e497k


Guidance ï Vision ï Experience	American Beacon Small Cap Value Fund	Ticker Symbol: Institutional: AVFIX Y: ABSYX Investor: AVPAX Advisor: AASSX Retirement: ASCVX


SUMMARY PROSPECTUS	MARCH 1, 2010

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. The current prospectus and statement of additional information, both dated March 1, 2010, and the financial statements included in the Fund’s most recent report to shareholders, dated October 31, 2009, are all incorporated by reference into this summary prospectus. You can find the Fund’s prospectus, statement of additional information, most recent reports to shareholders and other information about the Fund online at http://www.americanbeaconfunds.com/fi_prospectus.html. You can also get this information at no cost by calling 800-658-5811 or sending an email request to american_beacon.funds@ambeacon.com.

Investment Objective

The Fund’s investment objective is long-term capital appreciation and current income.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage
of the value of your investment)


	Share classes
	Institutional			Y			Investor			Advisor			Retirement
Management fees		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Distribution and/or service (12b-1) fees		0.00	%		0.00	%		0.00	%		0.25	%		0.50	%
Other expenses		0.38	%		0.65	%		0.69	%		0.63	%		0.57	%
Acquired Fund Fees and Expenses		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%

Total annual fund operating expenses¹		0.85	%		1.12	%		1.16	%		1.35	%		1.54	%


¹		The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund’s Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:


Share classes	1 year		3 years		5 years		10 years
Institutional	$	87	$	271	$	471	$	1,049
Y	$	114	$	356	$	617	$	1,363
Investor	$	118	$	368	$	638	$	1,409
Advisor	$	137	$	428	$	739	$	1,624
Retirement	$	157	$	486	$	839	$	1,834

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 61% of the average value of its portfolio.

Principal Investment Strategies

Ordinarily, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in equity securities of small market capitalization U.S. companies. These companies generally have market capitalizations of $3 billion or less at the time of investment. The Fund’s investments may include common stocks, preferred stocks, securities convertible into common stocks, U.S. dollar-denominated American Depositary Receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively, “stocks”).

The Manager allocates the assets of the Fund among different sub-advisors. The Manager believes that this strategy will help the Fund outperform other investment styles over the longer term while minimizing volatility and downside risk. The Fund’s assets are currently allocated among five investment sub-advisors.

The sub-advisors select stocks that, in their opinion, have most or all of the following characteristics (relative to the Russell 2000^® Index):


	►	above-average earnings growth potential,


	►	below-average price to earnings ratio, and


	►	below-average price to book value ratio.

Each of the sub-advisors determines the earnings growth prospects of companies based upon a combination of internal and external research using fundamental analysis and considering changing economic trends. The decision to sell a stock is typically based on the belief that the company is no longer considered undervalued or shows deteriorating fundamentals, or that better investment opportunities exist in other stocks.

The Fund may lend its securities to broker-dealers and other institutions to earn additional income.

Russell 2000 Index is a registered trademark of Frank Russell Company.

Principal Risks

Market Risk

Since this Fund invests most of its assets in stocks, it is subject to stock market risk. Market risk involves the possibility that the value of the Fund’s investments in stocks will decline due to drops in the stock market. In general, the value of the Fund will move in the same


Summary Prospectus ï March 1, 2010	American Beacon Small Cap Value Fund

direction as the overall stock market, which will vary from day to day in response to the activities of individual companies, as well as general market, regulatory, political and economic conditions.

Small Capitalization Companies Risk

Investing in the securities of small capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization and more established companies, since smaller companies may have limited operating history, product lines, and financial resources, the securities of these companies may lack sufficient market liquidity and they can be particularly sensitive to expected changes in interest rates, borrowing costs and earnings.

Value Stocks Risk

Value stocks are subject to the risk that their intrinsic value may never be realized by the market or that their prices may go down. While the Fund’s investments in value stocks may limit its downside risk over time, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk.

Foreign Investing Risk

Investing in the securities of foreign companies carries potential risks not associated with domestic investments. Such risks include, but are not limited to: (1) political and financial instability, (2) less liquidity and greater volatility, (3) lack of uniform accounting, auditing and financial reporting standards, and (4) increased price volatility.

Securities Selection Risk

Securities selected by a sub-advisor for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar investment objectives.

Securities Lending Risk

To the extent the Fund lends its securities, it may be subject to the following risk. Borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities. The securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions.

Investment Risk

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.

Market Events

Turbulence in financial markets and reduced liquidity in credit and fixed-income-markets may negatively affect many issuers worldwide which may have an adverse effect on the Fund.

Fund Performance

The bar chart and table below provide an indication of risk by showing how the Fund’s performance has varied from year to year. The table shows how the Fund’s performance compares to a broad-based market index and the Lipper Small-Cap Value Funds Index, a composite of mutual funds comparable to the Fund. The chart and the table below show the performance of the Fund’s Institutional Class shares for all periods. The Fund began offering Advisor Class shares on May 1, 2003, Retirement Class Shares on May 1, 2009 and Y Class shares on August 3, 2009. In the table below, the performance of the Investor Class shares is shown for Advisor Class shares and the performance of Institutional Class shares is shown for Y Class shares prior to the dates that the Investor Class shares and Y Class shares were first offered. For Retirement Class shares, performance results before May 1, 2003 are for Investor Class shares and performance results from May 1, 2003 through May 1, 2009 are for Advisor Class shares. In each case, the older share classes would have had similar annual returns to the newer share classes because the shares are invested in the same portfolio securities. However, because the older classes had lower expenses, their performance was better than the newer classes would have realized in the same period. You may obtain updated performance information on the Fund’s website at www.americanbeaconfunds.com. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Calendar year total returns for Institutional Class shares


Highest Quarterly Return:		24.86%
(1/1/00 through 12/31/09)		(2nd Quarter 2003)
Lowest Quarterly Return:		-25.63%
(1/1/00 through 12/31/09)		(4th Quarter 2008)


	Average Annual Total Returns¹
	For the periods ended December 31, 2009
	Inception Date
	of Class
Institutional Class	12/31/1998	1 Year			5 Years			10 Years
Return Before Taxes			35.37	%		0.90	%		10.78	%
Return After Taxes on Distributions			35.25	%		-0.18	%		9.48	%
Return After Taxes on Distributions and Sale of Fund Shares			23.15	%		0.58	%		9.06	%


Share class	Inception Date
(before taxes)	of Class		1 Year			5 Years			10 Years
Y		8/3/2009		35.16	%		0.87	%		10.76	%
Investor		3/1/1999		34.94	%		0.64	%		10.49	%
Advisor		5/1/2003		34.79	%		0.39	%		10.30	%
Retirement		5/1/2009		34.51	%		0.35	%		10.28	%


Indexes (reflects no deduction for fees, expenses or taxes)	1 Year			5 Years			10 Years
Russell 2000^® Value Index		20.57	%		-0.01	%		8.27	%
Lipper Small-Cap Value Funds Index		33.00	%		1.42	%		8.72	%


¹		After-tax returns are shown only for Institutional Class shares; after-tax returns for other share classes will vary. After-tax returns are


Summary Prospectus ï March 1, 2010	American Beacon Small Cap Value Fund


		calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other returns for the same period. This occurs when a capital loss is realized upon redemption, resulting in a tax deduction that benefits the shareholder. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. If you hold your Fund shares through a tax-deferred arrangement, such as an IRA or a 401(k), the after-tax returns do not apply to your situation.

Management

The Manager

The Fund has retained American Beacon Advisors, Inc. to serve as its Manager.

Sub-Advisors

The Fund’s assets are currently allocated among five investment sub-advisors:


	►	Barrow, Hanley, Mewhinney & Strauss, LLC (Since September 2003)


	►	Brandywine Global Investment Management, LLC (Since December 1998)


	►	Hotchkis and Wiley Capital Management, LLC (Since December 1998)


	►	Opus Capital Group, LLC (Since January 2005)


	►	The Boston Company Asset Management, LLC (Since September 2004)

The Fund’s Board of Trustees has appointed the following two investment sub-advisors to the Fund, but the Manager has not allocated Fund assets to these sub-advisors:

Dreman Value Management, LLC (Appointed in August 2005)

Metropolitan West Capital Management, LLC (Appointed in August 2005)

Portfolio Managers


American Beacon Advisors, Inc.

William F. Quinn Executive Chairman		Since Fund Inception
Wyatt L. Crumpler Vice President, Asset Management		Since 2007
Adriana R. Posada Senior Portfolio Manager, Asset Management		Since 1998


Barrow, Hanley, Mewhinney & Strauss, LLC

James S. McClure Portfolio Manager		Since 2003
John P. Harloe Portfolio Manager		Since 2003


Brandywine Global Investment Management, LLC

Henry F. Otto Managing Director		Since 1998
Steven M. Tonkovich Managing Director		Since 1998


Hotchkis and Wiley Capital Management, LLC

David Green Principal, Portfolio Manager		Since Fund Inception
Jim Miles Principal, Portfolio Manager		Since Fund Inception


Opus Capital Group, LLC

Len A. Haussler President, Portfolio Manager		Since 2005
Kevin P. Whelan VP, Portfolio Manager		Since 2005
Jonathan M. Detter Portfolio Manager		Since 2005


The Boston Company Asset Management, LLC

Joseph M. Corrado Senior Vice President		Since 2004
Stephanie K. Brandaleone Vice President		Since 2004
Edward R. Walter Vice President		Since 2004

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange Institutional Class, Investor Class and Y Class shares directly from the Fund by calling 1-800-658-5811, writing to the Fund at P.O. Box 219643, Kansas City, MO 64121, or visiting www.americanbeaconfunds.com. You also may purchase, redeem or exchange shares of all classes offered in this prospectus through a broker-dealer or other financial intermediary. The minimum initial purchase into the Fund is $250,000 for Institutional Class shares, $100,000 for Y Class shares and $2,500 for Investor Class shares. The minimum subsequent investment by wire is $500 for Investor Class shares. No minimums apply to subsequent investments by wire for other classes of shares. For all classes, the minimum subsequent investment is $50 if the investment is made by check or exchange.

Tax Information

Dividends and capital gain distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund’s distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary’s website for more information.


Summary Prospectus ï March 1, 2010	American Beacon Small Cap Value Fund


Summary Prospectus ï March 1, 2010	American Beacon Small Cap Value Fund