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: October 31, 2025

Date of reporting period: April 30, 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

Balanced Fund

Class A: ABFAX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Class A	$57	1.17%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$101,292,905
# of Portfolio Holdings	386
Portfolio Turnover Rate	14%
Total Management Fees Paid	$276,957

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 0.250%, Due 5/31/2025	2.1
F5, Inc.	1.4
Fidelity National Information Services, Inc.	1.4
Bank of America Corp.	1.3
American International Group, Inc.	1.3
Elevance Health, Inc.	1.3
Workday, Inc., Class A	1.3
Wells Fargo & Co.	1.2
Entergy Corp.	1.2
Medtronic PLC	1.2

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	53.6
Corporate Obligations	13.3
U.S. Agency Mortgage-Backed Obligations	10.6
U.S. Treasury Obligations	9.0
Foreign Common Stocks	4.2
Foreign Corporate Obligations	3.4
Investment Companies	2.6
Asset-Backed Obligations	1.3
U.S. Government Agency Obligations	0.9
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Real Estate	2.7
Materials	4.9
Communication Services	5.9
Consumer Staples	6.0
Utilities	6.8
Consumer Discretionary	8.3
Industrials	9.6
Energy	9.9
Information Technology	11.8
Health Care	14.2
Financials	19.9

Top Ten Industry Allocations - % Fixed Income

Value	Value
Media	2.1
U.S. Government Agency Obligations	2.3
Pharmaceuticals	2.8
Asset-Backed Obligations	3.2
Insurance	3.4
Computers	3.4
Banks	6.2
Electric	6.3
U.S. Treasury Obligations	23.0
U.S. Agency Mortgage-Backed Obligations	26.9

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.

Balanced Fund

Semi-Annual Shareholder Report - April 30, 2025

Bal_A 0425

Class A: ABFAX

American Beacon

Balanced Fund

Class Advisor: ABLSX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Advisor Class	$65	1.33%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$101,292,905
# of Portfolio Holdings	386
Portfolio Turnover Rate	14%
Total Management Fees Paid	$276,957

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 0.250%, Due 5/31/2025	2.1
F5, Inc.	1.4
Fidelity National Information Services, Inc.	1.4
Bank of America Corp.	1.3
American International Group, Inc.	1.3
Elevance Health, Inc.	1.3
Workday, Inc., Class A	1.3
Wells Fargo & Co.	1.2
Entergy Corp.	1.2
Medtronic PLC	1.2

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	53.6
Corporate Obligations	13.3
U.S. Agency Mortgage-Backed Obligations	10.6
U.S. Treasury Obligations	9.0
Foreign Common Stocks	4.2
Foreign Corporate Obligations	3.4
Investment Companies	2.6
Asset-Backed Obligations	1.3
U.S. Government Agency Obligations	0.9
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Real Estate	2.7
Materials	4.9
Communication Services	5.9
Consumer Staples	6.0
Utilities	6.8
Consumer Discretionary	8.3
Industrials	9.6
Energy	9.9
Information Technology	11.8
Health Care	14.2
Financials	19.9

Top Ten Industry Allocations - % Fixed Income

Value	Value
Media	2.1
U.S. Government Agency Obligations	2.3
Pharmaceuticals	2.8
Asset-Backed Obligations	3.2
Insurance	3.4
Computers	3.4
Banks	6.2
Electric	6.3
U.S. Treasury Obligations	23.0
U.S. Agency Mortgage-Backed Obligations	26.9

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.

Balanced Fund

Semi-Annual Shareholder Report - April 30, 2025

Bal_Advisor 0425

Class Advisor: ABLSX

American Beacon

Balanced Fund

Class C: ABCCX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Class C	$94	1.93%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$101,292,905
# of Portfolio Holdings	386
Portfolio Turnover Rate	14%
Total Management Fees Paid	$276,957

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 0.250%, Due 5/31/2025	2.1
F5, Inc.	1.4
Fidelity National Information Services, Inc.	1.4
Bank of America Corp.	1.3
American International Group, Inc.	1.3
Elevance Health, Inc.	1.3
Workday, Inc., Class A	1.3
Wells Fargo & Co.	1.2
Entergy Corp.	1.2
Medtronic PLC	1.2

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	53.6
Corporate Obligations	13.3
U.S. Agency Mortgage-Backed Obligations	10.6
U.S. Treasury Obligations	9.0
Foreign Common Stocks	4.2
Foreign Corporate Obligations	3.4
Investment Companies	2.6
Asset-Backed Obligations	1.3
U.S. Government Agency Obligations	0.9
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Real Estate	2.7
Materials	4.9
Communication Services	5.9
Consumer Staples	6.0
Utilities	6.8
Consumer Discretionary	8.3
Industrials	9.6
Energy	9.9
Information Technology	11.8
Health Care	14.2
Financials	19.9

Top Ten Industry Allocations - % Fixed Income

Value	Value
Media	2.1
U.S. Government Agency Obligations	2.3
Pharmaceuticals	2.8
Asset-Backed Obligations	3.2
Insurance	3.4
Computers	3.4
Banks	6.2
Electric	6.3
U.S. Treasury Obligations	23.0
U.S. Agency Mortgage-Backed Obligations	26.9

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.

Balanced Fund

Semi-Annual Shareholder Report - April 30, 2025

Bal_C 0425

Class C: ABCCX

American Beacon

Balanced Fund

Investor Class: AABPX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Investor	$57	1.16%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$101,292,905
# of Portfolio Holdings	386
Portfolio Turnover Rate	14%
Total Management Fees Paid	$276,957

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 0.250%, Due 5/31/2025	2.1
F5, Inc.	1.4
Fidelity National Information Services, Inc.	1.4
Bank of America Corp.	1.3
American International Group, Inc.	1.3
Elevance Health, Inc.	1.3
Workday, Inc., Class A	1.3
Wells Fargo & Co.	1.2
Entergy Corp.	1.2
Medtronic PLC	1.2

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	53.6
Corporate Obligations	13.3
U.S. Agency Mortgage-Backed Obligations	10.6
U.S. Treasury Obligations	9.0
Foreign Common Stocks	4.2
Foreign Corporate Obligations	3.4
Investment Companies	2.6
Asset-Backed Obligations	1.3
U.S. Government Agency Obligations	0.9
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Real Estate	2.7
Materials	4.9
Communication Services	5.9
Consumer Staples	6.0
Utilities	6.8
Consumer Discretionary	8.3
Industrials	9.6
Energy	9.9
Information Technology	11.8
Health Care	14.2
Financials	19.9

Top Ten Industry Allocations - % Fixed Income

Value	Value
Media	2.1
U.S. Government Agency Obligations	2.3
Pharmaceuticals	2.8
Asset-Backed Obligations	3.2
Insurance	3.4
Computers	3.4
Banks	6.2
Electric	6.3
U.S. Treasury Obligations	23.0
U.S. Agency Mortgage-Backed Obligations	26.9

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.

Balanced Fund

Semi-Annual Shareholder Report - April 30, 2025

Bal_Investor 0425

Investor Class: AABPX

American Beacon

Balanced Fund

Class R5: AADBX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
R5	$42	0.86%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$101,292,905
# of Portfolio Holdings	386
Portfolio Turnover Rate	14%
Total Management Fees Paid	$276,957

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 0.250%, Due 5/31/2025	2.1
F5, Inc.	1.4
Fidelity National Information Services, Inc.	1.4
Bank of America Corp.	1.3
American International Group, Inc.	1.3
Elevance Health, Inc.	1.3
Workday, Inc., Class A	1.3
Wells Fargo & Co.	1.2
Entergy Corp.	1.2
Medtronic PLC	1.2

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	53.6
Corporate Obligations	13.3
U.S. Agency Mortgage-Backed Obligations	10.6
U.S. Treasury Obligations	9.0
Foreign Common Stocks	4.2
Foreign Corporate Obligations	3.4
Investment Companies	2.6
Asset-Backed Obligations	1.3
U.S. Government Agency Obligations	0.9
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Real Estate	2.7
Materials	4.9
Communication Services	5.9
Consumer Staples	6.0
Utilities	6.8
Consumer Discretionary	8.3
Industrials	9.6
Energy	9.9
Information Technology	11.8
Health Care	14.2
Financials	19.9

Top Ten Industry Allocations - % Fixed Income

Value	Value
Media	2.1
U.S. Government Agency Obligations	2.3
Pharmaceuticals	2.8
Asset-Backed Obligations	3.2
Insurance	3.4
Computers	3.4
Banks	6.2
Electric	6.3
U.S. Treasury Obligations	23.0
U.S. Agency Mortgage-Backed Obligations	26.9

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.

Balanced Fund

Semi-Annual Shareholder Report - April 30, 2025

Bal_R5 0425

Class R5: AADBX

American Beacon

Balanced Fund

Class Y: ACBYX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Y	$46	0.93%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$101,292,905
# of Portfolio Holdings	386
Portfolio Turnover Rate	14%
Total Management Fees Paid	$276,957

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 0.250%, Due 5/31/2025	2.1
F5, Inc.	1.4
Fidelity National Information Services, Inc.	1.4
Bank of America Corp.	1.3
American International Group, Inc.	1.3
Elevance Health, Inc.	1.3
Workday, Inc., Class A	1.3
Wells Fargo & Co.	1.2
Entergy Corp.	1.2
Medtronic PLC	1.2

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	53.6
Corporate Obligations	13.3
U.S. Agency Mortgage-Backed Obligations	10.6
U.S. Treasury Obligations	9.0
Foreign Common Stocks	4.2
Foreign Corporate Obligations	3.4
Investment Companies	2.6
Asset-Backed Obligations	1.3
U.S. Government Agency Obligations	0.9
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Real Estate	2.7
Materials	4.9
Communication Services	5.9
Consumer Staples	6.0
Utilities	6.8
Consumer Discretionary	8.3
Industrials	9.6
Energy	9.9
Information Technology	11.8
Health Care	14.2
Financials	19.9

Top Ten Industry Allocations - % Fixed Income

Value	Value
Media	2.1
U.S. Government Agency Obligations	2.3
Pharmaceuticals	2.8
Asset-Backed Obligations	3.2
Insurance	3.4
Computers	3.4
Banks	6.2
Electric	6.3
U.S. Treasury Obligations	23.0
U.S. Agency Mortgage-Backed Obligations	26.9

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.

Balanced Fund

Semi-Annual Shareholder Report - April 30, 2025

Bal_Y 0425

Class Y: ACBYX

American Beacon

International Equity Fund

Class A: AIEAX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Class A	$63	1.23%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$547,607,579
# of Portfolio Holdings	163
Portfolio Turnover Rate	25%
Total Management Fees Paid	$1,700,982

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Samsung Electronics Co. Ltd.	2.6
GSK PLC	2.3
Reckitt Benckiser Group PLC	2.2
Roche Holding AG	2.1
Barclays PLC	2.1
Prudential PLC	1.9
Sanofi SA	1.8
ING Groep NV	1.6
Societe Generale SA	1.6
British American Tobacco PLC	1.4

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	86.7
Common Stocks	9.7
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	0.6
Utilities	2.0
Energy	3.0
Communication Services	3.5
Materials	7.5
Consumer Staples	8.8
Health Care	10.6
Information Technology	11.4
Consumer Discretionary	13.9
Financials	18.2
Industrials	20.5

Top Ten Country Exposure - % Equities

Value	Value
Switzerland	2.4
Canada	2.6
China	3.1
Republic Of Korea	4.6
Netherlands	6.5
United States	9.7
Germany	9.9
Japan	11.9
France	15.6
United Kingdom	19.1

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.

International Equity Fund

Semi-Annual Shareholder Report - April 30, 2025

IE_A 0425

Class A: AIEAX

American Beacon

International Equity Fund

Class Advisor: AAISX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Advisor Class	$67	1.29%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$547,607,579
# of Portfolio Holdings	163
Portfolio Turnover Rate	25%
Total Management Fees Paid	$1,700,982

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Samsung Electronics Co. Ltd.	2.6
GSK PLC	2.3
Reckitt Benckiser Group PLC	2.2
Roche Holding AG	2.1
Barclays PLC	2.1
Prudential PLC	1.9
Sanofi SA	1.8
ING Groep NV	1.6
Societe Generale SA	1.6
British American Tobacco PLC	1.4

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	86.7
Common Stocks	9.7
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	0.6
Utilities	2.0
Energy	3.0
Communication Services	3.5
Materials	7.5
Consumer Staples	8.8
Health Care	10.6
Information Technology	11.4
Consumer Discretionary	13.9
Financials	18.2
Industrials	20.5

Top Ten Country Exposure - % Equities

Value	Value
Switzerland	2.4
Canada	2.6
China	3.1
Republic Of Korea	4.6
Netherlands	6.5
United States	9.7
Germany	9.9
Japan	11.9
France	15.6
United Kingdom	19.1

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.

International Equity Fund

Semi-Annual Shareholder Report - April 30, 2025

IE_Advisor 0425

Class Advisor: AAISX

American Beacon

International Equity Fund

Class C: AILCX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Class C	$104	2.02%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$547,607,579
# of Portfolio Holdings	163
Portfolio Turnover Rate	25%
Total Management Fees Paid	$1,700,982

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Samsung Electronics Co. Ltd.	2.6
GSK PLC	2.3
Reckitt Benckiser Group PLC	2.2
Roche Holding AG	2.1
Barclays PLC	2.1
Prudential PLC	1.9
Sanofi SA	1.8
ING Groep NV	1.6
Societe Generale SA	1.6
British American Tobacco PLC	1.4

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	86.7
Common Stocks	9.7
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	0.6
Utilities	2.0
Energy	3.0
Communication Services	3.5
Materials	7.5
Consumer Staples	8.8
Health Care	10.6
Information Technology	11.4
Consumer Discretionary	13.9
Financials	18.2
Industrials	20.5

Top Ten Country Exposure - % Equities

Value	Value
Switzerland	2.4
Canada	2.6
China	3.1
Republic Of Korea	4.6
Netherlands	6.5
United States	9.7
Germany	9.9
Japan	11.9
France	15.6
United Kingdom	19.1

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.

International Equity Fund

Semi-Annual Shareholder Report - April 30, 2025

IE_C 0425

Class C: AILCX

American Beacon

International Equity Fund

Investor Class: AAIPX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Investor	$60	1.16%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$547,607,579
# of Portfolio Holdings	163
Portfolio Turnover Rate	25%
Total Management Fees Paid	$1,700,982

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Samsung Electronics Co. Ltd.	2.6
GSK PLC	2.3
Reckitt Benckiser Group PLC	2.2
Roche Holding AG	2.1
Barclays PLC	2.1
Prudential PLC	1.9
Sanofi SA	1.8
ING Groep NV	1.6
Societe Generale SA	1.6
British American Tobacco PLC	1.4

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	86.7
Common Stocks	9.7
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	0.6
Utilities	2.0
Energy	3.0
Communication Services	3.5
Materials	7.5
Consumer Staples	8.8
Health Care	10.6
Information Technology	11.4
Consumer Discretionary	13.9
Financials	18.2
Industrials	20.5

Top Ten Country Exposure - % Equities

Value	Value
Switzerland	2.4
Canada	2.6
China	3.1
Republic Of Korea	4.6
Netherlands	6.5
United States	9.7
Germany	9.9
Japan	11.9
France	15.6
United Kingdom	19.1

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.

International Equity Fund

Semi-Annual Shareholder Report - April 30, 2025

IE_Investor 0425

Investor Class: AAIPX

American Beacon

International Equity Fund

Class R5: AAIEX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
R5	$42	0.81%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$547,607,579
# of Portfolio Holdings	163
Portfolio Turnover Rate	25%
Total Management Fees Paid	$1,700,982

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Samsung Electronics Co. Ltd.	2.6
GSK PLC	2.3
Reckitt Benckiser Group PLC	2.2
Roche Holding AG	2.1
Barclays PLC	2.1
Prudential PLC	1.9
Sanofi SA	1.8
ING Groep NV	1.6
Societe Generale SA	1.6
British American Tobacco PLC	1.4

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	86.7
Common Stocks	9.7
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	0.6
Utilities	2.0
Energy	3.0
Communication Services	3.5
Materials	7.5
Consumer Staples	8.8
Health Care	10.6
Information Technology	11.4
Consumer Discretionary	13.9
Financials	18.2
Industrials	20.5

Top Ten Country Exposure - % Equities

Value	Value
Switzerland	2.4
Canada	2.6
China	3.1
Republic Of Korea	4.6
Netherlands	6.5
United States	9.7
Germany	9.9
Japan	11.9
France	15.6
United Kingdom	19.1

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.

International Equity Fund

Semi-Annual Shareholder Report - April 30, 2025

IE_R5 0425

Class R5: AAIEX

American Beacon

International Equity Fund

Class R6: AAERX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
R6	$36	0.69%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$547,607,579
# of Portfolio Holdings	163
Portfolio Turnover Rate	25%
Total Management Fees Paid	$1,700,982

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Samsung Electronics Co. Ltd.	2.6
GSK PLC	2.3
Reckitt Benckiser Group PLC	2.2
Roche Holding AG	2.1
Barclays PLC	2.1
Prudential PLC	1.9
Sanofi SA	1.8
ING Groep NV	1.6
Societe Generale SA	1.6
British American Tobacco PLC	1.4

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	86.7
Common Stocks	9.7
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	0.6
Utilities	2.0
Energy	3.0
Communication Services	3.5
Materials	7.5
Consumer Staples	8.8
Health Care	10.6
Information Technology	11.4
Consumer Discretionary	13.9
Financials	18.2
Industrials	20.5

Top Ten Country Exposure - % Equities

Value	Value
Switzerland	2.4
Canada	2.6
China	3.1
Republic Of Korea	4.6
Netherlands	6.5
United States	9.7
Germany	9.9
Japan	11.9
France	15.6
United Kingdom	19.1

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.

International Equity Fund

Semi-Annual Shareholder Report - April 30, 2025

IE_R6 0425

Class R6: AAERX

American Beacon

International Equity Fund

Class Y: ABEYX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Y	$45	0.88%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$547,607,579
# of Portfolio Holdings	163
Portfolio Turnover Rate	25%
Total Management Fees Paid	$1,700,982

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Samsung Electronics Co. Ltd.	2.6
GSK PLC	2.3
Reckitt Benckiser Group PLC	2.2
Roche Holding AG	2.1
Barclays PLC	2.1
Prudential PLC	1.9
Sanofi SA	1.8
ING Groep NV	1.6
Societe Generale SA	1.6
British American Tobacco PLC	1.4

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	86.7
Common Stocks	9.7
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	0.6
Utilities	2.0
Energy	3.0
Communication Services	3.5
Materials	7.5
Consumer Staples	8.8
Health Care	10.6
Information Technology	11.4
Consumer Discretionary	13.9
Financials	18.2
Industrials	20.5

Top Ten Country Exposure - % Equities

Value	Value
Switzerland	2.4
Canada	2.6
China	3.1
Republic Of Korea	4.6
Netherlands	6.5
United States	9.7
Germany	9.9
Japan	11.9
France	15.6
United Kingdom	19.1

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.

International Equity Fund

Semi-Annual Shareholder Report - April 30, 2025

IE_Y 0425

Class Y: ABEYX

American Beacon

Garcia Hamilton Quality Bond Fund

Investor Class: GHQPX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Investor	$42	0.83%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$257,903,100
# of Portfolio Holdings	26
Portfolio Turnover Rate	12%
Total Management Fees Paid	$387,889

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 4.000%, Due 2/15/2034	13.4
U.S. Treasury Notes, 3.500%, Due 2/15/2033	12.4
U.S. Treasury Notes, 1.875%, Due 2/15/2032	7.6
U.S. Treasury Bonds, 2.500%, Due 2/15/2045	6.5
Federal Home Loan Mortgage Corp., 2.500%, Due 3/1/2052	4.0
Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052	3.9
Federal Home Loan Mortgage Corp., 4.000%, Due 10/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 9/1/2042	3.8
Federal National Mortgage Association, 3.000%, Due 5/1/2052	3.7

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
U.S. Agency Mortgage-Backed Obligations	49.5
U.S. Treasury Obligations	43.4
Corporate Obligations	7.1

Industry Allocation - % Investments

Value	Value
Media	2.1
Electric	2.4
Banks	2.6
U.S. Treasury Obligations	43.4
U.S. Agency Mortgage-Backed Obligations	49.5

Excludes cash.

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. 

Garcia Hamilton Quality Bond Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

Garcia_Investor 0425

Investor Class: GHQPX

American Beacon

Garcia Hamilton Quality Bond Fund

Class R5: GHQIX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
R5	$23	0.45%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$257,903,100
# of Portfolio Holdings	26
Portfolio Turnover Rate	12%
Total Management Fees Paid	$387,889

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 4.000%, Due 2/15/2034	13.4
U.S. Treasury Notes, 3.500%, Due 2/15/2033	12.4
U.S. Treasury Notes, 1.875%, Due 2/15/2032	7.6
U.S. Treasury Bonds, 2.500%, Due 2/15/2045	6.5
Federal Home Loan Mortgage Corp., 2.500%, Due 3/1/2052	4.0
Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052	3.9
Federal Home Loan Mortgage Corp., 4.000%, Due 10/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 9/1/2042	3.8
Federal National Mortgage Association, 3.000%, Due 5/1/2052	3.7

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
U.S. Agency Mortgage-Backed Obligations	49.5
U.S. Treasury Obligations	43.4
Corporate Obligations	7.1

Industry Allocation - % Investments

Value	Value
Media	2.1
Electric	2.4
Banks	2.6
U.S. Treasury Obligations	43.4
U.S. Agency Mortgage-Backed Obligations	49.5

Excludes cash.

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. 

Garcia Hamilton Quality Bond Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

Garcia_R5 0425

Class R5: GHQIX

American Beacon

Garcia Hamilton Quality Bond Fund

Class R6: GHQRX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
R6	$21	0.41%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$257,903,100
# of Portfolio Holdings	26
Portfolio Turnover Rate	12%
Total Management Fees Paid	$387,889

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 4.000%, Due 2/15/2034	13.4
U.S. Treasury Notes, 3.500%, Due 2/15/2033	12.4
U.S. Treasury Notes, 1.875%, Due 2/15/2032	7.6
U.S. Treasury Bonds, 2.500%, Due 2/15/2045	6.5
Federal Home Loan Mortgage Corp., 2.500%, Due 3/1/2052	4.0
Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052	3.9
Federal Home Loan Mortgage Corp., 4.000%, Due 10/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 9/1/2042	3.8
Federal National Mortgage Association, 3.000%, Due 5/1/2052	3.7

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
U.S. Agency Mortgage-Backed Obligations	49.5
U.S. Treasury Obligations	43.4
Corporate Obligations	7.1

Industry Allocation - % Investments

Value	Value
Media	2.1
Electric	2.4
Banks	2.6
U.S. Treasury Obligations	43.4
U.S. Agency Mortgage-Backed Obligations	49.5

Excludes cash.

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. 

Garcia Hamilton Quality Bond Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

Garcia_R6 0425

Class R6: GHQRX

American Beacon

Garcia Hamilton Quality Bond Fund

Class Y: GHQYX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Y	$26	0.51%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$257,903,100
# of Portfolio Holdings	26
Portfolio Turnover Rate	12%
Total Management Fees Paid	$387,889

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 4.000%, Due 2/15/2034	13.4
U.S. Treasury Notes, 3.500%, Due 2/15/2033	12.4
U.S. Treasury Notes, 1.875%, Due 2/15/2032	7.6
U.S. Treasury Bonds, 2.500%, Due 2/15/2045	6.5
Federal Home Loan Mortgage Corp., 2.500%, Due 3/1/2052	4.0
Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052	3.9
Federal Home Loan Mortgage Corp., 4.000%, Due 10/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 9/1/2042	3.8
Federal National Mortgage Association, 3.000%, Due 5/1/2052	3.7

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
U.S. Agency Mortgage-Backed Obligations	49.5
U.S. Treasury Obligations	43.4
Corporate Obligations	7.1

Industry Allocation - % Investments

Value	Value
Media	2.1
Electric	2.4
Banks	2.6
U.S. Treasury Obligations	43.4
U.S. Agency Mortgage-Backed Obligations	49.5

Excludes cash.

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. 

Garcia Hamilton Quality Bond Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

Garcia_Y 0425

Class Y: GHQYX

American Beacon

IMC International Small Cap Fund

Investor Class: TIVFX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon IMC International Small Cap Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
Investor	$65	1.33%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$89,694,909
# of Portfolio Holdings	129
Portfolio Turnover Rate	117%
Total Management Fees Paid	$350,086

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

PharmaResearch Co. Ltd.	1.4
Hyundai Rotem Co. Ltd.	1.1
Next Vision Stabilized Systems Ltd.	1.1
Pop Mart International Group Ltd.	1.1
Van Lanschot Kempen NV	1.0
Scout24 SE	1.0
BPER Banca SpA	1.0
Sanki Engineering Co. Ltd.	1.0
Clas Ohlson AB, Class B	1.0
PAL GROUP Holdings Co. Ltd.	1.0

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	96.0
Securities Lending Collateral	2.1
Investment Companies	1.9

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Energy	0.9
Consumer Staples	3.7
Communication Services	6.0
Health Care	7.6
Information Technology	9.0
Materials	11.3
Consumer Discretionary	13.9
Financials	20.4
Industrials	27.2

Top Ten Country Exposure - % Equities

Value	Value
India	4.2
Taiwan	4.4
Italy	4.8
United Kingdom	4.9
Sweden	5.0
Canada	5.7
Republic Of Korea	8.0
Australia	9.9
China	11.5
Japan	13.3

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees of the American Beacon Funds, at the recommendation of American Beacon Advisors, Inc., has approved a change in the name of the American Beacon EAM International Small Cap Fund (the “Fund”) to the American Beacon IMC International Small Cap Fund to reflect a change in the name of the Fund’s sub-advisor from EAM Global Investors LLC to Global IMC LLC, and a change in the name of the sub-advisor’s direct majority owner from EAM Investors, LLC to The Informed Momentum Company LLC, effective February 24, 2025.

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.

IMC International Small Cap Fund

Semi-Annual Shareholder Report - April 30, 2025

EAM_Investor 0425

Investor Class: TIVFX

American Beacon

IMC International Small Cap Fund

Class R5: TOVIX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon IMC International Small Cap Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
R5	$45	0.91%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$89,694,909
# of Portfolio Holdings	129
Portfolio Turnover Rate	117%
Total Management Fees Paid	$350,086

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

PharmaResearch Co. Ltd.	1.4
Hyundai Rotem Co. Ltd.	1.1
Next Vision Stabilized Systems Ltd.	1.1
Pop Mart International Group Ltd.	1.1
Van Lanschot Kempen NV	1.0
Scout24 SE	1.0
BPER Banca SpA	1.0
Sanki Engineering Co. Ltd.	1.0
Clas Ohlson AB, Class B	1.0
PAL GROUP Holdings Co. Ltd.	1.0

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	96.0
Securities Lending Collateral	2.1
Investment Companies	1.9

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Energy	0.9
Consumer Staples	3.7
Communication Services	6.0
Health Care	7.6
Information Technology	9.0
Materials	11.3
Consumer Discretionary	13.9
Financials	20.4
Industrials	27.2

Top Ten Country Exposure - % Equities

Value	Value
India	4.2
Taiwan	4.4
Italy	4.8
United Kingdom	4.9
Sweden	5.0
Canada	5.7
Republic Of Korea	8.0
Australia	9.9
China	11.5
Japan	13.3

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees of the American Beacon Funds, at the recommendation of American Beacon Advisors, Inc., has approved a change in the name of the American Beacon EAM International Small Cap Fund (the “Fund”) to the American Beacon IMC International Small Cap Fund to reflect a change in the name of the Fund’s sub-advisor from EAM Global Investors LLC to Global IMC LLC, and a change in the name of the sub-advisor’s direct majority owner from EAM Investors, LLC to The Informed Momentum Company LLC, effective February 24, 2025.

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.

IMC International Small Cap Fund

Semi-Annual Shareholder Report - April 30, 2025

EAM_R5 0425

Class R5: TOVIX

American Beacon

IMC International Small Cap Fund

Class Y: TOVYX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon IMC International Small Cap Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
Y	$55	1.12%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$89,694,909
# of Portfolio Holdings	129
Portfolio Turnover Rate	117%
Total Management Fees Paid	$350,086

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

PharmaResearch Co. Ltd.	1.4
Hyundai Rotem Co. Ltd.	1.1
Next Vision Stabilized Systems Ltd.	1.1
Pop Mart International Group Ltd.	1.1
Van Lanschot Kempen NV	1.0
Scout24 SE	1.0
BPER Banca SpA	1.0
Sanki Engineering Co. Ltd.	1.0
Clas Ohlson AB, Class B	1.0
PAL GROUP Holdings Co. Ltd.	1.0

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	96.0
Securities Lending Collateral	2.1
Investment Companies	1.9

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Energy	0.9
Consumer Staples	3.7
Communication Services	6.0
Health Care	7.6
Information Technology	9.0
Materials	11.3
Consumer Discretionary	13.9
Financials	20.4
Industrials	27.2

Top Ten Country Exposure - % Equities

Value	Value
India	4.2
Taiwan	4.4
Italy	4.8
United Kingdom	4.9
Sweden	5.0
Canada	5.7
Republic Of Korea	8.0
Australia	9.9
China	11.5
Japan	13.3

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees of the American Beacon Funds, at the recommendation of American Beacon Advisors, Inc., has approved a change in the name of the American Beacon EAM International Small Cap Fund (the “Fund”) to the American Beacon IMC International Small Cap Fund to reflect a change in the name of the Fund’s sub-advisor from EAM Global Investors LLC to Global IMC LLC, and a change in the name of the sub-advisor’s direct majority owner from EAM Investors, LLC to The Informed Momentum Company LLC, effective February 24, 2025.

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.

IMC International Small Cap Fund

Semi-Annual Shareholder Report - April 30, 2025

EAM_Y 0425

Class Y: TOVYX

American Beacon

Large Cap Value Fund

Class A: ALVAX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Class A	$48	0.99%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,132,381,483
# of Portfolio Holdings	169
Portfolio Turnover Rate	14%
Total Management Fees Paid	$9,163,466

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Elevance Health, Inc.	1.9
Citigroup, Inc.	1.7
Exxon Mobil Corp.	1.7
F5, Inc.	1.6
Wells Fargo & Co.	1.6
Fidelity National Information Services, Inc.	1.5
Progressive Corp.	1.5
American International Group, Inc.	1.5
Cigna Group	1.5
Bank of America Corp.	1.5

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	90.3
Foreign Common Stocks	6.1
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.4
Materials	4.0
Communication Services	4.0
Consumer Discretionary	6.4
Consumer Staples	6.5
Utilities	7.7
Energy	8.6
Information Technology	10.3
Industrials	12.0
Health Care	14.6
Financials	23.5

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. 

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

LCV_A 0425

Class A: ALVAX

American Beacon

Large Cap Value Fund

Class Advisor: AVASX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Advisor Class	$54	1.11%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,132,381,483
# of Portfolio Holdings	169
Portfolio Turnover Rate	14%
Total Management Fees Paid	$9,163,466

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Elevance Health, Inc.	1.9
Citigroup, Inc.	1.7
Exxon Mobil Corp.	1.7
F5, Inc.	1.6
Wells Fargo & Co.	1.6
Fidelity National Information Services, Inc.	1.5
Progressive Corp.	1.5
American International Group, Inc.	1.5
Cigna Group	1.5
Bank of America Corp.	1.5

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	90.3
Foreign Common Stocks	6.1
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.4
Materials	4.0
Communication Services	4.0
Consumer Discretionary	6.4
Consumer Staples	6.5
Utilities	7.7
Energy	8.6
Information Technology	10.3
Industrials	12.0
Health Care	14.6
Financials	23.5

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. 

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

LCV_Advisor 0425

Class Advisor: AVASX

American Beacon

Large Cap Value Fund

Class C: ALVCX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Class C	$84	1.72%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,132,381,483
# of Portfolio Holdings	169
Portfolio Turnover Rate	14%
Total Management Fees Paid	$9,163,466

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Elevance Health, Inc.	1.9
Citigroup, Inc.	1.7
Exxon Mobil Corp.	1.7
F5, Inc.	1.6
Wells Fargo & Co.	1.6
Fidelity National Information Services, Inc.	1.5
Progressive Corp.	1.5
American International Group, Inc.	1.5
Cigna Group	1.5
Bank of America Corp.	1.5

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	90.3
Foreign Common Stocks	6.1
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.4
Materials	4.0
Communication Services	4.0
Consumer Discretionary	6.4
Consumer Staples	6.5
Utilities	7.7
Energy	8.6
Information Technology	10.3
Industrials	12.0
Health Care	14.6
Financials	23.5

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. 

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

LCV_C 0425

Class C: ALVCX

American Beacon

Large Cap Value Fund

Investor Class: AAGPX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Investor	$46	0.95%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,132,381,483
# of Portfolio Holdings	169
Portfolio Turnover Rate	14%
Total Management Fees Paid	$9,163,466

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Elevance Health, Inc.	1.9
Citigroup, Inc.	1.7
Exxon Mobil Corp.	1.7
F5, Inc.	1.6
Wells Fargo & Co.	1.6
Fidelity National Information Services, Inc.	1.5
Progressive Corp.	1.5
American International Group, Inc.	1.5
Cigna Group	1.5
Bank of America Corp.	1.5

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	90.3
Foreign Common Stocks	6.1
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.4
Materials	4.0
Communication Services	4.0
Consumer Discretionary	6.4
Consumer Staples	6.5
Utilities	7.7
Energy	8.6
Information Technology	10.3
Industrials	12.0
Health Care	14.6
Financials	23.5

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. 

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

LCV_Investor 0425

Investor Class: AAGPX

American Beacon

Large Cap Value Fund

Class R5: AADEX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
R5	$31	0.64%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,132,381,483
# of Portfolio Holdings	169
Portfolio Turnover Rate	14%
Total Management Fees Paid	$9,163,466

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Elevance Health, Inc.	1.9
Citigroup, Inc.	1.7
Exxon Mobil Corp.	1.7
F5, Inc.	1.6
Wells Fargo & Co.	1.6
Fidelity National Information Services, Inc.	1.5
Progressive Corp.	1.5
American International Group, Inc.	1.5
Cigna Group	1.5
Bank of America Corp.	1.5

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	90.3
Foreign Common Stocks	6.1
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.4
Materials	4.0
Communication Services	4.0
Consumer Discretionary	6.4
Consumer Staples	6.5
Utilities	7.7
Energy	8.6
Information Technology	10.3
Industrials	12.0
Health Care	14.6
Financials	23.5

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. 

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

LCV_R5 0425

Class R5: AADEX

American Beacon

Large Cap Value Fund

Class R6: AALRX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
R6	$30	0.61%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,132,381,483
# of Portfolio Holdings	169
Portfolio Turnover Rate	14%
Total Management Fees Paid	$9,163,466

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Elevance Health, Inc.	1.9
Citigroup, Inc.	1.7
Exxon Mobil Corp.	1.7
F5, Inc.	1.6
Wells Fargo & Co.	1.6
Fidelity National Information Services, Inc.	1.5
Progressive Corp.	1.5
American International Group, Inc.	1.5
Cigna Group	1.5
Bank of America Corp.	1.5

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	90.3
Foreign Common Stocks	6.1
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.4
Materials	4.0
Communication Services	4.0
Consumer Discretionary	6.4
Consumer Staples	6.5
Utilities	7.7
Energy	8.6
Information Technology	10.3
Industrials	12.0
Health Care	14.6
Financials	23.5

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. 

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

LCV_R6 0425

Class R6: AALRX

American Beacon

Large Cap Value Fund

Class Y: ABLYX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 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. 

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	Costs paid as a percentage of a $10,000 investment
Y	$35	0.71%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,132,381,483
# of Portfolio Holdings	169
Portfolio Turnover Rate	14%
Total Management Fees Paid	$9,163,466

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Elevance Health, Inc.	1.9
Citigroup, Inc.	1.7
Exxon Mobil Corp.	1.7
F5, Inc.	1.6
Wells Fargo & Co.	1.6
Fidelity National Information Services, Inc.	1.5
Progressive Corp.	1.5
American International Group, Inc.	1.5
Cigna Group	1.5
Bank of America Corp.	1.5

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	90.3
Foreign Common Stocks	6.1
Investment Companies	3.4
Securities Lending Collateral	0.2

The Fund may purchase and sell futures contracts to gain market exposure on cash balances. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.4
Materials	4.0
Communication Services	4.0
Consumer Discretionary	6.4
Consumer Staples	6.5
Utilities	7.7
Energy	8.6
Information Technology	10.3
Industrials	12.0
Health Care	14.6
Financials	23.5

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. 

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

LCV_Y 0425

Class Y: ABLYX

American Beacon

Small Cap Value Fund

Class A: ABSAX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
Class A	$56	1.21%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,520,924,033
# of Portfolio Holdings	421
Portfolio Turnover Rate	43%
Total Management Fees Paid	$14,783,348

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.6
Avnet, Inc.	1.2
PotlatchDeltic Corp.	1.1
Renasant Corp.	0.9
Enerpac Tool Group Corp.	0.9
Texas Capital Bancshares, Inc.	0.8
Coherent Corp.	0.8
NOV, Inc.	0.8
Stagwell, Inc.	0.8
Ciena Corp.	0.8

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	92.5
Investment Companies	3.7
Foreign Common Stocks	3.5
Securities Lending Collateral	0.3

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Communication Services	1.9
Consumer Staples	3.0
Health Care	3.5
Utilities	4.1
Real Estate	6.0
Energy	6.5
Materials	7.3
Information Technology	11.1
Consumer Discretionary	11.3
Industrials	20.5
Financials	24.8

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees (“Board”) of American Beacon Funds (the “Trust”), at the recommendation of American Beacon Advisors, Inc. (“AmBeacon”), has approved a new investment advisory agreement among AmBeacon, Westwood Management Corp. (“Westwood”), and the Trust, on behalf of the American Beacon Small Cap Value Fund (the “Fund”). Additionally, the Board has approved, at the recommendation of AmBeacon, the termination of Newton Investment Management North America, LLC (“NIMNA”) as sub-advisor to the Fund, effective March 7, 2025. Westwood began managing a portion of the assets of the Fund on March 28, 2025.

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. 

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

SCV_A 0425

Class A: ABSAX

American Beacon

Small Cap Value Fund

Class Advisor: AASSX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
Advisor Class	$59	1.28%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,520,924,033
# of Portfolio Holdings	421
Portfolio Turnover Rate	43%
Total Management Fees Paid	$14,783,348

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.6
Avnet, Inc.	1.2
PotlatchDeltic Corp.	1.1
Renasant Corp.	0.9
Enerpac Tool Group Corp.	0.9
Texas Capital Bancshares, Inc.	0.8
Coherent Corp.	0.8
NOV, Inc.	0.8
Stagwell, Inc.	0.8
Ciena Corp.	0.8

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	92.5
Investment Companies	3.7
Foreign Common Stocks	3.5
Securities Lending Collateral	0.3

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Communication Services	1.9
Consumer Staples	3.0
Health Care	3.5
Utilities	4.1
Real Estate	6.0
Energy	6.5
Materials	7.3
Information Technology	11.1
Consumer Discretionary	11.3
Industrials	20.5
Financials	24.8

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees (“Board”) of American Beacon Funds (the “Trust”), at the recommendation of American Beacon Advisors, Inc. (“AmBeacon”), has approved a new investment advisory agreement among AmBeacon, Westwood Management Corp. (“Westwood”), and the Trust, on behalf of the American Beacon Small Cap Value Fund (the “Fund”). Additionally, the Board has approved, at the recommendation of AmBeacon, the termination of Newton Investment Management North America, LLC (“NIMNA”) as sub-advisor to the Fund, effective March 7, 2025. Westwood began managing a portion of the assets of the Fund on March 28, 2025.

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. 

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

SCV_Advisor 0425

Class Advisor: AASSX

American Beacon

Small Cap Value Fund

Class C: ASVCX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
Class C	$90	1.95%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,520,924,033
# of Portfolio Holdings	421
Portfolio Turnover Rate	43%
Total Management Fees Paid	$14,783,348

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.6
Avnet, Inc.	1.2
PotlatchDeltic Corp.	1.1
Renasant Corp.	0.9
Enerpac Tool Group Corp.	0.9
Texas Capital Bancshares, Inc.	0.8
Coherent Corp.	0.8
NOV, Inc.	0.8
Stagwell, Inc.	0.8
Ciena Corp.	0.8

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	92.5
Investment Companies	3.7
Foreign Common Stocks	3.5
Securities Lending Collateral	0.3

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Communication Services	1.9
Consumer Staples	3.0
Health Care	3.5
Utilities	4.1
Real Estate	6.0
Energy	6.5
Materials	7.3
Information Technology	11.1
Consumer Discretionary	11.3
Industrials	20.5
Financials	24.8

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees (“Board”) of American Beacon Funds (the “Trust”), at the recommendation of American Beacon Advisors, Inc. (“AmBeacon”), has approved a new investment advisory agreement among AmBeacon, Westwood Management Corp. (“Westwood”), and the Trust, on behalf of the American Beacon Small Cap Value Fund (the “Fund”). Additionally, the Board has approved, at the recommendation of AmBeacon, the termination of Newton Investment Management North America, LLC (“NIMNA”) as sub-advisor to the Fund, effective March 7, 2025. Westwood began managing a portion of the assets of the Fund on March 28, 2025.

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. 

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

SCV_C 0425

Class C: ASVCX

American Beacon

Small Cap Value Fund

Investor Class: AVPAX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
Investor	$52	1.13%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,520,924,033
# of Portfolio Holdings	421
Portfolio Turnover Rate	43%
Total Management Fees Paid	$14,783,348

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.6
Avnet, Inc.	1.2
PotlatchDeltic Corp.	1.1
Renasant Corp.	0.9
Enerpac Tool Group Corp.	0.9
Texas Capital Bancshares, Inc.	0.8
Coherent Corp.	0.8
NOV, Inc.	0.8
Stagwell, Inc.	0.8
Ciena Corp.	0.8

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	92.5
Investment Companies	3.7
Foreign Common Stocks	3.5
Securities Lending Collateral	0.3

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Communication Services	1.9
Consumer Staples	3.0
Health Care	3.5
Utilities	4.1
Real Estate	6.0
Energy	6.5
Materials	7.3
Information Technology	11.1
Consumer Discretionary	11.3
Industrials	20.5
Financials	24.8

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees (“Board”) of American Beacon Funds (the “Trust”), at the recommendation of American Beacon Advisors, Inc. (“AmBeacon”), has approved a new investment advisory agreement among AmBeacon, Westwood Management Corp. (“Westwood”), and the Trust, on behalf of the American Beacon Small Cap Value Fund (the “Fund”). Additionally, the Board has approved, at the recommendation of AmBeacon, the termination of Newton Investment Management North America, LLC (“NIMNA”) as sub-advisor to the Fund, effective March 7, 2025. Westwood began managing a portion of the assets of the Fund on March 28, 2025.

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. 

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

SCV_Investor 0425

Investor Class: AVPAX

American Beacon

Small Cap Value Fund

Class R5: AVFIX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
R5	$36	0.79%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,520,924,033
# of Portfolio Holdings	421
Portfolio Turnover Rate	43%
Total Management Fees Paid	$14,783,348

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.6
Avnet, Inc.	1.2
PotlatchDeltic Corp.	1.1
Renasant Corp.	0.9
Enerpac Tool Group Corp.	0.9
Texas Capital Bancshares, Inc.	0.8
Coherent Corp.	0.8
NOV, Inc.	0.8
Stagwell, Inc.	0.8
Ciena Corp.	0.8

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	92.5
Investment Companies	3.7
Foreign Common Stocks	3.5
Securities Lending Collateral	0.3

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Communication Services	1.9
Consumer Staples	3.0
Health Care	3.5
Utilities	4.1
Real Estate	6.0
Energy	6.5
Materials	7.3
Information Technology	11.1
Consumer Discretionary	11.3
Industrials	20.5
Financials	24.8

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees (“Board”) of American Beacon Funds (the “Trust”), at the recommendation of American Beacon Advisors, Inc. (“AmBeacon”), has approved a new investment advisory agreement among AmBeacon, Westwood Management Corp. (“Westwood”), and the Trust, on behalf of the American Beacon Small Cap Value Fund (the “Fund”). Additionally, the Board has approved, at the recommendation of AmBeacon, the termination of Newton Investment Management North America, LLC (“NIMNA”) as sub-advisor to the Fund, effective March 7, 2025. Westwood began managing a portion of the assets of the Fund on March 28, 2025.

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. 

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

SCV_R5 0425

Class R5: AVFIX

American Beacon

Small Cap Value Fund

Class R6: AASRX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
R6	$35	0.76%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,520,924,033
# of Portfolio Holdings	421
Portfolio Turnover Rate	43%
Total Management Fees Paid	$14,783,348

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.6
Avnet, Inc.	1.2
PotlatchDeltic Corp.	1.1
Renasant Corp.	0.9
Enerpac Tool Group Corp.	0.9
Texas Capital Bancshares, Inc.	0.8
Coherent Corp.	0.8
NOV, Inc.	0.8
Stagwell, Inc.	0.8
Ciena Corp.	0.8

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	92.5
Investment Companies	3.7
Foreign Common Stocks	3.5
Securities Lending Collateral	0.3

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Communication Services	1.9
Consumer Staples	3.0
Health Care	3.5
Utilities	4.1
Real Estate	6.0
Energy	6.5
Materials	7.3
Information Technology	11.1
Consumer Discretionary	11.3
Industrials	20.5
Financials	24.8

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees (“Board”) of American Beacon Funds (the “Trust”), at the recommendation of American Beacon Advisors, Inc. (“AmBeacon”), has approved a new investment advisory agreement among AmBeacon, Westwood Management Corp. (“Westwood”), and the Trust, on behalf of the American Beacon Small Cap Value Fund (the “Fund”). Additionally, the Board has approved, at the recommendation of AmBeacon, the termination of Newton Investment Management North America, LLC (“NIMNA”) as sub-advisor to the Fund, effective March 7, 2025. Westwood began managing a portion of the assets of the Fund on March 28, 2025.

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. 

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

SCV_R6 0425

Class R6: AASRX

American Beacon

Small Cap Value Fund

Class Y: ABSYX

Semi-Annual Shareholder Report - April 30, 2025 

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 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	Costs paid as a percentage of a $10,000 investment
Y	$40	0.86%Footnote Reference*

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Total Net Assets	$3,520,924,033
# of Portfolio Holdings	421
Portfolio Turnover Rate	43%
Total Management Fees Paid	$14,783,348

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.6
Avnet, Inc.	1.2
PotlatchDeltic Corp.	1.1
Renasant Corp.	0.9
Enerpac Tool Group Corp.	0.9
Texas Capital Bancshares, Inc.	0.8
Coherent Corp.	0.8
NOV, Inc.	0.8
Stagwell, Inc.	0.8
Ciena Corp.	0.8

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	92.5
Investment Companies	3.7
Foreign Common Stocks	3.5
Securities Lending Collateral	0.3

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

Sector Allocation - % Equities

Value	Value
Communication Services	1.9
Consumer Staples	3.0
Health Care	3.5
Utilities	4.1
Real Estate	6.0
Energy	6.5
Materials	7.3
Information Technology	11.1
Consumer Discretionary	11.3
Industrials	20.5
Financials	24.8

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, 2026  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

The Board of Trustees (“Board”) of American Beacon Funds (the “Trust”), at the recommendation of American Beacon Advisors, Inc. (“AmBeacon”), has approved a new investment advisory agreement among AmBeacon, Westwood Management Corp. (“Westwood”), and the Trust, on behalf of the American Beacon Small Cap Value Fund (the “Fund”). Additionally, the Board has approved, at the recommendation of AmBeacon, the termination of Newton Investment Management North America, LLC (“NIMNA”) as sub-advisor to the Fund, effective March 7, 2025. Westwood began managing a portion of the assets of the Fund on March 28, 2025.

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. 

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Semi-Annual Shareholder Report - April 30, 2025

SCV_Y 0425

Class Y: ABSYX

Item 2. Code of Ethics

Not Applicable.

Item 3. Audit Committee Financial Expert

Not Applicable.

Item 4. Principal Accountant Fees and Services

Not Applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) The schedules of investments for each series of the Trust are included in the shareholder reports presented in Item 7.

(b) Not applicable.

Financial Statements and Other Information

Name of registrant: American Beacon Funds

Date of fiscal year end: October 31, 2025

Date of reporting period: April 30, 2025

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

American Beacon Funds

Table of Contents

Schedule of Investments:
American Beacon Balanced Fund	1
Financial Statements	15
Notes to the Financial Statements	18
Financial Highlights:
American Beacon Balanced Fund	44

Additional Fund Information Back Cover

Although information has been compiled from reliable sources, American Beacon Advisors, Inc. makes no representation as to the completeness or accuracy of the statements contained herein. All information is as of the end of the reporting period, unless noted otherwise, and is subject to change. Each Fund’s portfolio composition will change depending on economic and market conditions.

American Beacon Funds

April 30, 2025

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 53.43%
Communication Services - 3.03%
Entertainment - 0.58%
Electronic Arts, Inc.		2,766		$	401,319
Warner Bros Discovery, Inc.A		21,599			187,263
					588,582
Interactive Media & Services - 0.92%
Alphabet, Inc., Class A		5,851			929,139
Media - 1.53%
Comcast Corp., Class A		33,849			1,157,636
Omnicom Group, Inc.		2,986			227,413
Paramount Global, Class B		13,800			162,012
					1,547,061
Total Communication Services					3,064,782
Consumer Discretionary - 3.31%
Automobile Components - 0.14%
BorgWarner, Inc.		4,900			139,062
Automobiles - 0.68%
General Motors Co.		15,142			685,024
Hotels, Restaurants & Leisure - 1.93%
Carnival Corp.A		54,172			993,514
Las Vegas Sands Corp.		14,186			520,201
Wynn Resorts Ltd.		5,532			444,275
					1,957,990
Household Durables - 0.43%
Lennar Corp., Class A		4,001			434,549
Specialty Retail - 0.13%
Lithia Motors, Inc.		450			131,742
Total Consumer Discretionary					3,348,367
Consumer Staples - 2.92%
Beverages - 1.09%
Keurig Dr. Pepper, Inc.		31,997			1,106,776
Food Products - 0.74%
Conagra Brands, Inc.		7,500			185,325
Kraft Heinz Co.		19,300			561,630
					746,955
Tobacco - 1.09%
Philip Morris International, Inc.		6,465			1,107,843
Total Consumer Staples					2,961,574
Energy - 5.58%
Energy Equipment & Services - 1.55%
Baker Hughes Co.		10,200			361,080
Halliburton Co.		25,739			510,147
NOV, Inc.		39,000			452,790
Schlumberger NV		7,600			252,700
					1,576,717

See accompanying notes

1

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 53.43% (continued)
Energy - 5.58% (continued)
Oil, Gas & Consumable Fuels - 4.03%
APA Corp.		40,514		$	629,588
ConocoPhillips		2,536			226,008
Exxon Mobil Corp.		8,986			949,191
Hess Corp.		2,731			352,436
Murphy Oil Corp.		3,500			71,855
Ovintiv, Inc.		10,300			345,874
Permian Resources Corp.		31,009			365,906
Phillips 66		5,709			594,078
Shell PLC, ADR		8,435			543,889
					4,078,825
Total Energy					5,655,542
Financials - 10.99%
Banks - 5.33%
Bank of America Corp.		34,093			1,359,629
Citigroup, Inc.		15,457			1,056,950
Citizens Financial Group, Inc.		10,168			375,098
First Citizens BancShares, Inc., Class A		75			133,435
Truist Financial Corp.		5,700			218,538
U.S. Bancorp		12,400			500,216
Wells Fargo & Co.		17,448			1,238,982
Western Alliance Bancorp		7,375			514,111
					5,396,959
Capital Markets - 0.85%
Bank of New York Mellon Corp.		1,915			153,985
Goldman Sachs Group, Inc.		297			162,622
State Street Corp.		6,176			544,106
					860,713
Consumer Finance - 0.78%
American Express Co.		1,984			528,557
Capital One Financial Corp.		1,390			250,561
SLM Corp.		281			8,123
					787,241
Financial Services - 1.64%
Corebridge Financial, Inc.		9,600			284,448
Fidelity National Information Services, Inc.		17,504			1,380,716
					1,665,164
Insurance - 2.39%
American International Group, Inc.		16,323			1,330,651
Everest Group Ltd.		901			323,306
Hartford Insurance Group, Inc.		2,740			336,116
Willis Towers Watson PLC		1,413			434,921
					2,424,994
Total Financials					11,135,071
Health Care - 8.16%
Health Care Equipment & Supplies - 2.10%
GE HealthCare Technologies, Inc.		8,387			589,858
Medtronic PLC		13,848			1,173,756
Solventum Corp.A		2,100			138,852
Zimmer Biomet Holdings, Inc.		2,172			223,825
					2,126,291

See accompanying notes

2

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 53.43% (continued)
Health Care - 8.16% (continued)
Health Care Providers & Services - 3.96%
Centene Corp.A		4,460		$	266,931
Cigna Group		800			272,032
CVS Health Corp.		8,030			535,681
Elevance Health, Inc.		3,120			1,312,210
HCA Healthcare, Inc.		1,040			358,883
Humana, Inc.		1,410			369,758
Labcorp Holdings, Inc.		700			168,707
UnitedHealth Group, Inc.		1,779			731,952
					4,016,154
Life Sciences Tools & Services - 0.47%
Avantor, Inc.A		36,807			478,123
Pharmaceuticals - 1.63%
GSK PLC, ADRB		4,354			173,507
Merck & Co., Inc.		7,846			668,479
Sanofi SA, ADR		14,647			804,853
					1,646,839
Total Health Care					8,267,407
Industrials - 5.53%
Aerospace & Defense - 0.76%
Boeing Co.A		1,830			335,329
General Dynamics Corp.		550			149,666
RTX Corp.		2,300			290,099
					775,094
Air Freight & Logistics - 0.53%
FedEx Corp.		2,530			532,135
Building Products - 0.83%
Johnson Controls International PLC		10,008			839,671
Construction & Engineering - 0.35%
AECOM		2,763			272,570
Fluor Corp.A		2,300			80,247
					352,817
Electrical Equipment - 0.67%
Vertiv Holdings Co., Class A		7,981			681,418
Ground Transportation - 0.56%
JB Hunt Transport Services, Inc.		2,612			341,075
Norfolk Southern Corp.		1,000			224,050
					565,125
Machinery - 1.66%
CNH Industrial NV		28,080			324,886
Cummins, Inc.		1,762			517,746
Deere & Co.		320			148,339
Fortive Corp.		4,331			301,828
PACCAR, Inc.		2,958			266,841
Timken Co.		1,900			122,075
					1,681,715

See accompanying notes

3

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 53.43% (continued)
Industrials - 5.53% (continued)
Professional Services - 0.17%
Jacobs Solutions, Inc.		1,383		$	171,215
Total Industrials					5,599,190
Information Technology - 5.62%
Communications Equipment - 1.43%
F5, Inc.A		5,470			1,448,128
IT Services - 0.44%
Cognizant Technology Solutions Corp., Class A		6,018			442,744
Semiconductors & Semiconductor Equipment - 1.57%
Entegris, Inc.		3,104			245,588
Microchip Technology, Inc.		8,520			392,602
Micron Technology, Inc.		2,380			183,141
QUALCOMM, Inc.		5,194			771,101
					1,592,432
Software - 2.18%
Microsoft Corp.		800			316,208
Oracle Corp.		4,233			595,668
Workday, Inc., Class AA		5,290			1,296,050
					2,207,926
Total Information Technology					5,691,230
Materials - 2.83%
Chemicals - 1.94%
Air Products & Chemicals, Inc.		2,996			812,186
Axalta Coating Systems Ltd.A		17,389			565,142
Olin Corp.		10,200			220,524
PPG Industries, Inc.		3,400			370,124
					1,967,976
Construction Materials - 0.89%
CRH PLC		9,461			902,769
Total Materials					2,870,745
Real Estate - 1.54%
Industrial REITs - 0.31%
Prologis, Inc.		3,003			306,906
Specialized REITs - 1.23%
Public Storage		1,823			547,684
VICI Properties, Inc.		21,844			699,445
					1,247,129
Total Real Estate					1,554,035
Utilities - 3.92%
Electric Utilities - 3.26%
Entergy Corp.		14,212			1,182,012
Pinnacle West Capital Corp.		8,395			799,036
PPL Corp.		14,147			516,366
Xcel Energy, Inc.		11,335			801,384
					3,298,798

See accompanying notes

4

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - 53.43% (continued)
Utilities - 3.92% (continued)
Multi-Utilities - 0.66%
Dominion Energy, Inc.			12,400		$	674,312
Total Utilities						3,973,110
Total Common Stocks (Cost $43,028,671)						54,121,053
	Principal Amount
CORPORATE OBLIGATIONS - 13.29%
Basic Materials - 0.05%
Chemicals - 0.05%
EIDP, Inc., 1.700%, Due 7/15/2025		$	55,000			54,647
Communications - 1.60%
Internet - 0.49%
Amazon.com, Inc.,
1.200%, Due 6/3/2027			250,000			236,584
4.650%, Due 12/1/2029			250,000			256,319
						492,903
Media - 0.83%
Charter Communications Operating LLC/Charter Communications Operating Capital,
6.550%, Due 6/1/2034			90,000			92,694
6.484%, Due 10/23/2045			30,000			27,924
5.750%, Due 4/1/2048			115,000			98,043
Comcast Corp., 6.550%, Due 7/1/2039			217,000			238,616
Cox Communications, Inc.,
5.450%, Due 9/1/2034C			145,000			142,209
5.950%, Due 9/1/2054C			265,000			242,148
						841,634
Telecommunications - 0.28%
AT&T, Inc.,
3.800%, Due 12/1/2057			70,000			48,269
3.650%, Due 9/15/2059			95,000			62,855
Verizon Communications, Inc., 4.780%, Due 2/15/2035			181,000			175,639
						286,763
Total Communications						1,621,300
Consumer, Cyclical - 1.13%
Airlines - 0.05%
American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, 2019-1, AA			61,940			56,407
Entertainment - 0.18%
Warnermedia Holdings, Inc., 5.141%, Due 3/15/2052			260,000			178,748
Home Furnishings - 0.10%
Whirlpool Corp., 5.150%, Due 3/1/2043			125,000			97,963
Retail - 0.80%
Home Depot, Inc., 2.950%, Due 6/15/2029			500,000			475,494
Walmart, Inc.,
2.375%, Due 9/24/2029			150,000			140,072
7.550%, Due 2/15/2030			169,000			194,418
						809,984
Total Consumer, Cyclical						1,143,102
Consumer, Non-Cyclical - 0.84%
Beverages - 0.30%
PepsiCo, Inc., 4.450%, Due 5/15/2028			300,000			304,330

See accompanying notes

5

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 13.29% (continued)
Consumer, Non-Cyclical - 0.84% (continued)
Pharmaceuticals - 0.54%
Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029		$	560,000		$	541,169
Total Consumer, Non-Cyclical						845,499
Energy - 0.45%
Oil & Gas - 0.35%
BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)D E			150,000			149,212
Occidental Petroleum Corp., 5.550%, Due 10/1/2034			105,000			98,176
Ovintiv, Inc., 6.500%, Due 2/1/2038			105,000			101,911
						349,299
Pipelines - 0.10%
ONEOK Partners LP, 6.850%, Due 10/15/2037			45,000			47,526
Sempra Infrastructure Partners LP, 3.250%, Due 1/15/2032C			65,000			54,343
						101,869
Total Energy						451,168
Financial - 3.52%
Banks - 2.34%
Bank of America Corp.,
1.734%, Due 7/22/2027, (1 day USD SOFR + 0.960%)D			350,000			338,288
2.482%, Due 9/21/2036, (5 yr. CMT + 1.200%)D			335,000			279,034
6.110%, Due 1/29/2037			176,000			181,481
Citigroup, Inc., 5.875%, Due 1/30/2042			145,000			147,030
Fifth Third Bank NA, 2.250%, Due 2/1/2027			250,000			241,015
JPMorgan Chase & Co.,
6.500%, Due 4/1/2030, OO, (5 yr. CMT + 2.152%)D E			120,000			120,344
5.500%, Due 10/15/2040			313,000			315,154
Morgan Stanley, 2.484%, Due 9/16/2036, (1 day USD SOFR + 1.360%)D			355,000			295,588
PNC Financial Services Group, Inc., 2.550%, Due 1/22/2030			500,000			456,048
						2,373,982
Insurance - 1.18%
Berkshire Hathaway Finance Corp., 2.300%, Due 3/15/2027			300,000			291,327
Fidelity National Financial, Inc., 3.200%, Due 9/17/2051			55,000			32,469
Markel Group, Inc.,
5.000%, Due 5/20/2049			100,000			86,543
4.150%, Due 9/17/2050			105,000			79,027
3.450%, Due 5/7/2052			125,000			82,579
MetLife, Inc.,
6.375%, Due 6/15/2034			169,000			183,442
4.721%, Due 12/15/2044			193,000			169,163
Prudential Financial, Inc., 4.600%, Due 5/15/2044			313,000			269,843
						1,194,393
Total Financial						3,568,375
Industrial - 1.24%
Aerospace/Defense - 0.23%
RTX Corp., 6.125%, Due 7/15/2038			217,000			230,369
Machinery - Construction & Mining - 0.20%
Caterpillar Financial Services Corp., 4.375%, Due 8/16/2029			200,000			200,723
Machinery - Diversified - 0.45%
John Deere Capital Corp., 2.450%, Due 1/9/2030			500,000			461,296
Transportation - 0.36%
Burlington Northern Santa Fe LLC, 5.750%, Due 5/1/2040			202,000			208,481
CSX Corp., 5.500%, Due 4/15/2041			157,000			154,921
						363,402
Total Industrial						1,255,790

See accompanying notes

6

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 13.29% (continued)
Technology - 2.00%
Computers - 1.34%
Apple, Inc.,
1.400%, Due 8/5/2028		$	200,000		$	184,777
2.200%, Due 9/11/2029			300,000			278,593
Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045			500,000			495,076
International Business Machines Corp., 4.250%, Due 5/15/2049			500,000			397,720
						1,356,166
Semiconductors - 0.66%
Foundry JV Holdco LLC, 6.300%, Due 1/25/2039C			200,000			207,133
NVIDIA Corp., 1.550%, Due 6/15/2028			500,000			465,148
						672,281
Total Technology						2,028,447
Utilities - 2.46%
Electric - 2.46%
Appalachian Power Co., 4.500%, Due 3/1/2049, Y			210,000			166,849
Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036			235,000			247,409
Consolidated Edison Co. of New York, Inc., 5.500%, Due 12/1/2039, 09-C			169,000			168,451
Dominion Energy, Inc.,
6.875%, Due 2/1/2055, A, (5 yr. CMT + 2.386%)D			115,000			118,414
6.625%, Due 5/15/2055, (5 yr. CMT + 2.207%)D			175,000			172,065
DTE Energy Co., 1.050%, Due 6/1/2025, F			75,000			74,738
Duke Energy Carolinas LLC,
5.250%, Due 3/15/2035			55,000			55,735
6.000%, Due 1/15/2038			40,000			42,132
6.050%, Due 4/15/2038			115,000			121,124
Duke Energy Corp., 5.800%, Due 6/15/2054			95,000			91,176
Duke Energy Progress LLC,
4.150%, Due 12/1/2044			75,000			60,858
4.200%, Due 8/15/2045			30,000			24,445
Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, A-2			265,000			220,630
Entergy Corp.,
2.800%, Due 6/15/2030			30,000			27,254
7.125%, Due 12/1/2054, (5 yr. CMT + 2.670%)D			45,000			45,245
Pacific Gas & Electric Co., 5.550%, Due 5/15/2029			40,000			40,583
PacifiCorp,
4.150%, Due 2/15/2050			125,000			93,730
5.350%, Due 12/1/2053			95,000			84,486
5.500%, Due 5/15/2054			155,000			140,527
Public Service Enterprise Group, Inc.,
5.450%, Due 4/1/2034			45,000			45,422
5.400%, Due 3/15/2035			70,000			70,195
Sempra,
6.400%, Due 10/1/2054, (5 yr. CMT + 2.632%)D			135,000			123,064
6.875%, Due 10/1/2054, (5 yr. CMT + 2.789%)D			100,000			96,617
6.550%, Due 4/1/2055, (5 yr. CMT + 2.138%)D			45,000			41,158
6.625%, Due 4/1/2055, (5 yr. CMT + 2.354%)D			80,000			75,669
System Energy Resources, Inc., 5.300%, Due 12/15/2034			45,000			44,362
						2,492,338
Total Utilities						2,492,338
Total Corporate Obligations (Cost $14,031,159)						13,460,666
FOREIGN CORPORATE OBLIGATIONS - 3.38%
Communications - 0.31%
Telecommunications - 0.31%
America Movil SAB de CV, 6.375%, Due 3/1/2035			169,000			182,389
Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042C			150,000			135,230
						317,619
Total Communications						317,619

See accompanying notes

7

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 3.38% (continued)
Consumer, Cyclical - 0.35%
Auto Manufacturers - 0.35%
Mercedes-Benz Finance North America LLC, 5.250%, Due 11/29/2027C		$	350,000		$	355,630
Consumer, Non-Cyclical - 1.48%
Agriculture - 0.41%
BAT Capital Corp.,
6.000%, Due 2/20/2034			35,000			36,549
4.540%, Due 8/15/2047			260,000			204,588
Reynolds American, Inc., 5.700%, Due 8/15/2035			175,000			175,877
						417,014
Beverages - 0.50%
Anheuser-Busch InBev Worldwide, Inc., 5.450%, Due 1/23/2039			500,000			505,956
Pharmaceuticals - 0.57%
Bayer U.S. Finance II LLC, 3.950%, Due 4/15/2045C			245,000			170,075
Bayer U.S. Finance LLC,
6.125%, Due 11/21/2026C			200,000			203,518
6.875%, Due 11/21/2053C			200,000			203,248
						576,841
Total Consumer, Non-Cyclical						1,499,811
Energy - 0.87%
Oil & Gas - 0.39%
Saudi Arabian Oil Co., 4.375%, Due 4/16/2049C			500,000			394,397
Pipelines - 0.48%
Enbridge, Inc.,
7.200%, Due 6/27/2054, (5 yr. CMT + 2.970%)D			115,000			114,303
7.375%, Due 3/15/2055, (5 yr. CMT + 3.122%)D			290,000			292,008
TransCanada PipeLines Ltd., 6.100%, Due 6/1/2040			82,000			82,501
						488,812
Total Energy						883,209
Financial - 0.37%
Banks - 0.08%
HBOS PLC, 6.000%, Due 11/1/2033C			80,000			80,038
Diversified Financial Services - 0.15%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.950%, Due 3/10/2055, (5 yr. CMT + 2.720%)D			150,000			150,500
Insurance - 0.14%
Fairfax Financial Holdings Ltd., 6.350%, Due 3/22/2054			140,000			140,295
Total Financial						370,833
Total Foreign Corporate Obligations (Cost $3,499,515)						3,427,102
FOREIGN SOVEREIGN OBLIGATIONS - 0.63%
Israel Government International Bonds, 5.500%, Due 3/12/2034			200,000			198,220
Mexico Government International Bonds,
4.280%, Due 8/14/2041			250,000			186,098
3.771%, Due 5/24/2061			450,000			255,586
Total Foreign Sovereign Obligations (Cost $681,319)						639,904

See accompanying notes

8

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Principal Amount			Fair Value
ASSET-BACKED OBLIGATIONS - 1.25%
Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022-1 A3		$	19,410		$	19,359
AmeriCredit Automobile Receivables Trust, 4.380%, Due 4/18/2028, 2022-2 A3			20,782			20,766
BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022-A A3			8,855			8,830
CNH Equipment Trust, 5.420%, Due 10/15/2027, 2024-B A2A			24,913			24,968
Compass Datacenters Issuer III LLC, 5.656%, Due 2/25/2050, 2025-1A A2C			75,000			74,864
Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021-2 AC			110,000			105,398
GM Financial Consumer Automobile Receivables Trust, 4.620%, Due 12/17/2029, 2025-1 A3			90,000			90,885
GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021-1 AC			90,000			86,154
Honda Auto Receivables Owner Trust,
1.880%, Due 5/15/2026, 2022-1 A3			16,838			16,764
4.570%, Due 9/21/2029, 2025-1 A3			85,000			85,810
John Deere Owner Trust,
2.320%, Due 9/15/2026, 2022-A A3			15,577			15,505
3.740%, Due 2/16/2027, 2022-B A3			39,991			39,833
New Economy Assets - Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021-1 A1C			125,000			117,354
Porsche Financial Auto Securitization Trust, 4.440%, Due 1/22/2030, 2024-1A A3C			165,000			165,645
Porsche Innovative Lease Owner Trust, 4.670%, Due 11/22/2027, 2024-1A A3C			100,000			100,293
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2IIC			98,250			89,074
Toyota Auto Loan Extended Note Trust, 1.350%, Due 5/25/2033, 2020-1A AC			135,000			134,680
Toyota Auto Receivables Owner Trust, 1.230%, Due 6/15/2026, 2022-A A3			6,177			6,163
World Omni Automobile Lease Securitization Trust, 4.420%, Due 4/17/2028, 2025-A A3			60,000			60,146
Total Asset-Backed Obligations (Cost $1,283,589)						1,262,491
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.24%
BX Commercial Mortgage Trust, 5.136%, Due 9/15/2036, 2021-VOLT A, (1 mo. USD Term SOFR + 0.814%)C D			140,000			138,688
NRTH Mortgage Trust, 5.963%, Due 3/15/2039, 2024-PARK A, (1 mo. USD Term SOFR + 1.641%)C D			100,000			99,281
Total Commercial Mortgage-Backed Obligations (Cost $239,761)						237,969
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.54%
Federal Home Loan Mortgage Corp.,
3.500%, Due 9/1/2028			5,318			5,254
3.000%, Due 11/1/2032			31,891			31,040
5.000%, Due 8/1/2033			12,016			12,192
5.500%, Due 2/1/2034			11,750			12,058
2.500%, Due 6/1/2035			52,824			49,294
2.000%, Due 3/1/2036			157,658			143,316
4.000%, Due 1/1/2041			37,903			36,572
4.500%, Due 2/1/2041			26,873			26,620
2.500%, Due 9/1/2041			125,564			110,381
3.500%, Due 5/1/2042			125,459			116,729
3.500%, Due 6/1/2042			126,256			118,110
3.000%, Due 4/1/2047			113,220			98,823
3.000%, Due 8/1/2048			103,175			91,339
2.500%, Due 7/1/2050			69,594			58,273
2.500%, Due 12/1/2050			63,888			53,552
2.500%, Due 11/1/2051			124,973			105,119
2.000%, Due 2/1/2052			115,571			92,435
2.000%, Due 3/1/2052			206,084			163,476
2.500%, Due 5/1/2052			101,847			85,384
6.000%, Due 3/1/2053			65,501			67,287
4.500%, Due 5/1/2053			95,875			91,693
5.000%, Due 8/1/2053			200,472			196,384
6.000%, Due 8/1/2053			168,840			171,734
5.500%, Due 9/1/2053			108,992			110,113
5.500%, Due 2/1/2054			302,014			302,318
6.000%, Due 4/1/2054			140,547			143,962
6.000%, Due 8/1/2054			99,795			101,795
5.000%, Due 9/1/2054			155,019			152,308
						2,747,561

See accompanying notes

9

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Principal Amount			Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.54% (continued)
Federal National Mortgage Association,
3.500%, Due 1/1/2028		$	4,870		$	4,822
5.000%, Due 3/1/2034			13,176			13,342
4.500%, Due 4/1/2034			23,501			23,603
3.000%, Due 10/1/2034			3,091			2,968
2.000%, Due 11/1/2035			104,325			95,285
2.000%, Due 12/1/2035			48,677			44,464
3.500%, Due 6/1/2037			69,462			67,206
5.500%, Due 6/1/2038			3,022			3,082
4.500%, Due 1/1/2040			27,504			27,191
5.000%, Due 5/1/2040			47,171			47,521
5.000%, Due 6/1/2040			31,273			31,505
4.000%, Due 9/1/2040			26,159			25,220
4.000%, Due 1/1/2041			52,062			50,170
2.500%, Due 11/1/2041			100,785			88,599
3.000%, Due 6/1/2043			244,223			221,161
3.000%, Due 8/1/2043			222,204			200,808
4.000%, Due 7/1/2045			53,574			50,841
3.500%, Due 8/1/2045			24,138			22,252
3.500%, Due 11/1/2045			239,126			220,246
3.500%, Due 1/1/2046			93,322			86,031
3.500%, Due 5/1/2046			24,400			22,418
4.000%, Due 7/1/2046			52,651			50,030
3.000%, Due 10/1/2046			19,721			17,467
3.000%, Due 11/1/2046			115,694			103,183
3.500%, Due 3/1/2047			27,673			25,391
4.500%, Due 7/1/2047			12,436			12,077
4.500%, Due 8/1/2047			22,106			21,492
3.500%, Due 9/1/2047			36,483			33,396
4.500%, Due 4/1/2048			10,343			10,008
4.500%, Due 7/1/2048			59,772			58,135
4.500%, Due 10/1/2049			70,054			67,746
4.000%, Due 11/1/2049			142,899			134,340
2.500%, Due 8/1/2050			309,001			258,731
3.000%, Due 8/1/2050			88,057			77,108
2.500%, Due 9/1/2050			100,419			84,143
2.500%, Due 10/1/2050			46,944			39,263
3.000%, Due 10/1/2050			95,341			83,621
2.000%, Due 3/1/2051			148,556			119,591
2.000%, Due 4/1/2051			231,557			185,030
3.000%, Due 5/1/2051			106,249			93,130
3.000%, Due 6/1/2051			108,077			94,351
3.500%, Due 6/1/2051			124,608			112,742
2.000%, Due 7/1/2051			238,593			190,780
3.500%, Due 7/1/2051			106,838			97,227
2.500%, Due 8/1/2051			223,241			187,220
3.000%, Due 11/1/2051			75,914			65,892
2.000%, Due 1/1/2052			364,196			292,436
2.500%, Due 2/1/2052			190,676			160,254
3.500%, Due 5/1/2052			142,004			128,271
4.000%, Due 6/1/2052			164,782			154,166
5.000%, Due 6/1/2052			264,746			262,724
3.000%, Due 7/1/2052			108,539			94,923
4.500%, Due 10/1/2052			163,151			156,585
5.000%, Due 12/1/2052			121,352			119,110
5.000%, Due 4/1/2053			81,949			80,940
4.500%, Due 6/1/2053			103,715			100,158
5.500%, Due 10/1/2053			192,826			192,328
6.000%, Due 1/1/2054			214,301			219,358
5.500%, Due 2/1/2054			201,034			201,730

See accompanying notes

10

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Principal Amount			Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.54% (continued)
Federal National Mortgage Association, (continued)
6.500%, Due 6/1/2054		$	40,651		$	42,253
5.500%, Due 11/1/2054			209,903			209,658
						5,985,723
Government National Mortgage Association,
6.500%, Due 8/15/2027			1,857			1,877
6.500%, Due 11/15/2027			2,550			2,584
7.500%, Due 12/15/2028			3,912			4,013
5.500%, Due 7/15/2033			12,182			12,653
6.000%, Due 12/15/2033			17,110			17,794
5.500%, Due 2/20/2034			17,490			18,057
5.000%, Due 10/15/2039			34,375			34,678
3.500%, Due 9/15/2041			68,857			64,164
3.500%, Due 8/20/2047			13,408			12,301
3.500%, Due 10/20/2047			12,275			11,259
4.000%, Due 1/20/2048			61,474			57,727
5.000%, Due 1/20/2050			28,380			28,201
4.500%, Due 2/20/2050			26,789			25,931
5.000%, Due 2/20/2050			14,525			14,458
2.500%, Due 4/20/2050			130,637			111,527
2.500%, Due 6/20/2051			130,554			111,113
3.000%, Due 6/20/2051			56,264			49,775
2.500%, Due 7/20/2051			204,604			174,096
3.000%, Due 8/20/2051			128,985			115,490
2.500%, Due 11/20/2051			104,617			89,017
3.000%, Due 12/20/2051			249,068			220,231
3.500%, Due 1/20/2052			90,756			82,377
4.000%, Due 3/20/2052			94,257			87,986
2.500%, Due 4/20/2052			58,898			50,115
4.500%, Due 9/20/2052			123,657			118,826
5.000%, Due 4/20/2053			239,097			235,176
5.500%, Due 7/20/2053			190,928			191,211
						1,942,637
Total U.S. Agency Mortgage-Backed Obligations (Cost $11,489,824)						10,675,921
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.90%
Federal Farm Credit Banks Funding Corp.,
4.375%, Due 10/24/2029			250,000			255,347
3.750%, Due 1/25/2030			300,000			297,481
Federal Home Loan Banks, 4.500%, Due 12/14/2029			350,000			359,420
						912,248
Total U.S. Government Agency Obligations (Cost $904,577)						912,248
U.S. TREASURY OBLIGATIONS - 9.01%
U.S. Treasury Bonds,
6.875%, Due 8/15/2025			179,000			180,492
5.250%, Due 11/15/2028			217,000			228,206
4.750%, Due 2/15/2037			304,000			318,511
4.500%, Due 8/15/2039			241,000			241,621
2.750%, Due 8/15/2042			250,000			193,008
2.875%, Due 5/15/2049			500,000			362,988
						1,524,826
U.S. Treasury Notes,
0.250%, Due 5/31/2025			2,130,000			2,122,484
2.000%, Due 11/15/2026			500,000			487,090
2.500%, Due 3/31/2027			250,000			244,775
4.125%, Due 10/31/2027			250,000			253,008
2.875%, Due 5/15/2028			200,000			195,672
2.875%, Due 8/15/2028			300,000			292,887
2.625%, Due 2/15/2029			450,000			433,266

See accompanying notes

11

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Principal Amount			Fair Value
U.S. TREASURY OBLIGATIONS - 9.01% (continued)
U.S. Treasury Notes, (continued)
2.875%, Due 4/30/2029		$	300,000		$	290,941
2.375%, Due 5/15/2029			450,000			427,922
1.625%, Due 8/15/2029			350,000			321,836
1.750%, Due 11/15/2029			200,000			183,883
3.500%, Due 1/31/2030			350,000			346,185
4.000%, Due 2/28/2030			250,000			252,891
3.625%, Due 9/30/2031			200,000			196,641
4.375%, Due 1/31/2032			150,000			153,738
4.125%, Due 11/15/2032			250,000			252,012
3.500%, Due 2/15/2033			250,000			241,103
3.875%, Due 8/15/2033			200,000			197,109
4.000%, Due 2/15/2034			300,000			297,234
4.375%, Due 5/15/2034			120,000			122,086
3.875%, Due 8/15/2034			300,000			293,391
						7,606,154
Total U.S. Treasury Obligations (Cost $9,532,721)						9,130,980
	Shares
FOREIGN COMMON STOCKS - 4.17%
Communication Services - 0.38%
Media - 0.38%
WPP PLC, ADRB			9,900			381,744
Consumer Discretionary - 1.48%
Automobile Components - 1.48%
Aptiv PLCA			17,175			980,006
Magna International, Inc.B			15,104			525,015
						1,505,021
Total Consumer Discretionary						1,505,021
Consumer Staples - 0.54%
Beverages - 0.26%
Anheuser-Busch InBev SA, ADRB			4,000			263,240
Personal Products - 0.28%
Unilever PLC, ADR			4,440			282,162
Total Consumer Staples						545,402
Energy - 0.12%
Oil, Gas & Consumable Fuels - 0.12%
Cenovus Energy, Inc.			10,600			124,762
Financials - 0.47%
Banks - 0.47%
Bank of Nova Scotia			9,537			476,659
Information Technology - 1.18%
Communications Equipment - 0.89%
Telefonaktiebolaget LM Ericsson, ADR			109,130			899,231
Electronic Equipment, Instruments & Components - 0.29%
TE Connectivity PLC			2,008			293,931
Total Information Technology						1,193,162
Total Foreign Common Stocks (Cost $4,191,432)						4,226,750

See accompanying notes

12

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
SHORT-TERM INVESTMENTS - 2.58% (Cost $2,609,616)
Investment Companies - 2.58%
American Beacon U.S. Government Money Market Select Fund, 4.25% F G		2,609,616		$	2,609,616
SECURITIES LENDING COLLATERAL - 0.28% (Cost $283,511)
Investment Companies - 0.28%
American Beacon U.S. Government Money Market Select Fund, 4.25% F G		283,511			283,511
TOTAL INVESTMENTS - 99.70% (Cost $91,775,695)					100,988,211
OTHER ASSETS, NET OF LIABILITIES - 0.30%					304,694
TOTAL NET ASSETS - 100.00%				$	101,292,905
Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at April 30, 2025 (Note 9).

^C Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $3,299,400 or 3.26% of net assets. The Fund has no right to demand registration of these securities.

^D Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on April 30, 2025.

^E Perpetual maturity. The date shown, if any, is the next call date.

^F The Fund is affiliated by having the same investment advisor.

^G 7-day yield.

ADR - American Depositary Receipt.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

PRIME - A rate, charged by banks, based on the U.S. Federal Funds rate.

REITs – Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

Long Futures Contracts Open on April 30, 2025:
Equity Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 Index Futures		10		June 2025	$	2,737,903	$	2,793,500	$	55,597
					$	2,737,903	$	2,793,500	$	55,597

Glossary:

Index Abbreviations:
S&P 500	Standard & Poor’s 500 Index - U.S. Equity Large-Cap Index.
Exchange Abbreviations:
CME	Chicago Mercantile Exchange.

See accompanying notes

13

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2025, the investments were classified as described below:

Balanced Fund	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	54,121,053	$	-	$	–	$	54,121,053
Corporate Obligations		-		13,460,666		-		13,460,666
Foreign Corporate Obligations		-		3,427,102		-		3,427,102
Foreign Sovereign Obligations		-		639,904		-		639,904
Asset-Backed Obligations		-		1,262,491		-		1,262,491
Commercial Mortgage-Backed Obligations		-		237,969		-		237,969
U.S. Agency Mortgage-Backed Obligations		-		10,675,921		-		10,675,921
U.S. Government Agency Obligations		-		912,248		-		912,248
U.S. Treasury Obligations		-		9,130,980		-		9,130,980
Foreign Common Stocks		4,226,750		-		-		4,226,750
Short-Term Investments		2,609,616		-		-		2,609,616
Securities Lending Collateral		283,511		-		-		283,511
Total Investments in Securities - Assets	$	61,240,930	$	39,747,281	$	–	$	100,988,211
Financial Derivative Instruments - Assets
Futures Contracts	$	55,597	$	-	$	–	$	55,597
Total Financial Derivative Instruments - Assets	$	55,597	$	-	$	–	$	55,597

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2025, there were no transfers into or out of Level 3.

See accompanying notes

14

American Beacon Balanced Fund^SM

Statement of Assets and Liabilities

April 30, 2025 (Unaudited)

Assets:
Investments in unaffiliated securities, at fair value†§	$	98,095,084
Investments in affiliated securities, at fair value‡		2,893,127
Cash collateral held at broker for futures contracts		276,000
Dividends and interest receivable		366,741
Receivable for investments sold		65,546
Receivable for fund shares sold		143,011
Receivable for tax reclaims		1,969
Receivable for variation margin on open futures contracts (Note 5)		55,586
Prepaid expenses		46,893
Total assets		101,943,957
Liabilities:
Payable for investments purchased		34,654
Payable for fund shares redeemed		57,760
Cash due to broker for futures contracts		53,995
Management and sub-advisory fees payable (Note 2)		74,325
Service fees payable (Note 2)		18,475
Transfer agent fees payable (Note 2)		9,407
Payable upon return of securities loaned (Note 9)§		283,511
Custody and fund accounting fees payable		48,533
Professional fees payable		41,464
Trustee fees payable (Note 2)		196
Payable for prospectus and shareholder reports		26,128
Other liabilities		2,604
Total liabilities		651,052
Commitments and contingent liabilities (Note 1 and Note 2)
Net assets	$	101,292,905
Analysis of net assets:
Paid-in-capital	$	86,350,817
Total distributable earnings (deficits)A		14,942,088
Net assets	$	101,292,905
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		712,269
Y Class		1,863,461
Investor Class		3,543,398
Advisor Class		88,816
A Class		1,634,996
C Class		377,713
Net assets:
R5 Class	$	10,169,929
Y Class	$	26,910,575
Investor Class	$	40,244,627
Advisor Class	$	1,134,362
A Class	$	18,472,907
C Class	$	4,360,505
Net asset value, offering and redemption price per share:
R5 Class	$	14.28
Y Class	$	14.44
Investor Class	$	11.36
Advisor Class	$	12.77
A Class	$	11.30
A Class (offering price)	$	11.99
C Class	$	11.54
† Cost of investments in unaffiliated securities	$	88,882,568
‡ Cost of investments in affiliated securities	$	2,893,127
§ Fair value of securities on loan	$	1,254,312
A The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at period end.

See accompanying notes

15

American Beacon Balanced Fund^SM

Statement of Operations

For the period ended April 30, 2025 (Unaudited)

Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	713,548
Dividend income from affiliated securities (Note 2)		55,837
Interest income		886,934
Income derived from securities lending (Note 9)		5,542
Total investment income		1,661,861
Expenses:
Management and sub-advisory fees (Note 2)		276,957
Transfer agent fees (Note 2):
R5 Class		1,560
Y Class		13,914
Investor Class		9,849
Advisor Class		53
A Class		626
C Class		313
Custody and fund accounting fees		48,573
Professional fees		35,964
Registration fees and expenses		43,557
Service fees (Note 2):
Investor Class		61,009
Advisor Class		1,348
A Class		8,115
C Class		2,191
Distribution fees (Note 2):
Advisor Class		1,404
A Class		24,042
C Class		25,138
Prospectus and shareholder report expenses		19,746
Trustee fees (Note 2)		4,620
Line of credit interest expense (Note 10)		694
Other expenses		15,019
Total expenses		594,692
Net investment income		1,067,169
Realized and unrealized gain (loss) from investments:
Net realized gain (loss) from:
Investments in unaffiliated securitiesA		5,479,601
Foreign currency transactions		(85	)
Futures contracts		(185,443	)
Change in net unrealized appreciation (depreciation) of:
Investments in unaffiliated securitiesB		(8,610,518	)
Futures contracts		68,106
Net (loss) from investments		(3,248,339	)
Net decrease in net assets resulting from operations	$	(2,181,170	)
† Foreign taxes	$	12,162
A The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities.
B The Fund’s investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end.

See accompanying notes

16

American Beacon Balanced Fund^SM

Statement of Changes in Net Assets

	Six Months Ended April 30, 2025			Year Ended October 31, 2024
	(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	1,067,169		$	2,201,559
Net realized gain from investments in unaffiliated securities, foreign currency transactions, and futures contracts		5,294,073			10,712,391
Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts		(8,542,412	)		11,262,065
Net increase (decrease) in net assets resulting from operations		(2,181,170	)		24,176,015
Distributions to shareholders:
Total retained earnings:
R5 Class		(892,327	)		(279,743	)
Y Class		(2,192,920	)		(642,271	)
Investor Class		(4,201,307	)		(1,254,933	)
Advisor Class		(94,599	)		(23,498	)
A Class		(1,896,091	)		(436,711	)
C Class		(485,465	)		(167,049	)
Net distributions to shareholders		(9,762,709	)		(2,804,205	)
Capital share transactions (Note 11):
Proceeds from sales of shares		5,933,685			17,376,789
Reinvestment of dividends and distributions		9,431,082			2,717,398
Cost of shares redeemed		(16,259,998	)		(34,058,581	)
Net (decrease) in net assets from capital share transactions		(895,231	)		(13,964,394	)
Net increase (decrease) in net assets		(12,839,110	)		7,407,416
Net assets:
Beginning of period		114,132,015			106,724,599
End of period	$	101,292,905		$	114,132,015

See accompanying notes

17

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of April 30, 2025, the Trust consists of twenty-seven active series, one of which is presented in this filing: American Beacon Balanced Fund (the “Fund”). The remaining twenty-six active series are reported in separate filings.

American Beacon Advisors, Inc. (the “Manager”) is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. (“RIM”) organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. (“Topco”), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Fund adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Funds acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statement of operations.

18

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Class Disclosure

The Fund has multiple classes of shares designed to meet the needs of different groups of investors. The following table sets forth the differences amongst the classes:

Class	Eligible Investors	Minimum Initial Investments
R5 Class	Large institutional investors - sold directly or through intermediary channels.	$	250,000
Y Class	Large institutional retirement plan investors - sold directly or through intermediary channels.	$	100,000
Investor Class	All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors.	$	2,500
Advisor Class	All investors who invest through intermediary organizations, such as broker-dealers or third party administrators.	$	2,500
A Class	All investors who invest through intermediary organizations, such as broker-dealers or third party administrator. Retail investors who invest directly through a financial intermediary such as a broker, bank, or registered investment advisor which may include a front-end sales charge and a contingent deferred sales charge (“CDSC”).	$	2,500
C Class	Retail investors who invest directly through a financial intermediary, such as a broker or through employee directed benefit plans with applicable sales charges which may include CDSC.	$	1,000

Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses are allocated daily to each class based on the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include service, distribution, transfer agent fees, and sub-transfer agent fees that vary amongst the classes as described more fully in Note 2.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Fund in preparation of the financial statements. The Fund is considered an investment company and accordingly, follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, a part of Generally Accepted Accounting Principles (“U.S. GAAP”).

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Fund. Tax reclaim accruals are automatically generated on accounting and custody systems at the time of the income event based on the tax databases maintained by the Fund’s custodian. Reconciliations are performed between custody and accounting systems to help ensure reclaim accruals are in line. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. For convertible securities, premiums attributable to the conversion feature are not amortized. Realized gains (losses) from securities sold are determined on the basis of specific lot identification. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on

19

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on a non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed for non-accrual when the issuer resumes interest payments or when collectability of interest is probable. Realized gains (losses) from securities sold are determined on the basis of specific lot identification.

Distributions to Shareholders

The Fund distributes most or all of its net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income on a quarterly basis and distributions of realized net capital gains and net gains or losses from foreign currency transactions on an annual basis. The Fund does not have a fixed dividend rate and does not guarantee that it will pay any distributions in any particular period. Dividends to shareholders are determined in accordance with federal income tax regulations, which may differ in amount and character from net investment income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Fund may designate earnings and profits distributed to shareholders on the redemption of shares.

Commission Recapture

The Fund has established brokerage commission recapture arrangements with certain brokers or dealers. If the Fund’s investment advisor chooses to execute a transaction through a participating broker, the broker rebates a portion of the commission back to the Fund. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Fund. This amount is reported with the net realized gain (loss) in the Fund’s Statement of Operations, if applicable.

Allocation of Income, Trust Expenses, Gains, and Losses

Investment income and realized and unrealized gains and losses from investments of the Fund are allocated daily to each class of shares based upon the relative proportion of net assets of each class to the total net assets of the Fund. Expenses directly charged or attributable to the Fund will be paid from the assets of the Fund. Generally, expenses of the Trust will be allocated among and charged to the assets of the Fund on a basis that the Trust’s Board deems fair and equitable, which may be based on the relative net assets of the Fund or nature of the services performed and relative applicability to the Fund.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

Other

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities. The Trust’s maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Fund and the Manager are parties to a Management Agreement that obligates the Manager to provide the Fund with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized management fee based on a percentage of the Fund’s average daily net assets that is calculated and accrued daily according to the following schedule:

First $15 billion	0.35	%
Next $15 billion	0.325	%
Over $30 billion	0.30	%

The Manager also receives a fee of 0.15% of the average daily net assets of the Fund as compensation for the management of a portion of the Fund’s assets.

The Trust, on behalf of the Fund, and the Manager have entered into Investment Advisory Agreements with Barrow, Hanley, Mewhinney & Strauss, LLC and Hotchkis and Wiley Capital Management, LLC (the “Sub-Advisors”) pursuant to which the Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on the Fund’s average daily net assets.

The Management and Sub-Advisory Fees paid by the Fund for the period ended April 30, 2025 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	188,198
Sub-Advisory Fees		0.17	%		88,759
Total		0.52	%	$	276,957

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statement of Operations. During the period ended April 30, 2025, the Manager received securities lending fees of $488 for the securities lending activities of the Fund.

Distribution Plans

Separate Distribution Plans (the “Distribution Plans”) have been adopted pursuant to Rule 12b-1 under the Act for the Advisor, A, and C Classes of the Fund. Under the Distribution Plans, as compensation for distribution and shareholder servicing assistance, the Manager receives an annual fee of 0.25% of the average daily net assets of the Advisor and A Classes and 1.00% of the average daily net assets of the C Class. The fee will be payable without regard to whether the amount of the fee is more or less than the actual expenses incurred in a particular month by the Manager for distribution assistance.

Service Plans

The Manager and the Trust entered into a Service Plan that obligates the Manager to oversee additional shareholder servicing of the Investor, Advisor, A, and C Classes of the Fund. As compensation for performing the duties required under the Service Plan, the Manager receives an annualized fee up to 0.25% of the average daily net assets of the A and C Classes, up to 0.25% of the average daily net assets of the Advisor Class, and up to 0.375% of the average daily net assets of the Investor Class of the Fund.

21

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the R5 and Y Classes of the Fund and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of its customers who hold positions in the Fund. Certain services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly by the Fund’s transfer agent. Accordingly, the Fund, pursuant to Board approval, has agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis. During the period ended April 30, 2025, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statement of Operations, were as follows:

Fund	Sub-Transfer Agent Fees
Balanced	$	14,406

As of April 30, 2025, the Fund owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statement of Assets and Liabilities:

Fund	Reimbursement Sub-Transfer Agent Fees
Balanced	$	2,253

Investments in Affiliated Funds

The Fund may invest in the American Beacon U.S. Government Money Market Select Fund (the “USG Select Fund”). Cash collateral received by the Fund in connection with securities lending may also be invested in the USG Select Fund. The Fund listed below held the following shares with an April 30, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund		April 30, 2025 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		April 30, 2025 Fair Value
U.S. Government Money Market Select	Direct		Balanced	$	2,609,616	$	-	$	-	$	55,837	$	2,609,616
U.S. Government Money Market Select	Securities Lending		Balanced		283,511		-		-		N/A		283,511

The Fund and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the period ended April 30, 2025, the Manager earned fees on the Fund’s direct investments and securities lending collateral investments in the USG Select Fund as shown below:

Fund	Direct Investments in USG Select Fund		Securities Lending Collateral Investments in USG Select Fund		Total
Balanced	$	1,302	$	102	$	1,404

22

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Fund, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. When the fund liquidates portfolio securities to meet redemption requests, they often do not receive payment in settlement for up to two days (or longer for certain foreign transactions). Redemption requests normally are satisfied on the next business day. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended April 30, 2025, the Fund did not utilize the credit facility.

Expense Reimbursement Plan

The Fund has adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Fund for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Fund’s annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or time of recoupment. During the period ended April 30, 2025 there were no waived fees, expenses reimbursed, or recouped expenses, and no commitment or contingent liability is expected.

Sales Commissions

The Fund’s Distributor, Resolute Investment Distributors, Inc. (“RID” or “Distributor”), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended April 30, 2025, RID collected $2,898 from the sale of A Class Shares of the Fund.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the period ended April 30, 2025, there were no CDSC fees collected for the A Class Shares of the Fund.

A CDSC of 1.00% will be deducted with respect to C Class Shares redeemed within 12 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended April 30, 2025, CDSC fees of $8 were collected for C Class Shares of the Fund.

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the “Trusts”), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. Security Valuation and Fair Value Measurements

The price of the Fund’s shares is based on its net asset value (“NAV”) per share. The Fund’s NAV is computed by adding total assets, subtracting all the Fund’s liabilities, and dividing the result by the total number of shares outstanding.

The NAV of each class of the Fund’s shares is determined based on a pro rata allocation of the Fund’s investment income, expenses and total capital gains and losses. The Fund’s NAV per share is determined each business day as of the regular close of trading on the New York Stock Exchange (“NYSE” or “Exchange”), which is typically 4:00 p.m. Eastern Time (“ET”). However, if trading on the NYSE closes at a time other than 4:00 p.m. ET, the Fund’s NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Fund does not price its shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when the Fund is not open for business, which may result in the value of the Fund’s portfolio investments being affected at a time when you are unable to buy or sell shares.

Equity securities, including shares of closed-end funds and exchange-traded funds (“ETFs”), are valued at the last sale price or official closing price taken from the primary exchange in which each security trades. Investments in other mutual funds are valued at the closing NAV per share on the day of valuation. Debt securities are valued at bid quotes from broker/dealers or evaluated bid prices from pricing services, who may consider a number of inputs and factors, such as prices of comparable securities, yield curves, spreads, credit ratings, coupon rates, maturity, default rates, and underlying collateral. Futures are valued based on their daily settlement prices. Exchange-traded and over-the-counter (“OTC”) options are valued at the last sale price. Options with no last sale for the day are priced at mid quote. Swaps are valued at evaluated mid prices from pricing services.

The valuation of securities traded on foreign markets and certain fixed-income securities will generally be based on prices determined as of the earlier closing time of the markets on which they primarily trade unless a significant event has occurred. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. ET.

Rule 2a-5 under the Investment Company Act (the “Valuation Rule”) establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are “readily available,” which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits the Board to designate the Manager as Valuation Designee to perform the Fund’s fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Manager’s fair value determinations. Effective September 8, 2022, the Board has designated the Manager as valuation designee to perform fair value functions in accordance with the requirements of the Valuation Rule.

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager’s procedures, under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and when market quotations are not readily available or reliable, as determined by the Manager, such as when (i) trading for a security is restricted or stopped; (ii) a security’s trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security’s true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by the Fund occurs after the close of a related exchange but before the determination of the Fund’s NAV, fair value pricing may be used on the affected security or securities. Securities of small-capitalization companies are also more likely to require a fair value determination using these procedures because they are more thinly traded and less liquid than the securities of larger-capitalization companies. The Fund may fair value securities as a result of significant events occurring after the close of the foreign markets in which the Fund invests as described below. In addition, the Fund may invest in illiquid securities requiring these procedures.

The Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund’s pricing time of 4:00 p.m. ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. If the Manager determines that the last quoted prices of non-U.S. securities will, in its judgment, materially affect the value of some or all the Fund’s portfolio securities, the Manager can adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. These securities are fair valued using a pricing service, using methods approved by the Manager, that considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts (“ADRs”) and futures contracts. The Manager’s Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. The Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day’s opening prices in the same markets and adjusted prices.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, the Manager compares the new market quotation to the fair value price to evaluate the effectiveness of the Fund’s fair valuation procedures. If any significant discrepancies are found, the Manager may adjust Manager’s fair valuation procedures for the Fund.

Valuation Inputs

Various inputs may be used to determine the fair value of the Fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.
Level 3	-	Prices determined using other significant unobservable inputs. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment.

25

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Level 1 and Level 2 trading assets and trading liabilities, at fair value

Common stocks, preferred securities and financial derivative instruments, such as futures contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.

With respect to the Fund’s investments that do not have readily available market quotations, the Board has designated the Adviser as its valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). If market prices are not readily available or are deemed unreliable, the Valuation Designee will use the fair value of the security or other instrument as determined in good faith under policies and procedures established by and under the oversight of the Board (“Valuation Procedures”). Market prices are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund’s portfolio holdings or assets. In addition, market prices are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade do not open for trading for the entire day and no other market prices are available. Fair value pricing is subjective in nature and the use of fair value pricing by the Valuation Designee may cause the NAV of the Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that the Fund could obtain the fair value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed-income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, and non-U.S. bonds are normally valued by pricing service providers that use broker dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. Fixed-income securities purchased on a delayed-delivery basis are marked-to-market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities (“ABS”) are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows, and market-based yield spreads for each tranche, and incorporates deal collateral performance, as available. Mortgage-related and ABS that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

4. Securities and Other Investments

Agency Mortgage-Backed Securities

Certain mortgage-backed securities (“MBS”) may be issued or guaranteed by the U.S. government or a government sponsored entity, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Although these instruments may be guaranteed by the U.S. government or a government sponsored entity, many such MBS are not backed by the full faith and credit of the United States and are still exposed to the risk of non-payment.

26

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

American Depositary Receipts and Non-Voting Depositary Receipts

ADRs are depositary receipts for foreign issuers in registered form traded in U.S. securities markets. Non-Voting Depositary Receipts (“NVDRs”) represent financial interests in an issuer but the holder is not entitled to any voting rights. Depositary receipts may not be denominated in the same currency as the securities into which they may be converted. Investing in depositary receipts entails substantially the same risks as direct investment in foreign securities. There is generally less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. In addition, such companies may use different accounting and financial standards (and certain currencies may become unavailable for transfer from a foreign currency), resulting in the Fund’s possible inability to convert immediately into U.S. currency proceeds realized upon the sale of portfolio securities of the affected foreign companies. In addition, the Fund may invest in unsponsored depositary receipts, the issuers of which are not obligated to disclose material information about the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the Fund to the same benefits and rights as ownership of a sponsored depositary receipt or the underlying security.

Asset-Backed Securities (“ABS”)

ABS are securities issued by trusts and special purpose entities that are backed by pools of assets, such as automobile and credit-card receivables, home equity loans, and student loans, which pass through the payments on the underlying obligations to the security holders (less servicing fees paid to the originator or fees for any credit enhancement). Typically, loans or accounts receivable paper are transferred from the originator to a specially created trust, which repackages the trust’s interests as securities with a minimum denomination and a specific term. The securities are then privately placed or publicly offered. Examples include certificates for automobile receivables and so-called plastic bonds, backed by credit card receivables. The Fund is permitted to invest in ABS, subject to the Fund’s rating and quality requirements.

The value of an ABS is affected by, among other things, changes in the market’s perception of the asset backing the security, the creditworthiness of the servicing agent for the loan pool, the originator of the loans and the financial institution providing any credit enhancement. Payments of principal and interest passed through to holders of ABS are frequently supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guarantee by another entity or by having a priority to certain of the borrower’s other assets. The degree of credit enhancement varies, and generally applies to only a portion of the ABS’s par value. Value is also affected if any credit enhancement has been exhausted.

Common Stock

Common stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

27

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Fixed-Income Investments

The Fund may hold debt, including government and corporate debt, and other fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. For example, while securities with longer maturities tend to produce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are, therefore, more volatile than shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates. Fixed-income securities are also subject to credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. In addition, there is prepayment risk, which is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as MBS and ABS, may be prepaid by their issuers thereby reducing the amount of interest payments. This may result in the Fund having to reinvest its proceeds in lower yielding securities. Securities underlying MBS and ABS, which may include subprime mortgages, also may be subject to a higher degree of credit risk, valuation risk, and liquidity risk.

Illiquid and Restricted Securities

Generally, an illiquid asset is an asset that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to Rule 22e-4 under the Act or as otherwise permitted or required by SEC rules and interpretations. Historically, illiquid securities have included securities that have not been registered under the Securities Act, securities that are otherwise not readily marketable, and repurchase agreements having a remaining maturity of longer than seven calendar days. Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. These securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. A large institutional market exists for certain securities that are not registered under the Securities Act, including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer’s ability to honor a demand for repayment. However, the fact that there are contractual or legal restrictions on resale of such investments to the general public or to certain institutions may not be indicative of their liquidity.

Limitations on resale may have an adverse effect on the marketability of portfolio securities, and the Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven calendar days. In addition, the Fund may get only limited information about an issuer, so it may be less able to predict a loss. The Fund also might have to register such restricted securities in order to dispose of them resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

In recognition of the increased size and liquidity of the institutional market for unregistered securities and the importance of institutional investors in the formation of capital, the SEC adopted Rule 144A under the Securities Act. Rule 144A is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by the Fund qualify under Rule 144A and an institutional market develops for those securities, the Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could increase the level of the Fund’s illiquidity. The Manager or the Sub-Advisor, as applicable, may determine that certain securities qualified for trading under Rule 144A are liquid. Regulation S under the Securities Act permits the sale abroad of securities that are not registered for sale in the United States and includes a provision for U.S. investors, such as the Fund, to purchase such unregistered securities if certain conditions are met.

28

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Securities sold in private placement offerings made in reliance on the “private placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act and resold to qualified institutional buyers under Rule 144A under the Securities Act (“Section 4(a)(2) securities”) are restricted as to disposition under the federal securities laws, and generally are sold to institutional investors, such as the Fund, that agree they are purchasing the securities for investment and not with an intention to distribute to the public. Any resale by the purchaser must be pursuant to an exempt transaction and may be accomplished in accordance with Rule 144A. Section 4(a)(2) securities normally are resold to other institutional investors through or with the assistance of the issuer or dealers that make a market in the Section 4(a)(2) securities, thus providing liquidity. The Manager and the sub-advisor will carefully monitor the Fund’s investments in Section 4(a)(2) securities offered and sold under Rule 144A, focusing on such important factors, among others, as valuation, liquidity, and availability of information. Investments in Section 4(a)(2) securities could have the effect of reducing the Fund’s liquidity to the extent that qualified institutional buyers no longer wish to purchase these restricted securities.

Restricted securities outstanding during the period ended April 30, 2025 are disclosed in the Notes to the Schedule of Investments.

Mortgage-Backed Securities

MBS often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In practice however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities’ effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of the Fund’s portfolio at the time resulting in reinvestment risk.

Rising or high interest rates may result in slower than expected principal payments which may tend to extend the duration of MBS, making them more volatile and more sensitive to changes in interest rates. This is known as extension risk.

MBS may have less potential for capital appreciation than comparable fixed-income securities due to the likelihood of increased prepayments of mortgages resulting from foreclosures or declining interest rates. These foreclosed or refinanced mortgages are paid off at face value (par) or less, causing a loss, particularly for any investor who may have purchased the security at a premium or a price above par. In such an environment, this risk limits the potential price appreciation of these securities.

Mortgage-Related and Other Asset-Backed Securities

The Fund may invest in mortgage or other ABS. These securities may include mortgage instruments issued by U.S. government agencies (“agency mortgages”) or those issued by private entities (“non-agency mortgages”). Specific types of instruments may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by a payable from, mortgage loans on real property. The value of the Fund’s MBS may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The mortgages underlying the securities may default or decline in quality or value. Through its investments in MBS, the Fund has exposure to subprime loans, Alt-A loans and non-conforming loans as well as to the mortgage and credit markets generally. Underlying collateral related to subprime, Alt-A and non-conforming mortgage loans has become increasingly susceptible to defaults and declines in quality or value, especially in a declining residential real estate market. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole.

29

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Other Investment Company Securities and Other Exchange-Traded Products

The Fund may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies (“BDCs”), ETFs, unit investment trusts, and other investment companies of the Trust. The Fund may invest in securities of an investment company advised by the Manager or the Sub-Advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, the Fund shareholders indirectly will bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Fund shareholders directly bear in connection with the Fund’s own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Fund in its Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer’s portfolio securities.

Privately Issued Mortgage-Backed Securities

Pools created by non-governmental issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government guarantees of payments in such pools. However, timely payment of interest and principal of these pools is often partially supported by various enhancements such as over-collateralization and senior/subordination structures and by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance. The insurance and guarantees are issued by government entities, private insurers or the mortgage poolers. Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable.

Publicly Traded Partnerships/Master Limited Partnerships (“MLPs”)

The Fund may invest in publicly traded partnerships such as MLPs. MLPs issue units that are registered with the SEC and are freely tradable on a securities exchange or in the OTC market. An MLP may have one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. The general partner or partners are jointly and severally responsible for the liabilities of the MLP. (An MLP also may be an entity similar to a limited partnership, such as an LLC, which has one or more managers or managing members and non-managing members (who are like limited partners)). The Fund invests in an MLP as a limited partner and normally would not be liable for the debts of an MLP beyond the amount the Fund has invested therein, but it would not be shielded to the same extent that a shareholder of a corporation would be. In certain instances, creditors of an MLP would have the right to seek a return of capital that had been distributed to a limited partner. The right of an MLP’s creditors would continue even after the Fund had sold its investment in the partnership. MLPs typically invest in real estate and oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

Real Estate Investment Trusts (“REITs”)

REITs are pooled investment vehicles that own, and often operate, income producing real estate or invest in mortgages secured by loans on such real estate or both. REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increase in property taxes, operating expenses, rising interest rates or overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

U.S. Government Agency Securities

U.S. Government agency securities are issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Some obligations issued by U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Treasury; others by the right of the issuer to borrow from the U.S. Treasury; others

30

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

by discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and others only by the credit of the agency or instrumentality. U.S. Government securities bear fixed, floating or variable rates of interest. While the U.S. Government currently provides financial support to certain U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so, since it is not so obligated by law. U.S. Government securities include U.S. Treasury bills, notes and bonds, Federal Home Loan Bank (“FHLB”) obligations, Federal Farm Credit Bank (“FFCB”) obligations, U.S. Government agency obligations and repurchase agreements secured thereby. U.S. Government agency securities are subject to credit risk and interest rate risk.

U.S. Treasury Obligations

U.S. Treasury obligations include bills (initial maturities of one year or less), notes (initial maturities between two and ten years), and bonds (initial maturities over ten years) issued by the U.S. Treasury, Separately Traded Registered Interest and Principal component parts of such obligations (known as “STRIPS”) and inflation-indexed securities. The prices of these securities (like all debt securities) change between issuance and maturity in response to fluctuating market interest rates. U.S. Treasury obligations are subject to credit risk and interest rate risk.

Variable or Floating Rate Obligations

The interest rates payable on certain fixed-income securities in which the Fund may invest are not fixed and may fluctuate based upon changes in market rates. A variable rate obligation has an interest rate which is adjusted at predesignated periods in response to changes in the market rate of interest on which the interest rate is based. Variable and floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons.

5. Financial Derivative Instruments

The Fund may utilize derivative instruments to gain market exposure on cash balances or reduce market exposure in anticipation of liquidity needs. When considering the Fund’s use of derivatives, it is important to note that the Fund does not use derivatives for the purpose of creating financial leverage.

Futures Contracts

A futures contract is a contract to purchase or sell a particular security, or the cash value of an asset, such as securities, indices, or currencies, at a specified future date at a price agreed upon when the contract is made. Under many such contracts, no delivery of the actual underlying asset is required. Rather, upon the expiration of the contract, settlement is made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the asset (e.g., a security or an index) at expiration, net of the initial and variation margin that was previously paid. An equity index futures contract is based on the value of an underlying index. The Fund may, from time to time, use futures positions to equitize cash and expose its portfolio to changes in securities prices or index prices. This can magnify gains and losses in the Fund. The Fund also may have to sell assets at inopportune times to satisfy its settlement or collateral obligations. The risks associated with the use of futures contracts also include that there may be an imperfect correlation between the changes in market value of the prices of futures contracts and the assets underlying such contracts and that there may not be a liquid secondary market for a futures contract.

During the period ended April 30, 2025, the Fund entered into futures contracts primarily for exposing cash to markets.

31

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

The Fund’s average futures contracts outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

Average Futures Contracts Outstanding
Fund	Period Ended April 30, 2025
Balanced		9

The following is a summary of the fair valuations of the Fund’s derivative instruments categorized by risk exposure⁽¹⁾:

Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:

Derivatives not accounted for as hedging instruments

Assets:

Credit contracts

Foreign exchange contracts

Commodity contracts

Interest rate contracts

Equity contracts

Total

Receivable for variation margin from open futures contracts(2)

$

–

$

–

$

–

$

–

$

55,597

$

55,597

The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:

Derivatives not accounted for as hedging instruments

Realized gain (loss) from derivatives recognized as a result of operations

Credit contracts

Foreign exchange contracts

Commodity contracts

Interest rate contracts

Equity contracts

Total

Futures contracts

$

–

$

–

$

–

$

–

$

(185,443

)

$

(185,443

)

Net change in unrealized appreciation (depreciation) of derivatives recognized as a result from operations:

Credit contracts

Foreign exchange contracts

Commodity contracts

Interest rate contracts

Equity contracts

Total

Futures contracts

$

–

$

–

$

–

$

–

$

68,106

$

68,106

⁽¹⁾ See Note 3 in the Notes to Financial Statements for additional information.

⁽²⁾ Includes cumulative appreciation (depreciation) of futures contracts as reported in the Fund’s Schedule of Investments footnotes. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The Fund is a party to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Fund employs multiple money managers and counterparties and has elected not to offset qualifying financial and derivative instruments on the Statement of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, April 30, 2025.

Offsetting of Financial and Derivative Assets as of April 30, 2025:
	Assets			Liabilities
Futures Contracts(1)	$	55,597		$	-
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	55,597		$	-
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	(55,597	)	$	-

32

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

	Remaining Contractual Maturity of the Agreements As of April 30, 2025
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	283,511	$	-		-	$	-	$	283,511
Total Borrowings	$	283,511	$	-	$	-	$	-	$	283,511
Gross amount of recognized liabilities for securities lending transactions									$	283,511

⁽¹⁾ Includes cumulative appreciation or (depreciation) of futures contracts as reported in the Schedule of Investments footnotes. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

6. Principal Risks

Investing in the Fund may involve certain risks including, but not limited to, those described below.

Asset-Backed Securities Risk

Investments in asset-backed securities are influenced by factors affecting the assets underlying the securities, including the broader market sector and individual markets, such as the auto markets. These securities may be more sensitive to changes in interest rates than other types of debt securities. Investments in asset-backed securities also are subject to risks of fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. These securities are also subject to the risk of default on the underlying assets, particularly during periods of market downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security’s value.

Credit Risk

The Fund is subject to the risk that the issuer or guarantor of a debt security, or the counterparty to a derivatives contract or a loan will fail to make timely payment of interest or principal or otherwise honor its obligations or default completely. A decline in the credit rating of an individual security held by the Fund may have an adverse impact on its price and make it difficult for the Fund to sell it. Ratings represent a rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer’s ability to make timely payments on its obligations. Credit risk is typically greater for securities with ratings that are below investment grade.

Cybersecurity and Operational Risk

Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.

33

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Environmental, Social, and/or Governance Investing Risk

The use of environmental, social, and/or governance (“ESG”) considerations by a sub-advisor may cause the Fund to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations.

Equity Investments Risk

Equity securities are subject to investment risk and market risk. The Fund’s investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, REITs, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Fund to additional risk. The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities’ investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock.

Foreign Exposure Risk

The Fund’s exposure to a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with that country. Global economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

Futures Contracts Risk

Futures contracts are derivative instruments where one party pays a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There can be no assurance that any strategy used will succeed. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). Futures contracts on indices expose the Fund to volatility in an underlying index. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways.

34

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Illiquid and Restricted Securities Risk

Securities not registered in the U.S. under the Securities Act, including Rule 144A securities, are restricted as to their resale. Such securities may not be listed on an exchange and may have no active trading market. They may be more difficult to purchase or sell at an advantageous time or price because such securities may not be readily marketable in broad public markets. The Fund may not be able to sell a restricted security when the sub-advisor considers it desirable to do so and/or may have to sell the security at a lower price than the Fund believes is its fair market value. In addition, transaction costs may be higher for restricted securities and the Fund may receive only limited information regarding the issuer of a restricted security. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.

Interest Rate Risk

Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction to movements in interest rates. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could cause the value of the Fund’s investments to decline. Interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to the Fund. Interest rate changes may have a more pronounced effect on the market value of fixed-rate instruments than on floating-rate instruments. The value of floating rate and variable securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The prices of fixed-income securities or derivatives are also affected by their durations. Fixed-income securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates. Rising interest rates may cause the value of the Fund’s investments with longer durations and terms to maturity to decline, which may adversely affect the value of the Fund. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond. An increase in interest rates can impact markets broadly as well. To the extent the Fund holds an investment with a negative interest rate to maturity, the Fund may generate a negative return on that investment.

Liquidity Risk

The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or impossible to purchase or sell at favorable times or prices, or become less liquid in response to market developments or adverse credit events that may affect issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Market prices for such instruments may be volatile. The Fund could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund. For example, liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Unexpected redemptions may force the Fund to sell certain investments at unfavorable prices to meet redemption requests or other cash needs. Judgment plays a greater role in pricing illiquid investments than in investments with more active markets.

Market Risk

The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund’s performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline.

35

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, including the U.S. presidential election, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Mortgage-Backed and Mortgage Related Securities Risk

Investments in mortgage-backed and mortgage-related securities are influenced by the factors affecting the mortgages underlying the securities or the housing market. Investments in mortgage-backed and mortgage-related securities also are subject to market risks for fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, prepayment risk, extension risk, callable securities risk, and valuation risk. A decline in the credit quality of the issuers of mortgage-backed and mortgage-related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. These securities are also subject to the risk of default on the underlying mortgages, particularly during periods of market downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security’s value.

Multiple Sub-Advisor Risk

The Manager may allocate the Fund’s assets among multiple sub-advisors, each of which is responsible for investing its allocated portion of the Fund’s assets. To a significant extent, the Fund’s performance will depend on the success of the Manager in selecting and overseeing the sub-advisors and allocating the Fund’s assets to sub-advisors. The sub-advisors’ investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each sub-advisor makes its trading decisions independently, the sub-advisors may purchase or sell the same security at the same time without aggregating their transactions. This may cause unnecessary brokerage and other expenses.

Other Investment Companies Risk

The Fund may invest in shares of other registered investment companies, including money market funds that are advised by the Manager. To the extent that the Fund invests in shares of other registered investment

36

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

companies, the Fund will indirectly bear the fees and expenses, including for example advisory and administrative fees, charged by those investment companies in addition to the Fund’s direct fees and expenses and will be subject to the risks associated with investments in those companies. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject.

Prepayment and Extension Risk

Prepayment and extension risk is the risk that a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected. Due to a decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security, any of which could result in a reduced yield to the Fund. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Conversely, extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension of a security’s effective maturity, increase the risk of default or delayed payment, heighten interest rate risk and increase the potential for a decline in an investment’s price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be reduced. Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either case could hurt the Fund’s performance.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a Fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems. Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; imposition of tariffs and resulting impacts on global prices and supply chains; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade

37

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

agreements; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.

Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Redemption Risk

The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in the Fund, have short investment horizons, or have unpredictable cash flow needs. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. This, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities, may result in decreased liquidity and increased volatility in the fixed-income markets, and heightened redemption risk. Heavy redemptions, whether by a few large investors or many smaller investors, could hurt the Fund’s performance. This risk is heightened if the Fund invests in emerging market securities, which are generally less liquid than the securities of U.S. and other developed markets. The sale of assets to meet redemption requests may create net capital gains or losses, which could cause the Fund to have to distribute substantial capital gains.

Sector Risk

Sector risk is the risk associated with the Fund holding a significant amount of investments in similar businesses, which would be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of the equity and debt securities of companies in a particular sector of the market to change. To the extent the Fund has substantial holdings within a particular sector, the risks to the Fund associated with that sector increase.

In addition, when the Fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the Fund were invested more evenly across sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The businesses that constitute a sector may all react the same way to economic, political or regulatory events. The Fund’s performance could also be affected if the sectors do not perform as expected. The lack of exposure to one or more sectors may adversely affect performance. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or lower.

38

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Securities Lending Risk

To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability to enforce its rights in its collateral.

U.S. Government Securities and Government-Sponsored Enterprises Risk

A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the stated interest rate and face value at maturity, not its current market price. The market prices for such securities are not guaranteed and will fluctuate. Certain securities held by the Fund that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation(“Freddie Mac”), Federal Home Loan Bank (“FHLB”), and Federal Farm Credit Bank (“FFCB”), are not guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support if these organizations do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored enterprises are also subject to credit risk, interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially higher costs for the U.S. government to obtain new financing. It is possible that the U.S. government and government-sponsored enterprises will not have the funds to meet their payment obligations in the future.

Variable and Floating Rate Securities Risk

The coupons on variable and floating-rate securities are not fixed and may fluctuate based upon changes in market rates. A variable rate security has a coupon that is adjusted at pre-designated periods in response to changes in the market rate of interest on which the coupon is based. The coupon on a floating rate security is generally based on an interest rate, such as a money-market index, Secured Overnight Financing Rate (“SOFR”), or a Treasury bill rate. Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on variable and floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and floating-rate securities typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have limits on the maximum increases in the coupon rates. The value of variable and floating-rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of variable and floating rate instruments may be subject to greater liquidity risk than other debt securities.

7. Federal Income and Excise Taxes

It is the policy of the Fund to qualify as a regulated investment company (“RIC”), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, the Fund is treated as a single entity for the purpose of determining such qualification.

The Fund does not have any unrecorded tax liabilities in the accompanying financial statements. Each of the tax years in the four year period ended October 31, 2024 remain subject to examination by the Internal Revenue Service. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other expenses” on the Statement of Operations.

39

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

Dividends are categorized in accordance with income tax regulations which may treat certain transactions differently than U.S. GAAP. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.

As of April 30, 2025, the tax cost for the Fund and its respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Balanced	$	93,395,256	$	12,941,778	$	(5,348,823	)	$	7,592,955

Under the Regulated Investment Company Modernization Act of 2010 (“RIC MOD”), net capital losses recognized by the Fund in taxable years beginning after December 22, 2010 are carried forward indefinitely and retain their character as short-term and/or long-term losses.

As of October 31, 2024, the Fund did not have any capital loss carryforwards.

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended April 30, 2025 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Purchases of U.S. Government Securities		Sales (non-U.S. Government Securities)		Sales of U.S. Government Securities
Balanced	$	14,134,260	$	746,508	$	20,659,161	$	4,324,645

A summary of the Fund’s transactions in the USG Select Fund for the period ended April 30, 2025 were as follows:

Fund	Type of Transaction	October 31, 2024 Shares/Fair Value		Purchases		Sales		April 30, 2025 Shares/Fair Value
Balanced	Direct	$	2,401,833	$	24,910,807	$	24,703,024	$	2,609,616
Balanced	Securities Lending		398,300		1,311,477		1,426,266		283,511

9. Securities Lending

The Fund may lend its securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with collateral in an amount at least equal to the fair value of the securities loaned, initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Collateral is monitored and marked-to-market daily. Daily mark-to-market amounts are required to be paid to the borrower or received from the borrower by the end of the following business day. This one day settlement for mark-to-market amounts may result in the collateral being temporarily less than the value of the securities on loan or temporarily more than the required minimum collateral.

40

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the “Agent”) in money market mutual funds and other short-term investments, provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in the Fund’s Schedule of Investments and the collateral is shown on the Statement of Assets and Liabilities as a payable.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Fund, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

While securities are on loan, the Fund continues to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount is received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Fund would be subject to on the dividend.

Securities lending transactions pose certain risks to the Fund, including that the borrower may not provide additional collateral when required or return the securities when due, that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower, that non-cash collateral may be subject to legal constraints in the event of a borrower bankruptcy, and that the cash collateral investments could become illiquid and unable to be used to return collateral to the borrower. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower and any action which impairs its ability to liquidate non-cash collateral to satisfy a borrower default.

As of April 30, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

Fund	Fair Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Balanced	$	1,254,312	$	283,511	$	993,310	$	1,276,821

Cash collateral is listed on the Fund’s Schedule of Investments and is shown on the Statement of Assets and Liabilities. Income earned on these investments is included in “Income derived from securities lending” on the Statement of Operations.

Non-cash collateral received by the Fund may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Fund’s Schedule of Investments or Statement of Assets and Liabilities.

10. Borrowing Arrangements

Effective November 8, 2024 (the “Effective Date”), the Fund, along with certain other funds managed by the Manager (“Participating Funds”), renewed a committed revolving line of credit (the “Committed Line”) agreement with State Street Bank and Trust Company (the “Bank”) to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2024.

41

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

On the Effective Date, the Fund, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the “Uncommitted Line”) agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a rate equal to the higher of (a) OBFR daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed on each outstanding loan. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2024.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Line of credit interest expense” on the Statement of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the period ended April 30, 2025, the Fund did not utilize these facilities.

11. Capital Share Transactions

The tables below summarize the activity in capital shares for each Class of the Fund:

	R5 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		31,725		$	477,287			60,329		$	924,138
Reinvestment of dividends		60,565			882,127			18,468			276,820
Shares redeemed		(116,394	)		(1,755,673	)		(173,087	)		(2,554,177	)
Net (decrease) in shares outstanding		(24,104	)	$	(396,259	)		(94,290	)	$	(1,353,219	)
	Y Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		210,181		$	3,203,583			413,947		$	6,236,582
Reinvestment of dividends		143,117			2,108,834			40,750			618,183
Shares redeemed		(366,617	)		(5,679,237	)		(423,575	)		(6,325,862	)
Net increase (decrease) in shares outstanding		(13,319	)	$	(366,820	)		31,122		$	528,903
	Investor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		94,490		$	1,124,163			214,763		$	2,638,751
Reinvestment of dividends		348,635			4,045,177			100,027			1,217,295
Shares redeemed		(466,334	)		(5,678,401	)		(1,076,464	)		(12,997,707	)
Net (decrease) in shares outstanding		(23,209	)	$	(509,061	)		(761,674	)	$	(9,141,661	)
	Advisor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		5,578		$	73,566			3,896		$	52,880
Reinvestment of dividends		7,252			94,599			1,733			23,498
Shares redeemed		(5,196	)		(74,089	)		(5,846	)		(77,173	)
Net increase (decrease) in shares outstanding		7,634		$	94,076			(217	)	$	(795	)

42

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

	A Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		69,486		$	816,914			594,828		$	7,200,212
Reinvestment of dividends		158,178			1,825,842			34,038			415,050
Shares redeemed		(160,771	)		(1,912,351	)		(280,517	)		(3,394,424	)
Net increase in shares outstanding		66,893		$	730,405			348,349		$	4,220,838
	C Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		19,463		$	238,172			25,949		$	324,226
Reinvestment of dividends		40,206			474,503			13,624			166,552
Shares redeemed		(96,851	)		(1,160,247	)		(707,569	)		(8,709,238	)
Net (decrease) in shares outstanding		(37,182	)	$	(447,572	)		(667,996	)	$	(8,218,460	)

12. Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

43

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020B
	(unaudited)
Net asset value, beginning of period	$	15.83		$	13.04		$	14.07		$	16.93		$	14.35		$	16.36
Income (loss) from investment operations:
Net investment income		0.17	C		0.28			0.24			0.11			0.19			0.20
Net gains (losses) on investments (both realized and unrealized)		(0.47	)		2.87			0.15			(1.56	)		4.34			(0.80	)
Total income (loss) from investment operations		(0.30	)		3.15			0.39			(1.45	)		4.53			(0.60	)
Less distributions:
Dividends from net investment income		(0.14	)		(0.30	)		(0.26	)		(0.23	)		(0.30	)		(0.24	)
Distributions from net realized gains		(1.11	)		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)
Total distributions		(1.25	)		(0.36	)		(1.42	)		(1.41	)		(1.95	)		(1.41	)
Net asset value, end of period	$	14.28		$	15.83		$	13.04		$	14.07		$	16.93		$	14.35
Total returnD		(2.03	)%E		24.37	%		2.80	%		(9.20	)%		33.80	%		(4.14	)%
Ratios and supplemental data:
Net assets, end of period	$	10,169,929		$	11,658,021		$	10,827,923		$	12,977,305		$	22,687,613		$	22,476,942
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.86	%F		0.84	%		0.78	%		0.72	%		0.70	%		0.88	%
Expenses, net of reimbursements and/or recoupments		0.86	%F		0.84	%		0.78	%		0.72	%		0.70	%		0.88	%
Net investment income, before expense reimbursements and/or recoupments		2.24	%F		2.25	%		2.10	%		1.51	%		1.37	%		1.82	%
Net investment income, net of reimbursements and/or recoupments		2.24	%F		2.25	%		2.10	%		1.51	%		1.37	%		1.82	%
Portfolio turnover rate		14	%E		38	%		48	%		30	%		37	%		82	%

^A  Prior to February 28, 2020, the R5 Class was known as Institutional Class.

^B  On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F Annualized.

See accompanying notes

44

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	16.00		$	13.17		$	14.20		$	17.07		$	14.46		$	16.47
Income (loss) from investment operations:
Net investment income		0.16	B		0.33			0.29			0.21			0.20			0.25
Net gains (losses) on investments (both realized and unrealized)		(0.48	)		2.85			0.08			(1.68	)		4.35			(0.86	)
Total income (loss) from investment operations		(0.32	)		3.18			0.37			(1.47	)		4.55			(0.61	)
Less distributions:
Dividends from net investment income		(0.13	)		(0.29	)		(0.24	)		(0.22	)		(0.29	)		(0.23	)
Distributions from net realized gains		(1.11	)		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)
Total distributions		(1.24	)		(0.35	)		(1.40	)		(1.40	)		(1.94	)		(1.40	)
Net asset value, end of period	$	14.44		$	16.00		$	13.17		$	14.20		$	17.07		$	14.46
Total returnC		(2.11	)%D		24.33	%		2.68	%		(9.25	)%		33.66	%		(4.17	)%
Ratios and supplemental data:
Net assets, end of period	$	26,910,575		$	30,023,632		$	24,304,867		$	30,273,662		$	40,858,765		$	43,550,846
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.93	%E		0.93	%		0.84	%		0.80	%		0.77	%		0.96	%
Expenses, net of reimbursements and/or recoupments		0.93	%E		0.93	%		0.84	%		0.80	%		0.77	%		0.96	%
Net investment income, before expense reimbursements and/or recoupments		2.17	%E		2.16	%		2.01	%		1.46	%		1.31	%		1.71	%
Net investment income, net of reimbursements and/or recoupments		2.17	%E		2.16	%		2.01	%		1.46	%		1.31	%		1.71	%
Portfolio turnover rate		14	%D		38	%		48	%		30	%		37	%		82	%

^A  On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

See accompanying notes

45

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30,			Year Ended October 31,
	2025			2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	12.85		$	10.64		$	11.74		$	14.35		$	12.43		$	14.36
Income (loss) from investment operations:
Net investment income		0.12	B		0.23	B		0.11			0.15	B		0.22			0.03
Net gains (losses) on investments (both realized and unrealized)		(0.38	)		2.30			0.17			(1.39	)		3.61			(0.58	)
Total income (loss) from investment operations		(0.26	)		2.53			0.28			(1.24	)		3.83			(0.55	)
Less distributions:
Dividends from net investment income		(0.12	)		(0.26	)		(0.22	)		(0.19	)		(0.26	)		(0.21	)
Distributions from net realized gains		(1.11	)		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)
Total distributions		(1.23	)		(0.32	)		(1.38	)		(1.37	)		(1.91	)		(1.38	)
Net asset value, end of period	$	11.36		$	12.85		$	10.64		$	11.74		$	14.35		$	12.43
Total returnC		(2.19	)%D		24.01	%		2.46	%		(9.40	)%		33.32	%		(4.41	)%
Ratios and supplemental data:
Net assets, end of period	$	40,244,627		$	45,826,006		$	46,044,377		$	54,447,528		$	85,251,213		$	68,284,615
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.16	%E		1.17	%		1.04	%		1.03	%		0.99	%		1.20	%
Expenses, net of reimbursements and/or recoupments		1.16	%E		1.17	%		1.04	%		1.03	%		0.99	%		1.20	%
Net investment income, before expense reimbursements and/or recoupments		1.94	%E		1.93	%		1.84	%		1.22	%		1.07	%		1.47	%
Net investment income, net of reimbursements and/or recoupments		1.94	%E		1.93	%		1.84	%		1.22	%		1.07	%		1.47	%
Portfolio turnover rate		14	%D		38	%		48	%		30	%		37	%		82	%

^A  On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

See accompanying notes

46

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	14.29		$	11.80		$	12.86		$	15.59		$	13.35		$	15.34
Income (loss) from investment operations:
Net investment income		0.12	B		0.23			0.15			0.15	B		0.15			0.18	B
Net gains (losses) on investments (both realized and unrealized)		(0.42	)		2.55			0.15			(1.54	)		3.97			(0.81	)
Total income (loss) from investment operations		(0.30	)		2.78			0.30			(1.39	)		4.12			(0.63	)
Less distributions:
Dividends from net investment income		(0.11	)		(0.23	)		(0.20	)		(0.16	)		(0.23	)		(0.19	)
Distributions from net realized gains		(1.11	)		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)
Total distributions		(1.22	)		(0.29	)		(1.36	)		(1.34	)		(1.88	)		(1.36	)
Net asset value, end of period	$	12.77		$	14.29		$	11.80		$	12.86		$	15.59		$	13.35
Total returnC		(2.28	)%D		23.74	%		2.35	%		(9.62	)%		33.17	%		(4.65	)%
Ratios and supplemental data:
Net assets, end of period	$	1,134,362		$	1,160,350		$	960,288		$	1,124,266		$	2,120,450		$	1,760,622
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.33	%E		1.35	%		1.24	%		1.19	%		1.16	%		1.36	%
Expenses, net of reimbursements and/or recoupments		1.33	%E		1.35	%		1.24	%		1.19	%		1.16	%		1.36	%
Net investment income, before expense reimbursements and/or recoupments		1.77	%E		1.73	%		1.66	%		1.05	%		0.91	%		1.29	%
Net investment income, net of reimbursements and/or recoupments		1.77	%E		1.73	%		1.66	%		1.05	%		0.91	%		1.29	%
Portfolio turnover rate		14	%D		38	%		48	%		30	%		37	%		82	%

^A  On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

See accompanying notes

47

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Six Months Ended April 30,			Year Ended October 31,
	2025			2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	12.79		$	10.59		$	11.69		$	14.31		$	12.39		$	14.33
Income (loss) from investment operations:
Net investment income		0.11	B		0.36			0.23			0.25			0.11			0.15
Net gains (losses) on investments (both realized and unrealized)		(0.37	)		2.16			0.05			(1.50	)		3.71			(0.71	)
Total income (loss) from investment operations		(0.26	)		2.52			0.28			(1.25	)		3.82			(0.56	)
Less distributions:
Dividends from net investment income		(0.12	)		(0.26	)		(0.22	)		(0.19	)		(0.25	)		(0.21	)
Distributions from net realized gains		(1.11	)		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)
Total distributions		(1.23	)		(0.32	)		(1.38	)		(1.37	)		(1.90	)		(1.38	)
Net asset value, end of period	$	11.30		$	12.79		$	10.59		$	11.69		$	14.31		$	12.39
Total returnC		(2.20	)%D		24.03	%		2.44	%		(9.49	)%		33.39	%		(4.49	)%
Ratios and supplemental data:
Net assets, end of period	$	18,472,907		$	20,055,093		$	12,917,238		$	13,482,666		$	13,922,687		$	12,863,938
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.17	%E		1.17	%		1.09	%		1.04	%		1.02	%		1.21	%
Expenses, net of reimbursements and/or recoupments		1.17	%E		1.17	%		1.09	%		1.04	%		1.02	%		1.21	%
Net investment income, before expense reimbursements and/or recoupments		1.93	%E		1.91	%		1.80	%		1.22	%		1.04	%		1.46	%
Net investment income, net of reimbursements and/or recoupments		1.93	%E		1.91	%		1.80	%		1.22	%		1.04	%		1.46	%
Portfolio turnover rate		14	%D		38	%		48	%		30	%		37	%		82	%

^A  On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

See accompanying notes

48

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	13.04		$	10.78		$	11.87		$	14.49		$	12.53		$	14.48
Income (loss) from investment operations:
Net investment income		0.07	B		0.14	B		0.12	B		0.06	B		0.04	B		0.05
Net gains (losses) on investments (both realized and unrealized)		(0.39	)		2.33			0.08			(1.41	)		3.72			(0.70	)
Total income (loss) from investment operations		(0.32	)		2.47			0.20			(1.35	)		3.76			(0.65	)
Less distributions:
Dividends from net investment income		(0.07	)		(0.15	)		(0.13	)		(0.09	)		(0.15	)		(0.13	)
Distributions from net realized gains		(1.11	)		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)
Total distributions		(1.18	)		(0.21	)		(1.29	)		(1.27	)		(1.80	)		(1.30	)
Net asset value, end of period	$	11.54		$	13.04		$	10.78		$	11.87		$	14.49		$	12.53
Total returnC		(2.64	)%D		23.03	%		1.68	%		(10.11	)%		32.32	%		(5.09	)%
Ratios and supplemental data:
Net assets, end of period	$	4,360,505		$	5,408,913		$	11,669,906		$	16,173,837		$	23,737,711		$	23,951,798
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.93	%E		1.94	%		1.83	%		1.78	%		1.75	%		1.95	%
Expenses, net of reimbursements and/or recoupments		1.93	%E		1.94	%		1.83	%		1.78	%		1.75	%		1.95	%
Net investment income, before expense reimbursements and/or recoupments		1.17	%E		1.17	%		1.04	%		0.47	%		0.32	%		0.72	%
Net investment income, net of reimbursements and/or recoupments		1.17	%E		1.17	%		1.04	%		0.47	%		0.32	%		0.72	%
Portfolio turnover rate		14	%D		38	%		48	%		30	%		37	%		82	%

^A  On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

See accompanying notes

49

Delivery of Documents

If you invest in the Fund through a financial institution, you may be able to receive the Fund’s regulatory mailings, such as the Prospectus, Annual Report, Semi-Annual Report and Financial Statement Reports, by e-mail. If you are interested in this option, please go to www.icsdelivery.com and search for your financial institution’s name or contact your financial institution directly.

You may request a paper copy of this document at no charge by contacting your financial institution. This document is also available for download at www.americanbeaconfunds.com or you can request an electronic copy by contacting your financial institution.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643

Fund Service Providers:

CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts DISTRIBUTOR Resolute Investment Distributors, Inc. Irving, Texas

This report is prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current Prospectus or Summary Prospectus.

American Beacon Funds and American Beacon Balanced Fund are service marks of American Beacon Advisors, Inc.

SAR 04/25

American Beacon Funds

Table of Contents

Schedule of Investments:
American Beacon Garcia Hamilton Quality Bond Fund	1
Financial Statements	3
Notes to the Financial Statements	6
Financial Highlights:
American Beacon Garcia Hamilton Quality Bond Fund	22

Additional Fund Information Back Cover

Although information has been compiled from reliable sources, American Beacon Advisors, Inc. makes no representation as to the completeness or accuracy of the statements contained herein. All information is as of the end of the reporting period, unless noted otherwise, and is subject to change. Each Fund’s portfolio composition will change depending on economic and market conditions.

American Beacon Funds April 30, 2025

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 6.98%
Communications - 2.07%
Media - 2.07%
Walt Disney Co., 3.800%, Due 3/22/2030		$	5,450,000		$	5,327,208
Financial - 2.57%
Banks - 2.57%
JPMorgan Chase & Co., 2.739%, Due 10/15/2030, (3 mo. USD Term SOFR + 1.510%)A			2,890,000			2,671,231
Wells Fargo & Co., 4.478%, Due 4/4/2031, (3 mo. USD Term SOFR + 4.032%)A			4,030,000			3,968,303
						6,639,534
Total Financial						6,639,534
Utilities - 2.34%
Electric - 2.34%
Florida Power & Light Co., 5.000%, Due 8/1/2034			6,020,000			6,036,520
Total Corporate Obligations (Cost $18,593,596)						18,003,262
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 48.97%
Federal Home Loan Mortgage Corp.,
4.000%, Due 2/1/2039			3,437,824			3,389,947
2.500%, Due 9/1/2042			11,071,919			9,702,572
2.500%, Due 3/1/2052			12,355,632			10,284,009
2.500%, Due 4/1/2052			12,090,716			10,037,259
3.000%, Due 5/1/2052			10,583,097			9,254,734
4.000%, Due 10/1/2052			10,698,042			9,964,572
4.000%, Due 11/1/2052			10,874,163			10,128,632
						62,761,725
Federal National Mortgage Association,
3.500%, Due 10/1/2039			4,548,608			4,325,839
3.000%, Due 7/1/2040			5,704,734			5,323,788
3.000%, Due 8/1/2040			3,775,531			3,520,641
4.000%, Due 6/1/2049			6,089,380			5,723,754
2.500%, Due 11/1/2050			5,951,735			4,942,510
2.500%, Due 5/1/2051			9,679,399			8,027,646
3.000%, Due 5/1/2052			18,786,175			16,267,072
3.500%, Due 10/1/2052			10,265,349			9,255,608
4.000%, Due 10/1/2052			6,587,147			6,135,531
						63,522,389
Total U.S. Agency Mortgage-Backed Obligations (Cost $129,749,592)						126,284,114
U.S. TREASURY OBLIGATIONS - 42.97%
U.S. Treasury Bonds,
3.750%, Due 8/15/2041			9,070,000			8,189,572
2.500%, Due 2/15/2045			23,500,000			16,710,703
						24,900,275
U.S. Treasury Notes,
1.875%, Due 2/15/2032			22,330,000			19,571,896
3.500%, Due 2/15/2033			33,060,000			31,883,529
4.000%, Due 2/15/2034			34,785,000			34,464,326
						85,919,751
Total U.S. Treasury Obligations (Cost $113,868,629)						110,820,026
TOTAL INVESTMENTS - 98.92% (Cost $262,211,817)						255,107,402
OTHER ASSETS, NET OF LIABILITIES - 1.08%						2,795,698
TOTAL NET ASSETS - 100.00%					$	257,903,100
Percentages are stated as a percent of net assets.

^A Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on April 30, 2025.

See accompanying notes

1

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

PRIME - A rate, charged by banks, based on the U.S. Federal Funds rate.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2025, the investments were classified as described below:

Garcia Hamilton Quality Bond Fund	Level 1		Level 2		Level 3		Total
Assets
Corporate Obligations	$	-	$	18,003,262	$	-	$	18,003,262
U.S. Agency Mortgage-Backed Obligations		-		126,284,114		-		126,284,114
U.S. Treasury Obligations		-		110,820,026		-		110,820,026
Total Investments in Securities—Assets	$	-	$	255,107,402	$	-	$	255,107,402

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2025, there were no transfers into or out of Level 3.

See accompanying notes

2

American Beacon Garcia Hamilton Quality Bond Fund^SM

Statement of Assets and Liabilities

April 30, 2025 (Unaudited)

Assets:
Investments in unaffiliated securities, at fair value†	$	255,107,402
Cash		1,543,627
Interest receivable		1,292,738
Receivable for fund shares sold		83,850
Receivable for expense reimbursement (Note 2)		54,375
Prepaid expenses		61,023
Total assets		258,143,015
Liabilities:
Payable for fund shares redeemed		29,297
Dividends payable		2,103
Management and sub-advisory fees payable (Note 2)		116,978
Service fees payable (Note 2)		1,198
Transfer agent fees payable (Note 2)		3,271
Custody and fund accounting fees payable		31,824
Professional fees payable		40,038
Trustee fees payable (Note 2)		380
Payable for prospectus and shareholder reports		14,157
Other liabilities		669
Total liabilities		239,915
Commitments and contingent liabilities (Note 1 and Note 2)
Net assets	$	257,903,100
Analysis of net assets:
Paid-in-capital	$	317,045,252
Total distributable earnings (deficits)		(59,142,152	)
Net assets	$	257,903,100
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		1,409,246
Y Class		1,556,133
Investor Class		453,794
R6 Class		26,501,233
Net assets:
R5 Class	$	12,177,073
Y Class	$	13,411,482
Investor Class	$	3,923,854
R6 Class	$	228,390,691
Net asset value, offering and redemption price per share:
R5 Class	$	8.64
Y Class	$	8.62
Investor Class	$	8.65
R6 Class	$	8.62
† Cost of investments in unaffiliated securities	$	262,211,817

See accompanying notes

3

American Beacon Garcia Hamilton Quality Bond Fund^SM

Statement of Operations

For the period ended April 30, 2025 (Unaudited)

Investment income:
Interest income	$	5,580,699
Total investment income		5,580,699
Expenses:
Management and sub-advisory fees (Note 2)		714,521
Transfer agent fees (Note 2):
R5 Class		1,110
Y Class		7,643
Investor Class		715
R6 Class		4,372
Custody and fund accounting fees		33,404
Professional fees		35,428
Registration fees and expenses		32,117
Service fees (Note 2):
Investor Class		6,948
Distribution fees (Note 2):
Prospectus and shareholder report expenses		10,801
Trustee fees (Note 2)		10,716
Line of credit interest expense (Note 8)		1,629
Other expenses		17,202
Total expenses		876,606
Net fees waived and expenses (reimbursed) (Note 2)		(326,632	)
Net expenses		549,974
Net investment income		5,030,725
Realized and unrealized gain (loss) from investments:
Net realized (loss) from:
Investments in unaffiliated securities		(1,430,206	)
Change in net unrealized appreciation of:
Investments in unaffiliated securities		3,507,495
Net gain from investments		2,077,289
Net increase in net assets resulting from operations.	$	7,108,014

See accompanying notes

4

American Beacon Garcia Hamilton Quality Bond Fund^SM

Statement of Changes in Net Assets

	Six Months Ended April 30, 2025			Year Ended October 31, 2024
	(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	5,030,725		$	9,784,013
Net realized (loss) from investments in unaffiliated securities		(1,430,206	)		(4,175,091	)
Change in net unrealized appreciation of investments in unaffiliated securities		3,507,495			23,594,247
Net increase in net assets resulting from operations		7,108,014			29,203,169
Distributions to shareholders:
Total retained earnings:
R5 Class		(206,829	)		(357,969	)
Y Class		(287,695	)		(1,078,617	)
Investor Class		(71,667	)		(78,201	)
R6 Class		(4,954,871	)		(8,576,658	)
Net distributions to shareholders		(5,521,062	)		(10,091,445	)
Capital share transactions (Note 9):
Proceeds from sales of shares		17,320,443			41,299,971
Reinvestment of dividends and distributions		5,511,698			10,065,168
Cost of shares redeemed		(31,366,235	)		(70,637,828	)
Net (decrease) in net assets from capital share transactions		(8,534,094	)		(19,272,689	)
Net (decrease) in net assets		(6,947,142	)		(160,965	)
Net assets:
Beginning of period		264,850,242			265,011,207
End of period	$	257,903,100		$	264,850,242

See accompanying notes

5

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of April 30, 2025, the Trust consists of twenty-seven active series, one of which is presented in this filing: American Beacon Garcia Hamilton Quality Bond Fund (the “Fund”). The remaining twenty-six active series are reported in separate filings.

American Beacon Advisors, Inc. (the “Manager”) is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. (“RIM”) organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. (“Topco”), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Fund adopted FASB ASU No. 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Funds acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund’s as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statement of operations.

Class Disclosure

The Fund has multiple classes of shares designed to meet the needs of different groups of investors. The following table sets forth the differences amongst the classes:

Class	Eligible Investors	Minimum Initial Investments
R5 Class	Large institutional investors - sold directly or through intermediary channels.	$	250,000
Y Class	Large institutional retirement plan investors - sold directly or through intermediary channels.	$	100,000
Investor Class	All investors using intermediary organizations such as broker-dealers or retirement plan sponsors.	$	2,500
R6 Class	Large institutional retirement plan investors - sold through retirement plan sponsors.		None

Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses are allocated daily to each class based on the relative net assets. Realized and unrealized capital

6

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include service, distribution, transfer agent fees, and sub-transfer agent fees that vary amongst the classes as described more fully in Note 2.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Fund in preparation of the financial statements. The Fund is considered an investment company and accordingly, follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, a part of Generally Accepted Accounting Principles (“U.S. GAAP”).

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Fund. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined on the basis of specific lot identification.

Distributions to Shareholders

The Fund distributes most or all of its net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income on a monthly basis and distributions of realized net capital gains and net gains or losses from foreign currency transactions on an annual basis. The Fund does not have a fixed dividend rate and do not guarantee that they will pay any distributions in any particular period. Dividends to shareholders are determined in accordance with federal income tax regulations, which may differ in amount and character from net investment income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Fund may designate earnings and profits distributed to shareholders on the redemption of shares.

Allocation of Income, Trust Expenses, Gains, and Losses

Investment income and realized and unrealized gains and losses from investments of the Fund are allocated daily to each class of shares based upon the relative proportion of net assets of each class to the total net assets of the Fund. Expenses directly charged or attributable to the Fund will be paid from the assets of the Fund. Generally, expenses of the Trust will be allocated among and charged to the assets of the Fund on a basis that the Trust’s Board deems fair and equitable, which may be based on the relative net assets of the Fund or nature of the services performed and relative applicability to the Fund.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

Other

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust

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Notes to Financial Statements

April 30, 2025 (Unaudited)

enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities. The Trust’s maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Fund and the Manager are parties to a Management Agreement that obligates the Manager to provide the Fund with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized management fee based on a percentage of the Fund’s average daily net assets that is calculated and accrued daily according to the following schedule:

First $5 billion	0.35	%
Next $5 billion	0.325	%
Next $10 billion	0.30	%
Over $20 billion	0.275	%

The Trust, on behalf of the Fund, and the Manager have entered into an Investment Advisory Agreement with Garcia Hamilton & Associates, L.P. (the “Sub-Advisor”) pursuant to which the Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on the Fund’s average daily net assets according to the following schedule:

First $1 billion	0.20	%
Over $1 billion	0.15	%

The Management and Sub-Advisory Fees paid by the Fund for the period ended April 30, 2025 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	454,695
Sub-Advisory Fees		0.20	%		259,826
Total		0.55	%	$	714,521

Distribution Plans

The Fund has adopted a Distribution Plan (the “Plan”) in accordance with Rule 12b-1 under the Act, pursuant to which no separate fees may be charged to the Fund for distribution purposes. However, the Plan authorizes the management fees received by the Manager and/or the investment advisors hired by the Manager to be used for distribution purposes. Under this Plan, the Fund does not intend to compensate the Manager or any other party, either directly or indirectly, for the distribution of Fund shares.

Service Plans

The Manager and the Trust entered into a Service Plan that obligates the Manager to oversee additional shareholder servicing of the Investor Class of the Fund. As compensation for performing the duties required under the Service Plan, the Manager receives an annualized fee up to 0.375% of the average daily net assets of the Investor Class of the Fund.

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the R5 and Y Classes of the Fund and has agreed to

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

compensate the intermediaries for providing these services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of its customers who hold positions in the Fund. Certain services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly by the Fund’s transfer agent. Accordingly, the Fund, pursuant to Board approval, has agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis.

During the period ended April 30, 2025, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statement of Operations, were as follows:

Fund	Sub-Transfer Agent Fees
Garcia Hamilton Quality Bond	$	8,077

As of April 30, 2025, the Fund owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statement of Assets and Liabilities:

Fund	Reimbursement Sub-Transfer Agent Fees
Garcia Hamilton Quality Bond	$	1,254

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Fund, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended April 30, 2025, the Fund did not utilize the credit facility.

Expense Reimbursement Plan

The Manager contractually agreed to reduce fees and/or reimburse expenses for the classes of the Fund, through February 28, 2026, to the extent that total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses) exceed the Fund’s expense cap. During the period ended April 30, 2025, the Manager waived and/or reimbursed expenses as follows:

		Expense Cap										Expiration of Reimbursed Expenses
Fund	Class	11/1/2024 - 2/28/2025			3/1/2025 - 4/30/2025			Reimbursed Expenses		(Recouped) Expenses
Garcia Hamilton Quality Bond	R5		0.45	%		0.45	%	$	11,278	$	-		2027-2028
Garcia Hamilton Quality Bond	Y		0.51	%		0.51	%		18,391		-		2027-2028
Garcia Hamilton Quality Bond	Investor		0.83	%		0.83	%		4,483		-		2027-2028
Garcia Hamilton Quality Bond	R6		0.41	%		0.41	%		292,480		-		2027-2028

Of the above amounts, $54,375 was disclosed as a Receivable for expense reimbursement on the Statement of Assets and Liabilities at April 30, 2025.

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

The Fund has adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Fund for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Fund’s annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/ reimbursement or time of recoupment. The reimbursed expenses listed above will expire in 2027 and 2028. The Fund did not record a liability for potential contingent reimbursement due to the current assessment that a reimbursement is uncertain. The carryover of excess expenses potentially reimbursable to the Manager, but not recorded as a liability are as follows:

Fund	Recouped Expenses		Excess Expense Carryover	Expired Expense Carryover		Expiration of Reimbursed Expenses
Garcia Hamilton Quality Bond	$	-	$451,236	$	425,578		2024-2025
Garcia Hamilton Quality Bond		-	753,949		-		2025-2026
Garcia Hamilton Quality Bond		-	678,467		-		2026-2027

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the “Trusts”), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although she attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. Security Valuation and Fair Value Measurements

The price of the Fund’s shares is based on the Fund’s Net Asset Value (“NAV”). The NAV of the Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to the Fund or class, by the total number of shares outstanding of the Fund or class.

Investments are valued at the close of the New York Stock Exchange (the “Exchange”), normally at 4:00 p.m. Eastern Time, each day that the Exchange is open for business.

Debt securities are valued at bid quotes from broker/dealers or evaluated bid prices from pricing services, who may consider a number of inputs and factors, such as prices of comparable securities, yield curves, spreads, credit ratings, coupon rates, maturity, default rates, and underlying collateral.

Investments in open-end mutual funds are valued at the closing NAV per share of the mutual fund on the day of valuation.

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Notes to Financial Statements

April 30, 2025 (Unaudited)

Rule 2a-5 under the Investment Company Act (the “Valuation Rule”) establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are “readily available,” which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits the Board to designate the Manager as Valuation Designee to perform the Fund’s fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Manager’s fair value determinations.

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager’s procedures, under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and when market quotations are not readily available or reliable, as determined by the Manager, such as when (i) trading for a security is restricted or stopped; (ii) a security’s trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security’s true market value.

Other investments, including restricted securities and those financial instruments for which the above valuation procedures are inappropriate or are deemed not to reflect fair value, are stated at fair value, as determined in good faith by the Manager’s Valuation Committee, pursuant to procedures established by the Board.

Valuation Inputs

Various inputs may be used to determine the fair value of the Fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.
Level 3	-	Prices determined using other significant unobservable inputs. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment.

Level 1 and Level 2 trading assets and trading liabilities, at fair value

With respect to the Fund’s investments that do not have readily available market quotations, the Board has designated the Adviser as its valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). If market prices are not readily available or are deemed unreliable, the Valuation Designee will use the fair value of the security or other instrument as determined in good faith under policies and procedures established by and under the supervision of the Board (“Valuation Procedures”). Market prices are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund’s portfolio holdings or assets. In addition, market prices are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade do not open for trading for the entire day and no other market prices are available. Fair value pricing is subjective in nature and the use of fair value pricing by the Valuation Designee may cause the NAV of the Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that the Fund could obtain the fair value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed-income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, and non-U.S. bonds are normally valued by pricing service providers that use broker dealer quotations, reported trades or

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities (“ABS”) are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows, and market-based yield spreads for each tranche, and incorporates deal collateral performance, as available. Mortgage-related and ABS that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

4. Securities and Other Investments

Agency Mortgage-Backed Securities

Certain mortgage-backed securities (“MBS”) may be issued or guaranteed by the U.S. government or a government sponsored entity, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Although these instruments may be guaranteed by the U.S. government or a government sponsored entity, many such MBS are not backed by the full faith and credit of the United States and are still exposed to the risk of non-payment.

Fixed-Income Investments

The Fund may hold debt, including government and corporate debt, and other fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. For example, while securities with longer maturities tend to produce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are, therefore, more volatile than shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates. Fixed-income securities are also subject to credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. In addition, there is prepayment risk, which is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage-backed securities (“MBS”) and ABS, may be prepaid by their issuers thereby reducing the amount of interest payments. This may result in the Fund having to reinvest its proceeds in lower yielding securities. Securities underlying MBS and ABS, which may include subprime mortgages, also may be subject to a higher degree of credit risk, valuation risk, and liquidity risk.

Mortgage-Backed Securities

MBS often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In practice however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities’ effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of the Fund’s portfolio at the time resulting in reinvestment risk.

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Rising or high interest rates may result in slower than expected principal payments which may tend to extend the duration of MBS, making them more volatile and more sensitive to changes in interest rates. This is known as extension risk.

MBS may have less potential for capital appreciation than comparable fixed-income securities due to the likelihood of increased prepayments of mortgages resulting from foreclosures or declining interest rates. These foreclosed or refinanced mortgages are paid off at face value (par) or less, causing a loss, particularly for any investor who may have purchased the security at a premium or a price above par. In such an environment, this risk limits the potential price appreciation of these securities.

Mortgage-Related and Other Asset-Backed Securities

The Fund may invest in mortgage or other ABS. These securities may include mortgage instruments issued by U.S. government agencies (“agency mortgages”) or those issued by private entities (“non-agency mortgages”). Specific types of instruments may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by a payable from, mortgage loans on real property. The value of the Fund’s MBS may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The mortgages underlying the securities may default or decline in quality or value. Through its investments in MBS, the Fund has exposure to subprime loans, Alt-A loans and non-conforming loans as well as to the mortgage and credit markets generally. Underlying collateral related to subprime, Alt-A and non-conforming mortgage loans has become increasingly susceptible to defaults and declines in quality or value, especially in a declining residential real estate market. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole.

Other Investment Company Securities and Other Exchange-Traded Products

The Fund may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies (“BDCs”), ETFs, unit investment trusts, and other investment companies of the Trust. The Fund may invest in securities of an investment company advised by the Manager or the Sub-Advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, the Fund shareholders indirectly will bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Fund shareholders directly bear in connection with the Fund’s own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Fund in its Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer’s portfolio securities.

U.S. Government Agency Securities

U.S. Government agency securities are issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Some obligations issued by U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Treasury; others by the right of the issuer to borrow from the U.S. Treasury; others by discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and others only by the credit of the agency or instrumentality. U.S. Government securities bear fixed, floating or variable rates of interest. While the U.S. Government currently provides financial support to certain U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so, since it is not so obligated by law. U.S. Government securities include U.S. Treasury bills, notes and bonds, Federal Home Loan Bank (“FHLB”) obligations, Federal Farm Credit Bank (“FFCB”) obligations, U.S. Government agency obligations and repurchase agreements secured thereby. U.S. Government agency securities are subject to credit risk and interest rate risk.

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

U.S. Treasury Obligations

U.S. Treasury obligations include bills (initial maturities of one year or less), notes (initial maturities between two and ten years), and bonds (initial maturities over ten years) issued by the U.S. Treasury, Separately Traded Registered Interest and Principal component parts of such obligations (known as “STRIPS”) and inflation-indexed securities. The prices of these securities (like all debt securities) change between issuance and maturity in response to fluctuating market interest rates. U.S. Treasury obligations are subject to credit risk and interest rate risk.

5. Principal Risks

Investing in the Fund may involve certain risks including, but not limited to, those described below.

Credit Risk

The Fund is subject to the risk that the issuer or guarantor of a debt security, or the counterparty to a derivatives contract or a loan will fail to make timely payment of interest or principal or otherwise honor its obligations or default completely. A decline in the credit rating of an individual security held by the Fund may have an adverse impact on its price and make it difficult for the Fund to sell it. Ratings represent a rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer’s ability to make timely payments on its obligations. Credit risk is typically greater for securities with ratings that are below investment grade. Since the Fund can invest significantly in high-yield investments considered speculative in nature, this risk may be substantial.

Cybersecurity and Operational Risk

Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.

Environmental, Social, and/or Governance Investing Risk

The use of environmental, social, and/or governance (“ESG”) considerations by a sub-advisor may cause the Fund to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may choose not to, or may not be able to, take advantage of certain investment opportunities due to these considerations, which may adversely affect performance. The Fund may underperform funds that do not incorporate these considerations.

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Floating Rate Securities Risk

The coupons on certain fixed income securities in which the Fund may invest are not fixed and may fluctuate based upon changes in market rates. The coupon on a floating rate security is generally based on an interest rate such as a money-market index, Secured Overnight Financing Rate (“SOFR”) or a Treasury bill rate. Such securities are subject to interest rate risk and may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. As short-term interest rates decline, the coupons on floating rate securities typically decrease. Alternatively, during periods of rising interest rates, changes in the coupons of floating rate securities may lag behind changes in market rates or may have limits on the maximum increases in the coupon rates. The value of floating rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Floating rate obligations are less effective than fixed rate obligations at locking in a particular yield and are subject to credit risk.

Interest Rate Risk

Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction to movements in interest rates. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could cause the value of the Fund’s investments to decline. Interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to the Fund. Interest rate changes may have a more pronounced effect on the market value of fixed-rate instruments than on floating-rate instruments. The value of floating rate and variable securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The prices of fixed-income securities or derivatives are also affected by their durations. Fixed-income securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates. Rising interest rates may cause the value of the Fund’s investments with longer durations and terms to maturity to decline, which may adversely affect the value of the Fund. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond. An increase in interest rates can impact markets broadly as well. To the extent the Fund holds an investment with a negative interest rate to maturity, the Fund may generate a negative return on that investment.

Investment Risk

An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.

Liquidity Risk

When there is little or no active trading market for a specific type of security it can become more difficult to purchase or sell the securities at or near their perceived value. During such periods, certain investments held by the Fund may be difficult to sell or other investments may be difficult to purchase at favorable times or prices. As a result, the Fund may have to lower the price on certain securities that it is trying to sell, sell other securities instead or forgo an investment opportunity, any of which could have a negative effect on Fund management or performance. Redemptions by a few large investors in the Fund at such times may have a significant adverse effect on the Fund’s NAV per share and remaining Fund shareholders. In addition, the market-making capacity of dealers in certain types of securities has been reduced in recent years, in part as a result of structural and regulatory changes, such as fewer proprietary trading desks and increased regulatory capital requirements for broker-dealers. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect the Fund’s ability to buy or sell debt securities and increase the related volatility and trading costs. The Fund may lose money if it is forced to sell certain investments at unfavorable prices to meet redemption requests or other cash needs.

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Notes to Financial Statements

April 30, 2025 (Unaudited)

Market Risk

The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, including the U.S. presidential election, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Mortgage-Backed and Mortgage Related Securities Risk

Investments in mortgage-backed and mortgage-related securities are influenced by the factors affecting the mortgages underlying the securities or the housing market. Investments in mortgage-backed and mortgage-related securities also are subject to market risks for fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, prepayment risk, extension risk, callable securities risk, and valuation risk. A decline in the credit quality of the issuers of mortgage-backed and mortgage-related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. These securities are also subject to the risk of default on the underlying mortgages, particularly during periods of market downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security’s value.

16

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Other Investment Companies Risk

The Fund may invest in shares of other registered investment companies, including money market funds that are advised by the Manager. To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses, including for example advisory and administrative fees, charged by those investment companies in addition to the Fund’s direct fees and expenses and will be subject to the risks associated with investments in those companies. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject.

Prepayment and Extension Risk

Prepayment and extension risk is the risk that a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected. Due to a decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security, any of which could result in a reduced yield to the Fund. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Conversely, extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension of a security’s effective maturity, increase the risk of default or delayed payment, heighten interest rate risk and increase the potential for a decline in an investment’s price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be reduced. Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either case could hurt the Fund’s performance.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a Fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global

17

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

banking systems. Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; imposition of tariffs and resulting impacts on global prices and supply chains; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.

Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Redemption Risk

The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. The sale of assets to meet redemption requests may create net capital gains, which could cause the Fund to have to distribute substantial capital gains. Redemption risk is heightened during periods of declining or illiquid markets. During periods of heavy redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs. A rise in interest rates or other market developments may cause investors to move out of fixed-income securities on a large scale. Heavy redemptions could hurt the Fund’s performance.

Sector Risk

Sector risk is the risk associated with a fund the fund the Fund holding a significant amount of investments in similar businesses, which would be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of the equity and debt securities of companies in a particular sector of the market to change. To the extent a Fund has substantial holdings within a particular sector, the risks to the Fund associated with that sector increase. In addition, when the Fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the Fund were invested more evenly across sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The businesses that constitute a sector may all react the same way to economic, political or regulatory events. The Fund’s performance could also be affected if the sectors do not perform as expected. The lack of exposure to one or more sectors may adversely affect performance. As The Fund’s portfolio changes over time, The Fund’s exposure to a particular sector may become higher or lower.

18

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

U.S. Government Securities and Government-Sponsored Enterprises Risk

A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of stated interest rate and face value at maturity, not its current market price. The market prices for such securities are not guaranteed and will fluctuate. Certain securities held by the Fund that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), Federal Home Loan Mortgage Corporation (‘‘Freddie Mac’’), Federal Home Loan Bank (“FHLB”), and the Federal Farm Credit Bank (“FFCB”), are not guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support if these organizations do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored entities are also subject to credit risk, interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially higher costs for the U.S. government to obtain new financing.It is possible that the U.S. government and government-sponsored enterprises will not have the funds to meet their payment obligations in the future.

Variable and Floating Rate Securities Risk

The coupons on certain fixed-income securities in which the Fund may invest are not fixed and may fluctuate based upon changes in market rates. The coupon on a floating rate security is generally based on an interest rate such as a money-market index, SOFR, LIBOR or a Treasury bill rate. Such securities are subject to interest rate risk and may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. As short-term interest rates decline, the coupons on variable and floating rate securities typically decrease. Alternatively, during periods of rising interest rates, changes in the coupons of variable and floating rate securities may lag behind changes in market rates or may have limits on the maximum increases in the coupon rates. The value of variable and floating rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Variable and floating rate securities are less effective at locking in a particular yield and are subject to credit risk. Certain types of floating rate instruments may also be subject to greater liquidity risk than other debt securities.

6. Federal Income and Excise Taxes

It is the policy of the Fund to qualify as a regulated investment company (“RIC”), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, the Fund is treated as a single entity for the purpose of determining such qualification.

The Fund does not have any unrecorded tax liabilities in the accompanying financial statements. Each of the tax years in the four year period ended October 31, 2024 remain subject to examination by the Internal Revenue Service. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other expenses” on the Statement of Operations.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

Dividends are categorized in accordance with income tax regulations which may treat certain transactions differently than U.S. GAAP. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.

19

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

As of April 30, 2025, the tax cost for the Fund and its respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Garcia Hamilton Quality Bond	$	262,951,742	$	471,929	$	(8,316,269	)	$	(7,844,340	)

For federal income tax purposes, the Fund measures its capital loss carryforwards annually at October 31, its fiscal year end. Capital loss carryforwards retain their character as short-term and/or long-term and may be carried forward and applied against future realized capital gains with no expiration date.

As of October 31, 2024, the Fund had $27,077,799 short-term and $22,291,938 long-term capital loss carryforwards.

7. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended April 30, 2025 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Purchases of U.S. Government Securities		Sales (non-U.S. Government Securities)		Sales of U.S. Government Securities
Garcia Hamilton Quality Bond	$	-	$	31,111,432	$	3,354,435	$	33,581,780

8. Borrowing Arrangements

Effective November 8, 2024 (the “Effective Date”), the Fund, along with certain other funds managed by the Manager (“Participating Funds”), renewed a committed revolving line of credit (the “Committed Line”) agreement with State Street Bank and Trust Company (the “Bank”) to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement.Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2024.

On the Effective Date, the Fund, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the “Uncommitted Line”) agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a rate equal to the higher of (a) OBFR daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed on each outstanding loan. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2024.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Line of credit interest expense” on the Statement of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the period ended April 30, 2025, the Fund did not utilize these facilities.

20

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

9. Capital Share Transactions

The table below summarizes the activity in capital shares for each Class of Fund:

	R5 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		344,867		$	2,929,696			334,945		$	2,859,516
Reinvestment of dividends		23,122			197,473			38,557			331,694
Shares redeemed		(52,177	)		(443,553	)		(1,166,864	)		(9,654,898	)
Net increase (decrease) in shares outstanding		315,812		$	2,683,616			(793,362	)	$	(6,463,688	)
	Y Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		333,690		$	2,824,920			1,108,993		$	9,542,563
Reinvestment of dividends		33,732			287,695			125,258			1,078,616
Shares redeemed		(1,222,818	)		(10,399,702	)		(4,912,913	)		(42,243,014	)
Net (decrease) in shares outstanding		(855,396	)	$	(7,287,087	)		(3,678,662	)	$	(31,621,835	)
	Investor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		91,822		$	784,124			262,461		$	2,254,600
Reinvestment of dividends		8,387			71,661			9,096			78,201
Shares redeemed		(2,979	)		(25,798	)		(7,661	)		(66,128	)
Net increase in shares outstanding		97,230		$	829,987			263,896		$	2,266,673
	R6 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		1,275,803		$	10,781,703			3,121,227		$	26,643,292
Reinvestment of dividends		581,649			4,954,869			998,354			8,576,657
Shares redeemed		(2,409,333	)		(20,497,182	)		(2,147,023	)		(18,673,788	)
Net increase (decrease) in shares outstanding		(551,881	)	$	(4,760,610	)		1,972,558		$	16,546,161

10. Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

21

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020
	(unaudited)
Net asset value, beginning of period	$	8.59		$	8.01		$	8.37		$	9.85		$	10.27		$	10.05
Income (loss) from investment operations:
Net investment income (loss)		0.16	B		0.32	B		0.30	B		0.06			(0.01	)B		0.11
Net gains (losses) on investments (both realized and unrealized)		0.07			0.59			(0.37	)		(1.33	)		(0.08	)		0.28
Total income (loss) from investment operations		0.23			0.91			(0.07	)		(1.27	)		(0.09	)		0.39
Less distributions:
Dividends from net investment income		(0.18	)		(0.33	)		(0.29	)		(0.21	)		(0.14	)		(0.17	)
Distributions from net realized gains		-			-			-			-			(0.19	)		-
Total distributions		(0.18	)		(0.33	)		(0.29	)		(0.21	)		(0.33	)		(0.17	)
Net asset value, end of period	$	8.64		$	8.59		$	8.01		$	8.37		$	9.85		$	10.27
Total returnC		2.71	%D		11.40	%		(1.08	)%		(13.04	)%		(0.84	)%		3.93	%
Ratios and supplemental data:
Net assets, end of period	$	12,177,073		$	9,390,194		$	15,104,966		$	134,519,084		$	192,774,622		$	172,774,140
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.68	%E		0.68	%		0.69	%		0.66	%		0.67	%		0.68	%
Expenses, net of reimbursements and/or recoupments		0.45	%E		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income (loss), before expense reimbursements and/or recoupments		3.62	%E		3.49	%		3.20	%		1.06	%		(0.32	)%		1.15	%
Net investment income (loss), net of reimbursements and/or recoupments		3.85	%E		3.72	%		3.44	%		1.27	%		(0.10	)%		1.38	%
Portfolio turnover rate		12	%D		34	%		72	%		158	%		71	%		122	%

^A  Prior to February 28, 2020, the R5 Class was known as Institutional Class.

^B  Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

See accompanying notes

22

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020
	(unaudited)
Net asset value, beginning of period	$	8.56		$	7.99		$	8.36		$	9.86		$	10.27		$	10.05
Income (loss) from investment operations:
Net investment income		0.16	A		0.15			0.37			0.22			(0.00	)B		0.13
Net gains (losses) on investments (both realized and unrealized)		0.08			0.74			(0.46	)		(1.51	)		(0.08	)		0.25
Total income (loss) from investment operations		0.24			0.89			(0.09	)		(1.29	)		(0.08	)		0.38
Less distributions:
Dividends from net investment income		(0.18	)		(0.32	)		(0.28	)		(0.21	)		(0.14	)		(0.16	)
Distributions from net realized gains		-			-			-			-			(0.19	)		-
Total distributions		(0.18	)		(0.32	)		(0.28	)		(0.21	)		(0.33	)		(0.16	)
Net asset value, end of period	$	8.62		$	8.56		$	7.99		$	8.36		$	9.86		$	10.27
Total returnC		2.80	%D		11.22	%		(1.27	)%		(13.24	)%		(0.81	)%		3.83	%
Ratios and supplemental data:
Net assets, end of period	$	13,411,482		$	20,651,157		$	48,666,569		$	29,473,503		$	21,340,613		$	18,928,869
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.77	%E		0.77	%		0.75	%		0.73	%		0.74	%		0.74	%
Expenses, net of reimbursements and/or recoupments		0.51	%E		0.51	%		0.51	%		0.51	%		0.52	%F		0.55	%
Net investment income (loss), before expense reimbursements and/or recoupments		3.50	%E		3.38	%		3.23	%		1.10	%		(0.38	)%		1.03	%
Net investment income (loss), net of reimbursements and/or recoupments		3.76	%E		3.64	%		3.47	%		1.32	%		(0.16	)%		1.22	%
Portfolio turnover rate		12	%D		34	%		72	%		158	%		71	%		122	%

^A  Per share amounts have been calculated using the average shares method.

^B  Amount represents less than $0.01 per share.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

^F  Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on February 28, 2021

See accompanying notes

23

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020
	(unaudited)
Net asset value, beginning of period	$	8.59		$	7.99		$	8.36		$	9.85		$	10.26		$	10.05
Income (loss) from investment operations:
Net investment income (loss)		0.15	A		0.81			0.21			0.09			(0.04	)A		0.13	A
Net gains (losses) on investments (both realized and unrealized)		0.07			0.09			(0.33	)		(1.40	)		(0.07	)		0.22
Total income (loss) from investment operations		0.22			0.90			(0.12	)		(1.31	)		(0.11	)		0.35
Less distributions:
Dividends from net investment income		(0.16	)		(0.30	)		(0.25	)		(0.18	)		(0.11	)		(0.14	)
Distributions from net realized gains		-			-			-			-			(0.19	)		-
Total distributions		(0.16	)		(0.30	)		(0.25	)		(0.18	)		(0.30	)		(0.14	)
Net asset value, end of period	$	8.65		$	8.59		$	7.99		$	8.36		$	9.85		$	10.26
Total returnB		2.64	%C		11.29	%		(1.59	)%		(13.47	)%		(1.11	)%		3.54	%
Ratios and supplemental data:
Net assets, end of period	$	3,923,854		$	3,064,413		$	740,628		$	853,503		$	991,788		$	365,190
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.07	%D		1.10	%		1.17	%		1.13	%		1.29	%		1.20	%
Expenses, net of reimbursements and/or recoupments		0.83	%D		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Net investment income (loss), before expense reimbursements and/or recoupments		3.23	%D		3.08	%		2.78	%		0.63	%		(0.91	)%		0.90	%
Net investment income (loss), net of reimbursements and/or recoupments		3.47	%D		3.36	%		3.12	%		0.93	%		(0.45	)%		1.27	%
Portfolio turnover rate		12	%C		34	%		72	%		158	%		71	%		122	%

^A  Per share amounts have been calculated using the average shares method.

^B  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^C  Not annualized.

^D  Annualized.

See accompanying notes

24

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020
	(unaudited)
Net asset value, beginning of period	$	8.57		$	7.99		$	8.36		$	9.85		$	10.26		$	10.04
Income (loss) from investment operations:
Net investment income (loss)		0.16	A		0.34			0.32			0.17			(0.01	)A		0.14
Net gains (losses) on investments (both realized and unrealized)		0.07			0.57			(0.40	)		(1.44	)		(0.06	)		0.25
Total income (loss) from investment operations		0.23			0.91			(0.08	)		(1.27	)		(0.07	)		0.39
Less distributions:
Dividends from net investment income		(0.18	)		(0.33	)		(0.29	)		(0.22	)		(0.15	)		(0.17	)
Distributions from net realized gains		-			-			-			-			(0.19	)		-
Total distributions		(0.18	)		(0.33	)		(0.29	)		(0.22	)		(0.34	)		(0.17	)
Net asset value, end of period	$	8.62		$	8.57		$	7.99		$	8.36		$	9.85		$	10.26
Total returnB		2.73	%C		11.46	%		(1.17	)%		(13.11	)%		(0.70	)%		3.97	%
Ratios and supplemental data:
Net assets, end of period	$	228,390,691		$	231,744,478		$	200,499,044		$	191,990,607		$	166,304,291		$	141,893,384
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.66	%D		0.67	%		0.65	%		0.63	%		0.64	%		0.64	%
Expenses, net of reimbursements and/or recoupments		0.41	%D		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%
Net investment income (loss), before expense reimbursements and/or recoupments		3.64	%D		3.50	%		3.31	%		1.14	%		(0.28	)%		1.13	%
Net investment income (loss), net of reimbursements and/or recoupments		3.89	%D		3.76	%		3.55	%		1.36	%		(0.05	)%		1.36	%
Portfolio turnover rate		12	%C		34	%		72	%		158	%		71	%		122	%

^A  Per share amounts have been calculated using the average shares method.

^B  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^C  Not annualized.

^D  Annualized.

See accompanying notes

25

Delivery of Documents

If you invest in the Fund through a financial institution, you may be able to receive the Fund’s regulatory mailings, such as the Prospectus, Annual Report, Semi-Annual Report and Financial Statement Reports, by e-mail. If you are interested in this option, please go to www.icsdelivery.com and search for your financial institution’s name or contact your financial institution directly.

You may request a paper copy of this document at no charge by contacting your financial institution. This document is also available for download at www.americanbeaconfunds.com or you can request an electronic copy by contacting your financial institution.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643

Fund Service Providers:

CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts DISTRIBUTOR Resolute Investment Distributors, Inc. Irving, Texas

This report is prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current Prospectus or Summary Prospectus.

American Beacon Funds and American Beacon Garcia Hamilton Quality Bond Fund are service marks of American Beacon Advisors, Inc.

SAR 04/25

American Beacon Funds

Table of Contents

Schedule of Investments:
American Beacon IMC International Small Cap Fund	1
American Beacon International Equity Fund	7
Financial Statements	13
Notes to the Financial Statements	17
Financial Highlights:
American Beacon IMC International Small Cap Fund	43
American Beacon International Equity Fund	46

Additional Fund Information Back Cover

Although information has been compiled from reliable sources, American Beacon Advisors, Inc. makes no representation as to the completeness or accuracy of the statements contained herein. All information is as of the end of the reporting period, unless noted otherwise, and is subject to change. Each Fund’s portfolio composition will change depending on economic and market conditions.

American Beacon Funds April 30, 2025

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
Australia - 9.93%
Foreign Common Stocks - 9.93%
Austal Ltd.A		191,886		$	652,666
Capricorn Metals Ltd.A		126,290			748,280
Eagers Automotive Ltd.		49,071			580,243
Evolution Mining Ltd.B		137,405			689,156
Gold Road Resources Ltd.		370,328			718,757
JB Hi-Fi Ltd.		6,924			459,439
Northern Star Resources Ltd.		47,260			580,625
Perseus Mining Ltd.		300,564			644,963
Qantas Airways Ltd.		72,489			410,931
Regis Resources Ltd.A		266,020			768,500
Technology One Ltd.		26,784			515,724
Telix Pharmaceuticals Ltd.A B		42,282			734,782
Temple & Webster Group Ltd.A		59,707			680,767
West African Resources Ltd.A		468,731			717,587
Total Foreign Common Stocks					8,902,420
Total Australia (Cost $7,572,222)					8,902,420
Austria - 1.79%
Foreign Common Stocks - 1.79%
BAWAG Group AGC		7,788			853,590
Porr AG		21,536			751,430
Total Foreign Common Stocks					1,605,020
Total Austria (Cost $1,227,461)					1,605,020
Brazil - 0.95% (Cost $445,505)
Foreign Common Stocks - 0.95%
Embraer SAA		74,855			856,292
Burkina Faso - 0.80% (Cost $627,556)
Foreign Common Stocks - 0.80%
IAMGOLD Corp.A		101,818			721,574
Canada - 5.66%
Foreign Common Stocks - 5.66%
Alamos Gold, Inc., Class A		22,867			653,698
Artemis Gold, Inc.A		57,409			824,531
Definity Financial Corp.		13,427			670,181
iA Financial Corp., Inc.		6,790			659,595
Kinross Gold Corp.		50,691			748,268
Lundin Gold, Inc.		18,426			751,555
TerraVest Industries, Inc.B		7,370			768,167
Total Foreign Common Stocks					5,075,995
Total Canada (Cost $3,704,638)					5,075,995
China - 11.51%
Foreign Common Stocks - 11.51%
Akeso, Inc.A C		50,563			562,311
Giant Biogene Holding Co. Ltd.C		68,456			706,132
InnoCare Pharma Ltd.A C		503,026			658,975
Innovent Biologics, Inc.A C		92,017			637,722
Kingdee International Software Group Co. Ltd.A		265,340			450,923
Meitu, Inc.C		1,027,812			724,913
NetEase Cloud Music, Inc.A C		31,205			726,250
Pop Mart International Group Ltd.C		37,929			947,785

See accompanying notes

1

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
China - 11.51% (continued)
Foreign Common Stocks - 11.51% (continued)
Q Technology Group Co. Ltd.A D		681,022		$	570,767
Qifu Technology, Inc., ADR		13,958			572,697
TCL Electronics Holdings Ltd.		517,633			654,750
United Laboratories International Holdings Ltd.		386,023			691,851
Wasion Holdings Ltd.		462,433			478,794
WuXi XDC Cayman, Inc.A		124,457			586,531
XD, Inc.A D		138,031			638,934
Zhejiang Leapmotor Technology Co. Ltd.A C		100,177			718,816
Total Foreign Common Stocks					10,328,151
Total China (Cost $9,205,798)					10,328,151
Denmark - 0.65% (Cost $566,472)
Foreign Common Stocks - 0.65%
Sydbank AS		9,121			581,396
Georgia - 0.89% (Cost $650,521)
Foreign Common Stocks - 0.89%
TBC Bank Group PLC		12,734			802,710
Germany - 3.78%
Foreign Common Stocks - 3.78%
Auto1 Group SEA C		24,293			579,578
DWS Group GmbH & Co. KGaAC		10,145			530,047
Hensoldt AG		9,643			745,022
HOCHTIEF AG		3,269			614,746
Scout24 SEC		7,755			919,816
Total Foreign Common Stocks					3,389,209
Total Germany (Cost $3,005,204)					3,389,209
Greece - 2.03%
Foreign Common Stocks - 2.03%
Alpha Services & Holdings SA		256,834			619,151
Metlen Energy & Metals SA		12,807			603,550
National Bank of Greece SA		56,509			594,967
Total Foreign Common Stocks					1,817,668
Total Greece (Cost $1,851,639)					1,817,668
India - 4.23%
Foreign Common Stocks - 4.23%
Avanti Feeds Ltd.		53,052			546,164
Blue Jet Healthcare Ltd.		45,994			386,478
Choice International Ltd.A		90,753			654,407
Fortis Healthcare Ltd.		59,454			478,644
Kaveri Seed Co. Ltd.		36,855			623,165
Krishna Institute of Medical Sciences Ltd.A C		74,717			578,483
Welspun Corp. Ltd.		58,558			528,856
Total Foreign Common Stocks					3,796,197
Total India (Cost $4,020,902)					3,796,197
Israel - 2.84%
Foreign Common Stocks - 2.84%
Clal Insurance Enterprises Holdings Ltd.		27,536			753,655
Elbit Systems Ltd.		2,177			835,851

See accompanying notes

2

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
Israel - 2.84% (continued)
Foreign Common Stocks - 2.84% (continued)
Next Vision Stabilized Systems Ltd.		36,409		$	956,486
Total Foreign Common Stocks					2,545,992
Total Israel (Cost $1,910,903)					2,545,992
Italy - 4.76%
Foreign Common Stocks - 4.76%
Avio SpAA B D		31,621			685,631
Banca Mediolanum SpAB		41,370			614,882
BPER Banca SpAB		109,871			888,449
Fincantieri SpAA B		65,651			851,568
OVS SpAC		190,359			684,468
Webuild SpA		150,527			543,973
Total Foreign Common Stocks					4,268,971
Total Italy (Cost $4,002,079)					4,268,971
Japan - 13.36%
Foreign Common Stocks - 13.36%
BayCurrent, Inc.		14,643			787,555
Capcom Co. Ltd.		27,734			802,847
Concordia Financial Group Ltd.		84,823			544,723
Fujitec Co. Ltd.		15,153			593,487
GENDA, Inc.A B		8,043			60,753
Iyogin Holdings, Inc.		52,308			601,626
JINS Holdings, Inc.		10,015			627,601
Kandenko Co. Ltd.		41,599			825,696
Kawasaki Heavy Industries Ltd.		13,463			797,441
Mebuki Financial Group, Inc.		150,850			731,778
PAL GROUP Holdings Co. Ltd.		30,962			860,777
Rakuten Bank Ltd.A		19,854			826,764
Sanki Engineering Co. Ltd.		34,670			883,845
Sanrio Co. Ltd.		16,591			659,555
Sanwa Holdings Corp.		22,008			721,286
Shimizu Corp.		40,867			434,609
Skylark Holdings Co. Ltd.		30,925			641,189
U-Next Holdings Co. Ltd.		40,483			578,167
Total Foreign Common Stocks					11,979,699
Total Japan (Cost $10,355,973)					11,979,699
Mexico - 0.77% (Cost $621,256)
Foreign Common Stocks - 0.77%
Gentera SAB de CV		396,508			691,293
Netherlands - 1.04% (Cost $670,529)
Foreign Common Stocks - 1.04%
Van Lanschot Kempen NV		16,118			932,137
New Zealand - 0.62% (Cost $603,273)
Foreign Common Stocks - 0.62%
a2 Milk Co. Ltd.		106,011			555,466
Norway - 1.63%
Foreign Common Stocks - 1.63%
Gjensidige Forsikring ASA		33,350			777,698

See accompanying notes

3

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
Norway - 1.63% (continued)
Foreign Common Stocks - 1.63% (continued)
Protector Forsikring ASA		19,592		$	688,321
Total Foreign Common Stocks					1,466,019
Total Norway (Cost $1,200,795)					1,466,019
Poland - 0.83% (Cost $655,277)
Foreign Common Stocks - 0.83%
CD Projekt SA		12,089			744,878
Republic of Korea - 8.01%
Foreign Common Stocks - 8.01%
Cafe24 Corp.A		18,259			773,262
Doosan Co. Ltd.		2,221			474,199
Hanwha Ocean Co. Ltd.A		13,619			752,087
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		4,183			800,405
Hyundai Rotem Co. Ltd.		12,894			1,017,733
Korea Aerospace Industries Ltd.		9,919			577,765
LIG Nex1 Co. Ltd.		3,465			781,240
PharmaResearch Co. Ltd.		4,682			1,240,079
Samyang Foods Co. Ltd.		1,124			766,993
Total Foreign Common Stocks					7,183,763
Total Republic of Korea (Cost $5,501,944)					7,183,763
Singapore - 0.95% (Cost $666,385)
Foreign Common Stocks - 0.95%
Singapore Technologies Engineering Ltd.		150,035			851,205
South Korea - 1.58%
Foreign Common Stocks - 1.58%
BHI Co. Ltd.A		36,698			729,313
HD Hyundai Mipo		5,868			688,143
Total Foreign Common Stocks					1,417,456
Total South Korea (Cost $1,352,592)					1,417,456
Sweden - 5.00%
Foreign Common Stocks - 5.00%
Avanza Bank Holding AB		19,839			661,950
Clas Ohlson AB, Class B		30,649			869,480
Dynavox Group ABA		19,935			179,967
Lagercrantz Group AB, Class B		33,279			754,721
Loomis ABB		17,214			719,513
Mycronic AB		13,406			533,438
Truecaller AB, Class B		101,167			761,461
Total Foreign Common Stocks					4,480,530
Total Sweden (Cost $3,935,096)					4,480,530
Switzerland - 3.22%
Foreign Common Stocks - 3.22%
dormakaba Holding AG		642			539,829
Sportradar Group AG, Class AA		36,013			832,261
Sulzer AG		3,970			669,563
Swissquote Group Holding SA		1,649			845,129
Total Foreign Common Stocks					2,886,782
Total Switzerland (Cost $2,252,096)					2,886,782

See accompanying notes

4

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
Taiwan - 4.39%
Foreign Common Stocks - 4.39%
Acter Group Corp. Ltd.		35,393		$	444,308
Fulltech Fiber Glass Corp.A		518,390			441,676
Fusheng Precision Co. Ltd.		51,269			571,472
King Slide Works Co. Ltd.		14,516			791,996
Tigerair Taiwan Co. Ltd.A		251,386			648,449
United Integrated Services Co. Ltd.		38,292			529,190
Universal Microwave Technology, Inc.		43,641			515,101
Total Foreign Common Stocks					3,942,192
Total Taiwan (Cost $3,918,436)					3,942,192
United Kingdom - 4.86%
Foreign Common Stocks - 4.86%
Babcock International Group PLC		61,485			658,806
Games Workshop Group PLC		3,994			820,244
Genius Sports Ltd.A		70,167			757,102
Marex Group PLC		14,973			664,053
Sigmaroc PLCA		538,140			649,765
XPS Pensions Group PLCD		157,262			810,039
Total Foreign Common Stocks					4,360,009
Total United Kingdom (Cost $4,096,911)					4,360,009
SHORT-TERM INVESTMENTS - 1.90% (Cost $1,701,141)
Investment Companies - 1.90%
American Beacon U.S. Government Money Market Select Fund, 4.25%E F		1,701,141			1,701,141
SECURITIES LENDING COLLATERAL - 2.12% (Cost $1,902,567)
Investment Companies - 2.12%
American Beacon U.S. Government Money Market Select Fund, 4.25%E F		1,902,567			1,902,567
TOTAL INVESTMENTS - 100.10% (Cost $78,225,171)					89,786,732
LIABILITIES, NET OF ASSETS - (0.10)%					(91,823	)
TOTAL NET ASSETS - 100.00%				$	89,694,909
Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at April 30, 2025 (Note 9).

^C Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $9,828,886 or 10.96% of net assets. The Fund has no right to demand registration of these securities.

^D Reg S - Security purchased under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

^E 7-day yield.

^F The Fund is affiliated by having the same investment advisor.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

See accompanying notes

5

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2025, the investments were classified as described below:

IMC International Small Cap Fund	Level 1		Level 2		Level 3		Total
Assets
Foreign Common Stocks
Australia	$	8,902,420	$	-	$	-	$	8,902,420
Austria		1,605,020		-		-		1,605,020
Brazil		856,292		-		-		856,292
Burkina Faso		721,574		-		-		721,574
Canada		5,075,995		-		-		5,075,995
China		10,328,151		-		-		10,328,151
Denmark		581,396		-		-		581,396
Georgia		802,710		-		-		802,710
Germany		3,389,209		-		-		3,389,209
Greece		1,817,668		-		-		1,817,668
India		3,796,197		-		-		3,796,197
Israel		2,545,992		-		-		2,545,992
Italy		4,268,971		-		-		4,268,971
Japan		11,979,699		-		-		11,979,699
Mexico		691,293		-		-		691,293
Netherlands		932,137		-		-		932,137
New Zealand		555,466		-		-		555,466
Norway		1,466,019		-		-		1,466,019
Poland		744,878		-		-		744,878
Republic of Korea		7,183,763		-		-		7,183,763
Singapore		851,205		-		-		851,205
South Korea		1,417,456		-		-		1,417,456
Sweden		4,480,530		-		-		4,480,530
Switzerland		2,886,782		-		-		2,886,782
Taiwan		3,942,192		-		-		3,942,192
United Kingdom		4,360,009		-		-		4,360,009
Short-Term Investments		1,701,141		-		-		1,701,141
Securities Lending Collateral		1,902,567		-		-		1,902,567
Total Investments in Securities - Assets	$	89,786,732	$	-	$	-	$	89,786,732

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2025, there were no transfers into or out of Level 3.

See accompanying notes

6

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
Australia - 0.40% (Cost $2,484,358)
Foreign Common Stocks - 0.40%
Rio Tinto PLC		36,608		$	2,169,581
Austria - 0.48% (Cost $2,595,533)
Foreign Common Stocks - 0.48%
Mondi PLC		172,581			2,605,887
Belgium - 1.27%
Foreign Common Stocks - 1.27%
Anheuser-Busch InBev SA		57,777			3,770,076
KBC Group NV		23,488			2,156,876
Syensqo SA		14,223			1,008,967
Total Foreign Common Stocks					6,935,919
Total Belgium (Cost $6,149,298)					6,935,919
Canada - 2.54%
Foreign Common Stocks - 2.54%
Barrick Gold Corp.		60,000			1,144,204
Canadian Pacific Kansas City Ltd.		65,561			4,761,804
Gildan Activewear, Inc.		60,839			2,803,643
Linamar Corp.		43,147			1,583,350
Open Text Corp.		32,436			878,073
Parkland Corp.		45,961			1,157,860
Suncor Energy, Inc.		44,836			1,583,537
Total Foreign Common Stocks					13,912,471
Total Canada (Cost $14,524,273)					13,912,471
China - 3.12%
Foreign Common Stocks - 3.12%
AIA Group Ltd.		355,400			2,662,430
ArcelorMittal SA		68,706			2,017,448
Prudential PLC		974,443			10,282,639
Techtronic Industries Co. Ltd.		210,500			2,127,907
Total Foreign Common Stocks					17,090,424
Total China (Cost $18,271,403)					17,090,424
Denmark - 0.49% (Cost $2,811,437)
Foreign Common Stocks - 0.49%
Novo Nordisk AS, Class B		40,493			2,673,927
Finland - 0.37% (Cost $1,465,739)
Foreign Common Stocks - 0.37%
Fortum OYJ		120,487			2,012,600
France - 15.43%
Foreign Common Stocks - 15.43%
Air Liquide SA		18,427			3,769,197
Alstom SAA		325,398			7,822,271
Arkema SA		31,593			2,385,413
AXA SA		55,651			2,620,750
BNP Paribas SA		49,919			4,201,156
Bureau Veritas SA		98,639			3,115,402
Capgemini SE		31,900			5,053,890
Cie de Saint-Gobain SA		53,815			5,822,095
Eiffage SA		22,796			3,092,479

See accompanying notes

7

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
France - 15.43% (continued)
Foreign Common Stocks - 15.43% (continued)
Engie SA		179,827		$	3,704,596
Kering SA		33,361			6,740,008
Orange SA		335,980			4,866,164
Pernod Ricard SA		14,352			1,548,151
Rexel SA		58,773			1,623,911
Societe Generale SA		166,924			8,622,957
Sodexo SA		3,046			192,892
Teleperformance SE		60,864			6,650,899
Thales SA		16,722			4,639,270
Verallia SAB		216,416			7,198,102
Worldline SAA B C		152,858			843,315
Total Foreign Common Stocks					84,512,918
Total France (Cost $79,811,785)					84,512,918
Germany - 9.86%
Foreign Common Stocks - 9.86%
Bayerische Motoren Werke AG		61,517			5,177,935
Brenntag SE		28,214			1,872,348
Continental AG		96,971			7,518,384
Daimler Truck Holding AG		75,157			2,993,580
Deutsche Bank AG		76,282			1,985,842
Deutsche Post AG		91,324			3,880,651
Deutsche Telekom AG		77,835			2,786,343
E.ON SE		89,691			1,566,264
Heidelberg Materials AG		4,982			983,443
Infineon Technologies AG		108,897			3,563,987
Lanxess AG		79,529			2,362,277
Mercedes-Benz Group AG		84,945			5,049,187
Merck KGaA		16,863			2,328,687
MTU Aero Engines AG		7,221			2,485,997
Puma SE		54,614			1,396,395
Rheinmetall AG		1,554			2,638,914
SAP SE		8,043			2,326,170
Siemens AG		6,275			1,435,589
Siemens Healthineers AGB		30,181			1,619,949
Total Foreign Common Stocks					53,971,942
Total Germany (Cost $52,083,043)					53,971,942
Israel - 0.40% (Cost $2,023,121)
Foreign Common Stocks - 0.40%
Wix.com Ltd.A		12,977			2,200,769
Italy - 2.38%
Foreign Common Stocks - 2.38%
Enel SpA		361,643			3,131,651
Eni SpA		126,838			1,824,844
Ryanair Holdings PLC, ADR		31,810			1,522,427
UniCredit SpA		114,017			6,583,500
Total Foreign Common Stocks					13,062,422
Total Italy (Cost $9,116,501)					13,062,422
Japan - 11.84%
Foreign Common Stocks - 11.84%
Bandai Namco Holdings, Inc.		66,100			2,287,935
Disco Corp.		6,500			1,255,630

See accompanying notes

8

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
Japan - 11.84% (continued)
Foreign Common Stocks - 11.84% (continued)
FANUC Corp.		143,500		$	3,667,289
Fujitsu Ltd.		121,300			2,673,215
Hitachi Ltd.		80,200			1,973,308
MatsukiyoCocokara & Co.		160,700			2,952,011
Mitsui Fudosan Co. Ltd.		179,600			1,769,873
Mizuho Financial Group, Inc.		109,900			2,751,728
Murata Manufacturing Co. Ltd.		139,800			2,164,759
NEC Corp.		162,800			3,957,846
Nintendo Co. Ltd.		21,900			1,811,981
Nippon Sanso Holdings Corp.		72,700			2,321,132
Nitori Holdings Co. Ltd.		16,500			1,970,468
Otsuka Holdings Co. Ltd.		24,000			1,167,772
Renesas Electronics Corp.		435,900			5,098,914
Resona Holdings, Inc.		293,600			2,338,861
Shimadzu Corp.		79,600			2,042,053
Shin-Etsu Chemical Co. Ltd.		84,500			2,558,994
SMC Corp.		10,700			3,477,612
Sompo Holdings, Inc.		31,200			1,013,596
SUMCO Corp.C		600,500			4,132,690
Sumitomo Corp.		209,600			5,127,856
Suzuki Motor Corp.		138,500			1,653,999
Tokyo Electron Ltd.		15,200			2,256,399
Toyo Suisan Kaisha Ltd.		37,400			2,411,722
Total Foreign Common Stocks					64,837,643
Total Japan (Cost $67,139,880)					64,837,643
Jordan - 0.29% (Cost $1,432,086)
Foreign Common Stocks - 0.29%
Hikma Pharmaceuticals PLC		59,825			1,582,617
Netherlands - 6.40%
Foreign Common Stocks - 6.40%
Aegon Ltd.		514,586			3,283,169
Akzo Nobel NV		66,525			4,187,161
ASML Holding NV		6,399			4,222,607
Heineken NV		26,064			2,323,745
ING Groep NV		466,315			8,987,904
Koninklijke Philips NV		124,707			3,151,831
NN Group NV		16,083			982,038
Randstad NV		134,707			5,374,674
Universal Music Group NV		87,143			2,551,912
Total Foreign Common Stocks					35,065,041
Total Netherlands (Cost $33,782,396)					35,065,041
Republic of Korea - 4.54%
Foreign Common Stocks - 4.54%
BGF retail Co. Ltd.		16,137			1,223,755
Hyundai Mobis Co. Ltd.		25,130			4,729,001
Kia Corp.		13,943			886,702
KT&G Corp.		11,067			892,990
Samsung Electronics Co. Ltd.		362,210			14,141,861
Samsung Fire & Marine Insurance Co. Ltd.		2,130			561,157
Shinhan Financial Group Co. Ltd.		36,588			1,322,985
SK Hynix, Inc.		8,994			1,123,064
Total Foreign Common Stocks					24,881,515
Total Republic of Korea (Cost $25,804,817)					24,881,515

See accompanying notes

9

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
Singapore - 1.31%
Foreign Common Stocks - 1.31%
DBS Group Holdings Ltd.		86,951		$	2,826,024
Singapore Telecommunications Ltd.		888,200			2,570,551
United Overseas Bank Ltd.		66,400			1,761,041
Total Foreign Common Stocks					7,157,616
Total Singapore (Cost $5,045,202)					7,157,616
South Korea - 0.42%
Foreign Common Stocks - 0.42%
Hana Financial Group, Inc.		47,703			2,164,505
Korea Electric Power Corp.		7,957			143,578
Total Foreign Common Stocks					2,308,083
Total South Korea (Cost $2,181,732)					2,308,083
Spain - 1.78%
Foreign Common Stocks - 1.78%
Bankinter SA		284,464			3,299,893
Industria de Diseno Textil SA		34,369			1,839,287
Repsol SA		376,465			4,610,233
Total Foreign Common Stocks					9,749,413
Total Spain (Cost $8,372,295)					9,749,413
Sweden - 1.27%
Foreign Common Stocks - 1.27%
Electrolux AB, Class BA		188,839			1,172,246
Hexagon AB, Class BC		252,066			2,443,075
Sandvik ABC		98,697			2,043,275
Volvo Car AB, Class BA C		764,992			1,300,775
Total Foreign Common Stocks					6,959,371
Total Sweden (Cost $9,754,296)					6,959,371
Switzerland - 2.40%
Foreign Common Stocks - 2.40%
ABB Ltd.		61,898			3,239,080
Adecco Group AGC		250,335			6,496,851
Cie Financiere Richemont SA, Class A		14,529			2,556,900
Julius Baer Group Ltd.		12,932			834,191
Total Foreign Common Stocks					13,127,022
Total Switzerland (Cost $13,202,221)					13,127,022
United Kingdom - 18.91%
Foreign Common Stocks - 18.91%
3i Group PLC		71,312			4,023,890
AstraZeneca PLC		47,772			6,830,065
Barclays PLC		2,849,281			11,270,205
Barratt Redrow PLC		446,909			2,774,286
Berkeley Group Holdings PLC		26,859			1,492,652
British American Tobacco PLC		182,020			7,878,940
Coca-Cola Europacific Partners PLC		23,021			2,065,485
Compass Group PLC		83,973			2,817,916
Croda International PLC		66,578			2,618,379
Diageo PLC		128,735			3,589,145
JD Sports Fashion PLC		762,542			798,562
Kingfisher PLC		373,022			1,427,748

See accompanying notes

10

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
United Kingdom - 18.91% (continued)
Foreign Common Stocks - 18.91% (continued)
Legal & General Group PLC		440,808		$	1,377,606
NatWest Group PLC		96,500			614,992
Reckitt Benckiser Group PLC		187,155			12,067,017
RELX PLC		142,044			7,696,357
Rolls-Royce Holdings PLC		673,329			6,767,784
RS Group PLC		199,593			1,371,218
Segro PLC		170,702			1,548,329
Smith & Nephew PLC		132,711			1,864,147
Smiths Group PLC		9,149			227,275
Standard Chartered PLC		110,814			1,589,057
Taylor Wimpey PLC		3,631,940			5,684,920
Unilever PLC		82,897			5,257,595
WH Smith PLC		121,519			1,464,824
Whitbread PLC		136,127			4,704,131
WPP PLC		489,877			3,761,776
Total Foreign Common Stocks					103,584,301
Total United Kingdom (Cost $90,831,322)					103,584,301
United States - 9.61%
Common Stocks - 9.61%
Aon PLC, Class A		6,927			2,457,630
BP PLC		841,259			3,927,376
Carnival PLCA		152,183			2,536,194
Chubb Ltd.		5,796			1,658,120
CNH Industrial NV		37,460			433,412
CRH PLC		17,929			1,710,785
Experian PLC		60,045			2,972,818
GSK PLC		627,529			12,406,635
ICON PLCA		4,364			660,884
Roche Holding AG		35,421			11,557,370
Sanofi SA		90,993			9,885,513
Shell PLC		74,245			2,414,786
Total Common Stocks					52,621,523
Total United States (Cost $55,228,506)					52,621,523
SHORT-TERM INVESTMENTS - 3.39% (Cost $18,548,322)
Investment Companies - 3.39%
American Beacon U.S. Government Money Market Select Fund, 4.25%D E		18,548,322			18,548,322
SECURITIES LENDING COLLATERAL - 0.24% (Cost $1,308,136)
Investment Companies - 0.24%
American Beacon U.S. Government Money Market Select Fund, 4.25%D E		1,308,136			1,308,136
TOTAL INVESTMENTS - 99.14% (Cost $523,967,702)					542,879,463
OTHER ASSETS, NET OF LIABILITIES - 0.86%					4,728,116
TOTAL NET ASSETS - 100.00%				$	547,607,579
Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $9,661,366 or 1.76% of net assets. The Fund has no right to demand registration of these securities.

^C All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at April 30, 2025 (Note 9).

^D 7-day yield.

^E The Fund is affiliated by having the same investment advisor.

See accompanying notes

11

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs – Real Estate Investment Trusts.

Long Futures Contracts Open on April 30, 2025:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
ICE U.S. mini MSCI EAFE Index Futures	136	June 2025	$	16,607,377	$	16,963,960	$	356,583
			$	16,607,377	$	16,963,960	$	356,583

Glossary:
Index Abbreviations:
MSCI EAFE	Morgan Stanley Capital International - Europe, Australasia, and Far East.
Exchange Abbreviations:
ICE	Intercontinental Exchange.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2025, the investments were classified as described below:

International Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Foreign Common Stocks
Australia	$	2,169,581	$	-	$	-	$	2,169,581
Austria		2,605,887		-		-		2,605,887
Belgium		6,935,919		-		-		6,935,919
Canada		13,912,471		-		-		13,912,471
China		17,090,424		-		-		17,090,424
Denmark		2,673,927		-		-		2,673,927
Finland		2,012,600		-		-		2,012,600
France		84,512,918		-		-		84,512,918
Germany		53,971,942		-		-		53,971,942
Israel		2,200,769		-		-		2,200,769
Italy		13,062,422		-		-		13,062,422
Japan		64,837,643		-		-		64,837,643
Jordan		1,582,617		-		-		1,582,617
Netherlands		35,065,041		-		-		35,065,041
Republic of Korea		24,881,515		-		-		24,881,515
Singapore		7,157,616		-		-		7,157,616
South Korea		2,308,083		-		-		2,308,083
Spain		9,749,413		-		-		9,749,413
Sweden		6,959,371		-		-		6,959,371
Switzerland		13,127,022		-		-		13,127,022
United Kingdom		103,584,301		-		-		103,584,301
Common Stocks
United States		52,621,523		-		-		52,621,523
Short-Term Investments		18,548,322		-		-		18,548,322
Securities Lending Collateral		1,308,136		-		-		1,308,136
Total Investments in Securities - Assets	$	542,879,463	$	-	$	-	$	542,879,463
Financial Derivative Instruments - Assets
Futures Contracts	$	356,583	$	-	$	-	$	356,583
Total Financial Derivative Instruments - Assets	$	356,583	$	-	$	-	$	356,583

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2025, there were no transfers into or out of Level 3.

See accompanying notes

12

American Beacon Funds^SM

Statements of Assets and Liabilities

April 30, 2025 (Unaudited)

	IMC International Small Cap Fund		International Equity Fund
Assets:
Investments in unaffiliated securities, at fair value† §	$	86,183,024	$	523,023,005
Investments in affiliated securities, at fair value‡		3,603,708		19,856,458
Foreign currency, at fair value^		34,644		294,945
Cash collateral held at broker for futures contracts		-		1,083,000
Dividends and interest receivable		247,306		2,686,798
Receivable for investments sold		2,131,454		4,373,663
Receivable for fund shares sold		287,680		434,781
Receivable for tax reclaims		981,383		3,966,558
Receivable for expense reimbursement (Note 2)		16,116		12,406
Receivable for variation margin on open futures contracts (Note 5)		-		356,884
Prepaid expenses		45,401		98,009
Total assets.		93,530,716		556,186,507
Liabilities:
Payable for investments purchased		1,316,219		5,009,476
Payable for fund shares redeemed.		298,753		753,797
Cash due to broker for futures contracts		-		402,474
Management and sub-advisory fees payable (Note 2)		56,612		668,112
Service fees payable (Note 2)		10,202		24,397
Transfer agent fees payable (Note 2)		3,734		30,610
Payable upon return of securities loaned (Note 9)§		1,902,567		1,308,136
Custody and fund accounting fees payable		104,467		155,263
Professional fees payable.		91,354		56,359
Trustee fees payable (Note 2)		700		4,508
Payable for prospectus and shareholder reports		25,471		137,470
Other liabilities		25,728		28,326
Total liabilities		3,835,807		8,578,928
Commitments and contingent liabilities (Note 1 and Note 2)
Net assets	$	89,694,909	$	547,607,579

See accompanying notes

13

American Beacon Funds^SM

Statements of Assets and Liabilities

April 30, 2025 (Unaudited)

	IMC International Small Cap Fund		International Equity Fund
Analysis of net assets:
Paid-in-capital	$	83,105,878	$	507,208,868
Total distributable earnings (deficits)A		6,589,031		40,398,711
Net assets	$	89,694,909	$	547,607,579
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		296,931		16,136,909
Y Class		2,639,610		3,482,438
Investor Class		2,727,309		3,031,300
Advisor Class		N/A		788,030
A Class		N/A		613,743
C Class		N/A		159,391
R6 Class		N/A		8,077,747
Net assets:
R5 Class	$	4,717,389	$	271,484,270
Y Class	$	41,630,757	$	62,643,994
Investor Class	$	43,346,763	$	50,576,685
Advisor Class		N/A	$	13,707,467
A Class		N/A	$	10,178,608
C Class		N/A	$	2,519,553
R6 Class		N/A	$	136,497,002
Net asset value, offering and redemption price per share:
R5 Class	$	15.89	$	16.82
Y Class	$	15.77	$	17.99
Investor Class	$	15.89	$	16.68
Advisor Class		N/A	$	17.39
A Class		N/A	$	16.58
A Class (offering price)		N/A	$	17.59
C Class		N/A	$	15.81
R6 Class		N/A	$	16.90
† Cost of investments in unaffiliated securities.	$	74,621,463	$	504,111,244
‡ Cost of investments in affiliated securities	$	3,603,708	$	19,856,458
§ Fair value of securities on loan	$	5,100,961	$	10,995,442
^ Cost of foreign currency	$	34,123	$	294,196

^A  The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at period end.

See accompanying notes

14

American Beacon Funds^SM

Statements of Operations

For the period ended April 30, 2025 (Unaudited)

	IMC International Small Cap Fund			International Equity Fund
Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	713,644		$	8,552,082
Dividend income from affiliated securities (Note 2)		52,101			326,589
Interest income (net of foreign taxes)†		45			30,521
Income derived from securities lending (Note 9)		32,605			22,416
Other income		64			230
Total investment income.		798,459			8,931,838
Expenses:
Management and sub-advisory fees (Note 2)		425,966			1,772,255
Transfer agent fees (Note 2):
R5 Class		1,265			49,854
Y Class		29,189			38,793
Investor Class		2,554			10,051
Advisor Class		-			855
A Class		-			2,046
C Class		-			1,662
R6 Class		-			14,686
Custody and fund accounting fees		92,891			122,598
Professional fees		40,364			80,446
Registration fees and expenses		26,212			52,771
Service fees (Note 2):
Investor Class		69,774			83,111
Advisor Class		-			17,519
A Class		-			7,851
C Class		-			1,384
Distribution fees (Note 2):
Advisor Class		-			17,479
A Class		-			12,214
C Class		-			12,390
Prospectus and shareholder report expenses.		12,835			60,846
Trustee fees (Note 2)		5,349			25,775
Loan interest expense (Note 2)		10,211			1,038
Line of credit interest expense (Note 10)		755			3,698
Other expenses		12,406			51,844
Total expenses		729,771			2,441,166
Net fees waived and expenses (reimbursed) (Note 2)		(75,880	)		(71,273	)
Net expenses		653,891			2,369,893
Net investment income		144,568			6,561,945
Realized and unrealized gain (loss) from investments:
Net realized gain (loss) from:
Investments in unaffiliated securitiesA	$	(4,317,307	)	$	25,787,372
Commission recapture (Note 1)		-			(3	)
Foreign currency transactions		(209,884	)		(11,170	)
Futures contracts		-			(5,454	)
Change in net unrealized appreciation of:
Investments in unaffiliated securitiesB		909,513			8,994,814
Foreign currency transactions		179,629			207,730
Futures contracts		-			1,275,401
Net gain (loss) from investments		(3,438,049	)		36,248,690
Net increase (decrease) in net assets resulting from operations	$	(3,293,481	)	$	42,810,635
† Foreign taxes	$	121,331		$	752,959
A The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities.
B The Fund’s investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end.

See accompanying notes

15

American Beacon Funds^SM

Statements of Changes in Net Assets

	IMC International Small Cap Fund						International Equity Fund
	Six Months Ended April 30, 2025			Year Ended October 31, 2024			Six Months Ended April 30, 2025			Year Ended October 31, 2024
	(unaudited)						(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	144,568		$	1,353,004		$	6,561,945		$	21,398,604
Net realized gain (loss) from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts		(4,527,191	)		12,800,493			25,770,745			138,899,948
Change in net unrealized appreciation of investments in unaffiliated securities, foreign currency transactions, and futures contracts		1,089,142			8,870,083			10,477,945			23,351,597
Net increase (decrease) in net assets resulting from operations		(3,293,481	)		23,023,580			42,810,635			183,650,149
Distributions to shareholders:
Total retained earnings:
R5 Class		(801,631	)		(138,937	)		(55,815,455	)		(20,300,284	)
Y Class		(5,709,336	)		(1,243,710	)		(14,630,183	)		(4,658,524	)
Investor Class		(4,457,797	)		(1,067,041	)		(9,500,932	)		(3,138,410	)
Advisor Class		-			-			(2,631,766	)		(617,707	)
A Class		-			-			(1,875,805	)		(525,588	)
C Class		-			-			(477,522	)		(119,521	)
R6 Class		-			-			(25,181,661	)		(17,067,264	)
Net distributions to shareholders		(10,968,764	)		(2,449,688	)		(110,113,324	)		(46,427,298	)
Capital share transactions (Note 11):
Proceeds from sales of shares.		8,835,732			17,327,215			50,008,596			112,495,053
Reinvestment of dividends and distributions		9,054,953			1,985,343			107,190,375			45,531,550
Cost of shares redeemed		(40,357,597	)		(43,285,575	)		(140,386,508	)		(576,675,248	)
Net increase (decrease) in net assets from capital share transactions		(22,466,912	)		(23,973,017	)		16,812,463			(418,648,645	)
Net (decrease) in net assets		(36,729,157	)		(3,399,125	)		(50,490,226	)		(281,425,794	)
Net assets:
Beginning of period		126,424,066			129,823,191			598,097,805			879,523,599
End of period	$	89,694,909		$	126,424,066		$	547,607,579		$	598,097,805

See accompanying notes

16

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940, as amended (the “Act”), as diversified, open-end management investment companies. As of April 30, 2025, the Trust consists of twenty-seven active series, two of which are presented in this filing: American Beacon IMC International Small Cap Fund and American Beacon International Equity Fund (collectively, the “Funds” and each individually a “Fund”). The remaining twenty-five active series are reported in separate filings. From November 1, 2024 to February 23, 2025, the American Beacon IMC International Small Cap Fund was known as American Beacon EAM International Small Cap Fund.

American Beacon Advisors, Inc. (the “Manager”) is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. (“RIM”) organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. (“Topco”), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Funds adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Funds acts as the Funds’ CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds’ portfolio managers as a team. The financial information in the form of the Funds’ portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Funds’ comparative benchmarks and to make resource allocation decisions for the Funds’ single segment, is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statements of operations.

17

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Class Disclosure

Each Fund has multiple classes of shares designed to meet the needs of different groups of investors; however, not all of the Funds offer all classes. The following table sets forth the differences amongst the classes:

Class	Eligible Investors	Minimum Initial Investments
R5 Class	Large institutional investors - sold directly or through intermediary channels.	$	250,000
Y Class	Large institutional retirement plan investors - sold directly or through intermediary channels.	$	100,000
Investor Class	All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors.	$	2,500
Advisor Class	All investors who invest through intermediary organizations, such as broker-dealers or third party administrators.	$	2,500
A Class	All investors who invest through intermediary organizations, such as broker-dealers or third party administrator. Retail investors who invest directly through a financial intermediary such as a broker, bank, or registered investment advisor which may include a front-end sales charge and a contingent deferred sales charge (“CDSC”).	$	2,500
C Class	Retail investors who invest directly through a financial intermediary such as a broker or through employee directed benefit plans with applicable sales charges which may include CDSC.	$	1,000
R6 Class	Large institutional retirement plan investors - sold through retirement plan sponsors.		None

Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses are allocated daily to each class based on the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include service, distribution, transfer agent fees, and sub-transfer agent fees that vary amongst the classes as described more fully in Note 2.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Funds in preparation of the financial statements. The Funds are considered investment companies and accordingly, follow the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, a part of Generally Accepted Accounting Principles (“U.S. GAAP”).

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Funds. Tax reclaim accruals are automatically generated on accounting and custody systems at the time of the income event based on the tax databases maintained by the Funds’ custodian. Reconciliations are performed between custody and accounting systems to help ensure reclaim accruals are in line. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined based on specific lot identification.

18

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Currency Translation

All assets and liabilities initially expressed in foreign currency values are converted into U.S. dollar values at the mean of the bid and ask prices of such currencies against U.S. dollars as last quoted by a recognized dealer. Income, expenses, and purchases and sales of investments are translated into U.S. dollars at the rate of the exchange prevailing on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and is reported with all other foreign currency gains and losses on the Funds’ Statements of Operations.

Distributions to Shareholders

The Funds distribute most or all of their net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income and distributions of realized net capital gains and net gains or losses from foreign currency transactions on an annual basis. The Funds do not have a fixed dividend rate and do not guarantee that they will pay any distributions in any particular period. Dividends to shareholders are determined in accordance with federal income tax regulations, which may differ in amount and character from net investment income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Funds may designate earnings and profits distributed to shareholders on the redemption of shares.

Commission Recapture

The Funds have established brokerage commission recapture arrangements with certain brokers or dealers. If the Funds’ investment advisor chooses to execute a transaction through a participating broker, the broker rebates a portion of the commission back to the Funds. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Funds. This amount is reported with the net realized gain (loss) in the Funds’ Statements of Operations, if applicable.

Allocation of Income, Trust Expenses, Gains, and Losses

Investment income and realized and unrealized gains and losses from investments of the Funds are allocated daily to each class of shares based upon the relative proportion of net assets of each class to the total net assets of the Funds. Expenses directly charged or attributable to a Fund will be paid from the assets of a Fund. Generally, expenses of the Trust will be allocated among and charged to the assets of the Funds on a basis that the Trust’s Board deems fair and equitable, which may be based on the relative net assets of the Funds or nature of the services performed and relative applicability to the Funds.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

Other

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities. The Trust’s maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

19

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Funds and the Manager are parties to a Management Agreement that obligates the Manager to provide the Funds with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized management fee based on a percentage of each Fund’s average daily net assets that is calculated and accrued daily according to the following schedules:

IMC International Small Cap Fund

First $5 billion	0.35	%
Next $5 billion	0.325	%
Next $10 billion	0.30	%
Over $20 billion	0.275	%

International Equity Fund

First $15 billion	0.35	%
Next $15 billion	0.325	%
Over $30 billion	0.30	%

The Trust, on behalf of the American Beacon International Equity Fund, and the Manager have entered into Investment Advisory Agreements with Causeway Capital Management LLC; Lazard Asset Management LLC; and American Century Investment Management Inc. (“Sub-Advisors”) pursuant to which the Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on the Fund’s average daily net assets.

The Trust, on behalf of the American Beacon IMC International Small Cap Fund, and the Manager have entered into an Investment Advisory Agreement with Global IMC LLC (formerly known as EAM Global Investors LLC) pursuant to which the Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily according to the following schedule:

First $1 billion	0.40	%
Next $1 billion	0.35	%
Over $2 billion	0.325	%

The Management and Sub-Advisory Fees paid by the Funds for the period ended April 30, 2025 were as follows:

IMC International Small Cap Fund

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	207,223
Sub-Advisory Fees		0.40	%		218,743
Total		0.75	%	$	425,966

International Equity Fund

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	979,939
Sub-Advisory Fees		0.26	%		792,316
Total		0.61	%	$	1,772,255

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a

20

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statements of Operations. During the period ended April 30, 2025, the Manager received securities lending fees of $4,114 and $2,784 for the securities lending activities of the IMC International Small Cap Fund and International Equity Fund, respectively.

Distribution Plans

Separate Distribution Plans (the “Distribution Plans”) have been adopted pursuant to Rule 12b-1 under the Act for the Advisor, A, and C Classes of the Funds. Under the Distribution Plans, as compensation for distribution and shareholder servicing assistance, the Manager receives an annual fee of 0.25% of the average daily net assets of the Advisor and A Classes and 1.00% of the average daily net assets of the C Class. The fee will be payable without regard to whether the amount of the fee is more or less than the actual expenses incurred in a particular month by the Manager for distribution assistance.

Service Plans

The Manager and the Trust entered into a Service Plan that obligates the Manager to oversee additional shareholder servicing of the Investor, Advisor, A, and C Classes of the Funds. As compensation for performing the duties required under the Service Plan, the Manager receives an annualized fee up to 0.25% of the average daily net assets of the A and C Classes, up to 0.25% of the average daily net assets of the Advisor Class, and up to 0.375% of the average daily net assets of the Investor Class of the Funds.

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the R5 and Y Classes of the Funds and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. Certain services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly by the Funds’ transfer agent. Accordingly, the Funds, pursuant to Board approval, have agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis. During the period ended April 30, 2025, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statements of Operations, were as follows:

Fund	Sub-Transfer Agent Fees
IMC International Small Cap	$	28,391
International Equity		76,483

As of April 30, 2025, the Funds owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statements of Assets and Liabilities:

Fund	Reimbursement Sub-Transfer Agent Fees
IMC International Small Cap	$	3,734
International Equity		11,296

21

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Investments in Affiliated Funds

The Funds may invest in the American Beacon U.S. Government Money Market Select Fund (the “USG Select Fund”). Cash collateral received by the Funds in connection with securities lending may also be invested in the USG Select Fund. The Funds listed below held the following shares with an April 30, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund	April 30, 2025 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		April 30, 2025 Fair Value
U.S. Government Money Market Select	Direct	IMC International Small Cap	$	1,701,141	$	-	$	-	$	52,101	$	1,701,141
U.S. Government Money Market Select	Securities Lending	IMC International Small Cap		1,902,567		-		-		N/A		1,902,567
U.S. Government Money Market Select	Direct	International Equity		18,548,322		-		-		326,589		18,548,322
U.S. Government Money Market Select	Securities Lending	International Equity		1,308,136		-		-		N/A		1,308,136

The Funds and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the period ended April 30, 2025, the Manager earned fees on the Funds’ direct investments and securities lending collateral investments in the USG Select Fund as shown below:

Fund	Direct Investments in USG Select Fund		Securities Lending Collateral Investments in USG Select Fund		Total
IMC International Small Cap	$	1,213	$	396	$	1,609
International Equity		7,600		974		8,574

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Funds, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for a fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended April 30, 2025, the IMC International Small Cap Fund borrowed on average $4,456,145 for 10 days at an average interest rate of 5.24% with interest charges of $10,211 and the International Equity Fund borrowed $2,458,142 for 1 day at an interest rate of 5.14% with interest charges of $1,038. These amounts are recorded as “Loan interest expense” in the Statements of Operations.

Expense Reimbursement Plan

The Manager contractually agreed to reduce fees and/or reimburse expenses for certain classes of the International Equity Fund and the IMC International Small Cap Fund, through February 28, 2026, to the extent that

22

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and other extraordinary expenses) exceed the expense cap. During the period ended April 30, 2025, the Manager waived and/or reimbursed expenses as follows:

		Expense Cap										Expiration of Reimbursed Expenses
Fund	Class	11/1/2024 - 2/29/2025			3/1/2025 - 4/30/2025			Reimbursed Expenses		(Recouped) Expenses
IMC International Small Cap	R5		0.89	%		0.89	%	$	10,161	$	-		2027-2028
IMC International Small Cap	Y		1.10	%		1.10	%		35,182		-		2027-2028
IMC International Small Cap	Investor		1.30	%		1.30	%		30,537		-		2027-2028
International Equity	R6		0.69	%		0.69	%		71,273		-		2027-2028

Of the above amounts, $16,116 and $12,406 were disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at April 30, 2025 for the IMC International Small Cap Fund and International Equity Fund, respectively.

The Funds have adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Funds for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Funds’ annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or time of recoupment. The reimbursed expenses listed above will expire in 2027 and 2028. The Funds did not record a liability for potential contingent reimbursements due to the current assessment that reimbursements are uncertain. The carryover of excess expenses potentially reimbursable to the Manager, but not recorded as a liability are as follows:

Fund	Recouped Expenses		Excess Expense Carryover		Expired Expense Carryover		Expiration of Reimbursed Expenses
IMC International Small Cap	$	-	$	1,541	$	242		2024-2025
IMC International Small Cap		-		23,655		-		2025-2026
IMC International Small Cap		-		226,142		-		2026-2027
International Equity		13,542		10,183		46,395		2024-2025
International Equity		-		241,021		-		2025-2026
International Equity		-		220,508		-		2026-2027

Sales Commissions

The Funds’ Distributor, Resolute Investment Distributors, Inc. (“RID” or “Distributor”), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended April 30, 2025, RID collected $77 for International Equity Fund from the sale of A Class Shares. The IMC International Small Cap Fund does not offer A Class Shares.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Funds’ Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the period ended April 30, 2025, there were no CDSC fees collected for the A Class Shares of the International Equity Fund.

A CDSC of 1.00% will be deducted with respect to C Class Shares of the International Equity Fund Shares redeemed within 12 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC

23

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended April 30, 2025, CDSC fees of $22 were collected for the C Class Shares of International Equity Fund. The IMC International Small Cap Fund does not offer C Class Shares.

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the “Trusts”), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. Security Valuation and Fair Value Measurements

The price of each Fund’s shares is based on its net asset value (“NAV”) per share. Each Fund’s NAV is computed by adding total assets, subtracting all the Fund’s liabilities, and dividing the result by the total number of shares outstanding.

The NAV of each class of a Fund’s shares is determined based on a pro rata allocation of a Fund’s investment income, expenses and total capital gains and losses. A Fund’s NAV per share is determined each business day as of the regular close of trading on the New York Stock Exchange (“NYSE” or “Exchange”), which is typically 4:00 p.m. Eastern Time (“ET”). However, if trading on the NYSE closes at a time other than 4:00 p.m. ET, a Fund’s NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Funds do not price their shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when a Fund is not open for business, which may result in the value of a Fund’s portfolio investments being affected at a time when you are unable to buy or sell shares.

Equity securities, including shares of closed-end funds and exchange-traded funds (“ETFs”), are valued at the last sale price or official closing price taken from the primary exchange in which each security trades. Investments in other mutual funds are valued at the closing NAV per share on the day of valuation. Debt securities are valued at bid quotes from broker/dealers or evaluated bid prices from pricing services, who may consider a number of inputs and factors, such as prices of comparable securities, yield curves, spreads, credit ratings, coupon rates, maturity, default rates, and underlying collateral. Futures are valued based on their daily settlement prices. Exchange-traded and over-the-counter (“OTC”) options are valued at the last sale price. Options with no last sale for the day are priced at mid quote. Swaps are valued at evaluated mid prices from pricing services.

The valuation of securities traded on foreign markets and certain fixed-income securities will generally be based on prices determined as of the earlier closing time of the markets on which they primarily trade unless a significant event has occurred. When a Fund holds securities or other assets that are denominated in a foreign currency, a Fund will normally use the currency exchange rates as of 4:00 p.m. ET.

24

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Rule 2a-5 under the Investment Company Act (the “Valuation Rule”) establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are “readily available,” which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits the Board to designate the Manager as Valuation Designee to perform the Fund’s fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Manager’s fair value determinations. Effective September 8, 2022, the Board has designated the Manager as valuation designee to perform fair value functions in accordance with the requirements of the Valuation Rule.

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager’s procedures, under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and when market quotations are not readily available or reliable, as determined by the Manager, such as when (i) trading for a security is restricted or stopped; (ii) a security’s trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security’s true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by a Fund occurs after the close of a related exchange but before the determination of a Fund’s NAV, fair value pricing may be used on the affected security or securities. Securities of small-capitalization companies are also more likely to require a fair value determination using these procedures because they are more thinly traded and less liquid than the securities of larger-capitalization companies. The Funds may fair value securities as a result of significant events occurring after the close of the foreign markets in which a Fund invests as described below. In addition, the Funds may invest in illiquid securities requiring these procedures.

A Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before a Fund’s pricing time of 4:00 p.m. ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. If the Manager determines that the last quoted prices of non-U.S. securities will, in its judgment, materially affect the value of some or all a Fund’s portfolio securities, the Manager can adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. These securities are fair valued using a pricing service, using methods approved by the Manager, that considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts (“ADRs”) and futures contracts. The Manager’s Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but a Fund is open. A Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day’s opening prices in the same markets and adjusted prices.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, the Manager compares the new market quotation to the fair value price to evaluate the effectiveness of a Fund’s fair valuation procedures. If any significant discrepancies are found, the Manager may adjust Manager’s fair valuation procedures for a Fund.

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Valuation Inputs

Various inputs may be used to determine the fair value of the Funds’ investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.
Level 3	-	Prices determined using other significant unobservable inputs. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in pricing an investment.

Level 1 and Level 2 trading assets and trading liabilities, at fair value

Common stocks, preferred securities and financial derivative instruments, such as futures contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange. These securities are valued using pricing service providers that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

With respect to a Fund’s investments that do not have readily available market quotations, the Board has designated the Adviser as its valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). If market prices are not readily available or are deemed unreliable, the Valuation Designee will use the fair value of the security or other instrument as determined in good faith under policies and procedures established by and under the oversight of the Board (“Valuation Procedures”). Market prices are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s portfolio holdings or assets. In addition, market prices are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade do not open for trading for the entire day and no other market prices are available. Fair value pricing is subjective in nature and the use of fair value pricing by the Valuation Designee may cause the NAV of a Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that a Fund could obtain the fair value assigned to an investment if a Fund were to sell the investment at approximately the time at which a Fund determines its NAV.

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

OTC financial derivative instruments, such as forward foreign currency contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers. Depending on the product and the terms of the transaction, the fair value of the financial derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends, and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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4. Securities and Other Investments

Common Stock

Common stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

Depositary Receipts and U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges

ADRs are U.S. dollar-denominated receipts issued generally by domestic banks and represent the deposit with the bank of a security of a foreign issuer. Depositary receipts may not be denominated in the same currency as the securities into which they may be converted. Investing in depositary receipts entails substantially the same risks as direct investment in foreign securities. There is generally less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. In addition, such companies may use different accounting and financial standards (and certain currencies may become unavailable for transfer from a foreign currency), resulting in the Funds’ possible inability to convert immediately into U.S. currency proceeds realized upon the sale of portfolio securities of the affected foreign companies. In addition, the Funds may invest in unsponsored depositary receipts, the issuers of which are not obligated to disclose material information about the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the Funds to the same benefits and rights as ownership of a sponsored depositary receipt or the underlying security.

Foreign Securities

The Funds may invest in U.S. dollar-denominated and non-U.S. dollar denominated equity and debt securities of foreign issuers and foreign branches of U.S. banks, including negotiable certificates of deposit (“CDs”), bankers’ acceptances, and commercial paper. Foreign issuers are issuers organized and doing business principally outside the United States and include corporations, banks, non-U.S. governments, and quasi-governmental organizations. While investments in foreign securities may be intended to reduce risk by providing further diversification, such investments involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political or social instability, nationalization, expropriation, or confiscatory taxation); the potentially adverse effects of unavailability of public information regarding issuers, different governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States; different laws and customs governing securities tracking; and possibly limited access to the courts to enforce the Funds’ rights as an investor.

Illiquid and Restricted Securities

Generally, an illiquid asset is an asset that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to Rule 22e-4 under the Act or as otherwise permitted or

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required by SEC rules and interpretations. Historically, illiquid securities have included securities that have not been registered under the Securities Act, securities that are otherwise not readily marketable, and repurchase agreements having a remaining maturity of longer than seven calendar days. Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. These securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. A large institutional market exists for certain securities that are not registered under the Securities Act, including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer’s ability to honor a demand for repayment. However, the fact that there are contractual or legal restrictions on resale of such investments to the general public or to certain institutions may not be indicative of their liquidity.

Limitations on resale may have an adverse effect on the marketability of portfolio securities, and a Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven calendar days. In addition, a Fund may get only limited information about an issuer, so it may be less able to predict a loss. A Fund also might have to register such restricted securities in order to dispose of them resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

In recognition of the increased size and liquidity of the institutional market for unregistered securities and the importance of institutional investors in the formation of capital, the SEC adopted Rule 144A under the Securities Act. Rule 144A is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by a Fund qualify under Rule 144A and an institutional market develops for those securities, a Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could increase the level of a Fund’s illiquidity. The Manager or the Sub-Advisor, as applicable, may determine that certain securities qualified for trading under Rule 144A are liquid. Regulation S under the Securities Act permits the sale abroad of securities that are not registered for sale in the United States and includes a provision for U.S. investors, such as a Fund, to purchase such unregistered securities if certain conditions are met.

Securities sold in private placement offerings made in reliance on the “private placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act and resold to qualified institutional buyers under Rule 144A under the Securities Act (“Section 4(a)(2) securities”) are restricted as to disposition under the federal securities laws, and generally are sold to institutional investors, such as a Fund, that agree they are purchasing the securities for investment and not with an intention to distribute to the public. Any resale by the purchaser must be pursuant to an exempt transaction and may be accomplished in accordance with Rule 144A. Section 4(a)(2) securities normally are resold to other institutional investors through or with the assistance of the issuer or dealers that make a market in the Section 4(a)(2) securities, thus providing liquidity. The Manager and the sub-advisor will carefully monitor a Fund’s investments in Section 4(a)(2) securities offered and sold under Rule 144A, focusing on such important factors, among others, as valuation, liquidity, and availability of information. Investments in Section 4(a)(2) securities could have the effect of reducing a Fund’s liquidity to the extent that qualified institutional buyers no longer wish to purchase these restricted securities.

Restricted securities outstanding during the period ended April 30, 2025 are disclosed in the Notes to the Schedules of Investments.

Other Investment Company Securities and Other Exchange-Traded Products

The Funds at times may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies (“BDCs”), ETFs, unit investment trusts, and other investment companies of the Trust. The Funds may invest in securities of an investment company advised by the Manager or

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the Sub-Advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Funds become a shareholder of that investment company. As a result, the Funds’ shareholders indirectly will bear the Funds’ proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Funds’ shareholders directly bear in connection with the Funds’ own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Funds in their Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer’s portfolio securities.

The Funds can invest free cash balances in registered open-end investment companies regulated as government money market funds under the Act, to provide liquidity or for defensive purposes. The Funds could invest in government money market funds rather than purchasing individual short-term investments. If the Funds invest in government money market funds, shareholders will bear their proportionate share of the expenses, including for example, advisory and administrative fees, of the government money market funds in which the Funds invest, including advisory fees charged by the Manager to any applicable money market funds advised by the Manager.

Preferred Stock

Preferred stock blends the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership, but does not have the seniority of a bond and its participation in the issuer’s growth may be limited. Preferred stock has preference over common stock in the receipt of dividends and in any residual assets after payment to creditors should the issuer be dissolved. Although the dividend is typically set at a fixed annual rate, in some circumstances it can be variable, changed or omitted by the issuer. Preferred stocks are subject to the risks associated with other types of equity securities, as well as additional risks, such as credit risk, interest rate risk, potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

5. Financial Derivative Instruments

The Funds may utilize derivative instruments to gain market exposure on cash balances to hedge foreign currency exposure or reduce market exposure in anticipation of liquidity needs. When considering the Funds’ use of derivatives, it is important to note that the Funds do not use derivatives for the purpose of creating financial leverage.

Forward Foreign Currency Contracts

The Funds may enter into forward foreign currency contracts to hedge the exchange rate risk on investment transactions or to hedge the value of the Funds’ securities denominated in foreign currencies. Forward foreign currency contracts are valued at the forward exchange rate prevailing on the day of valuation. The Funds may also use currency contracts to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The Funds bear the market risk that arises from changes in foreign exchange rates, and accordingly, the unrealized gain (loss) on these contracts is reflected in the accompanying financial statements. The Funds also bear the credit risk if the counterparty fails to perform under the contract.

During the period ended April 30, 2025, the IMC International Small Cap Fund did not enter into any forward foreign currency contracts and the International Equity Fund entered into forward foreign currency contracts primarily for hedging foreign currency fluctuations. At April 30, 2025, the International Equity Fund did not have any forward foreign currency contracts outstanding.

Futures Contracts

A futures contract is a contract to purchase or sell a particular security, or the cash value of an asset, such as securities, indices, or currencies, at a specified future date at a price agreed upon when the contract is made.

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Under many such contracts, no delivery of the actual underlying asset is required. Rather, upon the expiration of the contract, settlement is made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the asset (e.g., a security or an index) at expiration, net of the initial and variation margin that was previously paid. An equity index futures contract is based on the value of an underlying index. A Fund may, from time to time, use futures positions to equitize cash and expose its portfolio to changes in securities prices or index prices. This can magnify gains and losses in a Fund. A Fund also may have to sell assets at inopportune times to satisfy its settlement or collateral obligations. The risks associated with the use of futures contracts also include that there may be an imperfect correlation between the changes in market value of the prices of futures contracts and the assets underlying such contracts and that there may not be a liquid secondary market for a futures contract.

During the period ended April 30, 2025, the International Equity Fund entered into futures contracts primarily for exposing cash to markets.

The Fund’s average futures contracts outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

Average Futures Contracts Outstanding
Fund	Period Ended April 30, 2025
International Equity		159

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure⁽¹⁾:

International Equity Fund

Fair values of financial instruments on the Statements of Assets and Liabilities as of April 30, 2025:
	Derivatives not accounted for as hedging instruments
Assets:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Receivable for variation margin from open futures contracts(2)		$	-		$	-		$	-		$	-		$	356,583			$	356,583
The effect of financial derivative instruments on the Statements of Operations as of April 30, 2025:
	Derivatives not accounted for as hedging instruments
Realized gain (loss) from derivatives recognized as a result of operations	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	-		$	-		$	-		$	-		$	(5,454	)		$	(5,454	)
Net change in unrealized appreciation (depreciation) of derivatives recognized as a result from operations:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	-		$	-		$	-		$	-		$	1,275,401			$	1,275,401

⁽¹⁾ See Note 3 in the Notes to Financial Statements for additional information.

⁽²⁾ Includes cumulative appreciation (depreciation) of futures contracts as reported in the Fund’s Schedule of Investments footnotes. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

Master Agreements

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as delayed

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delivery or sale-buyback financing transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Offsetting Assets and Liabilities

The Funds are parties to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Funds employ multiple money managers and counterparties and have elected not to offset qualifying financial and derivative instruments on the Statements of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, April 30, 2025.

IMC International Small Cap Fund

	Remaining Contractual Maturity of the Agreements As of April 30, 2025
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,902,567	$	-	$	-	$	-	$	1,902,567
Total Borrowings	$	1,902,567	$	-	$	-	$	-	$	1,902,567
Gross amount of recognized liabilities for securities lending transactions									$	1,902,567

International Equity Fund

Offsetting of Financial and Derivative Assets as of April 30, 2025:
	Assets			Liabilities
Futures Contracts(1)	$	356,583		$	-
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	356,583		$	-
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	(356,583	)	$	-

	Remaining Contractual Maturity of the Agreements As of April 30, 2025
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,308,136	$	-	$	-	$	-	$	1,308,136
Total Borrowings	$	1,308,136	$	-	$	-	$	-	$	1,308,136
Gross amount of recognized liabilities for securities lending transactions									$	1,308,136

⁽¹⁾ Includes cumulative appreciation (depreciation) of futures contracts as reported in the Fund’s Schedule of Investments footnotes. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

6. Principal Risks

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Counterparty Risk

The Funds are subject to the risk that a party or participant to a transaction, such as a broker or derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement

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payments or to otherwise honor its obligations to the Funds. As a result the Fund may obtain no recovery of its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

Some of the markets in which the Funds may effect derivative transactions are OTC or “interdealer” markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight to the same extent as are members of “exchange-based” markets. This exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a credit or liquidity problem with the counterparty and the recent turbulence in the financial markets highlights the importance of being aware of counterparty risk resulting from OTC derivative transactions. The Funds are subject to the risk that a party or participant to a transaction, such as a broker or derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Funds. As a result, the Funds may obtain no recovery of its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose the Funds to greater losses in the event of a default by a counterparty.

Credit Risk

The Funds are subject to the risk that the issuer or guarantor of a debt security, or the counterparty to a derivatives contract or a loan will fail to make timely payment of interest or principal or otherwise honor its obligations or default completely. A decline in the credit rating of an individual security held by the Funds may have an adverse impact on its price and make it difficult for the Funds to sell it. Ratings represent a rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer’s ability to make timely payments on its obligations. Credit risk is typically greater for securities with ratings that are below investment grade. Since the Funds can invest significantly in high-yield investments considered speculative in nature, this risk may be substantial.

Currency Risk

The Funds may have exposure to foreign currencies by making direct investments in non-U.S. currencies or in securities denominated in non-U.S. currencies, or by purchasing or selling forward currency exchange contracts in non-U.S. currencies. Foreign currencies may decline in value relative to the U.S. dollar, or, in the case of hedging positions, the U.S. dollar may decline in value relative to the currency being hedged, and thereby affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Funds’ investments in foreign currency denominated securities may reduce the returns of the Funds. Currency futures, forwards, options or swaps may not always work as intended, and in specific cases, the Funds may be worse off than if it had not used such instrument(s). There may not always be suitable hedging instruments available. Even where suitable hedging instruments are available, the Funds may choose to not hedge their currency risks.

Cybersecurity and Operational Risk

Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Funds, their service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Funds’ shares, and result in financial

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losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Funds or their service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Funds or their service providers to identify all of the operational risks that may affect the Funds or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Funds cannot control the cybersecurity and operational plans and systems of their service providers, their counterparties or the issuers of securities in which the Funds invests. The issuers of the Funds’ investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Funds’ investments, leading to significant loss of value.

Environmental, Social, and/or Governance Investing Risk

The use of environmental, social, and/or governance (“ESG”) considerations by a sub-advisor may cause a Fund to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other issuers or help reduce risk in a Fund. A Fund may underperform funds that do not incorporate these considerations.

Equity Investments Risk

Equity securities are subject to investment risk and market risk. The Funds’ investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, REITs, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Funds to additional risk. The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities’ investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock.

Foreign Investing and Emerging Markets Risk

Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks include, but are not limited to: (1) currency exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing and financial reporting standards, (5) increased price volatility, (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays in transaction settlement in some foreign markets. To the extent the Funds invest a significant portion of its assets in securities of a single country or region, it is more likely to be affected by events or conditions of that country or region. In addition, the economies and political environments of emerging market countries tend to be more unstable than those of developed countries, resulting in more volatile rates of return than the developed markets and substantially greater risk to investors. There may be very limited oversight of certain foreign banks or securities depositories that hold foreign securities and currency and the laws of certain countries may limit the ability to recover such assets if a foreign bank or depository or their agents goes bankrupt. When investing in

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emerging markets, the risks of investing in foreign securities are heightened. Emerging markets have unique risks that are greater than, or in addition to, investing in developed markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities, resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. In addition, there may be less information available to make investment decisions and more volatile rates of return.

Forward Foreign Currency Contracts Risk

Forward foreign currency contracts, including non-deliverable forwards, are derivative instruments pursuant to a contract with a counterparty to pay a fixed price for an agreed amount of securities or other underlying assets at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the contract. The use of forward foreign currency contracts may expose the Funds to additional risks that it would not be subject to if it invested directly in the securities or currencies underlying the forward foreign currency contract.

Futures Contracts Risk

Futures contracts are derivative instruments where one party pays a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Funds to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There can be no assurance that any strategy used will succeed. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that a Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of a Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract).

Market Risk

The Funds are subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect a Fund’s performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to

34

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, including the U.S. presidential election, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Market Timing Risk

Funds that invest in high-yield, and, or have exposure to foreign securities through the derivatives it holds, are particularly subject to the risk of market timing activities. Frequent trading by Fund shareholders poses risks to other shareholders in the Funds, including (i) the dilution of the Funds’ NAV, (ii) an increase in the Funds’ expenses, and (iii) interference with the portfolio manager’s ability to execute efficient investment strategies. Because of specific securities in which the Funds may invest, it could be subject to the risk of market timing activities by shareholders. Some examples of these types of securities are high-yield and foreign securities. The limited trading activity of some high-yield securities may result in market prices that do not reflect the true market value of these securities. If a Fund trades foreign securities, it generally prices foreign securities using their closing prices from the foreign markets in which they trade, typically prior to the Funds’ calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before the Funds price its shares. In such instances, the Funds may fair value high yield and foreign securities. However, some investors may engage in frequent short-term trading in the Funds to take advantage of any price differentials that may be reflected in the NAV of the Funds’ shares. While the Manager monitors trading in the Funds, there is no guarantee that it can detect all market timing activities.

Multiple Sub-Advisor Risk

The Manager allocates the International Equity Fund’s assets among multiple sub-advisors, each of which is responsible for investing its allocated portion of the Fund’s assets. To a significant extent, the Fund’s performance will depend on the success of the Manager in allocating the Fund’s assets to sub-advisors and its selection and oversight of the sub-advisors. Because each sub-advisor manages its allocated portion of the Fund independently from another sub-advisor, the same security may be held in different portions of the Fund, or may be acquired for one portion of the Fund at a time when a sub-advisor to another portion deems it appropriate to dispose of the security from that other portion, resulting in higher expenses without accomplishing any net result in the Fund’s holdings. Similarly, under some market conditions, one sub-advisor may believe that temporary, defensive investments in short-term instruments or cash are appropriate when another sub-advisor believes continued exposure to the equity or debt markets is appropriate for its allocated portion of the Fund. Because each sub-advisor directs the trading for its own portion of the Fund, and does not aggregate its transactions with those of the other sub-advisors, the Fund may incur higher brokerage costs than would be the case if a single sub-adviser were managing the entire Fund. In addition, while the Manager seeks to allocate the Fund’s assets among the Fund’s sub-advisors in a manner that it believes is consistent with achieving the Fund’s investment objective(s), the Manager may be subject to potential conflicts of interest in allocating the Fund’s assets among sub-advisors, due to factors that could impact the Manager’s revenues and profits.

35

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a Fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems. Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; imposition of tariffs and resulting impacts on global prices and supply chains; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.

Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit a Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for a Fund to operate, which may impact performance.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Other Investment Companies Risk

To the extent that a Fund invests in shares of other registered investment companies, a Fund will indirectly bear the fees and expenses, including, for example, advisory and administrative fees, charged by those investment

36

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

companies in addition to a Fund’s direct fees and expenses. If a Fund invests in other investment companies, a Fund may receive distributions of taxable gains from portfolio transactions by that investment company and may recognize taxable gains from transactions in shares of that investment company, which could be taxable to a Fund’s shareholders when distributed to them. A Fund must rely on the investment company in which it invests to achieve its investment objective. If the investment company fails to achieve its investment objective, the value of a Fund’s investment may decline, adversely affecting a Fund’s performance. To the extent a Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, a Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. A Fund will be subject to the risks associated with investments in those companies, including but not limited to interest rate risk, credit risk and market risk.

Securities Lending Risk

A Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of a Fund’s securities provide collateral either in the form of cash, which a Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. A Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. A Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or “rebate” for the use of that cash collateral in connection with the loan. A Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a Fund’s ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, a Fund could incur delays in its ability to enforce its rights in its collateral. There also is a risk that a borrower may default on its obligation to return loaned securities at a time when the value of a Fund’s collateral is inadequate. Although a Fund’s securities lending agent may indemnify a Fund against that risk, it is also possible that the securities lending agent will be unable to satisfy its indemnification obligations. In any case in which the loaned securities are not returned to a Fund before an ex-dividend date, whether or not due to a default by the borrower, the payment in lieu of the dividend that a Fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”

Valuation Risk

This is the risk that a Fund has valued a security at a price different from the price at which it can be sold. This risk may be especially pronounced for investments, such as derivatives, which may be illiquid or which may become illiquid and for securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market conditions make it difficult to value certain investments, a Fund may value these investments using more subjective methods, such as fair-value methodologies. Investors who purchase or redeem Fund shares on days when a Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received if the Fund had not fair-valued the securities or had used a different valuation methodology. The value of foreign securities, certain fixed-income securities and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded, but before a Fund determines its NAV. A Fund’s ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third-party service providers, such as pricing services or accounting agents.

7. Federal Income and Excise Taxes

It is the policy of each Fund to qualify as a regulated investment company (“RIC”), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of

37

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each Fund is treated as a single entity for the purpose of determining such qualification.

The Funds do not have any unrecorded tax liabilities in the accompanying financial statements. Each of the tax years in the four year period ended October 31, 2024 remain subject to examination by the Internal Revenue Service. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other expenses” on the Statements of Operations.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

Dividends are categorized in accordance with income tax regulations which may treat certain transactions differently than U.S. GAAP. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.

As of April 30, 2025, the tax cost for each Fund and their respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
IMC International Small Cap	$	78,780,131	$	12,531,950	$	(1,522,944	)	$	11,009,006
International Equity		532,992,588		63,927,473		(53,886,817	)		10,040,656

Under the Regulated Investment Company Modernization Act of 2010 (“RIC MOD”), net capital losses recognized by the Funds in taxable years beginning after December 22, 2010 are carried forward indefinitely and retain their character as short-term and/or long-term losses

As of October 31, 2024, the Funds did not have any capital loss carryforwards.

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended April 30, 2025 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Sales (non-U.S. Government Securities)
IMC International Small Cap	$	124,243,850	$	157,436,668
International Equity		136,204,681		221,522,576

A summary of the Funds’ transactions in the USG Select Fund for the period ended April 30, 2025 were as follows:

Fund	Type of Transaction	October 31, 2024 Shares/Fair Value		Purchases		Sales		April 30, 2025 Shares/Fair Value
IMC International Small Cap	Direct	$	3,672,653	$	49,901,219	$	51,872,731	$	1,701,141
IMC International Small Cap	Securities Lending		67,200		8,144,631		6,309,264		1,902,567
International Equity	Direct	$	19,354,297		168,937,672		169,743,647		18,548,322
International Equity	Securities Lending		2,442,760		8,822,491		9,957,115		1,308,136

38

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

9. Securities Lending

The Funds may lend their securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with collateral in an amount at least equal to the fair value of the securities loaned, initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Collateral is monitored and marked-to-market daily. Daily mark-to-market amounts are required to be paid to the borrower or received from the borrower by the end of the following business day. This one day settlement for mark-to-market amounts may result in the collateral being temporarily less than the value of the securities on loan or temporarily more than the required minimum collateral.

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the “Agent”) in money market mutual funds and other short-term investments, provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in the Funds’ Schedule of Investments and the collateral is shown on the Statements of Assets and Liabilities as a payable.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Funds, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

While securities are on loan, the Funds continue to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount is received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Funds would be subject to on the dividend.

Securities lending transactions pose certain risks to the Funds, including that the borrower may not provide additional collateral when required or return the securities when due, that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower, that non-cash collateral may be subject to legal constraints in the event of a borrower bankruptcy, and that the cash collateral investments could become illiquid and unable to be used to return collateral to the borrower. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the cash collateral available for return to the borrower and any action which impairs its ability to liquidate non-cash collateral to satisfy a borrower default.

As of April 30, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

Fund	Fair Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
IMC International Small Cap	$	5,100,961	$	1,902,567	$	3,476,558	$	5,379,125
International Equity		10,995,442		1,308,136		10,258,175		11,566,311

Cash collateral is listed on the Funds’ Schedules of Investments and is shown on the Statements of Assets and Liabilities. Income earned on these investments is included in “Income derived from securities lending” on the Statements of Operations.

Non-cash collateral received by the Funds may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Funds’ Schedules of Investments or Statements of Assets and Liabilities.

39

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

10. Borrowing Arrangements

Effective November 8, 2024 (the “Effective Date”), the Funds, along with certain other funds managed by the Manager (“Participating Funds”), renewed a committed revolving line of credit (the “Committed Line”) agreement with State Street Bank and Trust Company (the “Bank”) to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2024.

On the Effective Date, the Funds, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the “Uncommitted Line”) agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a rate equal to the higher of (a) OBFR daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed on each outstanding loan. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2024.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Line of credit interest expense” on the Statements of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the period ended April 30, 2025, the Funds did not utilize these facilities.

11. Capital Share Transactions

The tables below summarize the activity in capital shares for each Class of the Funds:

	R5 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
IMC International Small Cap Fund	Shares			Amount			Shares			Amount
Shares sold		90,028		$	1,475,930			91,304		$	1,649,842
Reinvestment of dividends		50,544			801,631			8,451			138,937
Shares redeemed		(304,448	)		(4,780,525	)		(51,572	)		(928,768	)
Net increase (decrease) in shares outstanding		(163,876	)	$	(2,502,964	)		48,183		$	860,011
	Y Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
IMC International Small Cap Fund	Shares			Amount			Shares			Amount
Shares sold		315,738		$	4,986,008			474,289		$	8,271,875
Reinvestment of dividends		256,986			4,050,098			55,611			911,458
Shares redeemed		(1,460,534	)		(21,705,922	)		(1,103,789	)		(19,105,361	)
Net (decrease) in shares outstanding		(887,810	)	$	(12,669,816	)		(573,889	)	$	(9,922,028	)

40

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

	Investor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
IMC International Small Cap Fund	Shares			Amount			Shares			Amount
Shares sold		143,965		$	2,373,794			416,836		$	7,405,498
Reinvestment of dividends		264,520			4,203,224			56,629			934,948
Shares redeemed		(818,593	)		(13,871,150	)		(1,314,525	)		(23,251,446	)
Net (decrease) in shares outstanding		(410,108	)	$	(7,294,132	)		(841,060	)	$	(14,911,000	)
	R5 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		1,116,265		$	18,293,434			1,275,928		$	23,962,085
Reinvestment of dividends		3,663,496			54,402,910			1,101,966			19,912,534
Shares redeemed		(4,191,832	)		(67,440,339	)		(11,561,436	)		(214,281,949	)
Net increase (decrease) in shares outstanding		587,929		$	5,256,005			(9,183,542	)	$	(170,407,330	)
	Y Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		284,988		$	4,877,192			533,844		$	10,553,834
Reinvestment of dividends		910,027			14,451,225			240,581			4,587,876
Shares redeemed		(1,887,726	)		(32,717,492	)		(1,581,261	)		(31,258,707	)
Net (decrease) in shares outstanding		(692,711	)	$	(13,389,075	)		(806,836	)	$	(16,116,997	)
	Investor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		181,899		$	2,965,876			150,953		$	2,813,915
Reinvestment of dividends		633,647			9,339,960			172,001			3,089,134
Shares redeemed		(497,050	)		(7,941,306	)		(1,470,504	)		(26,829,824	)
Net increase (decrease) in shares outstanding		318,496		$	4,364,530			(1,147,550	)	$	(20,926,775	)
	Advisor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		106,427		$	1,911,658			76,294		$	1,499,384
Reinvestment of dividends		171,015			2,630,212			33,225			617,326
Shares redeemed		(196,737	)		(3,350,078	)		(119,270	)		(2,322,072	)
Net increase (decrease) in shares outstanding		80,705		$	1,191,792			(9,751	)	$	(205,362	)
	A Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		65,076		$	1,069,808			159,796		$	2,963,199
Reinvestment of dividends		126,720			1,857,713			29,150			520,904
Shares redeemed		(96,212	)		(1,549,422	)		(214,751	)		(4,077,761	)
Net increase (decrease) in shares outstanding		95,584		$	1,378,099			(25,805	)	$	(593,658	)

41

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

	C Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		12,397		$	192,887			23,520		$	419,997
Reinvestment of dividends		34,084			477,523			6,898			118,845
Shares redeemed		(30,386	)		(473,127	)		(52,208	)		(929,371	)
Net increase (decrease) in shares outstanding		16,095		$	197,283			(21,790	)	$	(390,529	)
	R6 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		1,237,936		$	20,697,741			3,731,057		$	70,282,639
Reinvestment of dividends		1,611,726			24,030,832			920,802			16,684,931
Shares redeemed		(1,623,682	)		(26,914,744	)		(15,134,620	)		(296,975,564	)
Net increase (decrease) in shares outstanding		1,225,980		$	17,813,829			(10,482,761	)	$	(210,007,994	)

12. Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Funds’ financial statements through this date.

42

American Beacon IMC International Small Cap Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months			Year Ended October 31,
	Ended April 30, 2025K			2024			2023B			2022			2021			2020
	(unaudited)
Net asset value, beginning of period	$	17.78		$	15.31		$	13.47		$	19.56		$	15.58		$	15.65
Income (loss) from investment operations:
Net investment income		0.03	C		0.36			0.15	CD		0.20			0.60	E		0.03
Net gains (losses) on investments (both realized and unrealized)		(0.27	)		2.45			1.96			(5.53	)		3.50			0.29
Total income (loss) from investment operations		(0.24	)		2.81			2.11			(5.33	)		4.10			0.32
Less distributions:
Dividends from net investment income		(0.25	)		(0.34	)		(0.27	)		(0.76	)		(0.12	)		(0.39	)
Distributions from net realized gains		(1.40	)		-			-			-			-			-
Total distributions		(1.65	)		(0.34	)		(0.27	)		(0.76	)		(0.12	)		(0.39	)
Net asset value, end of period	$	15.89		$	17.78		$	15.31		$	13.47		$	19.56		$	15.58
Total returnF		(1.32	)%G		18.52	%		15.75	%		(28.31	)%		26.38	%		1.94	%
Ratios and supplemental data:
Net assets, end of period	$	4,717,389		$	8,195,147		$	6,316,496		$	13,963,043		$	20,907,091		$	20,327,704
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.18	%H		1.21	%		1.21	%		0.90	%		0.92	%		0.91	%
Expenses, net of reimbursements and/or recoupments		0.91	%HJ I		0.89	%		0.89	%		0.89	%		0.91	%I		0.89	%
Net investment income, before expense reimbursements and/or recoupments		0.11	%H		0.97	%		0.63	%D		1.30	%		3.14	%E		0.84	%
Net investment income, net of reimbursements and/or recoupments		0.38	%H		1.29	%		0.95	%D		1.31	%		3.15	%E		0.86	%
Portfolio turnover rate		117	%G		260	%		292	%		21	%		34	%		28	%

^A  Prior to February 28, 2020, the R5 Class was known as Institutional Class.

^B  On January 20, 2023, Tocqueville Asset Management LP was terminated and ceased managing assets of the Fund. On January 21, 2023, EAM Global Investors, LLC began managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0312.

^E  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3366.

^F  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^G  Not annualized.

^H  Annualized.

^I  Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.

^J  Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.

^K  On February 4, 2025, sub-advisor’s name changed to Global IMC LLC (formerly known as EAM Global Investors, LLC).

See accompanying notes

43

American Beacon IMC International Small Cap Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months			Year Ended October 31,
	Ended April 30, 2025J			2024			2023A			2022			2021			2020
	(unaudited)
Net asset value, beginning of period	$	17.69		$	15.24		$	13.46		$	19.54		$	15.56		$	15.64
Income (loss) from investment operations:
Net investment income		0.03	B		0.05			0.20	BC		0.04			0.59	D		0.05
Net gains (losses) on investments (both realized and unrealized)		(0.30	)		2.72			1.84			(5.36	)		3.49			0.25
Total income (loss) from investment operations		(0.27	)		2.77			2.04			(5.32	)		4.08			0.30
Less distributions:
Dividends from net investment income		(0.25	)		(0.32	)		(0.26	)		(0.76	)		(0.10	)		(0.38	)
Distributions from net realized gains		(1.40	)		-			-			-			-			-
Total distributions		(1.65	)		(0.32	)		(0.26	)		(0.76	)		(0.10	)		(0.38	)
Net asset value, end of period	$	15.77		$	17.69		$	15.24		$	13.46		$	19.54		$	15.56
Total returnE		(1.50	)%F		18.31	%		15.21	%		(28.31	)%		26.25	%		1.84	%
Ratios and supplemental data:
Net assets, end of period	$	41,630,757		$	62,393,608		$	62,512,548		$	96,269,149		$	160,793,226		$	136,563,697
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.25	%G		1.27	%		1.26	%		0.95	%		0.98	%		0.99	%
Expenses, net of reimbursements and/or recoupments		1.12	%GIK		1.13	%H		1.26	%		0.95	%		0.98	%		0.99	%
Net investment income, before expense reimbursements and/or recoupments		0.21	%G		0.93	%		1.24	%C		1.21	%		3.40	%D		0.78	%
Net investment income, net of reimbursements and/or recoupments		0.34	%G		1.07	%		1.24	%C		1.21	%		3.40	%D		0.78	%
Portfolio turnover rate		117	%F		260	%		292	%		21	%		34	%		28	%

^A  On January 20, 2023, Tocqueville Asset Management LP was terminated and ceased managing assets of the Fund. On January 21, 2023, EAM Global Investors, LLC began managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0439.

^D  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3834.

^E  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^F  Not annualized.

^G  Annualized.

^H  Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on February 29, 2024.

^I  Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.

^J  On February 4, 2025, sub-advisor’s name changed to Global IMC LLC (formerly known as EAM Global Investors, LLC).

^K  Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.

See accompanying notes

44

American Beacon IMC International Small Cap Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months			Year Ended October 31,
	Ended April 30, 2025J			2024			2023A			2022			2021			2020
	(unaudited)
Net asset value, beginning of period	$	17.80		$	15.33		$	13.51		$	19.59		$	15.60		$	15.61
Income (loss) from investment operations:
Net investment income		0.01	B		0.45			0.48	C		0.65			0.76	D		0.25
Net gains (losses) on investments (both realized and unrealized)		(0.30	)		2.30			1.55			(6.04	)		3.29			0.01
Total income (loss) from investment operations		(0.29	)		2.75			2.03			(5.39	)		4.05			0.26
Less distributions:
Dividends from net investment income		(0.22	)		(0.28	)		(0.21	)		(0.69	)		(0.06	)		(0.27	)
Distributions from net realized gains		(1.40	)		-			-			-			-			-
Total distributions		(1.62	)		(0.28	)		(0.21	)		(0.69	)		(0.06	)		(0.27	)
Net asset value, end of period	$	15.89		$	17.80		$	15.33		$	13.51		$	19.59		$	15.60
Total returnE		(1.62	)%F		18.07	%		15.06	%		(28.49	)%		26.01	%		1.63	%
Ratios and supplemental data:
Net assets, end of period	$	43,346,763		$	55,835,311		$	60,994,147		$	72,187,362		$	180,324,267		$	198,905,986
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.46	%G		1.51	%		1.46	%		1.18	%		1.20	%		1.18	%
Expenses, net of reimbursements and/or recoupments		1.33	%GIK		1.34	%H		1.46	%		1.18	%		1.20	%		1.18	%
Net investment income, before expense reimbursements and/or recoupments		0.02	%G		0.70	%		1.10	%C		1.03	%		2.81	%D		0.63	%
Net investment income, net of reimbursements and/or recoupments		0.15	%G		0.87	%		1.10	%C		1.03	%		2.81	%D		0.63	%
Portfolio turnover rate		117	%F		260	%		292	%		21	%		34	%		28	%

^A  On January 20, 2023, Tocqueville Asset Management LP was terminated and ceased managing assets of the Fund. On January 21, 2023, EAM Global Investors, LLC began managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0406.

^D  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3074.

^E  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^F  Not annualized.

^G  Annualized.

^H  Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on February 29, 2024.

^I  Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.

^J  On February 4, 2025, sub-advisor’s name changed to Global IMC LLC (formerly known as EAM Global Investors, LLC).

^K  Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.

See accompanying notes

45

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months			Year Ended October 31,
	Ended April 30, 2025			2024			2023			2022			2021			2020B
	(unaudited)
Net asset value, beginning of period	$	19.36		$	16.72		$	14.31		$	20.31		$	14.73		$	18.06
Income (loss) from investment operations:
Net investment income		0.20	C		0.61			0.56			0.39			0.45	D		0.36
Net gains (losses) on investments (both realized and unrealized)		0.92			3.01			2.28			(4.40	)		5.43			(3.15	)
Total income (loss) from investment operations		1.12			3.62			2.84			(4.01	)		5.88			(2.79	)
Less distributions:
Dividends from net investment income		(0.83	)		(0.61	)		(0.43	)		(0.65	)		(0.30	)		(0.54	)
Distributions from net realized gains		(2.83	)		(0.37	)		-			(1.34	)		-			-
Total distributions		(3.66	)		(0.98	)		(0.43	)		(1.99	)		(0.30	)		(0.54	)
Net asset value, end of period	$	16.82		$	19.36		$	16.72		$	14.31		$	20.31		$	14.73
Total returnE		8.29	%F		22.05	%		20.09	%		(21.69	)%		40.18	%		(16.04	)%
Ratios and supplemental data:
Net assets, end of period	$	271,484,270		$	301,082,293		$	413,488,011		$	891,001,265		$	1,329,626,349		$	968,859,543
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.81	%G		0.77	%		0.79	%		0.72	%		0.73	%		0.72	%
Expenses, net of reimbursements and/or recoupments		0.81	%G		0.77	%		0.79	%		0.72	%		0.73	%		0.72	%
Net investment income, before expense reimbursements and/or recoupments		2.37	%G		2.57	%		2.30	%		2.17	%		2.31	%D		1.83	%
Net investment income, net of reimbursements and/or recoupments		2.37	%G		2.57	%		2.30	%		2.17	%		2.31	%D		1.83	%
Portfolio turnover rate		25	%F		43	%		46	%		38	%		41	%		77	%

^A  Prior to February 28, 2020, the R5 Class was known as Institutional Class.

^B  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0746.

^E  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^F  Not annualized.

^G  Annualized.

See accompanying notes

46

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months			Year Ended October 31,
	Ended April 30, 2025			2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	20.43		$	17.59		$	15.03		$	21.18		$	15.36		$	18.81
Income (loss) from investment operations:
Net investment income		0.19	B		1.18			1.22			1.53			1.83	C		0.36
Net gains (losses) on investments (both realized and unrealized)		1.01			2.62			1.76			(5.74	)		4.27			(3.28	)
Total income (loss) from investment operations		1.20			3.80			2.98			(4.21	)		6.10			(2.92	)
Less distributions:
Dividends from net investment income		(0.81	)		(0.59	)		(0.42	)		(0.60	)		(0.28	)		(0.53	)
Distributions from net realized gains		(2.83	)		(0.37	)		-			(1.34	)		-			-
Total distributions		(3.64	)		(0.96	)		(0.42	)		(1.94	)		(0.28	)		(0.53	)
Net asset value, end of period	$	17.99		$	20.43		$	17.59		$	15.03		$	21.18		$	15.36
Total returnD		8.26	%E		22.01	%		20.01	%		(21.71	)%		39.99	%		(16.09	)%
Ratios and supplemental data:
Net assets, end of period	$	62,643,994		$	85,292,074		$	87,634,823		$	95,663,172		$	233,692,916		$	659,159,857
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.88	%F		0.84	%		0.86	%		0.81	%		0.79	%		0.80	%
Expenses, net of reimbursements and/or recoupments		0.88	%F		0.84	%		0.86	%		0.81	%		0.79	%		0.80	%
Net investment income, before expense reimbursements and/or recoupments		2.15	%F		2.51	%		2.43	%		2.03	%		2.01	%C		1.77	%
Net investment income, net of reimbursements and/or recoupments		2.15	%F		2.51	%		2.43	%		2.03	%		2.01	%C		1.77	%
Portfolio turnover rate		25	%E		43	%		46	%		38	%		41	%		77	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0243.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

47

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months			Year Ended October 31,
	Ended April 30, 2025			2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	19.19		$	16.54		$	14.16		$	20.11		$	14.57		$	17.87
Income (loss) from investment operations:
Net investment income		0.17	B		0.62			0.72			0.35			0.38	C		0.40
Net gains (losses) on investments (both realized and unrealized)		0.91			2.91			2.04			(4.37	)		5.38			(3.22	)
Total income (loss) from investment operations		1.08			3.53			2.76			(4.02	)		5.76			(2.82	)
Less distributions:
Dividends from net investment income		(0.76	)		(0.51	)		(0.38	)		(0.59	)		(0.22	)		(0.48	)
Distributions from net realized gains		(2.83	)		(0.37	)		-			(1.34	)		-			-
Total distributions		(3.59	)		(0.88	)		(0.38	)		(1.93	)		(0.22	)		(0.48	)
Net asset value, end of period	$	16.68		$	19.19		$	16.54		$	14.16		$	20.11		$	14.57
Total returnD		8.08	%E		21.71	%		19.64	%		(21.93	)%		39.72	%		(16.33	)%
Ratios and supplemental data:
Net assets, end of period	$	50,576,685		$	52,061,716		$	63,864,486		$	81,694,109		$	126,691,864		$	92,817,287
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.16	%F		1.10	%		1.12	%		1.07	%		1.06	%		1.07	%
Expenses, net of reimbursements and/or recoupments		1.16	%F		1.10	%		1.12	%		1.07	%		1.06	%		1.07	%
Net investment income, before expense reimbursements and/or recoupments		2.11	%F		2.18	%		2.61	%		1.84	%		1.98	%C		1.35	%
Net investment income, net of reimbursements and/or recoupments		2.11	%F		2.18	%		2.61	%		1.84	%		1.98	%C		1.35	%
Portfolio turnover rate		25	%E		43	%		46	%		38	%		41	%		77	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0785.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

48

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Six Months			Year Ended October 31,
	Ended April 30, 2025			2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	19.83		$	17.09		$	14.62		$	20.68		$	14.94		$	18.31
Income (loss) from investment operations:
Net investment income		0.16	B		0.42			0.43			0.29			0.41	C		0.37
Net gains (losses) on investments (both realized and unrealized)		0.97			3.20			2.39			(4.46	)		5.48			(3.29	)
Total income (loss) from investment operations		1.13			3.62			2.82			(4.17	)		5.89			(2.92	)
Less distributions:
Dividends from net investment income		(0.74	)		(0.51	)		(0.35	)		(0.55	)		(0.15	)		(0.45	)
Distributions from net realized gains		(2.83	)		(0.37	)		-			(1.34	)		-			-
Total distributions		(3.57	)		(0.88	)		(0.35	)		(1.89	)		(0.15	)		(0.45	)
Net asset value, end of period	$	17.39		$	19.83		$	17.09		$	14.62		$	20.68		$	14.94
Total returnD		8.03	%E		21.50	%		19.45	%		(22.01	)%		39.53	%		(16.43	)%
Ratios and supplemental data:
Net assets, end of period	$	13,707,467		$	14,029,585		$	12,257,174		$	13,706,977		$	18,745,607		$	16,387,094
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.29	%F		1.25	%		1.27	%		1.20	%		1.20	%		1.20	%
Expenses, net of reimbursements and/or recoupments		1.29	%F		1.25	%		1.27	%		1.20	%		1.20	%		1.20	%
Net investment income, before expense reimbursements and/or recoupments		1.89	%F		2.11	%		2.08	%		1.67	%		1.79	%C		1.34	%
Net investment income, net of reimbursements and/or recoupments		1.89	%F		2.11	%		2.08	%		1.67	%		1.79	%C		1.34	%
Portfolio turnover rate		25	%E		43	%		46	%		38	%		41	%		77	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0709.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

49

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Six Months			Year Ended October 31,
	Ended April 30, 2025			2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	19.09		$	16.50		$	14.13		$	20.06		$	14.55		$	17.85
Income (loss) from investment operations:
Net investment income		0.17	B		0.40			0.34			0.33			0.36	C		0.21
Net gains (losses) on investments (both realized and unrealized)		0.89			3.11			2.40			(4.36	)		5.38			(3.04	)
Total income (loss) from investment operations		1.06			3.51			2.74			(4.03	)		5.74			(2.83	)
Less distributions:
Dividends from net investment income		(0.74	)		(0.55	)		(0.37	)		(0.56	)		(0.23	)		(0.47	)
Distributions from net realized gains		(2.83	)		(0.37	)		-			(1.34	)		-			-
Total distributions		(3.57	)		(0.92	)		(0.37	)		(1.90	)		(0.23	)		(0.47	)
Net asset value, end of period	$	16.58		$	19.09		$	16.50		$	14.13		$	20.06		$	14.55
Total returnD		8.03	%E		21.63	%		19.55	%		(22.00	)%		39.65	%		(16.37	)%
Ratios and supplemental data:
Net assets, end of period	$	10,178,608		$	9,890,341		$	8,977,482		$	7,205,251		$	10,017,801		$	9,512,972
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.23	%F		1.18	%		1.19	%		1.14	%		1.13	%		1.13	%
Expenses, net of reimbursements and/or recoupments		1.23	%F		1.18	%		1.19	%		1.14	%		1.13	%		1.13	%
Net investment income, before expense reimbursements and/or recoupments		2.03	%F		2.22	%		2.15	%		1.80	%		1.83	%C		1.35	%
Net investment income, net of reimbursements and/or recoupments		2.03	%F		2.22	%		2.15	%		1.80	%		1.83	%C		1.35	%
Portfolio turnover rate		25	%E		43	%		46	%		38	%		41	%		77	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0643.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

50

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Six Months			Year Ended October 31,
	Ended April 30, 2025			2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	18.27		$	15.80		$	13.53		$	19.27		$	13.99		$	17.18
Income (loss) from investment operations:
Net investment income		0.09	B		0.13			0.10			0.16			0.19	C		0.01
Net gains (losses) on investments (both realized and unrealized)		0.87			3.08			2.41			(4.14	)		5.19			(2.86	)
Total income (loss) from investment operations		0.96			3.21			2.51			(3.98	)		5.38			(2.85	)
Less distributions:
Dividends from net investment income		(0.59	)		(0.37	)		(0.24	)		(0.42	)		(0.10	)		(0.34	)
Distributions from net realized gains		(2.83	)		(0.37	)		-			(1.34	)		-			-
Total distributions		(3.42	)		(0.74	)		(0.24	)		(1.76	)		(0.10	)		(0.34	)
Net asset value, end of period	$	15.81		$	18.27		$	15.80		$	13.53		$	19.27		$	13.99
Total returnD		7.67	%E		20.59	%		18.66	%		(22.55	)%		38.56	%		(16.98	)%
Ratios and supplemental data:
Net assets, end of period	$	2,519,553		$	2,618,564		$	2,608,270		$	2,842,235		$	4,317,179		$	3,431,934
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		2.02	%F		1.98	%		1.96	%		1.89	%		1.86	%		1.86	%
Expenses, net of reimbursements and/or recoupments		2.02	%F		1.98	%		1.96	%		1.89	%		1.86	%		1.86	%
Net investment income, before expense reimbursements and/or recoupments		1.21	%F		1.37	%		1.41	%		1.08	%		1.14	%C		0.61	%
Net investment income, net of reimbursements and/or recoupments		1.21	%F		1.37	%		1.41	%		1.08	%		1.14	%C		0.61	%
Portfolio turnover rate		25	%E		43	%		46	%		38	%		41	%		77	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0667.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

51

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Six Months			Year Ended October 31,
	Ended April 30, 2025			2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	19.43		$	16.77		$	14.35		$	20.35		$	14.76		$	18.08
Income (loss) from investment operations:
Net investment income		0.22	B		0.12			0.40			0.41			0.45	C		0.39
Net gains (losses) on investments (both realized and unrealized)		0.91			3.53			2.46			(4.41	)		5.44			(3.16	)
Total income (loss) from investment operations		1.13			3.65			2.86			(4.00	)		5.89			(2.77	)
Less distributions:
Dividends from net investment income		(0.83	)		(0.62	)		(0.44	)		(0.66	)		(0.30	)		(0.55	)
Distributions from net realized gains		(2.83	)		(0.37	)		-			(1.34	)		-			-
Total distributions		(3.66	)		(0.99	)		(0.44	)		(2.00	)		(0.30	)		(0.55	)
Net asset value, end of period	$	16.90		$	19.43		$	16.77		$	14.35		$	20.35		$	14.76
Total returnD		8.37	%E		22.17	%		20.15	%		(21.62	)%		40.20	%		(15.93	)%
Ratios and supplemental data:
Net assets, end of period	$	136,497,002		$	133,123,232		$	290,693,353		$	296,382,124		$	397,732,934		$	294,708,893
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.80	%F		0.77	%		0.77	%		0.71	%		0.71	%		0.72	%
Expenses, net of reimbursements and/or recoupments		0.69	%F		0.69	%		0.69	%		0.69	%		0.70	%G		0.69	%
Net investment income, before expense reimbursements and/or recoupments		2.48	%F		2.86	%		2.54	%		2.22	%		2.30	%C		1.88	%
Net investment income, net of reimbursements and/or recoupments		2.59	%F		2.94	%		2.62	%		2.24	%		2.31	%C		1.91	%
Portfolio turnover rate		25	%E		43	%		46	%		38	%		41	%		77	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0738.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

^G  Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.

See accompanying notes

52

Delivery of Documents

If you invest in the Fund through a financial institution, you may be able to receive the Fund’s regulatory mailings, such as the Prospectus, Annual Report, Semi-Annual Report and Financial Statement Reports, by e-mail. If you are interested in this option, please go to www.icsdelivery.com and search for your financial institution’s name or contact your financial institution directly.

You may request a paper copy of this document at no charge by contacting your financial institution. This document is also available for download at www.americanbeaconfunds.com or you can request an electronic copy by contacting your financial institution.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643

Fund Service Providers:

CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts DISTRIBUTOR Resolute Investment Distributors, Inc. Irving, Texas

This report is prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current Prospectus or Summary Prospectus.

American Beacon Funds, American Beacon IMC International Small Cap Fund and American Beacon International Equity Fund are service marks of American Beacon Advisors, Inc.

SAR 04/25

American Beacon Funds

Table of Contents

Schedule of Investments:
American Beacon Large Cap Value Fund	1
Financial Statements	9
Notes to the Financial Statements	12
Financial Highlights:
American Beacon Large Cap Value Fund	32

Additional Fund Information Back Cover

Although information has been compiled from reliable sources, American Beacon Advisors, Inc. makes no representation as to the completeness or accuracy of the statements contained herein. All information is as of the end of the reporting period, unless noted otherwise, and is subject to change. Each Fund’s portfolio composition will change depending on economic and market conditions.

American Beacon Funds April 30, 2025

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.16%
Communication Services - 3.45%
Entertainment - 0.66%
Electronic Arts, Inc.		97,010		$	14,075,181
Warner Bros Discovery, Inc.A		758,361			6,574,990
					20,650,171
Interactive Media & Services - 0.98%
Alphabet, Inc., Class A		194,499			30,886,441
Media - 1.81%
Comcast Corp., Class A		1,250,326			42,761,149
Omnicom Group, Inc.		101,575			7,735,952
Paramount Global, Class B		518,915			6,092,062
					56,589,163
Total Communication Services					108,125,775
Consumer Discretionary - 4.59%
Automobile Components - 0.15%
BorgWarner, Inc.		167,625			4,757,198
Automobiles - 0.76%
General Motors Co.		523,764			23,695,083
Hotels, Restaurants & Leisure - 2.47%
Carnival Corp.A		1,798,599			32,986,306
Las Vegas Sands Corp.		463,523			16,997,388
Marriott International, Inc., Class A		53,918			12,863,756
Wynn Resorts Ltd.B		181,493			14,575,703
					77,423,153
Household Durables - 0.45%
Lennar Corp., Class A		128,982			14,008,735
Specialty Retail - 0.76%
Lithia Motors, Inc.		15,100			4,420,676
Lowe’s Cos., Inc.		87,521			19,566,195
					23,986,871
Total Consumer Discretionary					143,871,040
Consumer Staples - 5.20%
Beverages - 1.53%
Keurig Dr. Pepper, Inc.		1,049,703			36,309,227
PepsiCo, Inc.		85,608			11,606,732
					47,915,959
Consumer Staples Distribution & Retail - 0.21%
Target Corp.		67,333			6,511,101
Food Products - 1.68%
Conagra Brands, Inc.		230,386			5,692,838
Kraft Heinz Co.		667,225			19,416,248
Mondelez International, Inc., Class A		183,292			12,487,684
Nestle SA, ADR		142,456			15,184,385
					52,781,155
Household Products - 0.23%
Kimberly-Clark Corp.		53,789			7,088,315

See accompanying notes

1

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.16% (continued)
Consumer Staples - 5.20% (continued)
Personal Products - 0.37%
Kenvue, Inc.		494,965		$	11,681,174
Tobacco - 1.18%
Philip Morris International, Inc.		215,764			36,973,319
Total Consumer Staples					162,951,023
Energy - 8.10%
Energy Equipment & Services - 1.72%
Baker Hughes Co.		349,606			12,376,052
Halliburton Co.		866,105			17,166,201
NOV, Inc.		1,332,046			15,465,054
Schlumberger NV		260,768			8,670,536
					53,677,843
Oil, Gas & Consumable Fuels - 6.38%
APA Corp.		1,486,586			23,101,546
Chevron Corp.		98,928			13,460,144
ConocoPhillips		307,347			27,390,765
EOG Resources, Inc.		69,076			7,621,155
Exxon Mobil Corp.		492,409			52,013,163
Hess Corp.		94,700			12,221,035
Murphy Oil Corp.		120,429			2,472,407
Ovintiv, Inc.		336,880			11,312,430
Permian Resources Corp.		982,427			11,592,639
Phillips 66		190,509			19,824,367
Shell PLC, ADR		293,336			18,914,305
					199,923,956
Total Energy					253,601,799
Financials - 22.11%
Banks - 8.49%
Bank of America Corp.		1,142,457			45,561,185
Citigroup, Inc.		760,790			52,022,820
Citizens Financial Group, Inc.		353,375			13,036,004
First Citizens BancShares, Inc., Class A		2,465			4,385,580
JPMorgan Chase & Co.		177,035			43,306,302
PNC Financial Services Group, Inc.		99,349			15,964,391
Truist Financial Corp.		199,794			7,660,102
U.S. Bancorp		438,587			17,692,600
Wells Fargo & Co.		693,651			49,256,157
Western Alliance Bancorp		246,099			17,155,561
					266,040,702
Capital Markets - 3.20%
Bank of New York Mellon Corp.		64,410			5,179,208
Blackrock, Inc.		13,295			12,155,087
Goldman Sachs Group, Inc.		10,214			5,592,676
KKR & Co., Inc.		151,682			17,332,702
LPL Financial Holdings, Inc.		10,092			3,227,321
Morgan Stanley		170,227			19,647,600
Nasdaq, Inc.		239,022			18,215,866
State Street Corp.		216,721			19,093,120
					100,443,580

See accompanying notes

2

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.16% (continued)
Financials - 22.11% (continued)
Consumer Finance - 1.61%
American Express Co.		156,473		$	41,685,972
Capital One Financial Corp.		46,394			8,362,983
SLM Corp.		9,720			280,966
					50,329,921
Financial Services - 1.86%
Corebridge Financial, Inc.		341,143			10,108,067
Fidelity National Information Services, Inc.		610,011			48,117,668
					58,225,735
Insurance - 6.95%
American International Group, Inc.		575,969			46,952,993
Aon PLC, Class A		56,879			20,180,100
Chubb Ltd.		65,504			18,739,384
Everest Group Ltd.		29,858			10,713,946
Hartford Insurance Group, Inc.		91,103			11,175,605
Marsh & McLennan Cos., Inc.		113,607			25,614,970
Progressive Corp.		170,702			48,093,582
Travelers Cos., Inc.		75,225			19,869,179
Willis Towers Watson PLC		52,897			16,281,697
					217,621,456
Total Financials					692,661,394
Health Care - 14.00%
Biotechnology - 0.51%
AbbVie, Inc.		81,769			15,953,132
Health Care Equipment & Supplies - 2.78%
Abbott Laboratories		121,262			15,855,007
GE HealthCare Technologies, Inc.		287,137			20,194,345
Medtronic PLC		469,261			39,774,562
Solventum Corp.A		71,700			4,740,804
Zimmer Biomet Holdings, Inc.		63,949			6,589,945
					87,154,663
Health Care Providers & Services - 7.00%
Centene Corp.A		153,310			9,175,603
Cigna Group		134,435			45,713,277
CVS Health Corp.		276,485			18,444,314
Elevance Health, Inc.		138,991			58,456,835
HCA Healthcare, Inc.		32,521			11,222,347
Humana, Inc.		47,937			12,570,999
Labcorp Holdings, Inc.		21,880			5,273,299
McKesson Corp.		48,345			34,459,833
UnitedHealth Group, Inc.		58,532			24,082,406
					219,398,913
Life Sciences Tools & Services - 0.50%
Avantor, Inc.A		1,207,493			15,685,334
Pharmaceuticals - 3.21%
GSK PLC, ADRB		131,915			5,256,813
Johnson & Johnson		143,801			22,477,534
Merck & Co., Inc.		363,110			30,936,972
Pfizer, Inc.		589,171			14,381,664
Sanofi SA, ADRB		499,941			27,471,758
					100,524,741
Total Health Care					438,716,783

See accompanying notes

3

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.16% (continued)
Industrials - 11.47%
Aerospace & Defense - 3.39%
Boeing Co.A		193,823		$	35,516,126
General Dynamics Corp.		92,032			25,043,748
Northrop Grumman Corp.		25,455			12,383,857
RTX Corp.		263,720			33,263,004
					106,206,735
Air Freight & Logistics - 0.58%
FedEx Corp.		86,936			18,285,249
Building Products - 0.99%
Johnson Controls International PLC		331,526			27,815,031
Trane Technologies PLC		7,944			3,045,015
					30,860,046
Construction & Engineering - 0.39%
AECOM		93,114			9,185,696
Fluor Corp.A		82,464			2,877,169
					12,062,865
Electrical Equipment - 1.08%
Eaton Corp. PLC		34,686			10,210,518
Vertiv Holdings Co., Class A		275,484			23,520,824
					33,731,342
Ground Transportation - 1.19%
JB Hunt Transport Services, Inc.		88,133			11,508,407
Norfolk Southern Corp.		35,361			7,922,632
Union Pacific Corp.		82,149			17,716,254
					37,147,293
Industrial Conglomerates - 0.53%
Honeywell International, Inc.		78,910			16,610,555
Machinery - 2.65%
CNH Industrial NV		949,717			10,988,226
Cummins, Inc.		60,513			17,781,140
Deere & Co.		11,400			5,284,584
Fortive Corp.		142,274			9,915,075
Illinois Tool Works, Inc.		47,067			11,291,844
Otis Worldwide Corp.		34,586			3,329,594
PACCAR, Inc.		225,952			20,383,130
Timken Co.		64,632			4,152,606
					83,126,199
Professional Services - 0.54%
Equifax, Inc.		42,903			11,160,357
Jacobs Solutions, Inc.		47,755			5,912,069
					17,072,426
Trading Companies & Distributors - 0.13%
WW Grainger, Inc.		3,958			4,054,219
Total Industrials					359,156,929
Information Technology - 7.62%
Communications Equipment - 1.58%
F5, Inc.A		187,303			49,586,596

See accompanying notes

4

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.16% (continued)
Information Technology - 7.62% (continued)
Electronic Equipment, Instruments & Components - 0.06%
CDW Corp.		11,681		$	1,875,501
IT Services - 0.50%
Cognizant Technology Solutions Corp., Class A		211,577			15,565,720
Semiconductors & Semiconductor Equipment - 3.06%
Analog Devices, Inc.		91,294			17,795,026
Entegris, Inc.		102,788			8,132,587
KLA Corp.		16,747			11,767,949
Microchip Technology, Inc.		282,158			13,001,841
Micron Technology, Inc.		80,235			6,174,083
QUALCOMM, Inc.		175,240			26,016,130
Texas Instruments, Inc.		80,530			12,888,827
					95,776,443
Software - 2.42%
Microsoft Corp.		26,900			10,632,494
Oracle Corp.		146,383			20,599,016
Workday, Inc., Class AA		181,757			44,530,465
					75,761,975
Total Information Technology					238,566,235
Materials - 3.85%
Chemicals - 2.66%
Air Products & Chemicals, Inc.		99,999			27,108,729
Axalta Coating Systems Ltd.A		626,771			20,370,058
Corteva, Inc.		83,689			5,187,881
DuPont de Nemours, Inc.		81,675			5,389,733
Olin Corp.		362,926			7,846,460
PPG Industries, Inc.		117,900			12,834,594
Sherwin-Williams Co.		13,571			4,789,477
					83,526,932
Construction Materials - 1.19%
CRH PLC		389,783			37,193,094
Total Materials					120,720,026
Real Estate - 2.35%
Industrial REITs - 0.86%
Prologis, Inc.		264,323			27,013,811
Specialized REITs - 1.49%
Public Storage		73,492			22,079,202
VICI Properties, Inc.		764,917			24,492,642
					46,571,844
Total Real Estate					73,585,655
Utilities - 7.42%
Electric Utilities - 6.11%
American Electric Power Co., Inc.		47,020			5,094,147
Duke Energy Corp.		187,909			22,928,656
Entergy Corp.		478,517			39,798,259
Exelon Corp.		184,706			8,662,711
PG&E Corp.		830,451			13,719,051

See accompanying notes

5

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.16% (continued)
Utilities - 7.42% (continued)
Electric Utilities - 6.11% (continued)
Pinnacle West Capital Corp.		277,917		$	26,452,140
PPL Corp.		486,373			17,752,614
Southern Co.		223,158			20,505,989
Xcel Energy, Inc.		518,240			36,639,568
					191,553,135
Multi-Utilities - 1.31%
Dominion Energy, Inc.		752,430			40,917,143
Total Utilities					232,470,278
Total Common Stocks (Cost $2,055,882,812)					2,824,426,937
FOREIGN COMMON STOCKS - 6.09%
Communication Services - 0.42%
Media - 0.42%
WPP PLC, ADRB		343,746			13,254,846
Consumer Discretionary - 1.61%
Automobile Components - 1.61%
Aptiv PLCA		563,472			32,151,712
Magna International, Inc.B		520,422			18,089,869
					50,241,581
Total Consumer Discretionary					50,241,581
Consumer Staples - 1.03%
Beverages - 0.52%
Anheuser-Busch InBev SA, ADRB		138,481			9,113,435
Diageo PLC, ADR		62,973			7,054,235
					16,167,670
Household Products - 0.20%
Reckitt Benckiser Group PLC, ADRB		491,676			6,347,537
Personal Products - 0.31%
Unilever PLC, ADR		151,817			9,647,971
Total Consumer Staples					32,163,178
Energy - 0.13%
Oil, Gas & Consumable Fuels - 0.13%
Cenovus Energy, Inc.		346,128			4,073,926
Financials - 0.51%
Banks - 0.51%
Bank of Nova ScotiaB		320,983			16,042,730
Industrials - 0.13%
Ground Transportation - 0.13%
Canadian National Railway Co.		42,485			4,113,398
Information Technology - 2.26%
Communications Equipment - 0.98%
Telefonaktiebolaget LM Ericsson, ADR		3,749,290			30,894,150

See accompanying notes

6

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
FOREIGN COMMON STOCKS - 6.09% (continued)
Information Technology - 2.26% (continued)
Electronic Equipment, Instruments & Components - 0.34%
TE Connectivity PLC		72,309		$	10,584,591
IT Services - 0.55%
Accenture PLC, Class A		57,605			17,232,536
Semiconductors & Semiconductor Equipment - 0.39%
NXP Semiconductors NV		66,094			12,181,785
Total Information Technology					70,893,062
Total Foreign Common Stocks (Cost $165,079,432)					190,782,721
SHORT-TERM INVESTMENTS - 3.37% (Cost $105,500,084)
Investment Companies - 3.37%
American Beacon U.S. Government Money Market Select Fund, 4.25%C D		105,500,084			105,500,084
SECURITIES LENDING COLLATERAL - 0.24% (Cost $7,429,002)
Investment Companies - 0.24%
American Beacon U.S. Government Money Market Select Fund, 4.25%C D		7,429,002			7,429,002
TOTAL INVESTMENTS - 99.86% (Cost $2,333,891,330)					3,128,138,744
OTHER ASSETS, NET OF LIABILITIES - 0.14%					4,242,739
TOTAL NET ASSETS - 100.00%				$	3,132,381,483
Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at April 30, 2025 (Note 9).

^C The Fund is affiliated by having the same investment advisor.

^D 7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

Long Futures Contracts Open on April 30, 2025:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 Index Futures	427	June 2025	$	115,542,168	$	119,282,450	$	3,740,282
			$	115,542,168	$	119,282,450	$	3,740,282

Glossary:
Index Abbreviations:
S&P 500	Standard & Poor’s 500 Index - U.S. Equity Large-Cap Index.
Exchange Abbreviations:
CME	Chicago Mercantile Exchange.

See accompanying notes

7

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2025, the investments were classified as described below:

Large Cap Value Fund	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	2,824,426,937	$	-	$	-	$	2,824,426,937
Foreign Common Stocks		190,782,721		-		-		190,782,721
Short-Term Investments		105,500,084		-		-		105,500,084
Securities Lending Collateral		7,429,002		-		-		7,429,002
Total Investments in Securities - Assets	$	3,128,138,744	$	-	$	-	$	3,128,138,744
Financial Derivative Instruments - Assets
Futures Contracts	$	3,740,282	$	-	$	-	$	3,740,282
Total Financial Derivative Instruments - Assets	$	3,740,282	$	-	$	-	$	3,740,282

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2025, there were no transfers into or out of Level 3.

See accompanying notes

8

American Beacon Large Cap Value Fund^SM

Statement of Assets and Liabilities

April 30, 2025 (Unaudited)

Assets:
Investments in unaffiliated securities, at fair value† §	$	3,015,209,658
Investments in affiliated securities, at fair value‡		112,929,086
Cash collateral held at broker for futures contracts		11,156,000
Dividends and interest receivable		3,337,163
Receivable for investments sold		3,056,625
Receivable for fund shares sold		1,215,316
Receivable for tax reclaims		488,001
Receivable for variation margin on open futures contracts (Note 5)		3,741,251
Prepaid expenses		52,759
Total assets		3,151,185,859
Liabilities:
Payable for investments purchased		2,627,868
Payable for fund shares redeemed		1,449,591
Cash due to broker for futures contracts		3,701,761
Management and sub-advisory fees payable (Note 2)		2,899,368
Service fees payable (Note 2)		167,961
Transfer agent fees payable (Note 2)		66,310
Payable upon return of securities loaned (Note 9)§		7,429,002
Custody and fund accounting fees payable		204,623
Professional fees payable		107,184
Trustee fees payable (Note 2)		5,905
Payable for prospectus and shareholder reports		89,254
Other liabilities		55,549
Total liabilities		18,804,376
Commitments and contingent liabilities (Note 1 and Note 2)
Net assets	$	3,132,381,483
Analysis of net assets:
Paid-in-capital	$	2,152,539,768
Total distributable earnings (deficits)A		979,841,715
Net assets	$	3,132,381,483
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		38,763,833
Y Class		6,724,891
Investor Class		20,435,391
Advisor Class		1,940,035
A Class		4,306,709
C Class		86,850
R6 Class		53,458,100
Net assets:
R5 Class	$	998,761,049
Y Class	$	170,848,088
Investor Class	$	450,352,670
Advisor Class	$	41,533,654
A Class	$	92,058,593
C Class	$	1,854,010
R6 Class	$	1,376,973,419
Net asset value, offering and redemption price per share:
R5 Class	$	25.77
Y Class	$	25.41
Investor Class	$	22.04
Advisor Class	$	21.41
A Class	$	21.38
A Class (offering price)	$	22.68
C Class	$	21.35
R6 Class	$	25.76
† Cost of investments in unaffiliated securities	$	2,220,962,244
‡ Cost of investments in affiliated securities	$	112,929,086
§ Fair value of securities on loan	$	50,574,419
A The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at period end.

See accompanying notes

9

American Beacon Large Cap Value Fund^SM

Statement of Operations

For the period ended April 30, 2025 (Unaudited)

Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	37,832,443
Dividend income from affiliated securities (Note 2)		1,916,543
Interest income		102,483
Income derived from securities lending (Note 9)		187,343
Total investment income		40,038,812
Expenses:
Management and sub-advisory fees (Note 2)		9,163,466
Transfer agent fees (Note 2):
R5 Class		208,861
Y Class		96,991
Investor Class		13,617
Advisor Class		1,514
A Class		1,324
C Class		90
R6 Class		29,588
Custody and fund accounting fees		197,070
Professional fees		141,598
Registration fees and expenses		53,161
Service fees (Note 2):
Investor Class		832,487
Advisor Class		54,926
A Class		59,626
C Class		1,143
Distribution fees (Note 2):
Advisor Class		54,935
A Class		107,576
C Class		10,372
Prospectus and shareholder report expenses		75,082
Trustee fees (Note 2)		142,231
Line of credit interest expense (Note 10)		21,402
Other expenses		205,726
Total expenses		11,472,786
Net investment income		28,566,026
Realized and unrealized gain (loss) from investments:
Net realized gain (loss) from:
Investments in unaffiliated securitiesA		210,595,567
Foreign currency transactions		(9,349	)
Futures contracts		(6,044,935	)
Change in net unrealized appreciation (depreciation) of:
Investments in unaffiliated securitiesB		(339,681,990	)
Foreign currency transactions		7,929
Futures contracts		4,826,104
Net (loss) from investments		(130,306,674	)
Net decrease in net assets resulting from operations	$	(101,740,648	)
† Foreign taxes	$	478,979
A The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities.
B The Fund’s investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end.

See accompanying notes

10

American Beacon Large Cap Value Fund^SM

Statement of Changes in Net Assets

	Period from 11/1/2024 through 4/30/2025			Year Ended October 31, 2024
	(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	28,566,026		$	58,508,565
Net realized gain from investments in unaffiliated securities, foreign currency transactions, and futures contracts		204,541,283			380,141,742
Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities, foreign currency transactions, and futures contracts		(334,847,957	)		475,717,464
Net increase (decrease) in net assets resulting from operations		(101,740,648	)		914,367,771
Distributions to shareholders:
Total retained earnings:
R5 Class		(122,746,741	)		(58,861,420	)
Y Class		(21,353,693	)		(9,951,947	)
Investor Class		(63,021,315	)		(31,275,864	)
Advisor Class		(5,607,834	)		(2,492,025	)
A Class		(11,166,992	)		(714,235	)
C Class		(249,289	)		(185,530	)
R6 Class		(162,110,324	)		(65,153,532	)
Net distributions to shareholders		(386,256,188	)		(168,634,553	)
Capital share transactions (Note 11):
Proceeds from sales of shares		237,655,754			589,953,923
Reinvestment of dividends and distributions		340,846,620			149,512,376
Cost of shares redeemed		(441,864,535	)		(948,614,037	)
Net increase (decrease) in net assets from capital share transactions		136,637,839			(209,147,738	)
Net increase (decrease) in net assets		(351,358,997	)		536,585,480
Net assets:
Beginning of period		3,483,740,480			2,947,155,000
End of period	$	3,132,381,483		$	3,483,740,480

See accompanying notes

11

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of April 30, 2025, the Trust consists of twenty-seven active series, one of which is presented in this filing: American Beacon Large Cap Value Fund (the “Fund”). The remaining twenty-six active series are reported in separate filings.

American Beacon Advisors, Inc. (the “Manager”) is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. (“RIM”) organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. (“Topco”), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Fund adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Funds acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statement of operations.

12

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Class Disclosure

The Fund has multiple classes of shares designed to meet the needs of different groups of investors. The following table sets forth the differences amongst the classes:

Class	Eligible Investors	Minimum Initial Investments
R5 Class	Large institutional investors - sold directly or through intermediary channels.	$	250,000
Y Class	Large institutional retirement plan investors - sold directly or through intermediary channels.	$	100,000
Investor Class	All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors.	$	2,500
Advisor Class	All investors who invest through intermediary organizations, such as broker-dealers or third party administrators.	$	2,500
A Class	All investors who invest through intermediary organizations, such as broker-dealers or third party administrator. Retail investors who invest directly through a financial intermediary such as a broker, bank, or registered investment advisor which may include a front-end sales charge and a contingent deferred sales charge (“CDSC”).	$	2,500
C Class	Retail investors who invest directly through a financial intermediary such as a broker or through employee directed benefit plans with applicable sales charges which may include CDSC.	$	1,000
R6 Class	Large institutional retirement plan investors - sold through retirement plan sponsors.		None

Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses are allocated daily to each class based on the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include service, distribution, transfer agent fees, and sub-transfer agent fees that vary amongst the classes as described more fully in Note 2.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Fund in preparation of the financial statements. The Fund is considered an investment company and accordingly, follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, a part of Generally Accepted Accounting Principles (“U.S. GAAP”).

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Fund. Tax reclaim accruals are automatically generated on accounting and custody systems at the time of the income event based on the tax databases maintained by the Fund’s custodian. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined on the basis of specific lot identification. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations.

13

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Distributions to Shareholders

The Fund distributes most or all of its net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income and distributions of realized net capital gains and net gains from foreign currency transactions on an annual basis. The Fund does not have a fixed dividend rate and does not guarantee that it will pay any distributions in any particular period. Dividends to shareholders are determined in accordance with federal income tax regulations, which may differ in amount and character from net investment income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Fund may designate earnings and profits distributed to shareholders on the redemption of shares.

Commission Recapture

The Fund has established brokerage commission recapture arrangements with certain brokers or dealers. If the Fund’s investment advisor chooses to execute a transaction through a participating broker, the broker rebates a portion of the commission back to the Fund. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Fund. This amount is reported with the net realized gain (loss) in the Fund’s Statement of Operations, if applicable.

Allocation of Income, Trust Expenses, Gains, and Losses

Investment income and realized and unrealized gains and losses from investments of the Fund are allocated daily to each class of shares based upon the relative proportion of net assets of each class to the total net assets of the Fund. Expenses directly charged or attributable to the Fund will be paid from the assets of the Fund. Generally, expenses of the Trust will be allocated among and charged to the assets of the Fund on a basis that the Trust’s Board deems fair and equitable, which may be based on the relative net assets of the Fund or nature of the services performed and relative applicability to the Fund.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

Other

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities. The Trust’s maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Fund and the Manager are parties to a Management Agreement that obligates the Manager to provide the Fund with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized management fee based on a percentage of the Fund’s average daily net assets that is calculated and accrued daily according to the following schedule:

First $ 15 billion	0.35	%
Next $15 billion	0.325	%
Over $30 billion	0.30	%

14

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

The Trust, on behalf of the Fund, and the Manager have entered into Investment Advisory Agreements with Barrow, Hanley, Mewhinney & Strauss, LLC; Hotchkis and Wiley Capital Management, LLC; and Massachusetts Financial Services Company (“Sub-Advisors”) pursuant to which the Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on the Fund’s average daily net assets.

The Management and Sub-Advisory Fees paid by the Fund for the period ended April 30, 2025 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	5,838,865
Sub-Advisory Fees		0.20	%		3,324,601
Total		0.55	%	$	9,163,466

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statement of Operations. During the period ended April 30, 2025, the Manager received securities lending fees of $17,529 for the securities lending activities of the Fund.

Distribution Plans

Separate Distribution Plans (the “Distribution Plans”) have been adopted pursuant to Rule 12b-1 under the Act for the Advisor, A, and C Classes of the Fund. Under the Distribution Plans, as compensation for distribution and shareholder servicing assistance, the Manager receives an annual fee 0.25% of the average daily net assets of the Advisor and A Classes and 1.00% of the average daily net assets of the C Class. The fee will be payable without regard to whether the amount of the fee is more or less than the actual expenses incurred in a particular month by the Manager for distribution assistance.

Service Plans

The Manager and the Trust entered into a Service Plan that obligates the Manager to oversee additional shareholder servicing of the Investor, Advisor, A, and C Classes of the Fund. As compensation for performing the duties required under the Service Plan, the Manager receives an annualized fee up to 0.25% of the average daily net assets of the Advisor, A, and C Classes, and up to 0.375% of the average daily net assets of the Investor Class of the Fund.

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the R5 and Y Classes of the Fund and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of its customers who hold positions in the Fund. Certain services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly by the Fund’s transfer agent. Accordingly, the Fund, pursuant to Board approval, has agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager

15

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis. During the period ended April 30, 2025, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statement of Operations, were as follows:

Fund	Sub-Transfer Agent Fees
Large Cap Value	$	276,988

As of April 30, 2025, the Fund owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statement of Assets and Liabilities:

Fund	Reimbursement Sub-Transfer Agent Fees
Large Cap Value	$	41,080

Investments in Affiliated Funds

The Fund may invest in the American Beacon U.S. Government Money Market Select Fund (the “USG Select Fund”). Cash collateral received by the Fund in connection with securities lending may also be invested in the USG Select Fund. The Fund listed below held the following shares with an April 30, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund	April 30, 2025 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		April 30, 2025 Fair Value
U.S. Government Money Market Select	Direct	Large Cap Value	$	105,500,084	$	-	$	-	$	1,916,543	$	105,500,084
U.S. Government Money Market Select	Securities Lending	Large Cap Value		7,429,002		-		-		N/A		7,429,002

The Fund and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the period ended April 30, 2025, the Manager earned fees on the Fund’s direct investments and securities lending collateral investments in the USG Select Fund as shown below:

Fund	Direct Investments in USG Select Fund		Securities Lending Collateral Investments in USG Select Fund		Total
Large Cap Value	$	44,607	$	6,511	$	51,118

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Fund, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended April 30, 2025, the Fund participated as a lender by loaning an average amount of $33,073,088 for 2 days at an average interest rate of 5.14% with interest charges earned of $9,315. This amount is included in “Interest income” on the Statement of Operations. During the period ended April 30, 2025, the Fund did not borrow from the credit facility.

16

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Expense Reimbursement Plan

The Fund has adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Fund for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Fund’s annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or time of recoupment. During the period ended April 30, 2025 there were no waived fees, expenses reimbursed, or recouped expenses, and no commitment or contingent liability is expected.

Sales Commissions

The Fund’s Distributor, Resolute Investment Distributors, Inc. (“RID” or “Distributor”), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended April 30, 2025, RID collected $979 from the sale of A Class Shares of the Fund.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the period ended April 30, 2025, there were no CDSC fees collected for the A Class Shares of the Fund.

A CDSC of 1.00% will be deducted with respect to C Class Shares redeemed within 12 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended April 30, 2025, there were no CDSC fees collected for the C Class Shares of the Fund.

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the “Trusts”), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. Security Valuation and Fair Value Measurements

The price of the Fund’s shares is based on its net asset value (“NAV”) per share. The Fund’s NAV is computed by adding total assets, subtracting all the Fund’s liabilities, and dividing the result by the total number of shares outstanding.

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American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

The NAV of each class of the Fund’s shares is determined based on a pro rata allocation of the Fund’s investment income, expenses and total capital gains and losses. The Fund’s NAV per share is determined each business day as of the regular close of trading on the New York Stock Exchange (“NYSE” or “Exchange”), which is typically 4:00 p.m. Eastern Time (“ET”). However, if trading on the NYSE closes at a time other than 4:00 p.m. ET, the Fund’s NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Fund does not price its shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when the Fund is not open for business, which may result in the value of the Fund’s portfolio investments being affected at a time when you are unable to buy or sell shares.

Equity securities, including shares of closed-end funds and exchange-traded funds (“ETFs”), are valued at the last sale price or official closing price taken from the primary exchange in which each security trades. Investments in other mutual funds are valued at the closing NAV per share on the day of valuation. Debt securities are valued at bid quotes from broker/dealers or evaluated bid prices from pricing services, who may consider a number of inputs and factors, such as prices of comparable securities, yield curves, spreads, credit ratings, coupon rates, maturity, default rates, and underlying collateral. Futures are valued based on their daily settlement prices. Exchange-traded and over-the-counter (“OTC”) options are valued at the last sale price. Options with no last sale for the day are priced at mid quote. Swaps are valued at evaluated mid prices from pricing services.

The valuation of securities traded on foreign markets and certain fixed-income securities will generally be based on prices determined as of the earlier closing time of the markets on which they primarily trade unless a significant event has occurred. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. ET.

Rule 2a-5 under the Investment Company Act (the “Valuation Rule”) establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are “readily available,” which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits the Board to designate the Manager as Valuation Designee to perform the Fund’s fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Manager’s fair value determinations. Effective September 8, 2022, the Board has designated the Manager as valuation designee to perform fair value functions in accordance with the requirements of the Valuation Rule.

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager’s procedures, under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and when market quotations are not readily available or reliable, as determined by the Manager, such as when (i) trading for a security is restricted or stopped; (ii) a security’s trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security’s true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by the Fund occurs after the close of a related exchange but before the determination of the Fund’s NAV, fair value pricing may be used on the affected security or securities. Securities of small-capitalization companies are also more likely to require a fair value determination using these procedures because they are more thinly traded and less liquid than the securities of larger-capitalization companies. The Fund may fair value securities as a result of significant events occurring after the close of the foreign markets in which the Fund invests as described below. In addition, the Fund may invest in illiquid securities requiring these procedures.

The Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund’s pricing time of 4:00 p.m. ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. If the Manager determines that the last quoted prices of non-U.S. securities will, in its judgment, materially affect the value of some or all the Fund’s portfolio securities,

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American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

the Manager can adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. These securities are fair valued using a pricing service, using methods approved by the Manager, that considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts (“ADRs”) and futures contracts. The Manager’s Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. The Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day’s opening prices in the same markets and adjusted prices.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, the Manager compares the new market quotation to the fair value price to evaluate the effectiveness of the Fund’s fair valuation procedures. If any significant discrepancies are found, the Manager may adjust Manager’s fair valuation procedures for the Fund.

Valuation Inputs

Various inputs may be used to determine the fair value of the Fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.
Level 3	-	Prices determined using other significant unobservable inputs. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment.

Level 1 and Level 2 trading assets and trading liabilities, at fair value

Common stocks, preferred securities and financial derivative instruments, such as futures contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

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American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

4. Securities and Other Investments

American Depositary Receipts and Non-Voting Depositary Receipts

ADRs are depositary receipts for foreign issuers in registered form traded in U.S. securities markets. Non-Voting Depositary Receipts (“NVDRs”) represent financial interests in an issuer but the holder is not entitled to any voting rights. Depositary receipts may not be denominated in the same currency as the securities into which they may be converted. Investing in depositary receipts entails substantially the same risks as direct investment in foreign securities. There is generally less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. In addition, such companies may use different accounting and financial standards (and certain currencies may become unavailable for transfer from a foreign currency), resulting in the Fund’s possible inability to convert immediately into U.S. currency proceeds realized upon the sale of portfolio securities of the affected foreign companies. In addition, the Fund may invest in unsponsored depositary receipts, the issuers of which are not obligated to disclose material information about the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the Fund to the same benefits and rights as ownership of a sponsored depositary receipt or the underlying security.

Common Stock

Common stock generally takes the form of shares in a corporation which represents an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

Other Investment Company Securities and Exchange-Traded Products

The Fund may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies (“BDCs”), ETFs, unit investment trusts, and other investment companies of the Trust. The Fund may invest in securities of an investment company advised by the Manager or the Sub-Advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, the Fund shareholders indirectly will bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Fund shareholders directly bear in connection with the Fund’s own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Fund in its Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer’s portfolio securities.

Publicly Traded Partnerships/Master Limited Partnerships (“MLPs”)

The Fund may invest in publicly traded partnerships such as MLPs. MLPs issue units that are registered with the SEC and are freely tradable on a securities exchange or in the OTC market. An MLP may have one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. The general partner or partners are jointly and severally responsible for the liabilities of the MLP. (An MLP also may be an

20

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

entity similar to a limited partnership, such as an LLC, which has one or more managers or managing members and non-managing members (who are like limited partners)). The Fund invests in an MLP as a limited partner and normally would not be liable for the debts of an MLP beyond the amount the Fund has invested therein, but it would not be shielded to the same extent that a shareholder of a corporation would be. In certain instances, creditors of an MLP would have the right to seek a return of capital that had been distributed to a limited partner. The right of an MLP’s creditors would continue even after the Fund had sold its investment in the partnership. MLPs typically invest in real estate and oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

Real Estate Investment Trusts (“REITs”)

REITs are pooled investment vehicles that own, and often operate, income producing real estate (known as “equity REITs”) or invest in mortgages secured by loans on such real estate (known as “mortgage REITs”) or both (known as “hybrid REITs”). REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increase in property taxes, operating expenses, rising interest rates or overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

5. Financial Derivative Instruments

The Fund may utilize derivative instruments to gain market exposure on cash balances or reduce market exposure in anticipation of liquidity needs. When considering the Fund’s use of derivatives, it is important to note that the Fund does not use derivatives for the purpose of creating financial leverage.

Futures Contracts

A futures contract is a contract to purchase or sell a particular security, or the cash value of an asset, such as securities, indices, or currencies, at a specified future date at a price agreed upon when the contract is made. Under many such contracts, no delivery of the actual underlying asset is required. Rather, upon the expiration of the contract, settlement is made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the asset (e.g., a security or an index) at expiration, net of the initial and variation margin that was previously paid. An equity index futures contract is based on the value of an underlying index. The Fund may, from time to time, use futures positions to equitize cash and expose its portfolio to changes in securities prices or index prices. This can magnify gains and losses in the Fund. The Fund also may have to sell assets at inopportune times to satisfy its settlement or collateral obligations. The risks associated with the use of futures contracts also include that there may be an imperfect correlation between the changes in market value of the futures contracts and the assets underlying such contracts and that there may not be a liquid secondary market for a futures contract.

During the period ended April 30, 2025, the Fund entered into futures contracts primarily for exposing cash to markets.

The Fund’s average futures contracts outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

Average Futures Contracts Outstanding
Fund	Period Ended April 30, 2025
Large Cap Value		369

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American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

The following is a summary of the fair valuations of the Fund’s derivative instruments categorized by risk exposure⁽¹⁾:

Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:
	Derivatives not accounted for as hedging instruments
Liabilities:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Receivable for variation margin from open futures contracts(2)		$	-		$	-		$	-		$	-		$	3,740,282			$	3,740,282
The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:
	Derivatives not accounted for as hedging instruments
Realized gain (loss) from derivatives recognized as a result of operations	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	-		$	-		$	-		$	-		$	(6,044,935	)		$	(6,044,935	)
Net change in unrealized appreciation (depreciation) of derivatives recognized as a result from operations:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	-		$	-		$	-		$	-		$	4,826,104			$	4,826,104

⁽¹⁾ See Note 3 in the Notes to Financial Statements for additional information.

⁽²⁾ Includes cumulative appreciation (depreciation) of futures contracts as reported in the Fund’s Schedule of Investments footnotes. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The Fund is a party to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Fund employs multiple money managers and counterparties and has elected not to offset qualifying financial and derivative instruments on the Statement of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, April 30, 2025.

Offsetting of Financial and Derivative Assets as of April 30, 2025:
	Assets			Liabilities
Futures Contracts(1)	$	3,740,282		$	-
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	3,740,282		$	-
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	(3,740,282	)	$	-

	Remaining Contractual Maturity of the Agreements As of April 30, 2025
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	7,429,002	$	-	$	-	$	-	$	7,429,002
Total Borrowings	$	7,429,002	$	-	$	-	$	-	$	7,429,002
Gross amount of recognized liabilities for securities lending transactions									$	7,429,002

⁽¹⁾ Includes cumulative appreciation or (depreciation) of futures contracts as reported in the Schedule of Investments footnotes. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

6. Principal Risks

Investing in the Fund may involve certain risks including, but not limited to, those described below.

Cybersecurity and Operational Risk

Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.

Environmental, Social, and/or Governance Investing Risk

The use of environmental, social, and/or governance (“ESG”) considerations by a sub-advisor may cause the Fund to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations.

Equity Investments Risk

Equity securities are subject to market risk. The Fund’s investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, REITs, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Fund to additional risk. The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities’ investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt, less liquidity and more volatility, less government regulation and supervision and delays in transaction settlement.

Foreign Exposure Risk

The Fund’s exposure to a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with that country. Global economic and financial markets have become

23

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

Futures Contracts Risk

Futures contracts are derivative instruments where one party pays a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There can be no assurance that any strategy used will succeed. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). Futures contracts on indices expose the Fund to volatility in an underlying index. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways.

Market Risk

The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund’s performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, including the U.S. presidential election, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies,

24

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Multiple Sub-Advisor Risk

The Manager may allocate the Fund’s assets among multiple sub-advisors, each of which is responsible for investing its allocated portion of the Fund’s assets. To a significant extent, the Fund’s performance will depend on the success of the Manager in selecting and overseeing the sub-advisors and allocating the Fund’s assets to subadvisors. The sub-advisors’ investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each sub-advisor makes its trading decisions independently, the subadvisors may purchase or sell the same security at the same time without aggregating their transactions. This may cause unnecessary brokerage and other expenses.

Other Investment Companies Risk

The Fund may invest in shares of other registered investment companies, including money market funds that are advised by the Manager. To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses, including for example advisory and administrative fees, charged by those investment companies in addition to the Fund’s direct fees and expenses and will be subject to the risks associated with investments in those companies. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a Fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems. Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; imposition of tariffs and resulting impacts on global prices and supply chains; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade

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American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

agreements; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.

Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Sector Risk

Sector risk is the risk associated with the Fund holding a significant amount of investments in similar businesses, which would be similarly affected by particular economic or market events, which may, in certain

circumstances, cause the value of the equity and debt securities of companies in a particular sector of the market to change. To the extent the Fund has substantial holdings within a particular sector, the risks to the Fund associated with that sector increase.

To the extent the Fund invests significantly in the financial services sector, the value of the Fund’s shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation and price competition. The value of the Fund’s shares could experience significantly greater volatility than investment companies investing more broadly.

Securities Lending Risk

The Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of the Fund’s securities provide collateral either in the form of cash, which the Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. The Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. The Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or “rebate” for the use of that cash collateral in connection with the loan. The Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability to enforce its rights in its collateral. There also is a risk that a borrower may default on its obligation to return loaned securities at a time when the value of the Fund’s collateral is inadequate. Although the Fund’s securities lending agent may indemnify the Fund against that risk, it is also possible that the securities lending agent will be unable to satisfy its indemnification

26

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

obligations. In any case in which the loaned securities are not returned to the Fund before an ex-dividend date, whether or not due to a default by the borrower, the payment in lieu of the dividend that the Fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”

7. Federal Income and Excise Taxes

It is the policy of the Fund to qualify as a regulated investment company (“RIC”), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, the Fund is treated as a single entity for the purpose of determining such qualification.

The Fund does not have any unrecorded tax liabilities in the accompanying financial statements. Each of the tax years in the four year period ended October 31, 2024 remain subject to examination by the Internal Revenue Service. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other expenses” on the Statement of Operations.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

Dividends are categorized in accordance with income tax regulations which may treat certain transactions differently than U.S. GAAP. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.

As of April 30, 2025, the tax cost for the Fund and its respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Large Cap Value	$	2,383,534,865	$	870,790,078	$	(126,178,270	)	$	744,611,808

For federal income tax purposes, the Fund measures its capital loss carryforwards annually at October 31, its fiscal year end. Capital loss carryforwards retain their character as short-term and/or long-term and may be carried forward and applied against future realized capital gains with no expiration date.

As of October 31, 2024, the Fund did not have any capital loss carryforwards.

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended April 30, 2025 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Sales (non-U.S. Government Securities)
Large Cap Value	$	459,652,670	$	656,526,289

27

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

A summary of the Fund’s transactions in the USG Select Fund for the period ended April 30, 2025 were as follows:

Fund	Type of Transaction	October 31, 2024 Shares/Fair Value		Purchases		Sales		April 30, 2025 Shares/Fair Value
Large Cap Value	Direct	$	136,122,309	$	579,010,946	$	609,633,171	$	105,500,084
Large Cap Value	Securities Lending		4,685,167		154,729,382		151,985,547		7,429,002

Affiliated Trades

Cross trades for the period ended April 30, 2025, if any, were executed by the Fund pursuant to procedures adopted by the Board to ensure compliance with Rule 17a-7 under the Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between the fund of an investment company and another entity, that are or could be considered affiliates by virtue of a common investment advisor (or affiliated investment advisors), common Trustees and/or common Officers. At its regularly scheduled meetings, the Chief Compliance Officer (“CCO”) certifies to the Board that the 17a-7 transactions entered into by the funds complied with the Rule 17a-7 Procedures adopted by the Board.

For the period ended April 30, 2025, cross trades by the Fund under Rule 17a-7 were as follows:

Fund	Purchases		Sales		Net Realized Gain (Loss)
Large Cap Value	$	1,090,912	$	280,312	$	174,393

9. Securities Lending

The Fund may lend its securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with collateral in an amount at least equal to the fair value of the securities loaned, initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Collateral is monitored and marked-to-market daily. Daily mark-to-market amounts are required to be paid to the borrower or received from the borrower by the end of the following business day. This one day settlement for mark-to-market amounts may result in the collateral being temporarily less than the value of the securities on loan or temporarily more than the required minimum collateral.

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the “Agent”) in money market mutual funds and other short-term investments, provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in the Fund’s Schedule of Investments and the collateral is shown on the Statement of Assets and Liabilities as a payable.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Fund, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

While securities are on loan, the Fund continues to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount is received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Fund would be subject to on the dividend.

28

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Securities lending transactions pose certain risks to the Fund, including that the borrower may not provide additional collateral when required or return the securities when due, that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower, that non-cash collateral may be subject to legal constraints in the event of a borrower bankruptcy, and that the cash collateral investments could become illiquid and unable to be used to return collateral to the borrower. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower and any action which impairs its ability to liquidate non-cash collateral to satisfy a borrower default.

As of April 30, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

Fund	Fair Value of Securities on Loan	Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Large Cap Value	$50,574,419	$	7,429,002	$	44,070,292	$	51,499,294

Cash collateral is listed on the Fund’s Schedule of Investments and is shown on the Statement of Assets and Liabilities. Income earned on these investments is included in “Income derived from securities lending” on the Statement of Operations.

Non-cash collateral received by the Fund may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Fund’s Schedule of Investments or Statement of Assets and Liabilities.

10. Borrowing Arrangements

Effective November 8, 2024 (the “Effective Date”), the Fund, along with certain other funds managed by the Manager (“Participating Funds”), renewed a committed revolving line of credit (the “Committed Line”) agreement with State Street Bank and Trust Company (the “Bank”) to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2024.

On the Effective Date, the Fund, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the “Uncommitted Line”) agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a rate equal to the higher of (a) OBFR daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed on each outstanding loan. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2024.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Line of credit interest expense” on the Statement of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the period ended April 30, 2025, the Fund did not utilize these facilities.

29

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

11. Capital Share Transactions

The tables below summarize the activity in capital shares for each Class of the Fund:

	R5 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		2,201,113		$	59,055,494			5,154,821		$	137,077,412
Reinvestment of dividends		3,787,138			99,639,600			1,914,494			48,857,903
Shares redeemed		(5,504,910	)		(151,388,879	)		(12,279,471	)		(341,357,215	)
Net increase (decrease) in shares outstanding		483,341		$	7,306,215			(5,210,156	)	$	(155,421,900	)
	Y Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		591,541		$	15,431,469			1,023,027		$	27,565,083
Reinvestment of dividends		796,714			20,674,738			381,834			9,626,029
Shares redeemed		(1,297,424	)		(34,862,546	)		(2,450,297	)		(64,956,349	)
Net increase (decrease) in shares outstanding		90,831		$	1,243,661			(1,045,436	)	$	(27,765,237	)
	Investor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		590,435		$	14,034,646			1,500,707		$	35,547,391
Reinvestment of dividends		2,714,632			61,160,653			1,368,028			30,452,306
Shares redeemed		(2,553,682	)		(59,566,600	)		(8,228,461	)		(190,944,429	)
Net increase (decrease) in shares outstanding		751,385		$	15,628,699			(5,359,726	)	$	(124,944,732	)
	Advisor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		45,782		$	1,030,484			91,954		$	2,152,524
Reinvestment of dividends		255,169			5,588,204			114,269			2,481,915
Shares redeemed		(152,261	)		(3,571,925	)		(433,385	)		(10,039,317	)
Net increase (decrease) in shares outstanding		148,690		$	3,046,763			(227,162	)	$	(5,404,878	)
	A Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		699,951		$	14,893,537			3,329,508		$	79,786,438
Reinvestment of dividends		506,423			11,070,404			30,925			671,373
Shares redeemed		(374,125	)		(8,671,110	)		(471,556	)		(11,261,293	)
Net increase in shares outstanding		832,249		$	17,292,831			2,888,877		$	69,196,518
	C Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		1,604		$	35,316			17,307		$	397,627
Reinvestment of dividends		11,136			243,662			8,424			182,049
Shares redeemed		(18,750	)		(448,200	)		123,041	)		(2,824,875	)
Net (decrease) in shares outstanding		(6,010	)	$	(169,222	)		(97,310	)	$	(2,245,199	)

30

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

	R6 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		4,888,654		$	133,174,808			11,525,607		$	307,427,448
Reinvestment of dividends		5,417,086			142,469,359			2,243,857			57,240,801
Shares redeemed		(6,599,551	)		(183,355,275	)		(11,795,748	)		(327,230,559	)
Net increase in shares outstanding		3,706,189		$	92,288,892			1,973,716		$	37,437,690

12. Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

31

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020B
	(unaudited)
Net asset value, beginning of period	$	29.97		$	23.92		$	26.21		$	30.99		$	23.36		$	28.32
Income (loss) from investment operations:
Net investment income		0.24	C		0.62			0.51			0.50			0.59			0.65
Net gains (losses) on investments (both realized and unrealized)		(1.12	)		6.79			0.02			(2.11	)		10.64			(2.89	)
Total income (loss) from investment operations		(0.88	)		7.41			0.53			(1.61	)		11.23			(2.24	)
Less distributions:
Dividends from net investment income		(0.50	)		(0.46	)		(0.43	)		(0.39	)		(0.49	)		(0.62	)
Distributions from net realized gains		(2.82	)		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(3.32	)		(1.36	)		(2.82	)		(3.17	)		(3.60	)		(2.72	)
Net asset value, end of period	$	25.77		$	29.97		$	23.92		$	26.21		$	30.99		$	23.36
Total returnD		(3.17	)%E		31.97	%		2.16	%		(5.75	)%		52.60	%		(9.29	)%
Ratios and supplemental data:
Net assets, end of period	$	998,761,049		$	1,147,150,395		$	1,040,466,568		$	1,218,988,715		$	1,682,465,233		$	1,807,587,315
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.64	%F		0.65	%		0.64	%		0.63	%		0.63	%		0.63	%
Expenses, net of reimbursements and/or recoupments		0.64	%F		0.65	%		0.64	%		0.63	%		0.63	%		0.63	%
Net investment income, before expense reimbursements and/or recoupments		1.77	%F		1.77	%		1.78	%		1.45	%		1.30	%		1.90	%
Net investment income, net of reimbursements and/or recoupments		1.77	%F		1.77	%		1.78	%		1.45	%		1.30	%		1.90	%
Portfolio turnover rate		14	%E		26	%		25	%		25	%		23	%		67	%

^A  Prior to February 28, 2020, the R5 Class was known as Institutional Class.

^B  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

32

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	29.58		$	23.63		$	25.92		$	30.68		$	23.16		$	28.10
Income (loss) from investment operations:
Net investment income		0.23	B		0.45			0.45			0.37			0.38			0.39
Net gains (losses) on investments (both realized and unrealized)		(1.10	)		6.84			0.06			(1.98	)		10.73			(2.63	)
Total income (loss) from investment operations		(0.87	)		7.29			0.51			(1.61	)		11.11			(2.24	)
Less distributions:
Dividends from net investment income		(0.48	)		(0.44	)		(0.41	)		(0.37	)		(0.48	)		(0.60	)
Distributions from net realized gains		(2.82	)		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(3.30	)		(1.34	)		(2.80	)		(3.15	)		(3.59	)		(2.70	)
Net asset value, end of period	$	25.41		$	29.58		$	23.63		$	25.92		$	30.68		$	23.16
Total returnC		(3.18	)%D		31.84	%		2.09	%		(5.81	)%		52.47	%		(9.35	)%
Ratios and supplemental data:
Net assets, end of period	$	170,848,088		$	196,267,664		$	181,490,071		$	188,140,776		$	258,183,363		$	178,065,442
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.71	%E		0.72	%		0.71	%		0.70	%		0.69	%		0.70	%
Expenses, net of reimbursements and/or recoupments		0.71	%E		0.72	%		0.71	%		0.70	%		0.69	%		0.70	%
Net investment income, before expense reimbursements and/or recoupments		1.70	%E		1.71	%		1.70	%		1.38	%		1.21	%		1.84	%
Net investment income, net of reimbursements and/or recoupments		1.70	%E		1.71	%		1.70	%		1.38	%		1.21	%		1.84	%
Portfolio turnover rate		14	%D		26	%		25	%		25	%		23	%		67	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

See accompanying notes

33

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	26.08		$	20.97		$	23.30		$	27.88		$	21.32		$	26.06
Income (loss) from investment operations:
Net investment income		0.17	B		0.16			0.27			0.25			0.20			0.29
Net gains (losses) on investments (both realized and unrealized)		(0.97	)		6.23			0.14			(1.76	)		9.88			(2.41	)
Total income (loss) from investment operations		(0.80	)		6.39			0.41			(1.51	)		10.08			(2.12	)
Less distributions:
Dividends from net investment income		(0.42	)		(0.38	)		(0.35	)		(0.29	)		(0.41	)		(0.52	)
Distributions from net realized gains		(2.82	)		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(3.24	)		(1.28	)		(2.74	)		(3.07	)		(3.52	)		(2.62	)
Net asset value, end of period	$	22.04		$	26.08		$	20.97		$	23.30		$	27.88		$	21.32
Total returnC		(3.33	)%D		31.54	%		1.88	%		(6.04	)%		52.04	%		(9.59	)%
Ratios and supplemental data:
Net assets, end of period	$	450,352,670		$	513,291,440		$	525,063,555		$	649,409,067		$	821,099,597		$	707,970,431
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.95	%E		0.94	%		0.94	%		0.95	%		0.98	%		0.96	%
Expenses, net of reimbursements and/or recoupments		0.95	%E		0.94	%		0.94	%		0.95	%		0.98	%		0.96	%
Net investment income, before expense reimbursements and/or recoupments		1.46	%E		1.49	%		1.48	%		1.13	%		0.93	%		1.57	%
Net investment income, net of reimbursements and/or recoupments		1.46	%E		1.49	%		1.48	%		1.13	%		0.93	%		1.57	%
Portfolio turnover rate		14	%D		26	%		25	%		25	%		23	%		67	%

^A On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E Annualized.

See accompanying notes

34

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	25.40		$	20.46		$	22.80		$	27.36		$	20.97		$	25.68
Income (loss) from investment operations:
Net investment income		0.15	B		0.18			0.26			0.14			0.26			0.24
Net gains (losses) on investments (both realized and unrealized)		(0.94	)		6.01			0.10			(1.65	)		9.62			(2.36	)
Total income (loss) from investment operations		(0.79	)		6.19			0.36			(1.51	)		9.88			(2.12	)
Less distributions:
Dividends from net investment income		(0.38	)		(0.35	)		(0.31	)		(0.27	)		(0.38	)		(0.49	)
Distributions from net realized gains		(2.82	)		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(3.20	)		(1.25	)		(2.70	)		(3.05	)		(3.49	)		(2.59	)
Net asset value, end of period	$	21.41		$	25.40		$	20.46		$	22.80		$	27.36		$	20.97
Total returnC		(3.39	)%D		31.28	%		1.69	%		(6.17	)%		51.89	%		(9.73	)%
Ratios and supplemental data:
Net assets, end of period	$	41,533,654		$	45,504,706		$	41,289,229		$	47,185,316		$	63,521,926		$	46,049,690
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.11	%E		1.11	%		1.11	%		1.10	%		1.10	%		1.10	%
Expenses, net of reimbursements and/or recoupments		1.11	%E		1.11	%		1.11	%		1.10	%		1.10	%		1.10	%
Net investment income, before expense reimbursements and/or recoupments		1.30	%E		1.30	%		1.31	%		0.98	%		0.81	%		1.42	%
Net investment income, net of reimbursements and/or recoupments		1.30	%E		1.30	%		1.31	%		0.98	%		0.81	%		1.42	%
Portfolio turnover rate		14	%D		26	%		25	%		25	%		23	%		67	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E Annualized.

See accompanying notes

35

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	25.43		$	20.47		$	22.86		$	27.37		$	20.96		$	25.66
Income (loss) from investment operations:
Net investment income		0.16	B		1.80			0.30	B		1.05			0.24	B		0.20
Net gains (losses) on investments (both realized and unrealized)		(0.94	)		4.43			0.08			(2.51	)		9.68			(2.29	)
Total income (loss) from investment operations		(0.78	)		6.23			0.38			(1.46	)		9.92			(2.09	)
Less distributions:
Dividends from net investment income		(0.45	)		(0.37	)		(0.38	)		(0.27	)		(0.40	)		(0.51	)
Distributions from net realized gains		(2.82	)		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(3.27	)		(1.27	)		(2.77	)		(3.05	)		(3.51	)		(2.61	)
Net asset value, end of period	$	21.38		$	25.43		$	20.47		$	22.86		$	27.37		$	20.96
Total returnC		(3.34	)%D		31.53	%		1.79	%		(5.96	)%		52.15	%		(9.65	)%
Ratios and supplemental data:
Net assets, end of period	$	92,058,593		$	88,343,465		$	11,986,577		$	16,953,764		$	12,661,833		$	25,792,400
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.99	%E		1.00	%		1.00	%		0.89	%		0.96	%		1.00	%
Expenses, net of reimbursements and/or recoupments		0.99	%E		1.00	%		1.00	%		0.89	%		0.96	%		1.00	%
Net investment income, before expense reimbursements and/or recoupments		1.41	%E		1.33	%		1.42	%		1.24	%		0.98	%		1.52	%
Net investment income, net of reimbursements and/or recoupments		1.41	%E		1.33	%		1.42	%		1.24	%		0.98	%		1.52	%
Portfolio turnover rate		14	%D		26	%		25	%		25	%		23	%		67	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

See accompanying notes

36

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	25.15		$	20.21		$	22.52		$	27.07		$	20.74		$	25.43
Income (loss) from investment operations:
Net investment income		0.08	B		0.17	B		0.15	B		0.07			0.16			0.08
Net gains (losses) on investments (both realized and unrealized)		(0.94	)		5.82			0.09			(1.71	)		9.49			(2.32	)
Total income (loss) from investment operations		(0.86	)		5.99			0.24			(1.64	)		9.65			(2.24	)
Less distributions:
Dividends from net investment income		(0.12	)		(0.15	)		(0.16	)		(0.13	)		(0.21	)		(0.35	)
Distributions from net realized gains		(2.82	)		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(2.94	)		(1.05	)		(2.55	)		(2.91	)		(3.32	)		(2.45	)
Net asset value, end of period	$	21.35		$	25.15		$	20.21		$	22.52		$	27.07		$	20.74
Total returnC		(3.70	)%D		30.51	%		1.11	%		(6.74	)%		51.05	%		(10.26	)%
Ratios and supplemental data:
Net assets, end of period	$	1,854,010		$	2,335,004		$	3,842,593		$	5,508,217		$	6,898,120		$	4,687,004
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.72	%E		1.72	%		1.70	%		1.69	%		1.68	%		1.68	%
Expenses, net of reimbursements and/or recoupments		1.72	%E		1.72	%		1.70	%		1.69	%		1.68	%		1.68	%
Net investment income, before expense reimbursements and/or recoupments		0.69	%E		0.74	%		0.71	%		0.40	%		0.22	%		0.84	%
Net investment income, net of reimbursements and/or recoupments		0.69	%E		0.74	%		0.71	%		0.40	%		0.22	%		0.84	%
Portfolio turnover rate		14	%D		26	%		25	%		25	%		23	%		67	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B  Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E  Annualized.

See accompanying notes

37

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Six Months Ended April 30, 2025			Year Ended October 31,
				2024			2023			2022			2021			2020A
	(unaudited)
Net asset value, beginning of period	$	29.97		$	23.92		$	26.21		$	30.99		$	23.36		$	28.31
Income (loss) from investment operations:
Net investment income		0.25	B		0.53			0.48			0.45			0.36			0.56
Net gains (losses) on investments (both realized and unrealized)		(1.13	)		6.89			0.05			(2.05	)		10.88			(2.78	)
Total income (loss) from investment operations		(0.88	)		7.42			0.53			(1.60	)		11.24			(2.22	)
Less distributions:
Dividends from net investment income		(0.51	)		(0.47	)		(0.43	)		(0.40	)		(0.50	)		(0.63	)
Distributions from net realized gains		(2.82	)		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(3.33	)		(1.37	)		(2.82	)		(3.18	)		(3.61	)		(2.73	)
Net asset value, end of period	$	25.76		$	29.97		$	23.92		$	26.21		$	30.99		$	23.36
Total returnC		(3.17	)%D		32.02	%		2.19	%		(5.72	)%		52.65	%		(9.23	)%
Ratios and supplemental data:
Net assets, end of period	$	1,376,973,419		$	1,490,847,806		$	1,143,016,407		$	1,094,080,159		$	1,242,662,760		$	1,008,088,807
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.61	%E		0.61	%		0.61	%		0.60	%		0.60	%		0.62	%
Expenses, net of reimbursements and/or recoupments		0.61	%E		0.61	%		0.61	%		0.60	%		0.60	%		0.59	%
Net investment income, before expense reimbursements and/or recoupments		1.80	%E		1.79	%		1.80	%		1.49	%		1.31	%		1.90	%
Net investment income, net of reimbursements and/or recoupments		1.80	%E		1.79	%		1.80	%		1.49	%		1.31	%		1.93	%
Portfolio turnover rate		14	%D		26	%		25	%		25	%		23	%		67	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

^B Per share amounts have been calculated using the average shares method.

^C  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^D  Not annualized.

^E Annualized.

See accompanying notes

38

Delivery of Documents

If you invest in the Fund through a financial institution, you may be able to receive the Fund’s regulatory mailings, such as the Prospectus, Annual Report, Semi-Annual Report and Financial Statement Reports, by e-mail. If you are interested in this option, please go to www.icsdelivery.com and search for your financial institution’s name or contact your financial institution directly.

You may request a paper copy of this document at no charge by contacting your financial institution. This document is also available for download at www.americanbeaconfunds.com or you can request an electronic copy by contacting your financial institution.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643

Fund Service Providers:

CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts DISTRIBUTOR Resolute Investment Distributors, Inc. Irving, Texas

This report is prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current Prospectus or Summary Prospectus.

American Beacon Funds and American Beacon Large Cap Value Fund are service marks of American Beacon Advisors, Inc.

SAR 04/25

American Beacon Funds

Table of Contents

Schedule of Investments:
American Beacon Small Cap Value Fund	1
Financial Statements	13
Notes to the Financial Statements	16
Financial Highlights:
American Beacon Small Cap Value Fund	35

Additional Fund Information Back Cover

Although information has been compiled from reliable sources, American Beacon Advisors, Inc. makes no representation as to the completeness or accuracy of the statements contained herein. All information is as of the end of the reporting period, unless noted otherwise, and is subject to change. Each Fund’s portfolio composition will change depending on economic and market conditions.

American Beacon Funds April 30, 2025

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55%
Communication Services - 1.80%
Entertainment - 0.03%
Marcus Corp.		57,730		$	941,576
Interactive Media & Services - 0.21%
IAC, Inc.A		217,270			7,591,414
Media - 1.56%
Boston Omaha Corp., Class AA B		80,000			1,242,400
National CineMedia, Inc.A		1,432,464			8,208,019
Nexstar Media Group, Inc.		59,500			8,904,770
Stagwell, Inc.A		5,192,148			28,972,186
TEGNA, Inc.		469,750			7,624,042
					54,951,417
Total Communication Services					63,484,407
Consumer Discretionary - 10.76%
Automobile Components - 1.78%
Adient PLCA		1,114,625			14,100,006
American Axle & Manufacturing Holdings, Inc.A		2,151,973			8,220,537
BorgWarner, Inc.		260,332			7,388,222
Gentherm, Inc.A		408,328			10,620,611
Goodyear Tire & Rubber Co.A		651,726			7,090,779
Lear Corp.		133,094			11,412,811
Phinia, Inc.		95,440			3,831,916
					62,664,882
Automobiles - 0.20%
Thor Industries, Inc.B		97,256			7,043,279
Diversified Consumer Services - 0.53%
Graham Holdings Co., Class B		6,750			6,210,337
Laureate Education, Inc.A		436,010			8,750,721
Perdoceo Education Corp.		154,180			3,873,002
					18,834,060
Hotels, Restaurants & Leisure - 2.77%
Cheesecake Factory, Inc.		207,344			10,443,917
Dave & Buster’s Entertainment, Inc.A B		524,126			10,057,978
Golden Entertainment, Inc.		241,448			6,205,214
International Game Technology PLC		954,363			15,651,553
Krispy Kreme, Inc.B		1,833,884			7,518,925
Marriott Vacations Worldwide Corp.		299,688			16,425,899
Papa John’s International, Inc.		652,843			22,542,669
Travel & Leisure Co.		194,940			8,563,714
					97,409,869
Household Durables - 1.94%
Century Communities, Inc.		291,715			15,910,136
Dream Finders Homes, Inc., Class AA B		83,500			1,892,110
Ethan Allen Interiors, Inc.		46,570			1,323,985
Green Brick Partners, Inc.A		130,050			7,671,649
KB Home		164,820			8,905,225
Legacy Housing Corp.A		50,760			1,234,737
M/I Homes, Inc.A		63,470			6,770,980
Newell Brands, Inc.		3,721,744			17,789,936
Tri Pointe Homes, Inc.A		218,490			6,718,568
					68,217,326

See accompanying notes

1

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Consumer Discretionary - 10.76% (continued)
Leisure Products - 0.41%
Brunswick Corp.		154,841		$	7,130,428
YETI Holdings, Inc.A		250,805			7,160,483
					14,290,911
Specialty Retail - 3.04%
Academy Sports & Outdoors, Inc.B		528,919			19,929,668
Asbury Automotive Group, Inc.A		57,430			12,527,780
Boot Barn Holdings, Inc.A		73,643			7,683,911
Buckle, Inc.		149,570			5,199,053
Build-A-Bear Workshop, Inc.		39,280			1,385,798
Genesco, Inc.A		25,800			500,520
Group 1 Automotive, Inc.		27,510			11,103,861
Lithia Motors, Inc.		53,781			15,744,926
ODP Corp.A		338,466			4,630,215
Sally Beauty Holdings, Inc.A		230,070			1,872,770
Sonic Automotive, Inc., Class A		329,752			20,022,541
Upbound Group, Inc.		104,400			2,077,560
Victoria’s Secret & Co.A		230,600			4,335,280
					107,013,883
Textiles, Apparel & Luxury Goods - 0.09%
G-III Apparel Group Ltd.A		128,260			3,234,717
Total Consumer Discretionary					378,708,927
Consumer Staples - 2.66%
Consumer Staples Distribution & Retail - 0.25%
Ingles Markets, Inc., Class A		42,500			2,621,825
SpartanNash Co.		98,960			1,963,366
United Natural Foods, Inc.A		124,160			3,316,314
Village Super Market, Inc., Class A		20,260			746,581
					8,648,086
Food Products - 1.81%
B&G Foods, Inc.		231,300			1,593,657
Darling Ingredients, Inc.A		637,695			20,527,402
Fresh Del Monte Produce, Inc.		140,080			4,764,121
Hain Celestial Group, Inc.A		2,400,078			7,296,237
J&J Snack Foods Corp.		99,503			12,894,594
Lamb Weston Holdings, Inc.		295,572			15,609,157
Seneca Foods Corp., Class AA		12,140			1,088,837
					63,774,005
Household Products - 0.36%
Central Garden & Pet Co., Class AA		232,822			6,884,546
Energizer Holdings, Inc.		210,990			5,705,170
					12,589,716
Personal Products - 0.24%
Herbalife Ltd.A		181,980			1,310,256
Interparfums, Inc.		66,929			7,308,647
					8,618,903
Total Consumer Staples					93,630,710

See accompanying notes

2

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Energy - 5.93%
Energy Equipment & Services - 2.00%
Atlas Energy Solutions, Inc.B		1,097,811		$	14,853,383
Bristow Group, Inc.A		83,660			2,429,486
Expro Group Holdings NVA		353,761			2,925,603
Helmerich & Payne, Inc.		388,848			7,345,339
NOV, Inc.		2,499,350			29,017,454
Patterson-UTI Energy, Inc.		1,752,386			9,883,457
ProPetro Holding Corp.A		196,090			976,528
RPC, Inc.		631,500			2,986,995
					70,418,245
Oil, Gas & Consumable Fuels - 3.93%
APA Corp.		478,383			7,434,072
California Resources Corp.		210,900			7,278,159
CNX Resources Corp.A		402,200			11,836,746
Core Natural Resources, Inc.		61,110			4,412,753
Crescent Energy Co., Class A		159,667			1,322,043
Delek U.S. Holdings, Inc.		551,996			7,186,988
Gulfport Energy Corp.A		46,740			8,062,650
HF Sinclair Corp.		606,772			18,245,634
Infinity Natural Resources, Inc., Class AA		409,769			6,289,954
Magnolia Oil & Gas Corp., Class AB		364,490			7,482,980
Murphy Oil Corp.		439,900			9,031,147
Northern Oil & Gas, Inc.		580,868			14,115,092
Riley Exploration Permian, Inc.		62,810			1,550,151
Sitio Royalties Corp., Class A		628,412			10,657,867
SM Energy Co.		556,714			12,687,512
Vital Energy, Inc.A		468,750			6,646,875
World Kinect Corp.		165,920			4,162,933
					138,403,556
Total Energy					208,821,801
Financials - 21.31%
Banks - 13.08%
Amalgamated Financial Corp.		36,990			1,041,638
Ameris Bancorp		99,990			5,859,414
Arrow Financial Corp.		1,200			29,436
Associated Banc-Corp.		517,338			11,412,476
Atlantic Union Bankshares Corp.		560,458			15,524,687
Axos Financial, Inc.A		90,520			5,746,210
Banc of California, Inc.		11,600			156,368
Bank OZK		166,260			7,082,676
BankUnited, Inc.		33,780			1,104,944
Banner Corp.		222,676			13,614,411
Bar Harbor Bankshares		20,630			611,473
Bridgewater Bancshares, Inc.A		2,000			30,780
Business First Bancshares, Inc.		29,370			676,978
Byline Bancorp, Inc.		65,910			1,683,341
Capitol Federal Financial, Inc.		9,700			54,999
Cathay General Bancorp		107,660			4,488,345
Central Pacific Financial Corp.		11,310			290,554
City Holding Co.		120,886			14,007,061
Civista Bancshares, Inc.		1,100			24,761
Coastal Financial Corp.A		86,757			7,127,088
Columbia Banking System, Inc.		488,519			10,952,596
Community Financial System, Inc.		220,487			12,036,385
Community Trust Bancorp, Inc.		26,860			1,315,066

See accompanying notes

3

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Financials - 21.31% (continued)
Banks - 13.08% (continued)
Community West Bancshares		1,400		$	24,500
Customers Bancorp, Inc.A		47,280			2,364,000
Eastern Bankshares, Inc.		133,393			1,990,224
Enterprise Financial Services Corp.		48,140			2,504,243
Equity Bancshares, Inc., Class A		1,300			50,037
Farmers National Banc Corp.		54,970			716,809
FB Financial Corp.		67,560			2,875,354
Financial Institutions, Inc.		1,500			38,085
First Bancorp/Southern Pines NC		361,827			14,639,520
First Busey Corp.		129,110			2,684,197
First Commonwealth Financial Corp.		154,170			2,361,884
First Financial Bancorp		137,510			3,183,356
First Financial Corp.		900			44,460
First Hawaiian, Inc.		1,087,663			24,863,976
First Merchants Corp.		26,990			961,924
FNB Corp.		517,940			6,779,835
Fulton Financial Corp.		237,610			3,963,335
Glacier Bancorp, Inc.		216,214			8,812,883
Great Southern Bancorp, Inc.		17,630			969,650
Hancock Whitney Corp.		57,960			3,019,136
Hanmi Financial Corp.		2,200			50,314
Heritage Commerce Corp.		4,500			40,680
Hilltop Holdings, Inc.		103,140			3,045,724
HomeTrust Bancshares, Inc.		26,250			896,175
Hope Bancorp, Inc.		53,900			537,383
Horizon Bancorp, Inc.		3,200			46,976
Independent Bank Corp.		334,199			19,341,559
International Bancshares Corp.		93,510			5,707,850
Kearny Financial Corp.		4,700			29,422
Live Oak Bancshares, Inc.		713,470			18,650,106
Mercantile Bank Corp.		24,040			1,017,132
Mid Penn Bancorp, Inc.		1,400			40,670
Midland States Bancorp, Inc.		31,180			507,610
MidWestOne Financial Group, Inc.		1,500			41,610
National Bank Holdings Corp., Class A		315,432			11,406,021
NBT Bancorp, Inc.		260,926			11,047,607
Nicolet Bankshares, Inc.		11,370			1,328,130
Northeast Community Bancorp, Inc.		1,000			22,760
Northfield Bancorp, Inc.		3,100			32,705
Northwest Bancshares, Inc.		152,300			1,880,905
OceanFirst Financial Corp.		26,100			432,216
Old Second Bancorp, Inc.		65,710			1,037,561
Origin Bancorp, Inc.		19,780			633,751
Pacific Premier Bancorp, Inc.		43,520			885,197
Pathward Financial, Inc.		37,780			2,998,599
Peapack-Gladstone Financial Corp.		1,300			35,984
Peoples Bancorp, Inc.		53,400			1,549,134
Preferred Bank		22,610			1,805,635
Prosperity Bancshares, Inc.		166,771			11,323,751
Provident Financial Services, Inc.		109,160			1,786,949
QCR Holdings, Inc.		25,270			1,641,286
Renasant Corp.		973,295			31,213,571
S&T Bancorp, Inc.		55,180			2,010,759
Seacoast Banking Corp. of Florida		1,184,528			28,085,159
ServisFirst Bancshares, Inc.		109,427			7,793,391
Shore Bancshares, Inc.		2,400			33,192

See accompanying notes

4

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Financials - 21.31% (continued)
Banks - 13.08% (continued)
Sierra Bancorp		1,000		$	26,460
Simmons First National Corp., Class A		857,817			16,006,865
SmartFinancial, Inc.		16,230			493,717
Southern Missouri Bancorp, Inc.		16,820			885,573
Southside Bancshares, Inc.		2,200			62,018
Stellar Bancorp, Inc.		24,000			599,040
Synovus Financial Corp.		62,674			2,715,038
Texas Capital Bancshares, Inc.A		429,476			29,268,789
Third Coast Bancshares, Inc.A		1,000			29,800
Towne Bank		33,800			1,113,710
Triumph Financial, Inc.A		318,130			16,994,505
TrustCo Bank Corp.		24,540			747,243
Trustmark Corp.		14,490			486,139
United Bankshares, Inc.		83,960			2,878,988
United Community Banks, Inc.		73,950			2,041,759
Univest Financial Corp.		2,100			62,034
Veritex Holdings, Inc.		24,500			570,360
WaFd, Inc.		156,613			4,468,169
Washington Trust Bancorp, Inc.		1,400			38,640
WesBanco, Inc.		26,580			791,552
Westamerica BanCorp		217,513			10,534,155
WSFS Financial Corp.		57,560			2,967,218
					460,438,341
Capital Markets - 1.45%
Acadian Asset Management, Inc.		27,100			730,074
Affiliated Managers Group, Inc.		10,300			1,705,989
Artisan Partners Asset Management, Inc., Class A		51,200			1,893,376
Evercore, Inc., Class A		11,500			2,360,835
Federated Hermes, Inc.		103,010			4,183,236
Oppenheimer Holdings, Inc., Class A		16,390			967,174
Perella Weinberg Partners		106,801			1,833,773
Piper Sandler Cos.		59,010			14,228,491
Stifel Financial Corp.		186,982			16,022,488
Victory Capital Holdings, Inc., Class A		99,410			5,695,199
Virtus Investment Partners, Inc.		8,870			1,362,343
					50,982,978
Consumer Finance - 1.05%
Bread Financial Holdings, Inc.		75,960			3,604,302
Encore Capital Group, Inc.A		35,440			1,219,136
Enova International, Inc.A		46,520			4,270,071
EZCORP, Inc., Class AA		78,210			1,280,298
Green Dot Corp., Class AA		67,400			564,138
LendingClub Corp.A		141,120			1,378,742
Navient Corp.		202,380			2,505,465
Nelnet, Inc., Class A		26,370			2,797,593
PRA Group, Inc.A		49,660			908,778
Regional Management Corp.		5,026			165,506
SLM Corp.		621,547			17,968,924
World Acceptance Corp.A		4,200			542,304
					37,205,257
Financial Services - 2.37%
Burford Capital Ltd.		1,432,380			19,451,720
Euronet Worldwide, Inc.A		39,644			3,928,720

See accompanying notes

5

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Financials - 21.31% (continued)
Financial Services - 2.37% (continued)
HA Sustainable Infrastructure Capital, Inc.		662,094		$	16,539,108
Merchants Bancorp		41,120			1,236,890
NMI Holdings, Inc.A		124,299			4,495,895
PennyMac Financial Services, Inc.		75,390			7,346,002
Radian Group, Inc.		237,550			7,587,347
Walker & Dunlop, Inc.		80,853			6,188,489
Western Union Co.		244,700			2,424,977
WEX, Inc.A		110,166			14,362,341
					83,561,489
Insurance - 3.36%
American Coastal Insurance Corp.		60,220			688,315
AMERISAFE, Inc.		135,007			6,276,475
Assured Guaranty Ltd.		88,380			7,753,577
Baldwin Insurance Group, Inc.A		311,558			12,967,044
Brighthouse Financial, Inc.A		99,110			5,770,184
CNO Financial Group, Inc.		132,630			5,031,982
Donegal Group, Inc., Class AB		40,120			776,322
Employers Holdings, Inc.		39,630			1,925,622
Enstar Group Ltd.A		12,666			4,235,637
First American Financial Corp.		122,944			7,476,225
Genworth Financial, Inc.A		707,270			4,851,872
Global Indemnity Group LLC, Class A		315,604			9,108,331
Heritage Insurance Holdings, Inc.A		14,800			279,720
Horace Mann Educators Corp.		534,901			22,219,788
Kemper Corp.		341,642			20,197,875
Mercury General Corp.		19,400			1,075,148
ProAssurance Corp.A		64,400			1,494,724
United Fire Group, Inc.		18,600			514,662
Universal Insurance Holdings, Inc.		35,690			865,126
White Mountains Insurance Group Ltd.		2,650			4,683,743
					118,192,372
Total Financials					750,380,437
Health Care - 3.31%
Health Care Equipment & Supplies - 1.47%
CONMED Corp.		255,576			12,551,337
Embecta Corp.		135,650			1,653,573
LivaNova PLCA		275,200			10,182,400
Merit Medical Systems, Inc.A		148,577			14,033,098
Solventum Corp.A		203,709			13,469,239
					51,889,647
Health Care Providers & Services - 0.20%
Fulgent Genetics, Inc.A		90,200			1,564,970
Premier, Inc., Class A		266,900			5,431,415
					6,996,385
Pharmaceuticals - 1.64%
Collegium Pharmaceutical, Inc.A		93,880			2,534,291
Organon & Co.		914,470			11,824,097
Perrigo Co. PLC		1,014,816			26,101,068
Prestige Consumer Healthcare, Inc.A		173,554			14,097,791
SIGA Technologies, Inc.		551,056			3,041,829
					57,599,076
Total Health Care					116,485,108

See accompanying notes

6

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Industrials - 19.46%
Aerospace & Defense - 1.68%
AAR Corp.A		274,146		$	14,655,845
AerSale Corp.A		155,500			1,083,835
ATI, Inc.A		377,079			20,505,556
Ducommun, Inc.A		22,130			1,268,492
Kratos Defense & Security Solutions, Inc.A		216,798			7,324,520
Moog, Inc., Class A		84,766			14,177,114
					59,015,362
Building Products - 1.45%
AZZ, Inc.		127,529			11,064,416
Gibraltar Industries, Inc.A		356,026			18,851,577
Hayward Holdings, Inc.A		265,832			3,543,541
Masterbrand, Inc.A		293,230			3,562,744
Quanex Building Products Corp.		505,771			8,314,875
Resideo Technologies, Inc.A		345,560			5,798,497
					51,135,650
Commercial Services & Supplies - 1.87%
ACCO Brands Corp.		216,850			837,041
Brink’s Co.		92,880			8,288,611
Deluxe Corp.		666,411			9,729,601
Enviri Corp.A		1,953,867			13,423,066
Interface, Inc.		1,059,163			19,912,264
MillerKnoll, Inc.		592,360			9,714,704
Quad/Graphics, Inc.		452,975			2,160,691
Steelcase, Inc., Class A		196,790			1,952,157
					66,018,135
Construction & Engineering - 1.64%
Everus Construction Group, Inc.A		342,383			13,777,492
Fluor Corp.A		437,074			15,249,512
Great Lakes Dredge & Dock Corp.A		157,100			1,428,039
Northwest Pipe Co.A		23,300			986,988
Tutor Perini Corp.A		154,060			3,306,127
WillScot Holdings Corp.		911,074			22,886,179
					57,634,337
Electrical Equipment - 1.26%
EnerSys		311,539			26,979,278
NEXTracker, Inc., Class AA		87,300			3,545,253
Regal Rexnord Corp.		64,580			6,835,147
Thermon Group Holdings, Inc.A		269,522			7,069,562
					44,429,240
Ground Transportation - 1.66%
ArcBest Corp.		173,328			10,143,154
Covenant Logistics Group, Inc.		31,280			622,472
Heartland Express, Inc.		181,000			1,375,600
Schneider National, Inc., Class BB		382,091			8,211,136
U-Haul Holding Co.		388,384			21,283,443
Werner Enterprises, Inc.		682,206			16,823,200
					58,459,005
Machinery - 4.80%
Alamo Group, Inc.		82,581			13,789,375

See accompanying notes

7

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Industrials - 19.46% (continued)
Machinery - 4.80% (continued)
Astec Industries, Inc.		52,640		$	1,907,147
Atmus Filtration Technologies, Inc.		134,154			4,651,119
Blue Bird Corp.A		366,486			12,779,367
Enerpac Tool Group Corp.		741,586			29,937,827
Flowserve Corp.		234,521			10,607,385
Greenbrier Cos., Inc.		227,896			9,667,348
Helios Technologies, Inc.		482,979			13,166,008
Hillman Solutions Corp.A		1,283,400			8,970,966
Kennametal, Inc.		749,971			14,609,435
Miller Industries, Inc.		154,805			6,317,592
Park-Ohio Holdings Corp.		29,280			582,965
Standex International Corp.		131,334			18,573,254
Stanley Black & Decker, Inc.		72,300			4,339,446
Timken Co.		277,789			17,847,943
Titan International, Inc.A		184,700			1,357,545
					169,104,722
Marine Transportation - 0.96%
Kirby Corp.A		263,145			25,359,284
Matson, Inc.		76,800			8,378,112
					33,737,396
Passenger Airlines - 0.31%
Allegiant Travel Co.		53,600			2,515,448
SkyWest, Inc.A		94,200			8,399,814
					10,915,262
Professional Services - 1.19%
Heidrick & Struggles International, Inc.		38,320			1,495,246
Hudson Global, Inc.A		54,281			546,609
ManpowerGroup, Inc.		206,140			8,878,450
Robert Half, Inc.		373,173			16,531,564
Verra Mobility Corp.A		658,961			14,365,350
					41,817,219
Trading Companies & Distributors - 2.64%
Air Lease Corp.		212,560			9,939,306
BlueLinx Holdings, Inc.A		16,940			1,103,472
Boise Cascade Co.		219,033			20,431,398
DNOW, Inc.A		1,355,210			21,507,183
GMS, Inc.A		250,399			18,344,231
MSC Industrial Direct Co., Inc., Class AB		175,330			13,409,238
Rush Enterprises, Inc., Class A		139,953			7,136,203
Titan Machinery, Inc.A		67,600			1,121,484
					92,992,515
Total Industrials					685,258,843
Information Technology - 9.83%
Communications Equipment - 3.84%
Ciena Corp.A		422,391			28,367,780
Extreme Networks, Inc.A		1,218,160			16,030,986
F5, Inc.A		215,796			57,129,833
Lumentum Holdings, Inc.A		424,013			25,033,727
NETGEAR, Inc.A		60,250			1,453,230
Viavi Solutions, Inc.A		699,111			7,396,594
					135,412,150

See accompanying notes

8

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Information Technology - 9.83% (continued)
Electronic Equipment, Instruments & Components - 3.55%
Arrow Electronics, Inc.A		46,813		$	5,213,096
Avnet, Inc.		920,195			43,239,963
Benchmark Electronics, Inc.		67,870			2,207,811
Coherent Corp.A		453,809			29,188,995
Knowles Corp.A		1,353,598			21,305,632
ScanSource, Inc.A		49,940			1,647,521
TTM Technologies, Inc.A		193,000			3,863,860
Vishay Intertechnology, Inc.		1,258,021			16,341,693
Vontier Corp.		64,600			2,054,926
					125,063,497
IT Services - 0.44%
ASGN, Inc.A		176,017			8,867,736
DXC Technology Co.A		423,100			6,566,512
					15,434,248
Semiconductors & Semiconductor Equipment - 1.41%
Cohu, Inc.A		821,123			13,137,968
Diodes, Inc.A		436,342			16,755,533
Rambus, Inc.A		207,342			10,116,216
Veeco Instruments, Inc.A		522,238			9,765,851
					49,775,568
Software - 0.44%
Adeia, Inc.		203,300			2,502,623
BlackLine, Inc.A		231,964			10,955,660
Consensus Cloud Solutions, Inc.A		57,040			1,132,815
Xperi, Inc.A		105,360			778,610
					15,369,708
Technology Hardware, Storage & Peripherals - 0.15%
Diebold Nixdorf, Inc.A B		84,460			3,744,112
Eastman Kodak Co.A		236,040			1,484,691
					5,228,803
Total Information Technology					346,283,974
Materials - 6.92%
Chemicals - 3.98%
AdvanSix, Inc.		78,160			1,674,187
Ashland, Inc.		167,021			9,084,272
Avient Corp.		208,867			6,957,360
Ecovyst, Inc.A		2,267,598			13,560,236
Hawkins, Inc.		111,543			13,583,706
Huntsman Corp.		779,226			10,371,498
Innospec, Inc.		75,923			6,793,590
Intrepid Potash, Inc.A		38,700			1,278,648
NewMarket Corp.		20,800			12,798,240
Olin Corp.		783,822			16,946,232
Quaker Chemical Corp.B		74,044			7,844,221
Rayonier Advanced Materials, Inc.A		154,020			656,125
Scotts Miracle-Gro Co.		162,353			8,179,344
Sensient Technologies Corp.		101,385			9,525,121
Stepan Co.		413,503			20,906,712
					140,159,492

See accompanying notes

9

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Materials - 6.92% (continued)
Containers & Packaging - 0.99%
Greif, Inc., Class A		295,292		$	15,496,924
Sealed Air Corp.		327,300			9,020,388
Silgan Holdings, Inc.		7,421			383,295
Sonoco Products Co.		243,853			9,997,973
					34,898,580
Metals & Mining - 1.75%
Constellium SEA		80,581			814,674
Elah Holdings, Inc.A		3,122			55,416
Ferroglobe PLC		2,806,770			9,795,627
Kaiser Aluminum Corp.		333,155			21,475,171
Materion Corp.		244,541			20,299,349
Ryerson Holding Corp.		93,100			2,176,678
SunCoke Energy, Inc.		196,950			1,784,367
Warrior Met Coal, Inc.		109,870			5,253,983
					61,655,265
Paper & Forest Products - 0.20%
Sylvamo Corp.		119,060			7,098,357
Total Materials					243,811,694
Real Estate - 5.73%
Health Care REITs - 0.33%
Healthcare Realty Trust, Inc.		756,326			11,745,743
Hotel & Resort REITs - 0.20%
Sunstone Hotel Investors, Inc.		849,316			7,083,295
Industrial REITs - 0.61%
Americold Realty Trust, Inc.		414,066			8,008,037
Plymouth Industrial REIT, Inc.		902,375			13,418,316
					21,426,353
Office REITs - 0.39%
COPT Defense Properties		522,808			13,650,517
Real Estate Management & Development - 1.03%
Howard Hughes Holdings, Inc.A		72,250			4,806,792
Jones Lang LaSalle, Inc.A		109,656			24,936,871
RMR Group, Inc., Class A		143,045			2,099,900
Seritage Growth Properties, Class AA B		1,010,283			2,990,438
Tejon Ranch Co.A		78,490			1,328,836
					36,162,837
Retail REITs - 1.71%
Acadia Realty Trust		516,474			9,864,653
Agree Realty Corp.		174,584			13,549,464
NETSTREIT Corp.B		834,482			13,577,022
NNN REIT, Inc.		238,634			9,810,244
Urban Edge Properties		738,796			13,350,044
					60,151,427

See accompanying notes

10

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.55% (continued)
Real Estate - 5.73% (continued)
Specialized REITs - 1.46%
Four Corners Property Trust, Inc.		488,879		$	13,664,168
PotlatchDeltic Corp.		983,717			37,764,896
					51,429,064
Total Real Estate					201,649,236
Utilities - 3.84%
Electric Utilities - 1.52%
IDACORP, Inc.		125,876			14,864,697
OGE Energy Corp.		310,349			14,083,638
Otter Tail Corp.		17,550			1,393,119
Portland General Electric Co.		221,240			9,318,629
TXNM Energy, Inc.		259,963			13,830,031
					53,490,114
Gas Utilities - 0.63%
MDU Resources Group, Inc.		1,058,181			18,137,222
Northwest Natural Holding Co.		92,790			3,999,249
					22,136,471
Multi-Utilities - 1.69%
Avista Corp.		645,345			26,762,457
Black Hills Corp.		236,280			14,389,452
Northwestern Energy Group, Inc.		314,593			18,318,751
					59,470,660
Total Utilities					135,097,245
Total Common Stocks (Cost $3,327,347,545)					3,223,612,382
FOREIGN COMMON STOCKS - 3.49%
Consumer Staples - 0.23%
Food Products - 0.23%
SunOpta, Inc.A		1,855,828			8,017,177
Energy - 0.25%
Oil, Gas & Consumable Fuels - 0.25%
Baytex Energy Corp.		1,762,615			2,714,427
Kosmos Energy Ltd.A		3,928,207			6,049,439
					8,763,866
Total Energy					8,763,866
Financials - 2.28%
Banks - 2.14%
Bank of NT Butterfield & Son Ltd.		548,227			22,027,761
First BanCorp		124,940			2,453,822
OFG Bancorp		659,611			25,955,693
Popular, Inc.		259,517			24,763,112
					75,200,388
Insurance - 0.14%
Hamilton Insurance Group Ltd., Class BA		48,000			888,000
SiriusPoint Ltd.A		247,720			4,161,696
					5,049,696
Total Financials					80,250,084

See accompanying notes

11

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2025 (Unaudited)

	Shares		Fair Value
FOREIGN COMMON STOCKS - 3.49% (continued)
Information Technology - 0.73%
Semiconductors & Semiconductor Equipment - 0.73%
Tower Semiconductor Ltd.A		718,839		$	25,720,059
Total Foreign Common Stocks (Cost $88,459,482)					122,751,186
SHORT-TERM INVESTMENTS - 3.63% (Cost $127,944,556)
Investment Companies - 3.63%
American Beacon U.S. Government Money Market Select Fund, 4.25%C D		127,944,556			127,944,556
SECURITIES LENDING COLLATERAL - 0.27% (Cost $9,384,016)
Investment Companies - 0.27%
American Beacon U.S. Government Money Market Select Fund, 4.25%C D		9,384,016			9,384,016
TOTAL INVESTMENTS - 98.94% (Cost $3,553,135,599)					3,483,692,140
OTHER ASSETS, NET OF LIABILITIES - 1.06%					37,231,893
TOTAL NET ASSETS - 100.00%				$	3,520,924,033
Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at April 30, 2025 (Note 9).

^C The Fund is affiliated by having the same investment advisor.

^D 7-day yield.

Long Futures Contracts Open on April 30, 2025:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini Russell 2000 Index Futures	1,751	June 2025	$	169,771,774	$	172,455,990	$	2,684,216
			$	169,771,774	$	172,455,990	$	2,684,216

Glossary:
Index Abbreviations:
Russell 2000	U.S. Small-Cap Stock Market Index.
Exchange Abbreviations:
CME	Chicago Mercantile Exchange.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2025, the investments were classified as described below:

Small Cap Value Fund	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	3,223,612,382	$	–	$	–	$	3,223,612,382
Foreign Common Stocks		122,751,186		–		–		122,751,186
Short-Term Investments		127,944,556		–		–		127,944,556
Securities Lending Collateral		9,384,016		–		–		9,384,016
Total Investments in Securities - Assets	$	3,483,692,140	$	–	$	–	$	3,483,692,140
Financial Derivative Instruments - Assets
Futures Contracts	$	2,684,216	$	–	$	–	$	2,684,216
Total Financial Derivative Instruments - Assets	$	2,684,216	$	–	$	–	$	2,684,216

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2025, there were no transfers into or out of Level 3.

See accompanying notes

12

American Beacon Small Cap Value Fund^SM

Statement of Assets and Liabilities

April 30, 2025 (Unaudited)

Assets:
Investments in unaffiliated securities, at fair value† §	$	3,346,363,568
Investments in affiliated securities, at fair value‡		137,328,572
Cash		204,315
Cash collateral held at broker for futures contracts		20,859,000
Dividends and interest receivable		29,076,816
Receivable for investments sold		6,533,944
Receivable for fund shares sold		3,670,039
Receivable for variation margin on open futures contracts (Note 5)		2,687,824
Prepaid expenses		69,327
Total assets		3,546,793,405
Liabilities:
Payable for investments purchased		4,859,745
Payable for fund shares redeemed		4,575,995
Cash due to broker for futures contracts		4,056,154
Management and sub-advisory fees payable (Note 2)		2,196,794
Service fees payable (Note 2)		83,565
Transfer agent fees payable (Note 2)		104,160
Payable upon return of securities loaned (Note 9)§		9,384,016
Custody and fund accounting fees payable		272,122
Professional fees payable		76,538
Trustee fees payable (Note 2)		9,960
Payable for prospectus and shareholder reports		198,194
Other liabilities		52,129
Total liabilities		25,869,372
Commitments and contingent liabilities (Note 1 and Note 2)
Net assets	$	3,520,924,033
Analysis of net assets:
Paid-in-capital	$	3,396,728,298
Total distributable earnings (deficits)A		124,195,735
Net assets	$	3,520,924,033
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		70,581,319
Y Class		14,885,447
Investor Class		9,988,399
Advisor Class		829,877
A Class		2,282,011
C Class		214,516
R6 Class		69,639,987
Net assets:
R5 Class	$	1,487,549,759
Y Class	$	306,071,299
Investor Class	$	197,092,150
Advisor Class	$	16,070,088
A Class	$	43,544,419
C Class	$	3,756,883
R6 Class	$	1,466,839,435
Net asset value, offering and redemption price per share:
R5 Class	$	21.08
Y Class	$	20.56
Investor Class	$	19.73
Advisor Class	$	19.36
A Class	$	19.08
A Class (offering price)	$	20.24
C Class	$	17.51
R6 Class	$	21.06
† Cost of investments in unaffiliated securities	$	3,415,807,027
‡ Cost of investments in affiliated securities	$	137,328,572
§ Fair value of securities on loan	$	64,628,797
A The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at period end.

See accompanying notes

13

American Beacon Small Cap Value Fund^SM

Statement of Operations

For the period ended April 30, 2025 (Unaudited)

Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	41,051,846
Dividend income from affiliated securities (Note 2)		3,424,156
Interest income		291,116
Income derived from securities lending (Note 9)		82,612
Total investment income		44,849,730
Expenses:
Management and sub-advisory fees (Note 2)		14,783,348
Transfer agent fees (Note 2):
R5 Class		315,759
Y Class		204,185
Investor Class		16,675
Advisor Class		2,576
A Class		3,125
C Class		1,974
R6 Class		43,262
Custody and fund accounting fees		258,388
Professional fees		166,241
Registration fees and expenses		59,789
Service fees (Note 2):
Investor Class		425,920
Advisor Class		24,062
A Class		46,023
C Class		3,216
Distribution fees (Note 2):
Advisor Class		24,022
A Class		61,634
C Class		26,112
Prospectus and shareholder report expenses		194,994
Trustee fees (Note 2)		188,714
Line of credit interest expense (Note 10)		28,373
Other expenses		276,517
Total expenses		17,154,909
Net investment income		27,694,821
Realized and unrealized gain (loss) from investments:
Net realized gain (loss) from:
Investments in unaffiliated securitiesA		281,080,736
Redemption in kind		11,341,534
Commission recapture (Note 1)		41,452
Foreign currency transactions		(6	)
Futures contracts		(20,720,776	)
Change in net unrealized appreciation (depreciation) of:
Investments in unaffiliated securitiesB		(867,015,906	)
Futures contracts		4,410,534
Net (loss) from investments		(590,862,432	)
Net decrease in net assets resulting from operations	$	(563,167,611	)
† Foreign taxes	$	193,944
A The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities.
B The Fund’s investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end.

See accompanying notes

14

American Beacon Small Cap Value Fund^SM

Statement of Changes in Net Assets

	Six Months Ended April 30, 2025			Year Ended October 31, 2024
	(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	27,694,821		$	56,759,335
Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts		271,742,940			315,143,451
Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts		(862,605,372	)		736,836,859
Net increase (decrease) in net assets resulting from operations		(563,167,611	)		1,108,739,645
Distributions to shareholders:
Total retained earnings:
R5 Class		(149,364,021	)		(101,939,743	)
Y Class		(33,688,499	)		(20,112,285	)
Investor Class		(19,846,071	)		(12,666,625	)
Advisor Class		(1,612,792	)		(1,368,389	)
A Class		(4,240,303	)		(2,079,077	)
C Class		(471,741	)		(332,570	)
R6 Class		(142,156,305	)		(88,614,195	)
Net distributions to shareholders		(351,379,732	)		(227,112,884	)
Capital share transactions (Note 11):
Proceeds from sales of shares		357,439,631			828,352,969
Reinvestment of dividends and distributions		331,474,161			214,480,906
Cost of shares redeemed		(856,167,360	)		(1,434,303,292	)
Net increase (decrease) in net assets from capital share transactions		(167,253,568	)		(391,469,417	)
Net increase (decrease) in net assets		(1,081,800,911	)		490,157,344
Net assets:
Beginning of period		4,602,724,944			4,112,567,600
End of period	$	3,520,924,033		$	4,602,724,944

See accompanying notes

15

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of April 30, 2025, the Trust consists of twenty-seven active series, one of which is presented in this filing: American Beacon Small Cap Value Fund (the “Fund”). The remaining twenty-six active series are reported in separate filings.

American Beacon Advisors, Inc. (the “Manager”) is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. (“RIM”) organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. (“Topco”), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Fund adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Funds acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statement of operations.

Class Disclosure

The Fund has multiple classes of shares designed to meet the needs of different groups of investors. The following table sets forth the differences amongst the classes:

Class	Eligible Investors	Minimum Initial Investments
R5 Class	Large institutional investors - sold directly or through intermediary channels.	$	250,000
Y Class	Large institutional retirement plan investors - sold directly or through intermediary channels.	$	100,000
Investor Class	All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors.	$	2,500
Advisor Class	All investors who invest through intermediary organizations, such as broker-dealers or third party administrators.	$	2,500

16

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Class	Eligible Investors	Minimum Initial Investments
A Class	All investors who invest through intermediary organizations, such as broker-dealers or third party administrator. Retail investors who invest directly through a financial intermediary such as a broker, bank, or registered investment advisor which may include a front-end sales charge and a contingent deferred sales charge (“CDSC”).	$	2,500
C Class	Retail investors who invest directly through a financial intermediary, such as a broker or through employee directed benefit plans with applicable sales charges which may include CDSC.	$	1,000
R6 Class	Large institutional retirement plan investors - sold through retirement plan sponsors.		None

Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses are allocated daily to each class based on the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include service, distribution, transfer agent fees, and sub-transfer agent fees that vary amongst the classes as described more fully in Note 2.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Fund in preparation of the financial statements. The Fund is considered an investment company and accordingly, follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, a part of Generally Accepted Accounting Principles (“U.S. GAAP”).

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Fund. Tax reclaim accruals are automatically generated on accounting and custody systems at the time of the income event based on the tax databases maintained by the Fund’s custodian. Reconciliations are performed between custody and accounting systems to help ensure reclaim accruals are in line. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined on the basis of specific lot identification.

Distributions to Shareholders

The Fund distributes most or all of its net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income and distributions of realized net capital gains and net gains from foreign currency transactions on an annual basis. The Fund does not have a fixed dividend rate and does not guarantee that it will pay any distributions in any particular period. Dividends to shareholders are determined in accordance with federal income tax regulations, which may differ in amount and character from net investment income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Fund may designate earnings and profits distributed to shareholders on the redemption of shares.

Commission Recapture

The Fund has established brokerage commission recapture arrangements with certain brokers or dealers. If the Fund’s investment advisor chooses to execute a transaction through a participating broker, the broker rebates

17

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

a portion of the commission back to the Fund. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Fund. This amount is reported with the net realized gain (loss) in the Fund’s Statement of Operations, if applicable.

Allocation of Income, Trust Expenses, Gains, and Losses

Investment income and realized and unrealized gains and losses from investments of the Fund are allocated daily to each class of shares based upon the relative proportion of net assets of each class to the total net assets of the Fund. Expenses directly charged or attributable to the Fund will be paid from the assets of the Fund. Generally, expenses of the Trust will be allocated among and charged to the assets of the Fund on a basis that the Trust’s Board deems fair and equitable, which may be based on the relative net assets of the Fund or nature of the services performed and relative applicability to the Fund.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

Other

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities. The Trust’s maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Fund and the Manager are parties to a Management Agreement that obligates the Manager to provide the Fund with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized management fee based on a percentage of the Fund’s average daily net assets that is calculated and accrued daily according to the following schedule:

First $ 15 billion	0.35	%
Next $15 billion	0.325	%
Over $30 billion	0.30	%

The Trust, on behalf of the Fund, and the Manager have entered into Investment Advisory Agreements with Barrow, Hanley, Mewhinney & Strauss, LLC; Brandywine Global Investment Management, LLC; DePrince, Race & Zollo, Inc.; Hotchkis and Wiley Capital Management, LLC; and Westwood Management Corp., (“Sub-Advisors”) pursuant to which the Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on the Fund’s average daily net assets.

The Management and Sub-Advisory Fees paid by the Fund for the period ended April 30, 2025 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	7,396,258
Sub-Advisory Fees		0.35	%		7,387,090
Total		0.70	%	$	14,783,348

18

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statement of Operations. During the period ended April 30, 2025, the Manager received securities lending fees of $6,671 for the securities lending activities of the Fund.

Distribution Plans

Separate Distribution Plans (the “Distribution Plans”) have been adopted pursuant to Rule 12b-1 under the Act for the Advisor, A, and C Classes of the Fund. Under the Distribution Plans, as compensation for distribution and shareholder servicing assistance, the Manager receives an annual fee of 0.25% of the average daily net assets of the Advisor and A Classes and 1.00% of the average daily net assets of the C Class. The fee will be payable without regard to whether the amount of the fee is more or less than the actual expenses incurred in a particular month by the Manager for distribution assistance.

Service Plans

The Manager and the Trust entered into a Service Plan that obligates the Manager to oversee additional shareholder servicing of the Investor, Advisor, A, and C Classes of the Fund. As compensation for performing the duties required under the Service Plan, the Manager receives an annualized fee up to 0.25% of the average daily net assets of the A and C Classes, up to 0.25% of the average daily net assets of the Advisor Class, and up to 0.375% of the average daily net assets of the Investor Class of the Fund.

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the R5 and Y Classes of the Fund and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of its customers who hold positions in the Fund. Certain services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly by the Fund’s transfer agent. Accordingly, the Fund, pursuant to Board approval, has agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis. During the period ended April 30, 2025, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statement of Operations, were as follows:

Fund	Sub-Transfer Agent Fees
Small Cap Value	$	465,115

As of April 30, 2025, the Fund owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statement of Assets and Liabilities:

Fund	Reimbursement Sub-Transfer Agent Fees
Small Cap Value	$	61,725

19

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Brokerage Commissions

Affiliated entities of a sub-advisor to the Fund received commissions on purchases and sales of the Fund’s portfolio securities totaling $40,794 for the period ended April 30, 2025.

Investments in Affiliated Funds

The Fund may invest in the American Beacon U.S. Government Money Market Select Fund (the “USG Select Fund”). Cash collateral received by the Fund in connection with securities lending may also be invested in the USG Select Fund. The Fund listed below held the following shares with an April 30, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund	April 30, 2025 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		April 30, 2025 Fair Value
U.S. Government Money Market Select	Direct	Small Cap Value	$	127,944,556	$	-	$	-	$	3,424,156	$	127,944,556
U.S. Government Money Market Select	Securities Lending	Small Cap Value		9,384,016		-		-		N/A		9,384,016

The Fund and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the period ended April 30, 2025, the Manager earned fees on the Fund’s direct investments and securities lending collateral investments in the USG Select Fund as shown below:

Fund	Direct Investments in USG Select Fund		Securities Lending Collateral Investments in USG Select Fund		Total
Small Cap Value	$	79,589	$	4,769	$	84,358

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Fund, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended April 30, 2025, the Fund participated as a lender by loaning an average amount of $8,278,038 for 39 days at an average interest rate of 5.21% with interest charges earned of $58,450. This amount is included in “Interest income” on the Statement of Operations. During the period ended April 30, 2025, the Fund did not borrow from the credit facility.

Expense Reimbursement Plan

The Fund has adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Fund for any contractual or voluntary fee reductions or expense reimbursements if

20

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Fund’s annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or time of recoupment. During the period ended April 30, 2025 there were no waived fees, expenses reimbursed, or recouped expenses, and no commitment or contingent liability is expected.

Sales Commissions

The Fund’s Distributor, Resolute Investment Distributors, Inc. (“RID” or “Distributor”), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended April 30, 2025, RID collected $2,129 from the sale of A Class Shares of the Fund.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the period ended April 30, 2025, there were no CDSC fees collected for the A Class Shares of the Fund.

A CDSC of 1.00% will be deducted with respect to C Class Shares redeemed within 12 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended April 30, 2025, CDSC fees of $6 were collected for C Class Shares of the Fund.

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the “Trusts”), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. Security Valuation and Fair Value Measurements

The price of the Fund’s shares is based on its net asset value (“NAV”) per share. The Fund’s NAV is computed by adding total assets, subtracting all the Fund’s liabilities, and dividing the result by the total number of shares outstanding.

The NAV of each class of the Fund’s shares is determined based on a pro rata allocation of the Fund’s investment income, expenses and total capital gains and losses. The Fund’s NAV per share is determined each business day as of the regular close of trading on the New York Stock Exchange (“NYSE” or “Exchange”), which is

21

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

typically 4:00 p.m. Eastern Time (“ET”). However, if trading on the NYSE closes at a time other than 4:00 p.m. ET, the Fund’s NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Fund does not price its shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when the Fund is not open for business, which may result in the value of the Fund’s portfolio investments being affected at a time when you are unable to buy or sell shares.

Equity securities, including shares of closed-end funds and exchange-traded funds (“ETFs”), are valued at the last sale price or official closing price taken from the primary exchange in which each security trades. Investments in other mutual funds are valued at the closing NAV per share on the day of valuation. Debt securities are valued at bid quotes from broker/dealers or evaluated bid prices from pricing services, who may consider a number of inputs and factors, such as prices of comparable securities, yield curves, spreads, credit ratings, coupon rates, maturity, default rates, and underlying collateral. Futures are valued based on their daily settlement prices. Exchange-traded and over-the-counter (“OTC”) options are valued at the last sale price. Options with no last sale for the day are priced at mid quote. Swaps are valued at evaluated mid prices from pricing services.

The valuation of securities traded on foreign markets and certain fixed-income securities will generally be based on prices determined as of the earlier closing time of the markets on which they primarily trade unless a significant event has occurred. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. ET.

Rule 2a-5 under the Investment Company Act (the “Valuation Rule”) establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are “readily available,” which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits the Board to designate the Manager as Valuation Designee to perform the Fund’s fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Manager’s fair value determinations. Effective September 8, 2022, the Board has designated the Manager as valuation designee to perform fair value functions in accordance with the requirements of the Valuation Rule.

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager’s procedures, approved by the Board under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and when market quotations are not readily available or reliable, as determined by the Manager, such as when (i) trading for a security is restricted or stopped; (ii) a security’s trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security’s true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by the Fund occurs after the close of a related exchange but before the determination of the Fund’s NAV, fair value pricing may be used on the affected security or securities. Securities of small-capitalization companies are also more likely to require a fair value determination using these procedures because they are more thinly traded and less liquid than the securities of larger-capitalization companies. The Fund may fair value securities as a result of significant events occurring after the close of the foreign markets in which the Fund invests as described below. In addition, the Fund may invest in illiquid securities requiring these procedures.

The Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund’s pricing time of 4:00 p.m. ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. If the Manager determines that the last quoted prices of non-U.S. securities will, in its judgment, materially affect the value of some or all the Fund’s portfolio securities, the Manager can adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the

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American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. These securities are fair valued using a pricing service, using methods approved by the Manager, that considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts (“ADRs”) and futures contracts. The Manager’s Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. The Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day’s opening prices in the same markets and adjusted prices.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, the Manager compares the new market quotation to the fair value price to evaluate the effectiveness of the Fund’s fair valuation procedures. If any significant discrepancies are found, the Manager may adjust Manager’s fair valuation procedures for the Fund.

Valuation Inputs

Various inputs may be used to determine the fair value of the Fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1	-	Quoted prices in active markets for identical securities.
Level 2	-	Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.
Level 3	-	Prices determined using other significant unobservable inputs. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment.

Level 1 and Level 2 trading assets and trading liabilities, at fair value

Common stocks, ETFs, preferred securities and financial derivative instruments, such as futures contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

4. Securities and Other Investments

Common Stock

Common stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or

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American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

Depositary Receipts and U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges

ADRs are U.S. dollar-denominated receipts issued generally by domestic banks and represent the deposit with the bank of a security of a foreign issuer. Depositary receipts may not be denominated in the same currency as the securities into which they may be converted. Investing in depositary receipts entails substantially the same risks as direct investment in foreign securities. There is generally less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. In addition, such companies may use different accounting and financial standards (and certain currencies may become unavailable for transfer from a foreign currency), resulting in the Fund’s possible inability to convert immediately into U.S. currency proceeds realized upon the sale of portfolio securities of the affected foreign companies. In addition, the Fund may invest in unsponsored depositary receipts, the issuers of which are not obligated to disclose material information about the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the Fund to the same benefits and rights as ownership of a sponsored depositary receipt or the underlying security.

Other Investment Company Securities and Other Exchange-Traded Products

The Fund may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies (“BDCs”), ETFs, unit investment trusts, and other investment companies of the Trust. The Fund may invest in securities of an investment company advised by the Manager or the Sub-Advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, the Fund shareholders indirectly will bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Fund shareholders directly bear in connection with the Fund’s own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Fund in its Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer’s portfolio securities.

Publicly Traded Partnerships/Master Limited Partnerships (“MLPs”)

The Fund may invest in publicly traded partnerships such as MLPs. MLPs issue units that are registered with the SEC and are freely tradable on a securities exchange or in the OTC market. An MLP may have one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. The general partner or partners are jointly and severally responsible for the liabilities of the MLP. (An MLP also may be an entity similar to a limited partnership, such as an LLC, which has one or more managers or managing members and non-managing members (who are like limited partners)). The Fund invests in an MLP as a limited partner and normally would not be liable for the debts of an MLP beyond the amount the Fund has invested therein, but it would not be shielded to the same extent that a shareholder of a corporation would be. In certain instances, creditors of an MLP would have the right to seek a return of capital that had been distributed to a limited partner. The right of an MLP’s creditors would continue even after the Fund had sold its investment in the partnership. MLPs typically invest in real estate and oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

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American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Real Estate Investment Trusts (“REITs”)

REITs are pooled investment vehicles that own, and often operate, income producing real estate (known as “equity REITs”) or invest in mortgages secured by loans on such real estate (known as “mortgage REITs”) or both (known as “hybrid REITs”). REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increase in property taxes, operating expenses, rising interest rates or overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

5. Financial Derivative Instruments

The Fund may utilize derivative instruments to gain market exposure on cash balances or reduce market exposure in anticipation of liquidity needs. When considering the Fund’s use of derivatives, it is important to note that the Fund does not use derivatives for the purpose of creating financial leverage.

Futures Contracts

A futures contract is a contract to purchase or sell a particular security, or the cash value of an asset, such as securities, indices, or currencies, at a specified future date at a price agreed upon when the contract is made. Under many such contracts, no delivery of the actual underlying asset is required. Rather, upon the expiration of the contract, settlement is made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the asset (e.g., a security or an index) at expiration, net of the initial and variation margin that was previously paid. An equity index futures contract is based on the value of an underlying index. The Fund may, from time to time, use futures positions to equitize cash and expose its portfolio to changes in securities prices or index prices. This can magnify gains and losses in the Fund. The Fund also may have to sell assets at inopportune times to satisfy its settlement or collateral obligations. The risks associated with the use of futures contracts also include that there may be an imperfect correlation between the changes in market value of the futures contracts and the assets underlying such contracts and that there may not be a liquid secondary market for a futures contract.

During the period ended April 30, 2025, the Fund entered into futures contracts primarily for exposing cash to markets.

The Fund’s average futures contracts outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

Average Futures Contracts Outstanding
Fund	Period Ended April 30, 2025
Small Cap Value		1,650

The following is a summary of the fair valuations of the Fund’s derivative instruments categorized by risk exposure⁽¹⁾:

Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:
	Derivatives not accounted for as hedging instruments
Liabilities:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts			Total
Receivable for variation margin from open futures contracts(2)		$	-		$	-		$	-		$	-		$	2,684,216		$	2,684,216

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American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:
	Derivatives not accounted for as hedging instruments
Realized gain (loss) from derivatives recognized as a result of operations	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	-		$	-		$	-		$	-		$	(20,720,776	)		$	(20,720,776	)
Net change in unrealized appreciation (depreciation) of derivatives recognized as a result from operations:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	-		$	-		$	-		$	-		$	4,410,534			$	4,410,534

⁽¹⁾ See Note 3 in the Notes to Financial Statements for additional information.

⁽²⁾ Includes cumulative appreciation (depreciation) of futures contracts as reported in the Fund’s Schedule of Investments footnotes. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The Fund is a party to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Fund employs multiple and has elected not to offset qualifying financial and derivative instruments on the Statement of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, April 30, 2025.

Offsetting of Financial and Derivative Assets as of April 30, 2025:
	Assets			Liabilities
Futures Contracts(1)	$	2,684,216		$	-
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	2,684,216		$	-
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	(2,684,216	)	$	-

	Remaining Contractual Maturity of the Agreements As of April 30, 2025
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	9,384,016	$	-	$	-	$	-	$	9,384,016
Total Borrowings	$	9,384,016	$	-	$	-	$	-	$	9,384,016
Gross amount of recognized liabilities for securities lending transactions									$	9,384,016

⁽¹⁾ Includes cumulative appreciation or (depreciation) of futures contracts as reported in the Schedule of Investments footnotes. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

6. Principal Risks

Investing in the Fund may involve certain risks including, but not limited to, those described below.

Cybersecurity and Operational Risk

Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as securities trading venues and their

26

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.

Environmental, Social, and/or Governance Investing Risk

The use of environmental, social, and/or governance (“ESG”) considerations by a sub-advisor may cause the Fund to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations.

Equity Investments Risk

Equity securities are subject to market risk. The Fund’s investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, REITs, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Fund to additional risk. The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities’ investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt, less liquidity and more volatility, less government regulation and supervision and delays in transaction settlement.

Foreign Exposure Risk

The Fund’s exposure to a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with that country. Global economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

Futures Contracts Risk

Futures contracts are derivative instruments where one party pays a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There can be no assurance that any strategy used will succeed. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund has previously bought or sold and this may result in the inability to close a futures

27

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). Futures contracts on indices expose the Fund to volatility in an underlying index. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways.

Market Risk

The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund’s performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, including the U.S. presidential election, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Multiple Sub-Advisor Risk

The Manager may allocate the Fund’s assets among multiple sub-advisors, each of which is responsible for investing its allocated portion of the Fund’s assets. To a significant extent, the Fund’s performance will depend on the success of the Manager in selecting and overseeing the sub-advisors and allocating the Fund’s assets to subadvisors. The sub-advisors’ investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each sub-advisor makes its trading decisions independently, the subadvisors may purchase or sell the same security at the same time without aggregating their transactions. This may cause unnecessary brokerage and other expenses.

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American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Other Investment Companies Risk

The Fund may invest in shares of other registered investment companies, including money market funds and ETFs. To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses, including for example, advisory and administrative fees, charged by those investment companies in addition to the Fund’s direct fees and expenses and will be subject to the risks associated with investments in those companies. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. ETFs have expenses associated with their operation, typically including advisory fees.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a Fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems. Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; imposition of tariffs and resulting impacts on global prices and supply chains; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.

Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.

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American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Sector Risk

Sector risk is the risk associated with the Fund holding a significant amount of investments in similar businesses, which would be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of the equity and debt securities of companies in a particular sector of the market to change. To the extent the Fund has substantial holdings within a particular sector, the risks to the Fund associated with that sector increase.

To the extent the Fund invests significantly in the financial services sector, the value of the Fund’s shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation and price competition. The value of the Fund’s shares could experience significantly greater volatility than investment companies investing more broadly.

Securities Lending Risk

The Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of the Fund’s securities provide collateral either in the form of cash, which the Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. The Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. The Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or “rebate” for the use of that cash collateral in connection with the loan. The Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability to enforce its rights in its collateral. There also is a risk that a borrower may default on its obligation to return loaned securities at a time when the value of the Fund’s collateral is inadequate. Although the Fund’s securities lending agent may indemnify the Fund against that risk, it is also possible that the securities lending agent will be unable to satisfy its indemnification obligations. In any case in which the loaned securities are not returned to the Fund before an ex-dividend date, whether or not due to a default by the borrower, the payment in lieu of the dividend that the Fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”

7. Federal Income and Excise Taxes

It is the policy of the Fund to qualify as a regulated investment company (“RIC”), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, the Fund is treated as a single entity for the purpose of determining such qualification.

The Fund does not have any unrecorded tax liabilities in the accompanying financial statements. Each of the tax years in the four year period ended October 31, 2024 remain subject to examination by the Internal Revenue Service. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other expenses” on the Statement of Operations.

30

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

Dividends are categorized in accordance with income tax regulations which may treat certain transactions differently than U.S. GAAP. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.

As of April 30, 2025, the tax cost for the Fund and its respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Small Cap Value	$	3,636,934,652	$	445,670,057	$	(598,912,569)	$	(153,242,512)

For federal income tax purposes, the Fund measures its capital loss carryforwards annually at October 31, its fiscal year end. Capital loss carryforwards retain their character as short-term and/or long-term and may be carried forward and applied against future realized capital gains with no expiration date.

As of October 31, 2024, the Fund did not have any capital loss carryforwards.

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended April 30, 2025 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Sales (non-U.S. Government Securities)
Small Cap Value	$	1,737,428,121	$	2,086,308,870

A summary of the Fund’s transactions in the USG Select Fund for the period ended April 30, 2025 were as follows:

Fund	Type of Transaction	October 31, 2024 Shares/Fair Value		Purchases		Sales		April 30, 2025 Shares/Fair Value
Small Cap Value	Direct	$	208,082,316	$	1,020,579,832	$	1,100,717,592	$	127,944,556
Small Cap Value	Securities Lending		17,968,331		87,323,321		95,907,636		9,384,016

9. Securities Lending

The Fund may lend its securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with collateral in an amount at least equal to the fair value of the securities loaned, initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Collateral is monitored and marked-to-market daily. Daily mark-to-market amounts are required to be paid to the borrower or received from the borrower by the end of the following business day. This one day settlement for mark-to-market amounts may result in the collateral being temporarily less than the value of the securities on loan or temporarily more than the required minimum collateral.

31

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the “Agent”) in money market mutual funds and other short-term investments, provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in the Fund’s Schedule of Investments and the collateral is shown on the Statement of Assets and Liabilities as a payable.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Fund, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

While securities are on loan, the Fund continues to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount is received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Fund would be subject to on the dividend.

Securities lending transactions pose certain risks to the Fund, including that the borrower may not provide additional collateral when required or return the securities when due, that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower, that non-cash collateral may be subject to legal constraints in the event of a borrower bankruptcy, and that the cash collateral investments could become illiquid and unable to be used to return collateral to the borrower. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower and any action which impairs its ability to liquidate non-cash collateral to satisfy a borrower default.

As of April 30, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

Fund	Fair Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Small Cap Value	$	64,628,797	$	9,384,016	$	58,554,445	$	67,938,461

Cash collateral is listed on the Fund’s Schedule of Investments and is shown on the Statement of Assets and Liabilities. Income earned on these investments is included in “Income derived from securities lending” on the Statement of Operations.

Non-cash collateral received by the Fund may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Fund’s Schedule of Investments or Statement of Assets and Liabilities.

10. Borrowing Arrangements

Effective November 8, 2024 (the “Effective Date”), the Fund, along with certain other funds managed by the Manager (“Participating Funds”), renewed a committed revolving line of credit (the “Committed Line”) agreement with State Street Bank and Trust Company (the “Bank”) to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2024.

32

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

On the Effective Date, the Fund, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the “Uncommitted Line”) agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a rate equal to the higher of (a) OBFR daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed on each outstanding loan. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2024.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Line of credit interest expense” on the Statement of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the period ended April 30, 2025, the Fund did not utilize these facilities.

11. Capital Share Transactions

The tables below summarize the activity in capital shares for each Class of the Fund:

	R5 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		5,121,675		$	121,231,690			9,558,671		$	239,579,287
Reinvestment of dividends		5,714,329			140,743,932			3,852,667			95,546,135
Shares redeemed		(12,113,994	)		(295,539,388	)		(26,350,141	)		(662,120,181	)
Net (decrease) in shares outstanding		(1,277,990	)	$	(33,563,766	)		(12,938,803	)	$	(326,994,759	)
	Y Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		1,538,349		$	36,218,305			3,735,423		$	90,279,428
Reinvestment of dividends		1,351,629			32,479,641			795,992			19,302,824
Shares redeemed		(4,185,655	)		(98,837,481	)		(4,975,282	)		(121,704,460	)
Net (decrease) in shares outstanding		(1,295,677	)	$	(30,139,535	)		(443,867	)	$	(12,122,208	)
	Investor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		537,243		$	12,307,419			1,762,779		$	41,610,571
Reinvestment of dividends		828,263			19,116,295			523,771			12,240,547
Shares redeemed		(1,444,585	)		(33,819,781	)		(4,486,429	)		(104,718,516	)
Net (decrease) in shares outstanding		(79,079	)	$	(2,396,067	)		(2,199,879	)	$	(50,867,398	)
	Advisor Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		102,482		$	2,318,310			202,945		$	4,725,246
Reinvestment of dividends		71,142			1,612,792			59,573			1,368,388
Shares redeemed		(208,558	)		(4,866,407	)		(663,417	)		(15,195,329	)
Net (decrease) in shares outstanding		(34,934	)	$	(935,305	)		(400,899	)	$	(9,101,695	)

33

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2025 (Unaudited)

	A Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		271,770		$	6,017,879			710,431		$	16,121,464
Reinvestment of dividends		187,497			4,186,801			90,779			2,058,860
Shares redeemed		(292,397	)		(6,670,361	)		(559,906	)		(12,864,414	)
Net increase in shares outstanding		166,870		$	3,534,319			241,304		$	5,315,910
	C Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		11,403		$	241,944			46,412		$	982,693
Reinvestment of dividends		22,670			465,870			15,624			328,099
Shares redeemed		(86,262	)		(1,741,255	)		(168,635	)		(3,566,437	)
Net (decrease) in shares outstanding		(52,189	)	$	(1,033,441	)		(106,599	)	$	(2,255,645	)
	R6 Class
	Six Months Ended April 30, 2025						Year Ended October 31, 2024
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		7,410,701		$	179,104,084			17,294,968		$	435,054,280
Reinvestment of dividends		5,398,978			132,868,830			3,373,782			83,636,053
Shares redeemed		(15,855,876	)		(414,692,687	)		(20,510,694	)		(514,133,955	)
Net increase (decrease) in shares outstanding		(3,046,197	)	$	(102,719,773	)		158,056		$	4,556,378

12. Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

34

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30, 2025B			Year Ended October 31,
				2024			2023			2022C			2021			2020
	(unaudited)
Net asset value, beginning of period	$	26.65		$	21.84		$	26.85		$	31.19		$	19.76		$	23.13
Income (loss) from investment operations:
Net investment income		0.16	D		0.35			0.31			0.31			0.25			0.26
Net gains (losses) on investments (both realized and unrealized)		(3.59	)		5.69			(1.35	)		(1.25	)		11.40			(3.18	)
Total income (loss) from investment operations		(3.43	)		6.04			(1.04	)		(0.94	)		11.65			(2.92	)
Less distributions:
Dividends from net investment income		(0.40	)		(0.38	)		(0.40	)		(0.24	)		(0.22	)		(0.29	)
Distributions from net realized gains		(1.74	)		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(2.14	)		(1.23	)		(3.97	)		(3.40	)		(0.22	)		(0.45	)
Net asset value, end of period	$	21.08		$	26.65		$	21.84		$	26.85		$	31.19		$	19.76
Total returnE		(14.04	)%F		28.05	%		(4.09	)%		(3.49	)%		59.26	%		(13.00	)%
Ratios and supplemental data:
Net assets, end of period	$	1,487,549,759		$	1,914,739,045		$	1,851,818,875		$	2,233,390,067		$	3,380,005,813		$	2,799,722,660
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.79	%G		0.79	%		0.79	%		0.79	%		0.81	%		0.82	%
Expenses, net of reimbursements and/or recoupments		0.79	%G		0.79	%		0.79	%		0.79	%		0.81	%		0.82	%
Net investment income, before expense reimbursements and/or recoupments		1.33	%G		1.26	%		1.23	%		0.84	%		0.65	%		1.04	%
Net investment income, net of reimbursements and/or recoupments		1.33	%G		1.26	%		1.23	%		0.84	%		0.65	%		1.04	%
Portfolio turnover rate		43	%F		52	%		52	%		72	%		48	%		61	%

^A  Prior to February 28, 2020, the R5 Class was known as Institutional Class.

^B  On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025, Westwood Management Corp., began managing assets of the Fund.

^C  On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

^D  Per share amounts have been calculated using the average shares method.

^E  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^F  Not annualized.

^G  Annualized.

See accompanying notes

35

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30, 2025A			Year Ended October 31,
				2024			2023			2022B			2021			2020
	(unaudited)
Net asset value, beginning of period	$	26.04		$	21.36		$	26.36		$	30.68		$	19.44		$	22.76
Income (loss) from investment operations:
Net investment income		0.15	C		0.29			0.30			0.22			0.16			0.22
Net gains (losses) on investments (both realized and unrealized)		(3.51	)		5.60			(1.34	)		(1.16	)		11.28			(3.11	)
Total income (loss) from investment operations		(3.36	)		5.89			(1.04	)		(0.94	)		11.44			(2.89	)
Less distributions:
Dividends from net investment income		(0.38	)		(0.36	)		(0.39	)		(0.22	)		(0.20	)		(0.27	)
Distributions from net realized gains		(1.74	)		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(2.12	)		(1.21	)		(3.96	)		(3.38	)		(0.20	)		(0.43	)
Net asset value, end of period	$	20.56		$	26.04		$	21.36		$	26.36		$	30.68		$	19.44
Total returnD		(14.08	)%E		27.97	%		(4.19	)%		(3.55	)%		59.15	%		(13.06	)%
Ratios and supplemental data:
Net assets, end of period	$	306,071,299		$	421,344,447		$	355,150,002		$	427,638,978		$	255,837,301		$	170,726,299
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.86	%F		0.86	%		0.86	%		0.86	%		0.89	%		0.89	%
Expenses, net of reimbursements and/or recoupments		0.86	%F		0.86	%		0.86	%		0.86	%		0.89	%		0.89	%
Net investment income, before expense reimbursements and/or recoupments		1.26	%F		1.18	%		1.15	%		0.79	%		0.56	%		0.96	%
Net investment income, net of reimbursements and/or recoupments		1.26	%F		1.18	%		1.15	%		0.79	%		0.56	%		0.96	%
Portfolio turnover rate		43	%E		52	%		52	%		72	%		48	%		61	%

^A  On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025, Westwood Management Corp., began managing assets of the Fund.

^B  On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

36

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30, 2025A			Year Ended October 31,
				2024			2023			2022B			2021			2020
	(unaudited)
Net asset value, beginning of period	$	25.03		$	20.57		$	25.51		$	29.78		$	18.88		$	22.12
Income (loss) from investment operations:
Net investment income		0.11	C		0.30			0.18			0.19			0.20			0.21
Net gains (losses) on investments (both realized and unrealized)		(3.36	)		5.30			(1.24	)		(1.17	)		10.85			(3.08	)
Total income (loss) from investment operations		(3.25	)		5.60			(1.06	)		(0.98	)		11.05			(2.87	)
Less distributions:
Dividends from net investment income		(0.31	)		(0.29	)		(0.31	)		(0.13	)		(0.15	)		(0.21	)
Distributions from net realized gains		(1.74	)		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(2.05	)		(1.14	)		(3.88	)		(3.29	)		(0.15	)		(0.37	)
Net asset value, end of period	$	19.73		$	25.03		$	20.57		$	25.51		$	29.78		$	18.88
Total returnD		(14.20	)%E		27.60	%		(4.41	)%		(3.81	)%		58.74	%		(13.30	)%
Ratios and supplemental data:
Net assets, end of period	$	197,092,150		$	251,989,854		$	252,350,988		$	284,880,016		$	367,726,622		$	302,626,954
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.13	%F		1.14	%		1.13	%		1.12	%		1.15	%		1.15	%
Expenses, net of reimbursements and/or recoupments		1.13	%F		1.14	%		1.13	%		1.12	%		1.15	%		1.15	%
Net investment income, before expense reimbursements and/or recoupments		0.99	%F		0.90	%		0.89	%		0.50	%		0.32	%		0.70	%
Net investment income, net of reimbursements and/or recoupments		0.99	%F		0.90	%		0.89	%		0.50	%		0.32	%		0.70	%
Portfolio turnover rate		43	%E		52	%		52	%		72	%		48	%		61	%

^A  On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025, Westwood Management Corp., began managing assets of the Fund.

^B  On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

37

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Six Months Ended April 30, 2025A			Year Ended October 31,
				2024			2023			2022B			2021			2020
	(unaudited)
Net asset value, beginning of period	$	24.57		$	20.21		$	25.13		$	29.34		$	18.60		$	21.79
Income (loss) from investment operations:
Net investment income		0.10	C		0.17			0.18			0.06			0.17			0.15
Net gains (losses) on investments (both realized and unrealized)		(3.31	)		5.29			(1.25	)		(1.07	)		10.69			(3.01	)
Total income (loss) from investment operations		(3.21	)		5.46			(1.07	)		(1.01	)		10.86			(2.86	)
Less distributions:
Dividends from net investment income		(0.26	)		(0.25	)		(0.28	)		(0.04	)		(0.12	)		(0.17	)
Distributions from net realized gains		(1.74	)		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(2.00	)		(1.10	)		(3.85	)		(3.20	)		(0.12	)		(0.33	)
Net asset value, end of period	$	19.36		$	24.57		$	20.21		$	25.13		$	29.34		$	18.60
Total returnD		(14.27	)%E		27.40	%		(4.57	)%		(3.96	)%		58.56	%		(13.40	)%
Ratios and supplemental data:
Net assets, end of period	$	16,070,088		$	21,248,218		$	25,580,739		$	32,662,818		$	32,801,309		$	42,987,242
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.28	%F		1.29	%		1.28	%		1.28	%		1.29	%		1.25	%
Expenses, net of reimbursements and/or recoupments		1.28	%F		1.29	%		1.28	%		1.28	%		1.29	%		1.25	%
Net investment income, before expense reimbursements and/or recoupments		0.85	%F		0.77	%		0.75	%		0.36	%		0.20	%		0.60	%
Net investment income, net of reimbursements and/or recoupments		0.85	%F		0.77	%		0.75	%		0.36	%		0.20	%		0.60	%
Portfolio turnover rate		43	%E		52	%		52	%		72	%		48	%		61	%

^A  On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025, Westwood Management Corp., began managing assets of the Fund.

^B  On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

38

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Six Months Ended April 30, 2025A			Year Ended October 31,
				2024			2023			2022B			2021			2020
	(unaudited)
Net asset value, beginning of period	$	24.27		$	19.98		$	24.87		$	29.12		$	18.47		$	21.64
Income (loss) from investment operations:
Net investment income		0.10	C		0.23			0.21			0.10			0.06			0.12
Net gains (losses) on investments (both realized and unrealized)		(3.25	)		5.19			(1.26	)		(1.07	)		10.72			(2.95	)
Total income (loss) from investment operations		(3.15	)		5.42			(1.05	)		(0.97	)		10.78			(2.83	)
Less distributions:
Dividends from net investment income		(0.30	)		(0.28	)		(0.27	)		(0.12	)		(0.13	)		(0.18	)
Distributions from net realized gains		(1.74	)		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(2.04	)		(1.13	)		(3.84	)		(3.28	)		(0.13	)		(0.34	)
Net asset value, end of period	$	19.08		$	24.27		$	19.98		$	24.87		$	29.12		$	18.47
Total returnD		(14.21	)%E		27.50	%		(4.50	)%		(3.88	)%		58.57	%		(13.38	)%
Ratios and supplemental data:
Net assets, end of period	$	43,544,419		$	51,343,675		$	37,440,788		$	48,515,547		$	63,024,594		$	46,067,043
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.21	%F		1.21	%		1.21	%		1.21	%		1.24	%		1.26	%
Expenses, net of reimbursements and/or recoupments		1.21	%F		1.21	%		1.21	%		1.21	%		1.24	%		1.26	%
Net investment income, before expense reimbursements and/or recoupments		0.92	%F		0.82	%		0.81	%		0.42	%		0.21	%		0.59	%
Net investment income, net of reimbursements and/or recoupments		0.92	%F		0.82	%		0.81	%		0.42	%		0.21	%		0.59	%
Portfolio turnover rate		43	%E		52	%		52	%		72	%		48	%		61	%

^A  On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025, Westwood Management Corp., began managing assets of the Fund.

^B  On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

39

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Six Months Ended April 30, 2025A			Year Ended October 31,
				2024			2023			2022B			2021			2020
	(unaudited)
Net asset value, beginning of period	$	22.33		$	18.44		$	23.27		$	27.51		$	17.47		$	20.51
Income (loss) from investment operations:
Net investment income (loss)		0.02	C		0.02	C		0.02			(0.14	)		(0.22	)		(0.17	)
Net gains (losses) on investments (both realized and unrealized)		(2.99	)		4.82			(1.14	)		(0.94	)		10.26			(2.66	)
Total income (loss) from investment operations		(2.97	)		4.84			(1.12	)		(1.08	)		10.04			(2.83	)
Less distributions:
Dividends from net investment income		(0.11	)		(0.10	)		(0.14	)		-			-			(0.05	)
Distributions from net realized gains		(1.74	)		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(1.85	)		(0.95	)		(3.71	)		(3.16	)		-			(0.21	)
Net asset value, end of period	$	17.51		$	22.33		$	18.44		$	23.27		$	27.51		$	17.47
Total returnD		(14.56	)%E		26.56	%		(5.23	)%		(4.54	)%		57.47	%		(14.00	)%
Ratios and supplemental data:
Net assets, end of period	$	3,756,883		$	5,955,619		$	6,883,174		$	8,859,738		$	11,261,210		$	8,057,935
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.95	%F		1.95	%		1.93	%		1.93	%		1.95	%		1.96	%
Expenses, net of reimbursements and/or recoupments		1.95	%F		1.95	%		1.93	%		1.93	%		1.95	%		1.96	%
Net investment income (loss), before expense reimbursements and/or recoupments		0.17	%F		0.12	%		0.09	%		(0.29	)%		(0.50	)%		(0.10	)%
Net investment income (loss), net of reimbursements and/ or recoupments		0.17	%F		0.12	%		0.09	%		(0.29	)%		(0.50	)%		(0.10	)%
Portfolio turnover rate		43	%E		52	%		52	%		72	%		48	%		61	%

^A  On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025, Westwood Management Corp., began managing assets of the Fund.

^B  On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

40

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Six Months Ended April 30, 2025A			Year Ended October 31,
				2024			2023			2022B			2021			2020
	(unaudited)
Net asset value, beginning of period	$	26.64		$	21.83		$	26.85		$	31.19		$	19.75		$	23.12
Income (loss) from investment operations:
Net investment income		0.17	C		0.32			0.36			0.25			0.19			0.22
Net gains (losses) on investments (both realized and unrealized)		(3.60	)		5.72			(1.40	)		(1.18	)		11.48			(3.14	)
Total income (loss) from investment operations		(3.43	)		6.04			(1.04	)		(0.93	)		11.67			(2.92	)
Less distributions:
Dividends from net investment income		(0.41	)		(0.38	)		(0.41	)		(0.25	)		(0.23	)		(0.29	)
Distributions from net realized gains		(1.74	)		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(2.15	)		(1.23	)		(3.98	)		(3.41	)		(0.23	)		(0.45	)
Net asset value, end of period	$	21.06		$	26.64		$	21.83		$	26.85		$	31.19		$	19.75
Total returnD		(14.05	)%E		28.10	%		(4.09	)%		(3.45	)%		59.38	%		(12.98	)%
Ratios and supplemental data:
Net assets, end of period	$	1,466,839,435		$	1,936,104,086		$	1,583,343,034		$	1,509,127,442		$	1,830,192,124		$	1,187,578,766
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.76	%F		0.76	%		0.76	%		0.77	%		0.79	%		0.79	%
Expenses, net of reimbursements and/or recoupments		0.76	%F		0.76	%		0.76	%		0.77	%		0.79	%		0.79	%
Net investment income, before expense reimbursements and/or recoupments		1.37	%F		1.28	%		1.25	%		0.86	%		0.66	%		1.06	%
Net investment income, net of reimbursements and/or recoupments		1.37	%F		1.28	%		1.25	%		0.86	%		0.66	%		1.06	%
Portfolio turnover rate		43	%E		52	%		52	%		72	%		48	%		61	%

^A  On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025, Westwood Management Corp., began managing assets of the Fund.

^B  On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

^C  Per share amounts have been calculated using the average shares method.

^D  Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

^E  Not annualized.

^F  Annualized.

See accompanying notes

41

Delivery of Documents

If you invest in the Fund through a financial institution, you may be able to receive the Fund’s regulatory mailings, such as the Prospectus, Annual Report, Semi-Annual Report and Financial Statement Reports, by e-mail. If you are interested in this option, please go to www.icsdelivery.com and search for your financial institution’s name or contact your financial institution directly.

You may request a paper copy of this document at no charge by contacting your financial institution. This document is also available for download at www.americanbeaconfunds.com or you can request an electronic copy by contacting your financial institution.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643

Fund Service Providers:

CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts DISTRIBUTOR Resolute Investment Distributors, Inc. Irving, Texas

This report is prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current Prospectus or Summary Prospectus.

American Beacon Funds and American Beacon Small Cap Value Fund are service marks of American Beacon Advisors, Inc.

SAR 04/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The remuneration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

Disclosure Regarding the Approval of Investment Advisory Agreement

Approval Related to American Beacon Small Cap Value Fund – New Investment Advisory Agreement

At its March 5, 2025 meeting (the “Meeting”), the Board of Trustees (“Board”) considered the approval of a new investment advisory agreement (the “Agreement”) among American Beacon Advisors, Inc. (the “Manager”), the American Beacon Funds (the “Trust”), on behalf of the American Beacon Small Cap Value Fund (the “Fund”), and Westwood Management Corp. (“Westwood” or the “Sub-Advisor”), the proposed sub-advisor for the Fund.

Prior to the Meeting, information was provided to the Board by Westwood in response to requests from the Board and/or the Manager in connection with the Board’s consideration of the Agreement. In addition, on March 5, 2025, the Investment Committee of the Board met with representatives of Westwood.

Provided below is an overview of the primary factors the Board considered at its Meeting at which the Board considered the approval of the Agreement. In determining whether to approve the Agreement, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services to be provided; (2) the prior investment performance of a composite of similar accounts managed by Westwood (the “Composite”); (3) the extent to which economies of scale, if any, have been taken into account in setting the fee schedule; (4) whether fee levels reflect these economies of scale, if any, for the benefit of investors; (5) comparisons of services and fees with contracts entered into by the Fund with the sub-advisor that Westwood would replace, and contracts entered into by Westwood with other clients; and (6) any other benefits anticipated to be derived by Westwood from its relationship with the Fund.

The Board did not identify any particular information that was most relevant to its consideration of the Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the Trustees who are not “interested persons” of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (“1940 Act”) provided the Board with a memorandum regarding its responsibilities pertaining to the approval of investment advisory contracts, such as the Agreement. The memorandum explained the regulatory requirements surrounding the Trustees’ process for evaluating investment advisors and the terms of investment advisory contracts. Based on its evaluation, the Board concluded that the terms of the Agreement were reasonable and fair and that the approval of the Agreement was in the best interests of the Fund.

Nature, Extent and Quality of the Services to Be Provided by Westwood. The Board considered information regarding Westwood’s principal business activities and overall capabilities to perform the services under the Agreement. In addition, the Board considered the background and experience of the personnel who will be assigned responsibility for managing the Fund. The Board also considered Westwood’s investment resources, infrastructure, and the adequacy of its compliance program. The Board also took into consideration the Manager’s recommendation of Westwood. The Board considered Westwood’s representation that its current staffing levels were adequate to service the Fund. Based on this information, the Board concluded that the nature, extent, and quality of the advisory services to be provided by Westwood were appropriate for the Fund in light of its investment objective, and, thus, supported a decision to approve the Agreement.

Performance of Westwood. The Board evaluated the information provided by Westwood regarding the performance of the Composite relative to the performance of the Fund’s benchmark indices. The Board considered information provided by Westwood regarding the comparative performance of the Composite for various periods ended December 31, 2024, including the reasons for periods of underperformance relative to the benchmark for the strategy, the Fund’s broad-based securities market index and an industry peer group. Based on the foregoing information, the Board concluded that the historical investment performance record of Westwood supported approval of the Agreement.

Comparisons of the Amounts to Be Paid Under the Agreement with Those Under Contracts Between Westwood and Its Other Clients. In evaluating the Agreement, the Board reviewed the proposed advisory fee rate for services to be performed by Westwood on behalf of the Fund. The Board considered that Westwood’s advisory fee rate is less than the fee rate paid by the Fund to the sub-advisor that Westwood would replace. The Board also considered that Westwood’s investment advisory fee rate under the Agreement would be paid to Westwood by the

2

Disclosure Regarding the Approval of Investment Advisory Agreement

Fund. Additionally, the Board considered Westwood’s representation that the advisory fee rate proposed for the Fund is favorable compared to other comparable client accounts, and was lower than its standard fee rate. After evaluating this information, the Board concluded that Westwood’s advisory fee rate under the Agreement was reasonable in light of the services to be provided to the Fund.

Costs of the Services to Be Provided and Profits to Be Realized by Westwood and Its Affiliates from Its Relationship with the Fund. The Board did not consider the costs of the services to be provided and any profits to be realized by Westwood from its relationship with the Fund, noting instead the arm’s-length nature of the relationship between the Manager and Westwood with respect to the negotiation of the advisory fee rate on behalf of the Fund.

Economies of Scale. The Board considered Westwood’s representation that it believes that the proposed advisory fee rate for the Fund reflects anticipated economies of scale for the benefit of the Fund’s investors.

Benefits to Be Derived by Westwood From Its Relationship with the Fund. The Board considered Westwood’s representation that it has not identified any “fall-out” benefits that may accrue to it or its affiliates because of its proposed relationship with the Fund. Based on the foregoing information, the Board concluded that “fall-out” benefits was not a material factor for its consideration.

Board’s Conclusion. Based on the various considerations described above, the Board, including a majority of Trustees who are not “interested persons” of the Fund, the Manager or Westwood, as that term is defined in the 1940 Act, concluded that the proposed investment advisory fee rate is fair and reasonable and the approval of the Agreement is in the best interests of the Fund and approved the Agreement.

3

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

The registrant has made no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 16. Controls and Procedures

(a) The registrant’s principal executive officer and principal financial officer have reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing of this report as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based upon their review, such officers have concluded that the registrant’s disclosure controls and procedures are effective in ensuring that information required to be disclosed in the report is appropriately recorded, processed, summarized and reported and made know to them by others within the registrant and by the registrant’s service provider.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not Applicable.

Item 19. Exhibits

(a)(1) Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): American Beacon Funds

By	/s/ Gregory J. Stumm
Gregory J. Stumm
President
American Beacon Funds
Date: July 7, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Gregory J. Stumm
Gregory J. Stumm
President
American Beacon Funds
Date: July 7, 2025

By	/s/ Sonia L. Bates
Sonia L. Bates
Chief Accounting Officer and Treasurer
American Beacon Funds
Date: July 7, 2025