Mutual Funds

American Beacon Treasury Inflation Protected Securities Fund

Portfolio information as of March 31, 2013

Summary
Performance
Overview

Investment Objective

The Fund seeks inflation protection and income primarily through investments in inflation-indexed debt securities issued by the U.S. Treasury Department and backed by the full faith and credit of the U.S. government.

PROTECTION AGAINST INFLATION

Unlike many other funds in this class, the Fund invests only in TIPS, in order to provide inflation protection without exposure to unnecessary risks associated with other instruments. By benchmarking against the lower duration Barclays Capital 1-10 Year U.S. TIPS Index, the Fund expects to be less sensitive to changes in real interest rates.

FAR-REACHING STRATEGY

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

NISA Investment Advisors:
- Keeps portfolio duration neutral to the
benchmark
- Establishes yield curve strategy
- Focuses on adding consistent, small
increments of value
Standish Mellon Asset Management:
- Keeps portfolio duration within 0.75 years
relative to the benchmark
- Top-down research drives duration and yield
curve targets

Sub-Advisors (%)

NISA Investment Advisors, LLC	50.7
Standish Mellon Asset Management Co. LLC	49.3

Investing in debt securities entails interest rate risk, which is the risk that debt securities will decrease in value with increases in market interest rates. Credit risk is the risk that the issuer of a bond will fail to make timely payment of interest or principal; and the decline in an issuer's credit rating can cause the price of its bonds to go down. In a period of sustained deflation, the inflation-indexed securities may not pay any income and may suffer a loss. A security backed by the U.S. Treasury is guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. They are also subject to credit risk and interest rate risk. 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 Treasury Inflation Protected Securities Fund are service marks of American Beacon Advisors, Inc.

TOTAL RETURNS

Share Class	Inception Date	Prior Class Inception Date	CUSIP	Symbol	NAV	SEC 30-Day Yield²	QTR	YTD	1 Year	3 Year*	5 Year*	10 Year / Since Inception*
Institutional	06/30/2004		02368A372	ATPIX	11.00	2.59	0.27	0.27	3.69	6.16	4.37	5.20
Investor	03/02/2009	Instl 6/30/04	02368A257	ABTPX	10.92	2.20	0.18	0.18	3.22	5.71	4.02	4.99
Y	03/01/2010	Instl 6/30/04	024524886	ACUYX	11.05	2.26	0.18	0.18	3.32	5.77	4.14	5.06
A (without max sales charge)	05/17/2010	Instl 6/30/04, Inv 3/2/09	024524779	ATSAX	10.94	1.80	0.09	0.09	2.96	5.37	3.82	4.88
A (with max sales charge)	05/17/2010	Instl 6/30/04, Inv 3/2/09	024524779	ATSAX	10.94	1.80	-4.70	-4.70	-1.91	3.67	2.81	4.29
C (without max sales charge)	09/01/2010	Instl 6/30/04, Inv 3/2/09	024524399	ATSCX	10.76	1.12	-0.09	-0.09	2.14	4.71	3.43	4.65
C (with max sales charge)	09/01/2010	Instl 6/30/04, Inv 3/2/09	024524399	ATSCX	10.76	1.12	-1.09	-1.09	1.14	4.71	3.43	4.65

Benchmark	QTR	YTD	1 Year	3 Year*	5 Year*	10 Year /SinceInception*
Lipper Treasury Inflation Protected Securities Index	-0.34	-0.34	4.98	7.91	5.22	5.85
The Barclays Capital 1-10 Yr. U.S. TIPS Index	0.33	0.33	3.89	6.20	4.55	5.50

Expense Ratios

Share Class	Gross	Net¹
Institutional	0.36	0.26
Investor	0.77	0.69
Y	1.04	0.61
A	1.32	1.00
C	2.62	1.78

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 May 1, 2013.

²The Fund’s current yield is adjusted monthly based on changes in the rate of inflation. These changes can cause the yield to vary substantially from one month to the next.

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

For any Class of the 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. A portion of the fees charged to the Fund has been waived since 2005. Performance prior to waiving fees was lower than the actual returns shown for periods since 2005. 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. Specific information about any Fund may be found at americanbeaconfunds.com or in the prospectus.

*Annualized.

Barclays Capital 1-10 Yr. U.S. TIPS Index is an unmanaged market index comprised of U.S. Treasury inflation-indexed securities with maturities between one and 10 years.

The Lipper Treasury Inflation Protected Securities Index tracks the results of the 30 largest mutual funds in the Lipper Treasury Inflation Protected Securities Funds category. Lipper is an independent mutual fund research and ranking service.

American Beacon Funds and American Beacon Treasury Inflation Protected Securities Fund are service marks of American Beacon Advisors, Inc.

0 to 1 Year	1.3
1 to 3 Years	17.1
3 to 5 Years	36.4
5 to 7 Years	6.9
7 to 10 Years	37.3
10 to 15 Years	1.0

Fixed Income	99.1
Cash	0.9

Mutual Funds

American Beacon Treasury Inflation Protected Securities Fund

Portfolio information as of March 31, 2013

Investment Objective

PROTECTION AGAINST INFLATION

FAR-REACHING STRATEGY

Sub-Advisors (%)

Fund Materials

Total Fund Assets

TOTAL RETURNS

Expense Ratios

Portfolio Statistics (YEARS)

Maturity Distribution (%)

Asset Allocation (%)

Security Type (%)

Effective Maturity	5.5
Effective Duration	5.3

Mutual Funds

American Beacon Treasury Inflation Protected Securities Fund

Portfolio information as of March 31, 2013

Investment Objective

PROTECTION AGAINST INFLATION

FAR-REACHING STRATEGY

Sub-Advisors (%)

Fund Materials

Total Fund Assets

TOTAL RETURNS

Expense Ratios

Portfolio Statistics (YEARS)

Maturity Distribution (%)

Asset Allocation (%)

Security Type (%)

MY ACCOUNT