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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stellar Biotechnologies, Inc. (MM) | NASDAQ:SBOT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.05 | 1.06 | 1.08 | 0 | 01:00:00 |
American Beacon Balanced Fund |
Ticker Symbol:
AMR Class: AABNX |
SUMMARY PROSPECTUS | FEBRUARY 28, 2014 |
Before you invest, you may want to review the Funds prospectus and statement of additional information, which contain more information about the Fund and its risks. The current prospectus and statement of additional information dated February 28, 2014, are incorporated by reference into this summary prospectus. You can find the Funds prospectus, statement of additional information and other information about the Fund online at www.americanbeaconfunds.com/resource_center/MutualFundForms.aspx. You can also get this information at no cost by calling 800-658-5811 or by sending an email request to americanbeaconfunds@ambeacon.com.
The Funds investment objective is income and capital appreciation.
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Share
class |
||||
AMR | ||||
Management fees | 0.22% | |||
Distribution and/or service (12b-1) fees | 0.00% | |||
Other Expenses | 0.11% | |||
Acquired Fund Fees and Expenses | 0.01% | |||
Total Annual Fund Operating Expenses 1 | 0.34 | % |
1 | The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Funds Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. |
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Share Class | 1 year | 3 years | 5 years | 10 years | ||||||||||||
AMR | $35 | $109 | $191 | $431 |
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 56% of the average value of its portfolio.
Under normal circumstances, between 50% and 70% of the Funds total assets are invested in equity securities and between 30% and 50% of the Funds total assets are invested in debt securities.
The Funds equity investments may include common stocks, preferred stocks, securities convertible into common stocks, real estate investment trusts (REITs), American Depositary Receipts (ADRs) and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively referred to as stocks). The Fund may invest in companies of all market capitalizations.
The Manager allocates the assets of the Fund among different sub-advisors. The Manager believes that this strategy may help the Fund outperform other investment styles over the longer term while reducing volatility and downside risk.
The Funds sub-advisors select stocks that, in their opinion, have most or all of the following characteristics (relative to the S&P 500 ® Index):
‣ | above-average earnings growth potential, |
‣ | below-average price to earnings ratio, |
‣ | below-average price to book value ratio, and |
‣ | above-average dividend yields. |
Each of the Funds sub-advisors determines the earnings growth prospects of companies based upon a combination of internal and external research using fundamental analysis and considering changing economic trends. The decision to sell a stock is typically based on the belief that the company is no longer considered undervalued or shows deteriorating fundamentals, or that better investment opportunities exist in other stocks.
The Funds debt securities may include: obligations of the U.S. Government, its agencies and instrumentalities, including U.S. Government-sponsored enterprises (some of which are not backed by the full faith and credit of the U.S. Government); U.S. and U.S. dollar-denominated foreign corporate debt securities, such as notes and bonds, mortgage-backed securities; asset-backed securities; master-demand notes and other debt securities. The Fund will only buy debt securities that are deemed by the Manager or sub-advisors, as applicable, to be investment grade at the time of the purchase. If an investment held by the Fund is downgraded below investment grade, the Manager or sub-advisors, as applicable will take action that they believe to be advantageous to the Fund. The Fund has no limitations regarding the durations of the debt securities it can buy.
In determining which debt securities to buy and sell, the Manager and the sub-advisors generally use a top-down or bottom-up investment strategy, or a combination of both strategies. The top-down fixed-income investment strategy is implemented as follows:
| Develop an overall investment strategy, including a portfolio duration target, by examining the current trends in the U.S. economy. |
| Set desired portfolio duration structure by comparing the differences between corporate and U.S. Government securities of similar duration to judge their potential for optimal return in accordance with the target duration benchmark. |
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| Determine the weightings of each security type by analyzing the difference in yield spreads between corporate and U.S. Government securities. |
| Select specific debt securities within each security type. |
| Review and monitor portfolio composition for changes in credit, risk-return profile and comparisons with benchmarks. |
The bottom-up fixed-income investment strategy is implemented as follows:
| Search for eligible securities with a yield to maturity advantage versus a U.S. Government security with a similar duration. |
| Evaluate credit quality of the securities. |
| Perform an analysis of the expected price volatility of the securities to changes in interest rates by examining actual price volatility between U.S. Government and non-U.S. Government securities. |
The Fund may invest cash balances in other investment companies and may purchase and sell futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation of liquidity needs.
There is no assurance that the Fund will achieve its investment objective and you could lose part or all of your investment in the Fund. The Fund is not designed for investors who need an assured level of current income and is intended to be a long-term investment. The Fund is not a complete investment program and may not be appropriate for all investors. Investors should carefully consider their own investment goals and risk tolerance before investing in the Fund. The principal risks of investing in the Fund are:
Investments in asset-backed and mortgage related securities are subject to market risks for fixed-income securities which include, but are not limited to, interest rate risk, extension risk and prepayment risk.
The Fund is subject to the risk that the issuer or guarantor of a debt security will fail to make timely payment of interest or principal. A decline in the credit rating of an individual security held by the Fund may have an adverse impact on its price. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuers ability to make timely payments on its obligations.
Equity securities are subject to market risk. The Funds investments in equity securities may include U.S. and non-U.S. common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, REITs, ADRs and U.S. dollar denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Fund to additional risks.
Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates.
In addition, convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities investment value. Investments in ADRs and U.S. dollar denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities. REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values.
The Fund may invest in securities issued by foreign companies through ADRs and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. ADRs are subject to many of the risks inherent in investing in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular ADR or foreign stock. The Fund may also invest in U.S. dollar-denominated bonds issued by foreign companies or foreign governments. Non U.S. investments carry potential risks not associated with U.S. investments. Such risks include, but are not limited to: (1) currency exchange rate fluctuations, (2) political and financial instability, (3) less liquidity and greater volatility, (4) lack of uniform accounting, auditing and financial reporting standards; (5) increased price volatility; and (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies.
Futures contracts are derivative investments pursuant to a contract with a counterparty to pay a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. Futures contracts may experience dramatic price changes (losses) and imperfect correlation between the price of the contract and the underlying security or index, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin)relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). There can be no assurance that any strategy used will succeed.
There may not be a liquid secondary market for the futures contract. When the Fund purchases or sells a futures contract, it is subject to daily variation margin calls that could be substantial in the event of adverse price movements. If the Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.
Securities held by the Fund that are issued by government-sponsored enterprises, such as the Federal Home Loan Bank (FHLB), Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Farm Credit Banks and the Tennessee Valley Authority are not guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. Government. They are also subject to credit risk and interest rate risk.
The Fund is subject to the risk that the market value of fixed income securities it holds will decline due to rising interest rates. When interest rates rise, the prices of most fixed income securities go down. As of the date of this Prospectus, interest rates are at or near historic lows, which may increase the Funds exposure to the risks associated with rising interest rates. The price of fixed income securities is also affected by their duration. Fixed income securities with longer duration generally have greater sensitivity to changes in interest rates.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.
2
The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuers goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.
The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.
Turbulence in financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect many issuers worldwide which could adversely affect the Fund.
Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Funds shares. The Funds equity investments are subject to stock market risk, which involves the possibility that the value of the Funds investments in stocks will decline due to drops in the stock market. The Funds fixed-income investments are subject to the risk that the lack of liquidity or other adverse credit market conditions may hamper the Funds ability to purchase and sell the securities. Events in the fixed income markets may lead to periods of volatility, unusual liquidity issues and, in some cases, credit downgrades and increased likelihood of default. Such events may cause the value of securities owned by the Fund to go up or down, sometimes rapidly or unpredictably, and may lead to increased redemptions, which could cause the Fund to experience a loss when selling securities to meet redemption requests by shareholders. If the Fund is forced to sell such holdings to meet redemption requests or other cash needs, the Fund may have to sell them at a loss. From time to time, certain investments held by the Fund may have limited marketability or contractual limitations on their resale and may be difficult to sell at favorable times or prices.
The Fund may invest in shares of other registered investment companies, including open end funds and money market funds. To the extent that the Fund invests in shares of other registered investment companies, you will indirectly bear fees and expenses charged by the underlying funds in addition to the Funds direct fees and expenses and will be subject to the risks associated with investments in those funds.
The Funds investments in asset-backed and mortgage-backed securities are subject to the risk that the principal amount of the underlying collateral may be repaid prior to the bonds maturity date. If this occurs, no additional interest will be paid on the investment and the Fund may have to invest at a lower rate. Conversely, a decrease in expected prepayments may result in the extension of a securitys effective duration and a decline in its price.
Securities selected by a sub-advisor or the Manager for the Fund may not perform to expectations. This could result in the Funds underperformance compared to other funds with similar investment objectives.
Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization and more established companies. Since small and medium-sized companies may have limited operating history, product lines, and financial resources, the securities of these companies may lack sufficient market liquidity, and they can be particularly sensitive to expected changes in interest rates, borrowing costs and earnings.
A security backed by the U.S. Treasury or the full faith and credit of the United States is only guaranteed by the applicable entity only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. In addition, because many types of U.S. Government securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. Like all bonds, U.S. Government bonds are also subject to credit risk and interest rate risk.
Value stocks are subject to the risk that their intrinsic value may never be realized by the market or that their prices may go down. While the Funds investments in value stocks may limit its downside risk over time, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
The bar chart and table below provide an indication of risk by showing how the Funds performance has varied from year to year. The table shows how the Funds performance compares to the Russell 1000 ® Value Index, which is the Funds primary benchmark. The table also shows how the Funds returns compare to the Barclays ® Capital U.S. Aggregate Bond Index, which tracks the performance of fixed-rate debt securities. The Balanced Composite Index is composed of the Russell 1000 Value Index (60%) and the Barclays Capital U.S. Aggregate Bond Index (40%) to reflect the Funds allocation of its assets between equity securities and fixed-income securities. The Lipper ® MTAG Funds Index shows how the Funds performance compares to a composite of mutual funds with similar investment objectives. You may obtain updated performance information on the Funds website at www.americanbeaconfunds.com. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Highest Quarterly Return:
(1/1/04 through 12/31/13) |
13.41%
(3rd Quarter 2009) |
|
Lowest Quarterly Return:
(1/1/04 through 12/31/13) |
-11.03%
(4th Quarter 2008) |
3
Average Annual Total Returns | ||||||||||||
For the periods ended December 31, 2013 | ||||||||||||
AMR Class | 1 Year | 5 Years | 10 Years | |||||||||
Return Before Taxes | 21.19% | 13.95% | 7.43% |
Indices | 1 Year | 5 Years | 10 Years | |||||||||
Russell 1000 Value Index (reflects no
deduction for fees, expenses or taxes) |
32.53% | 16.67% | 7.58% | |||||||||
Barclays Capital U.S. Aggregate Bond
Index (reflects no deduction for fees, expenses or taxes) |
-2.02% | 4.44% | 4.55% | |||||||||
Balanced Composite Index (reflects no
deduction for fees, expenses or taxes) |
17.66% | 12.04% | 6.68% | |||||||||
Lipper MTAG Funds Index | 20.33% | 14.09% | 6.76% |
The Fund has retained American Beacon Advisors, Inc. to serve as its Manager.
The Funds assets are currently allocated among the Manager and the following investment sub-advisors:
‣ | Barrow, Hanley, Mewhinney & Strauss, LLC |
‣ | Brandywine Global Investment Management, LLC |
‣ | Hotchkis and Wiley Capital Management, LLC |
American Beacon Advisors, Inc. | ||
Gene L. Needles, Jr.
President & Chief Executive Officer |
Since 2012 | |
Wyatt L. Crumpler
Chief Investment Officer |
Since 2007 | |
Adriana R. Posada
Senior Portfolio Manager |
Since 1998 | |
Samuel Silver
Vice President, Fixed Income Investments |
Since 2014 | |
Patrick A. Sporl
Senior Portfolio Manager |
Since 2001 | |
Erin Higginbotham
Senior Portfolio Manager |
Since 2011 |
Barrow, Hanley, Mewhinney & Strauss, LLC | ||
James P. Barrow
Portfolio Manager/Executive Director |
Since Fund Inception (1987) | |
John S. Williams
Portfolio Manager/Managing Director |
Since Fund Inception (1987) | |
David R. Hardin
Portfolio Manager/Managing Director |
Since Fund Inception (1987) | |
J. Scott McDonald
Portfolio Manager/Managing Director |
Since 1998 | |
Mark C. Luchsinger
Portfolio Manager/Managing Director |
Since 1998 | |
Deborah A. Petruzzelli
Portfolio Manager/Managing Director |
Since 2003 |
Hotchkis and Wiley Capital Management, LLC | ||
George Davis
Principal, Portfolio Manager & Chief Executive Officer |
Since 1988 | |
Judd Peters
Portfolio Manager |
Since 1999 | |
Scott McBride
Portfolio Manager |
Since 2001 |
You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business through your retirement or benefit plan or by calling 1-800-658-5811, writing to the Fund at P.O. Box 219643, Kansas City, MO 64121, or visiting www.americanbeaconfunds.com. For overnight delivery, please mail your request to American Beacon Funds, c/o BFDS, 330 West 9th Street, Kansas City, MO 64105. No minimums apply to subsequent investments and exchanges for Fund shares.
The qualified retirement and benefit plans of the Manager and American Airlines Group Inc. and its affiliates (Plans) pay no federal income tax. Individual participants in the Plans should consult the Plans governing documents and their own tax advisors for information on the tax consequences associated with participating in the Plans.
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1 Year Stellar Biotechnologies Inc. Chart |
1 Month Stellar Biotechnologies Inc. Chart |
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