American Beacon Month-End Fund Performance

Information as of 01/31/2014

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 2.01         1.36£ -6.07--- -4.05     9/27/2013
Balanced 65AADBX 0.60         0.60 -1.6315.0210.7914.83 6.84     7/17/1987
Bridgeway Large Cap Value 3416BRLVX 1.73         0.84Φ -3.9323.9215.7220.05 8.45     10/31/2003
Earnest Partners Emerging Markets Equity 4800ABEEX 2.06         1.36± -6.91--- -11.10     9/19/2013
Emerging Markets 1950AEMFX 1.51         1.36Ω -6.20-8.18-3.6913.73 8.97     7/31/2000
Flexible Bond 63AFXIX 1.24         0.92± -0.49-2.50-- 3.15     7/05/2011
High Yield Bond 1409AYBFX 0.94         0.94 0.856.947.8815.63 6.97     12/29/2000
Holland Large Cap Growth 3431LHGIX 1.33         0.90Φ -3.2821.8913.5620.10 6.71     3/01/2010Inv 4/29/96
Intermediate Bond 2066AABDX 0.34         0.34 1.250.233.614.98 4.68     3/01/2005
International Equity 67AAIEX 0.73         0.73 -4.5714.727.0714.97 6.95     8/07/1991
International Equity Index 1952AIIIX 0.19         0.19 -4.4711.285.6013.79 6.23     7/31/2000
Large Cap Value 66AADEX 0.60         0.60 -3.7623.0413.7319.46 7.80     7/17/1987
Mid-Cap Value 2167AACIX 1.07         0.99Ω -4.0725.8215.0523.82 9.33     11/30/2005AMR 6/30/04
S&P 500 Index 902AASPX 0.15         0.15 -3.4721.3013.7619.08 6.73     12/31/1996
SGA Global Growth 4810SGAGX 5.18         0.99£ -5.436.0510.85- 10.32     12/31/2010
Short-Term Bond 2067AASBX 0.37         0.37 0.100.641.282.39 2.84     12/03/1987
SiM High Yield Opportunities 1941SHOIX 0.93         0.84± 1.036.29-- 9.34     2/14/2011
Small Cap Index 1951ASCIX 0.21         0.21 -2.8027.1014.6122.24 8.24     7/31/2000
Small Cap Value 370AVFIX 0.92         0.92 -4.0825.4514.1823.55 9.07     12/31/1998
Stephens Mid-Cap Growth 3421SFMIX 1.29         1.00Φ -1.5722.9814.8623.72 9.98     8/31/2006
Stephens Small Cap Growth 3426STSIX 1.22         1.11Φ -1.7432.8717.9425.61 10.72     8/31/2006
The London Company Income Equity 3860ABCIX 1.14         0.80± -3.1117.12-- 17.20     5/29/2012
Treasury Inflation Protected Securities 2038ATPIX 0.37         0.27Φ 1.26-4.382.614.54 4.19     6/30/2004
Zebra Global Equity 1960AZLIX 2.57         0.80± -4.2213.589.84- 14.01     6/01/2010
Zebra Small Cap Equity 1961AZSIX 2.78         1.00± -5.8725.7414.63- 17.99     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 2.38         1.74£ -6.08--- -4.15     9/27/2013
Balanced 98AABPX 0.93         0.93 -1.7114.6310.4014.43 6.51     8/01/1994
Bridgeway Large Cap Value 3417BWLIX 2.26         1.22Φ -3.9023.5715.4719.89 8.38     2/03/2012Instl 10/31/03
Earnest Partners Emerging Markets Equity 4801ABEVX 2.43         1.74± -7.02--- -11.30     9/19/2013
Emerging Markets 105AAEPX 1.85         1.80Ω -6.29-8.65-4.1213.28 8.59     10/01/2002
Flexible Bond 94AFXPX 1.56         1.29± -0.53-2.96-- 2.89     7/05/2011
High Yield Bond 1902AHYPX 1.17         1.10Ω 0.726.587.6215.31 6.70     3/01/2002
Holland Large Cap Growth 3432LHGFX 1.45         1.28Φ -3.3021.4213.2219.85 6.60     4/29/1996
Intermediate Bond 2258ABIPX 0.85         0.80Ω 1.22-0.193.124.50 4.43     3/02/2009Instl 9/15/97
International Equity 100AAIPX 1.10         1.10 -4.6014.196.6814.56 6.62     8/01/1994
Large Cap Value 99AAGPX 0.97         0.97 -3.7822.5713.3019.03 7.48     8/01/1994
Mid-Cap Value 2246AMPAX 1.45         1.24Ω -4.0325.6714.7823.66 9.18     2/28/2006AMR 6/30/04, Instl 11/30/05
Retirement Income and Appreciation 2013AANPX 1.13         1.13 0.773.644.256.98 4.61     6/30/2003
S&P 500 Index 904AAFPX 0.63         0.63 -3.4920.7413.2118.56 6.24     3/02/1998
SGA Global Growth 4811SGAPX 5.56         1.37£ -5.445.8910.80- 10.27     10/04/2013Instl 12/31/10
Short-Term Bond 101AALPX 0.89         0.79Ω 0.070.120.892.01 2.38     8/01/1994
SiM High Yield Opportunities 2238SHYPX 1.15         1.17± 1.015.96-- 8.83     2/14/2011
Small Cap Value 748AVPAX 1.28         1.28 -4.1624.9813.7623.11 8.73     2/28/1999
Small Cap Value II 749ABBVX 4.88         1.45 -3.8020.71-- 18.04     11/15/2011
Stephens Mid-Cap Growth 3422STMGX 1.68         1.38Φ -1.6422.4714.4823.38 7.74     2/01/2006
Stephens Small Cap Growth 3427STSGX 1.58         1.37Φ -1.7732.5217.6225.29 9.14     12/01/2005
The London Company Income Equity 3861ABCVX 1.55         1.18± -3.1416.62-- 16.80     5/29/2012
Treasury Inflation Protected Securities 2259ABTPX 0.77         0.69Φ 1.17-4.782.164.12 3.98     3/02/2009Instl 6/30/04
Zebra Global Equity 1526AZLPX 2.91         1.18± -4.2913.189.42- 13.57     6/01/2010
Zebra Small Cap Equity 1527AZSPX 3.08         1.38± -5.8525.2914.23- 17.55     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 1.10         1.10 -1.7714.4610.2014.24 6.30     5/31/2005Inv 8/1/94
International Equity 2035AAISX 1.32         1.25Ω -4.6414.006.5014.31 6.36     5/01/2003
Large Cap Value 2163AVASX 1.09         1.09 -3.8122.3813.1518.85 7.30     5/31/2005Inv 8/1/94
Mid-Cap Value 2249AMCSX 2.00         1.50Ω -4.0625.1814.4923.27 8.98     6/29/2007AMR 6/30/04, Instl 11/30/05, Inv 2/28/06
Small Cap Value 2036AASSX 1.42         1.42 -4.1624.8213.6022.93 8.52     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 2.11         1.46£ -5.98--- -4.05     9/27/2013
Balanced 2285ACBYX 0.71         0.71 -1.6914.8410.6314.70 6.78     3/01/2010Instl 7/17/87
Bridgeway Large Cap Value 3420BWLYX 3.75         0.94Φ -3.8923.8415.6520.00 8.44     2/03/2012Instl 10/31/03
Earnest Partners Emerging Markets Equity 4804ABEGX 2.16         1.46± -6.92--- -11.20     9/19/2013
Emerging Markets 2288ACEYX 1.73         1.46Ω -6.24-8.29-3.8113.60 8.91     3/01/2010Instl 7/31/00
Flexible Bond 2210AFXYX 1.28         1.01± -0.50-2.58-- 3.05     7/05/2011
High Yield Bond 2289ACYYX 1.14         0.99Ω 0.846.717.5715.44 6.88     3/01/2010Instl 12/29/00
Holland Large Cap Growth 3435LHGYX 10.19         1.00Φ -3.2821.7513.4720.04 6.69     3/23/2012Inv 4/29/96, Instl 3/1/10
Intermediate Bond 2294ACTYX 1.00         0.66Ω 1.22-0.143.274.81 4.59     3/01/2010Instl 9/15/97
International Equity 2291ABEYX 0.81         0.81 -4.5514.476.9614.88 6.90     8/03/2009Instl 8/7/91
Large Cap Value 2290ABLYX 0.70         0.70 -3.7422.9213.6219.36 7.76     8/03/2009Instl 7/17/87
Mid-Cap Value 2287ACMYX 1.29         1.09Ω -4.0325.7214.9523.76 9.30     3/01/2010AMR 6/30/04, Instl 11/30/05
Retirement Income and Appreciation 2293ACRYX 0.88         0.81Ω 0.713.824.547.18 4.70     3/01/2010Inv 6/30/03
SGA Global Growth 4814SGAYX 5.28         1.09£ -5.376.0510.85- 10.32     10/04/2013Instl 12/31/10
Short-Term Bond 2295ACOYX 0.72         0.64Ω 0.190.271.182.30 2.80     3/01/2010Instl 12/3/87
SiM High Yield Opportunities 2299SHOYX 0.99         0.94± 1.026.27-- 9.17     2/14/2011
Small Cap Value 2292ABSYX 1.01         1.01 -4.1225.2814.0423.38 8.99     8/03/2009Instl 12/31/98
Small Cap Value II 2211ABBYX 4.52         1.17 -3.7820.96-- 18.36     11/15/2011
Stephens Mid-Cap Growth 3425SMFYX 3.86         1.10Φ -1.6222.8414.7323.54 7.83     2/24/2012Inv 2/1/06
Stephens Small Cap Growth 3430SPWYX 2.07         1.21Φ -1.7432.8217.7925.40 9.20     2/24/2012Inv 12/1/05
The London Company Income Equity 3864ABCYX 1.10         0.90± -3.0517.03-- 17.14     5/29/2012
Treasury Inflation Protected Securities 2296ACUYX 0.62         0.61Φ 1.25-4.632.284.27 4.05     3/01/2010Instl 6/30/04
Zebra Global Equity 2283AZLYX 2.59         0.90± -4.2613.539.73- 13.92     6/01/2010
Zebra Small Cap Equity 2284AZSYX 2.80         1.10± -5.8125.6514.56- 17.89     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 2.51         1.86£ -5.99--- -4.15     9/27/2013
Balanced 1509ABFAX 1.14         1.11Ω -1.7114.4110.2214.32 6.46     5/17/2010Inv 8/1/94
Bridgeway Large Cap Value 3418BWLAX 2.21         1.34Φ -3.9123.3715.3419.81 8.35     2/03/2012Instl 10/31/03
Earnest Partners Emerging Markets Equity 4802ABEAX 2.56         1.86± -6.93--- -11.30     9/19/2013
Emerging Markets 1515AEMAX 2.02         1.80Ω -6.29-8.61-4.0813.27 8.58     5/17/2010Inv 10/1/02
Flexible Bond 1540AFXAX 1.69         1.41± -0.54-3.02-- 2.67     7/05/2011
High Yield Bond 1516ABHAX 1.47         1.13Ω 0.726.557.6015.34 6.71     5/17/2010Inv 3/1/02
Holland Large Cap Growth 3433LHGAX 2.74         1.40Φ -3.3221.2813.1219.78 6.57     2/01/2010Inv 4/29/96
Intermediate Bond 1519AITAX 1.13         1.00Ω 1.20-0.422.944.35 4.36     5/17/2010Instl 9/15/97, Inv 3/2/09
International Equity 1525AIEAX 1.30         1.26Ω -4.6013.996.5414.43 6.56     5/17/2010Inv 8/1/94
Large Cap Value 1510ALVAX 1.13         1.13 -3.7922.4113.1118.91 7.42     5/17/2010Inv 8/1/94
Mid-Cap Value 1517ABMAX 1.62         1.50Ω -4.0825.2514.4623.22 8.98     5/17/2010AMR 6/30/04, Instl 11/30/05, Inv 2/28/06
Retirement Income and Appreciation 1521AAPAX 1.29         1.15Ω 0.773.634.246.96 4.60     5/17/2010Inv 6/30/03
SGA Global Growth 4812SGAAX 5.68         1.49£ -5.445.8910.80- 10.27     10/04/2013Instl 12/31/10
Short-Term Bond 1520ANSAX 1.12         0.85Ω 0.180.180.811.96 2.35     5/17/2010Inv 8/1/94
SiM High Yield Opportunities 1539SHOAX 1.41         1.34± 0.995.82-- 8.78     2/14/2011
Small Cap Value 1513ABSAX 1.54         1.42Ω -4.1324.7613.5422.94 8.66     5/17/2010Inv 2/28/99
Stephens Mid-Cap Growth 3423SMFAX 1.84         1.50Φ -1.5922.3314.4423.35 7.73     2/24/2012Inv 2/1/06
Stephens Small Cap Growth 3428SPWAX 2.10         1.61Φ -1.7732.2917.4625.19 9.09     2/24/2012Inv 12/1/05
The London Company Income Equity 3862ABCAX 1.60         1.30± -3.0916.48-- 16.63     5/29/2012
Treasury Inflation Protected Securities 1518ATSAX 1.07         1.00Φ 1.27-5.041.863.88 3.85     5/17/2010Instl 6/30/04, Inv 3/2/09
Zebra Global Equity 1523AZLAX 2.94         1.30± -4.2513.109.33- 13.47     6/01/2010
Zebra Small Cap Equity 1524AZSAX 3.23         1.50± -5.8425.1514.08- 17.44     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
Money Market Select Fund 1201ASRXX 0.13         0.13 0.010.100.140.20 1.85     12/31/1999
U.S. Government Money Market 1901AAOXX 0.15         0.15 0.000.020.050.10 1.73     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 3.26         2.61£ -6.10--- -4.45     9/27/2013
Balanced 3740ABCCX 1.86         1.86 -1.8313.559.3913.70 6.17     9/01/2010Inv 8/1/94
Bridgeway Large Cap Value 3419BWLCX 6.81         2.09Φ -4.0022.3914.8419.50 8.21     2/03/2012Instl 10/31/03
Earnest Partners Emerging Markets Equity 4803ABETX 3.31         2.61± -6.94--- -11.50     9/19/2013
Emerging Markets 3745AEMCX 3.75         2.55Ω -6.40-9.33-4.8512.69 8.30     9/01/2010Inv 10/1/02
Flexible Bond 3765AFXCX 2.45         2.16± -0.60-3.73-- 2.19     7/05/2011
High Yield Bond 3746AHBCX 2.17         1.88Ω 0.655.766.8414.70 6.41     9/01/2010Inv 3/1/02
Holland Large Cap Growth 3434LHGCX 6.18         2.15Φ -3.3720.3512.5919.44 6.42     3/23/2012Inv 4/29/96, A 2/1/10
Intermediate Bond 3749AIBCX 1.88         1.75Ω 1.14-1.172.183.83 4.10     9/01/2010Instl 9/15/97, Inv 3/2/09
International Equity 3742AILCX 2.13         2.00Ω -4.6913.115.7713.81 6.28     9/01/2010Inv 8/1/94
Large Cap Value 3741ALVCX 1.89         1.89 -3.8521.4112.2618.27 7.13     9/01/2010Inv 8/1/94
Mid-Cap Value 3747AMCCX 2.47         2.25Ω -4.0824.3913.6522.63 8.70     9/01/2010AMR 6/30/04, Instl 11/30/05, Inv 2/28/06
Retirement Income and Appreciation 3751ABACX 2.05         1.97Ω 0.602.653.376.35 4.30     9/01/2010Inv 6/30/03
SGA Global Growth 4813SGACX 6.43         2.24£ -5.455.6510.71- 10.19     10/04/2013Instl 12/31/10
Short-Term Bond 3750ATBCX 1.90         1.60Ω 0.00-0.670.071.44 2.09     9/01/2010Inv 8/1/94
SiM High Yield Opportunities 3764SHOCX 2.15         2.09± 1.025.11-- 8.04     2/14/2011
Small Cap Value 3743ASVCX 2.31         2.17Ω -4.2023.8912.6622.29 8.37     9/01/2010Inv 2/28/99
Stephens Mid-Cap Growth 3424SMFCX 14.55         2.25Φ -1.6721.4913.9123.01 7.54     2/24/2012Inv 2/1/06
Stephens Small Cap Growth 3429SPWCX 6.17         2.36Φ -1.8031.2816.9124.83 8.90     2/24/2012Inv 12/1/05
The London Company Income Equity 3863ABECX 2.27         2.05± -3.2415.65-- 15.72     5/29/2012
Treasury Inflation Protected Securities 3748ATSCX 1.79         1.78Φ 1.20-5.771.083.34 3.57     9/01/2010Instl 6/30/04, Inv 3/2/09
Zebra Global Equity 3753AZLCX 3.75         2.05± -4.3512.208.50- 12.67     9/01/2010Inv 6/1/10
Zebra Small Cap Equity 3754AZSCX 3.96         2.25± -5.9424.1813.22- 16.59     9/01/2010Inv 6/1/10


SP

*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.

EXPENSE RATIOS ASSOCIATED WITH THE FUNDS

American Beacon Advisors has contractually agreed to waive and/or reimburse the Y and Investor Classes of the Fund for other expenses through February 28, 2014.
§The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2014.
£The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through May 30, 2015.
±The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2013.
The fees and expenses shown in the table include both the expenses of the Fund and the Fund's share of the allocated expenses of the Portfolio of State Street Master Funds.
ΩThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through February 28, 2014.
ΦThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through April 30, 2014.

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.