Current Month End Performance

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.

Month-End Performance
as of 5/31/2009 (%)
Institutional Class Funds
Fund Name	Fund #	Ticker	Gross Expense Ratio	Net Expense Ratio 1	YTD	1 YR	3 YR	5 YR	10 YR	Since Incep.	Inception Date
Balanced	#65	AADBX	0.57		2.45	-20.94	-4.26	1.24	2.94	7.46	7/17/87
Large Cap Value	#66	AADEX	0.59		2.47	-34.75	-10.00	-0.52	1.29	7.79	7/17/87
Large Cap Growth	#1949	ALCGX	1.01		5.41	-33.68	-9.69	-4.07	N/A	-7.93	7/31/00
Mid-Cap Value	#2167	AACIX	1.17	0.981	7.34	-30.36	-9.63	N/A	N/A	-1.25	6/30/04,11/30/05
Small Cap Value	#370	AVFIX	0.82		3.57	-32.12	-10.67	-0.98	6.99	7.02	12/31/98
International Equity	#67	AAIEX	0.67		6.92	-34.21	-7.36	3.09	3.81	7.16	8/7/91
Emerging Markets	#1950	AEMFX	1.39		31.49	-33.62	2.12	13.24	N/A	9.20	7/31/00
S&P 500 Index	#902	AASPX	0.13		2.96	-32.56	-8.33	-2.01	-1.86	3.37	12/31/96
Small Cap Index	#1951	ASCIX	0.20		1.13	-31.56	-10.19	-1.27	N/A	1.25	7/31/00
International Equity Index	#1952	AIIIX	0.19		7.10	-36.19	-7.57	3.08	N/A	0.10	7/31/00
High Yield Bond	#1409	AYBFX	0.86		20.42	-13.54	-1.76	1.76	N/A	5.11	12/29/00
Intermediate Bond	#68	AABDX	0.31		1.65	5.47	6.54	5.11	5.65	5.75	9/15/97
Short-Term Bond	#69	AASBX	0.32		1.90	3.13	4.75	3.71	4.57	5.71	12/3/87
TIPS	#2038	ATPIX	0.29		5.76	-0.46	5.37	N/A	N/A	4.34	6/30/04
Investor Class Funds
Fund Name	Fund #	Ticker	Gross Expense Ratio	Net Expense Ratio	YTD	1 YR	3 YR	5 YR	10 YR	Since Incep.	Inception Date* (Inst., Investor)
Balanced	#98	AABPX	0.91		2.21	-21.16	-4.51	0.95	2.66	7.26	7/17/87, 8/1/94
Large Cap Value	#99	AAGPX	0.97		2.44	-34.91	-10.22	-0.76	1.03	7.57	7/17/87, 8/1/94
Mid-Cap Value	#2246	AMPAX	1.33	1.23	7.19	-30.74	-9.93	N/A	N/A	-1.45	6/30/04,11/30/05,2/28/06
Small Cap Value	#748	AVPAX	1.19		3.39	-32.33	-10.92	-1.22	6.71	6.75	12/31/98, 3/1/99
International Equity	#100	AAIPX	1.05		6.76	-34.40	-7.61	2.82	3.57	6.93	8/7/91, 8/1/94
Emerging Markets	#105	AAEPX	1.73		31.24	-33.91	1.72	12.88	N/A	8.95	7/31/00, 10/1/02
S&P 500 Index	#904	AAFPX	0.57		2.77	-32.87	-8.75	-2.47	-2.28	2.99	12/31/96, 3/2/98
Enhanced Income	#2013	AANPX	1.04		5.16	0.36	4.00	3.73	N/A	3.48	7/1/03
High Yield Bond	#1902	AHYPX	1.11		20.45	-13.68	-1.96	1.52	N/A	4.87	12/29/00, 3/1/02
Short-Term Bond	#101	AALPX	0.99		1.92	2.76	4.26	3.19	4.07	5.37	12/3/87, 8/1/94
Intermediate Bond	#68	ABIPX	0.88	0.683	1.54	5.35	6.51	5.08	5.64	5.74	9/15/97
TIPS	#2038	ABTPX	0.69		5.54	-0.66	5.30	NA	NA	4.29	6/30/04
Advisor Class Funds
Fund Name	Fund #	Ticker	Gross Expense Ratio	Net Expense Ratio	YTD	1 YR	3 YR	5 YR	10 YR	Since Incep.	Inception Date* (Inst., Investor, Advisor)
Balanced	#2162	ABLSX	1.08		2.13	-21.34	-4.75	0.70	2.53	7.20	7/17/87,8/1/94,5/31/05
Large Cap Value	#2163	AVASX	1.09		2.30	-35.05	-10.44	-0.96	0.93	7.52	7/17/87,8/1/94,5/31/05
Mid-Cap Value	#2249	AMDIX	2.05	1.501	7.41	-30.44	-9.89	N/A	N/A	-1.43	6/30/04,11/30/05,2/28/06,6/29/07
Small Cap Value	#2036	AASSX	1.32		3.31	-32.48	-11.15	-1.48	6.53	6.57	12/31/98, 3/1/99, 5/1/03
International Equity	#2035	AAISX	1.19		6.62	-34.63	-7.87	2.54	3.39	6.83	8/7/91, 8/1/94, 5/1/03
Mileage Funds
Fund Name	Fund #	Ticker	Gross Expense Ratio	Net Expense Ratio	YTD	1 YR	3 YR	5 YR	10 YR	Since Incep.	Inception Date* (Inst., Mlg.)
Money Market	#89	AVMXX	0.66		0.04	1.06	3.26	2.98	2.98	4.49	9/1/87, 11/1/91
Select Funds
Fund Name	Fund #	Ticker	Gross Expense Ratio	Net Expense Ratio	YTD	1 YR	3 YR	5 YR	10 YR	Since Incep.	Inception Date* (Inst., Mlg.)
Money Market	#1201	ASRXX	0.14		0.22	1.49	3.79	3.49	3.47	4.85	9/1/87,12/31/99
US Govt. Money Market	#1901	AAOXX	0.16		0.17	1.23	3.57	3.34	3.33	3.89	3/2/92,12/1/01
Performance shown is historical and may not be 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 www.americanbeaconfunds.com.

RISKS ASSOCIATED WITH THE FUNDS:
Balanced, Enhanced Income, High Yield Bond Fund, Intermediate Bond, Short-Term Bond, and Treasury Inflation Protected Securities Funds:
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. Investing in high yield securities involves additional risks when compared to investing in investment grade securities. These include a greater risk of default or bankruptcy and an increased sensitivity to financial difficulties or changes in interest rates.

Small-Cap and Mid-Cap Value and Small-Cap Index Funds:
Investing in the securities of small and mid capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization and more established companies.

International Equity Fund, International Equity Index Fund and Emerging Markets Fund:
Investing in foreign equities entails additional risk not associated with domestic equities, such as currency fluctuations, economic and political instability and differences in accounting standards. The risks of investing in foreign equities are heightened when investing in emerging markets.

PERFORMANCE ASSOCIATED WITH THE INSTITUTIONAL CLASS FUNDS:
A portion of the fees charged to the Large Cap Growth Fund Institutional Class was waived from 2004 through 2008. Performance prior to waiving fees was lower than the actual returns shown for periods since 2004 through 2008. Mid-Cap Value Fund's performance shown from 6/30/04 to the 11/30/05 inception of the Institutional Class is that of the AMR Class (formerly the Institutional Class of the Fund), which had a similar expense structure and performance to the current Institutional Class. A portion of the fees charged to the Institutional Class of the Fund has been waived since 2007. Performance prior to waiving fees was lower than the actual returns shown for periods since 2007. Performance shown for the Intermediate and Short Term Bond Funds reflects the Funds' receipt in December 2006 and March 2008 of class action settlement proceeds that were related to investment activity in 2002. The Funds' performance that includes these months was higher than it would have been absent receipt of the settlement proceeds. A portion of the fees charged to the High Yield Bond Fund Institutional Class was waived through 2004. Performance prior to waiving fees was lower than the actual returns shown for periods through 2004. 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. A portion of the fees charged to the Treasury Inflation Protected Securities Fund Institutional Class has been waived since 2005. Performance prior to waving fees was lower than the actual returns shown for periods since 2005.

PERFORMANCE ASSOCIATED WITH THE INVESTOR CLASS FUNDS:
Mid-Cap Value Fund's performance shown prior to the 2/28/06 inception of the Investor Class is that of the AMR Class (formerly the Institutional Class of the Fund) from 6/30/04 to 11/30/05 and the Institutional Class from 11/30/05 to 2/28/06.The returns have not been adjusted for any difference between the fees and expenses of the Mid-Cap Value-Investor Class and the historical fees and expenses of the AMR and Institutional Classes. Because the AMR and Institutional Classes both had lower expenses, their performance was better than the Mid-Cap Value-Investor Class would have realized during the same period. A portion of the fees charged to the Investor Class of the Mid-Cap Value Fund has been waived since 2006. Performance prior to waiving fees was lower than the actual returns shown for periods since 2006. S&P 500 Index Fund's portion of the fees charged to the Investor Class of the Fund was waived through 2002. Performance prior to waiving fees was lower than the actual returns shown for periods prior to 2002. A portion of the fees charged to the Short-Term Bond Fund's Investor Class has been waived. Performance prior to waiving fees was lower than the actual returns shown. Performance shown for the Intermediate and Short-Term Bond Funds reflects the Funds' receipt in December 2006 and March 2008 of class action settlement proceeds that were related to investment activity in 2002. The Funds' performance that includes these months was higher than it would have been absent receipt of the settlement proceeds. Emerging Markets Fund's performance shown prior to the 10/1/02 inception of the Investor Class is that of the Institutional Class. A portion of the fees charged to the Investor Class of the Emerging Markets Fund was waived in 2004 and 2005 and recouped in 2006. Performance prior to waiving and recouping fees was different than the actual returns shown. High Yield Bond Fund's performance shown prior to the 3/1/02 inception of the Investor Class is that of the Institutional Class. Intermediate Bond Fund's performance shown prior to the 3/2/09 inception of the Investor Class is that of the Institutional Class. A portion of the fees charged to the Intermediate Bond Fund has been waived. Performance prior to waiving fees was lower than the actual returns shown. Treasury Inflation Protected Securities Fund's performance shown prior to the 3/2/09 inception of the Investor Class is that of the Institutional Class. A portion of the fees charged to the Treasury Inflation Protected Securities Fund has been waived. Performance prior to waiving fees was lower than the actual returns shown.

The returns have not been adjusted for any difference between the fees and expenses of the Investor Class of the Emerging Markets, High Yield Bond, Intermediate Bond and Treasury Inflation Protected Securities Funds and the historical fees and expenses of the Institutional Class. Because the Institutional Class had lower expenses, its performance was better than the Investor Class would have realized during the same period.

PERFORMANCE ASSOCIATED WITH THE ADVISOR CLASS FUNDS:
Balanced Fund 's performance shown prior to the 5/31/05 inception of the Advisor Class is that of the Investor Class. A portion of the fees charged to the Advisor Class of the Fund was waived in 2005. Performance prior to waiving fees was lower than the actual returns shown for 2005. Large Cap Value Fund's performance shown prior to the 5/31/05 inception of the Advisor Class is that of the Investor Class. A portion of the fees charged to the Advisor Class of the Fund was waived in 2005. Performance prior to waiving fees was lower than the actual returns shown for 2005. Small Cap Value Fund's performance shown prior to the 5/1/03 inception of the Advisor Class is that of the Investor Class. A portion of the fees charged to the Advisor Class of the Fund was waived through 2004. Performance prior to waiving fees was lower than the actual returns shown for periods through 2004. International Equity Fund's performance shown prior to the5/1/03 inception of the Advisor Class is that of the Investor Class. A portion of the fees charged to the Advisor Class of the Fund has been waived. Performance prior to waiving fees was lower than the actual returns shown. The Balanced, Large Cap Value, Small Cap Value and International Equity Funds' returns have not been adjusted for any difference between the fees and expenses of the Advisor Class and the historical fees and expenses of the Investor Class. Because the Investor Class had lower expenses, its performance was better than the Advisor Class would have realized during the same period. Mid-Cap Value Fund's performance shown prior to the 6/29/07 inception of the Advisor Class is that of the AMR Class (formerly the Institutional Class of the Fund) from 6/30/04 to 11/30/05, the Institutional Class from 11/30/05 to 2/28/06 and the Investor Class from 2/28/06 to 6/29/07. The returns have not been adjusted for any difference between the fees and expenses of the Advisor Class and the historical fees and expenses of the AMR, Institutional and Investor Classes. Because the AMR, Institutional and Investor Class had lower expenses, their performance was better than the Advisor Class would have realized during the same period. A portion of the fees charged to the Advisor Class of the Fund has been waived. Performance prior to waiving fees was lower than the actual returns shown.

EXPENSE RATIOS ASSOCIATED WITH THE FUNDS:
1. The net expense ratio is net of expense reimbursements that American Beacon Advisors has contractually agreed to maintain through February 28, 2010.
2. The net expense ratio is net of acquired fund fees and expenses that the Funds incurred indirectly as a result of investment in certain pooled investment vehicles.
3. The net expense ratio is net of expense reimbursements that American Beacon Advisors has voluntarily agreed to maintain through February 28, 2010. The voluntarily expense reimbursement can be changed at any time by the Manager without notice to the shareholders.

S&P is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use. “Standard and Poor’s,” “S&P,” “Standard & Poor’s 500,” “S&P 500” and “500” are all trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by State Street Bank and Trust Company. The S&P 500 Index Fund is not sponsored, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in this Fund.

The American Beacon Funds are distributed by Foreside Fund Services, LLC. This report has been prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current prospectus.
©2009, American Beacon Advisors, Inc. All rights Reserved.