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SECURITIES AND EXCHANGE COMMISSION FORM N-CSR/A Certified annual shareholder report of registered management investment companies filed on Form N-CSR [amend] Filing Date: 2004-03-15 | Period of Report: 2003-12-31 SEC Accession No. 0000809593-04-000007 (HTML Version on secdatabase.com) FILER AMERICAN AADVANTAGE FUNDS Mailing Address Business Address PO BOX 619003 4151 AMON CARTER BLVD CIK:809593| State of Incorp.:MA | Fiscal Year End: 1031 MD 2450 MD 2450 Type: N-CSR/A | Act: 40 | File No.: 811-04984 | Film No.: 04667422 DFW AIRPORT TX 75261-9003 FORT WORTH TX 76155 8179673509 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR/A Amendment to Form N-CSR Filed on March 10, 2004 CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-4984 AMERICAN AADVANTAGE FUNDS (Exact name of registrant as specified in charter) 4151 Amon Carter Boulevard, MD 2450 Fort Worth, Texas 76155 (Address of principal executive offices)-(Zip code) WILLIAM F. QUINN, PRESIDENT 4151 Amon Carter Boulevard, MD 2450 Fort Worth, Texas 76155 (Name and address of agent for service) Registrant's telephone number, including area code: (817) 967-3509 Date of fiscal year end: December 31, 2003 Date of reporting period: December 31, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. [AMERICAN AADVANTAGE FUNDS LOGO] ---------------------------------------o--------------------------------------- ANNUAL REPORT December 31, 2003 [GRAPHIC] S&P 500 INDEX FUND SMALL CAP INDEX FUND INTERNATIONAL EQUITY INDEX FUND MANAGED BY AMR INVESTMENTS [AA EAGLE] About AMR Investments -------------------------------- AMR Investments is an experienced provider of investment advisory services to institutional and retail markets. We act as manager of the American AAdvantage Funds, a family of diversified mutual funds, and offer customized fixed income portfolio management services. Our clients include defined benefit plans, defined contribution plans, foundations, endowments, corporations, and other institutional investors. Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AMR Investments is a wholly owned subsidiary of AMR Corporation. Incorporated in 1986, we are directly responsible for the investment management and oversight of AMR Corporation's defined benefit and defined contribution plans, as well as its fixed income investments. Any opinions herein, including forecasts, reflect our judgement as of the end of the reporting period and are subject to change. Each adviser's strategies and each Fund's portfolio composition will change depending on economic and market conditions. This report is not a complete analysis of market conditions and therefore, should not be relied upon as investment advice. Although economic and market information has been compiled from reliable sources, AMR Investment Services, Inc. makes no representation as to the completeness or accuracy of the statements contained herein. <Table> <Caption> Contents -------------------------------------------- <S> <C> President's Message..................... 1 Performance Overviews................... 3 American AAdvantage Funds Statements of Assets and Liabilities....................... 8 Statements of Operations............. 9 Statements of Changes in Net Assets.. 10 Notes to Financial Statements........ 11 Financial Highlights................. 16 State Street Equity 500 Index Portfolio Portfolio of Investments............. 23 Statement of Assets and Liabilities.. 29 Statement of Operations.............. 30 Statement of Changes in Net Assets... 31 Financial Highlights................. 32 Notes to Financial Statements........ 33 Master Small Cap Index Series Schedule of Investments.............. 39 Statement of Assets and Liabilities.. 70 Statement of Operations.............. 71 Statement of Changes in Net Assets... 72 Financial Highlights................. 73 Notes to Financial Statements........ 74 Master International Index Series Schedule of Investments.............. 82 Statement of Assets and Liabilities.. 105 Statement of Operations.............. 106 Statement of Changes in Net Assets... 107 Financial Highlights................. 108 Notes to Financial Statements........ 109 Additional Information.....Inside Back Cover </Table> American AAdvantage Funds December 31, 2003 [BILL QUINN PICTURE] FELLOW SHAREHOLDERS: I am pleased to present you with the Annual Report for the index series of the American AAdvantage Funds for the twelve months ended December 31, 2003. During this time, investors experienced both upward and downward market trends while successfully avoiding a fourth consecutive annual decline in the stock market (something that has not occurred since 1932). The reality seems to be that the economic recovery has arrived. The economy had to overcome the war with Iraq, the occupation of Afghanistan, and the SARS outbreak. However, the lowest Fed Funds rate in 45 years at 1.0% improved corporate earnings growth, and was reflected in the markets. Investors welcomed an "upswing" in the market as the major market indices posted significant gains for the fiscal year ended December 31, 2003. The S&P 500 Index reported a gain of 28.68%, the MSCI EAFE Index increased 38.59%, and the Dow Jones Industrial Average was up 28.29%. During the year, the American AAdvantage S&P 500 Index Fund realized an increase of 28.26%, the American AAdvantage Small Cap Index Fund grew by 46.90%, and the American AAdvantage International Equity Index Fund returned 38.87%. Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document As the economy rebounds, the index series of the American AAdvantage Funds will continue to pursue their objective to replicate the returns, before expenses, of each Fund's corresponding Index. Please review the enclosed portfolio listings and detailed financial data. As always, we welcome the opportunity to serve your financial needs. Should you have any questions about the enclosed information, please do not hesitate to contact us at 800-967-9009. You may also access Fund and account information at www.aafunds.com. Thank you for your continued confidence in the American AAdvantage Funds. Sincerely, -s- WILLIAM F. QUINN William F. Quinn, President American AAdvantage Funds 1 (AMERICAN EAGLE LOGO) 2 ECONOMIC OVERVIEW -------------------------------------------------------------------------------- The year 2003 marked the end of the longest and deepest equity bear market since the Great Depression. Punctuated by better-than-expected earnings due to stunning productivity and modest revenue growth, the equity market recorded better-than-consensus returns. After a setback related to the start of war with Iraq, the market did not look back and never had more than a 5% pullback. As is common after a major bear market low, the best performers featured low-quality, high beta and small capitalization issues as well as those with earnings losses and low prices. At its June 25th meeting, the Federal Open Market Committee chose to lower rates to 1.00% from the 1.25% target at which they began 2003. This was the only rate change of the calendar year, as the Committee stated that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity. The S&P 500(R) Index closed at 1,111.92 on December 31st, its high for the year, and returned 28.7% for the twelve month period. While large cap stocks performed very well this year, small cap stocks stole the show. The Russell 2000(R) Index gained a whopping 47.3% for the year due to the exceptional performance of some of the lower quality companies. Within the large caps, value stocks outperformed growth for the year. The S&P 500/BARRA Value Index outperformed the S&P 500/BARRA Growth Index by over 6 percentage points in 2003, returning 31.8% and 25.7%, respectively. However, the reverse was true for small caps as the Russell 2000 Growth Index returned 48.5% while the Russell 2000 Value Index posted a return of 46.0% for the year. Favorable liquidity conditions, stimulative fiscal policy and rising earnings expectations have been responsible for the domestic equity bull market that began in October 2002. The stimulus from falling interest rates and excess liquidity is passing at the same time that the growth baton is being passed from the U.S. consumer to the rest of the U.S. economy and the world. Higher confidence levels regarding sustainability of growth, the waning of deflation fears and a declining dollar are likely to cause rising interest rates. Earnings growth is key for the equity bull market to continue. The year turned out to be a great period for international investors. After a difficult start with a negative first quarter, most investment markets rose for the remainder of 2003. Equities broke their 3-year losing streak, bonds produced another strong year, and commodity prices soared. For the year ended December 31, 2003, the MSCI EAFE Index posted an impressive total return of 38.6%, the first positive calendar year return since 1999. The European markets moved upward over the year with the price returns of the Dow Jones STOXX 50 up 10.5% in Euros and the FTSE up 13.6% in Sterling. In Japan, the Nikkei 225 Index price rose 24.5% in Yen. Over the calendar
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