American
Beacon |
|
Share
Class | ||||||
|
A |
C |
Y |
R6 |
Advisor |
R5 |
Investor |
American
Beacon Balanced Fund |
ABFAX |
ABCCX |
ACBYX |
ABLSX |
AADBX |
AABPX | |
American
Beacon Garcia Hamilton Quality
Bond Fund |
|
|
GHQYX |
GHQRX |
|
GHQIX |
GHQPX |
American
Beacon International Equity Fund |
AIEAX |
AILCX |
ABEYX |
AAERX |
AAISX |
AAIEX |
AAIPX |
American
Beacon Large Cap Value Fund |
ALVAX |
ALVCX |
ABLYX |
AALRX |
AVASX |
AADEX |
AAGPX |
American
Beacon Small Cap Value Fund |
ABSAX |
ASVCX |
ABSYX |
AASRX |
AASSX |
AVFIX |
AVPAX |
Back
Cover |
|
American
Beacon Balanced FundSM |
Share
Class |
A |
C |
Y |
Advisor |
R5 |
Investor |
Maximum
sales charge imposed on purchases (as a percentage of offering
price) |
%
|
|
|
|
|
|
Maximum
deferred sales charge (as a percentage of the lower of original
offering
price or redemption proceeds) |
%
1
|
%
|
|
|
|
|
| ||||||
Share
Class |
A |
C |
Y |
Advisor |
R5 |
Investor |
Management
Fees |
%
|
%
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
%
|
%
|
%
|
Other
Expenses |
%
|
%
|
%
|
%
|
%
|
%
|
Acquired
Fund Fees and Expenses |
%
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses2
|
%
|
%
|
%
|
%
|
%
|
%
|
1 |
2 |
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
A |
$ |
$ |
$ |
$ |
C |
$ |
$ |
$ |
$ |
Y |
$ |
$ |
$ |
$ |
Advisor |
$ |
$ |
$ |
$ |
R5 |
$ |
$ |
$ |
$ |
Investor |
$ |
$ |
$ |
$ |
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
C |
$ |
$ |
$ |
$ |
■ |
above-average
earnings growth
potential, |
■ |
below-average
price to earnings
ratio, |
■ |
below-average
price to book value ratio,
and |
■ |
above-average
dividend yields. |
■ |
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. |
■ |
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. |
■ |
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. |
■ |
Common
Stock Risk.
The value of a company’s common stock may fall as a result of factors
affecting the company, companies in the same industry or sector,
or the financial markets overall. Common stock generally is subordinate to
preferred stock upon the liquidation or bankruptcy of the issuing
company. |
■ |
Depositary
Receipts and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S.
Exchanges Risk.
Depositary receipts 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, including, but not limited
to, currency
exchange rate fluctuations, political and financial instability in the
home country of a particular depositary receipt or foreign stock, less
liquidity, more
volatility, less government regulation and supervision and delays in
transaction
settlement. |
■ |
Master
Limited Partnerships (“MLPs”) Risk.
Investing in MLPs involves certain risks related to investing in the
underlying assets of the MLPs and risks associated
with pooled investment vehicles. Investments held by MLPs may be
relatively illiquid, limiting the MLPs’ ability to change their portfolios
promptly in
response to changes in economic or other conditions. MLPs may have limited
financial resources, their securities may trade infrequently and in
limited volume,
they may be difficult to value, and they may be subject to more abrupt or
erratic price movements than securities of larger or more broadly based
companies.
Holders of units in MLPs have more limited rights to vote on matters
affecting the partnership and may be required to sell their common units
|
at
an undesirable time or price. The Fund’s investments in MLPs will be
limited to no more than 25% of its assets in order for the Fund to meet
the requirements
necessary to qualify as a “regulated investment company” under the
Internal Revenue Code of 1986, as amended (“Internal Revenue
Code”). |
■ |
Real
Estate Investment Trusts (“REITs”) Risk.
Investments in REITs are subject to the risks associated with investing in
the real estate industry, including, among
other risks: adverse developments affecting the real estate industry;
declines in real property values; changes in interest rates; defaults by
mortgagors
or other borrowers and tenants; lack of availability of mortgage funds or
financing; extended vacancies of properties, especially during
economic
downturns; casualty or condemnation losses; regulatory
limitations on rents and operating expenses; and other
governmental actions, such as changes
to tax laws, zoning regulations or environmental regulations. REITs also
are dependent upon the skills of their managers and are subject to heavy
cash
flow dependency or self-liquidation. Regardless of where a REIT is
organized or traded, its performance may be affected significantly by
events in the region
where its properties are located. REITs
may not be diversified geographically or by property or tenant type.
Domestic
REITs could be adversely affected by
failure to qualify for tax-free “pass-through” of distributed net income
and net realized gains under the Internal Revenue Code of 1986, as amended
(“Internal
Revenue Code”), or to maintain their exemption from registration under the
Investment Company Act of 1940, as amended (“Investment Company
Act”).
REITs typically incur fees that are separate from those incurred by the
Fund. Accordingly, the Fund’s investment in REITs will result in the
layering
of expenses such that shareholders will indirectly bear a proportionate
share of the REITs’ operating expenses, in addition to paying Fund
expenses. The
value of REIT common stock may decline when interest rates rise. REITs
tend to be small- to mid-capitalization securities and, as such, are
subject to the risks
of investing in small- to mid-capitalization securities. |
■ |
Recent
Market Events Risk.
Both U.S. and international markets have experienced significant
volatility in recent months and years. As a result of such volatility,
investment returns may fluctuate significantly. Moreover, the risks
discussed herein associated with an investment in the Fund may be
increased. |
Although
interest rates were unusually low in recent years in the U.S. and
abroad, in 2022, the Federal Reserve and certain foreign central banks
began to raise
interest rates as part of their efforts to address rising inflation. It is
difficult to accurately predict the pace at which interest rates may
continue to increase,
the timing, frequency or magnitude of any such increases, or when such
increases might stop. Additionally, various economic and political factors
could
cause the Federal Reserve or another foreign central bank to change their
approach in the future and such actions may result in an economic
slowdown
in the U.S. and abroad. Unexpected increases in interest rates could lead
to market volatility or reduce liquidity in certain sectors of the market.
Deteriorating
economic fundamentals may, in turn, increase the risk of default or
insolvency of particular issuers, negatively impact market value, cause
credit
spreads to widen, and reduce bank balance sheets. Any of these could cause
an increase in market volatility, reduce liquidity across various markets
or
decrease confidence in the markets. Additionally, high public debt in the
U.S. and other countries creates ongoing systemic and market risks and
policymaking
uncertainty. |
In
March 2023, the shutdown of certain financial institutions in
the U.S. and questions regarding the viability of other financial
institutions raised economic concerns
over disruption in the U.S. and global banking systems. There can be no
certainty that the actions taken by the U.S. or foreign governments will
be
effective in mitigating the effects of financial institution failures on
the economy and restoring public confidence in the U.S. and global banking
systems. |
Some
countries, including the U.S., have in recent years adopted more
protectionist trade policies. Slowing global economic growth; risks
associated with a trade
agreement between the United Kingdom and the European Union; the risks
associated with ongoing trade negotiations with China; and the
possibility
of changes to some international trade agreements; political or economic
dysfunction within some nations, including major producers of oil; and
dramatic
changes in commodity and currency prices could have adverse effects that
cannot be foreseen at the present
time. |
Tensions,
war, or open conflict between nations, such as between Russia and Ukraine,
in the Middle East or in eastern Asia could affect the economies of
many
nations, including the United States. The duration of ongoing hostilities
in the Middle East and between Russia and Ukraine, and any sanctions and
related
events cannot be predicted. Those events present material uncertainty and
risk with respect to markets globally and the performance of the Fund
and
its investments or operations could be negatively
impacted. |
Regulators
in the U.S. have proposed and recently adopted a number of changes
to regulations involving the markets and issuers, some of which apply to
the
Fund. The full effect of various newly-adopted regulations is not
currently known. Additionally, it is not clear whether the proposed
regulations will be adopted.
However, due to the broad scope of the new and proposed regulations,
certain changes could limit the Fund’s ability to pursue its investment
strategies
or make certain investments, or may make it more costly for the Fund to
operate, which may impact
performance. |
Economists
and others have expressed increasing concern about the potential effects
of global climate change on property and security values. Certain
issuers,
industries and regions may be adversely affected by the impacts of climate
change, including on the demand for and the development of goods and
services
and related production costs, and the impacts of legislation, regulation
and international accords related to climate change, as well as any
indirect consequences
of regulation or business trends driven by climate
change. |
■ |
Collateralized
Mortgage Obligation (“CMOs”) Risk.
CMOs may offer a higher yield than U.S. government securities, but they
may also be subject to greater price
fluctuation and credit risk. In addition, CMOs typically will be issued in
a variety of classes or series, which have different maturities and are
retired in sequence.
In the event of a default by an issuer of a CMO, there is no assurance
that the collateral securing such CMO will be sufficient to pay principal
and interest.
It is possible that there will be limited opportunities for trading CMOs
in the OTC market, the depth and liquidity of which will vary from time to
time. |
■ |
Commercial
Mortgage-Backed Securities (“CMBS”) Risk.
CMBS reflect
the risks of
investing in the real estate securing the underlying mortgage loans. These
risks
reflect the effects of local and other economic conditions on real estate
markets, the ability of tenants to make loan payments, and the ability of
a property
to attract and retain tenants.
CMBS may not be backed by the full faith and credit of the U.S. Government
and are subject to risk of default on the underlying
mortgages, particularly during periods of economic downturn. CMBS are
subject to a greater degree of prepayment and extension risk than
many
other forms of fixed-income securities, and CMBS may be less liquid and
exhibit greater price volatility than other types of mortgage- or
asset-backed securities.
Small movements in interest rates (both increases and decreases) may
quickly and significantly reduce the value of
CMBS. |
■ |
Government
Money Market Funds Risk.
Investments in government money market funds are subject to interest rate
risk, credit risk, and market risk. Interest
rate risk is the risk that rising interest rates could cause the value of
such an investment to decline. Credit risk is the risk that the issuer,
guarantor or
insurer of an obligation, or the counterparty to a transaction, may fail
or become less able or unwilling, to make timely payment of interest or
principal or otherwise
honor its obligations, or that it may default
completely. |
■ |
Financials
Sector Risk.
Companies in the Financials sector are subject to extensive governmental
regulation and intervention, which may result in financial penalties
and limits on the scope of their activities, the amounts and types of
loans and other financial commitments they can make, the interest rates
and fees
they can charge, the scope of their activities, the prices they can
charge, the amount of capital they must maintain and, potentially, their
size. The impact
of recent or future regulation on the Financials sector, including more
stringent capital requirements, cannot be predicted. In addition, fiscal,
regulatory
and monetary policies, economic conditions, interest rate changes, credit
rating downgrades, and decreased liquidity in the credit markets may
cause
an adverse impact in a broad range of markets, including U.S. and
international credit and interbank money markets, thereby affecting a wide
range of
companies in the Financials sector. Cybersecurity incidents and technology
malfunctions and failures have become increasingly frequent and have
caused significant
losses to companies in this sector, which also may negatively impact the
Fund. |
| |
|
|
Inception
Date of
Class |
1
Year |
5
Years |
10
Years |
Investor
Class |
|
|
|
|
Returns
Before Taxes |
|
%
|
%
|
%
|
Returns
After Taxes on Distributions |
|
%
|
%
|
%
|
Returns
After Taxes on Distributions and Sales of Fund Shares |
|
%
|
%
|
%
|
|
Inception
Date of
Class |
1
Year |
5
Years |
10
Years |
Share
Class
(Before Taxes) |
|
|
|
|
A |
|
%
|
%
|
%
|
C |
|
%
|
%
|
%*
|
Y |
|
%
|
%
|
%
|
Advisor |
|
%
|
%
|
%
|
R5 |
|
%
|
%
|
%
|
* | As noted above, the 10-year performance for C Class shares reflects the conversion of C Class shares to A Class shares after 8 years. If C Class shares were not converted to A Class shares after 8 years, and were instead held for the full 10-year period, performance would have been 5.64%. |
|
1
Year |
5
Years |
10
Years |
Index
(Reflects no deduction for fees, expenses, or taxes) |
|
|
|
Balanced
Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell
1000®
Value Index) |
%
|
%
|
%
|
Bloomberg
US Aggregate Bond Index |
%
|
%
|
%
|
Russell
1000®
Value Index |
%
|
%
|
%
|
■ |
Barrow,
Hanley, Mewhinney & Strauss, LLC |
■ |
Hotchkis
and Wiley Capital Management, LLC |
American
Beacon Advisors, Inc. |
Paul
B. Cavazos
Senior Vice President & Chief Investment Officer Since 2016 Kirk
L. Brown Senior Portfolio Manager Since 2016 |
Samuel
Silver
Vice President, Fixed Income Investments Since 2014 Erin
Higginbotham Senior Portfolio Manager Since 2011 |
Barrow,
Hanley, Mewhinney & Strauss, LLC |
Mark
Giambrone
Portfolio Manager/Senior Managing Director Since 2015 J.
Scott McDonald
Portfolio Manager/Senior Managing Director Co-Head of Fixed Income Since 1998 Justin
Martin Portfolio Manager/Director Since 2021 |
Deborah
A. Petruzzelli
Portfolio Manager/Managing Director Since 2003 Matthew Routh Portfolio Manager/Director Since 2021 |
Hotchkis
and Wiley Capital Management, LLC |
George
Davis
Principal, Portfolio Manager, and Executive Chairman Since 1989 Scott
McBride Portfolio Manager and Chief Executive Officer Since 2004 |
Judd
Peters
Portfolio Manager Since 2003 Patricia
McKenna Principal and Portfolio Manager Since 1995 |
Internet |
www.americanbeaconfunds.com | |
Phone |
To
reach an American Beacon representative call 1-800-658-5811, option
1
Through
the Automated Voice Response Service call 1-800-658-5811, option 2
(Investor Class only) | |
Mail |
American
Beacon Funds
P.O.
Box 219643
Kansas
City, MO 64121-9643 |
Overnight
Delivery:
American
Beacon Funds
430
W. 7th Street, Suite 219643
Kansas
City, MO 64105-1407 |
|
New
Account |
Existing
Account | |
Share
Class |
Minimum
Initial Investment Amount |
Purchase/Redemption
Minimum by Check/ACH/Exchange |
Purchase/Redemption
Minimum by Wire |
C |
$1,000 |
$50 |
$250 |
A,
Investor |
$2,500 |
$50 |
$250 |
Advisor |
$2,500 |
$50 |
None |
Y |
$100,000 |
$50 |
None |
R5 |
$250,000 |
$50 |
None |
American
Beacon Garcia Hamilton Quality Bond FundSM |
Share
Class |
Y |
R6 |
R5 |
Investor |
Maximum
sales charge imposed on purchases (as a percentage of offering
price) |
|
|
|
|
Maximum
deferred sales charge (as a percentage of the lower of original offering
price or redemption
proceeds) |
|
|
|
|
| ||||
Share
Class |
Y |
R6 |
R5 |
Investor |
Management
Fees |
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
%
|
Other
Expenses |
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
%
|
Fee
Waiver and/or expense reimbursement1
|
(
%)
|
(
%)
|
(
%)
|
(
%)
|
Total
Annual Fund Operating Expenses after fee waiver and/or expense
reimbursement |
%
|
%
|
%
|
%
|
1 | American
Beacon Advisors, Inc. (the “Manager”) has contractually agreed to waive
fees and/or reimburse expenses of the Fund’s Y Class, R6 Class, R5
Class, and Investor Class shares
through |
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
Y |
$ |
$ |
$ |
$ |
R6 |
$ |
$ |
$ |
$ |
R5 |
$ |
$ |
$ |
$ |
Investor |
$ |
$ |
$ |
$ |
■ |
Recent
Market Events Risk.
Both U.S. and international markets have experienced significant
volatility in recent months and years. As a result of such volatility,
investment returns may fluctuate significantly. Moreover, the risks
discussed herein associated with an investment in the Fund may be
increased. |
Although
interest rates were unusually low in recent years in the U.S. and
abroad, in 2022, the Federal Reserve and certain foreign central banks
began to raise
interest rates as part of their efforts to address rising inflation. It is
difficult to accurately predict the pace at which interest rates may
continue to increase,
the timing, frequency or magnitude of any such increases, or when such
increases might stop. Additionally, various economic and political factors
could
cause the Federal Reserve or another foreign central bank to change their
approach in the future and such actions may result in an economic
slowdown
in the U.S. and abroad. Unexpected increases in interest rates could lead
to market volatility or reduce liquidity in certain sectors of the market.
Deteriorating
economic fundamentals may, in turn, increase the risk of default or
insolvency of particular issuers, negatively impact market value, cause
credit
spreads to widen, and reduce bank balance sheets. Any of these could cause
an increase in market volatility, reduce liquidity across various markets
or
decrease confidence in the markets. Additionally, high public debt in the
U.S. and other countries creates ongoing systemic and market risks and
policymaking
uncertainty. |
In
March 2023, the shutdown of certain financial institutions in
the U.S. and questions regarding the viability of other financial
institutions raised economic concerns
over disruption in the U.S. and global banking systems. There can be no
certainty that the actions taken by the U.S. or foreign governments will
be
effective in mitigating the effects of financial institution failures on
the economy and restoring public confidence in the U.S. and global banking
systems. |
Some
countries, including the U.S., have in recent years adopted more
protectionist trade policies. Slowing global economic growth; risks
associated with a trade
agreement between the United Kingdom and the European Union; the risks
associated with ongoing trade negotiations with China; and the
possibility
of changes to some international trade agreements; political or economic
dysfunction within some nations, including major producers of oil; and
dramatic
changes in commodity and currency prices could have adverse effects that
cannot be foreseen at the present
time. |
Tensions,
war, or open conflict between nations, such as between Russia and Ukraine,
in the Middle East or in eastern Asia could affect the economies of
many
nations, including the United States. The duration of ongoing hostilities
in the Middle East and between Russia and Ukraine, and any sanctions and
related
events cannot be predicted. Those events present material uncertainty and
risk with respect to markets globally and the performance of the Fund
and
its investments or operations could be negatively
impacted. |
Regulators
in the U.S. have proposed and recently adopted a number of changes
to regulations involving the markets and issuers, some of which apply to
the
Fund. The full effect of various newly-adopted regulations is not
currently known. Additionally, it is not clear whether the proposed
regulations will be adopted.
However, due to the broad scope of the new and proposed regulations,
certain changes could limit the Fund’s ability to pursue its investment
strategies
or make certain investments, or may make it more costly for the Fund to
operate, which may impact
performance. |
Economists
and others have expressed increasing concern about the potential effects
of global climate change on property and security values. Certain
issuers,
industries and regions may be adversely affected by the impacts of climate
change, including on the demand for and the development of goods and
services
and related production costs, and the impacts of legislation, regulation
and international accords related to climate change, as well as any
indirect consequences
of regulation or business trends driven by climate
change. |
■ |
Mortgage
Pass-Through Securities Risk.
Mortgage pass-through securities provide for the “pass through” of the
monthly payments made by individual borrowers
on their residential or commercial mortgage loans, net of any fees by the
security issuer and guarantor, as applicable, to the holder of the
security.
Mortgage
pass-through securities are sensitive to interest rate changes, and
small
movements in interest rates,
both increases and decreases,
may quickly
and significantly affect the value of certain mortgage pass-through
securities. Mortgage pass-through securities involve interest rate risk,
credit risk, prepayment
risk and extension
risk. |
■ |
Government
Money Market Funds Risk.
Investments in government money market funds are subject to interest rate
risk, credit risk, and market risk. Interest
rate risk is the risk that rising interest rates could cause the value of
such an investment to decline. Credit risk is the risk that the issuer,
guarantor or
insurer of an obligation, or the counterparty to a transaction, may fail
or become less able or unwilling, to make timely payment of interest or
principal or otherwise
honor its obligations, or that it may default
completely. |
■ |
Financials
Sector Risk.
Companies in the Financials sector are subject to extensive governmental
regulation and intervention, which may result in financial penalties
and limits on the scope of their activities, the amounts and types of
loans and other financial commitments they can make, the interest rates
and fees
they can charge, the scope of their activities, the prices they can
charge, the amount of capital they must maintain and, potentially, their
size. The impact
of recent or future regulation on the Financials sector, including more
stringent capital requirements, cannot be predicted. In addition, fiscal,
regulatory
and monetary policies, economic conditions, interest rate changes, credit
rating downgrades, and decreased liquidity in the credit markets may
cause
an adverse impact in a broad range of markets, including U.S. and
international credit and interbank money markets, thereby affecting a wide
range of
companies in the Financials sector. Cybersecurity incidents and technology
malfunctions and failures have become increasingly frequent and have
caused significant
losses to companies in this sector, which also may negatively impact the
Fund. |
| |
|
|
Inception
Date of
Class |
1
Year |
5
Years |
Since
Inception |
Investor
Class |
|
|
|
|
Returns
Before Taxes |
|
%
|
%
|
%
|
Returns
After Taxes on Distributions |
|
%
|
-
%
|
-
%
|
Returns
After Taxes on Distributions and Sales of Fund Shares |
|
%
|
-
%
|
-
%
|
|
Inception
Date of
Class |
1
Year |
5
Years |
Since
Inception
(04/04/2016) |
Share
Class
(Before Taxes) |
|
|
|
|
Y |
|
%
|
%
|
%
|
R6 |
|
%
|
%
|
%
|
R5 |
|
%
|
%
|
%
|
|
1
Year
|
5 Years
|
Since
Inception
(04/04/2016) |
Index
(Reflects no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg
US Aggregate Bond Index |
%
|
%
|
%
|
Garcia
Hamilton & Associates, L.P. |
Gilbert
Andrew Garcia, CFA
Managing Partner, Chief Investment Officer Since Fund Inception (2016) Karen
H. Tass, CFA (MBA) Partner, Co-Deputy CIO, Portfolio Manager Since 2024 |
Jeffrey
D. Detwiler, CFA (MS)
Partner, Co-Deputy CIO, Portfolio Manager Since 2024 Nancy
Rodriguez Partner, Portfolio Manager Since Fund Inception (2016) |
Internet |
www.americanbeaconfunds.com | |
Phone |
To
reach an American Beacon representative call 1-800-658-5811, option
1
Through
the Automated Voice Response Service call 1-800-658-5811, option 2
(Investor Class only) | |
Mail |
American
Beacon Funds
P.O.
Box 219643
Kansas
City, MO 64121-9643 |
Overnight
Delivery:
American
Beacon Funds
430
W. 7th Street, Suite 219643
Kansas
City, MO 64105-1407 |
|
New
Account |
Existing
Account | |
Share
Class |
Minimum
Initial Investment Amount |
Purchase/Redemption
Minimum by Check/ACH/Exchange |
Purchase/Redemption
Minimum by Wire |
Investor |
$2,500 |
$50 |
$250 |
Y |
$100,000 |
$50 |
None |
R5 |
$250,000 |
$50 |
None |
R6 |
None |
$50 |
None |
American
Beacon International Equity FundSM |
Share
Class |
A |
C |
Y |
R6 |
Advisor |
R5 |
Investor |
Maximum
sales charge imposed on purchases (as a percentage
of offering price) |
%
|
|
|
|
|
|
|
Maximum
deferred sales charge (as a percentage of the lower
of original offering price or redemption proceeds) |
%
1
|
%
|
|
|
|
|
|
| |||||||
Share
Class |
A |
C |
Y |
R6 |
Advisor |
R5 |
Investor |
Management
Fees |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Other
Expenses |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Acquired
Fund Fees and Expenses |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses2
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Fee
Waiver and/or expense reimbursement3
|
%
|
%
|
%
|
(
%)
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses after fee waiver
and/or expense reimbursement |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
1 |
2 |
3 | American
Beacon Advisors, Inc. (the “Manager”) has contractually agreed to waive
fees and/or reimburse expenses of the Fund’s R6 Class shares, through
|
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
A |
$ |
$ |
$ |
$ |
C |
$ |
$ |
$ |
$ |
Y |
$ |
$ |
$ |
$ |
R6 |
$ |
$ |
$ |
$ |
Advisor |
$ |
$ |
$ |
$ |
R5 |
$ |
$ |
$ |
$ |
Investor |
$ |
$ |
$ |
$ |
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
C |
$ |
$ |
$ |
$ |
■ |
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. |
■ |
Foreign
Currency Forward Contracts Risk.
Foreign currency forward contracts, including non-deliverable forwards
(“NDFs”), are derivative instruments pursuant
to a contract where the parties agree to a fixed price for an agreed
amount of foreign currency 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 and include
the risks associated with fluctuations in currency. There are no
limitations on daily
price movements of forward contracts. 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. The use of foreign
currency
forward contracts may expose the Fund to additional risks, such as credit
risk, liquidity risk, and counterparty risk, that it would not be subject
to if it
invested directly in the securities or currencies underlying the foreign
currency forward
contract. |
■ |
Futures
Contracts Risk.
Futures contracts
are derivative instruments pursuant to a contract where the parties agree
to 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, such as credit risk,
liquidity
risk, and counterparty risk, that it would not be subject to if it
invested directly in the securities underlying those derivatives. There
can be no assurance
that any strategy used will succeed. There may at times be an imperfect
correlation between the movement in the prices of futures contracts and
the
value of their underlying instruments or indexes. There also can be no
assurance that, at all times, a liquid market will exist for offsetting a
futures contract
that the Fund has previously bought or sold, and this may result in the
inability to close a futures contract when desired. Futures contracts may
experience
potentially dramatic price changes, 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).
Futures
contracts
on indices
expose the Fund to volatility in an underlying index.
Foreign
currency futures contracts expose the Fund to risks associated with
fluctuations
in the value of foreign currencies.
Foreign currency futures contracts are similar to foreign currency forward
contracts, except that they are traded
on exchanges (and may have margin requirements) and are standardized as to
contract size and delivery date. The Fund may use foreign currency
futures
contracts for the same purposes as foreign currency forward contracts,
subject to Commodity Futures Trading Commission (“CFTC”)
regulations. |
■ |
Swap
Agreements Risk.
Swap agreements or “swaps” are transactions in which the Fund and a
counterparty agree to pay or receive payments at specified dates
based upon or calculated by reference to changes in specified prices or
rates or the performance of specified securities, indices or other assets
based on
a specified amount (the “notional” amount). Swaps can involve greater
risks than a direct investment in an underlying asset, because swaps
typically include
a certain amount of embedded leverage and as such are subject to leverage
risk. If swaps are used as a hedging strategy, the Fund is subject to the
risk
that the hedging strategy may not eliminate the risk that it is intended
to offset, due to, among other reasons, the occurrence of unexpected price
movements
or the non-occurrence of expected price movements. Swaps also may be
difficult to value. Swaps may be subject to liquidity risk and
counterparty
risk, and swaps that are traded over-the-counter are not subject to
standardized clearing requirements and may involve greater liquidity and
counterparty
risks. The
Fund may invest in the following types of
swaps: |
• |
Currency
swaps,
which may be subject to currency risk and credit
risk. |
■ |
Common
Stock Risk.
The value of a company’s common stock may fall as a result of factors
affecting the company, companies in the same industry or sector,
or the financial markets overall. Common stock generally is subordinate to
preferred stock upon the liquidation or bankruptcy of the issuing
company. |
■ |
Depositary
Receipts and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S.
Exchanges Risk.
Depositary receipts 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, including, but not limited
to, currency
exchange rate fluctuations, political and financial instability in the
home country of a particular depositary receipt or foreign stock, less
liquidity, more
volatility, less government regulation and supervision and delays in
transaction
settlement. |
■ |
European
Securities Risk.
The Fund’s performance may be affected by political, social and economic
conditions in Europe, such as growth of economic output
(the gross national product
of the countries in the region),
the rate of inflation, the rate at which capital is reinvested into
European economies, the success
of governmental actions to reduce budget deficits, the resource
self-sufficiency of European countries,
the monetary exchange rates between European
countries,
and conflict between European countries. The European financial markets
have experienced and may continue to experience volatility and
adverse trends due to concerns relating to economic downturns; rising
government debt levels and the possible default on government debt;
national unemployment
in several European countries; public
health crises; political unrest; economic sanctions; inflation; energy
crises; and war and military conflict, such
as the Russian invasion of Ukraine. A default
or debt restructuring
by any European country could adversely impact holders of that country’s
debt and sellers
of credit default swaps linked to that country’s creditworthiness, which
may be located in other countries. Such a default or debt restructuring
could affect
exposures to European
countries.
In addition, issuers have faced difficulties obtaining credit or
refinancing existing obligations, and financial markets have
experienced extreme volatility and declines in asset values and liquidity.
These
events have affected the exchange rate of the Euro and may continue to
significantly
affect European countries. |
Responses
to financial problems by European governments, central banks, and others,
including austerity measures and other reforms, may not produce the
desired
results, may result in social unrest and may limit future growth and
economic recovery or may have unintended consequences. The Fund makes
investments
in securities of issuers that are domiciled in member states of the
European Union (the “EU”). The economies and markets of European
countries
are often closely connected and interdependent, and events in one country
in Europe can have an adverse impact on other European countries.
One
or more countries may abandon the Euro and/or withdraw from the EU. The
impact of these actions, especially if they occur in a disorderly fashion,
could
be significant and far-reaching. The United Kingdom’s withdrawal from the
EU could be an indication that one or more other countries may withdraw
from
the EU and/or abandon the Euro. These events and actions have affected,
and may in the future affect, the value and exchange rate of the Euro and
may
continue to significantly affect the economies of every country in Europe,
including countries that do not use the Euro and non-EU member
states. |
The
continuing effects on the economies of European countries of the
Russia/Ukraine war and Russia’s response to sanctions imposed by
the U.S., EU, UK and
others, are impossible to predict, but have been and could continue to be
significant. For example, exports in Eastern Europe have been disrupted
for certain
key commodities, pushing commodity prices to record highs. Also, both
wholesale energy prices and energy prices charged to consumers in Europe
have
increased
significantly. |
■ |
United
Kingdom Securities Risk. The
Fund’s exposure to issuers located in, or with economic ties to, the
United Kingdom, could expose the Fund to risks associated
with investments in the United Kingdom to a greater extent than more
geographically diverse funds. Investments in United Kingdom issuers may
subject
the Fund to regulatory, political, currency, security, and economic risks
specific to the United Kingdom. The United Kingdom has one of the largest
economies
in Europe, and the United States and other European countries are
substantial trading partners of the United Kingdom. As a result, the
United Kingdom
economy may be impacted by changes to the economic condition of the United
States and other European countries. Increasing commodity prices and rising inflation levels caused or exacerbated by the war between Russia and Ukraine recently prompted the United Kingdom government to implement significant policy changes. It is difficult to predict what effects such policies (or the suggestion of such policies) may have and the duration of those effects, which may last for extended periods. These effects may negatively impact broad segments of business and the population and have a significant and rapid negative impact on the performance of the Fund’s investments. Additionally, the transitional period following the United Kingdom’s departure from the European Union (commonly referred to as “Brexit”) ended on December 31, 2020 and European Union law ceased to have effect in the United Kingdom except to the extent retained by the United Kingdom by unilateral act. The United Kingdom and the European Union then reached a trade agreement that was ratified by all applicable United Kingdom and European Union governmental bodies. The economic effects of Brexit, including certain negative impacts on the ability of the United Kingdom to trade |
seamlessly
with the European Union, are becoming clearer but some political,
regulatory and commercial uncertainty in relation to the longer term
impacts nevertheless
remains to be resolved. Accordingly, there remains a risk that the
aftermath of Brexit, including its ongoing effect on the United Kingdom’s
relationships
with other countries, including the United States, and with the European
Union, may negatively impact the value of investments held by the
Fund.
Although a sub-advisor may hedge the Fund’s currency exposures back to the
U.S. dollar, a depreciation of the British pound sterling and/or the Euro
in
relation to the U.S. dollar could adversely affect the Fund’s investments
denominated in British pound sterling or Euros that are not fully hedged
regardless
of the performance of the underlying
issuer. |
■ |
Recent
Market Events Risk.
Both U.S. and international markets have experienced significant
volatility in recent months and years. As a result of such volatility,
investment returns may fluctuate significantly. Moreover, the risks
discussed herein associated with an investment in the Fund may be
increased. |
Although
interest rates were unusually low in recent years in the U.S. and
abroad, in 2022, the Federal Reserve and certain foreign central banks
began to raise
interest rates as part of their efforts to address rising inflation. It is
difficult to accurately predict the pace at which interest rates may
continue to increase,
the timing, frequency or magnitude of any such increases, or when such
increases might stop. Additionally, various economic and political factors
could
cause the Federal Reserve or another foreign central bank to change their
approach in the future and such actions may result in an economic
slowdown
in the U.S. and abroad. Unexpected increases in interest rates could lead
to market volatility or reduce liquidity in certain sectors of the market.
Deteriorating
economic fundamentals may, in turn, increase the risk of default or
insolvency of particular issuers, negatively impact market value, cause
credit
spreads to widen, and reduce bank balance sheets. Any of these could cause
an increase in market volatility, reduce liquidity across various markets
or
decrease confidence in the markets. Additionally, high public debt in the
U.S. and other countries creates ongoing systemic and market risks and
policymaking
uncertainty. |
In
March 2023, the shutdown of certain financial institutions in
the U.S. and questions regarding the viability of other financial
institutions raised economic concerns
over disruption in the U.S. and global banking systems. There can be no
certainty that the actions taken by the U.S. or foreign governments will
be
effective in mitigating the effects of financial institution failures on
the economy and restoring public confidence in the U.S. and global banking
systems. |
Some
countries, including the U.S., have in recent years adopted more
protectionist trade policies. Slowing global economic growth; risks
associated with a trade
agreement between the United Kingdom and the European Union; the risks
associated with ongoing trade negotiations with China; and the
possibility
of changes to some international trade agreements; political or economic
dysfunction within some nations, including major producers of oil; and
dramatic
changes in commodity and currency prices could have adverse effects that
cannot be foreseen at the present
time. |
Tensions,
war, or open conflict between nations, such as between Russia and Ukraine,
in the Middle East or in eastern Asia could affect the economies of
many
nations, including the United States. The duration of ongoing hostilities
in the Middle East and between Russia and Ukraine, and any sanctions and
related
events cannot be predicted. Those events present material uncertainty and
risk with respect to markets globally and the performance of the Fund
and
its investments or operations could be negatively
impacted. |
Regulators
in the U.S. have proposed and recently adopted a number of changes
to regulations involving the markets and issuers, some of which apply to
the
Fund. The full effect of various newly-adopted regulations is not
currently known. Additionally, it is not clear whether the proposed
regulations will be adopted.
However, due to the broad scope of the new and proposed regulations,
certain changes could limit the Fund’s ability to pursue its investment
strategies
or make certain investments, or may make it more costly for the Fund to
operate, which may impact
performance. |
Economists
and others have expressed increasing concern about the potential effects
of global climate change on property and security values. Certain
issuers,
industries and regions may be adversely affected by the impacts of climate
change, including on the demand for and the development of goods and
services
and related production costs, and the impacts of legislation, regulation
and international accords related to climate change, as well as any
indirect consequences
of regulation or business trends driven by climate
change. |
■ |
Government
Money Market Funds Risk.
Investments in government money market funds are subject to interest rate
risk, credit risk, and market risk. Interest
rate risk is the risk that rising interest rates could cause the value of
such an investment to decline. Credit risk is the risk that the issuer,
guarantor or
insurer of an obligation, or the counterparty to a transaction, may fail
or become less able or unwilling, to make timely payment of interest or
principal or otherwise
honor its obligations, or that it may default
completely. |
| |
|
|
Inception
Date of
Class |
1
Year |
5
Years |
10
Years |
Investor
Class |
|
|
|
|
Returns
Before Taxes |
|
%
|
%
|
%
|
Returns
After Taxes on Distributions |
|
%
|
%
|
%
|
Returns
After Taxes on Distributions and Sales of Fund Shares |
|
%
|
%
|
%
|
|
Inception
Date of
Class |
1
Year |
5
Years |
10
Years |
Share
Class
(Before Taxes) |
|
|
|
|
A |
|
%
|
%
|
%
|
C |
|
%
|
%
|
%*
|
Y |
|
%
|
%
|
%
|
R6 |
|
%
|
%
|
%
|
Advisor |
|
%
|
%
|
%
|
R5 |
|
%
|
%
|
%
|
* | As noted above, the 10-year performance for C Class shares reflects the conversion of C Class shares to A Class shares after 8 years. If C Class shares were not converted to A Class shares after 8 years, and were instead held for the full 10-year period, performance would have been 2.11%. |
|
1
Year |
5
Years |
10
Years |
Index
(Reflects no deduction for fees, expenses, or taxes, other than
withholding taxes, as noted) |
|
|
|
MSCI®
EAFE Index (Net)* |
%
|
%
|
%
|
MSCI®
EAFE Value Index (Net)* |
%
|
%
|
%
|
* | Reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. |
■ |
American
Century Investment Management, Inc. |
■ |
Causeway
Capital Management LLC |
■ |
Lazard
Asset Management LLC |
American
Beacon Advisors, Inc. |
Paul
B. Cavazos
Senior Vice President & Chief Investment Officer Since 2016 Robyn
A. Serrano Portfolio Manager Since 2023 |
Kirk
L. Brown Senior Portfolio Manager Since 1994 |
American
Century Investment Management,
Inc. |
Bert
Whitson Portfolio Manager and Senior Investment Analyst Since 2023 |
Jonathan
Veiga Portfolio Manager and Senior Investment Analyst Since 2020 |
Causeway
Capital Management LLC |
Sarah
H. Ketterer
Chief Executive Officer Since 2001 Jonathan
P. Eng
Director Since 2006 Harry
W. Hartford
President Since 2001 Brian
Cho Director Since 2021 |
Conor
Muldoon
Director Since 2010 Alessandro
Valentini
Director Since 2013 Ellen
Lee
Director Since 2015 Steven
Nguyen Director Since 2019 |
Lazard
Asset Management LLC |
Michael
G. Fry
Managing Director Since 2005 Paul
Selvey-Clinton Portfolio Manager/Analyst Since 2022 |
Michael
A. Bennett
Managing Director Since 2003 Michael
Powers
Senior Advisor Since 2003 Giles
Edwards Portfolio Manager/Analyst Since 2020 |
Internet |
www.americanbeaconfunds.com | |
Phone |
To
reach an American Beacon representative call 1-800-658-5811, option
1
Through
the Automated Voice Response Service call 1-800-658-5811, option 2
(Investor Class only) | |
Mail |
American
Beacon Funds
P.O.
Box 219643
Kansas
City, MO 64121-9643 |
Overnight
Delivery:
American
Beacon Funds
430
W. 7th Street, Suite 219643
Kansas
City, MO 64105-1407 |
|
New
Account |
Existing
Account | |
Share
Class |
Minimum
Initial Investment Amount |
Purchase/Redemption
Minimum by Check/ACH/Exchange |
Purchase/Redemption
Minimum by Wire |
C |
$1,000 |
$50 |
$250 |
A,
Investor |
$2,500 |
$50 |
$250 |
Advisor |
$2,500 |
$50 |
None |
Y |
$100,000 |
$50 |
None |
R5 |
$250,000 |
$50 |
None |
R6 |
None |
$50 |
None |
American
Beacon Large Cap Value FundSM |
Share
Class |
A |
C |
Y |
R6 |
Advisor |
R5 |
Investor |
Maximum
sales charge imposed on purchases (as a percentage
of offering price) |
%
|
|
|
|
|
|
|
Maximum
deferred sales charge (as a percentage of the lower
of original offering price or redemption proceeds) |
%
1
|
%
|
|
|
|
|
|
| |||||||
Share
Class |
A |
C |
Y |
R6 |
Advisor |
R5 |
Investor |
Management
Fees |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Other
Expenses |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
1 |
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
A |
$ |
$ |
$ |
$ |
C |
$ |
$ |
$ |
$ |
Y |
$ |
$ |
$ |
$ |
R6 |
$ |
$ |
$ |
$ |
Advisor |
$ |
$ |
$ |
$ |
R5 |
$ |
$ |
$ |
$ |
Investor |
$ |
$ |
$ |
$ |
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
C |
$ |
$ |
$ |
$ |
■ |
above-average
earnings growth
potential, |
■ |
below-average
price to earnings
ratio, |
■ |
below-average
price to book value ratio,
and |
■ |
above-average
dividend yields. |
■ |
Common
Stock Risk.
The value of a company’s common stock may fall as a result of factors
affecting the company, companies in the same industry or sector,
or the financial markets overall. Common stock generally is subordinate to
preferred stock upon the liquidation or bankruptcy of the issuing
company. |
■ |
Depositary
Receipts and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S.
Exchanges Risk.
Depositary receipts 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, including, but not limited
to, |
currency
exchange rate fluctuations, political and financial instability in the
home country of a particular depositary receipt or foreign stock, less
liquidity, more
volatility, less government regulation and supervision and delays in
transaction
settlement. |
■ |
Recent
Market Events Risk.
Both U.S. and international markets have experienced significant
volatility in recent months and years. As a result of such volatility,
investment returns may fluctuate significantly. Moreover, the risks
discussed herein associated with an investment in the Fund may be
increased. |
Although
interest rates were unusually low in recent years in the U.S. and
abroad, in 2022, the Federal Reserve and certain foreign central banks
began to raise
interest rates as part of their efforts to address rising inflation. It is
difficult to accurately predict the pace at which interest rates may
continue to increase,
the timing, frequency or magnitude of any such increases, or when such
increases might stop. Additionally, various economic and political factors
could
cause the Federal Reserve or another foreign central bank to change their
approach in the future and such actions may result in an economic
slowdown
in the U.S. and abroad. Unexpected increases in interest rates could lead
to market volatility or reduce liquidity in certain sectors of the market.
Deteriorating
economic fundamentals may, in turn, increase the risk of default or
insolvency of particular issuers, negatively impact market value, cause
|
credit
spreads to widen, and reduce bank balance sheets. Any of these could cause
an increase in market volatility, reduce liquidity across various markets
or
decrease confidence in the markets. Additionally, high public debt in the
U.S. and other countries creates ongoing systemic and market risks and
policymaking
uncertainty. |
In
March 2023, the shutdown of certain financial institutions in
the U.S. and questions regarding the viability of other financial
institutions raised economic concerns
over disruption in the U.S. and global banking systems. There can be no
certainty that the actions taken by the U.S. or foreign governments will
be
effective in mitigating the effects of financial institution failures on
the economy and restoring public confidence in the U.S. and global banking
systems. |
Some
countries, including the U.S., have in recent years adopted more
protectionist trade policies. Slowing global economic growth; risks
associated with a trade
agreement between the United Kingdom and the European Union; the risks
associated with ongoing trade negotiations with China; and the
possibility
of changes to some international trade agreements; political or economic
dysfunction within some nations, including major producers of oil; and
dramatic
changes in commodity and currency prices could have adverse effects that
cannot be foreseen at the present
time. |
Tensions,
war, or open conflict between nations, such as between Russia and Ukraine,
in the Middle East or in eastern Asia could affect the economies of
many
nations, including the United States. The duration of ongoing hostilities
in the Middle East and between Russia and Ukraine, and any sanctions and
related
events cannot be predicted. Those events present material uncertainty and
risk with respect to markets globally and the performance of the Fund
and
its investments or operations could be negatively
impacted. |
Regulators
in the U.S. have proposed and recently adopted a number of changes
to regulations involving the markets and issuers, some of which apply to
the
Fund. The full effect of various newly-adopted regulations is not
currently known. Additionally, it is not clear whether the proposed
regulations will be adopted.
However, due to the broad scope of the new and proposed regulations,
certain changes could limit the Fund’s ability to pursue its investment
strategies
or make certain investments, or may make it more costly for the Fund to
operate, which may impact
performance. |
Economists
and others have expressed increasing concern about the potential effects
of global climate change on property and security values. Certain
issuers,
industries and regions may be adversely affected by the impacts of climate
change, including on the demand for and the development of goods and
services
and related production costs, and the impacts of legislation, regulation
and international accords related to climate change, as well as any
indirect consequences
of regulation or business trends driven by climate
change. |
■ |
Government
Money Market Funds Risk.
Investments in government money market funds are subject to interest rate
risk, credit risk, and market risk. Interest
rate risk is the risk that rising interest rates could cause the value of
such an investment to decline. Credit risk is the risk that the issuer,
guarantor or
insurer of an obligation, or the counterparty to a transaction, may fail
or become less able or unwilling, to make timely payment of interest or
principal or otherwise
honor its obligations, or that it may default
completely. |
■ |
Financials
Sector Risk.
Companies in the Financials sector are subject to extensive governmental
regulation and intervention, which may result in financial penalties
and limits on the scope of their activities, the amounts and types of
loans and other financial commitments they can make, the interest rates
and fees
they can charge, the scope of their activities, the prices they can
charge, the amount of capital they must maintain and, potentially, their
size. The impact
of recent or future regulation on the Financials sector, including more
stringent capital requirements, cannot be predicted. In addition, fiscal,
regulatory
and monetary policies, economic conditions, interest rate changes, credit
rating downgrades, and decreased liquidity in the credit markets may
cause
an adverse impact in a broad range of markets, including U.S. and
international credit and interbank money markets, thereby affecting a wide
range of
companies in the Financials sector. Cybersecurity incidents and technology
malfunctions and failures have become increasingly frequent and have
caused significant
losses to companies in this sector, which also may negatively impact the
Fund. |
| |
|
|
Inception
Date of
Class |
1
Year |
5
Years |
10
Years |
Investor
Class |
|
|
|
|
Returns
Before Taxes |
|
%
|
%
|
%
|
Returns
After Taxes on Distributions |
|
%
|
%
|
%
|
Returns
After Taxes on Distributions and Sales of Fund Shares |
|
%
|
%
|
%
|
|
Inception
Date of
Class |
1
Year |
5
Years |
10
Years |
Share
Class
(Before Taxes) |
|
|
|
|
A |
|
%
|
%
|
%
|
C |
|
%
|
%
|
%*
|
Y |
|
%
|
%
|
%
|
R6 |
|
%
|
%
|
%
|
Advisor |
|
%
|
%
|
%
|
R5 |
|
%
|
%
|
%
|
* | As noted above, the 10-year performance for C Class shares reflects the conversion of C Class shares to A Class shares after 8 years. If C Class shares were not converted to A Class shares after 8 years, and were instead held for the full 10-year period, performance would have been 7.45%. |
|
|
1
Year |
5
Years |
10
Years |
Index
(Reflects no deduction for fees, expenses, or taxes) |
|
|
|
|
Russell
1000® Value Index |
|
%
|
%
|
%
|
■ |
Barrow,
Hanley, Mewhinney & Strauss, LLC |
■ |
Hotchkis
and Wiley Capital Management, LLC |
■ |
Massachusetts
Financial Services Company |
American
Beacon Advisors, Inc. |
Paul
B. Cavazos
Senior Vice President & Chief Investment Officer Since 2016 Robyn
A. Serrano Portfolio Manager Since 2023 |
Kirk
L. Brown Senior Portfolio Manager Since 2016 |
Barrow,
Hanley, Mewhinney & Strauss, LLC |
Mark
Giambrone Portfolio Manager/Senior Managing Director Since 2015 |
|
Hotchkis
and Wiley Capital Management, LLC |
George
Davis
Principal, Portfolio Manager, and Executive Chairman Since 1989 Scott
McBride Portfolio Manager and Chief Executive Officer Since 2004 |
Judd
Peters
Portfolio Manager Since 2003 Patricia
McKenna Principal and Portfolio Manager Since 1995 |
Massachusetts
Financial Services Company |
Katherine
Cannan Investment Officer and Portfolio Manager Since 2019 |
Nevin
Chitkara Investment Officer and Portfolio Manager Since 2010 |
Internet |
www.americanbeaconfunds.com | |
Phone |
To
reach an American Beacon representative call 1-800-658-5811, option
1
Through
the Automated Voice Response Service call 1-800-658-5811, option 2
(Investor Class only) | |
Mail |
American
Beacon Funds
P.O.
Box 219643
Kansas
City, MO 64121-9643 |
Overnight
Delivery:
American
Beacon Funds
430
W. 7th Street, Suite 219643
Kansas
City, MO 64105-1407 |
|
New
Account |
Existing
Account | |
Share
Class |
Minimum
Initial Investment Amount |
Purchase/Redemption
Minimum by Check/ACH/Exchange |
Purchase/Redemption
Minimum by Wire |
C |
$1,000 |
$50 |
$250 |
A,
Investor |
$2,500 |
$50 |
$250 |
Advisor |
$2,500 |
$50 |
None |
Y |
$100,000 |
$50 |
None |
R5 |
$250,000 |
$50 |
None |
R6 |
None |
$50 |
None |
American
Beacon Small Cap Value FundSM |
Share
Class |
A |
C |
Y |
R6 |
Advisor |
R5 |
Investor |
Maximum
sales charge imposed on purchases (as a percentage
of offering price) |
%
|
|
|
|
|
|
|
Maximum
deferred sales charge (as a percentage of the lower
of original offering price or redemption proceeds) |
%
1
|
%
|
|
|
|
|
|
| |||||||
Share
Class |
A |
C |
Y |
R6 |
Advisor |
R5 |
Investor |
Management
Fees |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Distribution
and/or Service (12b-1) Fees |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Other
Expenses |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Acquired
Fund Fees and Expenses |
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Total
Annual Fund Operating Expenses2
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
1 |
2 |
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
A |
$ |
$ |
$ |
$ |
C |
$ |
$ |
$ |
$ |
Y |
$ |
$ |
$ |
$ |
R6 |
$ |
$ |
$ |
$ |
Advisor |
$ |
$ |
$ |
$ |
R5 |
$ |
$ |
$ |
$ |
Investor |
$ |
$ |
$ |
$ |
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
C |
$ |
$ |
$ |
$ |
■ |
above-average
earnings growth
potential, |
■ |
below-average
price to earnings
ratio, |
■ |
below-average
price to book value
ratio |
■ |
below-average
price to revenue ratio,
and |
■ |
above
average free cash flow yield and return on
capital. |
■ |
Common
Stock Risk.
The value of a company’s common stock may fall as a result of factors
affecting the company, companies in the same industry or sector,
or the financial markets overall. Common stock generally is subordinate to
preferred stock upon the liquidation or bankruptcy of the issuing
company. |
■ |
Real
Estate Investment Trusts (“REITs”) Risk.
Investments in REITs are subject to the risks associated with investing in
the real estate industry, including, among
other risks: adverse developments affecting the real estate industry;
declines in real property values; changes in interest rates; defaults by
mortgagors
or other borrowers and tenants; lack of availability of mortgage funds or
financing; extended vacancies of properties, especially during
economic
downturns; casualty or condemnation losses; regulatory
limitations on rents and operating expenses; and other
governmental actions, such as changes
to tax laws, zoning regulations or environmental regulations. REITs also
are dependent upon the skills of their managers and are subject to heavy
cash
flow dependency or self-liquidation. Regardless of where a REIT is
organized or traded, its performance may be affected significantly by
events in the region
where its properties are located. REITs
may not be diversified geographically or by property or tenant type.
Domestic
REITs could be adversely affected by
failure to qualify for tax-free “pass-through” of distributed net income
and net realized gains under the Internal Revenue Code of 1986, as amended
(“Internal
Revenue Code”), or to maintain their exemption from registration under the
Investment Company Act of 1940, as amended (“Investment Company
Act”).
REITs typically incur fees that are separate from those incurred by the
Fund. Accordingly, the Fund’s investment in REITs will result in the
layering
of expenses such that shareholders will indirectly bear a proportionate
share of the REITs’ operating expenses, in addition to paying Fund
expenses. The
value of REIT common stock may decline when interest rates rise. REITs
tend to be small- to mid-capitalization securities and, as such, are
subject to the risks
of investing in small- to mid-capitalization securities. |
■ |
Recent
Market Events Risk.
Both U.S. and international markets have experienced significant
volatility in recent months and years. As a result of such volatility,
investment returns may fluctuate significantly. Moreover, the risks
discussed herein associated with an investment in the Fund may be
increased. |
Although
interest rates were unusually low in recent years in the U.S. and
abroad, in 2022, the Federal Reserve and certain foreign central banks
began to raise
interest rates as part of their efforts to address rising inflation. It is
difficult to accurately predict the pace at which interest rates may
continue to increase,
the timing, frequency or magnitude of any such increases, or when such
increases might stop. Additionally, various economic and political factors
could
cause the Federal Reserve or another foreign central bank to change their
approach in the future and such actions may result in an economic
|
slowdown
in the U.S. and abroad. Unexpected increases in interest rates could lead
to market volatility or reduce liquidity in certain sectors of the market.
Deteriorating
economic fundamentals may, in turn, increase the risk of default or
insolvency of particular issuers, negatively impact market value, cause
credit
spreads to widen, and reduce bank balance sheets. Any of these could cause
an increase in market volatility, reduce liquidity across various markets
or
decrease confidence in the markets. Additionally, high public debt in the
U.S. and other countries creates ongoing systemic and market risks and
policymaking
uncertainty. |
In
March 2023, the shutdown of certain financial institutions in
the U.S. and questions regarding the viability of other financial
institutions raised economic concerns
over disruption in the U.S. and global banking systems. There can be no
certainty that the actions taken by the U.S. or foreign governments will
be
effective in mitigating the effects of financial institution failures on
the economy and restoring public confidence in the U.S. and global banking
systems. |
Some
countries, including the U.S., have in recent years adopted more
protectionist trade policies. Slowing global economic growth; risks
associated with a trade
agreement between the United Kingdom and the European Union; the risks
associated with ongoing trade negotiations with China; and the
possibility
of changes to some international trade agreements; political or economic
dysfunction within some nations, including major producers of oil; and
dramatic
changes in commodity and currency prices could have adverse effects that
cannot be foreseen at the present
time. |
Tensions,
war, or open conflict between nations, such as between Russia and Ukraine,
in the Middle East or in eastern Asia could affect the economies of
many
nations, including the United States. The duration of ongoing hostilities
in the Middle East and between Russia and Ukraine, and any sanctions and
related
events cannot be predicted. Those events present material uncertainty and
risk with respect to markets globally and the performance of the Fund
and
its investments or operations could be negatively
impacted. |
Regulators
in the U.S. have proposed and recently adopted a number of changes
to regulations involving the markets and issuers, some of which apply to
the
Fund. The full effect of various newly-adopted regulations is not
currently known. Additionally, it is not clear whether the proposed
regulations will be adopted.
However, due to the broad scope of the new and proposed regulations,
certain changes could limit the Fund’s ability to pursue its investment
strategies
or make certain investments, or may make it more costly for the Fund to
operate, which may impact
performance. |
Economists
and others have expressed increasing concern about the potential effects
of global climate change on property and security values. Certain
issuers,
industries and regions may be adversely affected by the impacts of climate
change, including on the demand for and the development of goods and
services
and related production costs, and the impacts of legislation, regulation
and international accords related to climate change, as well as any
indirect consequences
of regulation or business trends driven by climate
change. |
■ |
Government
Money Market Funds Risk.
Investments in government money market funds are subject to interest rate
risk, credit risk, and market risk. Interest
rate risk is the risk that rising interest rates could cause the value of
such an investment to decline. Credit risk is the risk that the issuer,
guarantor or
insurer of an obligation, or the counterparty to a transaction, may fail
or become less able or unwilling, to make timely payment of interest or
principal or otherwise
honor its obligations, or that it may default
completely. |
■ |
Financials
Sector Risk.
Companies in the Financials sector are subject to extensive governmental
regulation and intervention, which may result in financial penalties
and limits on the scope of their activities, the amounts and types of
loans and other financial commitments they can make, the interest rates
and fees
they can charge, the scope of their activities, the prices they can
charge, the amount of capital they must maintain and, potentially, their
size. The impact
of recent or future regulation on the Financials sector, including more
stringent capital requirements, cannot be predicted. In addition, fiscal,
regulatory
and monetary policies, economic conditions, interest rate changes, credit
rating downgrades, and decreased liquidity in the credit markets may
cause
an adverse impact in a broad range of markets, including U.S. and
international credit and interbank money markets, thereby affecting a wide
range of
companies in the Financials sector. Cybersecurity incidents and technology
malfunctions and failures have become increasingly frequent and have
caused significant
losses to companies in this sector, which also may negatively impact the
Fund. |
| |
|
|
Inception
Date of
Class |
1
Year |
5
Years |
10
Years |
Investor
Class |
|
|
|
|
Returns
Before Taxes |
|
%
|
%
|
%
|
Returns
After Taxes on Distributions |
|
%
|
%
|
%
|
Returns
After Taxes on Distributions and Sales of Fund Shares |
|
%
|
%
|
%
|
|
Inception
Date of
Class |
1
Year |
5
Years |
10
Years |
Share
Class
(Before Taxes) |
|
|
|
|
A |
|
%
|
%
|
%
|
C |
|
%
|
%
|
%*
|
Y |
|
%
|
%
|
%
|
R6 |
|
%
|
%
|
%
|
Advisor |
|
%
|
%
|
%
|
R5 |
|
%
|
%
|
%
|
* | As noted above, the 10-year performance for C Class shares reflects the conversion of C Class shares to A Class shares after 8 years. If C Class shares were not converted to A Class shares after 8 years, and were instead held for the full 10-year period, performance would have been 6.22%. |
|
|
1
Year |
5
Years |
10
Years |
Index
(Reflects no deduction for fees, expenses, or taxes) |
|
|
|
|
Russell
2000® Value Index |
|
%
|
%
|
%
|
■ |
Barrow,
Hanley, Mewhinney & Strauss, LLC |
■ |
Brandywine
Global Investment Management, LLC |
■ |
DePrince,
Race & Zollo, Inc. |
■ |
Hotchkis
and Wiley Capital Management, LLC |
■ |
Newton
Investment Management North America, LLC |
American
Beacon Advisors, Inc. |
Paul
B. Cavazos
Senior Vice President & Chief Investment Officer Since 2016 Robyn
A. Serrano Portfolio Manager Since 2021 |
Colin
J. Hamer Senior Portfolio Manager Since 2018 |
Barrow,
Hanley, Mewhinney & Strauss, LLC |
James
S. McClure, CFA
Portfolio Manager/Managing Director Since 2003 DJ
Taylor, CFA, CAIA Portfolio Manager/Managing Director Since 2022 |
W.
Coleman Hubbard, CFA Portfolio Manager/Managing Director Since 2020 |
Brandywine
Global Investment Management, LLC |
Henry
F. Otto
Portfolio Manager/Managing Director Since Fund Inception (1998) Michelle
K. Bevan, CFA Portfolio Manager Since 2022 |
Steven
M. Tonkovich Portfolio Manager/Managing Director Since Fund Inception (1998) |
DePrince,
Race & Zollo, Inc. |
Gregory
Ramsby Portfolio Manager Since 2022 |
Randy
Renfrow Portfolio Manager Since 2022 |
Hotchkis
and Wiley Capital Management, LLC |
David
Green Principal, Portfolio Manager Since Fund Inception (1998) |
Jim
Miles Principal, Portfolio Manager Since Fund Inception (1998) |
Newton
Investment Management North America
LLC |
Joseph
M. Corrado Senior Portfolio Manager Since 2004 |
Andrew
Leger Senior Portfolio Manager Since 2022 |
Internet |
www.americanbeaconfunds.com | |
Phone |
To
reach an American Beacon representative call 1-800-658-5811, option
1
Through
the Automated Voice Response Service call 1-800-658-5811, option 2
(Investor Class only) | |
Mail |
American
Beacon Funds
P.O.
Box 219643
Kansas
City, MO 64121-9643 |
Overnight
Delivery:
American
Beacon Funds
430
W. 7th Street, Suite 219643
Kansas
City, MO 64105-1407 |
|
New
Account |
Existing
Account | |
Share
Class |
Minimum
Initial Investment Amount |
Purchase/Redemption
Minimum by Check/ACH/Exchange |
Purchase/Redemption
Minimum by Wire |
C |
$1,000 |
$50 |
$250 |
A,
Investor |
$2,500 |
$50 |
$250 |
Advisor |
$2,500 |
$50 |
None |
Y |
$100,000 |
$50 |
None |
R5 |
$250,000 |
$50 |
None |
R6 |
None |
$50 |
None |
■ |
The
American Beacon Balanced Fund’s investment objective is income and capital
appreciation. |
■ |
The
American Beacon Garcia Hamilton Quality Bond Fund’s investment objective
is high current income consistent with preservation of
capital. |
■ |
The
American Beacon International Equity Fund’s investment objective is
long-term capital appreciation. |
■ |
The
American Beacon Large Cap Value Fund’s investment objective is long-term
capital appreciation and current income. |
■ |
The
American Beacon Small Cap Value Fund’s investment objective is long-term
capital appreciation and current income. |
■ |
The
American Beacon Garcia Hamilton Quality Bond Fund has a non-fundamental
policy to invest under normal circumstances at least 80% of its net assets
(plus
the amount of any borrowings for investment purposes) in investment grade
bonds. |
■ |
The
American Beacon International Equity Fund has a non-fundamental policy to
invest under normal circumstances at least 80% of its net assets (plus the
amount
of any borrowings for investment purposes) in common stocks and securities
convertible into common stocks of issuers based in at least three
different
countries located outside the United
States. |
■ |
The
American Beacon Large Cap Value Fund has a non-fundamental policy to
invest under normal circumstances at least 80% of its net assets (plus the
amount
of any borrowings for investment purposes) in equity securities of large
market capitalization U.S. companies. |
■ |
The
American Beacon Small Cap Value Fund has a non-fundamental policy to
invest under normal circumstances at least 80% of its net assets (plus the
amount
of any borrowings for investment purposes) in equity securities of small
market capitalization U.S. companies. |
■ |
develops
overall investment strategies for each
Fund, |
■ |
selects
and changes sub-advisors, |
■ |
allocates
assets among sub-advisors, |
■ |
monitors
and evaluates the sub-advisors’ investment
performance, |
■ |
monitors
the sub-advisors’ compliance with each Fund’s investment objectives,
policies and restrictions, |
■ |
oversees
a Fund’s securities lending activities and actions taken by the securities
lending agent to the extent applicable, |
■ |
directs
the investment of the portion of Fund assets that the sub-advisors
determine should be allocated to short-term investments,
and |
■ |
manages
directly a portion of the assets of the American Beacon Balanced
Fund. |
■ |
Barrow,
Hanley, Mewhinney & Strauss, LLC |
■ |
Hotchkis
and Wiley Capital Management, LLC |
■ |
American
Century Investment Management, Inc. |
■ |
Causeway
Capital Management LLC |
■ |
Lazard
Asset Management LLC |
■ |
Barrow,
Hanley, Mewhinney & Strauss, LLC |
■ |
Hotchkis
and Wiley Capital Management, LLC |
■ |
Massachusetts
Financial Services Company |
■ |
Barrow,
Hanley, Mewhinney & Strauss, LLC |
■ |
Brandywine
Global Investment Management, LLC |
■ |
DePrince,
Race & Zollo, Inc |
■ |
Hotchkis
and Wiley Capital Management, LLC |
■ |
Newton
Investment Management North America, LLC |
■ |
Futures
Contracts.
To gain market exposure on cash balances held in anticipation of liquidity
needs or to reduce market exposure in anticipation of liquidity
needs,
a Fund may purchase and sell non-commodity-based index futures contracts
on a daily basis that relate to securities in which it may invest
directly. An
index futures contract is a contract to purchase or sell the cash value of
an index, at a specified future date at a price agreed upon when the
contract is made.
Upon the expiration of the contract, settlement is made by exchanging cash
in an amount equal to the difference between the contract price and
the
closing price of the index at expiration, net of any initial and variation
margin that was previously paid. As cash balances are invested in
securities, a Fund
may invest simultaneously those balances in index futures contracts until
the cash balances are delivered to settle the securities transactions.
This exposes
a Fund to the market risks associated with the purchased securities and
the index, so the Fund may have more than 100% of its assets exposed to
the
markets. This can magnify gains and losses in a Fund. A Fund also may have
to sell assets at inopportune times to satisfy its settlement or margin
obligations.
The risks associated with the use of index futures contracts also include
that there may be an imperfect correlation between the changes in
market
value of the securities held by a Fund and the prices of futures contracts
or the movement in the prices of futures contracts and the value of their
underlying
indices and that there may not be a liquid secondary market for a futures
contract. |
■ |
Government
Money Market Funds. A
Fund may invest cash balances in government money market funds that are
registered as investment companies under
the Investment Company Act, including a government money market fund
advised by the Manager, with respect to which the Manager also receives
a
management fee. If a Fund invests in government money market funds, the
Fund becomes a shareholder of that investment company. As a result, Fund
shareholders
will bear their proportionate share of the expenses, including, for
example, advisory and administrative fees of the government money market
funds
in which a Fund invests, such as advisory fees charged by the Manager to
any applicable government money market funds advised by the Manager,
in
addition to the fees and expenses Fund shareholders directly bear in
connection with a Fund’s own operations. Shareholders also would be
exposed to the
risks associated with government money market funds and the portfolio
investments of such government money market funds, including the risk that
a government
money market fund’s yield will be lower than the return that a Fund would
have received from other investments that provide liquidity. Investments
in government money market funds are not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency. |
■ |
Currency
Swaps |
■ |
Foreign
Currencies |
■ |
Foreign
Currency-Denominated Securities |
■ |
Foreign
Currency Forward Contracts |
■ |
Foreign
Currency Forward Contracts. Foreign
currency forward contracts are two-party contracts pursuant to which one
party agrees to pay the counterparty
a fixed price for an agreed-upon amount of foreign currency at an
agreed-upon future date, which may be any fixed number of days from the
date
of the contract agreed upon by the parties. A foreign currency forward
contract may be a non-deliverable forward contract (“NDF“),
which is a forward
contract where there is no physical settlement of the two currencies at
maturity. Rather, on the contract settlement date, a net cash settlement
will be
made by one party to the other based on the difference between the
contracted forward rate and the prevailing spot rate, on an agreed
notional amount. |
■ |
Futures
Contracts.
A futures contract is a contract to purchase or sell a particular asset,
or the cash value of an asset, such as a security, commodity, currency
or an index of such assets, at a specified future date, at a price agreed
upon when the contract is made. Under many such contracts, no delivery of
the
actual underlying asset is required. Rather, upon the expiration of the
contract, settlement is made by exchanging cash in an amount equal to the
difference
between the contract price and the closing price of the asset (e.g., a
security or an index) at expiration, net of initial and variation margin
that was
previously paid.
Foreign
currency futures contracts are based on the value of foreign currencies.
Foreign currencies may decline in value relative to the U.S.
dollar and affect a Fund’s investment in securities or derivatives that
provide exposure to foreign (non-U.S.) currencies.
A Fund also may have to sell assets
at inopportune times to satisfy its settlement or collateral obligations.
The risks associated with the use of futures contracts also include that
there may
be an imperfect correlation between the changes in market value of the
futures contracts and the assets underlying such contracts, and that there
may not
be a liquid secondary market for a futures
contract. |
■ |
Swap
Agreements.
A swap is a transaction in which a Fund and a counterparty agree to pay or
receive payments at specified dates based upon or calculated
by reference to changes in specified prices or rates (e.g., interest rates
in the case of interest rate swaps) or the performance of specified
securities,
indices or other assets based on the nominal or face amount of a reference
asset. Payments are usually made on a net basis so that, on any given
day,
the Fund would receive (or pay) only the amount by which its payment under
the swap is less than (or exceeds) the amount of the other party’s
payment.
The terms of the swap transaction are either negotiated by a sub-advisor
and the swap counterparty or established based on terms generally
available
on an exchange or contract market. Nearly any type of derivative,
including forward contracts, can be structured as a
swap. |
• |
Currency
Swaps.
A Fund may enter into currency swaps to hedge foreign currency exchange
risk. A currency swap involves the exchange of payments denominated
in one currency for payments denominated in another. Payments are based on
a notional principal amount, the value of which is fixed, in exchange
rate terms, at the swap’s inception. |
■ |
Common
Stock.
Common stock generally takes the form of shares in a corporation which
represent an equity or ownership interest. Holders of common stock
generally have voting rights in the issuer and are entitled to receive
common stock dividends when, as and if declared by the company’s board of
directors.
Returns on common stock investments consist of any dividends received plus
the amount of appreciation or depreciation in the value of the stock.
Common
stock normally occupies the most subordinated position in an issuer’s
capital structure. It ranks below preferred stock and debt securities in
claims for
dividends and for assets of the company in a liquidation or bankruptcy.
Common stock may be traded via an exchange or over-the-counter.
Over-the-counter
stock may be less liquid than exchange-traded
stock. |
■ |
Depositary
Receipts and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S.
Exchanges.
ADRs are U.S. dollar-denominated receipts representing interests
in the securities of a foreign issuer. ADRs typically are issued by
domestic banks and trust companies and represent the deposit with the bank
of |
the
securities of a foreign issuer. GDRs
may be offered in one or more foreign countries and represent the deposit
with a foreign bank of securities of a foreign
issuer.
Depositary receipts may not be denominated in the same currency as the
securities into which they may be converted. Investing in depositary
receipts
and U.S. dollar-denominated foreign stocks traded on U.S. exchanges
entails substantially the same risks as direct investment in foreign
securities. In
addition, a Fund may invest in unsponsored depositary receipts, which are
implemented by a depositary bank with no direct involvement of the foreign
issuers,
and the issuers are not obligated to disclose material information about
the underlying securities to investors in the United States. Ownership of
unsponsored
depositary receipts may not entitle a Fund to the same benefits and rights
as ownership of the underlying securities or of sponsored depositary
receipts,
which are implemented in collaboration with the foreign
issuers. |
■ |
Master
Limited Partnerships.
MLPs are limited partnerships (or similar entities) in which the ownership
units (e.g., limited partnership interests) are publicly traded
and units are freely traded on a securities exchange or in the
over-the-counter market. The majority of MLPs operate in oil and gas
related businesses,
including energy processing and distribution. As partnerships, MLPs may be
subject to less regulation (and less protection for investors) under
state
laws than corporations. An MLP is an investment that combines the tax
benefits of a limited partnership with the liquidity of publicly traded
securities. Many
MLPs are pass-through entities that generally are taxed at the security
holder level and generally are not subject to federal or state income tax
at the partnership
level. Annual income, gains, losses, deductions and credits of an MLP pass
through directly to its security holders. Distributions from an MLP
may
consist in part of a return of capital. A Fund’s investments in MLPs will
be limited by tax considerations. Generally, an MLP is operated under the
supervision
of one or more managing general partners. Limited partners are not
involved in the day-to-day management of the
MLP. |
■ |
Real
Estate Investment Trusts (“REITs”).
Real estate investment trusts (“REITs”), which primarily invest in real
estate or real estate-related loans, may issue equity
or debt securities. Equity REITs own real estate properties, while
mortgage REITs hold construction, development and/or long-term mortgage
loans. Hybrid
REITs own both. The values of REITs may be affected by changes in the
value of the underlying property of the trusts, the creditworthiness of
the issuer,
property taxes, interest rates, tax laws and regulatory requirements, such
as those relating to the environment. Both types of REITs are dependent
upon
management skill and the cash flows generated by their holdings, the real
estate market in general and the possibility of failing to qualify for any
applicable
pass-through tax treatment or failing to maintain any applicable exemptive
status afforded under relevant laws. |
■ |
Corporate
Debt and Other Fixed-Income Securities. Corporate
debt securities are fixed-income securities issued by businesses to
finance their operations. Corporate
debt securities include bonds, notes, debentures and commercial paper
issued by companies to investors with a promise to repay the principal
amount
invested at maturity, with the primary difference being their maturities
and secured or unsecured status. The broad category of corporate debt
securities
includes debt issued by domestic or foreign companies of all kinds,
including companies of all market capitalizations. Corporate debt may be
rated
investment grade or below investment grade and may carry fixed or floating
rates of interest. Corporate bonds typically carry a set interest or
coupon rate,
while commercial paper is commonly issued at a discount to par with no
coupon. The perceived ability of the company to meet its principal and
interest
payment obligations is referred to as its creditworthiness, and it may be
supplemented by collateral securing the company’s obligations.
Debentures
are
unsecured, medium- to long-term debt securities protected only by the
general creditworthiness of the issuer, not by collateral.
Because of the wide range
of types and maturities of corporate debt securities, as well as the range
of creditworthiness of their issuers, corporate debt securities have
widely varying
potentials for return and risk profiles. For example, commercial paper
issued by a large established domestic corporation that is rated
investment grade
may have a modest return on principal, but carries relatively limited
risk. On the other hand, a long-term corporate note issued by a small
foreign corporation
from a
developing
market country that has not been rated may have the potential for
relatively large returns on principal, but carries a relatively
high
degree of risk. Typically, the values of fixed-income securities change
inversely with prevailing interest rates. In addition, in the event of
bankruptcy, holders
of higher-ranking senior securities may receive amounts otherwise payable
to the holders of more junior securities. |
■ |
Government-Sponsored
Enterprises and U.S. Government Agencies. A
Fund may invest in debt obligations of U.S. government agencies, such as
the Government
National Mortgage Association (“Ginnie Mae”
or “GNMA”) and
Export-Import Bank of the United States (“ExImBank”),
and government-sponsored
enterprises, such as the Federal National Mortgage Association (“Fannie
Mae”), Federal Home Loan Mortgage Corporation (“Freddie
Mac”), Federal Agricultural Mortgage Corporation (“Farmer Mac”), Federal
Home Loan Bank system (“FHLBs”) and the Federal Farm Credit Banks
Funding
Corporation (“FFCB”). Although chartered or sponsored by Acts of Congress,
debt obligations issued by such
entities, other than Ginnie Mae and ExImBank,
are not backed by the full faith and credit of the U.S. Government. Debt
obligations issued by Fannie Mae, Freddie Mac, Farmer Mac, FHLBs,
and
FFCB
are supported by the issuers’ right to borrow from the U.S. Treasury, the
discretionary authority of the U.S. Treasury to lend to the issuers and
the U.S. Treasury’s
authority to purchase the issuer’s
securities. |
■ |
Investment
Grade Securities.
Investment grade securities that a Fund may purchase, either as part of
its principal investment strategy or to implement its temporary
defensive policy, include securities issued or guaranteed by the U.S.
Government, its agencies and instrumentalities, as well as securities
rated in one
of the four highest rating categories by a rating organization rating that
security (such as S&P Global Ratings, Moody’s Investors Service, Inc.,
or Fitch, Inc.)
or comparably rated by a sub-advisor if unrated by a rating
organization. A Fund, at the discretion of a sub-advisor, may retain a
security that has been downgraded
below the initial investment criteria. |
■ |
U.S.
Government Securities.
U.S. Government securities may include U.S. Treasury securities and
securities backed by the full faith and credit of the United States,
and securities issued by other U.S. government agencies and
instrumentalities which have been established or sponsored by the U.S.
government and
that issue obligations which may not be backed by the full faith and
credit of the U.S. government. U.S. Treasury obligations include Treasury
Bills, Treasury
Notes, and Treasury Bonds. Treasury Bills have initial maturities of one
year or less; Treasury Notes have initial maturities of one to ten years;
and Treasury
Bonds generally have initial maturities of greater than ten
years. |
■ |
CMBSs.
CMBS
include securities that reflect an interest in, and are secured by, a
mortgage loan or pool of mortgage loans on commercial real estate
property,
such as industrial and warehouse properties, office buildings, hotels,
retail space and shopping malls, mixed
use properties, multifamily
properties and
cooperative apartments. Interest and principal payments from the
underlying loans are passed through to the Fund according to a schedule of
payments.
Credit
quality of the security depends primarily on the quality of the loans
themselves and on the structure of the particular deal. CMBS are
structured
similarly to mortgage-backed securities in that both are backed by
mortgage payments. However, CMBS involve loans related to commercial
property,
whereas mortgage-backed securities are based on loans relating to
residential property. Commercial mortgage loans generally lack
standardized terms,
which may complicate their structure and tend to have shorter maturities
than residential mortgage loans. Commercial properties themselves tend to
be
unique and are more difficult to value than single-family residential
properties. In addition, commercial properties, particularly industrial
and warehouse properties,
are subject to environmental risks and the burdens and costs of compliance
with environmental laws and regulations. CMBS may be
structured with
multiple tranches, with subordinate tranches incurring greater risk of
loss in exchange for a greater yield. The degree
of subordination is determined by the
ratings agencies that rate the individual classes of the structure. The
commercial
mortgage loans that underlie CMBS often are structured so that a
substantial
portion of the loan principal, rather than being amortized over the loan
term, is instead payable at maturity (as a “balloon payment”).
Repayment
of a significant portion of loan principal thus often depends upon the
future availability of real estate financing (to refinance the loan)
and/or upon
the value and saleability of the real estate at the relevant
time. |
■ |
CMOs.
CMOs and interests in real estate mortgage investment conduits (“REMICs”)
are debt securities collateralized by mortgages or mortgage pass-through
securities. A
CMO is a hybrid between a mortgage-backed bond and a mortgage pass-through
security. CMOs
divide the cash flow generated from
the underlying mortgages or mortgage pass-through securities into
different groups referred to as “tranches,” which are then retired
sequentially over time
in order of priority. Under the traditional CMO structure, the cash flows
generated by the mortgages or mortgage pass-through securities in the
collateral
pool are used to first pay interest and then pay principal to the CMO
bondholders. The bonds issued under such a CMO structure are retired
sequentially
as opposed to the pro-rata return of principal found in traditional
pass-through obligations. Subject to the various provisions of individual
CMO issues,
the cash flow generated by the underlying collateral (to the extent it
exceeds the amount required to pay the stated interest) is used to retire
the bonds.
Under the CMO structure, the repayment of principal among the different
tranches is prioritized in accordance with the terms of the particular CMO
issuance.
The “fastest pay” tranche of bonds would initially receive all principal
payments. When that tranche of bonds is retired, the subsequent tranches
specified
in the CMO prospectus receive all of the principal payments until they are
retired. The sequential retirement of tranches continues until the last
tranche
is retired. CMOs also issue sequential and parallel pay classes, including
planned amortization and target amortization classes, and fixed and
floating
rate CMO tranches. Parallel pay CMOs are structured to provide payments of
principal on each payment date to more than one class, concurrently
on
a proportionate or disproportionate basis. Sequential pay CMOs generally
pay principal to only one class at a time while paying interest to several
classes. CMOs may be collateralized by whole mortgage loans but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Ginnie Mae, Fannie Mae and Freddie Mac and their income streams. The issuers of CMOs are structured as trusts or corporations established for the purpose of issuing such CMOs and often have no assets other than those underlying the securities and any credit support provided. A REMIC is a mortgage securities vehicle that holds residential or commercial mortgages and issues securities representing interests in those mortgages. A REMIC may be formed as a corporation, partnership, or trust. A REMIC itself is generally exempt from federal income tax, but the income from its mortgages is taxable to its investors. For investment purposes, interests in REMIC securities are virtually indistinguishable from CMOs. |
■ |
Mortgage
Pass-Through Securities.
Mortgage pass-through securities are securities representing interests in
“pools” of mortgages in which payments of both
interest and principal on the securities are generally made monthly, in
effect “passing through” monthly payments made by the individual borrowers
on
the residential mortgage loans that underlie the securities (net of fees
paid to the issuer or guarantor of the securities). They are issued by
governmental, government-related
and private organizations which
are backed by pools of mortgage loans. Payment of principal and interest
on some mortgage pass-through
securities (but not the market value of the securities themselves) may be
guaranteed by the full faith and credit of the U.S. Government, as in
the
case of securities guaranteed by GNMA, or guaranteed by
government-sponsored enterprises, as in the case of securities guaranteed
by FNMA or FHLMC,
which are supported only by the discretionary authority of the U.S.
Government to purchase the agency’s obligations. Mortgage pass-through
securities
created by nongovernmental issuers (such as commercial banks, savings and
loan institutions, private mortgage insurance companies, mortgage
bankers
and other secondary market issuers) may be supported by various forms of
insurance or guarantees, including individual loan, title, pool and hazard
insurance
and letters of credit, which may be issued by governmental entities,
private insurers or the mortgage poolers.
The pools underlying privately-issued
mortgage pass through securities consist of mortgage loans secured by
mortgages or deeds of trust creating a first lien on commercial,
residential,
residential multi-family and mixed residential/commercial properties.
These mortgage pass-through securities do not have the same credit
standing
as U.S. government guaranteed securities and generally offer a higher
yield than similar securities issued by a government entity. The timely
payment
of interest and principal on mortgage loans in these pools may be
supported by various other forms of insurance or guarantees, including
individual
loan, pool and hazard insurance, subordination and letters of credit. Some
mortgage pass-through securities issued by private organizations may
not
be readily marketable, may be more difficult to value accurately and may
be more volatile than similar securities issued by a government entity.
Transactions
in mortgage pass-through securities often occur through to-be-announced
(“TBA”) transactions. |
■ |
Government
Money Market Funds. A
Fund can invest free cash balances in registered open-end investment
companies regulated as government money market
funds under the Investment Company Act to provide liquidity or for
defensive purposes. A Fund could invest in government money market funds
rather
than purchasing individual short-term investments. If a Fund invests in
government money market funds, shareholders will bear their proportionate
share
of the expenses, including for example, advisory and administrative fees,
of the government money market funds in which a Fund invests, including
advisory
fees charged by the Manager to any applicable government money market
funds advised by the Manager. Although a government money market
fund
is designed to be a relatively low risk investment, it is not free of
risk. Despite the short maturities and high credit quality of a government
money market
fund’s investments, increases in interest rates and deteriorations in the
credit quality of the instruments the government money market fund has
purchased
may reduce the government money market fund’s yield and can cause the
price of a government money market security to decrease. In addition,
a
government money market fund is subject to the risk that the value of an
investment may be eroded over time by
inflation. |
Risk |
American
Beacon Balanced
Fund |
American
Beacon Garcia
Hamilton Quality
Bond Fund |
American
Beacon International
Equity
Fund |
American
Beacon Large
Cap Value Fund |
American
Beacon Small
Cap Value Fund |
Allocation
Risk |
X |
|
|
|
|
Asset-Backed
Securities Risk |
X |
|
|
|
|
Asset
Selection Risk |
X |
|
|
|
|
Callable
Securities Risk |
|
X |
|
|
|
Convertible
Securities Risk |
X |
|
X |
|
|
Counterparty
Risk |
X |
X |
X |
|
|
Credit
Risk |
X |
X |
X |
|
|
Currency
Risk |
|
|
X |
|
|
Cybersecurity
and Operational Risk |
X |
X |
X |
X |
X |
Debentures
Risk |
X |
X |
|
|
|
Derivatives
Risk |
|
|
X |
|
|
|
|
|
X |
|
|
|
|
|
X |
|
|
|
|
|
X |
|
|
|
|
|
X |
|
|
Dividend
Risk |
X |
|
X |
X |
X |
Environmental,
Social, and/or Governance Investing Risk |
X |
X |
X |
X |
X |
Equity
Investments Risk |
X |
|
X |
X |
X |
|
X |
|
X |
X |
X |
|
X |
|
X |
X |
|
|
X |
|
|
|
|
|
X |
|
|
|
X |
Focused
Holdings Risk |
|
X |
|
|
|
Foreign
Exposure Risk |
X |
|
|
X |
|
Foreign
Investing Risk |
|
|
X |
|
|
Futures
Contracts Risk |
X |
|
|
X |
X |
Geographic
Concentration Risk |
|
|
X |
|
|
|
|
|
X |
|
|
|
|
|
X |
|
|
Hedging
Risk |
|
|
X |
|
|
High
Portfolio Turnover Risk |
|
X |
|
|
|
Interest
Rate Risk |
X |
X |
|
|
|
Investment
Risk |
X |
X |
X |
X |
X |
Issuer
Risk |
X |
X |
X |
X |
X |
Large-Capitalization
Companies Risk |
X |
|
X |
X |
|
Liquidity
Risk |
X |
X |
|
|
|
Market
Risk |
X |
X |
X |
X |
X |
|
X |
X |
X |
X |
X |
Market
Timing Risk |
|
|
X |
|
|
Micro-Capitalization
Companies Risk |
|
|
|
|
X |
Risk |
American
Beacon Balanced
Fund |
American
Beacon Garcia
Hamilton Quality
Bond Fund |
American
Beacon International
Equity
Fund |
American
Beacon Large
Cap Value Fund |
American
Beacon Small
Cap Value Fund |
Mid-Capitalization
Companies Risk |
X |
|
X |
X |
X |
Model
and Data Risk |
|
|
|
|
X |
Mortgage-Backed
and Mortgage-Related Securities Risk |
X |
X |
|
|
|
|
X |
|
|
|
|
|
X |
|
|
|
|
|
|
X |
|
|
|
Multiple
Sub-Advisor Risk |
X |
|
X |
X |
X |
Other
Investment Companies Risk |
X |
X |
X |
X |
X |
|
X |
X |
X |
X |
X |
Preferred
Stock Risk |
X |
|
|
|
|
Prepayment
and Extension Risk |
X |
X |
|
|
|
Quantitative
Strategy Risk |
|
|
|
|
X |
Redemption
Risk |
X |
X |
|
|
X |
Sector
Risk |
X |
X |
|
X |
X |
|
X |
X |
|
X |
X |
Secured,
Partially Secured and Unsecured Obligation Risk |
X |
X |
|
|
|
Securities
Lending Risk |
X |
|
X |
X |
X |
Securities
Selection Risk |
X |
X |
X |
X |
X |
Segregated
Assets Risk |
X |
|
X |
|
|
Small-Capitalization
Companies Risk |
|
|
X |
X |
X |
U.S.
Government Securities and Government Sponsored Enterprises
Risk |
X |
X |
|
|
|
U.S.
Treasury Obligations Risk |
|
X |
|
|
|
Valuation
Risk |
|
|
X |
|
|
Value
Stocks Risk |
X |
|
X |
X |
X |
Variable
and Floating Rate Securities Risk |
X |
X |
|
|
■ |
Foreign
Currency Forward Contracts Risk.
Foreign currency forward contracts, including NDFs, are derivative
instruments pursuant to a contract where the parties
agree to pay a fixed price for an agreed amount of foreign currency 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 foreign currency forward contracts
may expose a Fund to additional risks, such as credit risk, liquidity
risk, and counterparty
risk, that it would not be subject to if it invested directly in the
securities or currencies underlying the foreign currency forward contract.
Foreign
currency forward transactions, including NDFs, and forward currency
contracts include risks associated with fluctuations in currency, and
other risks inherent
in trading derivatives. There are no limitations on daily price movements
of forward contracts. Not all forward contracts, including NDFs, require a
counterparty
to post collateral, which may expose a Fund to greater losses in the event
of a default by a counterparty. There may at times be an imperfect
correlation
between the price of a forward contract and the underlying currency, which
may increase the volatility of a Fund. A Fund bears the risk of loss
of
the amount expected to be received under a forward contract in the event
of the default or bankruptcy of a counterparty. If such a default occurs,
a Fund
will have contractual remedies pursuant to the forward contract, but such
remedies may be subject to bankruptcy and insolvency laws which could
affect
a Fund’s rights as a creditor. There can be no assurance that any strategy
used will succeed. |
■ |
Futures
Contracts Risk.
Futures
contracts are derivative instruments pursuant to a contract where the
parties agree to 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 a Fund to additional risks, such as credit risk,
liquidity
risk, and counterparty risk, that it would not be subject to if it
invested directly in the instruments underlying those derivatives. There
can be no assurance
that any strategy used will succeed. There
may at times be an imperfect correlation between the movement in the
prices of futures contracts and the
value of their underlying instruments or index. Futures contracts may
experience dramatic price changes (losses) and imperfect correlations
between the price
of the contract and the underlying security, index or currency, which may
increase the volatility of a Fund. Futures contracts 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, at all times, a
liquid market will exist for offsetting a futures contract that
a Fund has previously bought
or sold and this may result in the inability to close a futures contract
when desired. When a Fund purchases or sells a futures contract, it
is subject to daily
variation margin calls that could be substantial. If a Fund has
insufficient cash to meet daily variation margin requirements, it might
need to sell securities
at a time when such sales are disadvantageous.
Futures
contracts on indices
expose the Fund to volatility in an underlying index.
Foreign
currency futures
contracts expose a Fund to risks associated with fluctuations in the value
of foreign currencies. |
■ |
Swap
Agreements Risk.
Swap agreements or “swaps” are transactions in which a Fund and a
counterparty agree to pay or receive payments at specified dates
based upon or calculated by reference to changes in specified prices or
rates (e.g., interest rates in the case of interest rate swaps) or the
performance of
specified securities, indices or other assets based on a specified amount
(the “notional” amount). Swaps can involve greater risks than a direct
investment
in an underlying asset, because swaps typically include a certain amount
of embedded leverage and as such are subject to leveraging risk. If
swaps
are used as a hedging strategy, a Fund is subject to the risk that the
hedging strategy may not eliminate the risk that it is intended to offset,
due to, among
other reasons, a lack of correlation between the swaps and the portfolio
of assets that the swaps are designed to hedge or replace. Swaps also may
be
difficult to value. Swaps may be subject to liquidity risk and
counterparty risk. The value of swaps may be affected by changes in
overall market movements
and changes in interest rates and currency exchange rates. Some swaps are
now executed through an organized exchange or regulated facility
and
cleared through a regulated clearing organization. A highly liquid
secondary market may not exist for certain swaps, and there can be no
assurance that
one will develop. The use of an organized exchange or market for swap
transactions may result in certain trading and valuation efficiencies for
swaps, however,
this may not always be the case. The absence of an organized exchange or
market for swaps transactions may result in difficulties in trading and
valuation,
especially in the event of market disruptions. Swaps that are traded
over-the-counter also are not subject to standardized clearing
requirements and
the direct oversight of self-regulatory organizations. Swaps may involve
greater liquidity and counterparty risks, including settlement risk, as
well as collateral
risk (i.e., the risk that the swap will not be properly secured with
sufficient collateral), legal risk (i.e., the risk that a swap will not be
legally enforceable
on all of its terms) and operational risk (i.e., the risk of processing
and human errors, inadequate or failed internal or external processes,
failures in
systems and technology errors or malfunctions). A Fund may invest in the
following types of swaps, which may be subject to the risks discussed
above, as well
as the additional risks as described
below: |
• |
Currency
swaps,
which may be subject to foreign exchange, currency, market, and credit
risks. |
■ |
Common
Stock Risk.
The value of a company’s common stock may fall as a result of factors
directly relating to that company, such as decisions made by its
management
or decreased demand for the company’s products or services. A stock’s
value may also decline because of factors affecting not just the
company,
but also companies in the same industry or sector. The price of a
company’s stock may also be affected by changes in financial markets that
are relatively
unrelated to the company, such as changes in interest rates, exchange
rates or industry regulation. Companies that pay dividends on their
common
stock generally only do so after they invest in their own business and
make required payments to bondholders and on other debt and preferred
stock.
Therefore, the value of a company’s common stock will usually be more
volatile than its bonds, other debt and preferred stock. Common stock
generally
is subordinate to preferred stock upon the liquidation or bankruptcy of
the issuing company. In the event of an issuer’s bankruptcy, there is
substantial
risk that there will be nothing left to pay common stockholders after
payments, if any, to bondholders and preferred stockholders have been
made. |
■ |
Depositary
Receipts Risk. A
Fund may invest in securities issued by foreign companies through ADRs
and
GDRs.
These securities are generally subject to many
of the same risks of investing in the foreign securities that they
evidence or into which they may be converted, including, but not limited
to, currency exchange
rate fluctuations, political and financial instability in the home country
of a particular depositary receipt, less liquidity, more volatility, less
government
regulation and supervision and delays in transaction settlement. There may
be an imperfect correlation between the market value of depositary
receipts
and the underlying foreign securities. |
■ |
U.S.
Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges
Risk. Foreign
(non-U.S.) companies that list their stocks on U.S. exchanges may be
exempt
from certain accounting and corporate governance standards that apply to
U.S. companies that list on the same exchange. Foreign stocks traded on
U.S.
exchanges transact and settle in U.S. dollars, but performance of these
stocks can be impacted by political and financial instability in the home
country of
a particular foreign company. To the extent a Fund invests
in U.S. dollar-denominated foreign stocks traded on U.S. exchanges,
delisting of these stocks could
impact a Fund‘s ability to transact in such securities and could
significantly impact their liquidity and market price. In addition,
a Fund would have to seek
other markets in which to transact in such securities which would also
increase a Fund’s costs. |
■ |
Master
Limited Partnerships (“MLPs”) Risk.
Investing in MLPs involves certain risks related to investing in the
underlying assets of the MLPs and risks associated
with pooled investment vehicles. Investments held by MLPs may be
relatively illiquid, limiting the MLPs’ ability to change their portfolios
promptly in
response to changes in economic or other conditions. MLPs may have limited
financial resources, their securities may trade infrequently and in
limited volume,
they may be difficult to value, and they may be subject to more abrupt or
erratic price movements than securities of larger or more broadly based
companies.
Holders of units in MLPs have more limited rights to vote on matters
affecting the partnership and may be required to sell their common units
at
an undesirable time or price. A Fund invests as a limited partner, and
normally would not be liable for the debts of an MLP beyond the amounts a
Fund has
contributed but it would not be shielded to the same extent that a
shareholder of a corporation would be. In certain instances, creditors of
an MLP would
have the right to seek a return of capital that had been distributed to a
limited partner. The right of an MLP’s creditors would continue even after
a Fund
had sold its investment in the partnership. MLPs typically invest in real
estate, oil and gas equipment leasing assets, but they also finance
entertainment,
research and development, and other projects. A Fund’s investments in MLPs
will be limited to no more than 25% of its assets in order for a
Fund
to meet the requirements necessary to qualify as a “regulated investment
company” under the Internal Revenue Code of 1986, as amended. Distributions
from an MLP may consist in part of a return of the amount originally
invested, which would not be taxable to the extent the distributions do
not
exceed the investor’s adjusted basis on its MLP interest. These reductions
in a Fund’s adjusted tax basis in the MLP securities will increase the
amount of gain
(or decrease the amount of loss) recognized by a Fund on a subsequent sale
of the securities. MLPs holding credit-related investments are subject to
interest
rate risk and the risk of default on payment obligations by debt issuers.
MLPs that concentrate in a particular industry or a particular geographic
region
are subject to risks associated with such industry or
region. |
■ |
Real
Estate Investment Trusts (“REITs”) Risk.
REITs or other real estate-related securities are subject to the risks
associated with direct ownership of real estate,
including, among other risks: adverse developments affecting the real
estate industry; declines in real property values; changes in interest
rates; risks related
to general and local economic conditions; defaults by mortgagors or other
borrowers and tenants; lack of availability of mortgage funds or
financing;
increases in property taxes and other operating expenses; overbuilding in
their sector of the real estate market; fluctuations in rental income;
extended
vacancies of properties, especially during economic downturns; casualty or
condemnation losses; changes in tax and regulatory requirements;
losses
due to environmental liabilities; and governmental actions, such as
changes to tax laws, zoning regulations or environmental regulations. All
REITs are dependent
on management skills, are subject to heavy cash flow dependency or
self-liquidation and generally are not diversified. Regardless of where a
REIT
is organized or traded, its performance may be affected significantly by
events in the region where its properties are located. Equity REITs are
affected by
the changes in the value of the properties owned by the trust. Mortgage
REITs are affected by the quality of the credit extended. Equity, mortgage
and hybrid
REITs may not be diversified with regard to the types of tenants, may not
be diversified with regard to the geographic locations of the properties,
and are
subject to cash flow dependency and defaults by borrowers.
Any
domestic REIT could be
adversely affected by failure
to qualify for tax-free “pass-through”
of distributed net income and net realized gains under the Internal
Revenue Code, or to maintain its exemption from registration under the
Investment
Company Act.
REITs typically incur fees that are separate from those incurred by a
Fund. Accordingly, a Fund’s investment in REITs will result in
the
layering of expenses such that shareholders will indirectly bear a
proportionate share of the REITs’ operating expenses, in addition to
indirectly paying Fund
expenses. The value of REIT common stock may decline when interest rates
rise. REITs tend to be small- to mid-capitalization securities and, as
such, are
subject to the risks of investing in small- to mid-capitalization
securities. |
■ |
European
Securities Risk. A
Fund’s performance may be affected by political, social and economic
conditions in Europe, such as growth of economic output (the
gross national product
of the countries in the region),
the rate of inflation, the rate at which capital is reinvested into
European economies, the success of
governmental actions to reduce budget deficits, the resource
self-sufficiency of European countries,
interest rates in European countries, monetary exchange
rates between European countries,
and conflict between European countries. Most developed countries in
Western Europe are members of the European
Union (“EU”)
and many are also members of the Economic and Monetary Union (“EMU” or
“Eurozone”). European countries can be significantly affected
by the tight fiscal and monetary controls that the EMU imposes on its
members and with which candidates for EMU membership are required to
comply. |
While
certain EU countries continue to use their own currency, Eurozone
countries use the Euro as their currency. Changes in imports or exports,
changes in governmental
or EU regulations on trade, changes in the exchange rate of the Euro and
the currencies of other EU countries which are not in the Eurozone,
the
threat of default or actual default by one or more EU member states on its
sovereign debt, and/or an economic recession in one or more EU member
states
may have a significant adverse effect on the economies of other EU member
states and their trading partners, including non-EU European countries.
A
breakup of the Eurozone, particularly a disorderly breakup, would pose
special challenges for the financial markets and could lead to exchange
controls and/or
market closures. The economies and markets of European countries are often
closely connected and interdependent, and events in one country in
Europe
can have an adverse impact on other European
countries. |
The
European financial markets have experienced and may continue to experience
volatility and adverse trends due to concerns relating to economic
downturns;
rising government debt levels and the possible default on government debt;
national unemployment in several European countries; public
|
health
crises; political unrest; economic sanctions; inflation; energy crises;
the future of the Euro as a common currency; and war and military
conflict, such as
the Russian invasion of Ukraine. These events have affected the exchange
rate of the Euro and may continue to significantly affect European
countries. Responses
to financial problems by European governments, central banks, and others,
including austerity measures, interest rate rises and other reforms,
may
not produce the desired results, may result in social unrest and may limit
future growth and economic recovery or may have unintended consequences.
Many
European nations are susceptible to economic risks associated with high
levels of debt. Non-governmental issuers, and even certain governments,
have
defaulted on, or been forced to restructure, their debts, and other
issuers have faced difficulties obtaining credit or refinancing existing
obligations. A default
or debt restructuring by any European country could adversely impact
holders of that country’s debt and sellers of credit default swaps linked
to that country’s creditworthiness,
which may be located in other countries. Such a default or debt
restructuring could affect exposures to other European countries
and their companies as well. In addition, issuers have faced difficulties
obtaining credit or refinancing existing obligations, and financial
markets have
experienced extreme volatility and declines in asset values and liquidity.
Furthermore, certain European countries have had to accept assistance from
supranational
agencies such as the International Monetary Fund, the European Stability
Mechanism or others. There can be no assurance that any creditors
or
supranational agencies will continue to intervene or provide further
assistance, and markets may react adversely to any expected reduction in
the financial
support provided by these creditors. |
The
United Kingdom has withdrawn from the EU, and one or more other
countries may withdraw from the EU and/or abandon the Euro. These events
and actions
have affected, and may in the future affect, the value and exchange rate
of the Euro and may continue to significantly affect the economies of
every country
in Europe, including countries that do not use the Euro and non-EU member
states. The impact of these actions, especially if they occur in a
disorderly
fashion, is not clear but could be significant and far
reaching. |
The
national politics of European countries have been unpredictable and
subject to influence by disruptive political groups and ideologies.
European governments
may be subject to change and such countries may experience social and
political unrest. Unanticipated or sudden political or social developments
may result in sudden and significant investment losses. Russia’s war with
Ukraine has negatively impacted European economic activity. The
effects
on the economies of European countries of the Russia/Ukraine war and
Russia’s response to sanctions imposed by the U.S., the EU, UK and
others are
impossible to predict but have been and could continue to be significant
and have a severe adverse impact on the region, including significant
impacts on
the regional, European, and global economies and the markets for certain
securities and commodities, such as oil and natural gas. For example,
exports in
Eastern Europe have been disrupted for certain key commodities, pushing
certain commodity prices to record highs. Also, both wholesale energy
prices and
energy prices charged to consumers in Europe have increased
significantly. |
■ |
United
Kingdom Securities Risk.
Exposure to issuers located in, or with economic ties to, the United
Kingdom, could expose a Fund to risks associated with investments
in the United Kingdom to a greater extent than more geographically diverse
funds, including regulatory, political, currency, security, and
economic
risks specific to the United Kingdom. The United Kingdom has one of the
largest economies in Europe, and the United States and other European
countries
are substantial trading partners of the United Kingdom. As a result, the
United Kingdom economy may be impacted by changes to the economic
condition
of the United States and other European countries. Increasing commodity prices and rising inflation levels caused or exacerbated by the war between Russia and Ukraine recently prompted the United Kingdom government to implement significant policy changes. It is difficult to predict what effects such policies (or the suggestion of such policies) may have and the duration of those effects, which may last for extended periods. These effects may negatively impact broad segments of business and the population and have a significant and rapid negative impact on the performance of a Fund’s investments. In September 2022, the unexpected announcement by the United Kingdom government to propose spending pledges and tax cuts as part of the mini-budget, caused government bond prices to fall sharply, sparking a liquidity and valuation crisis among certain pension funds, and a fear that interest rates might rise at a faster rate than had been anticipated. The Bank of England subsequently launched an emergency intervention to stabilize the United Kingdom’s economy. The uncertainty also resulted in the British pound sterling falling to a historic low against the dollar, though there was some recovery shortly thereafter. The United Kingdom’s government subsequently reversed proposing some of the spending pledges and tax cuts; however, there continues to be considerable uncertainty surrounding these plans, which may continue to have a destabilizing effect on the United Kingdom economy. Additionally, the transitional period following the United Kingdom’s departure from the European Union (commonly referred to as “Brexit”) ended on December 31, 2020 and European Union law ceased to have effect in the United Kingdom except to the extent retained by the United Kingdom by unilateral act. The United Kingdom and the European Union then reached a trade agreement that was ratified by all applicable United Kingdom and European Union governmental bodies. The economic effects of Brexit, including certain negative impacts on the ability of the United Kingdom to trade seamlessly with the European Union, are becoming clearer but some political, regulatory and commercial uncertainty in relation to the longer term impacts nevertheless remains to be resolved. Accordingly, there remains a risk that the aftermath of Brexit, including its ongoing effect on the United Kingdom’s relationships with other countries, including the United States and the European Union, may negatively impact the value of investments held by the Fund. Although a sub-advisor may hedge Fund currency exposures back to the U.S. dollar, a depreciation of the British pound sterling and/or the Euro in relation to the U.S. dollar could adversely affect Fund investments denominated in British pound sterling or Euros that are not fully hedged regardless of the performance of the underlying issuer. |
■ |
Recent
Market Events Risk.
Both U.S. and international markets have experienced significant
volatility in recent months and years. As a result of such volatility,
investment returns may fluctuate significantly. Moreover, the risks
discussed herein associated with an investment in a Fund may be increased.
Deteriorating
economic fundamentals may increase the risk of default or insolvency of
particular issuers, negatively impact market value, increase market
volatility,
cause credit spreads to widen, reduce bank balance sheets and cause
unexpected changes in interest rates. Any of these could cause an increase
in
market volatility, reduce liquidity across various sectors or markets or
decrease confidence in the markets. Historical patterns of correlation
among asset classes
may break down in unanticipated ways during times of high volatility,
disrupting investment programs and potentially causing
losses. |
Although
interest rates were unusually low in recent years in the U.S. and
abroad, in 2022, the U.S. Federal Reserve and certain foreign central
banks began to
raise interest rates as part of their efforts to address rising inflation.
In addition, ongoing inflation pressures could continue to cause an
increase in interest
rates and/or negatively impact issuers. It is difficult to accurately
predict the pace at which interest rates may increase, the timing,
frequency or magnitude
of any such increases in interest rates, or when such increases might
stop. Additionally, various economic and political factors, such as rising
inflation
rates, could cause the Federal Reserve or other foreign banks to change
their approach in the future as such actions may result in an economic
slowdown
both in the U.S. and abroad. Unexpected increases in interest rates could
lead to market volatility or reduce liquidity in certain sectors of the
market.
Also, regulators have expressed concern that rate increases may cause
investors to sell fixed income securities faster than the market can
absorb them,
contributing to price volatility. Over the longer term, rising interest
rates may present a greater risk than has historically been the case due
to the prior
period of relatively low rates and the effect of government fiscal and
monetary policy initiatives and potential market reaction to those
initiatives, or their
alteration or cessation. It is difficult to predict the impact on various
markets of significant rate increases or other significant policy
changes. |
In
March 2023, the shutdown of certain financial institutions in
the U.S. and questions regarding the viability of other financial
institutions raised economic concerns
over disruption in the U.S. and global banking systems. There can be no
certainty that the actions taken by the U.S. or foreign governments will
be
effective in mitigating the effects of financial institution failures on
the economy and restoring public confidence in the U.S. and global banking
systems. |
Some
countries, including the U.S., have in recent years adopted more
protectionist trade policies. Slowing global economic growth; the rise in
protectionist trade
policies; changes to international trade agreements; risks associated with
the trade agreement between the United Kingdom and the European Union
and
the risks associated with ongoing trade negotiations with China; political
or economic dysfunction within some nations, including major producers of
oil;
and dramatic changes in commodity and currency prices could have adverse
effects that cannot be foreseen at the present time. Tensions, war
or open conflict
between nations, such as between Russia and Ukraine, in the Middle East or
in eastern Asia could affect the economies of many nations, including
the
United States. The duration of ongoing hostilities and any sanctions and
related events cannot be predicted. Those events present material
uncertainty and
risk with respect to markets globally and the performance of a Fund and
its investments or operations could be negatively
impacted. |
Regulators
in the U.S. have proposed and recently adopted a number of changes to
regulations involving the markets and issuers, some of which apply to a
Fund.
The full effect of various newly-adopted regulations is not currently
known. Additionally, it is not clear whether the proposed regulations will
be adopted.
However, due to the broad scope of the new and proposed regulations,
certain changes could limit a Fund’s ability to pursue its investment
strategies
or make certain investments, or may make it more costly for a Fund to
operate, which may impact performance. Further, advancements in
technology
may also adversely impact market movements and liquidity and may affect
the overall performance of a Fund. For example, the advanced development
and increased regulation of artificial intelligence may impact the economy
and the performance of a Fund. As artificial intelligence is used
more
widely, the value of a Fund’s holdings may be impacted, which could impact
the overall performance of a Fund. |
High
public debt in the U.S. and other countries creates ongoing systemic and
market risks and policymaking uncertainty. There is no assurance that the
U.S.
Congress will act to raise the nation’s debt ceiling; a failure to do so
could cause market turmoil and substantial investment risks that cannot
now be fully
predicted. Unexpected political, regulatory and diplomatic events within
the U.S. and abroad may affect investor and consumer confidence and may
adversely
impact financial markets and the broader
economy. |
Certain
illnesses spread rapidly and have the potential to significantly and
adversely affect the global economy. The impact of epidemics and/or
pandemics that
may arise in the future could negatively affect the economies of many
nations, individual companies and the global securities and commodities
markets,
including their liquidity, in ways that cannot necessarily be foreseen at
the present time and could last for an extended period of time. China’s
economy,
which has been sustained through debt-financed spending on housing and
infrastructure, appears to be experiencing a significant slowdown and
growing
at a lower rate than prior years. Due to the size of China’s economy, such
a slowdown could impact financial markets and the broader economy.
|
Economists
and others have expressed increasing concern about the potential effects
of global climate change on property and security values. Impacts
from
climate change may include significant risks to global financial assets
and economic growth. A rise in sea levels, an increase in powerful
windstorms and/or
a climate-driven increase in sea levels or flooding could cause coastal
properties to lose value or become unmarketable altogether. Certain
issuers, industries
and regions may be adversely affected by the impacts of climate change,
including on the demand for and the development of goods and
|
services
and related production costs, and the impacts of legislation, regulation
and international accords related to climate change, as well as any
indirect consequences
of regulation or business trends driven by climate change. Regulatory
changes and divestment movements tied to concerns about climate
change
could adversely affect the value of certain land and the viability of
industries whose activities or products are seen as accelerating climate
change. Losses
related to climate change could adversely affect, among others, corporate
issuers and mortgage lenders, the value of mortgage-backed securities,
the
bonds of municipalities that depend on tax or other revenues and tourist
dollars generated by affected properties, and insurers of the property
and/or of corporate,
municipal or mortgage-backed securities. |
■ |
Collateralized
Mortgage Obligation (“CMOs”) Risk.
Investments
in CMOs are subject to the same risks as direct investments in the
underlying
mortgage-backed
securities.
In addition, CMOs may be less liquid and exhibit greater price volatility
than other types of mortgage-backed or asset-backed securities.
CMOs may offer a higher yield than U.S. government securities, but they
may also be subject to greater price fluctuation and credit
risk,
and may be
highly sensitive to changes in interest rates.
In addition, CMOs typically will be issued in a variety of classes or
series, which have different maturities and are
retired in sequence. While
CMO collateral is generally issued by the Government National Mortgage
Association, the Federal Home Loan Mortgage Corporation
or the Federal National Mortgage Association, the CMO itself may be issued
by a private party, such as a brokerage firm, that is not covered by
any
government guarantees. Privately
issued CMOs are not U.S. government securities nor are they supported in
any way by any U.S. government agency or
instrumentality. In the event of a default by an issuer of a CMO, there is
no assurance that the collateral securing such CMO will be sufficient to
pay principal
and interest,
and a Fund could experience delays in liquidating its position.
It is possible that there will be limited opportunities for trading CMOs
in the
over-the-counter market, the depth and liquidity of which will vary from
time to time. |
■ |
Commercial
Mortgage-Backed Securities (“CMBS”) Risk.
CMBS are
subject to the risks generally associated with mortgage-backed securities
and reflect the risks
of investing in the real estate securing the underlying mortgage loans.
These risks reflect the effects of local and other economic conditions on
real |
estate
markets, the ability of tenants to make loan payments, increases in
interest rates, real estate tax rates and other operating expenses,
changes in government
rules, regulations and fiscal policies, and the ability of a property to
attract and retain tenants.
CMBS may not be backed by the full faith and credit
of the U.S. Government and are subject to risk of default on the
underlying mortgages,
particularly during periods of economic downturn. CMBS may
be less liquid and exhibit greater price volatility than other types of
mortgage- or asset-backed securities. Furthermore, CMBS
issued by non-government
entities may offer higher yields than those issued by government entities,
but also may be less
liquid and subject
to greater volatility than government
issues. CMBS are
subject to a greater degree of prepayment and extension risk than many
other forms of fixed-income securities and, therefore,
CMBS may
react differently to changes in interest rates than other bonds and the
prices of CMBS may reflect adverse economic and market conditions.
Small movements in interest rates (both increases and decreases) may
quickly and significantly reduce the value of CMBS. CMBS held
by the Fund
may be subordinated to one or more other classes of securities of the same
series for purposes of, among other things, establishing payment
priorities and
offsetting losses and other shortfalls with respect to the
related
underlying mortgage loans. There
can be no assurance that the subordination will be sufficient
on any date to offset all losses or expenses incurred by the underlying
trust. |
■ |
Mortgage
Pass-Through Securities Risk.
Mortgage pass-through securities are
sensitive to interest rate changes, and small
movements in interest rates, both increases
and decreases, may quickly and significantly affect the value of
certain mortgage pass-through securities. Mortgage-backed
securities tend to increase
in value less than other debt securities when interest rates decline, but
are subject to similar or greater risk of decline in market value during
periods
of rising interest rates. Certain
of the mortgage pass-through securities in which a Fund may invest in are
issued or guaranteed by agencies or instrumentalities
of the U.S. government but are not backed by the full faith and credit of
the U.S. government. There can be no assurance that the U.S. government
would provide financial support to its agencies or instrumentalities where
it was not obligated to do so, which can cause a Fund to lose money
or
underperform. The risks of investing in mortgage pass-through securities
include, among others, interest rate risk, credit risk, prepayment risk
and extension
risk, as well as risks associated with the nature of the underlying
mortgage assets and the servicing of those assets.
These securities are subject to the
risk of default on the underlying mortgages, and such risk is heightened
during periods of economic downturn. Transactions in mortgage pass-through
securities
often occur through to-be-announced (“TBA”) transactions. If a TBA
counterparty defaults or goes bankrupt a Fund may experience adverse
market
action, expenses, or delays in connection with the purchase or sale of the
pools of mortgage pass-through securities specified in a TBA transaction
which
can cause a Fund to lose money or underperform.
|
■ |
Government
Money Market Funds Risk.
Investments in government money market funds are subject to interest rate
risk, credit risk, and market risk. Interest
rate risk is the risk that rising interest rates could cause the Fund’s
investment to lose value. A decline in short-term interest rates or a low
interest rate
environment would lower a government money market fund’s yield and the
return on the Fund’s investment. Credit risk is the risk that the issuer,
guarantor
or insurer of an obligation, or the counterparty to a transaction, may
fail or become less able or unwilling, to make timely payment of interest
or principal
or otherwise honor its obligations, or that it may default completely.
There is the risk that the issuers or guarantors of securities owned by a
government
money market fund, including securities issued by U.S. Government
agencies, which are not backed by the full faith and credit of the U.S.
Government,
will default on the payment of principal or interest or the obligation to
repurchase securities from the government money market fund. This
could
cause the government money market fund’s NAV to decline below $1.00 per
share, which would cause the Fund’s investment to lose
value. |
■ |
Financials
Sector Risk.
Companies
in the Financials sector
are subject to extensive governmental regulation
and intervention,
which may result
in financial penalties
and limits on
the amounts and types of loans and other financial commitments they can
make, the interest rates and fees they can charge, the scope
of their activities, the prices they can charge and the amount of capital
they must maintain,
and, potentially, their size. Governmental regulation may change
frequently and may have significant adverse consequences for companies in
the Financials sector, including effects not intended by such regulation.
The
impact of recent or future regulation, including more stringent capital
requirements, cannot be predicted.
Profitability is largely dependent on the availability
and cost of capital funds and can fluctuate significantly.
In addition, fiscal, regulatory and monetary policies, economic
conditions, interest rate changes,
loan losses, credit rating downgrades, and decreased liquidity
in
the credit markets may
cause an adverse impact in a broad range of markets, including
U.S. and international credit and interbank money markets,
thereby affecting a wide range of financial institutions and
markets. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Companies in the Financials sector are exposed directly to the credit risk of their borrowers and counterparties, who may be leveraged to an unknown degree, including through swaps and other derivatives products. In addition, financial services companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent in this sector and have reportedly caused losses to companies in this sector, which may negatively impact a Fund. |
■ |
Russell
1000®
Value Index is a registered trademark of Frank Russell Company. The
Russell 1000®
Value Index is an unmanaged index of those stocks in the Russell
1000®
Index with lower price-to-book ratios and lower forecasted growth
values. |
■ |
The
Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures
the investment grade, US dollar-denominated, fixed-rate taxable bond
market.
The index includes components for Treasuries, government-related and
corporate securities, mortgage pass-through securities, and asset-backed
securities.
These major sectors are subdivided into more specific indices that are
calculated and reported on a regular basis.
|
■ |
The
Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures
the investment grade, US dollar-denominated, fixed-rate taxable bond
market. The
index includes components for Treasuries, government-related and
corporate securities, mortgage pass-through securities, and asset-backed
securities.
These major sectors are subdivided into more specific indices that are
calculated and reported on a regular basis.
|
■ |
The
MSCI®
EAFE Index (Net) is designed to represent the performance of large- and
mid-capitalization securities across 21 developed markets countries,
including
countries in Europe, Australasia and the Far East, and excluding the U.S.
and Canada. It covers approximately 85% of the free float-adjusted
market
capitalization in each country. |
■ |
The
MSCI®
EAFE Value Index (Net) captures large and mid-cap securities exhibiting
overall value style characteristics across Developed Markets countries
around
the world, excluding the US and Canada. The value investment style
characteristics for index construction are defined using three variables:
book value
to price, 12-month forward earnings to price and dividend
yield. |
■ |
Russell
1000®
Value Index is a registered trademark of Frank Russell Company. The
Russell 1000®
Value Index is an unmanaged index of those stocks in the Russell
1000®
Index with lower price-to-book ratios and lower forecasted growth
values. |
■ |
The
Russell 2000®
Value Index is a registered trademark of Frank Russell Company. The
Russell 2000®
Value Index is an unmanaged index of those stocks in the
Russell 2000®
Index with lower price-to-book ratios and lower forecasted growth values.
The Russell 2000®
Index is an unmanaged index comprised of approximately
2,000 smaller-capitalization stocks. |
American
Beacon Fund |
Aggregate
Management and Investment Advisory Fees |
American
Beacon Balanced Fund |
0.52% |
American
Beacon Garcia Hamilton Quality Bond Fund |
0.33% |
American
Beacon International Equity Fund |
0.59% |
American
Beacon Large Cap Value Fund |
0.55% |
American
Beacon Fund |
Aggregate
Management and Investment Advisory Fees |
American
Beacon Small Cap Value Fund |
0.70% |
American
Beacon Fund |
A
Class |
C
Class |
Y
Class |
R6
Class |
Advisor
Class |
R5
Class |
Investor
Class |
American
Beacon Garcia Hamilton Quality Bond Fund |
n/a |
n/a |
0.51% |
0.41% |
n/a |
0.45% |
0.83% |
American
Beacon International Equity Fund |
n/a |
n/a |
n/a |
0.69% |
n/a |
n/a |
n/a |
American
Beacon Funds |
Team
Members |
American
Beacon Balanced Fund |
Kirk
L. Brown, Paul B. Cavazos, Erin Higginbotham, Samuel
Silver |
American
Beacon International Equity Fund and
American Beacon Large Cap Value Fund |
Kirk
L. Brown, Paul B. Cavazos, Robyn A.
Serrano |
American
Beacon Funds |
Team
Members |
American
Beacon Small Cap Value Fund |
Paul
B. Cavazos, Colin J. Hamer, Robyn A.
Serrano |
■ |
How
long you expect to own the shares; |
■ |
How
much you intend to invest; |
■ |
Total
expenses associated with owning shares of each
class; |
■ |
Whether
you qualify for any reduction or waiver of sales
charges; |
■ |
Whether
you plan to take any distributions in the near future;
and |
■ |
Availability
of share classes. |
Amount
of Sale/Account Value |
As
a % of Offering Price |
As
a % of Investment |
Dealer
Commission as a % of Offering
Price |
Less
than $50,000 |
5.75% |
6.10% |
5.00% |
$50,000
but less than $100,000 |
4.75% |
4.99% |
4.00% |
$100,000
but less than $250,000 |
3.75% |
3.90% |
3.00% |
$250,000
but less than $500,000 |
2.75% |
2.83% |
2.05% |
$500,000
but less than $1 million |
2.00% |
2.04% |
1.50% |
$1
million and above |
0.00% |
0.00%†
|
‡
|
† | No initial sales charge applies on purchases of $1,000,000 or more. A CDSC of 0.50% of the offering price will be charged on purchases of $1,000,000 or more that are redeemed in whole or in part within eighteen (18) months of purchase. |
‡ | See “Dealer Concessions on A Class Purchases Without a Front-End Sales Charge.” |
■ |
The
Manager or its affiliates; |
■ |
Present
and former directors, trustees, officers, employees of the Manager, the
Manager’s parent company, and the American Beacon Funds (and their
‘‘immediate
family’’ as defined in the SAI), and retirement plans established by them
for their employees; |
■ |
Registered
representatives or employees of intermediaries that have selling
agreements with the Funds; |
■ |
Shares
acquired through merger or acquisition; |
■ |
Insurance
company separate accounts; |
■ |
Employer-sponsored
retirement plans; |
■ |
Dividend
reinvestment programs; |
■ |
Purchases
through certain fee-based programs under which investors pay advisory fees
that may be offered through selected registered investment advisers,
broker-dealers,
and other financial intermediaries; |
■ |
Shareholders
that purchase a Fund through a financial intermediary that offers our A
Class shares uniformly on a ‘‘no load’’ (or reduced load) basis to you
and
all similarly situated customers of the intermediary in accordance with
the intermediary’s prescribed fee schedule for purchases of fund
shares; |
■ |
Mutual
fund shares exchanged from an existing position in the same fund as part
of a share class conversion instituted by an intermediary;
and |
■ |
Reinvestment
of proceeds within 90 days of a redemption from A Class account (see
Redemption Policies for more
information). |
■ |
Accounts
owned by you, your spouse or your minor children under the age of 21,
including trust or other fiduciary accounts in which you, your spouse or
your
minor children are the beneficiary; |
■ |
UTMAs/UGMAs; |
■ |
IRAs,
including traditional, Roth, SEP and SIMPLE IRAs;
and |
■ |
Coverdell
Education Savings Accounts or qualified 529
plans. |
■ |
shares
acquired by the reinvestment of dividends or other
distributions; |
■ |
other
shares that are not subject to the CDSC; |
■ |
shares
held the longest during the holding
period. |
■ |
The
redemption is due to a shareholder’s death or post-purchase
disability; |
■ |
The
redemption is from a systematic withdrawal plan and represents no more
than 10% of your annual account value; |
■ |
The
redemption is a benefit payment made from a qualified retirement plan,
unless the redemption is due to the termination of the plan or the
transfer of the
plan to another financial institution; |
■ |
The
redemption is for a “required minimum distribution” from a traditional IRA
as determined by the Internal Revenue
Service; |
■ |
The
redemption is due to involuntary redemptions by a Fund as a result of your
account not meeting the minimum balance requirements, the termination
and
liquidation of a Fund, or other actions; |
■ |
The
redemption is from accounts for which the broker-dealer of record has
entered into a written agreement with the Distributor (or Manager)
allowing this waiver; |
■ |
The
redemption is to return excess contributions made to a retirement plan;
or |
■ |
The
redemption is to return contributions made due to a mistake of
fact. |
|
New
Account |
Existing
Account | |
Share
Class |
Minimum
Initial Investment Amount |
Purchase/Redemption
Minimum by Check/ACH/Exchange |
Purchase/Redemption
Minimum by Wire |
C |
$1,000 |
$50 |
$
250 |
A,
Investor |
$2,500 |
$50 |
$
250 |
Advisor |
$2,500 |
$50 |
None |
Y |
$100,000 |
$50 |
None |
R5 |
$250,000 |
$50 |
None |
R6 |
None |
$50 |
None |
•
Your name/account registration |
•
Your account number |
•
Type of transaction requested |
•
Fund name(s) and fund number(s) |
•
Dollar amount or number of shares |
Internet |
www.americanbeaconfunds.com | |
Phone |
To
reach an American Beacon representative call 1-800-658-5811, option
1
Through
the Automated Voice Response Service call 1-800-658-5811, option 2
(Investor Class Only) | |
Mail |
American
Beacon Funds
PO
Box 219643
Kansas
City, MO 64121-9643 |
Overnight
Delivery:
American
Beacon Funds
430
W. 7th Street, Suite 219643
Kansas
City, MO 64105-1407 |
■ |
ABA#
0110-0002-8; AC-9905-342-3, |
■ |
Attn:
American Beacon Funds, |
■ |
the
fund name and fund number, and |
■ |
shareholder
account number and registration. |
|
New
Account |
Existing
Account | |
Share
Class |
Minimum
Initial Investment Amount |
Purchase/Redemption
Minimum by Check/ACH/Exchange |
Purchase/Redemption
Minimum by Wire |
C |
$1,000 |
$50 |
$
250 |
A,
Investor |
$2,500 |
$50 |
$
250 |
Advisor |
$2,500 |
$50 |
None |
Y |
$100,000 |
$50 |
None |
R5 |
$250,000 |
$50 |
None |
R6 |
None |
$50 |
None |
■ |
with
a request to send the proceeds to an address or commercial bank account
other than the address or commercial bank account designated on the
account
application, or |
■ |
for
an account whose address has changed within the last 30 days if proceeds
are sent by check. |
Share
Class |
Account
Balance |
A |
$2,500 |
C |
$1,000 |
Y |
$25,000 |
R6 |
$0 |
Advisor |
$2,500 |
R5 |
$75,000 |
Investor |
$2,500 |
■ |
The
Funds, their officers, trustees, employees, or agents are not responsible
for the authenticity of instructions provided by telephone, nor for any
loss, liability,
cost or expense incurred for acting on
them. |
■ |
The
Funds employ procedures reasonably designed to confirm that instructions
communicated by telephone are
genuine. |
■ |
Due
to the volume of calls or other unusual circumstances, telephone
redemptions may be difficult to implement during certain time
periods. |
■ |
liquidate
a shareholder’s account at the current day’s NAV per share and remit
proceeds via check if the Funds or a financial institution is unable to
verify the shareholder’s
identity within three business days of account
opening, |
■ |
seek
reimbursement from the shareholder for any related loss incurred by a Fund
if payment for the purchase of Fund shares by check does not clear the
shareholder’s
bank, and |
■ |
reject
a purchase order and seek reimbursement from the shareholder for any
related loss incurred by a Fund if funds are not received by the
applicable wire deadline. |
■ |
Send
a letter to American Beacon Funds via the United States Post
Office. |
■ |
Speak
to a Customer Service Representative on the phone after you go through a
security verification process. For
residents of certain states, contact cannot
be made by phone but must be in writing or through the Funds’ secure web
application. |
■ |
Access
your account through the Funds’ secure web
application. |
■ |
Cashing
checks that are received and are made payable to the owner of the
account. |
American
Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643 1-800-658-5811 www.americanbeaconfunds.com |
■ |
shares
acquired through the reinvestment of dividends and other
distributions; |
■ |
systematic
purchases and redemptions; |
■ |
shares
redeemed to return excess IRA contributions;
or |
■ |
certain
transactions made within a retirement or employee benefit plan, such as
payroll contributions, minimum required distributions, loans, and hardship
withdrawals,
or other transactions that are initiated by a party other than the plan
participant. |
American
Beacon Fund |
Dividends
Paid |
Other
Distributions Paid |
American
Beacon Balanced Fund |
Quarterly |
Annually |
American
Beacon Garcia Hamilton Quality Bond Fund |
Monthly |
Annually |
American
Beacon International Equity Fund |
Annually |
Annually |
American
Beacon Large Cap Value Fund |
Annually |
Annually |
American
Beacon Small Cap Value Fund |
Annually |
Annually |
■ |
Reinvest
All Distributions. You can elect to reinvest all distributions by a Fund
in additional shares of the distributing class of that
Fund. |
■ |
Reinvest
Only Some Distributions. You can elect to reinvest some types of
distributions by a Fund in additional shares of the distributing class of
that Fund while
receiving the other types of distributions by that Fund by check or having
them sent directly to your bank account by ACH (“in
cash”). |
■ |
Receive
All Distributions in Cash. You can elect to receive all distributions in
cash. |
■ |
Reinvest
Your Distributions in shares of another American Beacon Fund. You can
reinvest all of your distributions by a Fund on a particular class of
shares in shares
of the same class of another American Beacon Fund that is available for
exchanges. You must have an existing account in the same share class of
the selected
fund. |
Type
of Transaction |
Federal
Tax Status |
Dividends
from net investment income* |
Ordinary
income** |
Distributions
of the excess of net short-term capital gain over net long-term capital
loss* |
Ordinary
income |
Distributions
of net gains from certain foreign currency transactions* |
Ordinary
income |
Distributions
of the excess of net long-term capital gain over net short-term capital
loss
(“net capital gain”)* |
Long-term
capital gains |
Redemptions
or exchanges of shares owned for more than one year |
Long-term
capital gains or losses |
Redemptions
or exchanges of shares owned for one year or less |
Net
gains are taxed at the same rate as ordinary income; net losses
are
subject to special rules |
* | Whether reinvested or taken in cash. |
** | Except for dividends that are attributable to ‘‘qualified dividend income,’’ if any. |
American
Beacon Balanced FundSM
| |||||
|
A
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$11.69
|
$14.31
|
$12.39
|
$14.33
|
$14.38
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.23
|
0.25
|
0.11
|
0.15
|
0.22
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.05
|
(1.50
)
|
3.71
|
(0.71
)
|
1.07
|
Total
income (loss) from investment operations |
0.28
|
(1.25
)
|
3.82
|
(0.56
)
|
1.29
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.22
)
|
(0.19
)
|
(0.25
)
|
(0.21
)
|
(0.22
)
|
Distributions
from net realized gains |
(1.16
)
|
(1.18
)
|
(1.65
)
|
(1.17
)
|
(1.12
)
|
Total
distributions |
(1.38
)
|
(1.37
)
|
(1.90
)
|
(1.38
)
|
(1.34
)
|
Net
asset value, end of period |
$10.59
|
$11.69
|
$14.31
|
$12.39
|
$14.33
|
Total
returnB
|
2.44
%
|
(9.49
)%
|
33.39
%
|
(4.49
)%
|
10.54
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$12,917,238 |
$13,482,666 |
$13,922,687 |
$12,863,938 |
$16,228,685 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.09
%
|
1.04
%
|
1.02
%
|
1.21
%
|
1.01
%
|
Expenses,
net of reimbursements and/or recoupments |
1.09
%
|
1.04
%
|
1.02
%
|
1.21
%
|
1.01
%
C
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.80
%
|
1.22
%
|
1.04
%
|
1.46
%
|
1.88
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.80
%
|
1.22
%
|
1.04
%
|
1.46
%
|
1.88
%
|
Portfolio
turnover rate |
48
%
|
30
%
|
37
%
|
82
%
|
68
%
|
A | On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund. |
B | Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. |
C | This ratio does not include a voluntary reimbursement of service fees as included in the prior year. |
American
Beacon Balanced FundSM
| |||||
|
C
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$11.87
|
$14.49
|
$12.53
|
$14.48
|
$14.55
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.12
B
|
0.06
B
|
0.04
B
|
0.05
|
0.10
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.08
|
(1.41
)
|
3.72
|
(0.70
)
|
1.09
|
Total
income (loss) from investment operations |
0.20
|
(1.35
)
|
3.76
|
(0.65
)
|
1.19
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.13
)
|
(0.09
)
|
(0.15
)
|
(0.13
)
|
(0.14
)
|
Distributions
from net realized gains |
(1.16
)
|
(1.18
)
|
(1.65
)
|
(1.17
)
|
(1.12
)
|
Total
distributions |
(1.29
)
|
(1.27
)
|
(1.80
)
|
(1.30
)
|
(1.26
)
|
Net
asset value, end of period |
$10.78
|
$11.87
|
$14.49
|
$12.53
|
$14.48
|
Total
returnC
|
1.68
%
|
(10.11
)%
|
32.32
%
|
(5.09
)%
|
9.63
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$11,669,906 |
$16,173,837 |
$23,737,711 |
$23,951,798 |
$30,848,500 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.83
%
|
1.78
%
|
1.75
%
|
1.95
%
|
1.76
%
|
Expenses,
net of reimbursements and/or recoupments |
1.83
%
|
1.78
%
|
1.75
%
|
1.95
%
|
1.76
%
D
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.04
%
|
0.47
%
|
0.32
%
|
0.72
%
|
1.13
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.04
%
|
0.47
%
|
0.32
%
|
0.72
%
|
1.13
%
|
Portfolio
turnover rate |
48
%
|
30
%
|
37
%
|
82
%
|
68
%
|
A | On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund. |
B | Per share amounts have been calculated using the average shares method. |
C | Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. |
D | This ratio does not include a voluntary reimbursement of service fees as included in the prior year. |
American
Beacon Balanced FundSM
| |||||
|
Y
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$14.20
|
$17.07
|
$14.46
|
$16.47
|
$16.31
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.29
|
0.21
|
0.20
|
0.25
|
0.33
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.08
|
(1.68
)
|
4.35
|
(0.86
)
|
1.20
|
Total
income (loss) from investment operations |
0.37
|
(1.47
)
|
4.55
|
(0.61
)
|
1.53
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.24
)
|
(0.22
)
|
(0.29
)
|
(0.23
)
|
(0.25
)
|
Distributions
from net realized gains |
(1.16
)
|
(1.18
)
|
(1.65
)
|
(1.17
)
|
(1.12
)
|
Total
distributions |
(1.40
)
|
(1.40
)
|
(1.94
)
|
(1.40
)
|
(1.37
)
|
Net
asset value, end of period |
$13.17
|
$14.20
|
$17.07
|
$14.46
|
$16.47
|
Total
returnB
|
2.68
%
|
(9.25
)%
|
33.66
%
|
(4.17
)%
|
10.75
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$24,304,867 |
$30,273,662 |
$40,858,765 |
$43,550,846 |
$62,956,422 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.84
%
|
0.80
%
|
0.77
%
|
0.96
%
|
0.74
%
|
Expenses,
net of reimbursements and/or recoupments |
0.84
%
|
0.80
%
|
0.77
%
|
0.96
%
|
0.74
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
2.01
%
|
1.46
%
|
1.31
%
|
1.71
%
|
2.15
%
|
Net
investment income, net of reimbursements and/or recoupments
|
2.01
%
|
1.46
%
|
1.31
%
|
1.71
%
|
2.15
%
|
Portfolio
turnover rate |
48
%
|
30
%
|
37
%
|
82
%
|
68
%
|
A | On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund. |
B | Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. |
American
Beacon Balanced FundSM
| |||||
|
Advisor
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$12.86
|
$15.59
|
$13.35
|
$15.34
|
$15.29
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.15
|
0.15
B
|
0.15
|
0.18
B
|
0.26
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.15
|
(1.54
)
|
3.97
|
(0.81
)
|
1.11
|
Total
income (loss) from investment operations |
0.30
|
(1.39
)
|
4.12
|
(0.63
)
|
1.37
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.20
)
|
(0.16
)
|
(0.23
)
|
(0.19
)
|
(0.20
)
|
Distributions
from net realized gains |
(1.16
)
|
(1.18
)
|
(1.65
)
|
(1.17
)
|
(1.12
)
|
Total
distributions |
(1.36
)
|
(1.34
)
|
(1.88
)
|
(1.36
)
|
(1.32
)
|
Net
asset value, end of period |
$11.80
|
$12.86
|
$15.59
|
$13.35
|
$15.34
|
Total
returnC
|
2.35
%
|
(9.62
)%
|
33.17
%
|
(4.65
)%
|
10.41
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$960,288 |
$1,124,266 |
$2,120,450 |
$1,760,622 |
$6,039,168 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.24
%
|
1.19
%
|
1.16
%
|
1.36
%
|
1.14
%
|
Expenses,
net of reimbursements and/or recoupments |
1.24
%
|
1.19
%
|
1.16
%
|
1.36
%
|
1.14
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.66
%
|
1.05
%
|
0.91
%
|
1.29
%
|
1.76
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.66
%
|
1.05
%
|
0.91
%
|
1.29
%
|
1.76
%
|
Portfolio
turnover rate |
48
%
|
30
%
|
37
%
|
82
%
|
68
%
|
A | On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund. |
B | Per share amounts have been calculated using the average shares method. |
C | Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. |
American
Beacon Balanced FundSM
| |||||
|
R5
ClassA
| ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020B
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$14.07
|
$16.93
|
$14.35
|
$16.36
|
$16.20
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.24
|
0.11
|
0.19
|
0.20
|
0.31
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.15
|
(1.56
)
|
4.34
|
(0.80
)
|
1.23
|
Total
income (loss) from investment operations |
0.39
|
(1.45
)
|
4.53
|
(0.60
)
|
1.54
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.26
)
|
(0.23
)
|
(0.30
)
|
(0.24
)
|
(0.26
)
|
Distributions
from net realized gains |
(1.16
)
|
(1.18
)
|
(1.65
)
|
(1.17
)
|
(1.12
)
|
Total
distributions |
(1.42
)
|
(1.41
)
|
(1.95
)
|
(1.41
)
|
(1.38
)
|
Net
asset value, end of period |
$13.04
|
$14.07
|
$16.93
|
$14.35
|
$16.36
|
Total
returnC
|
2.80
%
|
(9.20
)%
|
33.80
%
|
(4.14
)%
|
10.89
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$10,827,923 |
$12,977,305 |
$22,687,613 |
$22,476,942 |
$46,593,155 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.78
%
|
0.72
%
|
0.70
%
|
0.88
%
|
0.66
%
|
Expenses,
net of reimbursements and/or recoupments |
0.78
%
|
0.72
%
|
0.70
%
|
0.88
%
|
0.66
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
2.10
%
|
1.51
%
|
1.37
%
|
1.82
%
|
2.24
%
|
Net
investment income, net of reimbursements and/or recoupments
|
2.10
%
|
1.51
%
|
1.37
%
|
1.82
%
|
2.24
%
|
Portfolio
turnover rate |
48
%
|
30
%
|
37
%
|
82
%
|
68
%
|
A | Prior to February 28, 2020, the R5 Class was known as Institutional Class. |
B | On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund. |
C | Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. |
American
Beacon Balanced FundSM
| |||||
|
Investor
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$11.74
|
$14.35
|
$12.43
|
$14.36
|
$14.41
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.11
|
0.15
B
|
0.22
|
0.03
|
0.18
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.17
|
(1.39
)
|
3.61
|
(0.58
)
|
1.11
|
Total
income (loss) from investment operations |
0.28
|
(1.24
)
|
3.83
|
(0.55
)
|
1.29
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.22
)
|
(0.19
)
|
(0.26
)
|
(0.21
)
|
(0.22
)
|
Distributions
from net realized gains |
(1.16
)
|
(1.18
)
|
(1.65
)
|
(1.17
)
|
(1.12
)
|
Total
distributions |
(1.38
)
|
(1.37
)
|
(1.91
)
|
(1.38
)
|
(1.34
)
|
Net
asset value, end of period |
$10.64
|
$11.74
|
$14.35
|
$12.43
|
$14.36
|
Total
returnC
|
2.46
%
|
(9.40
)%
|
33.32
%
|
(4.41
)%
|
10.50
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$46,044,377 |
$54,447,528 |
$85,251,213 |
$68,284,615 |
$96,065,263 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.04
%
|
1.03
%
|
0.99
%
|
1.20
%
|
0.97
%
|
Expenses,
net of reimbursements and/or recoupments |
1.04
%
|
1.03
%
|
0.99
%
|
1.20
%
|
0.97
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.84
%
|
1.22
%
|
1.07
%
|
1.47
%
|
1.92
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.84
%
|
1.22
%
|
1.07
%
|
1.47
%
|
1.92
%
|
Portfolio
turnover rate |
48
%
|
30
%
|
37
%
|
82
%
|
68
%
|
A | On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund. |
B | Per share amounts have been calculated using the average shares method. |
C | Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. |
American
Beacon Garcia Hamilton Quality Bond FundSM
| |||||
|
Y
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$8.36
|
$9.86
|
$10.27
|
$10.05
|
$9.79
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.37
|
0.22
|
(0.00
)
A
|
0.13
|
0.24
|
Net
gains (losses) on investments (both realized and unrealized)
|
(0.46
)
|
(1.51
)
|
(0.08
)
|
0.25
|
0.25
|
Total
income (loss) from investment operations |
(0.09
)
|
(1.29
)
|
(0.08
)
|
0.38
|
0.49
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.28
)
|
(0.21
)
|
(0.14
)
|
(0.16
)
|
(0.23
)
|
Distributions
from net realized gains |
–
|
–
|
(0.19
)
|
–
|
–
|
Total
distributions |
(0.28
)
|
(0.21
)
|
(0.33
)
|
(0.16
)
|
(0.23
)
|
Net
asset value, end of period |
$7.99
|
$8.36
|
$9.86
|
$10.27
|
$10.05
|
Total
returnB
|
(1.27
)%
|
(13.24
)%
|
(0.81
)%
|
3.83
%
|
5.09
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$48,666,569 |
$29,473,503 |
$21,340,613 |
$18,928,869 |
$17,927,537 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.75
%
|
0.73
%
|
0.74
%
|
0.74
%
|
0.73
%
|
Expenses,
net of reimbursements and/or recoupments |
0.51
%
|
0.51
%
|
0.52
%
C
|
0.55
%
|
0.55
%
|
Net
investment income (loss), before expense reimbursements
and/or recoupments |
3.23
%
|
1.10
%
|
(0.38
)%
|
1.03
%
|
2.14
%
|
Net
investment income (loss), net of reimbursements and/or
recoupments |
3.47
%
|
1.32
%
|
(0.16
)%
|
1.22
%
|
2.32
%
|
Portfolio
turnover rate |
72
%
|
158
%
|
71
%
|
122
%
|
58
%
|
A |
Amount
represents less than $0.01 per share. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
C |
Expense
ratios may exceed stated expense caps in Note 2 in the Annual Shareholder
report due to the change in the contractual expense caps on February 28,
2021. |
American
Beacon Garcia Hamilton Quality Bond FundSM
| |||||
|
R6
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
February
28, 2019A
to
October 31, 2019 |
Net
asset value, beginning of period |
$8.36
|
$9.85
|
$10.26
|
$10.04
|
$9.87
|
Income
from investment operations: |
|
|
|
|
|
Net
investment income (loss) |
0.32
|
0.17
|
(0.01
)
B
|
0.14
|
0.17
|
Net
gains (losses) on investments (both realized and unrealized)
|
(0.40
)
|
(1.44
)
|
(0.06
)
|
0.25
|
0.17
|
Total
income (loss) from investment operations |
(0.08
)
|
(1.27
)
|
(0.07
)
|
0.39
|
0.34
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.29
)
|
(0.22
)
|
(0.15
)
|
(0.17
)
|
(0.17
)
|
Distributions
from net realized gains |
–
|
–
|
(0.19
)
|
–
|
–
|
Total
distributions |
(0.29
)
|
(0.22
)
|
(0.34
)
|
(0.17
)
|
(0.17
)
|
Net
asset value, end of period |
$7.99
|
$8.36
|
$9.85
|
$10.26
|
$10.04
|
Total
returnC
|
(1.17
)%
|
(13.11
)%
|
(0.70
)%
|
3.97
%
|
3.44
%
D
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$200,499,044 |
$191,990,607 |
$166,304,291 |
$141,893,384 |
$130,208,195 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.65
%
|
0.63
%
|
0.64
%
|
0.64
%
|
0.66
%
E
|
Expenses,
net of reimbursements and/or recoupments |
0.41
%
|
0.41
%
|
0.41
%
|
0.41
%
|
0.41
%
E
|
Net
investment income (loss), before expense reimbursements
and/or recoupments |
3.31
%
|
1.14
%
|
(0.28
)%
|
1.13
%
|
1.90
%
E
|
Net
investment income (loss), net of reimbursements and/or
recoupments |
3.55
%
|
1.36
%
|
(0.05
)%
|
1.36
%
|
2.15
%
E
|
Portfolio
turnover rate |
72
%
|
158
%
|
71
%
|
122
%
|
58
%
F
|
A |
Commencement
of operations. |
B |
Based
on average shares outstanding for the period. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
D |
Not
annualized. |
E |
Annualized. |
F |
Portfolio
turnover rate is for the period from February 28, 2019 through October 31,
2019 and is not annualized. |
American
Beacon Garcia Hamilton Quality Bond FundSM
| |||||
|
R5
ClassA
| ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$8.37
|
$9.85
|
$10.27
|
$10.05
|
$9.79
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income (loss) |
0.30
B
|
0.06
|
(0.01
)
B
|
0.11
|
0.24
|
Net
gains (losses) on investments (both realized and unrealized)
|
(0.37
)
|
(1.33
)
|
(0.08
)
|
0.28
|
0.26
|
Total
income (loss) from investment operations |
(0.07
)
|
(1.27
)
|
(0.09
)
|
0.39
|
0.50
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.29
)
|
(0.21
)
|
(0.14
)
|
(0.17
)
|
(0.24
)
|
Distributions
from net realized gains |
–
|
–
|
(0.19
)
|
–
|
–
|
Total
distributions |
(0.29
)
|
(0.21
)
|
(0.33
)
|
(0.17
)
|
(0.24
)
|
Net
asset value, end of period |
$8.01
|
$8.37
|
$9.85
|
$10.27
|
$10.05
|
Total
returnC
|
(1.08
)%
|
(13.04
)%
|
(0.84
)%
|
3.93
%
|
5.20
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$15,104,966 |
$134,519,084 |
$192,774,622 |
$172,774,140 |
$316,582,604 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.69
%
|
0.66
%
|
0.67
%
|
0.68
%
|
0.66
%
|
Expenses,
net of reimbursements and/or recoupments |
0.45
%
|
0.45
%
|
0.45
%
|
0.45
%
|
0.45
%
|
Net
investment income (loss), before expense reimbursements
and/or recoupments |
3.20
%
|
1.06
%
|
(0.32
)%
|
1.15
%
|
2.18
%
|
Net
investment income (loss), net of reimbursements and/or
recoupments |
3.44
%
|
1.27
%
|
(0.10
)%
|
1.38
%
|
2.39
%
|
Portfolio
turnover rate |
72
%
|
158
%
|
71
%
|
122
%
|
58
%
|
A |
Prior
to February 28, 2020, the R5 Class was known as Institutional
Class. |
B |
Per
share amounts have been calculated using the average shares
method. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Garcia Hamilton Quality Bond FundSM
| |||||
|
Investor
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$8.36
|
$9.85
|
$10.26
|
$10.05
|
$9.79
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income (loss) |
0.21
|
0.09
|
(0.04
)
A
|
0.13
A
|
0.21
|
Net
gains (losses) on investments (both realized and unrealized)
|
(0.33
)
|
(1.40
)
|
(0.07
)
|
0.22
|
0.26
|
Total
income (loss) from investment operations |
(0.12
)
|
(1.31
)
|
(0.11
)
|
0.35
|
0.47
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.25
)
|
(0.18
)
|
(0.11
)
|
(0.14
)
|
(0.21
)
|
Distributions
from net realized gains |
–
|
–
|
(0.19
)
|
–
|
–
|
Total
distributions |
(0.25
)
|
(0.18
)
|
(0.30
)
|
(0.14
)
|
(0.21
)
|
Net
asset value, end of period |
$7.99
|
$8.36
|
$9.85
|
$10.26
|
$10.05
|
Total
returnB
|
(1.59
)%
|
(13.47
)%
|
(1.11
)%
|
3.54
%
|
4.80
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$740,628 |
$853,503 |
$991,788 |
$365,190 |
$14,904,591 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.17
%
|
1.13
%
|
1.29
%
|
1.20
%
|
1.04
%
|
Expenses,
net of reimbursements and/or recoupments |
0.83
%
|
0.83
%
|
0.83
%
|
0.83
%
|
0.83
%
|
Net
investment income (loss), before expense reimbursements
and/or recoupments |
2.78
%
|
0.63
%
|
(0.91
)%
|
0.90
%
|
1.81
%
|
Net
investment income (loss), net of reimbursements and/or
recoupments |
3.12
%
|
0.93
%
|
(0.45
)%
|
1.27
%
|
2.02
%
|
Portfolio
turnover rate |
72
%
|
158
%
|
71
%
|
122
%
|
58
%
|
A |
Based
on average shares outstanding for the period. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon International Equity FundSM
| |||||
|
A
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$14.13
|
$20.06
|
$14.55
|
$17.85
|
$18.50
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.34
|
0.33
|
0.36
B
|
0.21
|
0.45
|
Net
gains (losses) on investments (both realized and unrealized)
|
2.40
|
(4.36
)
|
5.38
|
(3.04
)
|
0.36
|
Total
income (loss) from investment operations |
2.74
|
(4.03
)
|
5.74
|
(2.83
)
|
0.81
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.37
)
|
(0.56
)
|
(0.23
)
|
(0.47
)
|
(0.32
)
|
Distributions
from net realized gains |
–
|
(1.34
)
|
–
|
–
|
(1.14
)
|
Total
distributions |
(0.37
)
|
(1.90
)
|
(0.23
)
|
(0.47
)
|
(1.46
)
|
Net
asset value, end of period |
$16.50
|
$14.13
|
$20.06
|
$14.55
|
$17.85
|
Total
returnC
|
19.55
%
|
(22.00
)%
|
39.65
%
|
(16.37
)%
|
5.46
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$8,977,482 |
$7,205,251 |
$10,017,801 |
$9,512,972 |
$13,973,709 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.19
%
|
1.14
%
|
1.13
%
|
1.13
%
|
1.15
%
|
Expenses,
net of reimbursements and/or recoupments |
1.19
%
|
1.14
%
|
1.13
%
|
1.13
%
|
1.15
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
2.15
%
|
1.80
%
|
1.83
%
B
|
1.35
%
|
2.50
%
|
Net
investment income, net of reimbursements and/or recoupments
|
2.15
%
|
1.80
%
|
1.83
%
B
|
1.35
%
|
2.50
%
|
Portfolio
turnover rate |
46
%
|
38
%
|
41
%
|
77
%
|
36
%
|
A |
On
January 29, 2020, Templeton Investment Counsel, LLC, was terminated and
ceased managing assets of the Fund. On January 30, 2020, American Century
Investment Management,
Inc. began managing assets of the Fund. |
B |
Net
investment income includes significant dividend payment from Vivendi SE
amounting to $0.0643. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon International Equity FundSM
| |||||
|
C
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$13.53
|
$19.27
|
$13.99
|
$17.18
|
$17.84
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.10
|
0.16
|
0.19
B
|
0.01
|
0.29
|
Net
gains (losses) on investments (both realized and unrealized)
|
2.41
|
(4.14
)
|
5.19
|
(2.86
)
|
0.37
|
Total
income (loss) from investment operations |
2.51
|
(3.98
)
|
5.38
|
(2.85
)
|
0.66
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.24
)
|
(0.42
)
|
(0.10
)
|
(0.34
)
|
(0.18
)
|
Distributions
from net realized gains |
–
|
(1.34
)
|
–
|
–
|
(1.14
)
|
Total
distributions |
(0.24
)
|
(1.76
)
|
(0.10
)
|
(0.34
)
|
(1.32
)
|
Net
asset value, end of period |
$15.80
|
$13.53
|
$19.27
|
$13.99
|
$17.18
|
Total
returnC
|
18.66
%
|
(22.55
)%
|
38.56
%
|
(16.98
)%
|
4.69
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$2,608,270 |
$2,842,235 |
$4,317,179 |
$3,431,934 |
$6,174,460 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.96
%
|
1.89
%
|
1.86
%
|
1.86
%
|
1.87
%
|
Expenses,
net of reimbursements and/or recoupments |
1.96
%
|
1.89
%
|
1.86
%
|
1.86
%
|
1.87
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.41
%
|
1.08
%
|
1.14
%
B
|
0.61
%
|
1.73
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.41
%
|
1.08
%
|
1.14
%
B
|
0.61
%
|
1.73
%
|
Portfolio
turnover rate |
46
%
|
38
%
|
41
%
|
77
%
|
36
%
|
A |
On
January 29, 2020, Templeton Investment Counsel, LLC, was terminated and
ceased managing assets of the Fund. On January 30, 2020, American Century
Investment Management,
Inc. began managing assets of the Fund. |
B |
Net
investment income includes significant dividend payment from Vivendi SE
amounting to $0.0667. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon International Equity FundSM
| |||||
|
Y
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$15.03
|
$21.18
|
$15.36
|
$18.81
|
$19.42
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
1.22
|
1.53
|
1.83
B
|
0.36
|
0.54
|
Net
gains (losses) on investments (both realized and unrealized)
|
1.76
|
(5.74
)
|
4.27
|
(3.28
)
|
0.37
|
Total
income (loss) from investment operations |
2.98
|
(4.21
)
|
6.10
|
(2.92
)
|
0.91
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.42
)
|
(0.60
)
|
(0.28
)
|
(0.53
)
|
(0.38
)
|
Distributions
from net realized gains |
–
|
(1.34
)
|
–
|
–
|
(1.14
)
|
Total
distributions |
(0.42
)
|
(1.94
)
|
(0.28
)
|
(0.53
)
|
(1.52
)
|
Net
asset value, end of period |
$17.59
|
$15.03
|
$21.18
|
$15.36
|
$18.81
|
Total
returnC
|
20.01
%
|
(21.71
)%
|
39.99
%
|
(16.09
)%
|
5.83
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$87,634,823 |
$95,663,172 |
$233,692,916 |
$659,159,857 |
$896,442,437 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.86
%
|
0.81
%
|
0.79
%
|
0.80
%
|
0.80
%
|
Expenses,
net of reimbursements and/or recoupments |
0.86
%
|
0.81
%
|
0.79
%
|
0.80
%
|
0.80
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
2.43
%
|
2.03
%
|
2.01
%
B
|
1.77
%
|
2.87
%
|
Net
investment income, net of reimbursements and/or recoupments
|
2.43
%
|
2.03
%
|
2.01
%
B
|
1.77
%
|
2.87
%
|
Portfolio
turnover rate |
46
%
|
38
%
|
41
%
|
77
%
|
36
%
|
A |
On
January 29, 2020, Templeton Investment Counsel, LLC, was terminated and
ceased managing assets of the Fund. On January 30, 2020, American Century
Investment Management,
Inc. began managing assets of the Fund. |
B |
Net
investment income includes significant dividend payment from Vivendi SE
amounting to $0.0243. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon International Equity FundSM
| |||||
|
R6
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$14.35
|
$20.35
|
$14.76
|
$18.08
|
$18.73
|
Income
from investment operations: |
|
|
|
|
|
Net
investment income |
0.40
|
0.41
|
0.45
B
|
0.39
|
0.51
|
Net
gains (losses) on investments (both realized and unrealized)
|
2.46
|
(4.41
)
|
5.44
|
(3.16
)
|
0.39
|
Total
income (loss) from investment operations |
2.86
|
(4.00
)
|
5.89
|
(2.77
)
|
0.90
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.44
)
|
(0.66
)
|
(0.30
)
|
(0.55
)
|
(0.41
)
|
Distributions
from net realized gains |
–
|
(1.34
)
|
–
|
–
|
(1.14
)
|
Total
distributions |
(0.44
)
|
(2.00
)
|
(0.30
)
|
(0.55
)
|
(1.55
)
|
Net
asset value, end of period |
$16.77
|
$14.35
|
$20.35
|
$14.76
|
$18.08
|
Total
returnC
|
20.15
%
|
(21.62
)%
|
40.20
%
|
(15.93
)%
|
5.98
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$290,693,353 |
$296,382,124 |
$397,732,934 |
$294,708,893 |
$179,802,437 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.77
%
|
0.71
%
|
0.71
%
|
0.72
%
|
0.70
%
|
Expenses,
net of reimbursements and/or recoupments |
0.69
%
|
0.69
%
|
0.70
%
D
|
0.69
%
|
0.66
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
2.54
%
|
2.22
%
|
2.30
%
B
|
1.88
%
|
3.09
%
|
Net
investment income, net of reimbursements and/or recoupments
|
2.62
%
|
2.24
%
|
2.31
%
B
|
1.91
%
|
3.13
%
|
Portfolio
turnover rate |
46
%
|
38
%
|
41
%
|
77
%
|
36
%
|
A |
On
January 29, 2020, Templeton Investment Counsel, LLC, was terminated and
ceased managing assets of the Fund. On January 30, 2020, American Century
Investment Management,
Inc. began managing assets of the Fund. |
B |
Net
investment income includes significant dividend payment from Vivendi SE
amounting to $0.0738. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
D |
Expense
ratios may exceed stated expense caps in Note 2 in the Annual Shareholder
report due to security lending expenses. |
American
Beacon International Equity FundSM
| |||||
|
Advisor
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$14.62
|
$20.68
|
$14.94
|
$18.31
|
$18.93
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.43
|
0.29
|
0.41
B
|
0.37
|
0.43
|
Net
gains (losses) on investments (both realized and unrealized)
|
2.39
|
(4.46
)
|
5.48
|
(3.29
)
|
0.39
|
Total
income (loss) from investment operations |
2.82
|
(4.17
)
|
5.89
|
(2.92
)
|
0.82
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.35
)
|
(0.55
)
|
(0.15
)
|
(0.45
)
|
(0.30
)
|
Distributions
from net realized gains |
–
|
(1.34
)
|
–
|
–
|
(1.14
)
|
Total
distributions |
(0.35
)
|
(1.89
)
|
(0.15
)
|
(0.45
)
|
(1.44
)
|
Net
asset value, end of period |
$17.09
|
$14.62
|
$20.68
|
$14.94
|
$18.31
|
Total
returnC
|
19.45
%
|
(22.01
)%
|
39.53
%
|
(16.43
)%
|
5.38
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$12,257,174 |
$13,706,977 |
$18,745,607 |
$16,387,094 |
$45,797,068 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.27
%
|
1.20
%
|
1.20
%
|
1.20
%
|
1.20
%
|
Expenses,
net of reimbursements and/or recoupments |
1.27
%
|
1.20
%
|
1.20
%
|
1.20
%
|
1.20
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
2.08
%
|
1.67
%
|
1.79
%
B
|
1.34
%
|
2.40
%
|
Net
investment income, net of reimbursements and/or recoupments
|
2.08
%
|
1.67
%
|
1.79
%
B
|
1.34
%
|
2.40
%
|
Portfolio
turnover rate |
46
%
|
38
%
|
41
%
|
77
%
|
36
%
|
A |
On
January 29, 2020, Templeton Investment Counsel, LLC, was terminated and
ceased managing assets of the Fund. On January 30, 2020, American Century
Investment Management,
Inc. began managing assets of the Fund. |
B |
Net
investment income includes significant dividend payment from Vivendi SE
amounting to $0.0709. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon International Equity FundSM
| |||||
|
R5
ClassA
| ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020B
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$14.31
|
$20.31
|
$14.73
|
$18.06
|
$18.71
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.56
|
0.39
|
0.45
C
|
0.36
|
0.55
|
Net
gains (losses) on investments (both realized and unrealized)
|
2.28
|
(4.40
)
|
5.43
|
(3.15
)
|
0.34
|
Total
income (loss) from investment operations |
2.84
|
(4.01
)
|
5.88
|
(2.79
)
|
0.89
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.43
)
|
(0.65
)
|
(0.30
)
|
(0.54
)
|
(0.40
)
|
Distributions
from net realized gains |
–
|
(1.34
)
|
–
|
–
|
(1.14
)
|
Total
distributions |
(0.43
)
|
(1.99
)
|
(0.30
)
|
(0.54
)
|
(1.54
)
|
Net
asset value, end of period |
$16.72
|
$14.31
|
$20.31
|
$14.73
|
$18.06
|
Total
returnD
|
20.09
%
|
(21.69
)%
|
40.18
%
|
(16.04
)%
|
5.94
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$413,488,011 |
$891,001,265 |
$1,329,626,349 |
$968,859,543 |
$1,499,867,401 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.79
%
|
0.72
%
|
0.73
%
|
0.72
%
|
0.73
%
|
Expenses,
net of reimbursements and/or recoupments |
0.79
%
|
0.72
%
|
0.73
%
|
0.72
%
|
0.73
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
2.30
%
|
2.17
%
|
2.31
%
C
|
1.83
%
|
2.93
%
|
Net
investment income, net of reimbursements and/or recoupments
|
2.30
%
|
2.17
%
|
2.31
%
C
|
1.83
%
|
2.93
%
|
Portfolio
turnover rate |
46
%
|
38
%
|
41
%
|
77
%
|
36
%
|
A |
Prior
to February 28, 2020, the R5 Class was known as Institutional
Class. |
B |
On
January 29, 2020, Templeton Investment Counsel, LLC, was terminated and
ceased managing assets of the Fund. On January 30, 2020, American Century
Investment Management,
Inc. began managing assets of the Fund. |
C |
Net
investment income includes significant dividend payment from Vivendi SE
amounting to $0.0746. |
D |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon International Equity FundSM
| |||||
|
Investor
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$14.16
|
$20.11
|
$14.57
|
$17.87
|
$18.52
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.72
|
0.35
|
0.38
B
|
0.40
|
0.49
|
Net
gains (losses) on investments (both realized and unrealized)
|
2.04
|
(4.37
)
|
5.38
|
(3.22
)
|
0.33
|
Total
income (loss) from investment operations |
2.76
|
(4.02
)
|
5.76
|
(2.82
)
|
0.82
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.38
)
|
(0.59
)
|
(0.22
)
|
(0.48
)
|
(0.33
)
|
Distributions
from net realized gains |
–
|
(1.34
)
|
–
|
–
|
(1.14
)
|
Total
distributions |
(0.38
)
|
(1.93
)
|
(0.22
)
|
(0.48
)
|
(1.47
)
|
Net
asset value, end of period |
$16.54
|
$14.16
|
$20.11
|
$14.57
|
$17.87
|
Total
returnC
|
19.64
%
|
(21.93
)%
|
39.72
%
|
(16.33
)%
|
5.55
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$63,864,486 |
$81,694,109 |
$126,691,864 |
$92,817,287 |
$221,043,036 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.12
%
|
1.07
%
|
1.06
%
|
1.07
%
|
1.05
%
|
Expenses,
net of reimbursements and/or recoupments |
1.12
%
|
1.07
%
|
1.06
%
|
1.07
%
|
1.05
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
2.61
%
|
1.84
%
|
1.98
%
B
|
1.35
%
|
2.59
%
|
Net
investment income, net of reimbursements and/or recoupments
|
2.61
%
|
1.84
%
|
1.98
%
B
|
1.35
%
|
2.59
%
|
Portfolio
turnover rate |
46
%
|
38
%
|
41
%
|
77
%
|
36
%
|
A |
On
January 29, 2020, Templeton Investment Counsel, LLC, was terminated and
ceased managing assets of the Fund. On January 30, 2020, American Century
Investment Management,
Inc. began managing assets of the Fund. |
B |
Net
investment income includes significant dividend payment from Vivendi SE
amounting to $0.0785. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Large Cap Value FundSM
| |||||
|
A
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$22.86
|
$27.37
|
$20.96
|
$25.66
|
$26.00
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.30
B
|
1.05
|
0.24
B
|
0.20
|
0.40
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.08
|
(2.51
)
|
9.68
|
(2.29
)
|
1.59
|
Total
income (loss) from investment operations |
0.38
|
(1.46
)
|
9.92
|
(2.09
)
|
1.99
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.38
)
|
(0.27
)
|
(0.40
)
|
(0.51
)
|
(0.47
)
|
Distributions
from net realized gains |
(2.39
)
|
(2.78
)
|
(3.11
)
|
(2.10
)
|
(1.86
)
|
Total
distributions |
(2.77
)
|
(3.05
)
|
(3.51
)
|
(2.61
)
|
(2.33
)
|
Net
asset value, end of period |
$20.47
|
$22.86
|
$27.37
|
$20.96
|
$25.66
|
Total
returnC
|
1.79
%
|
(5.96
)%
|
52.15
%
|
(9.65
)%
|
9.72
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$11,986,577 |
$16,953,764 |
$12,661,833 |
$25,792,400 |
$39,157,098 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.00
%
|
0.89
%
|
0.96
%
|
1.00
%
|
1.01
%
|
Expenses,
net of reimbursements and/or recoupments |
1.00
%
|
0.89
%
|
0.96
%
|
1.00
%
|
1.01
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.42
%
|
1.24
%
|
0.98
%
|
1.52
%
|
1.68
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.42
%
|
1.24
%
|
0.98
%
|
1.52
%
|
1.68
%
|
Portfolio
turnover rate |
25
%
|
25
%
|
23
%
|
67
%
|
23
%
|
A |
On
January 17, 2020, Brandywine Global Investment Management, LLC was
terminated and ceased managing assets of the Fund. |
B |
Per
share amounts have been calculated using the average shares
method. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Large Cap Value FundSM
| |||||
|
C
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$22.52
|
$27.07
|
$20.74
|
$25.43
|
$25.71
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.15
B
|
0.07
|
0.16
|
0.08
|
0.26
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.09
|
(1.71
)
|
9.49
|
(2.32
)
|
1.57
|
Total
income (loss) from investment operations |
0.24
|
(1.64
)
|
9.65
|
(2.24
)
|
1.83
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.16
)
|
(0.13
)
|
(0.21
)
|
(0.35
)
|
(0.25
)
|
Distributions
from net realized gains |
(2.39
)
|
(2.78
)
|
(3.11
)
|
(2.10
)
|
(1.86
)
|
Total
distributions |
(2.55
)
|
(2.91
)
|
(3.32
)
|
(2.45
)
|
(2.11
)
|
Net
asset value, end of period |
$20.21
|
$22.52
|
$27.07
|
$20.74
|
$25.43
|
Total
returnC
|
1.11
%
|
(6.74
)%
|
51.05
%
|
(10.26
)%
|
8.94
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$3,842,593 |
$5,508,217 |
$6,898,120 |
$4,687,004 |
$6,811,169 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.70
%
|
1.69
%
|
1.68
%
|
1.68
%
|
1.70
%
|
Expenses,
net of reimbursements and/or recoupments |
1.70
%
|
1.69
%
|
1.68
%
|
1.68
%
|
1.70
%
D
|
Net
investment income, before expense reimbursements
and/or recoupments |
0.71
%
|
0.40
%
|
0.22
%
|
0.84
%
|
0.99
%
|
Net
investment income, net of reimbursements and/or recoupments
|
0.71
%
|
0.40
%
|
0.22
%
|
0.84
%
|
0.99
%
|
Portfolio
turnover rate |
25
%
|
25
%
|
23
%
|
67
%
|
23
%
|
A |
On
January 17, 2020, Brandywine Global Investment Management, LLC was
terminated and ceased managing assets of the Fund. |
B |
Per
share amounts have been calculated using the average shares
method. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
D |
This
ratio does not include a voluntary reimbursement of service fees as
included in the prior year. |
American
Beacon Large Cap Value FundSM
| |||||
|
Y
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$25.92
|
$30.68
|
$23.16
|
$28.10
|
$28.20
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.45
|
0.37
|
0.38
|
0.39
|
0.56
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.06
|
(1.98
)
|
10.73
|
(2.63
)
|
1.72
|
Total
income (loss) from investment operations |
0.51
|
(1.61
)
|
11.11
|
(2.24
)
|
2.28
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.41
)
|
(0.37
)
|
(0.48
)
|
(0.60
)
|
(0.52
)
|
Distributions
from net realized gains |
(2.39
)
|
(2.78
)
|
(3.11
)
|
(2.10
)
|
(1.86
)
|
Total
distributions |
(2.80
)
|
(3.15
)
|
(3.59
)
|
(2.70
)
|
(2.38
)
|
Net
asset value, end of period |
$23.63
|
$25.92
|
$30.68
|
$23.16
|
$28.10
|
Total
returnB
|
2.09
%
|
(5.81
)%
|
52.47
%
|
(9.35
)%
|
10.05
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$181,490,071 |
$188,140,776 |
$258,183,363 |
$178,065,442 |
$301,457,382 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.71
%
|
0.70
%
|
0.69
%
|
0.70
%
|
0.70
%
|
Expenses,
net of reimbursements and/or recoupments |
0.71
%
|
0.70
%
|
0.69
%
|
0.70
%
|
0.70
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.70
%
|
1.38
%
|
1.21
%
|
1.84
%
|
1.98
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.70
%
|
1.38
%
|
1.21
%
|
1.84
%
|
1.98
%
|
Portfolio
turnover rate |
25
%
|
25
%
|
23
%
|
67
%
|
23
%
|
A |
On
January 17, 2020, Brandywine Global Investment Management, LLC was
terminated and ceased managing assets of the Fund. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Large Cap Value FundSM
| |||||
|
R6
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$26.21
|
$30.99
|
$23.36
|
$28.31
|
$28.41
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.48
|
0.45
|
0.36
|
0.56
|
0.61
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.05
|
(2.05
)
|
10.88
|
(2.78
)
|
1.71
|
Total
income (loss) from investment operations |
0.53
|
(1.60
)
|
11.24
|
(2.22
)
|
2.32
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.43
)
|
(0.40
)
|
(0.50
)
|
(0.63
)
|
(0.56
)
|
Distributions
from net realized gains |
(2.39
)
|
(2.78
)
|
(3.11
)
|
(2.10
)
|
(1.86
)
|
Total
distributions |
(2.82
)
|
(3.18
)
|
(3.61
)
|
(2.73
)
|
(2.42
)
|
Net
asset value, end of period |
$23.92
|
$26.21
|
$30.99
|
$23.36
|
$28.31
|
Total
returnB
|
2.19
%
|
(5.72
)%
|
52.65
%
|
(9.23
)%
|
10.15
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$1,143,016,407 |
$1,094,080,159 |
$1,242,662,760 |
$1,008,088,807 |
$739,517,062 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.61
%
|
0.60
%
|
0.60
%
|
0.62
%
|
0.60
%
|
Expenses,
net of reimbursements and/or recoupments |
0.61
%
|
0.60
%
|
0.60
%
|
0.59
%
|
0.58
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.80
%
|
1.49
%
|
1.31
%
|
1.90
%
|
2.07
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.80
%
|
1.49
%
|
1.31
%
|
1.93
%
|
2.09
%
|
Portfolio
turnover rate |
25
%
|
25
%
|
23
%
|
67
%
|
23
%
|
A |
On
January 17, 2020, Brandywine Global Investment Management, LLC was
terminated and ceased managing assets of the Fund. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Large Cap Value FundSM
| |||||
|
Advisor
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$22.80
|
$27.36
|
$20.97
|
$25.68
|
$25.95
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.26
|
0.14
|
0.26
|
0.24
|
0.47
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.10
|
(1.65
)
|
9.62
|
(2.36
)
|
1.52
|
Total
income (loss) from investment operations |
0.36
|
(1.51
)
|
9.88
|
(2.12
)
|
1.99
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.31
)
|
(0.27
)
|
(0.38
)
|
(0.49
)
|
(0.40
)
|
Distributions
from net realized gains |
(2.39
)
|
(2.78
)
|
(3.11
)
|
(2.10
)
|
(1.86
)
|
Total
distributions |
(2.70
)
|
(3.05
)
|
(3.49
)
|
(2.59
)
|
(2.26
)
|
Net
asset value, end of period |
$20.46
|
$22.80
|
$27.36
|
$20.97
|
$25.68
|
Total
returnB
|
1.69
%
|
(6.17
)%
|
51.89
%
|
(9.73
)%
|
9.64
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$41,289,229 |
$47,185,316 |
$63,521,926 |
$46,049,690 |
$66,077,449 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.11
%
|
1.10
%
|
1.10
%
|
1.10
%
|
1.10
%
|
Expenses,
net of reimbursements and/or recoupments |
1.11
%
|
1.10
%
|
1.10
%
|
1.10
%
|
1.10
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.31
%
|
0.98
%
|
0.81
%
|
1.42
%
|
1.58
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.31
%
|
0.98
%
|
0.81
%
|
1.42
%
|
1.58
%
|
Portfolio
turnover rate |
25
%
|
25
%
|
23
%
|
67
%
|
23
%
|
A |
On
January 17, 2020, Brandywine Global Investment Management, LLC was
terminated and ceased managing assets of the Fund. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Large Cap Value FundSM
| |||||
|
R5
ClassA
| ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020B
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$26.21
|
$30.99
|
$23.36
|
$28.32
|
$28.41
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.51
|
0.50
|
0.59
|
0.65
|
0.63
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.02
|
(2.11
)
|
10.64
|
(2.89
)
|
1.69
|
Total
income (loss) from investment operations |
0.53
|
(1.61
)
|
11.23
|
(2.24
)
|
2.32
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.43
)
|
(0.39
)
|
(0.49
)
|
(0.62
)
|
(0.55
)
|
Distributions
from net realized gains |
(2.39
)
|
(2.78
)
|
(3.11
)
|
(2.10
)
|
(1.86
)
|
Total
distributions |
(2.82
)
|
(3.17
)
|
(3.60
)
|
(2.72
)
|
(2.41
)
|
Net
asset value, end of period |
$23.92
|
$26.21
|
$30.99
|
$23.36
|
$28.32
|
Total
returnC
|
2.16
%
|
(5.75
)%
|
52.60
%
|
(9.29
)%
|
10.14
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$1,040,466,568 |
$1,218,988,715 |
$1,682,465,233 |
$1,807,587,315 |
$3,137,789,485 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.64
%
|
0.63
%
|
0.63
%
|
0.63
%
|
0.63
%
|
Expenses,
net of reimbursements and/or recoupments |
0.64
%
|
0.63
%
|
0.63
%
|
0.63
%
|
0.63
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.78
%
|
1.45
%
|
1.30
%
|
1.90
%
|
2.07
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.78
%
|
1.45
%
|
1.30
%
|
1.90
%
|
2.07
%
|
Portfolio
turnover rate |
25
%
|
25
%
|
23
%
|
67
%
|
23
%
|
A |
Prior
to February 28, 2020, the R5 Class was known as Institutional
Class. |
B |
On
January 17, 2020, Brandywine Global Investment Management, LLC was
terminated and ceased managing assets of the Fund. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Large Cap Value FundSM
| |||||
|
Investor
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022 |
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020A
|
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$23.30
|
$27.88
|
$21.32
|
$26.06
|
$26.33
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.27
|
0.25
|
0.20
|
0.29
|
0.41
|
Net
gains (losses) on investments (both realized and unrealized)
|
0.14
|
(1.76
)
|
9.88
|
(2.41
)
|
1.63
|
Total
income (loss) from investment operations |
0.41
|
(1.51
)
|
10.08
|
(2.12
)
|
2.04
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.35
)
|
(0.29
)
|
(0.41
)
|
(0.52
)
|
(0.45
)
|
Distributions
from net realized gains |
(2.39
)
|
(2.78
)
|
(3.11
)
|
(2.10
)
|
(1.86
)
|
Total
distributions |
(2.74
)
|
(3.07
)
|
(3.52
)
|
(2.62
)
|
(2.31
)
|
Net
asset value, end of period |
$20.97
|
$23.30
|
$27.88
|
$21.32
|
$26.06
|
Total
returnB
|
1.88
%
|
(6.04
)%
|
52.04
%
|
(9.59
)%
|
9.77
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$525,063,555 |
$649,409,067 |
$821,099,597 |
$707,970,431 |
$1,124,625,846 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.94
%
|
0.95
%
|
0.98
%
|
0.96
%
|
0.96
%
|
Expenses,
net of reimbursements and/or recoupments |
0.94
%
|
0.95
%
|
0.98
%
|
0.96
%
|
0.96
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.48
%
|
1.13
%
|
0.93
%
|
1.57
%
|
1.74
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.48
%
|
1.13
%
|
0.93
%
|
1.57
%
|
1.74
%
|
Portfolio
turnover rate |
25
%
|
25
%
|
23
%
|
67
%
|
23
%
|
A |
On
January 17, 2020, Brandywine Global Investment Management, LLC was
terminated and ceased managing assets of the Fund. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Small Cap Value FundSM
| |||||
|
A
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022A
|
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$24.87
|
$29.12
|
$18.47
|
$21.64
|
$24.65
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.21
|
0.10
|
0.06
|
0.12
|
0.14
|
Net
gains (losses) on investments (both realized and unrealized)
|
(1.26
)
|
(1.07
)
|
10.72
|
(2.95
)
|
(0.24
)
|
Total
income (loss) from investment operations |
(1.05
)
|
(0.97
)
|
10.78
|
(2.83
)
|
(0.10
)
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.27
)
|
(0.12
)
|
(0.13
)
|
(0.18
)
|
(0.07
)
|
Distributions
from net realized gains |
(3.57
)
|
(3.16
)
|
-
|
(0.16
)
|
(2.84
)
|
Total
distributions |
(3.84
)
|
(3.28
)
|
(0.13
)
|
(0.34
)
|
(2.91
)
|
Net
asset value, end of period |
$19.98
|
$24.87
|
$29.12
|
$18.47
|
$21.64
|
Total
returnB
|
(4.50
)%
|
(3.88
)%
|
58.57
%
|
(13.38
)%
|
1.56
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$37,440,788 |
$48,515,547 |
$63,024,594 |
$46,067,043 |
$63,246,155 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.21
%
|
1.21
%
|
1.24
%
|
1.26
%
|
1.26
%
|
Expenses,
net of reimbursements and/or recoupments |
1.21
%
|
1.21
%
|
1.24
%
|
1.26
%
|
1.26
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
0.81
%
|
0.42
%
|
0.21
%
|
0.59
%
|
0.64
%
|
Net
investment income, net of reimbursements and/or recoupments
|
0.81
%
|
0.42
%
|
0.21
%
|
0.59
%
|
0.64
%
|
Portfolio
turnover rate |
52
%
|
72
%
|
48
%
|
61
%
|
48
%
|
A |
On
February 8, 2022, Foundry Partners, LLC and Hillcrest Asset Management,
LLC, were terminated and ceased managing assets of the Fund. On March 10,
2022, DePrince, Race
& Zollo, Inc., began managing assets of the Fund. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Small Cap Value FundSM
| |||||
|
C
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022A
|
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$23.27
|
$27.51
|
$17.47
|
$20.51
|
$23.60
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income (loss) |
0.02
|
(0.14
)
|
(0.22
)
|
(0.17
)
|
(0.01
)
B
|
Net
gains (losses) on investments (both realized and unrealized)
|
(1.14
)
|
(0.94
)
|
10.26
|
(2.66
)
|
(0.24
)
|
Total
income (loss) from investment operations |
(1.12
)
|
(1.08
)
|
10.04
|
(2.83
)
|
(0.25
)
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.14
)
|
-
|
-
|
(0.05
)
|
-
|
Distributions
from net realized gains |
(3.57
)
|
(3.16
)
|
-
|
(0.16
)
|
(2.84
)
|
Total
distributions |
(3.71
)
|
(3.16
)
|
-
|
(0.21
)
|
(2.84
)
|
Net
asset value, end of period |
$18.44
|
$23.27
|
$27.51
|
$17.47
|
$20.51
|
Total
returnC
|
(5.23
)%
|
(4.54
)%
|
57.47
%
|
(14.00
)%
|
0.85
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$6,883,174 |
$8,859,738 |
$11,261,210 |
$8,057,935 |
$12,619,613 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.93
%
|
1.93
%
|
1.95
%
|
1.96
%
|
1.95
%
|
Expenses,
net of reimbursements and/or recoupments |
1.93
%
|
1.93
%
|
1.95
%
|
1.96
%
|
1.95
%
D
|
Net
investment income (loss), before expense reimbursements
and/or recoupments |
0.09
%
|
(0.29
)%
|
(0.50
)%
|
(0.10
)%
|
(0.06
)%
|
Net
investment income (loss), net of reimbursements and/or
recoupments |
0.09
%
|
(0.29
)%
|
(0.50
)%
|
(0.10
)%
|
(0.06
)%
|
Portfolio
turnover rate |
52
%
|
72
%
|
48
%
|
61
%
|
48
%
|
A |
On
February 8, 2022, Foundry Partners, LLC and Hillcrest Asset Management,
LLC, were terminated and ceased managing assets of the Fund. On March 10,
2022, DePrince, Race
& Zollo, Inc., began managing assets of the Fund. |
B |
Per
share amounts have been calculated using the average shares
method. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
D |
This
ratio does not include a voluntary reimbursement of service fees as
included in the prior year. |
American
Beacon Small Cap Value FundSM
| |||||
|
Y
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022A
|
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$26.36
|
$30.68
|
$19.44
|
$22.76
|
$25.77
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.30
|
0.22
|
0.16
|
0.22
|
0.26
|
Net
gains (losses) on investments (both realized and unrealized)
|
(1.34
)
|
(1.16
)
|
11.28
|
(3.11
)
|
(0.27
)
|
Total
income (loss) from investment operations |
(1.04
)
|
(0.94
)
|
11.44
|
(2.89
)
|
(0.01
)
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.39
)
|
(0.22
)
|
(0.20
)
|
(0.27
)
|
(0.16
)
|
Distributions
from net realized gains |
(3.57
)
|
(3.16
)
|
-
|
(0.16
)
|
(2.84
)
|
Total
distributions |
(3.96
)
|
(3.38
)
|
(0.20
)
|
(0.43
)
|
(3.00
)
|
Net
asset value, end of period |
$21.36
|
$26.36
|
$30.68
|
$19.44
|
$22.76
|
Total
returnB
|
(4.19
)%
|
(3.55
)%
|
59.15
%
|
(13.06
)%
|
1.93
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$355,150,002 |
$427,638,978 |
$255,837,301 |
$170,726,299 |
$254,599,477 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.86
%
|
0.86
%
|
0.89
%
|
0.89
%
|
0.90
%
|
Expenses,
net of reimbursements and/or recoupments |
0.86
%
|
0.86
%
|
0.89
%
|
0.89
%
|
0.90
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.15
%
|
0.79
%
|
0.56
%
|
0.96
%
|
1.00
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.15
%
|
0.79
%
|
0.56
%
|
0.96
%
|
1.00
%
|
Portfolio
turnover rate |
52
%
|
72
%
|
48
%
|
61
%
|
48
%
|
A |
On
February 8, 2022, Foundry Partners, LLC and Hillcrest Asset Management,
LLC, were terminated and ceased managing assets of the Fund. On March 10,
2022, DePrince, Race
& Zollo, Inc., began managing assets of the Fund. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Small Cap Value FundSM
| |||||
|
R6
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022A
|
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$26.85
|
$31.19
|
$19.75
|
$23.12
|
$26.14
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.36
|
0.25
|
0.19
|
0.22
|
0.26
|
Net
gains (losses) on investments (both realized and unrealized)
|
(1.40
)
|
(1.18
)
|
11.48
|
(3.14
)
|
(0.25
)
|
Total
income (loss) from investment operations |
(1.04
)
|
(0.93
)
|
11.67
|
(2.92
)
|
0.01
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.41
)
|
(0.25
)
|
(0.23
)
|
(0.29
)
|
(0.19
)
|
Distributions
from net realized gains |
(3.57
)
|
(3.16
)
|
-
|
(0.16
)
|
(2.84
)
|
Total
distributions |
(3.98
)
|
(3.41
)
|
(0.23
)
|
(0.45
)
|
(3.03
)
|
Net
asset value, end of period |
$21.83
|
$26.85
|
$31.19
|
$19.75
|
$23.12
|
Total
returnB
|
(4.09
)%
|
(3.45
)%
|
59.38
%
|
(12.98
)%
|
2.01
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$1,583,343,034 |
$1,509,127,442 |
$1,830,192,124 |
$1,187,578,766 |
$1,308,284,613 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.76
%
|
0.77
%
|
0.79
%
|
0.79
%
|
0.80
%
|
Expenses,
net of reimbursements and/or recoupments |
0.76
%
|
0.77
%
|
0.79
%
|
0.79
%
|
0.80
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.25
%
|
0.86
%
|
0.66
%
|
1.06
%
|
1.08
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.25
%
|
0.86
%
|
0.66
%
|
1.06
%
|
1.08
%
|
Portfolio
turnover rate |
52
%
|
72
%
|
48
%
|
61
%
|
48
%
|
A |
On
February 8, 2022, Foundry Partners, LLC and Hillcrest Asset Management,
LLC, were terminated and ceased managing assets of the Fund. On March 10,
2022, DePrince, Race
& Zollo, Inc., began managing assets of the Fund. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Small Cap Value FundSM
| |||||
|
Advisor
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022A
|
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$25.13
|
$29.34
|
$18.60
|
$21.79
|
$24.77
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.18
|
0.06
|
0.17
|
0.15
|
0.14
|
Net
gains (losses) on investments (both realized and unrealized)
|
(1.25
)
|
(1.07
)
|
10.69
|
(3.01
)
|
(0.25
)
|
Total
income (loss) from investment operations |
(1.07
)
|
(1.01
)
|
10.86
|
(2.86
)
|
(0.11
)
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.28
)
|
(0.04
)
|
(0.12
)
|
(0.17
)
|
(0.03
)
|
Distributions
from net realized gains |
(3.57
)
|
(3.16
)
|
-
|
(0.16
)
|
(2.84
)
|
Total
distributions |
(3.85
)
|
(3.20
)
|
(0.12
)
|
(0.33
)
|
(2.87
)
|
Net
asset value, end of period |
$20.21
|
$25.13
|
$29.34
|
$18.60
|
$21.79
|
Total
returnB
|
(4.57
)%
|
(3.96
)%
|
58.56
%
|
(13.40
)%
|
1.48
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$25,580,739 |
$32,662,818 |
$32,801,309 |
$42,987,242 |
$61,618,406 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.28
%
|
1.28
%
|
1.29
%
|
1.25
%
|
1.34
%
|
Expenses,
net of reimbursements and/or recoupments |
1.28
%
|
1.28
%
|
1.29
%
|
1.25
%
|
1.34
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
0.75
%
|
0.36
%
|
0.20
%
|
0.60
%
|
0.56
%
|
Net
investment income, net of reimbursements and/or recoupments
|
0.75
%
|
0.36
%
|
0.20
%
|
0.60
%
|
0.56
%
|
Portfolio
turnover rate |
52
%
|
72
%
|
48
%
|
61
%
|
48
%
|
A |
On
February 8, 2022, Foundry Partners, LLC and Hillcrest Asset Management,
LLC, were terminated and ceased managing assets of the Fund. On March 10,
2022, DePrince, Race
& Zollo, Inc., began managing assets of the Fund. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Small Cap Value FundSM
| |||||
|
R5
ClassA
| ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022B
|
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$26.85
|
$31.19
|
$19.76
|
$23.13
|
$26.14
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.31
|
0.31
|
0.25
|
0.26
|
0.26
|
Net
gains (losses) on investments (both realized and unrealized)
|
(1.35
)
|
(1.25
)
|
11.40
|
(3.18
)
|
(0.25
)
|
Total
income (loss) from investment operations |
(1.04
)
|
(0.94
)
|
11.65
|
(2.92
)
|
0.01
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.40
)
|
(0.24
)
|
(0.22
)
|
(0.29
)
|
(0.18
)
|
Distributions
from net realized gains |
(3.57
)
|
(3.16
)
|
-
|
(0.16
)
|
(2.84
)
|
Total
distributions |
(3.97
)
|
(3.40
)
|
(0.22
)
|
(0.45
)
|
(3.02
)
|
Net
asset value, end of period |
$21.84
|
$26.85
|
$31.19
|
$19.76
|
$23.13
|
Total
returnC
|
(4.09
)%
|
(3.49
)%
|
59.26
%
|
(13.00
)%
|
2.01
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$1,851,818,875 |
$2,233,390,067 |
$3,380,005,813 |
$2,799,722,660 |
$4,073,332,655 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
0.79
%
|
0.79
%
|
0.81
%
|
0.82
%
|
0.83
%
|
Expenses,
net of reimbursements and/or recoupments |
0.79
%
|
0.79
%
|
0.81
%
|
0.82
%
|
0.83
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
1.23
%
|
0.84
%
|
0.65
%
|
1.04
%
|
1.07
%
|
Net
investment income, net of reimbursements and/or recoupments
|
1.23
%
|
0.84
%
|
0.65
%
|
1.04
%
|
1.07
%
|
Portfolio
turnover rate |
52
%
|
72
%
|
48
%
|
61
%
|
48
%
|
A |
Prior
to February 28, 2020, the R5 Class was known as Institutional
Class. |
B |
On
February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management,
LLC, were terminated and ceased managing assets of the Fund. On March 10,
2022, DePrince, Race
& Zollo, Inc., began managing assets of the Fund. |
C |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
American
Beacon Small Cap Value FundSM
| |||||
|
Investor
Class | ||||
For
a share outstanding throughout the period: |
Year
Ended October
31, 2023 |
Year
Ended October
31, 2022A
|
Year
Ended October
31, 2021 |
Year
Ended October
31, 2020 |
Year
Ended October
31, 2019 |
Net
asset value, beginning of period |
$25.51
|
$29.78
|
$18.88
|
$22.12
|
$25.12
|
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment income |
0.18
|
0.19
|
0.20
|
0.21
|
0.22
|
Net
gains (losses) on investments (both realized and unrealized)
|
(1.24
)
|
(1.17
)
|
10.85
|
(3.08
)
|
(0.29
)
|
Total
income (loss) from investment operations |
(1.06
)
|
(0.98
)
|
11.05
|
(2.87
)
|
(0.07
)
|
Less
distributions: |
|
|
|
|
|
Dividends
from net investment income |
(0.31
)
|
(0.13
)
|
(0.15
)
|
(0.21
)
|
(0.09
)
|
Distributions
from net realized gains |
(3.57
)
|
(3.16
)
|
-
|
(0.16
)
|
(2.84
)
|
Total
distributions |
(3.88
)
|
(3.29
)
|
(0.15
)
|
(0.37
)
|
(2.93
)
|
Net
asset value, end of period |
$20.57
|
$25.51
|
$29.78
|
$18.88
|
$22.12
|
Total
returnB
|
(4.41
)%
|
(3.81
)%
|
58.74
%
|
(13.30
)%
|
1.67
%
|
Ratios
and supplemental data: |
|
|
|
|
|
Net
assets, end of period |
$252,350,988 |
$284,880,016 |
$367,726,622 |
$302,626,954 |
$424,569,237 |
Ratios
to average net assets: |
|
|
|
|
|
Expenses,
before reimbursements and/or recoupments |
1.13
%
|
1.12
%
|
1.15
%
|
1.15
%
|
1.14
%
|
Expenses,
net of reimbursements and/or recoupments |
1.13
%
|
1.12
%
|
1.15
%
|
1.15
%
|
1.14
%
|
Net
investment income, before expense reimbursements
and/or recoupments |
0.89
%
|
0.50
%
|
0.32
%
|
0.70
%
|
0.76
%
|
Net
investment income, net of reimbursements and/or recoupments
|
0.89
%
|
0.50
%
|
0.32
%
|
0.70
%
|
0.76
%
|
Portfolio
turnover rate |
52
%
|
72
%
|
48
%
|
61
%
|
48
%
|
A |
On
February 8, 2022, Foundry Partners, LLC and Hillcrest Asset Management,
LLC, were terminated and ceased managing assets of the Fund. On March 10,
2022, DePrince, Race
& Zollo, Inc., began managing assets of the Fund. |
B |
Based
on net asset value, which does not reflect the sales charge, redemption
fee, or contingent deferred sales charge, if applicable. May include
adjustments in accordance with
U.S. GAAP and as such, the net asset value for reporting purposes and the
returns based upon those net asset values may differ from the net asset
value and returns for shareholder
transactions. |
By
Telephone: |
Call 1-800-658-5811 |
By
Mail: |
American
Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643 |
By
E-mail: |
|
On
the Internet: |
Visit
our website at www.americanbeaconfunds.com Visit the SEC website at www.sec.gov |
American
Beacon is a registered service mark of American Beacon Advisors, Inc. The
American Beacon Funds, American
Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund,
American Beacon International
Equity Fund, American Beacon Large Cap Value Fund, and American Beacon
Small Cap Value Fund
are service marks of American Beacon Advisors, Inc. |
■ |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and
defined benefit plans). For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs or
SAR-SEPs. |
■ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same Fund (but not any
other
fund within the same fund family). |
■ |
Shares
exchanged from Class C shares of the same fund in the month of or
following the 7-year anniversary of the purchase date. To the extent that
this prospectus
elsewhere provides for a waiver with respect to exchanges of Class C
shares or conversion of Class C shares following a shorter holding period,
that
waiver will apply. |
■ |
Employees
and registered representatives of Ameriprise Financial or its affiliates
and their immediate family members. |
■ |
Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and
defined
benefit plans) that are held by a covered family member, defined as an
Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal
ascendant
(mother, father, grandmother, grandfather, great grandmother, great
grandfather), advisor’s lineal descendant (son, step-son, daughter,
step-daughter,
grandson, granddaughter, great grandson, great granddaughter) or any
spouse of a covered family member who is a lineal
descendant. |
■ |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption,
(2) the redemption and purchase occur in the same account, and (3)
redeemed shares were subject to a front-end or deferred sales load (i.e.
Rights
of Reinstatement). |
■ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing share of the same
fund |
■ |
Shares
purchased by employees and registers representatives of Baird or its
affiliate and their family members as designated by
Baird |
■ |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption,
(2) the redemption and purchase occur in the same accounts, and (3)
redeemed shares were subject to a front-end or deferred sales charge
(known
as rights of reinstatement) |
■ |
A
shareholder in the Fund’s Investor C shares will have their share
converted at net asset value to Investor A shares of the fund if the
shares are no longer subject
to CDSC and the conversion is in line with the policies and procedures of
Baird |
■ |
Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage
account at Baird, including 401(k) plans, 457 plans, employer-sponsored
403(b) plans, profit sharing and money purchase pension plans and defined
benefit plans. For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs or
SAR-SEPs |
■ |
Shares
sold due to death or disability of the
shareholder |
■ |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
■ |
Shares
bought due to returns of excess contributions from an IRA
Account |
■ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching age 72 as described in the Fund’s
prospectus |
■ |
Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird |
■ |
Shares
acquired through a right of reinstatement |
■ |
Breakpoints
as described in this prospectus |
■ |
Rights
of accumulation which entitles shareholders to breakpoint discounts will
be automatically calculated based on the aggregated holding of fund family
assets
held by accounts within the purchaser’s household at Baird. Eligible fund
family assets not held at Baird may be included in the rights of
accumulations
calculation only if the shareholder notifies his or her financial advisor
about such assets |
■ |
Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated
purchases within a fund family through Baird, over a 13-month period of
time |
■ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any
other
fund within the fund family). |
■ |
Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by
Janney. |
■ |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within ninety (90) days following the
redemption,
(2) the redemption and purchase occur in the same account, and (3)
redeemed shares were subject to a front-end or deferred sales load (i.e.,
right
of reinstatement). |
■ |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and
defined benefit plans). For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh
plans. |
■ |
Shares
acquired through a right of
reinstatement. |
■ |
Class
C shares that are no longer subject to a contingent deferred sales charge
and are converted to Class A shares of the same fund pursuant to Janney’s
policies
and procedures. |
■ |
Shares
sold upon the death or disability of the
shareholder. |
■ |
Shares
sold as part of a systematic withdrawal plan as described in the fund’s
Prospectus. |
■ |
Shares
purchased in connection with a return of excess contributions from an IRA
account. |
■ |
Shares
sold as part of a required minimum distribution for IRA and other
retirement accounts due to the shareholder reaching age 70½ as described
in the fund’s
Prospectus. |
■ |
Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney. |
■ |
Shares
acquired through a right of
reinstatement. |
■ |
Shares
exchanged into the same share class of a different
fund. |
■ |
Breakpoints
as described in the fund’s Prospectus. |
■ |
Rights
of accumulation (“ROA”), which entitle shareholders to breakpoint
discounts, will be automatically calculated based on the aggregated
holding of fund
family assets held by accounts within the purchaser’s household at Janney.
Eligible fund family assets not held at Janney may be included in the ROA
calculation
only if the shareholder notifies his or her financial advisor about such
assets. |
■ |
Letters
of intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period. Eligible fund
family
assets not held at Janney Montgomery Scott may be included in the
calculation of letters of intent only if the shareholder notifies his or
her financial advisor
about such assets. |
■ |
Shares
of mutual funds available for purchase by employer-sponsored
retirement, deferred compensation,
and employee benefit plans (including health savings
accounts) and trusts used to fund those plans
provided the
shares are not held in a commission-based brokerage account and shares are
held for the
benefit of the plan.
For purposes of this provision, employer-sponsored retirement plans do not
include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
|
■ |
Shares
purchased through a Merrill investment
advisory program |
■ |
Brokerage
class shares exchanged from advisory class shares
due to the holdings moving from a Merrill investment
advisory program to a Merrill brokerage
account
|
■ |
Shares
purchased
through the Merrill Edge Self-Directed platform
|
■ |
Shares
purchased through the
systematic reinvestment
of capital gains distributions and dividend reinvestment when purchasing
shares of the same mutual
fund
in the same account |
■ |
Shares
exchanged from level-load
shares to front-end load
shares of the same mutual
fund in accordance with the description in the Merrill SLWD Supplement |
■ |
Shares
purchased by eligible employees of Merrill
or its affiliates and their family members
who purchase shares in accounts within the employee’s Merrill Household
(as defined in the Merrill SLWD
Supplement) |
■ |
Shares
purchased by eligible persons associated with the fund as defined in this
prospectus (e.g. the fund’s officers or
trustees) |
■ |
Shares
purchased from the proceeds of a
mutual fund redemption in front-end load shares provided (1) the
repurchase is in a mutual fund
within the same fund
family;
(2)
the repurchase occurs within 90 calendar
days
from
the redemption
trade date,
and
(3)
the redemption and purchase occur in the same account
(known as Rights of Reinstatement). Automated transactions (i.e.
systematic purchases and withdrawals) and purchases made after shares are
automatically
sold to pay Merrill’s
account maintenance fees are not eligible for Rights
of Reinstatement |
■ |
Shares
sold due to the client’s death or disability (as defined by Internal
Revenue Code Section 22I(3)) |
■ |
Shares
sold pursuant
to
a systematic withdrawal program
subject to Merrill’s maximum systematic withdrawal limits
as described in the Merrill
SLWD Supplement |
■ |
Shares
sold due to return
of excess contributions from an IRA account |
■ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due
to the investor reaching the qualified age based on applicable
IRS
regulation |
■ |
Front-end
or level-load shares held in commission-based, non-taxable
retirement brokerage accounts
(e.g.
traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs
or Keogh plans) that are transferred to fee-based
accounts or platforms and
exchanged for a lower cost share class of the same mutual fund
|
■ |
Breakpoint
discounts,
as described in this prospectus,
where the sales load is at or below the maximum sales load that Merrill
permits to be assessed to a front-end
load purchase, as described in the Merrill SLWD
Supplement |
■ |
Rights
of Accumulation (ROA),
as described in the Merrill
SLWD Supplement, which entitle clients to breakpoint discounts
based on the aggregated holdings
of mutual
fund
family assets held in
accounts in their Merrill Household |
■ |
Letters
of Intent (LOI),
which allow for breakpoint discounts on
eligible new purchases based
on anticipated future
eligible purchases
within a fund family
at Merrill,
in accounts within your Merrill Household, as further described in the
Merrill SLWD Supplement |
■ |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and
defined benefit plans). For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh
plans |
■ |
Morgan
Stanley employee and employee-related accounts according to Morgan
Stanley’s account linking rules |
■ |
Shares
purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same
fund |
■ |
Shares
purchased through a Morgan Stanley self-directed brokerage
account |
■ |
Class
C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of the same fund
pursuant
to Morgan Stanley Wealth Management’s share class conversion
program |
■ |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (i) the repurchase occurs within 90 days following the
redemption,
(ii) the redemption and purchase occur in the same account, and (iii)
redeemed shares were subject to a front-end or deferred sales
charge. |
■ |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used to fund those plans, provided
that the shares are not held in a commission-based brokerage account and
shares are held for the benefit of the
plan |
■ |
Shares
purchased by or through a 529 Plan |
■ |
Shares
purchased through an OPCO affiliated investment advisory
program |
■ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any
other
fund within the fund family) |
■ |
Shares
purchased form the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption,
(2) the redemption and purchase occur in the same amount, and (3) redeemed
shares were subject to a front-end or deferred sales load (known
as Rights of Restatement). |
■ |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares (or the appropriate share class) of
the Fund if the
shares are no longer subject to a CDSC and the conversion is in line with
the policies and procedures of OPCO |
■ |
Employees
and registered representatives of OPCO or its affiliates and their family
members |
■ |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in this
prospectus |
■ |
Death
or disability of the shareholder |
■ |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus |
■ |
Return
of excess contributions from an IRA
Account |
■ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching age 70½ as described in the
prospectus |
■ |
Shares
sold to pay OPCO fees but only if the transaction is initiated by
OPCO |
■ |
Shares
acquired through a right of reinstatement |
■ |
Breakpoints
as described in this prospectus. |
■ |
Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated holding of fund
family
assets held by accounts within the purchaser’s household at OPCO. Eligible
fund family assets not held at OPCO may be included in the ROA
calculation
only if the shareholder notifies his or her financial advisor about such
assets. |
■ |
Shares
purchased in an investment advisory
program. |
■ |
Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions. |
■ |
Employees
and registered representatives of Raymond James or its affiliates and
their family members as designated by Raymond
James. |
■ |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption,
(2) the redemption and purchase occur in the same account, and (3)
redeemed shares were subject to a front-end or deferred sales load
(known
as Rights of Reinstatement). |
■ |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares (or the appropriate share class) of
the Fund if the
shares are no longer subject to a CDSC and the conversion is in line with
the policies and procedures of Raymond
James. |
■ |
Death
or disability of the shareholder. |
■ |
Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus. |
■ |
Return
of excess contributions from an IRA
Account. |
■ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable
IRS regulations as described in the fund’s
prospectus. |
■ |
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James. |
■ |
Shares
acquired through a right of
reinstatement. |
■ |
Breakpoints
as described in this Prospectus. |
■ |
Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family
assets
held by accounts within the purchaser’s household at Raymond James.
Eligible fund family assets not held at Raymond James may be included in
the calculation
of rights of accumulation only if the shareholder notifies his or her
financial advisor about such assets. |
■ |
Letters
of intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period. Eligible fund
family
assets not held at Raymond James may be included in the calculation of
letters of intent only if the shareholder notifies his or her financial
advisor about
such assets. |
ACH |
Automated
Clearing House | |
ADRs |
American
Depositary Receipts | |
American
Beacon or Manager |
American
Beacon Advisors, Inc. | |
Beacon
Funds |
American
Beacon Funds | |
Board |
Board
of Trustees | |
Brexit |
The
United Kingdom’s departure from the European Union | |
CAIA |
Chartered
Alternative Investment Analyst | |
Capital
Gains Distributions |
Distributions
of realized net capital gains | |
CDSC |
Contingent
Deferred Sales Charge | |
CFTC |
Commodity
Futures Trading Commission | |
CMO |
Collateralized
Mortgage Obligation | |
Denial
of Services |
A
cybersecurity incident that results in customers or employees being unable
to access electronic systems | |
Dividends |
Distributions
of most or all of a Fund’s net investment income | |
DRD |
Dividends-received
deduction | |
Equity
REIT |
Income
producing real estate that are owned and often operated by a
REIT | |
ESG |
Environmental,
Social, and/or Governance |
|
ETF |
Exchange-Traded
Fund | |
EU |
European
Union | |
Fannie
Mae |
Federal
National Mortgage Association | |
FFCB |
Federal
Farm Credit Banks | |
FHLB |
Federal
Home Loan Bank | |
FINRA |
Financial
Industry Regulatory Authority | |
Forwards |
Forward
Currency Contracts | |
Freddie
Mac |
Federal
Home Loan Mortgage Corporation | |
GDR |
Global
Depositary Receipts | |
Ginnie
Mae or GNMA |
Government
National Mortgage Association | |
Holdings
Policy |
Policies
and Procedures for Disclosure of Portfolio Holdings | |
Hybrid
REIT |
The
combination of equity REITs and mortgage REITs | |
Internal
Revenue Code |
Internal
Revenue Code of 1986, as amended | |
Investment
Company Act |
Investment
Company Act of 1940, as amended | |
IPOs |
Initial
Public Offerings | |
IRA |
Individual
Retirement Account | |
IRS |
Internal
Revenue Service | |
Junk
Bonds |
High
yield, non-investment grade bonds | |
LIBOR |
ICE
LIBOR | |
LOI |
Letter
of Intent | |
LSEG |
London
Stock Exchange Group | |
Management
Agreement |
The
Fund’s Management Agreement with the Manager | |
MLPs |
Master
limited partnerships | |
Moody’s |
Moody’s
Investors Service, Inc. | |
Mortgage
REIT |
Mortgage
secured by loans on income producing real estate | |
NAV |
Fund’s
net asset value | |
NDF |
Non-deliverable
forward contract | |
NYSE |
New
York Stock Exchange | |
Other
Distributions |
Distributions
of net gains from foreign currency transactions | |
OTC |
Over-the-Counter |
Proxy
Policy |
Proxy
Voting Policy and Procedures | |
QDI |
Qualified
Dividend Income | |
REIT |
Real
Estate Investment Trust | |
S&P
Global |
S&P
Global Ratings | |
SAI |
Statement
of Additional Information | |
SEC |
Securities
and Exchange Commission | |
SOFR |
Secured
Overnight Financing Rate | |
State
Street |
State
Street Bank and Trust Company | |
Subsidiary |
A
wholly owned subsidiary that is organized under the laws of the Cayman
Islands | |
SVP |
Signature
Validation Program | |
Trust |
American
Beacon Funds | |
UGMA |
Uniform
gifts to minor | |
UK |
United
Kingdom | |
UTMA |
Uniform
transfers to minor |