401(k) plans or individual retirement accounts.




28 NestEgg Dow Jones U.S. 2040 Fund
Additional Risks of the NestEgg Dow Jones U.S. Target Date Funds


Management risk The Funds’                Repurchase agreement risk Re-                 The Investment Adviser
performance could be hurt if the          purchase agreements carry the risk
                                                                                        The investment adviser for these
funds’ management improperly exe-         that the other party may not fulfill its
                                                                                        Funds is American Independence Fi-
cutes the funds’ strategies.              obligations under the agreement. This
                                                                                        nancial Services, LLC (‘‘AIFS’’). AIFS
                                          could cause the value of your invest-
Methodology risk The Funds                                                              is a Delaware limited liability com-
                                          ment in a fund to decline.
could lag the overall market or cer-                                                    pany and is registered as an invest-
tain other types of funds during          Securities lending risk To earn               ment adviser under the Advisers Act.
times when stocks that the indexes        additional income, the fund may lend          AIFS is based at 335 Madison Ave-
seek to exclude, such as those with a     their securities to qualified financial         nue, Mezzanine, New York, NY 10017.
combination of growth and value           institutions. Although these loans are
                                                                                        Under the supervision of the Board
characteristics, lead the market.         fully collateralized, the fund’s per-
                                                                                        of Trustees, AIFS is responsible for
                                          formance could be hurt if a borrower
Capitalization weighting risk                                                           managing each fund’s portfolio in
                                          defaults or becomes insolvent, or if
Large-cap stocks represent the great                                                    accordance with each Fund’s goal
                                          the fund wishes to sell a security
majority of the U.S. stock market’s                                                     and policies. In exchange for provid-
                                          before its return can be arranged.
market capitalization, or total worth                                                   ing these services, AIFS receives a
(in Dow Jones’ definition, typically       Dow Jones disclaimer ‘‘Dow                    management fee from each Fund. For
over 70%). Accordingly, a capitaliza-     Jones,’’ ‘‘Dow Jones U.S. Target Date         the Funds’ first fiscal year, the man-
tion-weighted broad market index,         Indexes,’’ ‘‘Dow Jones U.S. Style In-         agement fee for each Fund is 0.60%
such as the S&P 500, is strongly          dexes,’’ ‘‘Dow Jones U.S. Target              of average daily net assets. AIFS has
affected by the performance of large-     2010 Index,’’ ‘‘Dow Jones U.S. Target         contractually agreed to waive a por-
cap stocks, and much less affected by     2015 Index,’’ ‘‘Dow Jones U.S. Target         tion of its management fee and reim-
the performance of mid- and small-        2020 Index,’’ ‘‘Dow Jones U.S. Target         burse expenses in order to maintain
cap stocks.                               2030 Index,’’ and ‘‘Dow Jones U.S.            the fund’s total operating expenses at
                                          Target 2040 Index’’ are service marks         not more than the following percent-
In comparison, by seeking to main-
                                          of Dow Jones & Company, Inc. and              ages of average annual net assets of
tain equal equity exposure to the
                                          have been licensed for use for certain        the share classes through March 1,
large-, mid-, and small-cap catego-
                                          purposes by AIFS, LLC. The NestEgg            2009: 1.45% for Class A Shares and
ries, the funds will be more strongly
                                          Dow Jones U.S. Target Date Funds,             1.95% for Class C Shares.
influenced by the performance of
                                          based on the Dow Jones U.S. Target
mid- and small-cap stocks and less                                                      Through a licensing agreement with
                                          Date Indexes are not sponsored, en-
strongly influenced by the perform-                                                      Dow Jones, AIFS has obtained the
                                          dorsed, sold or promoted by Dow
ance of large-cap stocks. As a result,                                                  right to offer investment products
                                          Jones, and Dow Jones makes no
the funds’ risks and returns could be                                                   based on the Dow Jones U.S. Target
                                          representation regarding the advisa-
substantially different from those of a                                                 Date Indexes, and to obtain informa-
                                          bility of investing in such product(s).
capitalization-weighted index, or an                                                    tion and assistance in order to facili-
index fund that seeks to track the                                                      tate the operations of the Funds.
value of this type of index.




                                                               Additional Risks of the NestEgg Dow Jones U.S. Target Date Funds   29
Dow Jones U.S. Target Date Indexes and Their Performance


While the strategy of the Funds is               The Dow Jones U.S. Target Date                  over the periods indicated, as of
the same as the target index, the                Indexes are constructed using:                  October 31, 2005. These returns re-
performance shown for these in-                                                                  flect reinvestment of dividends and
                                                 H Six Dow Jones U.S. Style Indexes
dexes is not the past performance                                                                other earnings. For each index, the
                                                   (Large-Cap Growth, Large-Cap Value,
of the NestEgg Dow Jones U.S.                                                                    table also shows the best and worst
                                                   Mid-Cap Growth, Mid-Cap Value,
Target Date Funds or any other                                                                   returns for any twelve-month period
                                                   Small-Cap Growth, and Small-Cap
investment. Index performance                                                                    during the past 10 years. The return of
                                                   Value) as the equity component, each
does not include any fees and ex-                                                                each index is calculated monthly by
                                                   equally weighted and monthly
penses associated with investing, in-                                                            multiplying the returns of sub indexes
                                                   rebalanced
cluding management fees and                                                                      by the weighting assigned to the
brokerage costs, and would be lower              H Three U.S. bond indexes (the Lehman           corresponding Composite Major Asset
if it did. Past index performance is               Corporate Bonds, Government Bonds,            Class (‘‘CMAC’’) and then summing
no guarantee of future results, either             and Mortgage Bonds Indexes) as the            the weighted returns. Past performance
for the index or for any mutual fund.              bond component, each equally                  is not indicative of future results and
You cannot invest directly in an                   weighted and monthly rebalanced               as with any investments there is always
index.                                           H One cash index (the Lehman                    a potential for loss as well as profit.
                                                   U.S. T-Bills Index) as the cash               For example, as indicated below, the
                                                   component                                     worst 12 month period for each of
                                                 None of these indexes is to be                  the Target Indexes was a loss.
                                                 confused with the Dow Jones Indus-              It should be noted that the long-term
                                                 trial Average, an average of the stock          performance of the Target Date In-
                                                 prices of 30 industrial stocks that is          dexes coincides with the beginning of
                                                 widely used as an indicator of stock            a long bull stock market.
                                                 market performance.
                                                 The table below shows average annual
                                                 returns for the five Dow Jones U.S.
                                                 Target Date Indexes described above

PERFORMANCE: DOW JONES U.S. TARGET DATE INDEXES
Performance as of 10/31/05. For more recent performance, see www.nesteggfunds.com.
                                                           Annualized                                      Since Inception
                                                                                Since
                                        1 Year   3 Years   5 Years   10 Years Inception    Best 12-Month Period     Worst 12-Month Period
 Dow Jones U.S. Target 2010 Index       4.06%     7.91%    5.24%        7.84%   8.30%     21.05% for the 12 month -2.32% for the 12 month
                                                                                          period ended 12/31/95   period ended 1/31/95
 Dow Jones U.S. Target 2015 Index       5.58%     9.62%    4.60%        8.56%   9.19%     28.14% for the 12 month -6.22% for the 12 month
                                                                                          period ended 3/31/98    period ended 7/31/02
 Dow Jones U.S. Target 2020 Index       7.30% 11.68%       3.92%        9.26%   9.99%     34.51% for the 12 month -11.91% for the 12 month
                                                                                          period ended 3/31/98    period ended 9/30/01
 Dow Jones U.S. Target 2030 Index      10.54% 15.60%       2.89%        9.88%   10.65%    42.03% for the 12 month -21.09% for the 12 month
                                                                                          period ended 3/31/98    period ended 9/30/01
 Dow Jones U.S. Target 2040 Index      11.77% 16.98%       3.01%        9.99%   10.73%    44.67% for the 12 month -22.50% for the 12 month
                                                                                          period ended 2/28/04    period ended 9/30/01
Inception date for the indexes is December 31, 1991


30 Dow Jones U.S. Target Date Indexes and Their Performance
This document contains comparisons,       THE BACKTESTED PERFORMANCE           DOW JONES U.S. TARGET DATE
assertions, and conclusions regarding     RESULTS HAVE MANY INHERENT           INDEXES WILL OR ARE LIKELY TO
the performance of the Dow Jones          LIMITATIONS. AMONG OTHER             ACHIEVE PERFORMANCE SIMILAR
U.S. Target Date Indexes based on         THINGS, BACKTESTED PERFORM-          TO THOSE SHOWN USING
backtesting, i.e., calculations of how    ANCE DIFFERS FROM ACTUAL             BACKTESTED PERFORMANCE IN-
an index might have performed in          PERFORMANCE BECAUSE IT IS            FORMATION. ACTUAL PERFORM-
the past if it had existed. Back-tested   ACHIEVED THROUGH THE RET-            ANCE OF THE DOW JONES U.S.
performance information is purely         ROACTIVE APPLICATION OF DATA         TARGET DATE INDEXES MAY BE
hypothetical and is provided solely       THAT IS DESIGNED WITH THE            MATERIALLY LOWER THAN THE
for informational purposes. Back-         BENEFIT OF HINDSIGHT. RULES          BACKTESTED PERFORMANCE.
tested performance does not repre-        USED TO CALCULATE ‘‘PRIOR PER-       THERE ARE FREQUENTLY SIGNIFI-
sent actual performance, is not the       FORMANCE’’ ARE NOT CHANGED.          CANT DIFFERENCES BETWEEN
result of actual trading and should       HOWEVER, DOW JONES DOES RE-          HYPOTHETICAL PERFORMANCE
not be interpreted as an indication of    SERVE THE RIGHT TO ALTER THE         RESULTS AND THE ACTUAL RE-
actual performance. Dow Jones &           METHODOLOGIES OF THEIR IN-           SULTS SUBSEQUENTLY ACHIEVED
Company, Inc. began publishing the        DEXES, INCLUDING STYLE AND           BY ANY PARTICULAR TRADING OR
Dow Jones U.S. Target Date Indexes        TARGET INDEXES IN THE FUTURE.        INVESTMENT STRATEGY. AMONG
on April 1, 2005. Each Dow Jones          IN THE EVENT OF A CHANGE IN          OTHER THINGS, BACKTESTED
US Target Date Index is comprised of      METHODOLOGY, IT IS NOT STAN-         PERFORMANCE RESULTS DO NOT
a set of equity, bond and cash sub-       DARD PRACTICE TO RECALCU-            REFLECT THE IMPACT THAT MA-
indexes. The equity component is          LATE OR ‘‘RECAST’’ PAST              TERIAL ECONOMIC AND MARKET
represented by the Dow Jones              PERFORMANCE AND THE CONDI-           FACTORS MIGHT HAVE ON THE
U.S. Style Indexes; the bond compo-       TIONS, OBJECTIVES AND INVEST-        DECISIONS AN INVESTMENT AD-
nent by the Lehman Government,            MENT STRATEGIES OF THE               VISER MANAGING AN INVEST-
Corporate, and Mortgage Bond In-          INDEXES HAVE NOT CHANGED             MENT STRATEGY BASED ON THE
dexes and the cash component by           MATERIALLY DURING THE TIME           DOW JONES U.S. TARGET DATE
the Lehman 1-3 Month T-Bill In-           PERIOD PORTRAYED ABOVE.              INDEXES MIGHT MAKE IF THE
dexes. Dow Jones created back-tested      NEITHER DOW JONES NOR ANY            ADVISER WERE ACTUALLY MAN-
theoretical history for the Dow Jones     OF ITS AFFILIATES MAKES ANY          AGING CLIENT ASSETS.
U.S. Target Date Indexes for the          REPRESENTATION THAT THE
period 12/31/1991 through 4/1/2005
using the aforementioned indexes.
Prior performance is pretax and in-
cludes re-invested dividends and
interest.




                                                              Dow Jones U.S. Target Date Indexes and Their Performance   31
A Choice of Share Classes
After choosing a Fund, your next                     The choice among share classes is                  ongoing expenses assessed against
most important choice is which share                 largely a matter of preference. You                Class C shares.
class to buy. The following classes of               should consider, among other things,               Class C shares orders of $1,000,000
shares are available through this                    the different fees and sales loads                 or more, including orders which be-
Prospectus:                                          assessed on each share class and the               cause of a right of accumulation or
H CLASS A SHARES — with a front-                     length of time you anticipate holding              letter of intent would qualify for the
                                                     your investment. If you prefer to pay              purchase of Class A shares without
  end sales charge, volume reductions
                                                     sales charges up front, wish to avoid              an initial sales charge, also will be
  and lower ongoing expenses than
                                                     higher ongoing expenses, or, more                  either treated as orders for Class A
  Class C shares. For purchases of                   importantly, you think you may                     shares or refused.
  $1,000,000 or more a CDSC of                       qualify for volume discounts based                 Please see the expenses listed for
  1.00% will be assessed if redeemed                 on the amount of your investment,                  each Fund and the following sales
  within one year of purchase and                    then Class A shares may be the                     charge schedules before making your
  .50% CDSC will be assessed if re-                  choice for you.                                    decision. You should also review the
  deemed after the first year and                     You may prefer instead to see ‘‘every              ‘‘Reductions and Waivers of Sales
  within the second year.                            dollar working’’ from the moment                   Charges’’ section of the Prospectus
                                                     you invest. If so, then consider                   beginning on page 24. You may wish
H CLASS C SHARES — no front-end                      Class C shares, which do not have a                to discuss this choice with your
  sales charge, a 1.00% CDSC on                      front-end sales charge. After six                  financial consultant.
  redemptions made within one year                   years, Class C shares convert to
  of purchase and higher ongoing ex-                 Class A shares to avoid the higher
  penses than Class A shares.

CLASS A SHARE SALES CHARGE SCHEDULE
If you choose to buy Class A shares, you will pay the Public Offering Price (‘‘POP’’) which is the NAV plus the applicable
sales charge. Since sales charges are reduced for Class A share purchases above certain dollar amounts, known as
‘‘breakpoint levels,’’ the POP is lower for these purchases. The dollar amount of the sales charge is the difference between
the POP of the shares purchased (based on the applicable sales charge in the table below) and the net asset value of
those shares. Because of rounding in the calculation of the POP, the actual sales charge you pay may be more or less
than that calculated using the percentages shown below.
                                                                                           Front-End             Front-End
                                                                                        Sales Charge          Sales Charge           Broker-Dealer
                                                                                      as % of Public           as % of Net               Amount of
AMOUNT OF PURCHASE                                                                     Offering Price       Amount Invested         Sale Concession
Less than $50,000                                                                            4.75%                   4.99%                   4.25%
$50,000 to $99,999                                                                           4.00%                   4.17%                   3.50%
$100,000 to $249,999                                                                         3.50%                   3.36%                   3.00%
$250,000 to $499,999                                                                         2.50%                   2.30%                   2.25%
$500,000 to $999,999                                                                         1.75%                   1.27%                   1.50%
                          (1)
$1,000,000 and over                                                                          1.00%                   0.00%                   1.00%
(1)
      We will assess Class A share purchases of $1,000,000 or more a 1.00% CDSC if they are redeemed within one year from the date of purchase
      or .50% if redeemed within one and two years of purchase unless the dealer of record waived its commission with a Fund’s approval. Certain
      exceptions apply (see ‘‘CDSC Waivers’’ and ‘‘Waivers for Certain Parties’’). The CDSC percentage you pay on Class A shares is applied to the
      NAV of the shares on the date of original purchase.




32 A Choice of Share Classes
CLASS C SHARES SALES                      H You pay no front-end or back-end          You, or your fiduciary or trustee, also
CHARGES                                     sales charges on Fund shares you          may tell us to extend volume dis-
                                            buy with REINVESTED distributions.        counts, including the reductions of-
If you choose Class C shares, you
                                          H You pay a lower sales charge if you       fered for rights of accumulation and
buy them at NAV and agree that if
                                            are investing an amount over a            letters of intent, to include purchases
you redeem your shares within one
                                            BREAKPOINT LEVEL. See the                 made by:
year of the purchase date, you will
pay a CDSC of 1.00%. At the time of         ‘‘Class A Share Sales Charge Sched-       H a family unit, including children
purchase, the distributor pays sales        ule’’ above.                                under the age of twenty-one or
commissions of up to 1.00% of the         H By signing a LETTER OF INTENT               single trust estate;
purchase price to selling agents and        (‘‘LOI’’), you pay a lower sales charge   H a trustee or fiduciary purchasing for
up to 1.00% annually thereafter. The        now in exchange for promising to            a single fiduciary relationship; or
CDSC percentage you pay is applied          invest an amount over a specified
                                                                                      H the members of a ‘‘qualified group,’’
to the NAV of the shares on the date        breakpoint within the next
                                                                                        which consists of a ‘‘company’’ (as
of original purchase. To determine          13 months. We will hold in escrow
                                                                                        defined under the 1940 Act), and
whether the CDSC applies to re-             shares equal to approximately 5% of
                                                                                        related parties of such a ‘‘company,’’
demption, the Fund will first redeem         the amount you intend to buy. If
                                                                                        which has been in existence for at
shares acquired by reinvestment of          you do not invest the amount speci-
                                                                                        least six months and which has a
any distributions, and then will re-        fied in the LOI before the expiration
                                                                                        primary purpose other than acquir-
deem shares in the order in which           date, we will redeem enough es-
                                                                                        ing Fund shares at a discount.
they were purchased (such that              crowed shares to pay the difference
shares held the longest are redeemed        between the reduced sales load you        HOW A LETTER OF INTENT CAN
first). Class C shares automatically         paid and the sales load you should        SAVE YOU MONEY!
convert to Class A shares after six         have paid. Otherwise, we will release
                                                                                      If you plan to invest, for example,
years.                                      the escrowed shares when you have
                                                                                      $100,000 in an NestEgg Dow Jones
                                            invested the agreed amount.
REDUCTIONS AND WAIVERS OF                                                             U.S. Target Date Fund in installments
                                          H RIGHTS OF ACCUMULATION                    over the next year, by signing a letter
SALES CHARGES
                                            (‘‘ROA’’) allow you to combine the        of intent you would pay only a
Generally, we offer more sales charge       amount you are investing and the          3.25% sales load on the entire
reductions or waivers for Class A           total value of Class A and Class C        purchase. Otherwise, you might pay
shares than for Class C shares, partic-     shares of any NestEgg Funds already       4.75% on the first $49,999, then
ularly if you intend to invest greater      owned (excluding Class A shares           4.00% on the next $50,000!
amounts. You should consider                acquired at NAV) to reach
whether you are eligible for any of         breakpoint levels and to qualify for      CDSC WAIVERS
the potential reductions or waivers         sales load discounts on subsequent        The CDSC does not apply to: (1) re-
when you are deciding which share           purchases of Class A shares.              demption of shares when a Fund
class to buy.                                                                         exercises its right to liquidate ac-
                                          H You pay no sales charges on Fund
                                            shares you purchase with the pro-         counts which are less than the mini-
CLASS A SHARE SALES
                                            ceeds of redemption of Class A            mum account size; (2) redemptions
CHARGE REDUCTIONS
                                            shares of another fund family within      following death or post-purchase dis-
If you believe you are eligible for any     90 days of the date of redemption.        ability (as defined by Section 72(m)
of the following reductions, it is up                                                 (7) of the Code); (3) the portion of a
to you to ask the selling agent or the                                                mandated minimum distribution
shareholder servicing agent for the                                                   from an IRA, SIMPLE IRA or an
reduction and to provide appropriate                                                  individual type 403(b)(7) plan equal
proof of eligibility.                                                                 to the percentage of your plan assets

                                                                                                   A Choice of Share Classes 33
held in the applicable Class of shares                    ) AIFS, LLC and its affiliates;                You also may buy Class A shares of
of the Fund; (4) reinvested dividends                       and                                         any Fund at NAV if they are to be
and capital gains; and (5) a System-                                                                    included in certain retirement, bene-
atic Withdrawal Plan of 10% where                         ) family members of any of the                fit, pension, trust or investment
the minimum distribution is $500                            above.                                      ‘‘wrap accounts’’ with whom the
per month with an initial account of                                                                    NestEgg Dow Jones U.S. Target Date
$20,000 or greater.                                 H Current employees of:                             Funds has reached an agreement, or
                                                                                                        through an omnibus account main-
WAIVERS FOR CERTAIN                                       ) AIFS, LLC and its affiliates;
                                                                                                        tained with a Fund by a broker-
PARTIES
                                                          ) Dow Jones & Company, Inc.;                  dealer.
If you are eligible for certain waivers,
                                                                                                        We reserve the right to enter into
we will sell you Class A shares so                        ) National Basketball Players
                                                                                                        agreements that reduce or eliminate
you can avoid higher ongoing                                Association;*
                                                                                                        sales charges for groups or classes of
expenses and pay no front-end sale
                                                          ) broker-dealers who act as sell-             shareholders, or for Fund shares in-
charge. The following people can buy
                                                            ing agents; and                             cluded in other investment plans
Class A shares at NAV:
                                                                                                        such as ‘‘wrap accounts.’’ If you own
H Current and retired employees, di-
                                                          ) immediate family members                    Fund shares as part of another ac-
  rectors /trustees and officers of:                                                                     count or package such as an IRA or a
                                                            (spouse, sibling, parent or
      ) NestEgg Dow Jones                                   child) of any of the above.                 sweep account, you must read the
        U.S. Target Date Funds (in-                                                                     directions for that account. Those
        cluding any predecessor                     Contact your selling agent for further              directions may supersede the terms
        funds);                                     information.                                        and conditions discussed here.




Distribution and Service (12b-1) Fees
Each of the NestEgg Dow Jones                       and up to 1.00% of its Class C Share                Your financial representative may be
U.S. Target Date Funds has adopted a                assets. These fees consist of up to                 paid a fee when you buy shares and
plan that allows its Class A and                    0.25% for distribution services and                 may receive different levels of com-
Class C Shares to pay a distribution                expenses of the Class A and Class C                 pensation depending upon which
and service fee, as defined by the                   assets, and up to 0.25% for services,               class of shares you buy. In addition
National Association of Securities                  as defined by NASD of Class A assets                 to these payments, the fund’s adviser
Dealers (NASD), from its assets for                 and up to .75% of Class C assets.                   may provide compensation to finan-
selling and distributing its shares.                Because 12b-1 fees are paid on an                   cial representatives for distribution,
Each fund can pay distribution and                  ongoing basis, over time they in-                   administrative and promotional
service fees at an annual rate of up to             crease the cost of your investment.                 services.
0.50% of its Class A Share assets,




* The NBPA negotiates on behalf of all members with certain financial service providers. The Adviser is included as part of the National Basketball
  Players Association’s financial education program.


34 Distribution and Service (12b-1) Fees
How to Invest   In this section, you will find information on how to invest in the
                funds, including how to buy, sell and exchange fund shares. It is
                also the place to look for information on transaction policies,
                dividends, taxes, and the many services and choices you have as a
                NestEgg Dow Jones U.S. Target Date Fund’s shareholder.

                You can find out more about the topics covered here by contacting
                the NestEgg Dow Jones U.S. Target Date Funds, speaking with
                your financial representative or a representative of your workplace
                retirement plan or other investment provider.




                                                                        How to Invest   35
How To Buy Fund Shares
Use the instructions on these pages if you are investing directly with NestEgg Dow Jones U.S. Target Date Funds. If you
are investing through a financial advisor, your advisor will be able to give you instructions.

FIRST INVESTMENT                                ADDITIONAL INVESTMENTS

Class A and Class C Shares investors can        Class A and Class C Shares investors can    REGULAR MAIL
open an account for as little as $1,000.        add as little as $25 at a time to an        NestEgg Dow Jones U.S. Target
We reserve the right to waive these             account. We reserve the right to waive      Date Funds
minimums in certain instances. Be sure to       these minimums in certain instances.        PO Box 183049
read the fund’s prospectus before you invest.                                               Columbus, OH 43218-3049


By mail or express delivery
H Complete and sign an application (if you      H Make out an investment check to           EXPRESS, REGISTERED,
  need an application, you may download it        ‘‘NestEgg Funds’’                         OR CERTIFIED
  from the web site or call 1-888-266-8787      H Return a deposit stub or write a letter   NestEgg Dow Jones U.S. Target
H Send the application to us at the               that includes your name, account          Date Funds
  appropriate address, along with an              number, the amount of your investment,    3435 Stelzer Rd.
  investment check made out to ‘‘NestEgg          and the fund name and share class         Columbus, OH 43219
  Funds’’                                       H Sign the letter, enclose the check, and
                                                  mail it to the appropriate address
By wire                                                                                     *NOTE:
H Call 1-888-266-8787 to obtain                 H Please call 1-888-266-8787 for wiring     A signature guarantee is
  instructions for sending your application,      instructions. There is a $1,000 minimum   required in order to add bank
  and for instructing your bank to wire           for wiring funds.                         account instructions to your
  transfer your investment.                                                                 account.
                                                H Be aware that your bank may charge a
                                                  fee to wire money




36 How To Buy Fund Shares
FIRST INVESTMENT                            ADDITIONAL INVESTMENTS
By phone
H Initial investments cannot be made by     H To use this service, call 1-888-266-8787
  phone. Please complete and mail an          to verify that the service is in place,
  application to the appropriate address.     then using the voice prompts you may
                                              place your purchase order

                                            H Prior to placing a purchase order by
                                              phone via ACH transfer, you must first
                                              have your bank account instructions
                                              established on your account. If you did
                                              not select this option when establishing
                                              your account, verify that your bank is a
                                              member of the Automated Clearing
                                              House system. You may then download
                                              and complete an Additional Services
                                              Request Form* available at
                                              www.nesteggfunds.com or call us at
                                              1-888-266-8787 to have one mailed to
                                              your address of record. There is a $100
                                              minimum on ACH transfers.
Automatic investment plan
H You can enroll in the Automatic           H To make changes to your automatic
  Investment Plan by completing the           investment plan call 1-888-266-8787. If
  appropriate section on the application.     you did not select this option when
                                              establishing your account, verify that
                                              your bank is a member of the
                                              Automated Clearing House system. You
                                              may then download and complete an
                                              Additional Services Request Form*
                                              available at www.nesteggfunds.com or
                                              call us at 1-888-266-8787 to have one
                                              mailed to your address of record.




                                                                                         How To Buy Fund Shares   37
How To Sell Or Exchange Shares


EXCHANGING INTO ANOTHER FUND                    SELLING SHARES

Be sure to obtain and read a current            Some sell orders, including those for more     REGULAR MAIL
prospectus for the fund you are exchanging      than $100,000, must be placed in writing       NestEgg Dow Jones U.S. Target
into. For additional information please         with a signature guarantee (see page 38).      Date Funds
contact us at 1-888-266-8787                    There is a $25 minimum on exchanging           PO Box 183049
                                                fund shares.                                   Columbus, OH 43218-3049
By fax
H Send a fax to 614-428-3391 that includes      H Write a letter that includes your account    EXPRESS, REGISTERED,
  your account number, the fund and share         number, the fund and share class, and        OR CERTIFIED
  class you are exchanging out of, the dollar     the dollar value or number of shares to      NestEgg Dow Jones U.S. Target
  value or number of shares to be                 be sold                                      Date Funds
  exchanged, and the name and share class       H Have the letter signed by all account        3435 Stelzer Rd.
  of the fund you are exchanging into.            owners, with the name(s) and address         Columbus, OH 43219
H Have the fax signed by all account              exactly as they are on the account
  owners, with the name(s) and address          H Fax number for Exchanging/Selling/
  exactly as they are on the account.             Update to the Fund is 614-428-3391.
By mail or express delivery
H Write a letter that includes your account     H Write a letter that includes your account
  number, the fund and share class you are        number, the fund and share class, and
  exchanging out of, the dollar value or          the dollar value or number of shares to
  number of shares to be exchanged, and           be sold
  the name and share class of the fund you      H Have the letter signed by all account
  are exchanging into                             owners, with the name(s) and address
H Have the letter signed by all account           exactly as they are on the account
  owners, with the name(s) and address          H Mail the letter to the appropriate address
  exactly as they are on the account
H Mail the letter to the appropriate address




38 How To Sell Or Exchange Shares
EXCHANGING INTO ANOTHER FUND                SELLING SHARES
By phone, wire, or ACH                                                                     *NOTE:
H Call 1-888-266-8787 to request an         H To use this service, call 1-888-266-8787     A signature guarantee is
  exchange                                    to verify that the service is in place,      required in order to add bank
                                              then using the voice prompts you may         account instructions to your
                                              place your sell order                        account.
                                            H Prior to placing a sell order by phone       Web site
                                              via wire or ACH transfer, you must first      www.nesteggfunds.com
                                              have your bank account instructions
                                              established on your account. If you did      REGULAR MAIL
                                              not select this option when establishing     NestEgg Dow Jones U.S. Target
                                              your account, verify that your bank is a     Date Funds
                                              member of the Automated Clearing             PO Box 183049
                                              House system. You may then download          Columbus, OH 43218-3049
                                              and complete an Additional Services
                                              Request Form* available at                   EXPRESS, REGISTERED
                                              www.nesteggfunds.com or call us at           OR CERTIFIED
                                              1-888-266-8787 to have one mailed to         NestEgg Dow Jones U.S. Target
                                              your address of record                       Date Funds
                                            H Telephone redemption to your address of      c/o BISYS
                                              record is available unless you declined it   3435 Stelzer Road
                                              on your application                          Columbus, OH 43219
                                            H Minimum sell order for wire is $1,000,
                                              for ACH transfer $100
Systematic withdrawal plan
H You can enroll in the systematic          H To make changes to your systematic
  withdrawal plan by completing the           withdrawal plan please call 1-888-266-
  appropriate section on the application.     8787. If you did not select this option
H You must have a minimum balance of          when establishing your account, verify
  $10,000 to set up your systematic           that your bank is a member of the
  withdrawal plan. Withdrawals can be for     Automated Clearing House system. You
  as little as $100 each.                     may then download and complete an
                                              Additional Services Request Form*
                                              available at www.nesteggfunds.com or
                                              call us at 1-888-266-8787 to have one
                                              mailed to your address of record




                                                                                           How To Sell Or Exchange Shares 39
Shareholder Services and Policies


As a NestEgg Dow Jones U.S. Target Date Fund’s shareholder, you have access to          OUR ‘‘ONE COPY PER
a variety of services and privileges that you can tailor to your particular             HOUSEHOLD’’ POLICY
investment needs. Many of these are described below.                                    We typically send just one copy of
                                                                                        any shareholder report and
There are also a number of policies affecting the ways you do business with us          prospectus to each household. If the
that you may find helpful to know about. The most important of these policies            members of your household prefer to
are described following the services.                                                   receive their own copies, please
                                                                                        contact your financial advisor, or call
How much of this service and policy information applies to you will depend on           1-888-266-8787.
the type of account your NestEgg Dow Jones U.S. Target Date Fund shares are
held in. For instance, the information on dividends and taxes applies to all
investors.
If you are investing through a financial advisor, check the materials you received
from them about how to buy and sell shares. In general, you should follow the
information in those materials in any case where it is different from what it says in
this prospectus. Please note that a financial advisor may charge fees in addition to
those charged by the funds.



SHAREHOLDER SERVICES
You can set up many of these ser-           For information about the plans,
vices on your initial application. To       including the features, fees, and limi-
add services to an existing account,        tations, go to the web site or call
or to modify services you have in           1-888-266-8787 or speak with your
place, go to www.nesteggfunds.com           financial advisor. Before choosing and
and download our Additional Ser-            maintaining a tax-deferred plan, you
vices Request Form or call                  may also want to consult your tax
1-888-266-8787 and one will be              advisor.
mailed to your address of record.           Exchange privilege As a NestEgg
Tax-advantaged investment plans A           Dow Jones U.S. Target Date Funds
full range of retirement and other          investor, you can exchange all of
tax-advantaged investment plans is          your shares of one NestEgg Dow
available directly from NestEgg Dow         Jones U.S. Target Date Fund for the
Jones U.S. Target Date Funds or from        same class of shares in any other
your financial advisor, including IRA,       NestEgg Dow Jones U.S. Target Date
SEP, 401(k), Coverdale and pension          Fund.
plans. All funds and both share
classes are eligible for investment in
tax-advantaged accounts.



40 Shareholder Services and Policies
Automatic Investment Plan Invest-         Systematic Withdrawal Plan Our
                                                                                    DOLLAR COST AVERAGING
ing money regularly is one of the         Systematic Withdrawal Plan lets you
easiest ways to stay on track with        set up regular withdrawals monthly,       Dollar cost averaging is a tech-
your financial goals. Our Automatic        bi-monthly, quarterly or annually         nique that allows you to take
Investment Plan lets you set up           from your NestEgg Dow Jones U.S.          advantage of a basic mathematical
regular automatic transfers of $25 or     Target Date Funds investment. You         principal in your investing. You
more from your bank account into          must have a minimum account bal-          simply invest a fixed dollar amount
your fund account. Transfers occur        ance of $10,000 to set up your            in a given fund at regular inter-
on whatever day of the month you          Systematic Withdrawal Plan. With-         vals, such as every month. When
specify (or the next business day, in     drawals can be for as little as           share prices are low, your fixed
months when that day is not a             $100 each. Transfers occur on             dollar amount buys more shares;
business day) and are automatically       whatever day of the month you             when prices are higher, it buys
invested in the fund(s) and share         specify (or the next business day, in     fewer shares. The result is that you
class you specify.                        months when that day is not a             have the potential to reduce your
                                          business day).                            average cost per share, since you
To set up your Automatic Investment
                                                                                    are buying more shares when the
Plan, download the form, or call          Directed reinvestments Generally,
                                                                                    price is low.
1-888-266-8787. Note that your            dividends and capital gains distribu-
bank must be a U.S. bank with ACH         tions are automatically reinvested in     Dollar cost averaging has the best
transfer services, and that you will be   shares of the same fund and share         chance of working for you when
responsible for any loss or expense to    class that paid the dividend or distri-   you stick with a regular schedule
the funds if a scheduled transfer         bution. If you like, however, you can     over time. You should be aware,
cannot be made because of a low           choose to have your dividends or          though, that dollar cost averaging
bank balance.                             distributions paid in cash. Simply        will not prevent you from buying at
                                          complete the appropriate section on       a market peak, nor will it keep you
                                          your new account application.             from losing money in a declining
                                                                                    market.




                                                                                          Shareholder Services and Policies   41
POLICIES ABOUT TRANSACTIONS



Business hours The funds are open         Paying for shares you buy Fund           documentation. Please call
for business each day the New York        shares can only be paid for with         1-888-266-8787 or contact your fi-
Stock Exchange (NYSE) is open. The        U.S. dollars. You can pay for shares     nancial advisor for more
price of each share class of each         with a personal check, bank check,       information.
NestEgg Dow Jones U.S. Target Date        wire transfer, or ACH transfer. Please   Our Customer Identification Program
Fund is calculated every business         note that we cannot accept cash,         To help the government fight the
day, as of the close of regular trading   starter checks, money orders, credit     funding of terrorism and money
on the NYSE. The close of trading is      card convenience checks, travelers       laundering activities, Federal law re-
typically 4 p.m. Eastern time, but        checks or third party checks (checks     quires all financial institutions to
sometimes can be earlier, as in the       made out to you and signed over to       obtain, verify, and record information
case of scheduled half-day trading or     us).                                     that identifies each person who opens
unscheduled suspensions of trading.                                                an account. What this means for you:
                                          Wire transaction policies Wire
If the NYSE is closed because of an       transactions are generally completed     When you open an account, we will
emergency, the funds could be open        within 24 hours of when you place        ask for your name, address, date of
for shareholder transactions if the       your order. The funds can only send      birth, and other information (your
Federal Reserve wire system is open,      wires of $1,000 or more and may          tax identification number or other
but they are not required to be open.     only accept wires of $1,000 or more.     government-issued identification
You can find out if the funds are                                                   number, for example) that will allow
open by calling 1-888-266-8787.           Although we do not charge a fee to       us to identify you. We may also ask
                                          send or receive wires, your bank         to see your driver’s license or other
Determining when your order will be
                                          might. We recommend that you             identifying documents. Additional in-
processed You can place an order to
                                          check in advance with your bank          formation may be required in certain
buy or sell shares at any time. A
                                          about any wire fees and policies they    circumstances. New Account Applica-
purchase request received by NestEgg
                                          may have.                                tions without such information may
Funds before the close of regular
trading on the New York Stock Ex-                                                  not be accepted. If you have applied
                                          IF YOU CANNOT REACH US BY
change (generally 4 p.m. Eastern                                                   for a tax identification number, the
                                          PHONE
Time) that has been determined to be                                               application must be provided at the
in ‘‘good order’’, will be processed at   Although we strive to provide a high     time you open or reopen an account
that day’s NAV plus any applicable        level of service to our investors,       and the number submitted within
sale charge or redemption fee. Be-        during times of extraordinary mar-       14 days of the establishment of the
cause any order you place through an      ket activity or other unusual circum-    account. To the extent permitted by
investment advisor has to be for-         stances it may be difficult to reach      applicable law, the Company reserves
warded to NestEgg Funds before it         us by telephone. In such a case, you     the right to place limits on transac-
can be processed, you’ll need to          will need to place orders in writing,    tions in your account until your
allow extra time. A representative of     as described on page 27.                 identity is verified.
your financial advisor should be able                                               For your protection, when we receive
                                          SELLING SHARES IN TRUST,
to tell you when your order will be                                                an order from an investor, we take
                                          BUSINESS, OR ORGANIZATION
processed. It is the responsibility of                                             security precautions such as record-
                                          ACCOUNTS
your financial advisor to forward                                                   ing calls or requesting personalized
your order to the transfer agent in a     Selling shares in these types of         security codes or other information.
timely manner.                            accounts often requires additional       It is important to understand that as

42 Shareholder Services and Policies
long as we take reasonable steps to      any financial institution that partici-     modify or terminate the exchange
ensure that an order to buy or sell      pates in the Stock Transfer Agents         privilege, giving shareholders
shares is genuine, we are not respon-    Medallion Program (STAMP), includ-         60 days’ notice if the changes are
sible for any losses that may occur.     ing most brokers, banks, savings           material. During unusual circum-
Your account may have telephone or       institutions, and credit unions. Note      stances we may suspend the ex-
online transaction privileges. If you    that you cannot get a signature guar-      change privilege temporarily for all
do not plan on using these privileges,   antee from a notary public.                shareholders without notice.
you can ensure that no one will ever     Timing of payment for shares you           At any time and without prior notice,
be able to misuse them by declining      sell Ordinarily, when you sell shares,     we may suspend, limit, or terminate
the telephone and online privileges      we send out money within one               the exchange privilege of any share-
(either on your application or           business day of when your order is         holder who makes more than 12
through subsequent notice to us).        processed (which may or may not be         exchanges in a calendar year or
Another step you can take to help        when it is received), although it          otherwise demonstrates what we be-
ensure account security is to verify     could take up to seven days.               lieve is a pattern of ‘‘market timing.’’
the accuracy of all confirmation state-   There are two main circumstances           We may also reject or limit purchase
ments from us immediately after you      under which payment to you could           orders, for these or other reasons.
receive them.                            be delayed more than seven days:           The Fund’s Board has adopted poli-
Orders that require a signature          H when you are selling shares you          cies and procedures designed to de-
guarantee There are several circum-        bought recently and paid for by          tect and deter frequent purchases and
stances where you will need to place       check or ACH transfer and your           redemptions of Fund shares or exces-
your order to sell shares in writing       payment has not yet cleared (maxi-       sive or short-term trading that may
and accompany your order with a            mum delay: 10 business days)             disadvantage long-term Fund share-
signature guarantee (the original                                                   holders. The Funds reserve the right
                                         H when unusual circumstances prompt
guarantee, not a copy). The main                                                    to restrict, reject or cancel, without
                                           the SEC to permit further delays
circumstances are:                                                                  any prior notice, any purchase or
                                         If you plan to sell shares soon after      exchange order for any reason, in-
H when you want to sell more than
                                         buying them, you may want to con-          cluding any purchase or exchange
  $100,000 worth of shares
                                         sider paying by wire to avoid delays in    order accepted by any shareholder’s
H when you want to send the proceeds     receiving the proceeds when you sell.      financial intermediary.
  to a third party
                                         How the funds calculate share prices       Risks Associated with Excessive or
H when the address or bank of record     The price at which you buy and sell        Short-Term Trading To the extent
  on the account has changed in the      shares of these funds is the net asset     that the Funds are unable to curtail
  past 60 days                           value per share (NAV) for the share        excessive trading practices in a Fund,
You do not need a signature guaran-      class and fund involved. We calculate      these practices may interfere with the
tee if you want money wired or sent      a NAV for each fund and share class        efficient management of a Fund’s
ACH transfer to a bank account that      every day the funds are open for           portfolio, and may result in the Fund
is already on file with us. Also, you     business. With each fund, to calcu-        engaging in certain activities to a
do not generally need a signature        late the NAV for a given share class,      greater extent than it otherwise
guarantee for an exchange, although      we add up the total assets for that        would, such as maintaining higher
we may require one in certain            share class, subtract its total liabili-   cash balances, using its line of credit
circumstances.                           ties, and divide the result by the         and engaging in portfolio transac-
A signature guarantee is simply a        number of shares outstanding.              tions. Increased portfolio transactions
certification of your signature — a       Limits on exchanges, purchases, and        and use of the line of credit would
valuable safeguard against fraud. You    redemptions Exchanges are a share-         correspondingly increase the Fund’s
can get a signature guarantee from       holder privilege, not a right. We may      operating costs and decrease the

                                                                                          Shareholder Services and Policies   43
Fund’s investment performance;              Shareholders seeking to engage in           ing. Rejection of future purchases by
maintenance of a higher level of cash       excessive trading practices may de-         a retirement plan because of exces-
balances would likewise result in           ploy a variety of strategies to avoid       sive trading activity by one or more
lower fund investment performance           detection, and, despite the efforts of      plan participants is likely to impose
during periods of rising markets.           the Fund to prevent their excessive         adverse consequences on the plan
                                            trading, there is no guarantee that         and on other participants who did
Purchases and exchanges of shares of        the Funds or their agents will be able      not engage in excessive trading. To
the Funds should be made for invest-        to identify such shareholders or cur-       avoid these consequences, for retire-
ment purposes only. The Funds               tail their trading practices. The ability   ment plans, the Fund generally will
reserves the right to reject any            of the Funds and their agents to            communicate with the financial inter-
purchase request (including the             detect and curtail excessive trading        mediary or plan sponsor and request
purchase portion of any exchange) by        practices may also be limited by            that the financial intermediary or
any investor or group of investors for      operational systems and technological       plan sponsor take action to cause the
any reason without prior notice, in-        limitations. Because the Funds will         excessive trading activity by that par-
cluding, in particular, if they believe     not always be able to detect frequent       ticipant or participants to cease. If
the trading activity in the account(s)      trading activity, investors should not      excessive trading activity recurs, the
would be harmful or disruptive to a         assume that the Fund will be able to        Fund may refuse all future purchases
Fund. If a Fund believes that a             detect or prevent all frequent trading      from the plan, including those of
shareholder or financial intermediary        or other practices that disadvantage        plan participants not involved in the
has engaged in market timing or             the Fund. For example, the ability of       activity.
other excessive, short-term trading         the Fund to monitor trades that are
                                                                                        The identification of excessive trading
activity, it will request that the share-   placed by omnibus or other nominee
                                                                                        activity involves judgments that are
holder or financial intermediary stop        accounts is severely limited in those
                                                                                        inherently subjective and the above
such activities or refuse to process        instances in which the financial inter-
                                                                                        actions alone or taken together with
purchases or exchanges in the ac-           mediary, including a financial
                                                                                        other means by which the Funds
counts. In its discretion, the Fund         adviser, broker or retirement plan
                                                                                        seek to discourage excessive trading
will restrict purchases or exchanges        administrator, maintains the record of
                                                                                        (through the use of redemption fees,
or prohibit transactions by such iden-      the Fund’s underlying beneficial
                                                                                        for example) cannot eliminate the
tified shareholders or intermediaries.       owners. Omnibus or other nominee
                                                                                        possibility that such trading activity
In making such judgments, the               account arrangements are common
                                                                                        in a Fund will occur.
Funds seek to act in a manner that          forms of holding shares of the Fund,
they believe is consistent with the         particularly among certain financial         The Funds impose a 2.00% redemp-
best interests of all shareholders. The     intermediaries such as financial advis-      tion fee (short-term trading fee) on
Funds also reserve the right to notify      ers, brokers or retirement plan             Fund shares redeemed 60 days or
financial intermediaries of a                administrators. These arrangements          less from the date of purchase. The
shareholder’s trading activity. The         often permit the financial intermedi-        fee is based on the shares’ net asset
Funds may also permanently ban a            ary to aggregate their clients’ transac-    value at redemption and is deducted
shareholder from opening new ac-            tion and ownership positions that           from the redemption proceeds. The
counts or adding to existing accounts       does not identify the particular un-        fee is paid to the Fund to offset costs
in the Fund. Transactions placed in         derlying shareholder(s) to the Fund.        associated with short-term share-
violation of the Funds’ excessive trad-     If excessive trading is detected in an      holder trading. It does not apply to
ing policy are not deemed accepted          omnibus account, the Fund may               shares that are acquired through
by the Funds and may be canceled            request that the financial intermedi-        reinvestment of distributions. The re-
or revoked by a Fund on the next            ary or plan sponsor take action to          demption fee also does not apply to:
business day following receipt by the       prevent the particular investor or          (1) redemptions following death or
Fund.                                       investors from engaging in that trad-       post-purchase disability (as defined

44 Shareholder Services and Policies
by Section 72(m)(7) of the Code);          How the funds value their holdings          For example, we may use fair value
(2) the portion of a mandated mini-        We typically value securities using         methods if a security’s value is be-
mum distribution from an IRA, SIM-         market quotations or information fur-       lieved to have been materially affected
PLE IRA or an individual type              nished by a pricing service. However,       by a significant event, such as a
403(b)(7) plan equal to the percent-       when market quotations are not              natural disaster, a bankruptcy filing,
age of your plan assets held in the        available, or when we have reason to        or a substantial fluctuation in domes-
applicable Class of shares of the          believe that available quotations may       tic or foreign markets, that occurs
Fund; or (3) redemptions from a            not be accurate, we may value securi-       after the close of the security’s major
Systematic Withdrawal Plan.                ties according to methods that are          trading exchange. In such a case, a
                                           approved by the funds’ Board of             fund’s value for a security is likely to
                                           Trustees and which are intended to          be different from the last quoted
                                           reflect fair value. Fair valuation in-       market or pricing service price.
                                           volves subjective judgments and it is       Share certificates
                                           possible that the fair value deter-         We do not issue share certificates.
                                           mined for a security may differ mate-
                                           rially from the value that could be
                                           realized upon the sale of the security.




OTHER RIGHTS WE RESERVE
You should be aware that we may do           close your account, we will give you        minimum amounts for fund invest-
any of the following:                        30 days’ notice so you can either           ments or wire transfers, or change the
H reject your account application if         increase your balance or close your         policies for telephone orders)
  you fail to give us a correct Social       account                                   H suspend or delay redemptions during
  Security or other tax ID number          H pay you for shares you sell by              times when the NYSE is unexpect-
H withhold a percentage of your dis-         ‘‘redeeming in kind,’’ that is, by          edly closed, when trading is re-
  tributions as required by federal tax      giving you marketable securities            stricted, or when an emergency
  law if we have been notified by the         rather than cash (which typically           prevents the fund from trading port-
  IRS that you are subject to backup         happens only with very large re-            folio securities or pricing its shares
  withholding, or if you fail to give us     demptions); in such a case, you will      H withdraw or suspend the offering of
  a correct taxpayer ID number or            continue to bear the risks associated       shares at any time
  certification that you are exempt           with these securities as long as you
                                                                                       H reject any order we believe may be
  from backup withholding                    own them, and when you sell these
                                                                                         fraudulent or unauthorized
H close your account and send you the        portfolio securities, you may pay
                                             brokerage charges.                        H reject or limit purchases of shares
  proceeds if the value of your ac-
                                                                                         for any reason
  count falls below $1,000 as a result     H change, add, or withdraw various ser-
  of withdrawals (as opposed to mar-         vices, fees and account policies at any   H reject a telephone redemption if we
  ket activity); however, before we          time (for example, we may adjust the        believe it is advisable to do so

                                                                                             Shareholder Services and Policies   45
Distributions and Taxes


Mutual funds pass along to shareholders virtually all of their net earnings. A
fund can earn money in two ways: by receiving interest, dividends, or other
income payments from securities it holds, or by selling securities for more than
what it paid for them. Keep in mind that a fund’s earnings are separate from
any gains or losses you may realize from your own transactions in fund shares.
A fund is not necessarily obligated to pay its shareholders a distribution during
any particular period.

WHEN THE FUNDS PAY
DIVIDENDS AND DISTRIBUTIONS                          Dividends        Capital Gains

NestEgg Dow Jones U.S. 2010 Fund                     Monthly             Annually
NestEgg Dow Jones U.S. 2015 Fund                     Annually            Annually
NestEgg Dow Jones U.S. 2020 Fund                     Annually            Annually
NestEgg Dow Jones U.S. 2030 Fund                     Annually            Annually
NestEgg Dow Jones U.S. 2040 Fund                     Annually            Annually
A fund may also pay dividends and capital gain distributions at other times if it
means that the fund would otherwise have to pay federal income or excise tax.



Choices for receiving dividends and        Please indicate your preference on
distributions You can choose how           your application. If you do not give
you receive your dividends and dis-        us any instructions, we will reinvest
tributions. You can:                       all dividends and distributions in the
H have all dividends and distributions     fund from which they originated. To
  automatically reinvested in fund         change the dividend and distribution
  shares, at NAV (this is the only         arrangement on an existing account
  option for retirement accounts and       call 1-888-266-8787.
  other tax-deferred accounts)             Note that if any dividend or distribu-
H have all dividends and distributions     tion payments are returned as unde-
  sent to you by check or sent to your     liverable, those payments and any
  bank account by ACH transfer             future payments will be reinvested
                                           until we receive valid instructions
                                           otherwise. You will not receive any
                                           interest on uncashed dividend and
                                           distribution checks.




46 Distributions and Taxes
Because each shareholder’s tax situation is unique, ask your tax professional for more information
about the possible tax consequences of your NestEgg Dow Jones U.S. Target Date Fund investments.



Tax consequences of buying and sell-      H taxable income dividends paid by a       mails out detailed tax information to
ing fund shares In general, buying          fund (although non-corporate tax-        it shareholders. These statements tell
and selling fund shares will have tax       payers may be entitled to a reduced      you the amount and the tax category
consequences for you. (An important         tax rate on these dividends based on     of any dividends or distributions you
exception is an IRA or other tax-           the amount of qualified dividend          received. They also have certain de-
advantaged account.) When you sell          income received by the funds)            tails on your purchases and sales of
shares, you typically will realize ei-                                               shares.
                                          H short-term capital gains distributions
ther a capital gain or loss. If you
                                            paid by a fund                           Note that dividends or distributions
have a gain, how it is taxed depends
                                                                                     that are declared in the last quarter
in part on how long you owned the         Generally taxed at capital gains
                                                                                     of a given year are taxed in that year,
shares. Note that for tax purposes, an    rates:
                                                                                     even though you may not receive the
exchange from one fund to another is
                                          H long-term capital gains from selling     money until the following January.
the same as a sale.
                                            fund shares
Tax status of dividends and distribu-                                                ‘‘BUYING A DIVIDEND’’
tions The tax status of the fund          H long-term capital gains distributions
                                            paid by a fund                           If you invest right before a fund pays
earnings you receive and your own
                                                                                     a dividend, you will be getting some
fund transactions generally depend        In addition, fund payments and
                                                                                     of your investment back as a taxable
on their type:                            transactions may be subject to state
                                                                                     dividend. You can avoid this, if you
Generally taxed at ordinary income        and local taxes.
                                                                                     want, by investing after the fund
rates:                                    Tax status statements Every January,       declares a dividend. In tax-ad-
H short-term capital gains from selling   each NestEgg Dow Jones U.S. Target         vantaged retirement accounts you
  fund shares                             Date Fund                                  don’t need to worry about this.




                                                                                                    Distributions and Taxes   47
ORGANIZATIONAL STRUCTURE
American Independence Funds Trust was organized as a Delaware statutory trust on June 22, 2005. Overall responsibility
for the management of the Funds is vested in the Board of Trustees. The predecessor funds to the American
Independence Funds described in this prospectus were reorganized as series of American Independence Funds Trust
effective March 2, 2006. Unless otherwise noted, information contained in this prospectus regarding Fund fees and
expenses prior to March 2, 2006 relate to the predecessor funds.
The following table lists the names of each predecessor fund (before the reorganization) along with the current name of
each Fund:
Predecessor Fund Name                                         Current Fund Name
 NestEgg Capital Preservation Fund                            NestEgg Dow Jones U.S. 2010 Fund
 NestEgg 2010 Fund                                            NestEgg Dow Jones U.S. 2015 Fund
 NestEgg 2020 Fund                                            NestEgg Dow Jones U.S. 2020 Fund
 NestEgg 2030 Fund                                            NestEgg Dow Jones U.S. 2030 Fund
 NestEgg 2040 Fund                                            NestEgg Dow Jones U.S. 2040 Fund




48 Distributions and Taxes
Financial Highlights – NestEgg Funds
The financial highlights table helps you understand the fund’s financial performance for the past five years.

Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that
you would have earned or lost on an investment in shares of the American Independence Funds, the predecessor to the
new American Independence Funds (assuming reinvestment of all dividends and distributions). As a result of the
reorganization, the funds will carryforward the performance history of the predecessor fund as the predecessor fund is the
accounting survivor. Each share class will have different performance and different annual operating expenses.

The information below has been audited by KPMG LLP, the predecessor funds’ independent registered public accounting
firm, whose report is included in the funds’ annual report of American Independence Funds along with the funds’
financial statements. The annual report is available upon request.

NestEgg Capital Preservation Fund
Financial Highlights, Premium Shares

Selected data for a share outstanding throughout the period indicated.
                                                                                       Year ended     Year ended     Year ended
                                                                                       October 31,    October 31,    October 31,
                                                                                          2005           2004          2003(a)

Net Asset Value, Beginning of Period ******************************************         $ 10.46        $ 10.12       $    9.47
Investment Activities:
  Net investment income****************************************************                  0.21           0.18          0.25
  Net realized and unrealized gains on investments ******************************            0.08           0.37          0.64
  Total from Investment Activities*********************************************              0.29           0.55          0.89
Distributions:
  Net investment income****************************************************                 (0.21)         (0.21)        (0.24)
  Net realized gains on investment transactions *********************************           (0.26)             –             –
  Total Distributions********************************************************               (0.47)         (0.21)        (0.24)
Net Asset Value, End of Period ***********************************************          $ 10.28        $ 10.46       $ 10.12
Total Return (excludes sales charge) *****************************************              2.80%          5.43%         9.58%
Ratios /Supplementary Data:
Net Assets at end of period (000) *********************************************         $      261     $      128    $       20
Ratio of expenses to average net assets *****************************************           1.55%°°        1.55%°°       1.55%°°
Ratio of net investment income to average net assets******************************          2.01%          1.74%         1.47%
Ratio of expenses to average net assets* ****************************************           2.97%°°        2.51%°°       2.54%°°
Portfolio turnover **********************************************************                 33%            35%           53%
 * During the period, certain fees were voluntarily and contractually reduced. If such fee reductions had not occurred,
    the ratio would have been as indicated.
(a) The Funds began offering the Premium Shares on November 1, 2002.
 °° Does not include expenses of the investment companies in which the fund invests.




                                                                                                        Financial Highlights 49
NestEgg 2010 Fund
Financial Highlights, Premium Shares

Selected data for a share outstanding throughout the period indicated.
                                                                                     Year ended     Year ended     Year ended
                                                                                     October 31,    October 31,    October 31,
                                                                                        2005           2004          2003(a)

Net Asset Value, Beginning of Period ******************************************       $ 10.22        $    9.79     $     8.96
Investment Activities:
  Net investment income****************************************************                0.19           0.15           0.25
  Net realized and unrealized gains on investments ******************************          0.18           0.45           0.79
  Total from Investment Activities*********************************************            0.37           0.60           1.04
Distributions:
  Net investment income****************************************************               (0.18)         (0.17)         (0.21)
  Total Distributions********************************************************             (0.18)         (0.17)         (0.21)
Net Asset Value, End of Period ***********************************************        $ 10.41        $ 10.22       $     9.79
Total Return (excludes sales charge) *****************************************            3.64%          6.16%         11.84%
Ratios /Supplementary Data:
Net Assets at end of period (000) *********************************************       $      142     $      123    $       78
Ratio of expenses to average net assets *****************************************         1.55%°°        1.49%°°       1.55%°°
Ratio of net investment income to average net assets******************************        1.79%          1.56%         1.27%
Ratio of expenses to average net assets* ****************************************         2.37%°°        2.22%°°       2.24%°°
Portfolio turnover **********************************************************               30%            34%           48%
 * During the period, certain fees were voluntarily and contractually reduced. If such fee reductions had not occurred,
    the ratio would have been as indicated.
(a) The Funds began offering the Premium Shares on November 1, 2002.
 °° Does not include expenses of the investment companies in which the fund invests.




50 Financial Highlights
NestEgg 2020 Fund
Financial Highlights, Premium Shares

Selected data for a share outstanding throughout the period indicated.
                                                                                     Year ended     Year ended       Year ended
                                                                                     October 31,    October 31,      October 31,
                                                                                        2005           2004            2003(a)

Net Asset Value, Beginning of Period **************************************           $ 9.85         $ 9.30          $     8.25
Investment Activities:
  Net investment income************************************************                    0.14            0.10            0.20
  Net realized and unrealized gains (losses) on investments********************            0.39            0.57            1.02
  Total from Investment Activities ****************************************                0.53            0.67            1.22
Distributions:
  Net investment income************************************************                   (0.15)          (0.12)          (0.17)
  Total Distributions ***************************************************                 (0.15)          (0.12)          (0.17)
Net Asset Value, End of Period *******************************************            $ 10.23        $ 9.85          $     9.30
Total Return (excludes sales charge) *************************************                5.35%          7.19%           15.12%
Ratios/Supplementary Data:
Net Assets at end of period (000) *****************************************           $      259     $      184      $       81
Ratio of expenses to average net assets *************************************             1.53%°°        1.44%°°         1.46%°°
Ratio of net investment income to average net assets *************************            1.36%          1.12%           0.78%
Ratio of expenses to average net assets* ************************************             2.26%°°        2.17%°°         2.21%°°
Portfolio turnover ******************************************************                   35%            44%             67%
 * During the period, certain fees were voluntarily and contractually reduced. If such fee reductions had not occurred,
    the ratio would have been as indicated.
 °° Does not include expenses of the investment companies in which the fund invests.
(a) The Funds began offering the Premium Shares on November 1, 2002.




                                                                                                         Financial Highlights 51
NestEgg 2030 Fund
Financial Highlights, Premium Shares

Selected data for a share outstanding throughout the period indicated.
                                                                                     Year ended     Year ended     Year ended
                                                                                     October 31,    October 31,    October 31,
                                                                                        2005           2004          2003(a)

Net Asset Value, Beginning of Period **************************************           $ 9.78         $ 9.11        $     7.84
Investment Activities:
  Net investment income************************************************                    0.09           0.06           0.15
  Net realized and unrealized gains on investments **************************              0.59           0.67           1.26
  Total from Investment Activities ****************************************                0.68           0.73           1.41
Distributions:
  Net investment income************************************************                   (0.10)         (0.06)         (0.14)
  Total Distributions ***************************************************                 (0.10)         (0.06)         (0.14)
Net Asset Value, End of Period *******************************************            $ 10.36        $ 9.78        $     9.11
Total Return (excludes sales charge) *************************************                6.96%          8.00%         18.27%
Ratios/Supplementary Data:
Net Assets at end of period (000) *****************************************           $      252     $      161    $      104
Ratio of expenses to average net assets *************************************             1.55%°°        1.55%°°       1.55%°°
Ratio of net investment income to average net assets *************************            0.86%          0.46%         0.27%
Ratio of expenses to average net assets* ************************************             2.42%°°        2.29%°°       2.36%°°
Portfolio turnover ******************************************************                   43%            49%           77%
 * During the period, certain fees were voluntarily and contractually reduced. If such fee reductions had not occurred,
    the ratio would have been as indicated.
 °° Does not include expenses of the investment companies in which the fund invests.
(a) The Funds began offering the Premium Shares on November 1, 2002.




52 Financial Highlights
NestEgg 2040 Fund
Financial Highlights, Premium Shares

Selected data for a share outstanding throughout the period indicated.
                                                                                     Year ended     Year ended       Year ended
                                                                                     October 31,    October 31,      October 31,
                                                                                        2005           2004            2003(a)

Net Asset Value, Beginning of Period **************************************           $ 9.60         $ 8.86          $     7.38
Investment Activities:
  Net investment income************************************************                    0.05            0.01           (0.01)**
  Net realized and unrealized gains on investments **************************              0.78            0.78            1.61
  Total from Investment Activities ****************************************                0.83            0.79            1.60
Distributions:
  Net investment income************************************************                   (0.09)          (0.05)          (0.12)
  Total Distributions ***************************************************                 (0.09)          (0.05)          (0.12)
Net Asset Value, End of Period *******************************************            $ 10.34        $ 9.60          $     8.86
Total Return (excludes sales charge) *************************************                8.63%          8.88%           22.06%
Ratios/Supplementary Data:
Net Assets at end of period (000) *****************************************           $      395     $      231      $        16
Ratio of expenses to average net assets *************************************             1.55%°°        1.55%°°          1.55%°°
Ratio of net investment income to average net assets *************************            0.40%          0.06%           (0.18%)
Ratio of expenses to average net assets* ************************************             2.41%°°        2.28%°°          2.39%°°
Portfolio turnover ******************************************************                   48%            57%              91%
 * During the period, certain fees were voluntarily and contractually reduced. If such fee reductions had not occurred,
    the ratio would have been as indicated.
** Net Investment income per share calculated using average shares method.
 °° Does not include expenses of the investment companies in which the fund invests.
(a) The Funds began offering the Premium Shares on November 1, 2002.




                                                                                                         Financial Highlights 53
                       SERVICE PROVIDERS
                       Management and support services are provided to the Funds by several
                       organizations.
                            Investment Advisor and Administrator:
                            American Independence Financial Services, LLC
                            335 Madison Avenue, Mezzanine
                            New York, New York 10017
                            Custodian: INTRUST Bank NA
                            105 North Main Street
                            Wichita, Kansas 67202
                            Transfer Agent: BISYS Fund Services Ohio, Inc.
                            3435 Stelzer Rd
                            Columbus, OH 43219
                            Distributor: BISYS Fund Services Limited Partnership
                            3435 Stelzer Rd
                            Columbus, OH 43219




54 Service Providers
                                       NOTICE OF PRIVACY POLICY & PRACTICES
American Independence Funds Trust recognizes and respects the privacy concerns and expectations of our customers(1).

We provide this notice to you so that you will know what kinds of information we collect about our customers and the
circumstances in which that information may be disclosed to third parties who are not affiliated with the NestEgg Dow
Jones U.S. Target Date Funds.

Collection of Customer                             We collect nonpublic personal information about our customers from the following
Information                                        sources:.

                                                   H Account Applications and other forms, which may include a customer’s name,
                                                     address, social security number, and information about a customer’s investment
                                                     goals and risk tolerance;

                                                   H Account History, including information about the transactions and balances in a
                                                     customer’s accounts; and

                                                   H Correspondence, written, telephonic or electronic between a customer and NestEgg
                                                     Dow Jones U.S. Target Date Funds or service providers to the NestEgg Dow Jones
                                                     U.S. Target Date Funds.

Disclosure of Customer                             We may disclose all of the information described above to certain third parties who
Information                                        are not affiliated with the NestEgg Dow Jones U.S. Target Date Funds under one or
                                                   more of these circumstances:

                                                   H As Authorized — if you request or authorize the disclosure of the information.

                                                   H As Permitted by Law — for example, sharing information with companies who
                                                     maintain or service customer accounts for the NestEgg Dow Jones U.S. Target Date
                                                     Funds is permitted and is essential for us to provide shareholders with necessary or
                                                     useful services with respect to their accounts.

                                                   H Under Joint Agreements — we may also share information with companies that
                                                     perform marketing services on our behalf or to other financial institutions with
                                                     whom we have joint marketing agreements.

Security of Customer                               We require service providers to the NestEgg Dow Jones U.S. Target Date Funds:
Information
                                                   H to maintain policies and procedures designed to assure only appropriate access to,
                                                     and use of information about customers of the NestEgg Dow Jones U.S. Target
                                                     Date Funds; and

                                                   H to maintain physical, electronic and procedural safeguards that comply with federal
                                                     standards to guard non public personal information of customers of the NestEgg
                                                     Dow Jones U.S. Target Date Funds.

We will adhere to the policies and practices described in this notice regardless of whether you are a current or former
shareholder of NestEgg Dow Jones U.S. Target Date Funds.




(1)
  For purposes of this notice, the terms ‘‘customer’’ or ‘‘customers’’ includes individuals who provide nonpublic personal information to NestEgg Dow Jones
  U.S. Target Date Funds, but do not invest in NestEgg Dow Jones U.S. Target Date Funds shares.


                                                                                                               Notice of Privacy Policy & Practices     55
For more information

You will find more information about the funds in the following documents:
Annual and Semi-Annual Reports    The funds’ annual and semi-annual reports
will contain more information about the funds and a discussion about the
market conditions and investment strategies that had a significant effect on
the funds’ performance during the last fiscal year.
Statement of Additional Information (SAI)    The SAI contains detailed
information about the funds and their policies. It is incorporated by reference
into (considered to be part of) this prospectus.
You can get a free copy of these documents, request other information about
the funds and make shareholder inquiries by calling 1-888-266-8787, visiting
the Funds’ website at www.nesteggfunds.com or writing to:
NestEgg Dow Jones U.S. Target Date Funds
335 Madison Avenue, Mezzanine
New York, NY 10017
1-866-410-2006
www.nesteggfunds.com
If you buy your shares through a financial institution, you may contact your
institution for more information.
You may review and obtain copies of the funds’ documents by visiting the
SEC’s Public Reference Room in Washington, DC. You may also obtain copies
of the funds’ documents after paying a duplicating fee by writing the SEC’s
Public Reference Section, Washington, DC 20549-0102 or by electronic
request to publicinfo@sec.gov. Information on the operation of the Public
Reference Room may be obtained by calling the SEC at (202) 942-8090.
Reports and other information about the funds are also available on the
EDGAR Database on the SEC’s website at http://www.sec.gov.
The funds’ Investment Company Act File No. is 811-21757.




                                                                    NE 3106AC

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:4
posted:9/4/2011
language:English
pages:58