0001324443-13-000021 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • March 1st, 2013 • American Independence Funds Trust

AGREEMENT made this 11th day of January, 2013 by and between American Independence Financial Services, LLC (the "Adviser"), and Boyd Watterson Asset Management, LLC (the “Sub-Adviser");

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SUB-ADMINISTRATION AGREEMENT
Sub-Administration Agreement • March 1st, 2013 • American Independence Funds Trust • Delaware

This AGREEMENT ("Agreement") is made as of October 1, 2010 as amended September 21, 2012 by and between UMB Fund Services, Inc. ("UMB") a Wisconsin corporation, and American Independence Financial Services, LLC (the "Adviser"), a Delaware Limited Liability Company.

INVESTMENT ADVISORY AGREEMENT
Expense Limitation Agreement • March 1st, 2013 • American Independence Funds Trust • Delaware

AGREEMENT made as of this 14th day of November, 2005 and amended on December 15, 2006, February 22, 2008, October 3, 2008, April 28, 2010, June 25, 2010, June 17, 2011, June 22, 2012, September 21, 2012 and December 14, 2012 between American Independence Financial Services, LLC, a limited liability company organized under the laws of the State of Delaware(the "Adviser"), and American Independence Funds Trust, a business trust organized under the laws of the State of Delaware (the "Trust").

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