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American Beacon Flexible Bond Fund

Portfolio information as of March 31, 2013

Summary
Performance
Overview

Investment Objective

The Fund seeks to provide a positive total return regardless of market conditions.

CAPITALIZING ON FLEXIBILITY

The Fund is sub-advised by three complementary fixed income managers:

Brandywine Global: Invests long in markets with the highest real yields, short in markets with the lowest real yields.
GAM: Seeks inefficiencies and mispriced securities in the global fixed income and currency markets.
PIMCO: Seeks an absolute-return strategy without the constraints of a benchmark or significant sector or instrument.

A WIDE-RANGING APPROACH TO FIXED INCOME

The Fund allocates investments across a wide
range of global investment opportunities. This
flexibility includes:

Investing in a number of geographic regions or
countries, including emerging markets.
Allocating to fixed-income instruments without
restrictions on their credit quality, although high
yield bonds are limited to 35% of the net
exposure.
Using foreign currencies or currency derivative
instruments and other derivative instruments.

Sub-Advisors (%)

Brandywine Global Investment Management, LLC	33.8
Pacific Investment Management Company LLC	33.3
GAM International Management Ltd.	32.9

Because the Fund has a flexible approach to investing, the risks of the Fund are likewise varied. The primary risks fall into one of several broad categories including high yield securities risk, credit risk, foreign investment risk, derivatives risk, interest rate risk and non-diversification risk. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Diversification does not ensure against loss. Investing in debt securities entails interest rate risk that debt securities will decrease in value with increases in market interest rates. Bonds and bond funds with longer durations tend to be more sensitive and more volatile than securities with shorter durations; bond prices generally fall as interest rates rise. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

American Beacon Funds and American Beacon Flexible Bond Fund are service marks of American Beacon Advisors, Inc.

TOTAL RETURNS

Share Class	Inception Date	CUSIP	Symbol	NAV	SEC 30-Day Yield	QTR	YTD	1 Year	3 Year*	5 Year*	10 Year / Since Inception*
Institutional	07/05/2011	024524225	AFXIX	10.65	1.71	1.00	1.00	6.97	-	-	6.33
Investor	07/05/2011	024524233	AFXPX	10.63	1.35	0.83	0.83	6.48	-	-	6.12
Y	07/05/2011	024524241	AFXYX	10.65	1.62	0.89	0.89	6.83	-	-	6.23
A (without max sales charge)	07/05/2011	024524266	AFXAX	10.59	1.17	0.85	0.85	6.38	-	-	5.86
A (with max sales charge)	07/05/2011	024524266	AFXAX	10.59	1.17	-3.90	-3.90	1.36	-	-	2.93
C (without max sales charge)	07/05/2011	024524258	AFXCX	10.54	0.49	0.59	0.59	5.52	-	-	5.45
C (with max sales charge)	07/05/2011	024524258	AFXCX	10.54	0.49	-0.41	-0.41	4.52	-	-	5.45

Benchmark	QTR	YTD	1 Year	3 Year*	5 Year*	10 Year /SinceInception*
BofA Merrill Lynch 3-Month LIBOR Index	0.08	0.08	0.43	-	-	0.38
Barclays Capital U.S. Aggregate Index	-0.12	-0.12	3.77	-	-	5.34

Expense Ratios

Share Class	Gross	Net¹
Institutional	1.44	0.92
Investor	1.78	1.29
Y	1.51	1.01
A	1.95	1.41
C	2.76	2.16

Performance shown is historical and is not 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.

¹The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2013.

Important Information: Indexes are unmanaged and one cannot invest directly in an index.

*Not Annualized.

The Barclays Capital U.S. Aggregate Index is a market value weighted performance benchmark for government, corporate, mortgage-backed and asset-backed fixed-rate debt securities of all maturities.

The BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Index represents the London interbank offered rate (LIBOR) with a constant 3-month average maturity. LIBOR is a composite of the rates of interest at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates.

American Beacon Funds and American Beacon Flexible Bond Fund are service marks of American Beacon Advisors, Inc.

Sector Weightings (%)

Cash Equivalent	22.8
Foreign Sovereign	20.2
U.S. Treasury	18.8
Finance	16.5
TIPS	5.6
Collateralized Mortgage Obligations	4.3
Manufacturing	3.4
Utilities	2.1
Asset-Backed	1.3
Agency	1.3

Credit Quality (Moody's Investors Service) (%)

Aaa	50.6
Aa	3.7
A	10.8
Baa	15.7
Ba	9.8
B	2.9
Caa	2.8
Ca	0.4
C	0.2
Not Rated*	3.0

*Securities included are not rated by Moody's Investors Service but may be rated by other rating agencies.

*Excludes instrument types that are not rated. May not equal 100% due to rounding.

Top 10 Holdings (%)

U.S. Treasury Bond, 2.00%, Due 2/15/23	5.2
U.S. Treasury Bill, 0.01%, Due 11/14/13	4.5
U.S. Treasury Bond, 2.00%, Due 2/15/22	2.7
U.S. Treasury Note, 2.375%, Due 1/15/25	1.8
Mexican Bonos, 8.50%, Due 5/31/29	1.7
U.S. Treasury Bond, 1.625%, Due 11/15/22	1.7
Buoni Poliennali Del Tesoro, 5.00%, Due 8/1/39	1.6
U.S. Treasury Note, 2.375%, Due 1/15/27	1.6
Poland Government Bond, 5.25%, Due 10/25/20	1.5
U.S. Treasury Note, 2.00%, Due 11/30/13	1.5
Total Fund Holdings:	318

*Does not include cash and cash equivalents, currency forwards, interest rate derivatives, commodity derivatives, currency options, equity index futures and derivative offsets, which are included in the Fund's total net assets.

Top 10 Country Weightings (%)

United States	61.6
Mexico	4.8
United Kingdom	4.2
Netherlands	3.2
South Korea	2.9
Italy	2.1
Poland	2.0
Hungary	1.4
Malaysia	1.4
Cayman Islands	1.3

Excluding currency forwards.

The four highest Moody’s ratings for long-term obligations (or issuers thereof) are Aaa, Aa, A and Baa. Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk. Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. Obligations rated A are considered upper-medium grade and are subject to low credit risk. Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics. Following in order of decreasing credit ratings are Ba, B, Caa, Ca and C.

American Beacon Funds and American Beacon Flexible Bond Fund are service marks of American Beacon Advisors, Inc.

U.S. Dollar	102.7
Mexican Peso	4.9
Polish Zloty	2.8
Malaysian Ringgit	2.5
Indian Rupee	1.6

Japanese Yen	-7.4
Swiss Franc	-4.8
Euro	-3.0
Pound Sterling	-2.4
Australian Dollar	-2.2

Mutual Funds

American Beacon Flexible Bond Fund

Portfolio information as of March 31, 2013

Investment Objective

CAPITALIZING ON FLEXIBILITY

A WIDE-RANGING APPROACH TO FIXED INCOME

Sub-Advisors (%)

Fund Materials

Total Fund Assets

TOTAL RETURNS

Expense Ratios

Sector Weightings (%)

Credit Quality (Moody's Investors Service) (%)

Top 10 Holdings (%)

Top 10 Country Weightings (%)

Top 5 currency weightings (%)

Bottom 5 currency weightings (%)

Mutual Funds

American Beacon Flexible Bond Fund

Portfolio information as of March 31, 2013

Investment Objective

CAPITALIZING ON FLEXIBILITY

A WIDE-RANGING APPROACH TO FIXED INCOME

Sub-Advisors (%)

Fund Materials

Total Fund Assets

TOTAL RETURNS

Expense Ratios

Sector Weightings (%)

Credit Quality (Moody's Investors Service) (%)

Top 10 Holdings (%)

Top 10 Country Weightings (%)

Top 5 currency weightings (%)

Bottom 5 currency weightings (%)

MY ACCOUNT