American Beacon International Equity Fund

Fund information as of March 31, 2009

Fund Overview

Total Fund Assets: $1.0 Billion

Institutional Class

Investor Class

Advisor Class

Inception Date

8/7/91

8/1/94

5/1/03

Class Assets

$380.8 Million

$332.3 Million

$1.4 Million

Fund NAV

$10.52

$10.40

$10.36

CUSIP

02368A406

02368A794

02368A422

Trading Symbol

AAIEX

AAIPX

AAISX

Fund Classes

Institutional Class shares are for those who make the decisions about where your company's pension funds or corporate cash will be invested or for others with at least $2 million to invest.
Investor Class shares are offered to individual investors, retirement accounts, plan sponsors, discount brokers or other organizations.
Advisor Class shares are offered to all investors who invest through intermediary organizations, such as broker-dealers or third party administrators.

Investment Sub-Advisors

Causeway Capital Management LLC	29.2%
Lazard Asset Management LLC	20.7%
The Boston Company Asset Management, LLC	21.8%
Templeton Investment Counsel, LLC	28.3%

Expense Ratios

	Institutional Class	Investor Class	Advisor Class

Gross Expense Ratio	0.67%	1.05%	1.19%
Net Expense Ratio1	0.66%	N/A	N/A

¹The net expense ratio is net of acquired fund fees and expenses that the Fund incurred indirectly as a result of investment in certain pooled investment vehicles.

Investment Objective

A multi-manager Fund seeking long-term capital appreciation primarily through investments in equity securities of issuers based outside the United States.

Investment Style

The Fund's bottom-up, value driven process identifies stocks of companies with below average price-to-earnings or price- to-cash-flow ratios, below-average price-to-book value ratios, above-average dividend yields, and above-average return on equity or earnings growth potential. The Fund's sub-advisors select securities based upon a country's economic outlook, market valuation and potential changes in currency exchange rates.

To determine a company's growth prospects, each of the Fund's sub-advisors uses proprietary methods based upon a combination of internal and external research and analysis of changing economic trends. The Fund will primarily invest in countries comprising the Morgan Stanley Capital International Europe Australasia Far East Index (MSCI EAFE). American Beacon provides each sub-advisor with a limit of the maximum investment allowed in each country.

International Equity Fund Total Returns

	QTR	YTD	1 YR	3 YR*	5 YR*	10 YR*	Since Inception

Institutional Class	-16.31	-16.31	-45.09	-14.21	-1.97	1.70	5.75
Investor Class	-16.33	-16.33	-45.22	-14.41	-2.21	1.48	5.53
Advisor Class	-16.38	-16.38	-45.37	-14.66	-2.47	1.31	5.43

Lipper Int'l Large-Cap Value Funds Index**	-15.11	-15.11	-47.05	-15.23	-2.53	1.87	6.76
EAFE ***	-13.94	-13.94	-46.51	-14.47	-2.18	-0.84	3.27

Performance shown is historical and may not be indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, click here.

Lipper Rankings

Category: International Large-Cap Value Funds
	1YR	3YR	5YR	10YR
# of funds in category	89	59	51	23

Institutional Class	27	23	22	12
Investor Class	28	26	24	14
Advisor Class	29	28	27	N/A

Lipper Quartile

Institutional Class	2nd	2nd	2nd	3rd
Investor Class	2nd	2nd	2nd	3rd
Advisor Class	2nd	2nd	3rd	N/A

Lipper is an independent rating service that ranks mutual funds in various categories by making comparative calculations using total returns.

Top 10 Country Weighting

United Kingdom	21.2%
Japan	15.7%
France	14.6%
Germany	12.6%
Switzerland	8.0%
Netherlands	5.3%
Hong Kong / China	2.6%
Singapore	2.6%
Spain	2.6%
Italy	2.4%

Asset Allocation

Equity	92.1
Equitized Cash	7.9
Fixed Income	0.0

Portfolio Statistics

Price/Earnings Ratio		10.2
Price/Book Ratio		2.1
Wtd. Avg. Mkt. Cap ($ bil)		37.1
Dividend Yield		4.7%
5 Year Earnings Growth		17.8%

3-Year Risk Summary
R2		0.96
Alpha		-0.04
Beta		0.98
Sharpe Ratio		-0.85
Standard Deviation		20.92

Top Ten Holdings (%)

View All Holdings

Vodafone Group plc

2.8%

Siemens AG

2.5%

Sanofi-Aventis S.A.

2.5%

E.ON AG

2.3%

Total S.A.

2.1%

Royal Dutch Shell plc

2.0%

BP plc

1.8%

GlaxoSmithKline plc

1.6%

BAE Systems plc

1.5%

Telefonica S.A.

1.4%

Total Fund Holdings:

163

You should consider the investment objectives, risks, fees and expenses of any mutual fund carefully before investing. This and other information is available in the Fund's prospectus. Please read the prospectus carefully before investing.

* Annualized.
** Lipper International Large-Cap Value Average. The Lipper International Large-Cap Value Average is calculated by taking an arithmetic average of the returns of the mutual funds in the Lipper International Large-Cap Value Funds category. Lipper is an independent mutual fund research and ranking service.
*** MSCI EAFE Index. The MSCI EAFE Index is a market capitalization weighted index of international stock performance composed of equities from developed markets excluding the U.S. and Canada.

Investing in foreign equities entails additional risks not associated with domestic equities, such as currency fluctuations, economic and political instability and differences in accounting standards.

Performance shown prior to the 5/1/03 inception of the Advisor Class is that of the Investor Class. The returns have not been adjusted for any difference between the fees and expenses of the Advisor Class and the historical fees and expenses of the Investor Class. Because the Investor Class had lower expenses, its performance was better than the Advisor Class would have realized during the same period. A portion of the fees charged to the Advisor Class of the Fund has been waived. Performance prior to waiving fees was lower than the actual returns shown.

Distributed by Foreside Fund Services, LLC.