American Beacon Month-End Fund Performance

Information as of 04/30/2012

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
YTD1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Balanced 65AADBX 0.59         0.59 9.195.1515.261.95 5.95     7/17/1987 Jul 17 1987 12:00AM
Bridgeway Large Cap Value 3416BRLVX 1.16         0.84 9.880.9519.090.06 6.71     10/31/2003 Oct 31 2003 12:00AM
Emerging Markets 1950AEMFX 1.56         1.35¥ 11.33-15.3016.221.64 12.44     7/31/2000 Jul 31 2000 12:00AM
Flexible Bond 63AFXIX 1.36         0.90± 3.40--- 4.50     7/5/2011 Jul 5 2011 12:00AM
High Yield Bond 1409AYBFX 0.89         0.89 6.463.6417.525.75 7.38     12/29/2000 Dec 29 2000 12:00AM
Holland Large Cap Growth 3431LHGIX 0.97         0.89Φ 14.337.5520.955.08 4.89     4/29/1996 Feb 1 2010 12:00AM
Intermediate Bond 2066AABDX 0.36         0.36 1.616.476.986.37 5.60     9/15/1997 Mar 1 2005 12:00AM
International Equity 67AAIEX 0.71         0.71 9.21-13.7712.16-3.98 5.77     8/7/1991 Aug 7 1991 12:00AM
International Equity Index 1952AIIIX 0.24         0.24 9.11-13.1511.78-4.67 5.41     7/31/2000 Jul 31 2000 12:00AM
Large Cap Growth 1949ALCGX 1.07         1.07 15.15-0.7316.94-0.20 2.80     7/31/2000 Jul 31 2000 12:00AM
Large Cap Value 66AADEX 0.59         0.59 13.022.0618.63-0.94 5.81     7/17/1987 Jul 17 1987 12:00AM
Mid-Cap Value 2167AACIX 1.11         0.98Δ 11.011.0823.211.64 6.82     6/30/2004 Nov 30 2005 12:00AM
S&P 500 Index 902AASPX 0.16         0.16 11.884.6419.420.96 4.58     12/31/1996 Dec 31 1996 12:00AM
Short-Term Bond 2067AASBX 0.38         0.38 1.701.272.923.28 3.43     12/3/1987 Feb 28 2005 12:00AM
SiM High Yield Opportunities 1941SHOIX 2.63         0.84± 7.385.24-- 5.38     2/14/2011 Feb 14 2011 12:00AM
Small Cap Index 1951ASCIX 0.26         0.26 10.71-4.5120.291.44 6.10     7/31/2000 Jul 31 2000 12:00AM
Small Cap Value 370AVFIX 0.83         0.83 9.94-4.1921.251.56 7.79     12/31/1998 Dec 31 1998 12:00AM
Stephens Mid-Cap Growth 3421SFMIX 1.12         0.99§ 14.615.9224.245.86 7.90     2/1/2006 Aug 31 2006 12:00AM
Stephens Small Cap Growth 3426STSIX 1.15         1.09§ 15.210.6524.495.51 7.46     12/1/2005 Aug 31 2006 12:00AM
Treasury Inflation Protected Securities 2038ATPIX 0.36         0.26£ 2.517.197.686.59 5.49     6/30/2004 Jun 30 2004 12:00AM
Zebra Large Cap Equity 1960AZLIX 2.39         0.79 10.580.19-- 15.13     6/1/2010 Jun 1 2010 12:00AM
Zebra Small Cap Equity 1961AZSIX 3.25         0.99 8.32-0.41-- 14.80     6/1/2010 Jun 1 2010 12:00AM


Investor
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Balanced 98AABPX 0.93         0.93 9.074.8314.861.65 5.65     7/17/1987 Aug 1 1994 12:00AM
Bridgeway Large Cap Value 3417BWLIX 1.54         1.22 9.800.8819.070.04 6.70     10/31/2003 Feb 3 2012 12:00AM
Emerging Markets 105AAEPX 1.85         1.79¥ 11.20-15.6415.771.26 12.08     7/31/2000 Oct 1 2002 12:00AM
Flexible Bond 94AFXPX 1.74         1.27± 3.35--- 4.63     7/5/2011 Jul 5 2011 12:00AM
High Yield Bond 1902AHYPX 1.10         1.10 6.253.2817.235.46 7.08     12/29/2000 Mar 1 2002 12:00AM
Holland Large Cap Growth 3432LHGFX 1.34         1.27Φ 14.237.3320.795.00 4.85     4/29/1996 Apr 29 1996 12:00AM
Intermediate Bond 2258ABIPX 0.87         0.79 1.466.016.466.04 5.44     9/15/1997 Mar 2 2009 12:00AM
International Equity 100AAIPX 1.08         1.08 9.06-14.0711.76-4.30 5.51     8/7/1991 Aug 1 1994 12:00AM
Large Cap Value 99AAGPX 0.96         0.96 12.981.7318.20-1.25 5.51     7/17/1987 Aug 1 1994 12:00AM
Mid-Cap Value 2246AMPAX 1.33         1.23Δ 10.960.8623.161.51 6.69     6/30/2004 Feb 28 2006 12:00AM
Retirement Income and Appreciation 2013AANPX 1.11         1.11 3.033.058.045.25 4.77     7/1/2003 Jun 30 2003 12:00AM
S&P 500 Index 904AAFPX 0.64         0.64 11.684.1718.910.50 4.11     12/31/1996 Mar 2 1998 12:00AM
Short-Term Bond 101AALPX 0.91         0.79 1.550.852.572.88 2.94     12/3/1987 Aug 1 1994 12:00AM
SiM High Yield Opportunities 2238SHYPX 2.79         1.22± 7.274.94-- 4.73     2/14/2011 Feb 14 2011 12:00AM
Small Cap Value 748AVPAX 1.18         1.18 9.86-4.4820.801.23 7.49     12/31/1998 Feb 28 1999 12:00AM
Small Cap Value II 749ABBVX 1.80         1.37 9.34--- 9.02     11/15/2011 Nov 15 2011 12:00AM
Stephens Mid-Cap Growth 3422STMGX 1.50         1.37§ 14.445.6423.915.58 5.38     2/1/2006 Feb 1 2006 12:00AM
Stephens Small Cap Growth 3427STSGX 1.53         1.35§ 15.120.3824.155.24 5.95     12/1/2005 Dec 1 2005 12:00AM
Treasury Inflation Protected Securities 2259ABTPX 0.77         0.69£ 2.346.737.256.31 5.31     6/30/2004 Mar 2 2009 12:00AM
Zebra Large Cap Equity 1526AZLPX 2.46         1.17 10.49-0.17-- 14.72     6/1/2010 Jun 1 2010 12:00AM
Zebra Small Cap Equity 1527AZSPX 3.19         1.37 8.10-0.77-- 14.31     6/1/2010 Jun 1 2010 12:00AM


Advisor
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Balanced 2162ABLSX 1.10         1.10 9.064.6714.681.45 5.48     7/17/1987 May 31 2005 12:00AM
International Equity 2035AAISX 1.25         1.25 9.00-14.2611.51-4.54 5.26     8/7/1991 May 1 2003 12:00AM
Large Cap Value 2163AVASX 1.09         1.09 12.911.5918.04-1.43 5.36     7/17/1987 May 31 2005 12:00AM
Mid-Cap Value 2249AMCSX 1.99         1.49Δ 10.790.6022.611.27 6.52     6/30/2004 Jun 29 2007 12:00AM
Small Cap Value 2036AASSX 1.33         1.33 9.75-4.6620.641.05 7.27     12/31/1998 May 1 2003 12:00AM



Y
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Balanced 2285ACBYX 1.49         0.70Ω 9.155.0315.141.89 5.92     7/17/1987 Mar 1 2010 12:00AM
Bridgeway Large Cap Value 3420BWLYX 1.26         0.94 9.880.9519.090.06 6.71     10/31/2003 Feb 3 2012 12:00AM
Emerging Markets 2288ACEYX 1.69         1.45¥ 11.13-15.4916.081.57 12.40     7/31/2000 Mar 1 2010 12:00AM
Flexible Bond 2210AFXYX 1.46         0.99± 3.40--- 4.46     7/5/2011 Jul 5 2011 12:00AM
High Yield Bond 2289ACYYX 27.03         0.98 6.162.7417.255.60 7.31     12/29/2000 Mar 1 2010 12:00AM
Holland Large Cap Growth 3435LHGYX 1.07         0.99Φ 14.297.5020.935.07 4.89     4/29/1996 Mar 23 2012 12:00AM
Intermediate Bond 2294ACTYX 0.74         0.65 1.506.146.906.32 5.58     9/15/1997 Mar 1 2010 12:00AM
International Equity 2291ABEYX 0.82         0.82 9.15-13.8312.07-4.03 5.75     8/7/1991 Aug 3 2009 12:00AM
Large Cap Growth 2286ACLYX 9.76         1.16Ω 14.89-1.3116.65-0.35 2.73     7/31/2000 Mar 1 2010 12:00AM
Large Cap Value 2290ABLYX 0.70         0.70 13.031.9618.52-0.99 5.78     7/17/1987 Aug 3 2009 12:00AM
Mid-Cap Value 2287ACMYX 11.63         1.08Δ 11.030.9823.171.62 6.81     6/30/2004 Mar 1 2010 12:00AM
Retirement Income and Appreciation 2293ACRYX 1.81         0.80 3.123.368.215.35 4.83     7/1/2003 Mar 1 2010 12:00AM
Short-Term Bond 2295ACOYX 1.44         0.64 1.591.052.823.22 3.40     12/3/1987 Mar 1 2010 12:00AM
SiM High Yield Opportunities 2299SHOYX 5.05         0.94± 7.365.12-- 5.15     2/14/2011 Feb 14 2011 12:00AM
Small Cap Value 2292ABSYX 0.95         0.95 9.90-4.2821.051.46 7.74     12/31/1998 Aug 3 2009 12:00AM
Small Cap Value II 2211ABBYX 1.52         1.09 9.33--- 9.10     11/15/2011 Nov 15 2011 12:00AM
Stephens Mid-Cap Growth 3425SMFYX 1.22         1.09§ 14.465.6623.925.59 5.38     2/1/2006 Feb 24 2012 12:00AM
Stephens Small Cap Growth 3430SPWYX 1.25         1.19§ 15.260.5024.205.27 5.97     12/1/2005 Feb 24 2012 12:00AM
Treasury Inflation Protected Securities 2296ACUYX 1.04         0.61£ 2.406.847.416.43 5.39     6/30/2004 Mar 1 2010 12:00AM
Zebra Large Cap Equity 2283AZLYX 2.58         0.89 10.650.14-- 15.12     6/1/2010 Jun 1 2010 12:00AM
Zebra Small Cap Equity 2284AZSYX 3.09         1.09 8.18-0.43-- 14.67     6/1/2010 Jun 1 2010 12:00AM


A
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Balanced 1509ABFAX 1.60         1.10Ω 9.064.6614.791.61 5.63     7/17/1987 May 17 2010 12:00AM
Bridgeway Large Cap Value 3418BWLAX 1.66         1.34 9.730.8219.040.03 6.69     10/31/2003 Feb 3 2012 12:00AM
Emerging Markets 1515AEMAX 2.98         1.79¥ 11.21-15.6515.751.25 12.08     7/31/2000 May 17 2010 12:00AM
Flexible Bond 1540AFXAX 1.86         1.39± 3.30--- 4.24     7/5/2011 Jul 5 2011 12:00AM
High Yield Bond 1516ABHAX 3.94         1.12 6.253.3217.285.49 7.10     12/29/2000 May 17 2010 12:00AM
Holland Large Cap Growth 3433LHGAX 1.47         1.39Φ 14.197.2920.764.98 4.85     4/29/1996 Feb 1 2010 12:00AM
Intermediate Bond 1519AITAX 1.14         0.99 1.395.896.345.97 5.40     9/15/1997 May 17 2010 12:00AM
International Equity 1525AIEAX 2.25         1.25π 9.05-14.1211.69-4.34 5.49     8/7/1991 May 17 2010 12:00AM
Large Cap Growth 1514ABGAX 1.99         1.56Ω 14.92-1.1716.55-0.40 2.70     7/31/2000 May 17 2010 12:00AM
Large Cap Value 1510ALVAX 1.17         1.17 12.921.5218.10-1.30 5.48     7/17/1987 May 17 2010 12:00AM
Mid-Cap Value 1517ABMAX 3.45         1.49Δ 10.790.4922.621.25 6.51     6/30/2004 May 17 2010 12:00AM
Retirement Income and Appreciation 1521AAPAX 2.01         1.14 3.013.078.035.24 4.77     7/1/2003 May 17 2010 12:00AM
Short-Term Bond 1520ANSAX 1.39         0.85 1.530.792.492.84 2.92     12/3/1987 May 17 2010 12:00AM
SiM High Yield Opportunities 1539SHOAX 2.93         1.34± 7.104.82-- 4.77     2/14/2011 Feb 14 2011 12:00AM
Small Cap Value 1513ABSAX 1.58         1.32# 9.75-4.8120.611.14 7.44     12/31/1998 May 17 2010 12:00AM
Stephens Mid-Cap Growth 3423SMFAX 1.62         1.49§ 14.525.7123.945.60 5.39     2/1/2006 Feb 24 2012 12:00AM
Stephens Small Cap Growth 3428SPWAX 1.65         1.59§ 15.120.3824.155.24 5.95     12/1/2005 Feb 24 2012 12:00AM
Treasury Inflation Protected Securities 1518ATSAX 1.32         1.00£ 2.336.467.036.17 5.23     6/30/2004 May 17 2010 12:00AM
Zebra Large Cap Equity 1523AZLAX 2.27         1.29 10.39-0.29-- 14.59     6/1/2010 Jun 1 2010 12:00AM
Zebra Small Cap Equity 1524AZSAX 3.21         1.49 8.08-0.83-- 14.28     6/1/2010 Jun 1 2010 12:00AM


Select
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Money Market Select Fund 1201ASRXX 0.16         0.16¤ 0.060.140.211.40 2.06     9/1/1987 Dec 31 1999 12:00AM
U.S. Government Money Market 1901AAOXX 0.17         0.17¤ 0.030.050.111.22 1.95     3/2/1992 Dec 1 2001 12:00AM


C
Fund NameFund
Number
TickerGross
Expense
Ratio
Net
Expense
Ratio
YTD1 YR3 YR5 YR10 YR / Since
Inception
Inception
Date
Previous Class
Inception
Date
Balanced 3740ABCCX 2.35         1.85Ω 8.813.9114.261.33 5.48     7/17/1987 Sep 1 2010 12:00AM
Bridgeway Large Cap Value 3419BWLCX 2.41         2.09 9.510.6118.96-0.01 6.67     10/31/2003 Feb 3 2012 12:00AM
Emerging Markets 3745AEMCX 26.97         2.54¥ 11.01-16.2315.291.01 11.94     7/31/2000 Sep 1 2010 12:00AM
Flexible Bond 3765AFXCX 2.60         2.14± 3.07--- 4.22     7/5/2011 Jul 5 2011 12:00AM
High Yield Bond 3746AHBCX 3.16         1.87 6.002.5516.705.18 6.94     12/29/2000 Sep 1 2010 12:00AM
Holland Large Cap Growth 3434LHGCX 2.22         2.14Φ 14.097.2020.724.96 4.84     4/29/1996 Mar 23 2012 12:00AM
Intermediate Bond 3749AIBCX 1.87         1.74 1.145.015.915.71 5.28     9/15/1997 Sep 1 2010 12:00AM
International Equity 3742AILCX 7.40         1.99π 8.74-14.8311.15-4.62 5.34     8/7/1991 Sep 1 2010 12:00AM
Large Cap Growth 3744ABGCX 141.72         2.20Ω 14.70-1.9016.14-0.61 2.59     7/31/2000 Sep 1 2010 12:00AM
Large Cap Value 3741ALVCX 2.55         1.91Ψ 12.570.8017.58-1.56 5.34     7/17/1987 Sep 1 2010 12:00AM
Mid-Cap Value 3747AMCCX 19.15         2.24Δ 10.54-0.2022.151.01 6.35     6/30/2004 Sep 1 2010 12:00AM
Retirement Income and Appreciation 3751ABACX 2.00         1.96 2.732.097.534.95 4.60     7/1/2003 Sep 1 2010 12:00AM
Short-Term Bond 3750ATBCX 2.48         1.60 1.390.082.122.61 2.81     12/3/1987 Sep 1 2010 12:00AM
SiM High Yield Opportunities 3764SHOCX 4.03         2.09± 6.944.04-- 4.18     2/14/2011 Feb 14 2011 12:00AM
Small Cap Value 3743ASVCX 2.61         2.07# 9.49-5.5520.080.87 7.30     12/31/1998 Sep 1 2010 12:00AM
Stephens Mid-Cap Growth 3424SMFCX 2.37         2.24§ 14.275.4823.855.55 5.36     2/1/2006 Feb 24 2012 12:00AM
Stephens Small Cap Growth 3429SPWCX 2.40         2.34§ 15.040.3124.125.23 5.94     12/1/2005 Feb 24 2012 12:00AM
Treasury Inflation Protected Securities 3748ATSCX 2.62         1.78£ 1.995.576.585.91 5.06     6/30/2004 Sep 1 2010 12:00AM
Zebra Large Cap Equity 3753AZLCX 3.93         2.04 10.10-1.02-- 13.85     6/1/2010 Sep 1 2010 12:00AM
Zebra Small Cap Equity 3754AZSCX 4.36         2.24 7.89-1.57-- 13.50     6/1/2010 Sep 1 2010 12:00AM


SP


Ultra


R6

Periods more than one year have been 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.

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

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


EXPENSE RATIOS ASSOCIATED WITH THE FUNDS

RISKS ASSOCIATED WITH THE FUNDS

All investing involves risk, including possible loss of principal. There can be no assurances that the investment objectives of any Fund will be met. The Funds are subject to the highlighted risks described below. Please see the prospectus for a complete discussion of Fund risks.

Acadian Emerging Markets Managed Volatility: Foreign securities, emerging market securities, lower volatility securities and futures contracts.

AHL Managed Futures Strategy: Derivative instruments, quantitative models, foreign securities, emerging market securities, high portfolio turnover and fewer issuers.

Alpha Quant Core: Growth stocks, value stocks and medium-capitalization stocks.

Alpha Quant Dividend: Growth stocks, value stocks and medium-capitalization stocks.

Alpha Quant Quality: Growth stocks, value stocks, fewer issuers and medium-capitalization stocks.

Alpha Quant Value: Value stocks, fewer issuers and medium-capitalization stocks.

ARK Transformational Innovation: Fewer issuers, disruptive innovation, foreign securities, Information Technology sector, Health Care sector and Industrials sector.

Bahl & Gaynor Small Cap Growth: Small-capitalization stocks, foreign securities, growth stocks, futures contracts and securities lending.

Balanced: Fixed-income securities, foreign securities, value stocks and futures contracts.

Bridgeway Large Cap Growth: Growth stocks, foreign securities, capital gains and futures contracts.

Bridgeway Large Cap Value: Value stocks, foreign securities, capital gains and futures contracts.

Crescent Short Duration High Income: High-yield securities, including loans, restricted securities and floating rate securities and foreign securities.

Flexible Bond: Derivative instruments, high-yield securities, flexible approach and foreign and emerging market securities.

Garcia Hamilton Quality Bond: Fixed-income securities and credit risk.

GLG Total Return: Foreign and emerging market securities, derivative instruments, fixed-income securities and fewer issuers.

Global Evolution Frontier Markets Income: Foreign securities, emerging market securities, frontier market securities, derivative instruments, fixed-income securities and fewer issuers.

Grosvenor Long/Short: Long/short strategies, fewer issuers, high portfolio turnover, small-capitalization stocks, medium-capitalization stocks, foreign securities, derivative instruments with financial leverage and short sales.

Holland Large Cap Growth: Growth stocks, foreign securities and futures contracts.

International Equity: Foreign securities, value stocks, futures contracts and securities lending.

Ionic Strategic Arbitrage: Arbitrage strategies, fewer issuers, high portfolio turnover, small-capitalization stocks, medium-capitalization stocks, fixed-income securities with convertible securities, foreign securities, derivative instruments and short sales.

Large Cap Value: Value stocks, foreign securities and futures contracts.

Mid-Cap Value: Medium-capitalization stocks, value stocks, foreign securities, futures contracts and securities lending.

Numeric Integrated Alpha: Long/short strategies, short sales, derivative instruments with financial leverage, foreign securities, emerging market securities, fewer issuers, high portfolio turnover, small-capitalization stocks and medium-capitalization stocks.

SGA Global Growth: Foreign securities, emerging market securities, growth stocks, fewer issuers, futures contracts and securities lending.

SiM High Yield Opportunities: High-yield securities, foreign securities, emerging market securities and derivative instruments.

Small Cap Value: Small-capitalization stocks, value stocks, foreign securities, futures contracts and securities lending.

Sound Point Floating Rate Income: High-yield securities, including loans, restricted securities and floating rate securities.

Stephens Mid-Cap Growth: Growth stocks, medium-capitalization stocks, foreign securities and securities lending.

Stephens Small Cap Growth: Growth stocks, small-capitalization stocks, foreign securities and securities lending.

The London Company Income Equity: Small-capitalization stocks, medium-capitalization stocks, foreign securities, dividend-paying stocks, fixed-income securities, fewer issuers and futures contracts.

TwentyFour Strategic Income: Derivative instruments, high-yield securities, fewer issuers, foreign securities and emerging market securities

U.S. Government Money Market Select: You could lose money by investing in the American Beacon U.S. Government Money Market Select 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: Small-capitalization stocks, foreign securities, limited marketability, futures contracts and securities lending.

Risk descriptions

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.

Although the Fund is managed pursuant to a tax management strategy, the Fund’s investments could create capital gains.

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.

Investing in derivative instruments may involve liquidity, credit, interest rate and market risks and, in some cases, the addition of financial leverage, which can magnify these risks.

Companies that the sub-advisor believes are capitalizing on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors: Information Technology sector companies may face intense competition and rapid product obsolescence, have limited product lines, markets, financial resources or personnel, and lose patent, copyright and trademark protections; investing in Health Care sector companies involves risk due to government regulations, product litigation, competitive forces and loss of patent protection; Industrials sector companies are subject to risk due to changes in government regulations, world events, economic conditions, environmental damages, product liability claims and exchange rates.

Investing in dividend-paying stocks may result in less earnings growth or capital appreciation than investing in non-dividend paying stocks.

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 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.

Although the Fund has a flexible approach to investing, diversification does not ensure against loss.

Foreign, frontier and emerging market securities may involve heightened risks 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.

Growth stocks are typically more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.

High portfolio turnover may increase a Fund’s transaction costs and possibly have a negative impact on performance.

High-yield securities may include loans, restricted securities and floating-rate securities that are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities.

At times, certain securities may have limited marketability and may be difficult to sell.

The Fund’s strategy of investing in a variety of long/short strategies entails certain risks including that the lead sub-advisor’s judgements 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.

Loans subject a Fund to the risk that it may not be able to obtain the collateral securing the loan in a timely manner, and the value of the collateral may not cover the amount owed on the loan.

Lower volatility securities may produce more modest gains than other stock funds as a trade-off for the potentially lower downside risk.

Medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks.

Quantitative model investing may lead to high levels of trading and concentration among certain investments, resulting in higher trading costs and return volatility.

The Fund may participate in a securities lending program.

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.

Small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks.

Value stocks may limit downside risk over time; however, they may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk.

Performance Associated with the INSTITUTIONAL Class Funds: A portion of fees charged to Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Alpha Quant Core, Alpha Quant Dividend,  Alpha Quant Quality, Alpha Quant Value, ARK Transformational Innovation, Bahl & Gaynor Small Cap Growth, Bridgeway Large Cap Growth, Crescent Short Duration High Income, Flexible Bond, Garcia Hamilton Quality Bond, GLG Total Return, Grosvenor Long/Short, Numeric Integrated Alpha, SGA Global Growth, SiM High Yield Opportunities, Sound Point Floating Rate Income, Stephens Mid-Cap Growth 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 and 2017. 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, partially recovered in 2013 and 2014, and fully recovered in 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 was waived from 2013 through 2015. Performance prior to waiving fees was lower than actual returns shown from 2013 through 2015. A portion of fees charged to the Ionic Strategic Arbitrage Fund has been waived since June 30, 2015. Performance prior to waiving fees was lower than actual returns shown since June 30, 2015. 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 Small Cap Growth 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 London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015 and 2016. 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, Alpha Quant Core, Alpha Quant Dividend,  Alpha Quant Quality, Alpha Quant Value, ARK Transformational Innovation, Bahl & Gaynor Small Cap Growth, Bridgeway Large Cap Growth, Crescent Short Duration High Income, Flexible Bond, Garcia Hamilton Quality Bond, GLG Total Return, Grosvenor Long/Short, Numeric Integrated Alpha, 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, partially recovered in 2013, and fully recovered in 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 was waived in 2015 and partially recovered in 2016. Performance prior to waiving fees was lower than actual returns shown in 2015. 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 partially recovered in 2013 and 2016. 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 and 2015. 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 in 2015, and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2005 through 2013 and in 2015. 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, Alpha Quant Core, Alpha Quant Dividend,  Alpha Quant Quality, Alpha Quant Value, ARK Transformational Innovation, Bahl & Gaynor Small Cap Growth, Bridgeway Large Cap Growth, Crescent Short Duration High Income, Flexible Bond, Garcia Hamilton Quality Bond, GLG Total Return, Grosvenor Long/Short, Numeric Integrated Alpha, 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, partially recovered in 2013 and fully recovered in 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, fully 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 June 30, 2015. Performance prior to waiving fees was lower than actual returns shown since June 30, 2015. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2013. 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 2013, partially recovered in 2015, and waived in 2016. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2013 and in 2016. A portion of fees charged to the Stephens Mid-Cap Growth 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. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012, partially recovered in 2013 and fully recovered in 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 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, GLG Total Return, 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, partially recovered in 2013 and fully 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 was waived from 2010 through 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2014. A portion of fees charged to the International Equity Fund was waived from 2010 through 2012 and partially recovered in 2013.  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 June 30, 2015. Performance prior to waiving fees was lower than actual returns shown since June 30, 2015. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2012 and fully recovered in 2013. 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 and 2016. 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, 2013 and 2014 and fully recovered in 2015. Performance prior to waiving fees was lower than actual returns shown in 2010, 2012, 2013 and 2014. A portion of fees charged to the Stephens Mid-Cap Growth Fund was waived in 2012 and 2013, partially recovered in 2015 and waived in 2016. Performance prior to waiving fees was lower than actual returns shown in 2012, 2013 and 2016. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012, partially recovered in 2013 and 2014, and fully recovered in 2015. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of fees charged to the 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, Global Evolution Frontier Markets Income, GLG Total Return, 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 Holland Large 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 International Equity Fund was waived from 2010 through 2012 and partially 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 June 30, 2015. Performance prior to waiving fees was lower than actual returns shown since June 30, 2015. 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 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 and 2016. 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 was waived from 2012 through 2014 and in 2016 and was partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014 and in 2016. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012, partially recovered in 2013 and 2014, and fully recovered in 2015. Performance prior to waiving fees was lower than actual returns shown in 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 Advisor Class Funds: A portion of fees charged to the International Equity Fund was waived in 2006, 2007 and 2009. Performance prior to waiving fees was lower than actual returns shown for these periods. 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 Small Cap Value Fund was waived in 2009. Performance prior to waiving fees was lower than actual returns shown in 2009.

Performance Associated with the Ultra Class Funds: A portion of fees charged to the GLG Total Return, Numeric Integrated Alpha and TwentyFour Strategic Income Funds has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown.

Performance Associated with the SP Class Funds: A portion of fees charged to the Sound Point Floating Rate Income Fund has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown.

Performance Associated with the R6 Class Funds: A portion of fees charged to the International Equity, Large Cap Value and Small Cap Value Funds has been waived since February 28, 2017. Performance prior to waiving fees was lower than actual returns shown.

Performance Associated with the U.S. Government Money Market Select Fund: A portion of fees charged to U.S. Government Money Market Select Fund has been waived, and a portion was partially recovered in 2016. 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.