American Beacon Month-End Fund Performance

Information as of 08/31/2016

All performance is historical and does not represent future results. The value of an investment in the equity and bond funds will fluctuate up and down. When you sell your shares of these funds, they could be worth more or less than you paid for them.

Performance presented below may include historical performance of other classes. Please see the performance notes at the bottom of the page for more information.

  • Excluding Maximum Sales Charge
  • Including Maximum Sales Charge
Institutional
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD*1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Acadian Emerging Markets Managed Volatility** 4805ACDIX 1.69         1.36§ 9.763.12-- -0.79     9/27/2013
AHL Managed Futures Strategy 4815AHLIX 2.26         1.55¥ 0.29-3.25-- 5.94     8/19/2014
Bahl & Gaynor Small Cap Growth 4820GBSIX 3.05         0.99Φ 14.7516.24-- 8.71     7/15/2014
Balanced 65AADBX 0.59         0.59 7.086.186.619.93 5.83     7/17/1987
Bridgeway Large Cap Growth 4840BRLGX 1.00         0.82¤ 1.673.1612.9015.26 7.84     10/31/2003
Bridgeway Large Cap Value 3416BRLVX 0.75         0.79 8.5310.8512.0015.86 7.89     10/31/2003
Crescent Short Duration High Income 4825ACHIX 1.28         0.86§ 8.055.33-- 2.45     10/01/2014
Flexible Bond 63AFXIX 1.28         0.91π 3.201.830.881.92 2.00     7/05/2011
Garcia Hamilton Quality Bond 4851GHQIX 0.70         0.46Ω ---- 1.67     4/04/2016
GLG Total Return Fund 4854GLGIX 1.66         1.06Ω ---- 3.56     5/20/2016
Global Evolution Frontier Markets Income** 3865AGEIX 1.97         1.17 9.557.10-- 3.42     2/25/2014
Grosvenor Long/Short Fund 4835GVRIX 10.00         2.57§ 0.59--- 1.90     10/01/2015
Holland Large Cap Growth 3431LHGIX 0.89         0.90 2.386.7610.3512.38 8.00     3/01/2010Inv 4/29/96
International Equity 67AAIEX 0.74         0.74 -0.40-2.911.335.23 1.96     8/07/1991
Ionic Strategic Arbitrage Fund 4830IONIX 3.26         2.55Φ 0.000.36-- 3.02     9/01/2013
Large Cap Value 66AADEX 0.59         0.59 6.916.257.7813.13 5.75     7/17/1987
Mid-Cap Value 2167AACIX 0.86         0.86 7.355.888.3514.26 7.70     11/30/2005
SGA Global Growth 4810SGAGX 2.63         0.99§ 11.8218.3711.2611.19 10.44     12/31/2010
SiM High Yield Opportunities** 1941SHOIX 0.89         0.85π 12.727.285.868.34 7.06     2/14/2011
Small Cap Value 370AVFIX 0.82         0.82 10.829.528.6413.48 7.50     12/31/1998
Sound Point Floating Rate Income 4845SPFLX 1.90         0.85¤ 4.724.125.59- 6.22     12/03/2012
Stephens Mid-Cap Growth 3421SFMIX 1.02         1.00Φ 5.524.226.3711.05 8.29     8/31/2006
Stephens Small Cap Growth 3426STSIX 1.09         1.09 7.765.703.8710.73 7.98     8/31/2006
The London Company Income Equity 3860ABCIX 0.76         0.80 8.9012.5711.89- 13.35     5/29/2012
Zebra Small Cap Equity 1961AZSIX 1.57         0.90π 11.2210.469.0713.69 13.24     6/01/2010


Investor
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD*1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Acadian Emerging Markets Managed Volatility** 4806ACDPX 1.99         1.74§ 9.462.66-- -1.15     9/27/2013
AHL Managed Futures Strategy 4816AHLPX 2.41         1.93¥ 0.00-3.66-- 5.50     8/19/2014
Bahl & Gaynor Small Cap Growth 4821GBSPX 3.20         1.37Φ 14.4315.80-- 8.32     7/15/2014
Balanced 98AABPX 0.92         0.92 6.755.756.229.56 5.49     8/01/1994
Bridgeway Large Cap Growth 4841BLYPX 1.37         1.20¤ 1.422.9012.8115.20 7.81     2/05/2016Instl 10/31/03
Bridgeway Large Cap Value 3417BWLIX 1.09         1.09 8.3010.4811.6815.53 7.74     2/03/2012Instl 10/31/03
Crescent Short Duration High Income 4826ACHPX 1.47         1.24§ 7.824.87-- 2.08     10/01/2014
Flexible Bond 94AFXPX 1.52         1.28π 3.021.460.531.56 1.69     7/05/2011
Garcia Hamilton Quality Bond 4852GHQPX 1.07         0.84Ω ---- 1.53     4/04/2016Instl 9/15/97
GLG Total Return Fund 4855GLGPX 2.04         1.44Ω ---- 3.46     5/20/2016
Global Evolution Frontier Markets Income** 3866AGEPX 1.80         1.55 9.296.72-- 3.07     2/25/2014
Grosvenor Long/Short Fund 4836GVRPX 13.33         2.95§ 0.40--- 1.60     10/01/2015
Holland Large Cap Growth 3432LHGFX 1.25         1.25 2.136.389.9612.00 7.79     4/29/1996
International Equity 100AAIPX 1.07         1.07 -0.68-3.300.974.85 1.62     8/01/1994
Ionic Strategic Arbitrage Fund 4831IONPX 3.93         2.93Φ -0.20-0.04-- 2.92     6/30/2015Instl 09/01/13
Large Cap Value 99AAGPX 0.94         0.94 6.675.897.4212.73 5.41     8/01/1994
Mid-Cap Value 2246AMPAX 1.10         1.10 7.215.648.1013.97 7.50     2/28/2006
SGA Global Growth 4811SGAPX 3.09         1.37§ 11.5817.9210.8510.95 10.23     10/04/2013Instl 12/31/10
SiM High Yield Opportunities** 2238SHYPX 1.20         1.20 12.406.825.477.98 6.61     2/14/2011
Small Cap Value 748AVPAX 1.16         1.16 10.589.148.2713.08 7.15     2/28/1999
Sound Point Floating Rate Income 4846SPFPX 2.28         1.23¤ 4.373.665.43- 6.09     12/11/2015Instl 12/03/12
Stephens Mid-Cap Growth 3422STMGX 1.33         1.36 5.253.845.9810.64 7.96     2/01/2006
Stephens Small Cap Growth 3427STSGX 1.41         1.36Φ 7.615.433.5910.42 7.70     12/01/2005
The London Company Income Equity 3861ABCVX 1.05         1.17 8.6512.1311.52- 12.96     5/29/2012
Zebra Small Cap Equity 1527AZSPX 1.83         1.28π 10.9810.078.6813.29 12.81     6/01/2010


Advisor
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD*1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Balanced 2162ABLSX 1.07         1.07 6.665.576.079.40 5.30     5/31/2005Inv 8/1/94
International Equity 2035AAISX 1.20         1.20 -0.67-3.320.864.71 1.42     5/01/2003
Large Cap Value 2163AVASX 1.08         1.08 6.575.747.2712.58 5.24     5/31/2005Inv 8/1/94
Mid-Cap Value 2249AMCSX 1.38         1.38 6.965.307.7613.66 7.23     6/29/2007Instl 11/30/05, Inv 2/28/06
Small Cap Value 2036AASSX 1.32         1.32 10.478.978.1112.91 6.96     5/01/2003



Y
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD*1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Acadian Emerging Markets Managed Volatility** 4809ACDYX 1.78         1.46§ 9.672.98-- -0.91     9/27/2013
AHL Managed Futures Strategy 4819AHLYX 2.29         1.65¥ 0.29-3.35-- 5.85     8/19/2014
Bahl & Gaynor Small Cap Growth 4824GBSYX 2.77         1.09Φ 14.6716.15-- 8.62     7/15/2014
Balanced 2285ACBYX 0.67         0.67 6.885.986.479.81 5.74     3/01/2010Instl 7/17/87
Bridgeway Large Cap Growth 4844BLYYX 1.10         0.92¤ 1.633.1212.8815.25 7.83     2/05/2016Instl 10/31/03
Bridgeway Large Cap Value 3420BWLYX 0.81         0.81 8.5110.7711.9615.79 7.86     2/03/2012Instl 10/31/03
Crescent Short Duration High Income 4829ACHYX 1.30         0.96§ 8.045.16-- 2.32     10/01/2014
Flexible Bond 2210AFXYX 1.35         1.00π 3.121.730.791.82 1.90     7/05/2011
Garcia Hamilton Quality Bond 4853GHQYX 0.80         0.56Ω ---- 1.54     4/04/20164/4/2016
GLG Total Return Fund 4858GLGYX 1.76         1.16Ω ---- 3.46     5/20/2016
Global Evolution Frontier Markets Income** 3869AGEYX 1.52         1.27 9.326.85-- 3.35     2/25/2014
Grosvenor Long/Short Fund 4839GVRYX 13.10         2.67§ 0.49--- 1.80     10/01/2015
Holland Large Cap Growth 3435LHGYX 1.09         1.00Φ 2.356.6810.1812.24 7.93     3/23/2012Inv 4/29/96, Instl 3/1/10
International Equity 2291ABEYX 0.81         0.81 -0.44-3.001.245.13 1.90     8/03/2009Instl 8/7/91
Ionic Strategic Arbitrage Fund 4834IONYX 3.22         2.65Φ -0.100.26-- 3.02     6/30/2015Instl 09/01/13
Large Cap Value 2290ABLYX 0.68         0.68 6.876.167.7013.04 5.69     8/03/2009Instl 7/17/87
Mid-Cap Value 2287ACMYX 0.95         0.95 7.335.808.2714.16 7.66     3/01/2010Instl 11/30/05
SGA Global Growth 4814SGAYX 2.73         1.09§ 11.7818.2611.1411.12 10.38     10/04/2013Instl 12/31/10
SiM High Yield Opportunities** 2299SHOYX 0.92         0.92 12.687.215.778.24 6.93     2/14/2011
Small Cap Value 2292ABSYX 0.91         0.91 10.779.448.5513.38 7.40     8/03/2009Instl 12/31/98
Sound Point Floating Rate Income 4849SPFYX 2.00         0.95¤ 4.573.875.51- 6.15     12/11/2015Instl 12/03/12
Stephens Mid-Cap Growth 3425SMFYX 1.07         1.10 5.374.076.2510.93 8.10     2/24/2012Inv 2/1/06
Stephens Small Cap Growth 3430SPWYX 1.15         1.15 7.725.663.7710.62 7.80     2/24/2012Inv 12/1/05
The London Company Income Equity 3864ABCYX 0.84         0.85 8.8412.4211.80- 13.26     5/29/2012
Zebra Small Cap Equity 2284AZSYX 1.62         1.00π 11.2010.448.9913.61 13.14     6/01/2010


A
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD*1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Acadian Emerging Markets Managed Volatility** 4807ACDAX 2.11         1.76§ 9.442.59-- -1.22     9/27/2013
AHL Managed Futures Strategy 4817AHLAX 2.56         1.95¥ 0.00-3.66-- 5.49     8/19/2014
Bahl & Gaynor Small Cap Growth 4822GBSAX 2.89         1.39Φ 14.4415.82-- 8.28     7/15/2014
Balanced 1509ABFAX 0.98         0.98 6.735.726.149.44 5.42     5/17/2010Inv 8/1/94
Bridgeway Large Cap Growth 4842BLYAX 1.40         1.22¤ 1.462.9412.8215.21 7.82     2/05/2016Instl 10/31/03
Bridgeway Large Cap Value 3418BWLAX 1.12         1.12 8.2610.3911.5815.41 7.68     2/03/2012Instl 10/31/03
Crescent Short Duration High Income 4827ACHAX 1.56         1.26§ 7.814.84-- 2.00     10/01/2014
Flexible Bond 1540AFXAX 1.67         1.30π 2.931.490.461.44 1.56     7/05/2011
GLG Total Return Fund 4856GLGAX 2.06         1.46Ω ---- 3.46     5/20/2016
Global Evolution Frontier Markets Income** 3867AGUAX 1.86         1.57 9.286.71-- 3.04     2/25/2014
Grosvenor Long/Short Fund 4837GSVAX 12.81         2.97§ 0.30--- 1.60     10/01/2015
Holland Large Cap Growth 3433LHGAX 1.30         1.30 2.116.349.8811.90 7.74     2/01/2010Inv 4/29/96
International Equity 1525AIEAX 1.12         1.12 -0.69-3.320.904.73 1.55     5/17/2010Inv 8/1/94
Ionic Strategic Arbitrage Fund 4832IONAX 6.94         2.95Φ 0.000.16-- 2.99     6/30/2015Instl 09/01/13
Large Cap Value 1510ALVAX 0.98         0.98 6.655.847.3312.60 5.34     5/17/2010Inv 8/1/94
Mid-Cap Value 1517ABMAX 1.26         1.26 7.135.467.8813.73 7.26     5/17/2010Instl 11/30/05, Inv 2/28/06
SGA Global Growth 4812SGAAX 3.06         1.39§ 11.5117.9410.8110.92 10.21     10/04/2013Instl 12/31/10
SiM High Yield Opportunities** 1539SHOAX 1.23         1.25 12.446.875.377.85 6.54     2/14/2011
Small Cap Value 1513ABSAX 1.22         1.23 10.569.068.1812.93 7.05     5/17/2010Inv 2/28/99
Sound Point Floating Rate Income 4847SOUAX 2.30         1.25¤ 4.343.635.42- 6.08     12/11/2015Instl 12/03/12
Stephens Mid-Cap Growth 3423SMFAX 1.37         1.40 5.143.725.9110.58 7.93     2/24/2012Inv 2/1/06
Stephens Small Cap Growth 3428SPWAX 1.45         1.49 7.455.333.4310.25 7.62     2/24/2012Inv 12/1/05
The London Company Income Equity 3862ABCAX 1.14         1.18 8.6712.1411.45- 12.85     5/29/2012
Zebra Small Cap Equity 1524AZSAX 1.95         1.30π 10.9710.048.6413.19 12.74     6/01/2010


Select
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD*1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
U.S. Government Money Market 1901AAOXX 0.14         0.14 0.180.190.070.07 0.99     12/01/2001


C
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD*1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Acadian Emerging Markets Managed Volatility** 4808ACDCX 2.88         2.51§ 8.971.87-- -1.96     9/27/2013
AHL Managed Futures Strategy 4818AHLCX 3.33         2.70¥ -0.48-4.35-- 4.71     8/19/2014
Bahl & Gaynor Small Cap Growth 4823GBSCX 3.85         2.14Φ 13.9014.95-- 7.50     7/15/2014
Balanced 3740ABCCX 1.73         1.73 6.184.935.358.62 4.93     9/01/2010Inv 8/1/94
Bridgeway Large Cap Growth 4843BLYCX 2.15         1.97¤ 1.032.5112.6615.12 7.77     2/05/2016Instl 10/31/03
Bridgeway Large Cap Value 3419BWLCX 1.87         1.87 7.709.5910.7414.67 7.33     2/03/2012Instl 10/31/03
Crescent Short Duration High Income 4828ACHCX 2.37         2.01§ 7.174.07-- 1.25     10/01/2014
Flexible Bond 3765AFXCX 2.41         2.05π 2.410.68-0.320.72 0.92     7/05/2011
GLG Total Return Fund 4857GLGCX 2.81         2.21Ω ---- 3.26     5/20/2016
Global Evolution Frontier Markets Income** 3868AGECX 2.99         2.32£ 8.906.04-- 2.22     2/25/2014
Grosvenor Long/Short Fund 4838GVRCX 14.24         3.72§ -0.10--- 0.90     10/01/2015
Holland Large Cap Growth 3434LHGCX 2.06         2.05Φ 1.595.529.0411.15 7.38     3/23/2012Inv 4/29/96, A 2/1/10
International Equity 3742AILCX 1.86         1.87 -1.17-4.050.143.97 1.08     9/01/2010Inv 8/1/94
Ionic Strategic Arbitrage Fund 4833IONCX 7.73         3.70Φ -0.61-0.70-- 2.66     6/30/2015Instl 09/01/13
Large Cap Value 3741ALVCX 1.74         1.74 6.125.056.5011.75 4.85     9/01/2010Inv 8/1/94
Mid-Cap Value 3747AMCCX 2.02         2.02 6.604.757.0812.87 6.79     9/01/2010Instl 11/30/05, Inv 2/28/06
SGA Global Growth 4813SGACX 3.77         2.14§ 10.9417.029.9910.43 9.78     10/04/2013Instl 12/31/10
SiM High Yield Opportunities** 3764SHOCX 1.98         2.00 11.856.084.627.06 5.79     2/14/2011
Small Cap Value 3743ASVCX 1.98         1.99 9.988.297.3712.07 6.56     9/01/2010Inv 2/28/99
Sound Point Floating Rate Income 4848SOUCX 3.05         2.00¤ 3.823.075.24- 5.93     12/11/2015Instl 12/03/12
Stephens Mid-Cap Growth 3424SMFCX 2.12         2.15 4.723.015.129.85 7.57     2/24/2012Inv 2/1/06
Stephens Small Cap Growth 3429SPWCX 2.20         2.27 6.964.502.679.52 7.26     2/24/2012Inv 12/1/05
The London Company Income Equity 3863ABECX 1.89         1.90 8.1611.2810.62- 12.02     5/29/2012
Zebra Small Cap Equity 3754AZSCX 2.70         2.05π 10.369.177.8012.33 11.91     9/01/2010Inv 6/1/10


SP
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD*1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Sound Point Floating Rate Income 4850SPFRX 2.15         1.16¤ 4.523.705.37- 6.04     5/30/2014Instl 12/03/12

*Not Annualized. **Redemption fee (2%, 90-day holding period).

Performance shown is historical and is not indicative of future returns. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. 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, please call 800.967.9009 or visit americanbeaconfunds.com.

Important Information: All investing involves risk, including possible loss of principal. Please note that the recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future.

Maximum Sales Charge is the maximum front-end sales charge (load) imposed on purchases (as a % offering price). Maximum deferred sales charges: A Class – 0.50%. A contingent deferred sales charge (“CDSC”) of 0.50% will be charged on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.

Class C shares may be subject to a contingent deferred sales charge of up to 1% on certain redemptions made within 12 months of purchase. Performance presented at NAV, which does not include these sales charges, would be lower if these charges were reflected.

Maximum Sales Charge is 5.75% for the following Funds: Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Balanced, Bridgeway Large Cap Growth, Bridgeway Large Cap Value, Grosvenor Long/Short, Holland Large Cap Growth, International Equity, Large Cap Value, Mid-Cap Value, SGA Global Growth, Small Cap Value, Stephens Mid-Cap Growth, Stephens Small Cap Growth, The London Company Income Equity and Zebra Small Cap Equity Funds.

Maximum Sales Charge is 4.75% for the following Funds: Flexible Bond, Global Evolution Frontier Markets Income, Ionic Strategic Arbitrage and SiM High Yield Opportunities Funds.

Maximum Sales Charge is 2.50% for the following Funds: Crescent Short Duration High Income and Sound Point Floating Rate Income Funds.

You could lose money by investing in the American Beacon U.S. Government Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Prior to April 29, 2016, the Fund invested in certain types of securities that are no longer generally permitted for “government money market funds,” as currently defined in Rule 2a-7 under the 1940 Act. Consequently, the performance shown above may have been different if the current limitation on the Fund’s investments had been in effect.

EXPENSE RATIOS ASSOCIATED WITH THE FUNDS

¥The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through April 29, 2017.
The Net Expense Ratio may reflect waivers/reimbursements and expenses that American Beacon Advisors has recovered during the period.
¤The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through May 31, 2017.
¤The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2017.
πThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2016.
ΩThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through February 28, 2018
ΦThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through April 30, 2017.

RISKS ASSOCIATED WITH THE FUNDS

Acadian Emerging Markets Managed Volatility Fund: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in lower volatility securities may produce more modest gains than other stock funds as a trade-off for the potentially lower downside risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested.

AHL Managed Futures Strategy Fund: Investing in derivative instruments involves liquidity, credit, interest rate and market risks. The use of quantitative models may lead to high levels of trading and concentration among certain investments, resulting in higher trading costs and return volatility. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund.

Bahl & Gaynor Small Cap Growth Fund: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program.

Balanced Fund: The use of fixed-income securities entails interest rate and credit risks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested.

Bridgeway Large Cap Growth Fund: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. While the Fund is managed pursuant to a tax management strategy, the Fund’s investments could create capital gains. The use of futures contracts for cash management may subject the Fund to losing more money than invested.

Bridgeway Large Cap Value Fund: Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. While the Fund is managed pursuant to a tax management strategy, the Fund’s investments could create capital gains. The use of futures contracts for cash management may subject the Fund to losing more money than invested.

Crescent Short Duration High Income Fund: The Fund’s investments in high yield securities, including loans, restricted securities and floating rate securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks.

Flexible Bond Fund: Investing in derivative instruments involves liquidity, credit, interest rate and market risks. Investments in high yield securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Although the Fund has a flexible approach to investing, diversification does not ensure against loss. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks.

Global Evolution Frontier Markets Income Fund: Investing in foreign, emerging and frontier market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in derivative instruments involves liquidity, credit, interest rate and market risks. The use of fixed-income securities entails interest rate and credit risks. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund.

Grosvenor Long/Short Fund: All investing involves risk including the possible loss of principal. The Fund’s strategy of investing in a variety of long/short strategies entails certain risks including that the lead sub-advisor’s judgments about allocation between such strategies, as well as the selection of the sub-advisors and their subsequent individual investment decisions, may not perform to expectations resulting in the Fund’s underperformance or even losses versus other similar funds. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. The Fund may have high portfolio turnover risk, which could increase the Fund’s transaction costs and possibly have a negative impact on performance. Investing in small- or mid-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in derivative instruments involves liquidity, credit, interest rate and market risks and in some cases the addition of financial leverage, which can magnify these risks. Short sales involve special risks, including greater reliance on the sub-advisor’s ability to accurately anticipate the future value of a security or instrument; the Fund’s losses are potentially unlimited in a short sale.

Holland Large Cap Growth Fund: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested.

International Equity Fund: Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program.

Ionic Strategic Arbitrage Fund: The Fund’s strategy of investing in a variety of arbitrage strategies entails certain risks including that the sub-advisor’s judgments about allocation between such strategies, as well as individual arbitrage opportunities, may not perform to expectations, resulting in the Fund’s underperformance or even losses versus other similar funds. Arbitrage is the simultaneous purchase and sale of an asset or assets to take advantage of a perceived pricing anomaly. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. The Fund may have high portfolio turnover, which could increase the Fund’s transaction costs and possibly have a negative impact on performance. Small- or mid-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. The use of fixed-income securities, including convertible securities, entails interest rate and credit risks. In addition, the value of a convertible security could fluctuate based on the value of the underlying stock.  Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in derivative instruments involves liquidity, credit, interest rate and market risks. Short sales involve special risks, including greater reliance on the sub-advisor’s ability to accurately anticipate the future value of a security or instrument; the Fund’s losses are potentially unlimited in a short sale.

Large Cap Value Fund: Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested.

Mid-Cap Value Fund: Investing in medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program.

SGA Global Growth Fund: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program.

SiM High Yield Opportunities Fund: Investments in high yield securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in derivative instruments involves liquidity, credit, interest rate and market risks.

Small Cap Value Fund: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program.

Sound Point Floating Rate Income Fund: The Fund’s investments in high yield securities, including loans, restricted securities and floating rate securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks.

Stephens Mid-Cap Growth Fund: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program.

Stephens Small Cap Growth Fund: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program.

The London Company Income Equity Fund: Investing in small- and medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in dividend-paying stocks may result in less earnings growth or capital appreciation than investing in non-dividend paying stocks. The use of fixed-income securities entails interest rate and credit risks. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. The use of futures contracts for cash management may subject the Fund to losing more money than invested.

U.S. Government Money Market Select Fund: You could lose money by investing in the American Beacon U.S. Government Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Zebra Small Cap Equity Fund: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. At times, certain securities may have limited marketability and may be difficult to sell. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program.

Please see the prospectus for a complete discussion of the Funds’ risks. There can be no assurances that the investment objectives of the Fund(s) will be met.

Performance Associated with the INSTITUTIONAL Class Funds: A portion of fees charged to Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Bridgeway Large Cap Growth, Crescent Short Duration High Income, Flexible Bond, Grosvenor Long/Short, SGA Global Growth, SiM High Yield Opportunities, Sound Point Floating Rate Income and Zebra Small Cap Equity Funds has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived from 2008 through 2013, partially recovered in 2014 and fully recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2008 through 2013. A portion of fees charged to the Global Evolution Frontier Markets Income Fund was waived from Fund inception through 2015 and partially recovered in 2016. Performance prior to waiving fees was lower than actual returns shown through 2015. A portion of fees charged to the Holland Large Cap Growth Fund was waived from 2010 through 2012 and partially recovered from 2013 through 2015. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the International Equity Fund has been waived since 2013. Performance prior to waiving fees was lower than actual returns shown since 2013. A portion of fees charged to the Ionic Strategic Arbitrage Fund has been waived since 6/30/2015. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Mid-Cap Value Fund was waived from 2007 through 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2007 through 2013. A portion of fees charged to the Stephens Mid-Cap Growth Fund has been waived since 2006. Performance prior to waiving fees was lower than actual returns shown since 2006. A portion of fees charged to the Stephens Small Cap Growth Fund was waived from 2006 through 2013 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2006 through 2013. A portion of fees charged to The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014.

Performance Associated with the INVESTOR Class Funds: A portion of fees charged to Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Bridgeway Large Cap Growth, Crescent Short Duration High Income, Flexible Bond, Grosvenor Long/Short, SGA Global Growth, Sound Point Floating Rate Income and Zebra Small Cap Equity Funds has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and fully recovered in 2013. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of fees charged to the Global Evolution Frontier Markets Income Fund was waived from Fund inception through 2015 and partially recovered in 2016. Performance prior to waiving fees was lower than actual returns shown through 2015. A portion of fees charged to the Holland Large Cap Growth Fund was waived from 2002 through 2012 and fully recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown from 2002 through 2012. A portion of fees charged to the Ionic Strategic Arbitrage Fund has been waived since 6/30/2015. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Mid-Cap Value Fund was waived from 2006 through 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2006 through 2013. A portion of fees charged to the SiM High Yield Opportunities Fund was waived in 2011 and 2012 and fully recovered in 2013. Performance prior to waiving fees was lower than actual returns shown for 2011 and 2012. A portion of fees charged to the Stephens Mid-Cap Growth Fund was waived from 2006 through 2013 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2006 through 2013. A portion of fees charged to the Stephens Small Cap Growth Fund was waived from 2005 through 2013 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2005 through 2013. A portion of fees charged to The London Company Income Equity Fund was waived in 2012 and 2013 and partially recovered in 2014 and 2015. Performance prior to waiving fees was lower than actual returns shown in 2012 and 2013.

Performance Associated with the Y Class Funds: A portion of fees charged to Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Bridgeway Large Cap Growth, Crescent Short Duration High Income, Flexible Bond, Grosvenor Long/Short, SGA Global Growth, Sound Point Floating Rate Income and Zebra Small Cap Equity Funds has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Balanced Fund was waived in 2011, partially recovered in 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2011. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and fully recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of fees charged to the Global Evolution Frontier Markets Income Fund was waived from Fund inception through 2015 and partially recovered in 2016. Performance prior to waiving fees was lower than actual returns shown through 2015. A portion of fees charged to the Holland Large Cap Growth Fund was waived in 2012, partially recovered in 2013 and waived in 2014 and 2015. Performance prior to waiving fees was lower than actual returns shown for 2012, 2014 and 2015. A portion of fees charged to the Ionic Strategic Arbitrage Fund has been waived since 6/30/2015. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2013. A portion of fees charged to the SiM High Yield Opportunities Fund was waived from 2011 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2014. A portion of fees charged to the Stephens Mid-Cap Growth Fund has been waived since 2012 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown since 2012. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012 and 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2012 and 2013. A portion of fees charged to The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014.

Performance Associated with the A Class Funds: A portion of fees charged to the Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Bridgeway Large Cap Growth, Crescent Short Duration High Income, Flexible Bond, Grosvenor Long/Short, SGA Global Growth, Sound Point Floating Rate Income and Zebra Small Cap Equity Funds has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Balanced Fund was waived in 2011 and 2012 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2011 and 2012. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2012 and 2013. A portion of fees charged to the Global Evolution Frontier Markets Income Fund was waived from Fund inception through 2015 and partially recovered in 2016. Performance prior to waiving fees was lower than actual returns shown through 2015. A portion of fees charged to the Holland Large Cap Growth Fund has been waived since 2010. Performance prior to waiving fees was lower than actual returns shown since 2010. A portion of fees charged to the International Equity Fund was waived from 2010 through 2012 and recovered in 2013 and 2015. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Ionic Strategic Arbitrage Fund has been waived since 6/30/2015. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2012, partially recovered in 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the SiM High Yield Opportunities Fund was waived from 2011 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2014. A portion of fees charged to the Small Cap Value Fund was waived in 2010, 2012 and 2013 and fully recovered in 2015. Performance prior to waiving fees was lower than actual returns shown in 2010, 2012 and 2013. A portion of fees charged to the Stephens Mid-Cap Growth Fund has been waived since 2012. Performance prior to waiving fees was lower than actual returns shown since 2012. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of fees charged to The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014.

Performance Associated with the C Class Funds: A portion of fees charged to the Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Bridgeway Large Cap Growth, Crescent Short Duration High Income, Flexible Bond, Grosvenor Long/Short,SGA Global Growth, Sound Point Floating Rate Income and Zebra Small Cap Equity Funds has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Balanced Fund was waived from 2010 through 2012, partially recovered in 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2012 and 2013. A portion of fees charged to the Global Evolution Frontier Markets Income Fund has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Holland Large Cap Growth and Stephens Mid-Cap Growth Funds has been waived since 2012. Performance prior to waiving fees was lower than actual returns shown since 2012. A portion of fees charged to the International Equity Fund was waived from 2010 through 2012 and fully recovered in 2013 and 2015. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Ionic Strategic Arbitrage Fund has been waived since 6/30/2015. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Large Cap Value Fund was waived from 2010 through 2012, partially recovered in 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2013 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2013. A portion of fees charged to the SiM High Yield Opportunities Fund was waived from 2011 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2014. A portion of fees charged to the Small Cap Value Fund was waived in 2010, from 2012 through 2014, and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown in 2010 and from 2012 through 2014. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of fees charged to The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014.

Performance Associated with the U.S. Government Money Market Select Fund: A portion of fees charged to the Fund has been waived. Performance prior to waiving fees was lower than actual returns shown.

Performance Associated with an Inception Date within 10 Years/Since Inception: For any Class of a Fund that began operating within the ten-year/since inception period shown, the performance shown prior to the inception date of the Class is that of a class (or series of classes) previously in operation. The combined returns have not been adjusted for any difference between the fees and expenses of the Class and the historical fees and expenses of the included previous class (or classes). If the previous class(es) had lower expenses, the resulting performance would be better than the Class would have realized during the same period. If the previous class(es) had higher expenses, the resulting performance would be lower than the Class would have realized during the same period. Specific information about any Fund may be found at americanbeaconfunds.com or in the prospectus.