UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4984

AMERICAN BEACON FUNDS

(Exact name of registrant as specified in charter)

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

(Address of principal executive offices)-(Zip code)

GREGORY J. STUMM, PRESIDENT

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

Registrant’s telephone number, including area code: (817) 391-6100

Date of fiscal year end: August 31, 2025

Date of reporting period: February 28, 2025

Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Shareholders

American Beacon

Ninety One Emerging Markets Equity Fund

Class R5: ZEMIX

Semi-Annual Shareholder Report - February 28, 2025

This semi-annual shareholder report contains important information about American Beacon Ninety One Emerging Markets Equity Fund for the period of November 1, 2024 to February 28, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment^{Footnote Reference1}	Costs paid as a percentage of a $10,000 investment
R5	$29	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.
Footnote¹	For the period (commencement of operations) through End of the Period. The costs would have been higher had the Fund operated the full year.

Key Fund Statistics

Total Net Assets	$351,426,646
# of Portfolio Holdings	78
Portfolio Turnover Rate	105%
Total Management Fees Paid	$435,459

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd., ADR	8.4
Tencent Holdings Ltd.	6.2
iShares MSCI Taiwan ETF	6.0
Xiaomi Corp., Class B	3.0
Alibaba Group Holding Ltd.	2.5
Meituan, Class B	1.8
China Construction Bank Corp., Class H	1.7
Reliance Industries Ltd.	1.7
Ping An Insurance Group Co. of China Ltd., Class H	1.6
Pop Mart International Group Ltd.	1.5

Excludes cash equivalents.

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	87.7
Investment Companies	6.2
Exchange-Traded Instruments	6.1

Sector Allocation - % Equities

Value	Value
Health Care	3.0
Energy	3.1
Utilities	3.2
Materials	3.6
Industrials	4.8
Real Estate	5.5
Consumer Staples	7.5
Communication Services	10.8
Consumer Discretionary	14.0
Information Technology	20.5
Financials	24.0

Excludes cash equivalents.

Top Ten Country Exposure - % Equities

Value	Value
Poland	1.9
Mexico	4.6
South Africa	4.8
United Arab Emirates	5.8
Republic Of Korea	5.8
Brazil	5.8
United States	6.5
Taiwan	10.2
India	15.5
China	28.9

Excludes cash equivalents.

Material Fund Changes

This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2025 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

On June 4, 2024, the Board approved the adoption of August 31 as the fiscal year end for the American Beacon Ninety One Emerging Markets Equity Fund, American Beacon Global Franchise Fund and American Beacon International Franchise Fund (collectively, the “Ninety One Funds”). The first full cycle of the fiscal year reporting will begin September 1, 2025. As a result of the change, the Ninety One Funds will have an August 31 fiscal transition period, the results of which are reported in this Semi-Annual Financial Statements Report for the period ended February 28, 2025.

Changes in or Disagreements with Accountants

On August 15, 2024, the Audit and Compliance Committee of the Board of Trustees (“Board”) of American Beacon Funds (the “Trust”) recommended and approved the decision to replace Ernst & Young LLP (“EY”) as the independent registered public accounting firm for the American Beacon Ninety One Emerging Markets Equity Fund, American Beacon Global Franchise Fund and American Beacon International Franchise Fund (collectively, the “Ninety One Funds”). During the fiscal periods ended October 31, 2024 and for the interim periods ended November 15, 2024 and February 21, 2025, there were no disagreements with EY on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which, if not resolved to the satisfaction of EY, would have caused it to make a reference in connection with its opinion to the subject matter of disagreement. The Board also recommended and approved the appointment of PricewaterhouseCoopers LLP (“PwC”) as independent registered public accountant for the fiscal year ended October 31, 2025. The selection of PwC does not reflect any disagreements with or dissatisfaction by the Ninety One Funds or the Board with the performance of the Ninety One Funds’ prior independent registered public accounting firm, EY.

Additional Information

For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

Householding

If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

Distributed by:

Resolute Investment Distributors, Inc.

Ninety One Emerging Markets Equity Fund

Semi-Annual Shareholder Report - February 28, 2025

91Emerging_R5 0225

Class R5: ZEMIX

American Beacon

Ninety One Emerging Markets Equity Fund

Class R6: ZEMRX

Semi-Annual Shareholder Report - February 28, 2025

This semi-annual shareholder report contains important information about American Beacon Ninety One Emerging Markets Equity Fund for the period of February 24, 2025 to February 28, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment^{Footnote Reference†}	Costs paid as a percentage of a $10,000 investment
R6	$2	0.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.
Footnote^†	The period from inception to the date of this report is less than six months. Expenses for a full six month period would be higher.

Key Fund Statistics

Total Net Assets	$351,426,646
# of Portfolio Holdings	78
Portfolio Turnover Rate	105%
Total Management Fees Paid	$435,459