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Name | Symbol | Market | Type |
---|---|---|---|
American Beacon AHL Target Risk Core Fund R6 Class | NASDAQ:AHTRX | NASDAQ | Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Leslie
Christian
|
Carsten
Henningsen
|
Co-founder
|
Co-founder
|
Since
|
|||||
6
|
3
|
5
|
Inception
|
||
month
|
1
|
Years
|
Years
|
(9/30/99)
|
|
(as
of 6/30/07)
|
return
|
Year
|
(avg
Annual)
|
(avg
Annual)
|
(avg
Annual)
|
Portfolio
21-
|
|||||
Retail
Class
|
11.37%
|
28.18%
|
17.64%
|
14.70%
|
7.98%
|
MSCI
World
|
9.48%
|
24.19%
|
17.30%
|
14.55%
|
5.66%
|
PORTFOLIO
HOLDINGS BY
COUNTRY
at
June 30, 2007 (Unaudited)
|
Portfolio
Holdings
|
Percent
of Net Assets
|
||||||||
Australia
|
$ |
3,310,166
|
1.38 | % | |||||
Austria
|
2,045,428
|
0.85 | % | ||||||
Belgium
|
2,498,926
|
1.04 | % | ||||||
Canada
|
1,223,961
|
0.51 | % | ||||||
China
|
437,640
|
0.18 | % | ||||||
Denmark
|
12,323,202
|
5.14 | % | ||||||
Finland
|
7,567,781
|
3.15 | % | ||||||
France
|
5,015,176
|
2.09 | % | ||||||
Germany
|
20,155,040
|
8.40 | % | ||||||
Hong
Kong
|
888,509
|
0.37 | % | ||||||
Italy
|
2,768,797
|
1.15 | % | ||||||
Japan
|
24,983,758
|
10.41 | % | ||||||
Netherlands
|
1,819,760
|
0.76 | % | ||||||
NewZealand
|
259,245
|
0.11 | % | ||||||
Norway
|
3,010,366
|
1.25 | % | ||||||
Singapore
|
206,650
|
0.09 | % | ||||||
Spain
|
3,371,079
|
1.41 | % | ||||||
Sweden
|
29,730,523
|
12.39 | % | ||||||
Switzerland
|
15,082,860
|
6.29 | % | ||||||
United
Kingdom
|
29,239,688
|
12.19 | % | ||||||
United
States
|
78,122,354
|
32.56 | % | ||||||
Liabilities
in Excess
|
|||||||||
of
Other Assets
|
(4,129,521 | ) | (1.72 | )% | |||||
Total
|
$ |
239,931,388
|
100.00 | % |
EXPENSE
EXAMPLE
for
the Six
Months Ended June 30, 2007
(Unaudited)
|
EXPENSE
EXAMPLE
(Unaudited)
,
Continued
|
EXPENSE
EXAMPLE
(Unaudited)
,
Continued
|
Beginning
|
Ending
|
Expenses
Paid
|
||||||||||
Account
Value
|
Account
Value
|
During
the Period
|
||||||||||
1/1/07
|
6/30/07
|
1/1/07
– 6/30/07*
|
||||||||||
Retail
Class Actual
|
$ |
1,000
|
$ |
1,114
|
$ |
7.86
|
||||||
Hypothetical
(5% annual
|
||||||||||||
return
before expenses)
|
$ |
1,000
|
$ |
1,017
|
$ |
7.50
|
Beginning
|
Ending
|
Expenses
Paid
|
||||||||||
Account
Value
|
Account
Value
|
During
the Period
|
||||||||||
3/30/07
|
6/30/07
|
3/30/07
–6/30/07**
|
||||||||||
Institutional
Class ^ Actual
|
$ |
1,000
|
$ |
1,062
|
$ |
3.15
|
||||||
Hypothetical
(5% annual
|
||||||||||||
return
before expenses)
|
$ |
1,000
|
$ |
1,010
|
$ |
3.07
|
*
|
Expenses
are equal to the Fund’s annualized expense ratio for the most recent
six-month period of 1.50% (reflecting fee waivers in effect) multiplied
by
the average account value over the period multiplied by 181/365 (to
reflect the one-half year period).
|
^
|
Class
I shares have been offered since March 30, 2007.
|
**
|
Expenses
are equal to the Fund’s annualized expense ratio for the March 30, 2007
through June 30, 2007 period of 1.20% (reflecting fee waivers in
effect)
multiplied by the average account value over the period multiplied
by
93/365 (to reflect the three month
period).
|
Average
Annual Total Return
|
||||
Period
Ended June 30, 2007
|
||||
1
Year
|
28.18 | % | ||
5
Year
|
14.70 | % | ||
Since
Inception (9/30/99)
|
7.98 | % |
Average
Annual Total Return
|
||||
Period
Ended June 30, 2007
|
||||
Since
Inception (3/30/07)
|
6.18 | % |
SCHEDULE
OF INVESTMENTS
at
June 30,
2007
|
Shares
|
Value
|
||||||
COMMON
STOCKS: 90.4%
|
|||||||
Automobiles
& Components: 0.7%
|
|||||||
11,625
|
Ballard
Power
|
||||||
Systems,
Inc.
|
|||||||
(Canada)
(a)
|
$ |
62,426
|
|||||
16,500
|
Fuel
Systems
|
||||||
Solutions,
Inc.
|
|||||||
(United
States) (a)
|
273,570
|
||||||
10,000
|
Johnson
|
||||||
Controls,
Inc.
|
|||||||
(United
States)
|
1,157,700
|
||||||
55,825
|
Quantum
|
||||||
Fuel
Systems
|
|||||||
Technologies
|
|||||||
Worldwide,
Inc.
|
|||||||
(United
States) (a)
|
87,087
|
||||||
1,580,783
|
|||||||
Banks:
6.1%
|
|||||||
70,000
|
Dexia
-
|
||||||
Brussels
Exchange
|
|||||||
(Belgium)
|
2,186,529
|
||||||
10,000
|
Dexia
-
|
||||||
Paris
Exchange
|
|||||||
(Belgium)
|
312,397
|
||||||
60,000
|
ForeningsSparbanken
|
||||||
AB
(Sweden)
|
2,167,529
|
||||||
285,000
|
HSBC
Holdings PLC
|
||||||
(United
Kingdom)
|
5,218,490
|
||||||
310,000
|
UniCredito
Italiano
|
||||||
SpA
(Italy)
|
2,768,798
|
||||||
96,000
|
Westpac
Banking
|
||||||
Corp.
(Australia)
|
2,084,618
|
||||||
14,738,361
|
|||||||
Capital
Goods: 13.0%
|
|||||||
5,500
|
Acciona
SA (Spain)
|
1,496,264
|
|||||
240,000
|
Atlas
Copco AB -
|
||||||
Class
A (Sweden)
|
3,997,502
|
||||||
3,000
|
Energy
Conversion
|
||||||
Devices,
Inc.
|
|||||||
(United
States) (a)
|
92,460
|
||||||
121,800
|
JM
AB (Sweden)
|
3,684,997
|
|||||
45,000
|
Kurita
Water
|
||||||
Industries
Ltd
|
|||||||
(Japan)
|
1,412,823
|
||||||
150,000
|
Mitsubishi
Electric
|
||||||
Corp.
(Japan)
|
1,389,522
|
||||||
10,600
|
Plug
Power, Inc.
|
||||||
(United
States) (a)
|
33,284
|
||||||
18,000
|
Schneider
Electric
|
||||||
SA
(France)
|
2,521,949
|
||||||
34,000
|
Siemens
AG -
|
||||||
Registered
Shares
|
|||||||
(Germany)
|
4,868,857
|
||||||
87,000
|
Skanska
AB -
|
||||||
Class
B (Sweden)
|
1,862,980
|
||||||
213,300
|
SKF
AB -
|
||||||
Class
B (Sweden)
|
4,462,887
|
||||||
12,000
|
Suntech
Power
|
||||||
Holdings
Co., Ltd. -
|
|||||||
ADR
(China) (a)
|
437,640
|
||||||
26,000
|
Trex
Co., Inc.
|
||||||
(United
States) (a)
|
510,380
|
||||||
41,900
|
Vestas
Wind Systems
|
||||||
A/S
(Denmark) (a)
|
2,749,571
|
||||||
40,750
|
Volvo
AB - ADR
|
||||||
(Sweden)
|
810,518
|
||||||
37,500
|
Volvo
AB - Class B
|
||||||
(Sweden)
|
745,593
|
||||||
31,077,227
|
|||||||
Commercial
Services & Supplies: 1.3%
|
|||||||
150,000
|
Biffa
PLC
|
||||||
(United
Kingdom)
|
812,953
|
||||||
43,800
|
Herman
Miller, Inc.
|
||||||
(United
States)
|
1,384,080
|
||||||
100,000
|
Tomra
Systems ASA
|
||||||
(Norway)
|
872,713
|
||||||
3,069,746
|
|||||||
Consumer
Durables & Apparel: 7.5%
|
|||||||
100,000
|
Barratt
|
||||||
Developments
Plc
|
|||||||
(United
Kingdom)
|
1,982,223
|
||||||
102,000
|
Electrolux
AB -
|
||||||
Class
B (Sweden)
|
2,415,038
|
SCHEDULE
OF INVESTMENTS
at
June 30,
2007, Continued
|
Shares
|
Value
|
||||||
Consumer
Durables & Apparel (Continued)
|
|||||||
54,000
|
Husqvarna
AB -
|
||||||
Class
A (Sweden)
|
$ |
762,406
|
|||||
180,000
|
Husqvarna
AB -
|
||||||
Class
B (Sweden)
|
2,548,054
|
||||||
30,000
|
Interface,
Inc. - Class
|
||||||
A
(United States)
|
565,800
|
||||||
43,000
|
Koninklijke
Philips
|
||||||
Electronics
NV -
|
|||||||
ADR
(Netherlands)
|
1,819,760
|
||||||
35,000
|
Matsushita
Electric
|
||||||
Industrial
Co. Ltd.
|
|||||||
(Japan)
|
693,601
|
||||||
36,000
|
Nike,
Inc.
|
||||||
(United
States)
|
2,098,440
|
||||||
105,000
|
Sharp
Corp. (Japan)
|
1,990,537
|
|||||
35,200
|
Shimano,
Inc.
|
||||||
(Japan)
|
1,207,184
|
||||||
35,000
|
Sony
Corp. - ADR
|
||||||
(Japan)
|
1,797,950
|
||||||
17,880,993
|
|||||||
Diversified
Financials: 3.3%
|
|||||||
2,600
|
Deutsche
Bank AG
|
||||||
(Germany)
|
376,324
|
||||||
26,000
|
Deutsche
Bank AG -
|
||||||
GDR
(Germany)
|
3,762,919
|
||||||
64,000
|
UBS
AG - GDR
|
||||||
(Switzerland)
|
3,840,640
|
||||||
7,979,883
|
|||||||
Food
& Staples Retailing: 2.4%
|
|||||||
120,000
|
Alliance
Boots PLC
|
||||||
(United
Kingdom)
|
2,744,689
|
||||||
50,000
|
United
Natural
|
||||||
Foods,
Inc.
|
|||||||
(United
States) (a)
|
1,329,000
|
||||||
40,000
|
Whole
Foods
|
||||||
Market,
Inc.
|
|||||||
(United
States)
|
1,532,000
|
||||||
10,187
|
Wild
Oats
|
||||||
Markets,
Inc.
|
|||||||
(United
States) (a)
|
170,734
|
||||||
5,776,423
|
|||||||
Health
Care Equipment & Services: 2.2%
|
|||||||
75,000
|
Baxter
|
||||||
International,
Inc.
|
|||||||
(United
States)
|
4,225,500
|
||||||
30,000
|
Olympus
Corp.
|
||||||
(Japan)
|
1,170,432
|
||||||
5,395,932
|
|||||||
Household
& Personal Products: 0.6%
|
|||||||
60,000
|
Kao
Corp. (Japan)
|
1,553,484
|
|||||
Insurance:
4.8%
|
|||||||
135,000
|
Aviva
PLC
|
||||||
(United
Kingdom)
|
2,004,038
|
||||||
375,000
|
Friends
|
||||||
Provident
PLC
|
|||||||
(United
Kingdom)
|
1,342,353
|
||||||
9,000
|
Muenchener
|
||||||
Rueckversicherungs
|
|||||||
AG
(Germany)
|
1,650,520
|
||||||
125,000
|
Sompo
Japan
|
||||||
Insurance,
Inc.
|
|||||||
(Japan)
|
1,528,840
|
||||||
138,000
|
Storebrand
ASA
|
||||||
(Norway)
|
2,137,652
|
||||||
32,000
|
Swiss
Reinsurance
|
||||||
(Switzerland)
|
2,918,404
|
||||||
11,581,807
|
|||||||
Materials:
9.8%
|
|||||||
19,000
|
Air
Liquide (France)
|
2,493,227
|
|||||
24,900
|
Air
Products &
|
||||||
Chemicals,
Inc.
|
|||||||
(United
States)
|
2,001,213
|
||||||
16,000
|
Linde
AG
|
||||||
(Germany)
|
1,925,026
|
||||||
34,000
|
Novozymes
A/S -
|
||||||
Class
B (Denmark)
|
3,940,667
|
||||||
50,000
|
Praxair,
Inc.
|
||||||
(United
States)
|
3,599,500
|
||||||
43,000
|
Schnitzer
Steel
|
||||||
Industries,
Inc.
|
|||||||
(United
States)
|
2,061,420
|
||||||
107,000
|
Stora
Enso OYJ -
|
||||||
R
Shares (Finland)
|
2,013,244
|
SCHEDULE
OF INVESTMENTS
at
June 30,
2007, Continued
|
Shares
|
Value
|
||||||
Materials
(Continued)
|
|||||||
161,790
|
Svenska
Cellulosa
|
||||||
AB
- Class B
|
|||||||
(Sweden)
|
$ |
2,705,606
|
|||||
500,000
|
Teijin
Ltd. (Japan)
|
2,734,731
|
|||||
23,474,634
|
|||||||
Media:
1.1%
|
|||||||
100,000
|
British
Sky
|
||||||
Broadcasting
|
|||||||
Group
Plc
|
|||||||
(United
Kingdom)
|
1,282,116
|
||||||
60,000
|
EMI
Group PLC
|
||||||
(United
Kingdom)
|
321,460
|
||||||
80,000
|
Reed
Elsevier PLC
|
||||||
(United
Kingdom)
|
1,033,915
|
||||||
2,637,491
|
|||||||
Pharmaceuticals
& Biotechnology: 5.7%
|
|||||||
110,200
|
Bristol-Myers
|
||||||
Squibb
Co.
|
|||||||
(United
States)
|
3,477,912
|
||||||
80,000
|
Novartis
AG
|
||||||
(Switzerland)
|
4,491,247
|
||||||
13,800
|
Novo-Nordisk
A/S -
|
||||||
ADR
(Denmark)
|
1,499,508
|
||||||
38,000
|
Novo-Nordisk
A/S -
|
||||||
Class
B (Denmark)
|
4,133,456
|
||||||
13,602,123
|
|||||||
Real
Estate: 1.6%
|
|||||||
75,000
|
British
Land
|
||||||
Co.
PLC
|
|||||||
(United
Kingdom)
|
2,006,948
|
||||||
39,870
|
Potlatch
Corp.
|
||||||
(United
States)
|
1,716,403
|
||||||
3,723,351
|
|||||||
Retailing:
4.6%
|
|||||||
32,000
|
Hennes
& Mauritz
|
||||||
AB
- Class B
|
|||||||
(Sweden)
|
1,892,033
|
||||||
700,000
|
Kingfisher
PLC
|
||||||
(United
Kingdom)
|
3,170,630
|
||||||
100,000
|
Marks
& Spencer
|
||||||
Group
Plc
|
|||||||
(United
Kingdom)
|
1,255,912
|
||||||
195,000
|
Staples,
Inc.
|
||||||
(United
States)
|
4,627,350
|
||||||
10,945,925
|
|||||||
Semiconductors
& Semiconductor Equipment: 3.5%
|
|||||||
31,000
|
Advanced
Micro
|
||||||
Devices,
Inc.
|
|||||||
(United
States) (a)
|
443,300
|
||||||
105,000
|
Applied
|
||||||
Materials,
Inc.
|
|||||||
(United
States)
|
2,086,350
|
||||||
135,000
|
Intel
Corp.
|
||||||
(United
States)
|
3,207,600
|
||||||
124,000
|
STMicroelectronics
|
||||||
NV
- ADR
|
|||||||
(Switzerland)
|
2,379,560
|
||||||
7,223
|
Verigy
Ltd
|
||||||
(Singapore)
(a)
|
206,650
|
||||||
8,323,460
|
|||||||
Software
& Services: 0.8%
|
|||||||
49,000
|
Adobe
Systems, Inc.
|
||||||
(United
States) (a)
|
1,967,350
|
||||||
Technology
Hardware & Equipment: 12.1%
|
|||||||
105,210
|
Agilent
|
||||||
Technologies,
Inc.
|
|||||||
(United
States) (a)
|
4,044,272
|
||||||
74,350
|
Canon,
Inc. (Japan)
|
4,360,109
|
|||||
92,000
|
Dell,
Inc.
|
||||||
(United
States) (a)
|
2,626,600
|
||||||
42,000
|
Ericsson
Telephone
|
||||||
Co.
- ADR
|
|||||||
(United
States)
|
1,675,380
|
||||||
62,300
|
Hewlett-Packard
Co.
|
||||||
(United
States)
|
2,779,826
|
||||||
46,000
|
International
Business
|
||||||
Machines
Corp.
|
|||||||
(United
States)
|
4,841,500
|
||||||
100,000
|
NEC
Corp. (Japan)
|
514,811
|
SCHEDULE
OF INVESTMENTS
at
June 30,
2007, Continued
|
SCHEDULE
OF INVESTMENTS
at
June 30,
2007, Continued
|
Shares/
|
|||||||
Principal
Amount
|
Value
|
||||||
Certificates
of Deposit (Continued)
|
|||||||
$ |
95,000
|
3.941%,
07/20/2008
|
$ |
95,000
|
|||
Wainwright
|
|||||||
100,000
|
4.360%,
01/18/2008
|
100,000
|
|||||
2,499,285
|
|||||||
Money
Market: 8.3%
|
|||||||
19,878,696
|
Fidelity
Money
|
||||||
Market
Portfolio
|
19,878,696
|
||||||
TOTAL
SHORT-TERM INVESTMENTS
|
|||||||
(Cost
$22,377,981)
|
22,377,981
|
||||||
TOTAL
INVESTMENTS IN SECURITIES: 101.7%
|
|||||||
(Cost
$183,856,608)
|
244,060,909
|
||||||
Liabilities
in Excess
|
|||||||
of
Other Assets: (1.7)%
|
(4,129,521 | ) | |||||
TOTAL
NET ASSETS: 100.0%
|
$ |
239,931,388
|
Percent
of
|
||||
Country
|
Net
Assets
|
|||
Australia
|
1.38 | % | ||
Austria
|
0.85 | % | ||
Belgium
|
1.04 | % | ||
Canada
|
0.51 | % | ||
China
|
0.18 | % | ||
Denmark
|
5.14 | % | ||
Finland
|
3.15 | % | ||
France
|
2.09 | % | ||
Germany
|
8.40 | % | ||
Hong
Kong
|
0.37 | % | ||
Italy
|
1.15 | % | ||
Japan
|
10.41 | % | ||
Netherlands
|
0.76 | % | ||
NewZealand
|
0.11 | % | ||
Norway
|
1.25 | % | ||
Singapore
|
0.09 | % | ||
Spain
|
1.41 | % | ||
Sweden
|
12.39 | % | ||
Switzerland
|
6.29 | % | ||
United
Kingdom
|
12.19 | % | ||
United
States
|
32.56 | % | ||
Liabilities
in Excess
|
||||
of
Other Assets
|
(1.72 | )% | ||
100.00 | % |
STATEMENT
OF ASSETS AND
LIABILITIES
at
June 30,
2007
|
ASSETS
|
||||
Investments
in securities, at value (cost $183,856,608) (Note 2)
|
$ |
244,060,909
|
||
Cash
|
2,921
|
|||
Receivables:
|
||||
Dividends
and interest
|
448,646
|
|||
Fund
shares sold
|
938,319
|
|||
Prepaid
expenses
|
32,602
|
|||
Total
assets
|
245,483,397
|
|||
LIABILITIES
|
||||
Payables:
|
||||
Investment
securities purchased
|
5,007,827
|
|||
Fund
shares redeemed
|
169,989
|
|||
Investment
advisory fees (net)
|
175,512
|
|||
Administration
fees
|
18,770
|
|||
Custody
fees
|
15,772
|
|||
Fund
accounting fees
|
10,435
|
|||
Transfer
agent fees
|
12,511
|
|||
Distribution
fees
|
112,254
|
|||
Chief
compliance officer fees
|
834
|
|||
Other
accrued expenses
|
28,105
|
|||
Total
liabilities
|
5,552,009
|
|||
NET
ASSETS
|
$ |
239,931,388
|
||
COMPONENTS
OF NET ASSETS
|
||||
Paid-in
capital
|
$ |
177,809,174
|
||
Undistributed
net investment income
|
1,824,782
|
|||
Accumulated
net realized gain on investments
|
||||
and
foreign currency transactions
|
88,103
|
|||
Net
unrealized appreciation on investments
|
60,204,301
|
|||
Net
unrealized appreciation of foreign currency, and
|
||||
translation
of other assets and liabilities in foreign currency
|
5,028
|
|||
Net
assets
|
$ |
239,931,388
|
||
Retail
Class
|
||||
Net
assets
|
$ |
172,222,327
|
||
Shares
issued and outstanding
|
||||
(Unlimited
number of shares authorized without par value)
|
4,712,840
|
|||
Net
asset value, offering price, and redemption price per
share
|
$ |
36.54
|
||
Institutional
Class:
|
||||
Net
assets
|
$ |
67,709,061
|
||
Shares
issued and outstanding
|
||||
(Unlimited
number of shares authorized without par value)
|
1,851,473
|
|||
Net
asset value, offering price, and redemption price per
share
|
$ |
36.57
|
STATEMENT
OF OPERATIONS
For
the year
ended June 30, 2007
|
INVESTMENT
INCOME
|
||||
Dividends
(net of foreign withholding tax of $574,968)
|
$ |
3,743,184
|
||
Interest
|
782,295
|
|||
Total
investment income
|
4,525,479
|
|||
EXPENSES
(Note 3)
|
||||
Investment
advisory fees
|
1,689,416
|
|||
Distribution
fees
|
399,550
|
|||
Administration
fees
|
221,988
|
|||
Fund
accounting fees
|
83,687
|
|||
Custody
fees
|
73,310
|
|||
Transfer
agent fees
|
44,359
|
|||
Registration
fees
|
34,031
|
|||
Reports
to shareholders
|
27,546
|
|||
Miscellaneous
expense
|
25,706
|
|||
Audit
fees
|
23,187
|
|||
Trustee
fees
|
12,923
|
|||
Legal
fees
|
12,277
|
|||
Chief
compliance officer fees
|
5,000
|
|||
Insurance
expense
|
2,612
|
|||
Total
expenses
|
2,655,592
|
|||
Less: fees
waived
|
(120,444 | ) | ||
Net
expenses
|
2,535,148
|
|||
Net
investment income
|
1,990,331
|
|||
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS
|
||||
AND
FOREIGN CURRENCY TRANSACTIONS
|
||||
Net
realized gain on investments and
|
||||
foreign
currency transactions
|
48,443
|
|||
Change
in net unrealized appreciation on investments
|
39,849,712
|
|||
Change
in net unrealized appreciation of foreign
|
||||
currency,
and translation of other assets and
|
||||
liabilities
in foreign currency
|
3,378
|
|||
Net
realized and unrealized gain on investments
|
||||
and
foreign currency transactions
|
39,901,533
|
|||
Net
increase in net assets
|
||||
resulting
from operations
|
$ |
41,891,864
|
STATEMENTS
OF CHANGES IN NET
ASSETS
|
Year
Ended
|
Period
Ended
|
Year
Ended
|
||||||||||
June
30,
|
June
30,
|
August
31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||||
INCREASE
(DECREASE) IN
|
||||||||||||
NET
ASSETS FROM:
|
||||||||||||
OPERATIONS
|
||||||||||||
Net
investment income
|
$ |
1,990,331
|
$ |
1,506,651
|
$ |
637,807
|
||||||
Net
realized gain on investments
|
||||||||||||
and
foreign currency transactions
|
48,443
|
1,784,506
|
59,209
|
|||||||||
Change
in net unrealized
|
||||||||||||
appreciation
on investments
|
39,849,712
|
10,336,133
|
9,610,992
|
|||||||||
Change
in net unrealized appreciation of
|
||||||||||||
foreign
currency, and translation of other
|
||||||||||||
assets
and liabilities in foreign currency
|
3,378
|
—
|
—
|
|||||||||
Net
increase in net assets
|
||||||||||||
resulting
from operations
|
41,891,864
|
13,627,290
|
10,308,008
|
|||||||||
DISTRIBUTIONS
TO SHAREHOLDERS
|
||||||||||||
From
net investment income:
|
||||||||||||
Retail
Class
|
(1,548,567 | ) | (561,957 | ) | (265,510 | ) | ||||||
Institutional
Class
|
—
|
—
|
—
|
|||||||||
From
net realized gain:
|
||||||||||||
Retail
Class
|
(1,444,815 | ) | (212,750 | ) |
—
|
|||||||
Institutional
Class
|
—
|
—
|
—
|
|||||||||
Total
distributions to shareholders
|
(2,993,382 | ) | (774,707 | ) | (265,510 | ) | ||||||
CAPITAL
SHARE TRANSACTIONS
|
||||||||||||
Net
increase in net assets derived
|
||||||||||||
from
net change in outstanding
|
||||||||||||
shares
- Retail Class (a) (b)
|
14,975,721
|
18,591,167
|
26,836,993
|
|||||||||
Net
increase in net assets derived
|
||||||||||||
from
net change in outstanding
|
||||||||||||
shares
- Institutional Class (c)
|
66,225,856
|
—
|
—
|
|||||||||
Total
increase in net assets
|
||||||||||||
from
capital share transactions
|
81,201,577
|
18,591,167
|
26,836,993
|
|||||||||
Total
increase in net assets
|
120,100,059
|
31,443,750
|
36,879,491
|
|||||||||
NET
ASSETS
|
||||||||||||
Beginning
of period
|
119,831,329
|
88,387,579
|
51,508,088
|
|||||||||
End
of period
|
$ |
239,931,388
|
$ |
119,831,329
|
$ |
88,387,579
|
||||||
Undistributed
net investment income
|
$ |
1,824,782
|
$ |
1,441,139
|
$ |
500,260
|
STATEMENTS
OF CHANGES IN
NET ASSETS
,
Continued
|
Year
Ended
|
Period
Ended
|
Year
Ended
|
||||||||||||||||||||||
June
30, 2007
|
June
30, 2006
|
August
31, 2005
|
||||||||||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
Shares
|
Value
|
|||||||||||||||||||
Shares
sold
|
2,827,936
|
$ |
93,763,181
|
1,129,424
|
$ |
31,752,443
|
1,388,264
|
$ |
34,221,777
|
|||||||||||||||
Shares
issued in
|
||||||||||||||||||||||||
reinvestment
|
||||||||||||||||||||||||
of
distributions
|
87,541
|
2,862,594
|
27,332
|
731,133
|
10,084
|
252,894
|
||||||||||||||||||
Shares
|
||||||||||||||||||||||||
redeemed
(b)
|
(2,327,433 | ) | (81,650,054 | ) | (499,132 | ) | (13,892,409 | ) | (311,287 | ) | (7,637,678 | ) | ||||||||||||
Net
increase
|
588,044
|
$ |
14,975,721
|
657,624
|
$ |
18,591,167
|
1,087,061
|
$ |
26,836,993
|
Period
Ended
|
Period
Ended
|
Year
Ended
|
||||||||||||||||||||||
June
30, 2007 (d)
|
June
30, 2006
|
August
31, 2005
|
||||||||||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
Shares
|
Value
|
|||||||||||||||||||
Shares
sold
|
1,861,715
|
$ |
66,598,502
|
—
|
$ |
—
|
—
|
$ |
—
|
|||||||||||||||
Shares
issued in
|
||||||||||||||||||||||||
reinvestment
|
||||||||||||||||||||||||
of
distributions
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Shares
|
||||||||||||||||||||||||
redeemed
|
(10,242 | ) | (372,646 | ) |
—
|
—
|
—
|
—
|
||||||||||||||||
Net
increase
|
1,851,473
|
$ |
66,225,856
|
—
|
$ |
—
|
—
|
$ |
—
|
FINANCIAL
HIGHLIGHTS
For
a
capital share outstanding throughout each period
|
*
|
Less
than $.01 per share.
|
^
|
Not
annualized
|
+
|
Annualized
|
FINANCIAL
HIGHLIGHTS
For
a
capital share outstanding throughout each
period
|
Period
Ended
|
||||
June
30, 2007*
|
||||
Net
asset value, beginning of period
|
$ |
34.44
|
||
INCOME
FROM
|
||||
INVESTMENT
OPERATIONS:
|
||||
Net
investment income
|
0.16
|
|||
Net
realized and unrealized
|
||||
gain
on investments
|
1.97
|
|||
Total
from investment operations
|
2.13
|
|||
LESS
DISTRIBUTIONS:
|
||||
From
net investment income
|
—
|
|||
From
net realized gain
|
—
|
|||
Total
distributions
|
—
|
|||
Paid-in
capital from redemption fees (Note 2)
|
—
|
|||
Net
asset value, end of period
|
$ |
36.57
|
||
Total
return
|
6.18
|
%^ | ||
RATIOs/SUPPLEMENTAL
DATA:
|
||||
Net
assets, end of period (millions)
|
$ |
67.7
|
||
RATIO
OF EXPENSES TO AVERAGE NET ASSETS:
|
||||
Before
fees waived and expenses absorbed
|
1.23 | % + | ||
After
fees waived and expenses absorbed
|
1.20 | % + | ||
RATIO
OF NET INVESTMENT INCOME
|
||||
TO
AVERAGE NET ASSETS:
|
||||
Before
fees waived and expenses absorbed
|
2.28 | % + | ||
After
fees waived and expenses absorbed
|
2.31 | % + | ||
Portfolio
turnover rate
|
0
|
%^ |
*
|
Institutional
shares have been offered since March 30, 2007.
|
^
|
Not
annualized
|
+
|
Annualized
|
NOTES
TO FINANCIAL
STATEMENTS
June
30,
2007
|
NOTE
1 – ORGANIZATION
|
NOTE
2 – SIGNIFICANT ACCOUNTING
POLICIES
|
A.
|
Security
Valuation.
All equity securities that are traded on a
national securities exchange, except those listed on the NASDAQ Global
Market
®
(“NASDAQ”), and Small CapSM exchanges are valued at the last reported sale
price on the exchange on which the security is principally
traded. Securities traded on NASDAQ will be valued at the
NASDAQ Official Closing Price (“NOCP”). If, on a particular
day, an exchange-traded or NASDAQ security does not trade, then the
mean
between the most recent quoted bid and asked prices will be used.
All
equity securities that are not traded on a listed exchange are valued
at
the last sale price in the over-the-counter market. If a
non-exchange traded security does not trade on a particular day,
then the
mean between
|
NOTES
TO FINANCIAL
STATEMENTS
June
30, 2007,
Continued
|
the
last quoted closing bid and asked price will be
used. Securities for which quotations are not readily available
are valued at their respective fair values as determined in good
faith by
the Board of Trustees. When a security is “fair valued,”
consideration is given to the facts and circumstances relevant to
the
particular situation, including a review of various factors set forth
in
the pricing procedures adopted by the Fund’s Board of
Trustees. Fair value pricing is an inherently subjective
process, and no single standard exists for determining fair
value. Different funds could reasonably arrive at different
values for the same security. The use of fair value pricing by
a fund may cause the net asset value of its shares to differ significantly
from the net asset value that would be calculated without regard
to such
considerations. As of June 30, 2007, the Fund did not hold fair valued
securities as described above.
|
Short-term
securities that have maturities of less than 60 days are valued at
amortized cost, which when combined with accrued interest, approximates
market value.
|
The
Fund may invest substantially in securities traded on foreign exchanges
(see “
Foreign Currency
” below). Investments that are
primarily traded on foreign exchanges are generally valued at the
preceding closing values of such securities on their respective exchanges,
or if there were no transactions on such day, at the mean between
the bid
and asked prices. The Trust has selected FT InteractiveData (“FTID”) to
provide fair value pricing data with respect to certain security
holdings
held by certain Funds. The use of this third-party pricing service
is
designed to capture events occurring after a foreign exchange closes
that
may affect the value of certain holdings of certain Fund’s securities
traded on those foreign exchanges.
|
B.
|
Foreign
Currency.
Investment securities and other assets and
liabilities denominated in foreign currencies are translated into
U.S.
dollar amounts at the date of valuation. Purchases and sales of investment
securities and income and expense items denominated in foreign currencies
are translated into U.S. dollar amounts on the respective dates of
such
transactions.
|
The
Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities
held.
Such fluctuations are included with the net realized and unrealized
gain
or loss from investments.
|
NOTES
TO FINANCIAL
STATEMENTS
June
30, 2007,
Continued
|
The
Fund reports net realized foreign exchange gains or losses that arise
from
sales of foreign currencies, currency gains or losses realized between
the
trade and settlement dates on securities transactions, and the difference
between the amounts of dividends, interest, and foreign withholding
taxes
recorded on the Fund’s books and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized foreign exchange
gains and losses arise from changes in the fair values of assets
and
liabilities, other than investments in securities at fiscal period
end,
resulting from changes in exchange
rates.
|
C.
|
Federal
Income Taxes.
The Fund has elected to be taxed as “regulated
investment company” and intends to distribute substantially all taxable
income to its shareholders and otherwise comply with the provisions
of the
Internal Revenue Code applicable to regulated investment
companies. Therefore, no provision for federal income taxes or
excise taxes has been made.
|
In
order to avoid imposition of the excise tax applicable to regulated
investment companies, the Fund intends to declare each year as dividends
in each calendar year at least 98% of its net investment income (earned
during the calendar year) and 98% of its net realized capital gains
(earned during the twelve months ended October 31) plus undistributed
amounts, if any, from prior years.
|
Under
current tax laws, losses after October 31 may be deferred and treated
as
occurring on the first business day of the following fiscal
year. The Fund had Post-October currency losses of
$50,893.
|
D.
|
Security
Transactions and Investment Income.
Investment securities
transactions are accounted for on the trade date. Gains and
losses realized on sales of securities are determined on a first
in, first
out basis. Discounts/premiums on debt securities purchased are
accreted/amortized over the life of the respective securities using
the
effective interest method. Dividend income is recorded on the
ex-dividend date. Interest income is recorded on an accrual
basis. Other non-cash dividends are recognized as investment income
at the
fair value of the property received. Withholding taxes on foreign
dividends have been provided for in accordance with the Fund’s
understanding of the country’s tax rules and
rates.
|
E.
|
Distributions
to Shareholders.
Distributions to shareholders from net
investment income and net realized gains on securities for the Fund
normally, which are determined in accordance with income tax
|
NOTES
TO FINANCIAL
STATEMENTS
June
30, 2007,
Continued
|
regulations,
are declared and paid on an annual basis. Distributions are
recorded on the ex-dividend date.
|
F.
|
Use
of Estimates.
The preparation of financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the
date of
the financial statements and the reported amount of revenue and expenses
during the reporting period. Actual results could differ from
those estimates.
|
G.
|
Share
Valuation.
The net asset value (“NAV”) per share of the Fund is
calculated by dividing the sum of the value of the securities held
by the
Fund, plus cash or other assets, minus all liabilities (including
estimated accrued expenses) by the total number of shares outstanding
for
the Fund, rounded to the nearest cent. The Fund’s shares will
not be priced on the days on which the NYSE is closed for
trading. The offering and redemption price per share for the
Fund is equal to the Fund’s net asset value per share. The Fund
charges a 2.00% redemption fee on shares held less than 60
days. This fee is deducted from the redemption proceeds
otherwise payable to the shareholder. The Fund retains the fee
charged as paid-in-capital and such fees become part of the Fund’s daily
NAV calculation.
|
H.
|
Reclassification
of Capital Accounts.
Accounting principles generally
accepted in the United States of America require that certain components
of the net assets relating to permanent differences be reclassified
between financial and tax reporting. These
reclassifications have no effect on the net assets or net assets
per value
per share. For the year ended June 30, 2007, the Fund decreased
accumulated net investment income by $58,121 and increased accumulated
capital gains by $58,121 due to certain permanent book and tax
differences. Net assets were not affected by the
change.
|
I.
|
Guarantees
and Indemnifications.
In the normal course of business, the Fund
enters into contracts with service providers that contain general
indemnification clauses. The Fund’s maximum exposure under
these arrangements is unknown as this would involve future claims
that may
be made against the Fund that have not yet occurred. However,
based on experience, the Fund expects the risk of loss to be
remote.
|
J.
|
New
Accounting Pronouncement.
On July 13, 2006, the Financial
Accounting Standards Board (“FASB”) released FASB Interpretation
|
NOTES
TO FINANCIAL
STATEMENTS
June
30, 2007,
Continued
|
No.
48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48
provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN
48
requires the evaluation of tax positions taken or expected to be
taken in
the course of preparing the Fund’s tax returns to determine whether the
tax positions are “more-likely-than-not” of being sustained by the
applicable tax authority. Tax positions not deemed to meet the more
likely-than-not threshold would be recorded as a tax benefit or expense
in
the current year. Adoption of FIN 48 is required as of the date of
the
last NAV calculation in the first required financial statement reporting
period for fiscal years beginning after December 15, 2006 and is
to be
applied to all open tax years as of the effective date. On
December 22, 2006, the SEC granted a six-month delay in the required
implementation of FIN 48 for mutual funds. At this time, management
is
evaluating the implications of FIN 48 and its impact in the financial
statements has not yet been
determined.
|
In
September 2006, FASB issued FASB Statement No. 157, “Fair Value
Measurement” (“SFAS 157”), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about
fair
value measurements. SFAS 157 is effective for fiscal years
beginning after November 15, 2007, and interim periods within those
fiscal
years. The Fund believes adoption of SFAS 157 will have no
material impact on its financial
statements.
|
NOTE
3 – COMMITMENTS AND OTHER RELATED PARTY
TRANSACTIONS
|
NOTES
TO FINANCIAL
STATEMENTS
June
30, 2007,
Continued
|
Year
of Expiration
|
Amount
|
August
31, 2007
|
$148,411
|
August
31, 2008
|
$135,899
|
June
30, 2009
|
$117,068
|
June
30, 2010
|
$120,444
|
First
$50 million
|
0.15%
of average daily net assets
|
Next
$50 million
|
0.12%
of average daily net assets
|
Next$50
million
|
0.10%
of average daily net assets
|
Over
$150 million
|
0.05%
of average daily net assets
|
$30,000
minimum
|
NOTES
TO FINANCIAL
STATEMENTS
June
30, 2007,
Continued
|
NOTE
4 – PURCHASES AND SALES OF
SECURITIES
|
NOTE
5 – DISTRIBUTIONS TO
SHAREHOLDERS
|
2007
|
2006
|
|||||||
Distributions
paid from:
|
||||||||
Ordinary
income
|
$ |
1,548,567
|
$ |
561,957
|
||||
Long-term
capital gain
|
1,444,815
|
212,750
|
||||||
$ |
2,993,382
|
$ |
774,707
|
NOTES
TO FINANCIAL
STATEMENTS
June
30, 2007,
Continued
|
Cost
of investments (a)
|
$ |
183,856,608
|
||
Gross
unrealized appreciation
|
64,940,100
|
|||
Gross
unrealized depreciation
|
(4,735,799 | ) | ||
Net
unrealized appreciation
|
60,204,301
|
|||
Undistributed
ordinary income
|
1,876,229
|
|||
Undistributed
long-term capital gain
|
87,549
|
|||
Total
distributable earnings
|
1,963,778
|
|||
Net
unrealized appreciation on
|
||||
foreign
currency transactions
|
5,028
|
|||
Post-October
currency loss
|
(50,893 | ) | ||
Total
accumulated gains
|
$ |
62,122,214
|
(a)
|
At
June 30, 2007 , the basis of investments for federal income purposes
was
the same as their cost for financial reporting
purposes.
|
REPORT
OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING
FIRM
|
TRUSTEES
AND EXECUTIVE
OFFICERS
(Unaudited)
|
Number
|
||||||||||
of
Portfolios
|
||||||||||
Term
of
|
Principal
|
in
Fund
|
||||||||
Position
|
Office
and
|
Occupation
|
Complex
(2)
|
Other
|
||||||
Name,
Address
|
with
the
|
Length
of
|
During
Past
|
Overseen
by
|
Directorships
|
|||||
and
Age
|
Trust
(1)
|
Time
Served
|
Five
Years
|
Trustees
|
Held
|
|||||
Independent
Trustees of the Trust
|
||||||||||
Dorothy
A. Berry
|
Chairman
|
Indefinite
|
President,
Talon Industries,
|
1
|
Allegiant
|
|||||
(born
1943)
|
and
|
Term;
|
Inc.
(administrative,
|
Funds.
|
||||||
2020
E. Financial Way
|
Trustee
|
Since
|
management
and business
|
|||||||
Suite
100
|
May
1991.
|
consulting);
formerly,
|
||||||||
Glendora,
CA 91741
|
Chief
Operating Officer,
|
|||||||||
Integrated
Asset
|
||||||||||
Management
(investment
|
||||||||||
advisor
and manager) and
|
||||||||||
formerly,
President, Value
|
||||||||||
Line,
Inc. (investment
|
||||||||||
advisory
and financial
|
||||||||||
publishing
firm).
|
||||||||||
Wallace
L. Cook
|
Trustee
|
Indefinite
|
Investment
Consultant;
|
1
|
The
Dana
|
|||||
(born
1939)
|
Term;
|
formerly,
Chief Executive
|
Foundation;
|
|||||||
2020
E. Financial Way
|
Since
|
Officer,
Rockefeller Trust
|
The
|
|||||||
Suite
100
|
May
1991.
|
Co.,
prior thereto Senior
|
University
|
|||||||
Glendora,
CA 91741
|
Vice
President; formerly,
|
of
Virginia
|
||||||||
Senior
Vice President,
|
Law
School
|
|||||||||
Norton
Simon, Inc.
|
Foundation.
|
|||||||||
Carl
A. Froebel
|
Trustee
|
Indefinite
|
Owner,
Golf Adventures,
|
1
|
None.
|
|||||
(born
1938)
|
Term;
|
LLC,
(Vacation Services),
|
||||||||
2020
E. Financial Way
|
Since
|
formerly,
President and
|
||||||||
Suite
100
|
May
1991.
|
Founder,
National Investor
|
||||||||
Glendora,
CA 91741
|
Data
Services, Inc.
|
|||||||||
(investment
related
|
||||||||||
computer
software).
|
TRUSTEES
AND EXECUTIVE
OFFICERS
(Unaudited), Continued
|
Number
|
||||||||||
of
Portfolios
|
||||||||||
Term
of
|
Principal
|
in
Fund
|
||||||||
Position
|
Office
and
|
Occupation
|
Complex
(2)
|
Other
|
||||||
Name,
Address
|
with
the
|
Length
of
|
During
Past
|
Overseen
by
|
Directorships
|
|||||
and
Age
|
Trust
(1)
|
Time
Served
|
Five
Years
|
Trustees
|
Held
|
|||||
Steven
J. Paggioli
|
Trustee
|
Indefinite
|
Consultant
since July
|
1
|
Trustee,
|
|||||
(born
1950)
|
Term;
|
2001;
formerly, Executive
|
Managers
|
|||||||
2020
E. Financial Way
|
Since
|
Vice
President, Investment
|
Funds;
|
|||||||
Suite
100
|
May
1991.
|
Company
Administration,
|
Trustee,
|
|||||||
Glendora,
CA 91741
|
LLC
(“ICA”) (mutual fund
|
Managers
|
||||||||
administrator).
|
AMG
Funds.
|
|||||||||
Officers
of the Trust
|
||||||||||
Robert
M. Slotky
|
President
|
Indefinite
|
Vice
President, U.S.
|
1
|
Not
|
|||||
(born
1947)
|
Term;
Since
|
Bancorp
Fund Services,
|
Applicable.
|
|||||||
2020
E. Financial Way
|
August
2002.
|
LLC
since July 2001;
|
||||||||
Suite
100
|
Chief
|
Indefinite
|
formerly,
Senior Vice
|
|||||||
Glendora,
CA 91741
|
Compliance
|
Term;
Since
|
President,
ICA (May
|
|||||||
Officer
|
September
|
1997-July
2001).
|
||||||||
2004
|
||||||||||
Anti-
|
Indefinite
|
|||||||||
Money
|
Term;
Since
|
|||||||||
Laundering
|
December
|
|||||||||
Officer
|
2005
|
|||||||||
Eric
W. Falkeis
|
Treasurer
|
Indefinite
|
Chief
Financial Officer,
|
1
|
Not
|
|||||
(born
1973)
|
Term;
|
U.S.
Bancorp Fund Services,
|
Applicable.
|
|||||||
615
East Michigan St.
|
Since
|
LLC,
since April 2006; Vice
|
||||||||
Milwaukee,
WI 53202
|
August
2002.
|
President,
U.S. Bancorp
|
||||||||
Fund
Services, LLC since
|
||||||||||
1997;
formerly, Chief
|
||||||||||
Financial
Officer, Quasar
|
||||||||||
Distributors,
LLC
|
||||||||||
(2000-2003).
|
||||||||||
Angela
L. Pingel
|
Secretary
|
Indefinite
|
Counsel,
U.S. Bancorp
|
1
|
Not
|
|||||
(born
1971)
|
Term;
|
Fund
Services LLC since
|
Applicable.
|
|||||||
615
East Michigan St.
|
Since
|
2004;
formerly, Associate,
|
||||||||
Milwaukee,
WI 53202
|
December
|
Krukowski
& Costello,
|
||||||||
2005.
|
S.C.,
(2002-2004); formerly,
|
|||||||||
Vice
President – Investment
|
||||||||||
Operations,
Heartland
|
||||||||||
Advisors,
Inc. (1994-2002).
|
(1)
|
The
Trustees of the Trust are not “interested persons” of the Trust as defined
under the 1940 Act (“Independent Trustee”).
|
(2)
|
The
Trust is comprised of numerous series managed by unaffiliated investment
advisors. The term “Fund Complex” applies only to the
Fund. The Fund does not hold itself out as related to any other
series within the Trust for purposes of investment and investor services,
nor does it share the same investment advisor with any other
series.
|
FEDERAL
TAX INFORMATION
(Unaudited)
|
Gross
|
Taxes
|
Gross
|
Taxes
|
||||
Dividend
|
Withheld
|
Dividend
|
Withheld
|
||||
Country
|
Per
Share
|
Per
Share
|
Country
|
Per
Share
|
Per
Share
|
||
Austria
|
0.0061
|
0.0009
|
Italy
|
0.0123
|
0.0033
|
||
Belgium
|
0.0133
|
0.0020
|
Japan
|
0.0286
|
0.0020
|
||
Canada
|
0.0003
|
0.0000
|
Netherlands
|
0.0109
|
0.0016
|
||
Denmark
|
0.0126
|
0.0022
|
Norway
|
0.0074
|
0.0011
|
||
Finland
|
0.0272
|
0.0042
|
Spain
|
0.0032
|
0.0006
|
||
France
|
0.0176
|
0.0026
|
Switzerland
|
0.0411
|
0.0097
|
||
Germany
|
0.0559
|
0.0085
|
Sweden
|
0.1546
|
0.0486
|
INFORMATION
ABOUT THE
PORTFOLIO HOLDINGS
(Unaudited)
|
INFORMATION
ABOUT PROXY
VOTING
(Unaudited)
|
INFORMATION
ABOUT
HOUSEHOLDING
|
FYE 6/30/2007
|
FYE 6/30/2006
|
|
Audit
Fees
|
$17,000
|
$16,000
|
Audit-Related
Fees
|
N/A
|
N/A
|
Tax
Fees
|
$2,000
|
$2,000
|
All
Other Fees
|
N/A
|
N/A
|
Non-Audit
Related Fees
|
FYE 6/30/2007
|
FYE 6/30/2006
|
Registrant
|
N/A
|
N/A
|
Registrant’s
Investment Adviser
|
N/A
|
N/A
|
(a)
|
The
Registrant’s President and Treasurer have reviewed the Registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940 (the “Act”)) as of a date within 90
days of the filing of this report, as required by Rule 30a-3(b) under
the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934. Based on their review, such officers have
concluded that the disclosure controls and procedures are effective
in
ensuring that information required to be disclosed in this report
is
appropriately recorded, processed, summarized and reported and made
known
to them by others within the Registrant and by the Registrant’s service
provider.
|
(b)
|
There
were no significant changes in the Registrant's internal controls
over
financial reporting that occurred during the Registrant's last fiscal
half-year that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial
reporting.
|
(a)
|
(1)
Any code of ethics or amendment thereto, that is subject of
the
disclosure required by Item 2, to the extent that the registrant
intends to satisfy Item 2 requirements through filing an exhibit.
Filed herewith.
|
(b)
|
Certification
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
Furnished
herewith.
|
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