Mutual Funds

American Beacon SiM High Yield Opportunities Fund

Portfolio information as of March 31, 2013

Summary
Performance
Overview

Investment Objective

The Fund’s investment objective is to seek high current income and, secondarily, capital appreciation.

HIGH YIELD MARKET VETERANS

Strategic Income Management, LLC (SiM), the Fund’s sub-advisor, is an independent employee owned firm, specializing in high yield bond and asset allocation strategies.

Gary Pokrzywinski, CFA, Chief Investment Officer, Portfolio Manager, 26 years experience; managed the Principal High Yield Mutual Fund from its inception in April 1998 to May 2009
Brian Placzek, CFA, Director of Research — High Yield, 26 years experience

FOCUS ON INDUSTRIES

The Fund has a long-term focus, centered on multi-year secular themes. In selecting investments for the Fund, SiM combines different aspects of top-down and bottom-up analysis.

SiM believes understanding industry dynamics is critical to their success.
SiM uses a defined process to evaluate out-of-favor sectors and industries. Historically, they have found the better quality company in the out-of-favor sector offers the best risk/reward value.
The Fund may hold non-traditional high yield investments and investments across the entire capital structure of a company.

HIGH YIELD OUTPERFORMS

Over the past decade, high yield bonds have outperformed both stocks and investment-grade bonds, U.S. Treasuries and mortgages.

Sub-Advisors (%)

Strategic Income Management, LLC

100.0

This Fund typically invests in a variety of domestic and foreign high-yield, high risk securities. Investing in high-yield securities involves additional risks when compared to investing in investment-grade securities. These include a greater risk of default or bankruptcy and an increased sensitivity to financial difficulties or changes in interest rates. These risks are enhanced through the use of derivative securities, foreign and emerging markets securities. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of the Fund will be met.

American Beacon Funds and American Beacon SiM High Yield Opportunities 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	02/14/2011	024524282	SHOIX	10.43	6.23	2.71	2.71	15.61	-	-	10.20
Investor	02/14/2011	024524274	SHYPX	10.39	5.87	2.63	2.63	15.26	-	-	9.62
Y	02/14/2011	024524290	SHOYX	10.42	6.12	2.68	2.68	15.61	-	-	10.02
A (without max sales charge)	02/14/2011	024524324	SHOAX	10.42	5.45	2.58	2.58	15.04	-	-	9.60
A (with max sales charge)	02/14/2011	024524324	SHOAX	10.42	5.45	-2.33	-2.33	9.55	-	-	7.11
C (without max sales charge)	02/14/2011	024524316	SHOCX	10.43	4.96	2.30	2.30	14.17	-	-	8.85
C (with max sales charge)	02/14/2011	024524316	SHOCX	10.43	4.96	1.30	1.30	13.17	-	-	8.85

Benchmark	QTR	YTD	1 Year	3 Year*	5 Year*	10 Year / Since Inception*
Lipper High Current Yield Bond Funds Index	3.05	3.05	12.47	-	-	8.29
Merrill Lynch/Bank of America US High Yield Master II Index	2.89	2.89	13.11	-	-	9.18

Expense Ratios

Share Class	Gross	Net¹
Institutional	1.06	0.84
Investor	1.23	1.22
Y	1.09	0.94
A	1.53	1.34
C	2.26	2.09

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

*Annualized

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.

The Lipper High Current Yield Bond Funds Index tracks the results of the 30 largest mutual funds in the Lipper High Current Yield Bond Funds category. Lipper is an independent mutual fund research and ranking service.

The Merrill Lynch/Bank of America High Yield Master II Index tracks the performance of U.S. dollar denominated below investment-grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below investment-grade rating and an investment-grade rated country of risk. In addition, qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million. Defaulted securities and securities eligible for the dividends-received deduction are excluded from the index.

American Beacon Funds and American Beacon SiM High Yield Opportunities Fund are service marks of American Beacon Advisors, Inc.

Sector Weightings (%)

Service	39.7
Utilities	18.2
Transportation	11.6
Manufacturing	11.6
Consumer	7.1
Cash Equivalent	3.8
Foreign Sovereign	3.1
U.S. Treasury	2.5
Finance	2.3
MultiSector	0.1

May not equal 100% due to rounding

Weighted Average (%)

Effective Maturity	5.9
Effective Duration	4.4

Characteristics are representative of only the bond allocation of the Fund. Non-bond security types are excluded.

Currency Weightings (%)

U.S. Dollar	96.7
Mexican Peso	3.1
Hong Kong Dollar	0.7

Top 10 Holdings (%)

Continental Airlines Finance Trust II, 6.00%, Due 11/15/30	3.0
DaVita, Inc., 5.750%, Due 8/15/22	3.0
HCA, Inc., 7.50%, Due 2/15/22	2.8
Nord Anglia Education UK Holdings plc, 10.25%, Due 4/1/17, 144A	2.8
Syncreon Global Ireland Ltd., 9.50%, Due 5/1/18, 144A	2.7
Wynn Las Vegas LLC, 5.375%, Due 3/15/22	2.6
Global Generations Merger Sub, Inc., 11.00%, Due 12/15/20, 144A	2.6
Lynx II Corp., 6.375%, Due 4/15/23, 144A	2.6
Satmex Escrow SA de CV, 9.50%, Due 5/15/17	2.6
Kindred Healthcare, Inc., 8.25%, Due 6/1/19	2.5
Total Fund Holdings:	61

Credit Quality (%)

Not Defined	0.1
Aaa	6.4
Baa	3.1
Ba	7.5
B	42.1
Caa	33.0
Not Rated*	7.7

*Securities included are not rated by Moody's Investors Service but may be rated by other rating agencies.
May not equal 100% due to rounding.

Maturity

0 to 1 Year	4.0
1 to 3 Years	4.4
3 to 5 Years	31.9
5 to 7 Years	16.5
7 to 10 Years	35.8
10 to 15 Years	3.4
15+ Years	4.1

Country Weightings (%)

United States	76.7
Mexico	7.1
Spain	6.6
Hong Kong	3.4
Australia	2.6
France	1.4
United Kingdom	1.4
Norway	0.5
European Union	0.2

May not equal 100% due to rounding

Duration is a measure of price sensitivity relative to changes in interest rates. 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 SiM High Yield Opportunities Fund are service marks of American Beacon Advisors, Inc.

Fixed Income	94.4
Cash	3.8
Equity	1.7
Foreign Exchange	0.1

Mutual Funds

American Beacon SiM High Yield Opportunities Fund

Portfolio information as of March 31, 2013

Investment Objective

HIGH YIELD MARKET VETERANS

FOCUS ON INDUSTRIES

HIGH YIELD OUTPERFORMS

Sub-Advisors (%)

Fund Materials

Total Fund Assets

TOTAL RETURNS

Expense Ratios

Sector Weightings (%)

Weighted Average (%)

Currency Weightings (%)

Top 10 Holdings (%)

Credit Quality (%)

Asset Allocation (%)

Maturity

Country Weightings (%)

Mutual Funds

American Beacon SiM High Yield Opportunities Fund

Portfolio information as of March 31, 2013

Investment Objective

HIGH YIELD MARKET VETERANS

FOCUS ON INDUSTRIES

HIGH YIELD OUTPERFORMS

Sub-Advisors (%)

Fund Materials

Total Fund Assets

TOTAL RETURNS

Expense Ratios

Sector Weightings (%)

Weighted Average (%)

Currency Weightings (%)

Top 10 Holdings (%)

Credit Quality (%)

Asset Allocation (%)

Maturity

Country Weightings (%)

MY ACCOUNT