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| Name | Symbol | Market | Type |
|---|---|---|---|
| AABDX | EU:AABDX | Euronext | Equity Warrant |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.63 | -0.92% | 176.15 | 176.14 | 157.00 | 176.84 | 175.97 | 176.64 | 0 | 16:29:47 |
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![[GRAPHIC MISSING]](http://content.edgar-online.com/edgar_conv_img/2013/06/04/0001144204-13-033105_LOGO_AMERICANBEACON-SUMM.JPG){kind=tracking}
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American Beacon International Equity Fund SM |
Ticker Symbol:
A: AIEAX C: AILCX Y: ABEYX Advisor: AAISX Institutional: AAIEX Investor: AAIPX Retirement: ABIRX |
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| SUMMARY PROSPECTUS | FEBRUARY 28, 2013 (supplemented June 3, 2013) |
Before you invest, you may want to review the Fund’s 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, 2013 and most recently supplemented June 3, 2013, are incorporated by reference into this summary prospectus. You can find the Fund’s 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 Fund’s investment objective is long-term capital appreciation.
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in the A Class shares of the American Beacon Funds. More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on page 86 of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page 100 of the statement of additional information.
Shareholder Fees
(fees paid directly from your investment)
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| Share classes | ||||||||||||||||||||||||||||
| A | C | Y | Advisor | Institutional | Investor | Retirement | ||||||||||||||||||||||
| Maximum sales charge imposed on purchases (as a percentage of offering price) | 5.75% | None | None | None | None | None | None | |||||||||||||||||||||
| Maximum deferred sales charge load (as a percentage of the lower of original offering price or redemption proceeds) | None | 1.00% | None | None | None | None | None | |||||||||||||||||||||
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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| Share classes | ||||||||||||||||||||||||||||
| A | C | Y | Advisor | Institutional | Investor | Retirement | ||||||||||||||||||||||
| Management fees | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% | |||||||||||||||||||||
| Distribution and/or service (12b-1) fees | 0.25% | 1.00% | 0.00% | 0.25% | 0.00% | 0.00% | 0.50% | |||||||||||||||||||||
| Other expenses | 0.72% | 0.80% | 0.48% | 0.74% | 0.40% | 0.77% | 5.58% | |||||||||||||||||||||
| Acquired Fund Fees and Expenses | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | |||||||||||||||||||||
| Total annual fund operating expenses 1 | 1.30% | 2.13% | 0.81% | 1.32% | 0.73% | 1.10% | 6.41% | |||||||||||||||||||||
| Expense Reduction and Reimbursement | 0.04% | 0.13% | 0.07% | 4.93% | ||||||||||||||||||||||||
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Total annual fund operating expenses after expense
reduction and reimbursement 2 |
1.26% | 2.00% | 1.25% | 1.48% | ||||||||||||||||||||||||
| 1 | The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund’s Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. |
| 2 | The Manager has contractually agreed to reduce and/or reimburse the A Class, C Class Advisor Class and Retirement Class of the Fund for Other Expenses, as applicable, through February 28, 2014 to the extent that Total Annual Fund Operating Expenses exceed 1.25% for the A Class, 1.99% for the C Class, 1.24% for the Advisor Class and 1.47% for the Retirement Class (excluding taxes, brokerage commissions, acquired fund fees and expenses and other extraordinary expenses such as litigation). The contractual expense arrangement can be changed by approval of a majority of the Fund’s Board of Trustees. The Manager can be reimbursed by the Fund for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years after the Manager’s own reduction or reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the percentage limit contractually agreed. |
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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
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| Share classes | 1 year | 3 years | 5 years | 10 years | ||||||||||||
| A | $ | 696 | $ | 959 | $ | 1,242 | $ | 2,048 | ||||||||
| C | $ | 303 | $ | 655 | $ | 1,133 | $ | 2,452 | ||||||||
| Y | $ | 83 | $ | 259 | $ | 450 | $ | 1,003 | ||||||||
| Advisor | $ | 127 | $ | 411 | $ | 716 | $ | 1,583 | ||||||||
| Institutional | $ | 75 | $ | 234 | $ | 407 | $ | 908 | ||||||||
| Investor | $ | 112 | $ | 350 | $ | 607 | $ | 1,341 | ||||||||
| Retirement | $ | 151 | $ | 1,460 | $ | 2,731 | $ | 5,758 | ||||||||
Assuming no redemption of shares:
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| Share class | 1 year | 3 years | 5 years | 10 years | ||||||||||||
| C | $ | 203 | $ | 655 | $ | 1,133 | $ | 2,452 | ||||||||
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 Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 60% of the average value of its portfolio.
Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in common stocks and securities convertible into common stocks (collectively, “stocks”) of issuers based in at least three different countries located outside the United States. The Fund will primarily invest in countries comprising the Morgan Stanley Capital International® Europe Australasia Far East Index (“MSCI EAFE Index”). The MSCI EAFE Index is comprised of equity securities of companies from various industrial sectors whose
| Summary Prospectus | February 28, 2013 | 1 | American Beacon International Equity Fund |
primary trading markets are located outside the United States. Companies included in the MSCI EAFE Index are selected from among the larger capitalization companies in these markets. The Fund may invest in companies of all market capitalizations. The Fund may use futures contracts and foreign currency forward contracts, including non-deliverable forwards (“NDFs”) contracts, as a hedge against foreign currency fluctuations.
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 sub-advisors select stocks that, in their opinion, have most or all of the following characteristics (relative to that stock’s country, sector or industry):
| ‣ | above-average return on equity or earnings growth potential, |
| ‣ | below-average price to earnings or price to cash flow ratio, |
| ‣ | below-average price to book value ratio, and |
| ‣ | above-average dividend yields. |
The sub-advisors may consider potential changes in currency exchange rates when choosing stocks. Each of the 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. A sub-advisor may trade forward foreign currency contracts, including NDF contracts, or currency futures in an attempt to reduce the Fund’s risk exposure to adverse fluctuations in currency exchange rates.
The Fund may invest cash balances in money market funds and may purchase and sell futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation of liquidity needs.
The Fund may lend its securities to broker-dealers and other institutions to earn additional income.
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 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:
Foreign currencies may decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.
Equity securities generally are subject to market risk. The Fund’s investments in equity securities may include common stocks and securities convertible into or exchangeable for common stocks. Investing in such securities may expose the Fund to additional risk.
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 movement in interest rates. In addition, convertible securities are subject to risk that the credit standing of the issuer may have an effect on the security’s investment value.
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; (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies; and (7) delays in transaction settlement in some foreign markets.
Futures contracts and foreign currency forward contracts, including NDFs, are derivative instruments 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 or to buy or sell a specific currency at a future date at a price set at the time of the contract. The use of such derivative instruments may expose the Fund to additional risks that it would not be subject to if they invested directly in the securities underlying those derivatives. Futures contracts may experience potentially dramatic price changes (losses) and imperfect correlations between the price of the contract and the underlying security, index or currency which will increase the volatility of the Fund and may involve a small investment of cash relative to the magnitude of the risk assumed. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.
Gains or losses from positions in hedging instruments may be much greater than the instrument’s original cost. The counterparty may be unable to honor its financial obligation to a Fund. In addition, the Manager or a sub-advisor may be unable to close the transaction at the time it would like or at the price it believes the security is currently worth.
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.
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 issuer’s 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.
| Summary Prospectus | February 28, 2013 | 2 | American Beacon International Equity 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 a Fund’s shares. Equity investments are subject to stock market risk, which involves the possibility that the value of the Fund’s investments in stocks of a particular country will decline due to drops in the stock market due to general market, regulatory, political and economic conditions. From time to time, certain investments held by the Fund may have limited marketability and may be difficult to sell at favorable times or prices. 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.
Because the Fund invests in foreign securities, it is particularly subject to the risk of market timing activities. The Fund generally prices foreign securities using their closing prices from the foreign markets in which they trade, typically prior to the Fund’s determination of its net asset value. These prices may be affected by events that occur after the close of a foreign market but before the Fund prices its shares. In such instances, the Fund may fair value foreign securities. However, some investors may engage in frequent short-term trading in the Fund to take advantage of any price differentials that may be reflected in the net asset value of the Fund’s shares. There is no assurance that fair valuation of securities can reduce or eliminate market timing. While the Manager monitors trading in Fund shares, there is no guarantee that it can detect all market timing activities.
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 Fund’s direct fees and expenses and will be subject to the risks associated with investments in those funds.
To the extent the Fund lends its securities, it may be subject to the following risks. Borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities. The securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions.
Securities selected by the Manager or a sub-advisor for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar investment objectives.
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 Fund’s 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 Fund’s performance has varied from year to year. The table shows how the Fund’s performance compares to a broad-based market index and the Lipper® International Funds Index, a composite of mutual funds comparable to the Fund.
The chart and the table show the performance of the Fund’s Investor Class shares for all periods. The Fund began offering Institutional Class shares on August 7, 1991, Investor Class shares on August 1, 1994, Advisor Class shares on May 1, 2003, Retirement Class Shares on May 1, 2009, Y Class shares on August 3, 2009, A Class shares on May 17, 2010 and C Class shares on September 1, 2010. In the table below, the performance of the Investor Class is shown for the Advisor Class, A Class and C Class shares and the performance of the Institutional Class is shown for Y Class shares prior to the dates that such newer share classes were first offered. For Retirement Class shares, performance results before May 1, 2003 are for Investor Class shares and performance results from May 1, 2003 to May 1, 2009 are for Advisor Class shares. In each case, the older share classes would have had similar annual returns to the newer share classes because the shares are invested in the same portfolio securities. However, because the older classes had lower expenses, their performance was better than the newer classes would have realized in the same period. You may obtain updated performance information on the Fund’s 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.
Calendar year total returns for Investor Class shares
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| 1 | The bar chart previously reflected the performance of the Fund's Institutional Class shares. The bar chart currently shows the performance of the Fund's Investor Class shares for consistency with disclosures included in the Fund's annual report to shareholders for the period ended October 31, 2012. |
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Highest Quarterly Return:
(1/1/03 through 12/31/12) |
24.81%
(2nd Quarter 2009) |
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Lowest Quarterly Return:
(1/1/03 through 12/31/12) |
-21.72%
(3rd Quarter 2011) |
| Summary Prospectus | February 28, 2013 | 3 | American Beacon International Equity Fund |
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| Share class (before taxes) | Inception Date of Class | 1 Year | 5 Years | 10 Years | ||||||||||||
| A | 5/17/2010 | 13.90 | % | -3.95 | % | 8.16 | % | |||||||||
| C | 9/1/2010 | 19.05 | % | -3.16 | % | 8.60 | % | |||||||||
| Y | 8/3/2009 | 21.47 | % | -2.45 | % | 9.11 | % | |||||||||
| Advisor | 5/1/2003 | 20.90 | % | -2.97 | % | 8.57 | % | |||||||||
| Institutional | 8/7/1991 | 21.51 | % | -2.41 | % | 9.13 | % | |||||||||
| Retirement | 5/1/2009 | 20.76 | % | -3.04 | % | 8.53 | % | |||||||||
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| Indices (reflects no deduction for fees, expenses or taxes) | 1 Year | 5 Years | 10 Years | |||||||||
| MCSI EAFE Index | 17.32 | % | -3.69 | % | 8.21 | % | ||||||
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Lipper International
Funds Index |
19.70 | % | -2.81 | % | 8.81 | % | ||||||
| 1 | After-tax returns are shown only for Investor Class shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the 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 an investor’s tax situation and may differ from those shown. If you hold your Fund shares through a tax-deferred arrangement, such as an IRA or a 401(k), the after-tax returns do not apply to your situation. The return after taxes on distribution and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. |
| 2 | The table previously reflected the after-tax return of the Fund's Institutional Class shares. The table currently shows the after-tax return of the Fund's Investor Class shares for consistency with disclosures included in the Fund's annual report to shareholders for the period ended October 31, 2012. |
The Fund has retained American Beacon Advisors, Inc. to serve as its Manager.
The Fund’s assets are currently allocated among the following investment sub-advisors:
| ‣ | Causeway Capital Management LLC |
| ‣ | Lazard Asset Management LLC |
| ‣ | Templeton Investment Counsel, LLC |
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American Beacon Advisors, Inc.
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Gene L. Needles, Jr.
President & Chief Executive Officer |
Since 2012 | |
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Wyatt L. Crumpler
Chief Investment Officer |
Since 2007 | |
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Kirk L. Brown
Senior Portfolio Manager |
Since 1994 | |
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Templeton Investment Counsel, LLC
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Cindy L. Sweeting
Executive Vice President, Director of Portfolio Management and Portfolio Manager Templeton Global Equity Group |
Since 2012 | |
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Antonio T. Docal
Executive Vice President and Portfolio Manager Templeton Global Equity Group |
Since 2012 | |
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. You may purchase, redeem or exchange Institutional Class, Investor Class, Advisor Class, Retirement Class and Y Class shares directly from the Fund 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. You also may purchase, redeem or exchange all classes of shares offered in this prospectus through a broker-dealer or other financial intermediary. The minimum initial purchase into the Fund is $250,000 for Institutional Class shares, $100,000 for Y Class shares, $2,500 for A Class, Advisor Class, Retirement Class and Investor Class shares, and $1,000 for C Class shares. The minimum subsequent investment by wire is $500 for A Class, C Class and Investor Class shares. No minimums apply to subsequent investments by wire for other classes of shares. For all classes, the minimum subsequent investment is $50 if the investment is made by ACH, check or exchange.
Dividends and capital gain distributions, if any, which you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes, unless your account is tax-exempt or tax deferred (in which case you may be taxed later, upon the withdrawal of your investment from such account).
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund’s distributor or the Manager may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary’s website for more information.
| Summary Prospectus | February 28, 2013 | 4 | American Beacon International Equity Fund |
1 Year AABDX Chart |
1 Month AABDX Chart |
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