# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001193125-26-005743
**Filing Date:** 2026-1
**Character Count:** 1297105
**Document Hash:** 94d09763f2b31522297bcf1391df2f88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-005743.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-005743

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 97

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN BEACON FUNDS
- **CENTRAL INDEX KEY:** 0000809593

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04984
- **FILM NUMBER:** 26514556

**BUSINESS ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 8173916100

**MAIL ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AADVANTAGE FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN EAGLE FUNDS
- **DATE OF NAME CHANGE:** 19890813

## Series and Classes Contracts Data

### American Beacon Balanced Fund (Series ID: S000000718)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002089 | R5 Class       | AADBX           |
| C000002090 | Investor Class | AABPX           |
| C000004802 | Advisor Class  | ABLSX           |
| C000085576 | Y Class        | ACBYX           |
| C000089421 | A Class        | ABFAX           |
| C000092338 | C Class        | ABCCX           |

### American Beacon Large Cap Value Fund (Series ID: S000001091)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002969 | R5 Class       | AADEX           |
| C000002970 | Investor Class | AAGPX           |
| C000004803 | Advisor Class  | AVASX           |
| C000079122 | Y Class        | ABLYX           |
| C000089422 | A Class        | ALVAX           |
| C000092339 | C Class        | ALVCX           |
| C000185590 | R6 Class       | AALRX           |

### American Beacon Small Cap Value Fund (Series ID: S000001818)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004768 | R5 Class       | AVFIX           |
| C000004769 | Investor Class | AVPAX           |
| C000004770 | Advisor Class  | AASSX           |
| C000079123 | Y Class        | ABSYX           |
| C000089424 | A Class        | ABSAX           |
| C000092341 | C Class        | ASVCX           |
| C000180103 | R6 Class       | AASRX           |

### American Beacon International Equity Fund (Series ID: S000001825)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004784 | R5 Class       | AAIEX           |
| C000004785 | Investor Class | AAIPX           |
| C000004786 | Advisor Class  | AAISX           |
| C000079124 | Y Class        | ABEYX           |
| C000089428 | A Class        | AIEAX           |
| C000092345 | C Class        | AILCX           |
| C000185593 | R6 Class       | AAERX           |

### American Beacon Garcia Hamilton Quality Bond Fund (Series ID: S000053364)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000167879 | R5 Class       | GHQIX           |
| C000167880 | Investor Class | GHQPX           |
| C000167881 | Y Class        | GHQYX           |
| C000211731 | R6 Class       | GHQRX           |

### American Beacon IMC International Small Cap Fund (Series ID: S000063601)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000206039 | R5 Class       | TOVIX           |
| C000206040 | Investor Class | TIVFX           |
| C000206041 | Y Class        | TOVYX           |

?xml version='1.0' encoding='ASCII'? N-CSR

##### [**Table of Contents**](#toc)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### 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, PRINCIPAL EXECUTIVE OFFICER

#### 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: October 31, 2025
Form N-CSR 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-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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
![Image](g77694g70m62.jpg)

# Balanced Fund
Annual Shareholder Report - October 31, 2025 \| Class A: ABFAX

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $123 | 1.18% |

---

## How did the Fund perform and what affected its performance?
The A Class of the Fund returned 1.95% (with sales charges) and 8.17% (without sales charges) for the twelve months ended October 31, 2025, compared to the S&P 500 Index return of 21.45%, the Bloomberg U.S. Aggregate Bond Index return of 6.16% and the Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) return of 9.28%.

• Broad market performance rallied during the twelve-month period as an easing of monetary policy began and risk-on sentiment drove performance within the AI theme.

• The Fund's diversified strategy of equity and fixed income investing achieved returns through capital appreciation and income.

• The Fund's equity portion was positive in seven of the eleven sectors where it invested, except within the Materials, Health Care, Consumer Staples and Real Estate sectors. The Fund's holdings in the Financials, Information Technology and Industrials sectors contributed meaningfully to the return of the Fund. The Fund's fixed-income holdings contributed positively to performance during the twelve-month period.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g38f48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **A with Sales Charge** | **S&P 500<sup>®</sup> Index TR** | **Bloomberg US Aggregate Bond Index** | **Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index)** |
| **10/2015** | $9425 | $10000 | $10000 | $10000 |
| **11/2015** | $9432 | $10030 | $9974 | $10012 |
| **12/2015** | $9173 | $9872 | $9941 | $9870 |
| **01/2016** | $8873 | $9382 | $10078 | $9619 |
| **02/2016** | $8824 | $9369 | $10150 | $9644 |
| **03/2016** | $9264 | $10005 | $10243 | $10097 |
| **04/2016** | $9443 | $10043 | $10282 | $10239 |
| **05/2016** | $9443 | $10224 | $10285 | $10336 |
| **06/2016** | $9387 | $10250 | $10470 | $10464 |
| **07/2016** | $9664 | $10628 | $10536 | $10673 |
| **08/2016** | $9791 | $10643 | $10524 | $10717 |
| **09/2016** | $9784 | $10645 | $10517 | $10701 |
| **10/2016** | $9693 | $10451 | $10437 | $10569 |
| **11/2016** | $10147 | $10838 | $10190 | $10831 |
| **12/2016** | $10269 | $11052 | $10205 | $11000 |
| **01/2017** | $10326 | $11262 | $10225 | $11055 |
| **02/2017** | $10547 | $11709 | $10293 | $11323 |
| **03/2017** | $10526 | $11723 | $10288 | $11252 |
| **04/2017** | $10570 | $11843 | $10367 | $11274 |
| **05/2017** | $10585 | $12010 | $10447 | $11302 |
| **06/2017** | $10749 | $12085 | $10437 | $11408 |
| **07/2017** | $10833 | $12333 | $10481 | $11519 |
| **08/2017** | $10761 | $12371 | $10575 | $11480 |
| **09/2017** | $11078 | $12626 | $10525 | $11662 |
| **10/2017** | $11183 | $12921 | $10531 | $11715 |
| **11/2017** | $11320 | $13317 | $10518 | $11925 |
| **12/2017** | $11524 | $13465 | $10566 | $12051 |
| **01/2018** | $11917 | $14236 | $10444 | $12275 |
| **02/2018** | $11423 | $13711 | $10345 | $11877 |
| **03/2018** | $11284 | $13363 | $10412 | $11782 |
| **04/2018** | $11374 | $13414 | $10334 | $11770 |
| **05/2018** | $11460 | $13737 | $10408 | $11846 |
| **06/2018** | $11491 | $13822 | $10395 | $11857 |
| **07/2018** | $11831 | $14336 | $10398 | $12140 |
| **08/2018** | $11909 | $14803 | $10465 | $12279 |
| **09/2018** | $11901 | $14887 | $10397 | $12262 |
| **10/2018** | $11264 | $13870 | $10315 | $11842 |
| **11/2018** | $11335 | $14153 | $10377 | $12083 |
| **12/2018** | $10585 | $12765 | $10567 | $11475 |
| **01/2019** | $11372 | $13906 | $10679 | $12060 |
| **02/2019** | $11586 | $14353 | $10673 | $12288 |
| **03/2019** | $11654 | $14632 | $10878 | $12430 |
| **04/2019** | $12002 | $15224 | $10881 | $12696 |
| **05/2019** | $11486 | $14257 | $11074 | $12296 |
| **06/2019** | $12105 | $15262 | $11213 | $12887 |
| **07/2019** | $12163 | $15481 | $11238 | $12963 |
| **08/2019** | $12033 | $15236 | $11529 | $12868 |
| **09/2019** | $12275 | $15521 | $11468 | $13116 |
| **10/2019** | $12452 | $15857 | $11502 | $13242 |
| **11/2019** | $12704 | $16433 | $11496 | $13485 |
| **12/2019** | $12921 | $16928 | $11488 | $13704 |
| **01/2020** | $12657 | $16922 | $11709 | $13633 |
| **02/2020** | $11959 | $15529 | $11920 | $12939 |
| **03/2020** | $10384 | $13611 | $11850 | $11581 |
| **04/2020** | $11185 | $15356 | $12061 | $12445 |
| **05/2020** | $11508 | $16087 | $12117 | $12724 |
| **06/2020** | $11631 | $16407 | $12193 | $12705 |
| **07/2020** | $11913 | $17332 | $12375 | $13083 |
| **08/2020** | $12160 | $18578 | $12275 | $13365 |
| **09/2020** | $11884 | $17872 | $12269 | $13165 |
| **10/2020** | $11892 | $17397 | $12214 | $13038 |
| **11/2020** | $13264 | $19301 | $12334 | $14141 |
| **12/2020** | $13702 | $20043 | $12351 | $14474 |
| **01/2021** | $13614 | $19841 | $12262 | $14353 |
| **02/2021** | $14346 | $20388 | $12085 | $14791 |
| **03/2021** | $14859 | $21281 | $11934 | $15239 |
| **04/2021** | $15304 | $22416 | $12028 | $15653 |
| **05/2021** | $15589 | $22573 | $12068 | $15893 |
| **06/2021** | $15490 | $23100 | $12153 | $15828 |
| **07/2021** | $15446 | $23649 | $12288 | $15975 |
| **08/2021** | $15589 | $24368 | $12265 | $16153 |
| **09/2021** | $15292 | $23234 | $12159 | $15759 |
| **10/2021** | $15863 | $24862 | $12155 | $16238 |
| **11/2021** | $15408 | $24690 | $12191 | $15914 |
| **12/2021** | $15932 | $25797 | $12160 | $16500 |
| **01/2022** | $15847 | $24462 | $11898 | $16127 |
| **02/2022** | $15677 | $23729 | $11765 | $15943 |
| **03/2022** | $15665 | $24610 | $11439 | $16036 |
| **04/2022** | $14776 | $22464 | $11005 | $15250 |
| **05/2022** | $15238 | $22505 | $11076 | $15467 |
| **06/2022** | $14168 | $20648 | $10902 | $14559 |
| **07/2022** | $14926 | $22552 | $11168 | $15280 |
| **08/2022** | $14548 | $21632 | $10853 | $14835 |
| **09/2022** | $13375 | $19640 | $10384 | $13798 |
| **10/2022** | $14358 | $21230 | $10249 | $14575 |
| **11/2022** | $15095 | $22416 | $10626 | $15336 |
| **12/2022** | $14680 | $21125 | $10578 | $14937 |
| **01/2023** | $15514 | $22452 | $10904 | $15586 |
| **02/2023** | $15008 | $21904 | $10622 | $15095 |
| **03/2023** | $14899 | $22708 | $10891 | $15206 |
| **04/2023** | $15068 | $23063 | $10957 | $15381 |
| **05/2023** | $14684 | $23163 | $10838 | $14958 |
| **06/2023** | $15343 | $24693 | $10800 | $15533 |
| **07/2023** | $15857 | $25487 | $10792 | $15856 |
| **08/2023** | $15581 | $25081 | $10723 | $15559 |
| **09/2023** | $15083 | $23885 | $10451 | $15040 |
| **10/2023** | $14709 | $23383 | $10286 | $14627 |
| **11/2023** | $15625 | $25518 | $10751 | $15554 |
| **12/2023** | $16453 | $26678 | $11163 | $16309 |
| **01/2024** | $16510 | $27126 | $11132 | $16301 |
| **02/2024** | $16720 | $28574 | $10975 | $16570 |
| **03/2024** | $17407 | $29494 | $11076 | $17128 |
| **04/2024** | $16789 | $28289 | $10797 | $16516 |
| **05/2024** | $17268 | $29692 | $10980 | $16942 |
| **06/2024** | $17268 | $30757 | $11084 | $16911 |
| **07/2024** | $17867 | $31132 | $11343 | $17588 |
| **08/2024** | $18164 | $31887 | $11505 | $17972 |
| **09/2024** | $18391 | $32568 | $11660 | $18218 |
| **10/2024** | $18243 | $32272 | $11370 | $17917 |
| **11/2024** | $18899 | $34167 | $11491 | $18679 |
| **12/2024** | $18114 | $33352 | $11303 | $17790 |
| **01/2025** | $18569 | $34281 | $11363 | $18322 |
| **02/2025** | $18679 | $33834 | $11613 | $18528 |
| **03/2025** | $18255 | $31928 | $11617 | $18222 |
| **04/2025** | $17842 | $31711 | $11663 | $17917 |
| **05/2025** | $18237 | $33707 | $11579 | $18243 |
| **06/2025** | $18853 | $35421 | $11757 | $18730 |
| **07/2025** | $18868 | $36216 | $11726 | $18775 |
| **08/2025** | $19488 | $36950 | $11866 | $19223 |
| **09/2025** | $19710 | $38299 | $11996 | $19480 |
| **10/2025** | $19733 | $39196 | $12071 | $19580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class A without Sales Charge<sup>Footnote Reference1</sup> | 8.17% | 10.66% | 7.67% |
| Class A with Maximum Sales Charge - 5.75%<sup>Footnote Reference1</sup> | 1.95% | 9.35% | 7.03% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |
| Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) | 9.28% | 8.47% | 6.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $108740471 |
| # of Portfolio Holdings | 372 |
| Portfolio Turnover Rate | 31% |
| Total Management Fees Paid | $551542 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g24n36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 53.7 |
| U.S. Treasury Obligations | 11.4 |
| Corporate Obligations | 11 |
| U.S. Agency Mortgage-Backed Obligations | 9.8 |
| Investment Companies | 5.1 |
| Foreign Common Stocks | 3.3 |
| Foreign Corporate Obligations | 2.9 |
| Asset-Backed Obligations | 1 |
| U.S. Government Agency Obligations | 0.8 |
| Securities Lending Collateral | 0.6 |
| Foreign Sovereign Obligations | 0.3 |
| Commercial Mortgage-Backed Obligations | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.5 |
| Alphabet, Inc., Class A | 1.5 |
| U.S. Treasury Notes, 2.250%, Due 11/15/2025 | 1.4 |
| Bank of America Corp. | 1.4 |
| Carnival Corp. | 1.3 |
| U.S. Treasury Notes, 4.875%, Due 4/30/2026 | 1.3 |
| American International Group, Inc. | 1.3 |
| F5, Inc. | 1.1 |
| Aptiv PLC | 1.1 |
| Medtronic PLC | 1.1 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g72u34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.3 |
| Materials | 3.9 |
| Consumer Staples | 4.7 |
| Communication Services | 6.1 |
| Utilities | 6.1 |
| Consumer Discretionary | 9.5 |
| Energy | 9.8 |
| Industrials | 10.5 |
| Health Care | 12.3 |
| Information Technology | 13.7 |
| Financials | 21.1 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g77694g60e03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Beverages | 2.0 |
| U.S. Government Agency Obligations | 2.2 |
| Pharmaceuticals | 2.6 |
| Asset-Backed Obligations | 2.7 |
| Insurance | 3.2 |
| Computers | 3.4 |
| Banks | 4.4 |
| Electric | 6.3 |
| U.S. Agency Mortgage-Backed Obligations | 26.3 |
| U.S. Treasury Obligations | 30.6 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# Balanced Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class A: ABFAX

#### Distributed by:
Resolute Investment Distributors, Inc.

Bal_A 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Balanced Fund
Annual Shareholder Report - October 31, 2025 \| Class Advisor: ABLSX

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $141 | 1.35% |

---

## How did the Fund perform and what affected its performance?
The Advisor Class of the Fund returned 8.02% for the twelve months ended October 31, 2025, compared to the S&P 500 Index return of 21.45%, the Bloomberg U.S. Aggregate Bond Index return of 6.16% and the Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) return of 9.28%.

• Broad market performance rallied during the twelve-month period as an easing of monetary policy began and risk-on sentiment drove performance within the AI theme.

• The Fund's diversified strategy of equity and fixed income investing achieved returns through capital appreciation and income.

• The Fund's equity portion was positive in seven of the eleven sectors where it invested, except within the Materials, Health Care, Consumer Staples and Real Estate sectors. The Fund's holdings in the Financials, Information Technology and Industrials sectors contributed meaningfully to the return of the Fund. The Fund's fixed-income holdings contributed positively to performance during the twelve-month period.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g40z82.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advisor** | **S&P 500<sup>®</sup> Index TR** | **Bloomberg US Aggregate Bond Index** | **Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index)** |
| **10/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/2015** | $10013 | $10030 | $9974 | $10012 |
| **12/2015** | $9730 | $9872 | $9941 | $9870 |
| **01/2016** | $9414 | $9382 | $10078 | $9619 |
| **02/2016** | $9358 | $9369 | $10150 | $9644 |
| **03/2016** | $9821 | $10005 | $10243 | $10097 |
| **04/2016** | $10012 | $10043 | $10282 | $10239 |
| **05/2016** | $10012 | $10224 | $10285 | $10336 |
| **06/2016** | $9955 | $10250 | $10470 | $10464 |
| **07/2016** | $10244 | $10628 | $10536 | $10673 |
| **08/2016** | $10378 | $10643 | $10524 | $10717 |
| **09/2016** | $10371 | $10645 | $10517 | $10701 |
| **10/2016** | $10271 | $10451 | $10437 | $10569 |
| **11/2016** | $10754 | $10838 | $10190 | $10831 |
| **12/2016** | $10888 | $11052 | $10205 | $11000 |
| **01/2017** | $10945 | $11262 | $10225 | $11055 |
| **02/2017** | $11173 | $11709 | $10293 | $11323 |
| **03/2017** | $11159 | $11723 | $10288 | $11252 |
| **04/2017** | $11194 | $11843 | $10367 | $11274 |
| **05/2017** | $11215 | $12010 | $10447 | $11302 |
| **06/2017** | $11388 | $12085 | $10437 | $11408 |
| **07/2017** | $11468 | $12333 | $10481 | $11519 |
| **08/2017** | $11396 | $12371 | $10575 | $11480 |
| **09/2017** | $11735 | $12626 | $10525 | $11662 |
| **10/2017** | $11844 | $12921 | $10531 | $11715 |
| **11/2017** | $11988 | $13317 | $10518 | $11925 |
| **12/2017** | $12186 | $13465 | $10566 | $12051 |
| **01/2018** | $12602 | $14236 | $10444 | $12275 |
| **02/2018** | $12079 | $13711 | $10345 | $11877 |
| **03/2018** | $11925 | $13363 | $10412 | $11782 |
| **04/2018** | $12026 | $13414 | $10334 | $11770 |
| **05/2018** | $12111 | $13737 | $10408 | $11846 |
| **06/2018** | $12142 | $13822 | $10395 | $11857 |
| **07/2018** | $12501 | $14336 | $10398 | $12140 |
| **08/2018** | $12579 | $14803 | $10465 | $12279 |
| **09/2018** | $12571 | $14887 | $10397 | $12262 |
| **10/2018** | $11902 | $13870 | $10315 | $11842 |
| **11/2018** | $11972 | $14153 | $10377 | $12083 |
| **12/2018** | $11172 | $12765 | $10567 | $11475 |
| **01/2019** | $12008 | $13906 | $10679 | $12060 |
| **02/2019** | $12236 | $14353 | $10673 | $12288 |
| **03/2019** | $12304 | $14632 | $10878 | $12430 |
| **04/2019** | $12668 | $15224 | $10881 | $12696 |
| **05/2019** | $12116 | $14257 | $11074 | $12296 |
| **06/2019** | $12769 | $15262 | $11213 | $12887 |
| **07/2019** | $12837 | $15481 | $11238 | $12963 |
| **08/2019** | $12693 | $15236 | $11529 | $12868 |
| **09/2019** | $12948 | $15521 | $11468 | $13116 |
| **10/2019** | $13132 | $15857 | $11502 | $13242 |
| **11/2019** | $13389 | $16433 | $11496 | $13485 |
| **12/2019** | $13620 | $16928 | $11488 | $13704 |
| **01/2020** | $13334 | $16922 | $11709 | $13633 |
| **02/2020** | $12604 | $15529 | $11920 | $12939 |
| **03/2020** | $10940 | $13611 | $11850 | $11581 |
| **04/2020** | $11783 | $15356 | $12061 | $12445 |
| **05/2020** | $12118 | $16087 | $12117 | $12724 |
| **06/2020** | $12248 | $16407 | $12193 | $12705 |
| **07/2020** | $12536 | $17332 | $12375 | $13083 |
| **08/2020** | $12806 | $18578 | $12275 | $13365 |
| **09/2020** | $12508 | $17872 | $12269 | $13165 |
| **10/2020** | $12521 | $17397 | $12214 | $13038 |
| **11/2020** | $13956 | $19301 | $12334 | $14141 |
| **12/2020** | $14415 | $20043 | $12351 | $14474 |
| **01/2021** | $14320 | $19841 | $12262 | $14353 |
| **02/2021** | $15102 | $20388 | $12085 | $14791 |
| **03/2021** | $15630 | $21281 | $11934 | $15239 |
| **04/2021** | $16095 | $22416 | $12028 | $15653 |
| **05/2021** | $16402 | $22573 | $12068 | $15893 |
| **06/2021** | $16296 | $23100 | $12153 | $15828 |
| **07/2021** | $16246 | $23649 | $12288 | $15975 |
| **08/2021** | $16395 | $24368 | $12265 | $16153 |
| **09/2021** | $16077 | $23234 | $12159 | $15759 |
| **10/2021** | $16673 | $24862 | $12155 | $16238 |
| **11/2021** | $16192 | $24690 | $12191 | $15914 |
| **12/2021** | $16752 | $25797 | $12160 | $16500 |
| **01/2022** | $16659 | $24462 | $11898 | $16127 |
| **02/2022** | $16474 | $23729 | $11765 | $15943 |
| **03/2022** | $16451 | $24610 | $11439 | $16036 |
| **04/2022** | $15522 | $22464 | $11005 | $15250 |
| **05/2022** | $16010 | $22505 | $11076 | $15467 |
| **06/2022** | $14882 | $20648 | $10902 | $14559 |
| **07/2022** | $15668 | $22552 | $11168 | $15280 |
| **08/2022** | $15272 | $21632 | $10853 | $14835 |
| **09/2022** | $14047 | $19640 | $10384 | $13798 |
| **10/2022** | $15069 | $21230 | $10249 | $14575 |
| **11/2022** | $15842 | $22416 | $10626 | $15336 |
| **12/2022** | $15417 | $21125 | $10578 | $14937 |
| **01/2023** | $16281 | $22452 | $10904 | $15586 |
| **02/2023** | $15753 | $21904 | $10622 | $15095 |
| **03/2023** | $15636 | $22708 | $10891 | $15206 |
| **04/2023** | $15801 | $23063 | $10957 | $15381 |
| **05/2023** | $15400 | $23163 | $10838 | $14958 |
| **06/2023** | $16086 | $24693 | $10800 | $15533 |
| **07/2023** | $16629 | $25487 | $10792 | $15856 |
| **08/2023** | $16342 | $25081 | $10723 | $15559 |
| **09/2023** | $15822 | $23885 | $10451 | $15040 |
| **10/2023** | $15423 | $23383 | $10286 | $14627 |
| **11/2023** | $16390 | $25518 | $10751 | $15554 |
| **12/2023** | $17251 | $26678 | $11163 | $16309 |
| **01/2024** | $17304 | $27126 | $11132 | $16301 |
| **02/2024** | $17528 | $28574 | $10975 | $16570 |
| **03/2024** | $18239 | $29494 | $11076 | $17128 |
| **04/2024** | $17585 | $28289 | $10797 | $16516 |
| **05/2024** | $18088 | $29692 | $10980 | $16942 |
| **06/2024** | $18088 | $30757 | $11084 | $16911 |
| **07/2024** | $18705 | $31132 | $11343 | $17588 |
| **08/2024** | $19024 | $31887 | $11505 | $17972 |
| **09/2024** | $19250 | $32568 | $11660 | $18218 |
| **10/2024** | $19085 | $32272 | $11370 | $17917 |
| **11/2024** | $19766 | $34167 | $11491 | $18679 |
| **12/2024** | $18954 | $33352 | $11303 | $17790 |
| **01/2025** | $19419 | $34281 | $11363 | $18322 |
| **02/2025** | $19550 | $33834 | $11613 | $18528 |
| **03/2025** | $19099 | $31928 | $11617 | $18222 |
| **04/2025** | $18650 | $31711 | $11663 | $17917 |
| **05/2025** | $19059 | $33707 | $11579 | $18243 |
| **06/2025** | $19702 | $35421 | $11757 | $18730 |
| **07/2025** | $19714 | $36216 | $11726 | $18775 |
| **08/2025** | $20374 | $36950 | $11866 | $19223 |
| **09/2025** | $20608 | $38299 | $11996 | $19480 |
| **10/2025** | $20616 | $39196 | $12071 | $19580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class<sup>Footnote Reference1</sup> | 8.02% | 10.49% | 7.50% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |
| Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) | 9.28% | 8.47% | 6.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $108740471 |
| # of Portfolio Holdings | 372 |
| Portfolio Turnover Rate | 31% |
| Total Management Fees Paid | $551542 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g24n36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 53.7 |
| U.S. Treasury Obligations | 11.4 |
| Corporate Obligations | 11 |
| U.S. Agency Mortgage-Backed Obligations | 9.8 |
| Investment Companies | 5.1 |
| Foreign Common Stocks | 3.3 |
| Foreign Corporate Obligations | 2.9 |
| Asset-Backed Obligations | 1 |
| U.S. Government Agency Obligations | 0.8 |
| Securities Lending Collateral | 0.6 |
| Foreign Sovereign Obligations | 0.3 |
| Commercial Mortgage-Backed Obligations | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.5 |
| Alphabet, Inc., Class A | 1.5 |
| U.S. Treasury Notes, 2.250%, Due 11/15/2025 | 1.4 |
| Bank of America Corp. | 1.4 |
| Carnival Corp. | 1.3 |
| U.S. Treasury Notes, 4.875%, Due 4/30/2026 | 1.3 |
| American International Group, Inc. | 1.3 |
| F5, Inc. | 1.1 |
| Aptiv PLC | 1.1 |
| Medtronic PLC | 1.1 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g72u34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.3 |
| Materials | 3.9 |
| Consumer Staples | 4.7 |
| Communication Services | 6.1 |
| Utilities | 6.1 |
| Consumer Discretionary | 9.5 |
| Energy | 9.8 |
| Industrials | 10.5 |
| Health Care | 12.3 |
| Information Technology | 13.7 |
| Financials | 21.1 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g77694g60e03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Beverages | 2.0 |
| U.S. Government Agency Obligations | 2.2 |
| Pharmaceuticals | 2.6 |
| Asset-Backed Obligations | 2.7 |
| Insurance | 3.2 |
| Computers | 3.4 |
| Banks | 4.4 |
| Electric | 6.3 |
| U.S. Agency Mortgage-Backed Obligations | 26.3 |
| U.S. Treasury Obligations | 30.6 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# Balanced Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Advisor: ABLSX

#### Distributed by:
Resolute Investment Distributors, Inc.

Bal_Advisor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Balanced Fund
Annual Shareholder Report - October 31, 2025 \| Class C: ABCCX

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $202 | 1.94% |

---

## How did the Fund perform and what affected its performance?
The C Class of the Fund returned 6.36% (with sales charges) and 7.36% (without sales charges) for the twelve months ended October 31, 2025, compared to the S&P 500 Index return of 21.45%, the Bloomberg U.S. Aggregate Bond Index return of 6.16% and the Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) return of 9.28%.

• Broad market performance rallied during the twelve-month period as an easing of monetary policy began and risk-on sentiment drove performance within the AI theme.

• The Fund's diversified strategy of equity and fixed income investing achieved returns through capital appreciation and income.

• The Fund's equity portion was positive in seven of the eleven sectors where it invested, except within the Materials, Health Care, Consumer Staples and Real Estate sectors. The Fund's holdings in the Financials, Information Technology and Industrials sectors contributed meaningfully to the return of the Fund. The Fund's fixed-income holdings contributed positively to performance during the twelve-month period.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g57e80.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **C with Sales Charge** | **S&P 500<sup>®</sup> Index TR** | **Bloomberg US Aggregate Bond Index** | **Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index)** |
| **10/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/2015** | $10000 | $10030 | $9974 | $10012 |
| **12/2015** | $9716 | $9872 | $9941 | $9870 |
| **01/2016** | $9394 | $9382 | $10078 | $9619 |
| **02/2016** | $9335 | $9369 | $10150 | $9644 |
| **03/2016** | $9796 | $10005 | $10243 | $10097 |
| **04/2016** | $9980 | $10043 | $10282 | $10239 |
| **05/2016** | $9973 | $10224 | $10285 | $10336 |
| **06/2016** | $9907 | $10250 | $10470 | $10464 |
| **07/2016** | $10191 | $10628 | $10536 | $10673 |
| **08/2016** | $10316 | $10643 | $10524 | $10717 |
| **09/2016** | $10302 | $10645 | $10517 | $10701 |
| **10/2016** | $10203 | $10451 | $10437 | $10569 |
| **11/2016** | $10676 | $10838 | $10190 | $10831 |
| **12/2016** | $10798 | $11052 | $10205 | $11000 |
| **01/2017** | $10850 | $11262 | $10225 | $11055 |
| **02/2017** | $11072 | $11709 | $10293 | $11323 |
| **03/2017** | $11050 | $11723 | $10288 | $11252 |
| **04/2017** | $11083 | $11843 | $10367 | $11274 |
| **05/2017** | $11098 | $12010 | $10447 | $11302 |
| **06/2017** | $11262 | $12085 | $10437 | $11408 |
| **07/2017** | $11335 | $12333 | $10481 | $11519 |
| **08/2017** | $11253 | $12371 | $10575 | $11480 |
| **09/2017** | $11581 | $12626 | $10525 | $11662 |
| **10/2017** | $11683 | $12921 | $10531 | $11715 |
| **11/2017** | $11817 | $13317 | $10518 | $11925 |
| **12/2017** | $12022 | $13465 | $10566 | $12051 |
| **01/2018** | $12429 | $14236 | $10444 | $12275 |
| **02/2018** | $11903 | $13711 | $10345 | $11877 |
| **03/2018** | $11752 | $13363 | $10412 | $11782 |
| **04/2018** | $11838 | $13414 | $10334 | $11770 |
| **05/2018** | $11918 | $13737 | $10408 | $11846 |
| **06/2018** | $11949 | $13822 | $10395 | $11857 |
| **07/2018** | $12300 | $14336 | $10398 | $12140 |
| **08/2018** | $12364 | $14803 | $10465 | $12279 |
| **09/2018** | $12348 | $14887 | $10397 | $12262 |
| **10/2018** | $11688 | $13870 | $10315 | $11842 |
| **11/2018** | $11752 | $14153 | $10377 | $12083 |
| **12/2018** | $10967 | $12765 | $10567 | $11475 |
| **01/2019** | $11773 | $13906 | $10679 | $12060 |
| **02/2019** | $11992 | $14353 | $10673 | $12288 |
| **03/2019** | $12053 | $14632 | $10878 | $12430 |
| **04/2019** | $12404 | $15224 | $10881 | $12696 |
| **05/2019** | $11859 | $14257 | $11074 | $12296 |
| **06/2019** | $12492 | $15262 | $11213 | $12887 |
| **07/2019** | $12544 | $15481 | $11238 | $12963 |
| **08/2019** | $12403 | $15236 | $11529 | $12868 |
| **09/2019** | $12650 | $15521 | $11468 | $13116 |
| **10/2019** | $12814 | $15857 | $11502 | $13242 |
| **11/2019** | $13070 | $16433 | $11496 | $13485 |
| **12/2019** | $13282 | $16928 | $11488 | $13704 |
| **01/2020** | $13004 | $16922 | $11709 | $13633 |
| **02/2020** | $12284 | $15529 | $11920 | $12939 |
| **03/2020** | $10653 | $13611 | $11850 | $11581 |
| **04/2020** | $11470 | $15356 | $12061 | $12445 |
| **05/2020** | $11797 | $16087 | $12117 | $12724 |
| **06/2020** | $11913 | $16407 | $12193 | $12705 |
| **07/2020** | $12196 | $17332 | $12375 | $13083 |
| **08/2020** | $12447 | $18578 | $12275 | $13365 |
| **09/2020** | $12148 | $17872 | $12269 | $13165 |
| **10/2020** | $12161 | $17397 | $12214 | $13038 |
| **11/2020** | $13549 | $19301 | $12334 | $14141 |
| **12/2020** | $13986 | $20043 | $12351 | $14474 |
| **01/2021** | $13887 | $19841 | $12262 | $14353 |
| **02/2021** | $14635 | $20388 | $12085 | $14791 |
| **03/2021** | $15141 | $21281 | $11934 | $15239 |
| **04/2021** | $15583 | $22416 | $12028 | $15653 |
| **05/2021** | $15870 | $22573 | $12068 | $15893 |
| **06/2021** | $15759 | $23100 | $12153 | $15828 |
| **07/2021** | $15705 | $23649 | $12288 | $15975 |
| **08/2021** | $15837 | $24368 | $12265 | $16153 |
| **09/2021** | $15518 | $23234 | $12159 | $15759 |
| **10/2021** | $16092 | $24862 | $12155 | $16238 |
| **11/2021** | $15625 | $24690 | $12191 | $15914 |
| **12/2021** | $16151 | $25797 | $12160 | $16500 |
| **01/2022** | $16055 | $24462 | $11898 | $16127 |
| **02/2022** | $15873 | $23729 | $11765 | $15943 |
| **03/2022** | $15837 | $24610 | $11439 | $16036 |
| **04/2022** | $14931 | $22464 | $11005 | $15250 |
| **05/2022** | $15391 | $22505 | $11076 | $15467 |
| **06/2022** | $14301 | $20648 | $10902 | $14559 |
| **07/2022** | $15061 | $22552 | $11168 | $15280 |
| **08/2022** | $14673 | $21632 | $10853 | $14835 |
| **09/2022** | $13482 | $19640 | $10384 | $13798 |
| **10/2022** | $14465 | $21230 | $10249 | $14575 |
| **11/2022** | $15196 | $22416 | $10626 | $15336 |
| **12/2022** | $14768 | $21125 | $10578 | $14937 |
| **01/2023** | $15592 | $22452 | $10904 | $15586 |
| **02/2023** | $15079 | $21904 | $10622 | $15095 |
| **03/2023** | $14971 | $22708 | $10891 | $15206 |
| **04/2023** | $15121 | $23063 | $10957 | $15381 |
| **05/2023** | $14728 | $23163 | $10838 | $14958 |
| **06/2023** | $15379 | $24693 | $10800 | $15533 |
| **07/2023** | $15883 | $25487 | $10792 | $15856 |
| **08/2023** | $15597 | $25081 | $10723 | $15559 |
| **09/2023** | $15094 | $23885 | $10451 | $15040 |
| **10/2023** | $14708 | $23383 | $10286 | $14627 |
| **11/2023** | $15622 | $25518 | $10751 | $15554 |
| **12/2023** | $16421 | $26678 | $11163 | $16309 |
| **01/2024** | $16476 | $27126 | $11132 | $16301 |
| **02/2024** | $16682 | $28574 | $10975 | $16570 |
| **03/2024** | $17356 | $29494 | $11076 | $17128 |
| **04/2024** | $16717 | $28289 | $10797 | $16516 |
| **05/2024** | $17186 | $29692 | $10980 | $16942 |
| **06/2024** | $17172 | $30757 | $11084 | $16911 |
| **07/2024** | $17757 | $31132 | $11343 | $17588 |
| **08/2024** | $18047 | $31887 | $11505 | $17972 |
| **09/2024** | $18255 | $32568 | $11660 | $18218 |
| **10/2024** | $18095 | $32272 | $11370 | $17917 |
| **11/2024** | $18719 | $34167 | $11491 | $18679 |
| **12/2024** | $17932 | $33352 | $11303 | $17790 |
| **01/2025** | $18373 | $34281 | $11363 | $18322 |
| **02/2025** | $18479 | $33834 | $11613 | $18528 |
| **03/2025** | $18053 | $31928 | $11617 | $18222 |
| **04/2025** | $17617 | $31711 | $11663 | $17917 |
| **05/2025** | $17999 | $33707 | $11579 | $18243 |
| **06/2025** | $18594 | $35421 | $11757 | $18730 |
| **07/2025** | $18604 | $36216 | $11726 | $18775 |
| **08/2025** | $19202 | $36950 | $11866 | $19223 |
| **09/2025** | $19416 | $38299 | $11996 | $19480 |
| **10/2025** | $19427 | $39196 | $12071 | $19580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class C without Deferred Sales Charge<sup>Footnote Reference1</sup> | 7.36% | 9.82% | 6.87% |
| Class C with Maximum Deferred Sales Charge -1.00%<sup>Footnote Reference1</sup> | 6.36% | 9.82% | 6.87% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |
| Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) | 9.28% | 8.47% | 6.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $108740471 |
| # of Portfolio Holdings | 372 |
| Portfolio Turnover Rate | 31% |
| Total Management Fees Paid | $551542 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g24n36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 53.7 |
| U.S. Treasury Obligations | 11.4 |
| Corporate Obligations | 11 |
| U.S. Agency Mortgage-Backed Obligations | 9.8 |
| Investment Companies | 5.1 |
| Foreign Common Stocks | 3.3 |
| Foreign Corporate Obligations | 2.9 |
| Asset-Backed Obligations | 1 |
| U.S. Government Agency Obligations | 0.8 |
| Securities Lending Collateral | 0.6 |
| Foreign Sovereign Obligations | 0.3 |
| Commercial Mortgage-Backed Obligations | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.5 |
| Alphabet, Inc., Class A | 1.5 |
| U.S. Treasury Notes, 2.250%, Due 11/15/2025 | 1.4 |
| Bank of America Corp. | 1.4 |
| Carnival Corp. | 1.3 |
| U.S. Treasury Notes, 4.875%, Due 4/30/2026 | 1.3 |
| American International Group, Inc. | 1.3 |
| F5, Inc. | 1.1 |
| Aptiv PLC | 1.1 |
| Medtronic PLC | 1.1 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g72u34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.3 |
| Materials | 3.9 |
| Consumer Staples | 4.7 |
| Communication Services | 6.1 |
| Utilities | 6.1 |
| Consumer Discretionary | 9.5 |
| Energy | 9.8 |
| Industrials | 10.5 |
| Health Care | 12.3 |
| Information Technology | 13.7 |
| Financials | 21.1 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g77694g60e03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Beverages | 2.0 |
| U.S. Government Agency Obligations | 2.2 |
| Pharmaceuticals | 2.6 |
| Asset-Backed Obligations | 2.7 |
| Insurance | 3.2 |
| Computers | 3.4 |
| Banks | 4.4 |
| Electric | 6.3 |
| U.S. Agency Mortgage-Backed Obligations | 26.3 |
| U.S. Treasury Obligations | 30.6 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# Balanced Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class C: ABCCX

#### Distributed by:
Resolute Investment Distributors, Inc.

Bal_C 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Balanced Fund
Annual Shareholder Report - October 31, 2025 \| Investor Class: AABPX

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $120 | 1.15% |

---

## How did the Fund perform and what affected its performance?
The Investor Class of the Fund returned 8.22% for the twelve months ended October 31, 2025, compared to the S&P 500 Index return of 21.45%, the Bloomberg U.S. Aggregate Bond Index return of 6.16% and the Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) return of 9.28%.

• Broad market performance rallied during the twelve-month period as an easing of monetary policy began and risk-on sentiment drove performance within the AI theme.

• The Fund's diversified strategy of equity and fixed income investing achieved returns through capital appreciation and income.

• The Fund's equity portion was positive in seven of the eleven sectors where it invested, except within the Materials, Health Care, Consumer Staples and Real Estate sectors. The Fund's holdings in the Financials, Information Technology and Industrials sectors contributed meaningfully to the return of the Fund. The Fund's fixed-income holdings contributed positively to performance during the twelve-month period.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g95l15.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor** | **S&P 500<sup>®</sup> Index TR** | **Bloomberg US Aggregate Bond Index** | **Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index)** |
| **10/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/2015** | $10007 | $10030 | $9974 | $10012 |
| **12/2015** | $9728 | $9872 | $9941 | $9870 |
| **01/2016** | $9410 | $9382 | $10078 | $9619 |
| **02/2016** | $9358 | $9369 | $10150 | $9644 |
| **03/2016** | $9824 | $10005 | $10243 | $10097 |
| **04/2016** | $10015 | $10043 | $10282 | $10239 |
| **05/2016** | $10015 | $10224 | $10285 | $10336 |
| **06/2016** | $9963 | $10250 | $10470 | $10464 |
| **07/2016** | $10250 | $10628 | $10536 | $10673 |
| **08/2016** | $10385 | $10643 | $10524 | $10717 |
| **09/2016** | $10377 | $10645 | $10517 | $10701 |
| **10/2016** | $10284 | $10451 | $10437 | $10569 |
| **11/2016** | $10765 | $10838 | $10190 | $10831 |
| **12/2016** | $10897 | $11052 | $10205 | $11000 |
| **01/2017** | $10965 | $11262 | $10225 | $11055 |
| **02/2017** | $11191 | $11709 | $10293 | $11323 |
| **03/2017** | $11176 | $11723 | $10288 | $11252 |
| **04/2017** | $11218 | $11843 | $10367 | $11274 |
| **05/2017** | $11241 | $12010 | $10447 | $11302 |
| **06/2017** | $11416 | $12085 | $10437 | $11408 |
| **07/2017** | $11499 | $12333 | $10481 | $11519 |
| **08/2017** | $11423 | $12371 | $10575 | $11480 |
| **09/2017** | $11766 | $12626 | $10525 | $11662 |
| **10/2017** | $11881 | $12921 | $10531 | $11715 |
| **11/2017** | $12026 | $13317 | $10518 | $11925 |
| **12/2017** | $12228 | $13465 | $10566 | $12051 |
| **01/2018** | $12645 | $14236 | $10444 | $12275 |
| **02/2018** | $12121 | $13711 | $10345 | $11877 |
| **03/2018** | $11974 | $13363 | $10412 | $11782 |
| **04/2018** | $12069 | $13414 | $10334 | $11770 |
| **05/2018** | $12160 | $13737 | $10408 | $11846 |
| **06/2018** | $12184 | $13822 | $10395 | $11857 |
| **07/2018** | $12555 | $14336 | $10398 | $12140 |
| **08/2018** | $12629 | $14803 | $10465 | $12279 |
| **09/2018** | $12629 | $14887 | $10397 | $12262 |
| **10/2018** | $11955 | $13870 | $10315 | $11842 |
| **11/2018** | $12029 | $14153 | $10377 | $12083 |
| **12/2018** | $11226 | $12765 | $10567 | $11475 |
| **01/2019** | $12068 | $13906 | $10679 | $12060 |
| **02/2019** | $12295 | $14353 | $10673 | $12288 |
| **03/2019** | $12367 | $14632 | $10878 | $12430 |
| **04/2019** | $12735 | $15224 | $10881 | $12696 |
| **05/2019** | $12189 | $14257 | $11074 | $12296 |
| **06/2019** | $12845 | $15262 | $11213 | $12887 |
| **07/2019** | $12905 | $15481 | $11238 | $12963 |
| **08/2019** | $12768 | $15236 | $11529 | $12868 |
| **09/2019** | $13033 | $15521 | $11468 | $13116 |
| **10/2019** | $13210 | $15857 | $11502 | $13242 |
| **11/2019** | $13477 | $16433 | $11496 | $13485 |
| **12/2019** | $13707 | $16928 | $11488 | $13704 |
| **01/2020** | $13427 | $16922 | $11709 | $13633 |
| **02/2020** | $12698 | $15529 | $11920 | $12939 |
| **03/2020** | $11021 | $13611 | $11850 | $11581 |
| **04/2020** | $11869 | $15356 | $12061 | $12445 |
| **05/2020** | $12210 | $16087 | $12117 | $12724 |
| **06/2020** | $12341 | $16407 | $12193 | $12705 |
| **07/2020** | $12639 | $17332 | $12375 | $13083 |
| **08/2020** | $12911 | $18578 | $12275 | $13365 |
| **09/2020** | $12609 | $17872 | $12269 | $13165 |
| **10/2020** | $12627 | $17397 | $12214 | $13038 |
| **11/2020** | $14070 | $19301 | $12334 | $14141 |
| **12/2020** | $14545 | $20043 | $12351 | $14474 |
| **01/2021** | $14441 | $19841 | $12262 | $14353 |
| **02/2021** | $15227 | $20388 | $12085 | $14791 |
| **03/2021** | $15770 | $21281 | $11934 | $15239 |
| **04/2021** | $16241 | $22416 | $12028 | $15653 |
| **05/2021** | $16555 | $22573 | $12068 | $15893 |
| **06/2021** | $16450 | $23100 | $12153 | $15828 |
| **07/2021** | $16405 | $23649 | $12288 | $15975 |
| **08/2021** | $16556 | $24368 | $12265 | $16153 |
| **09/2021** | $16230 | $23234 | $12159 | $15759 |
| **10/2021** | $16835 | $24862 | $12155 | $16238 |
| **11/2021** | $16354 | $24690 | $12191 | $15914 |
| **12/2021** | $16921 | $25797 | $12160 | $16500 |
| **01/2022** | $16831 | $24462 | $11898 | $16127 |
| **02/2022** | $16651 | $23729 | $11765 | $15943 |
| **03/2022** | $16626 | $24610 | $11439 | $16036 |
| **04/2022** | $15685 | $22464 | $11005 | $15250 |
| **05/2022** | $16187 | $22505 | $11076 | $15467 |
| **06/2022** | $15042 | $20648 | $10902 | $14559 |
| **07/2022** | $15842 | $22552 | $11168 | $15280 |
| **08/2022** | $15454 | $21632 | $10853 | $14835 |
| **09/2022** | $14201 | $19640 | $10384 | $13798 |
| **10/2022** | $15253 | $21230 | $10249 | $14575 |
| **11/2022** | $16032 | $22416 | $10626 | $15336 |
| **12/2022** | $15595 | $21125 | $10578 | $14937 |
| **01/2023** | $16476 | $22452 | $10904 | $15586 |
| **02/2023** | $15941 | $21904 | $10622 | $15095 |
| **03/2023** | $15826 | $22708 | $10891 | $15206 |
| **04/2023** | $16006 | $23063 | $10957 | $15381 |
| **05/2023** | $15599 | $23163 | $10838 | $14958 |
| **06/2023** | $16296 | $24693 | $10800 | $15533 |
| **07/2023** | $16842 | $25487 | $10792 | $15856 |
| **08/2023** | $16550 | $25081 | $10723 | $15559 |
| **09/2023** | $16024 | $23885 | $10451 | $15040 |
| **10/2023** | $15629 | $23383 | $10286 | $14627 |
| **11/2023** | $16613 | $25518 | $10751 | $15554 |
| **12/2023** | $17476 | $26678 | $11163 | $16309 |
| **01/2024** | $17535 | $27126 | $11132 | $16301 |
| **02/2024** | $17773 | $28574 | $10975 | $16570 |
| **03/2024** | $18500 | $29494 | $11076 | $17128 |
| **04/2024** | $17832 | $28289 | $10797 | $16516 |
| **05/2024** | $18354 | $29692 | $10980 | $16942 |
| **06/2024** | $18354 | $30757 | $11084 | $16911 |
| **07/2024** | $18988 | $31132 | $11343 | $17588 |
| **08/2024** | $19318 | $31887 | $11505 | $17972 |
| **09/2024** | $19543 | $32568 | $11660 | $18218 |
| **10/2024** | $19381 | $32272 | $11370 | $17917 |
| **11/2024** | $20075 | $34167 | $11491 | $18679 |
| **12/2024** | $19243 | $33352 | $11303 | $17790 |
| **01/2025** | $19724 | $34281 | $11363 | $18322 |
| **02/2025** | $19857 | $33834 | $11613 | $18528 |
| **03/2025** | $19409 | $31928 | $11617 | $18222 |
| **04/2025** | $18956 | $31711 | $11663 | $17917 |
| **05/2025** | $19374 | $33707 | $11579 | $18243 |
| **06/2025** | $20024 | $35421 | $11757 | $18730 |
| **07/2025** | $20041 | $36216 | $11726 | $18775 |
| **08/2025** | $20713 | $36950 | $11866 | $19223 |
| **09/2025** | $20948 | $38299 | $11996 | $19480 |
| **10/2025** | $20975 | $39196 | $12071 | $19580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Investor Class<sup>Footnote Reference1</sup> | 8.22% | 10.68% | 7.69% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |
| Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) | 9.28% | 8.47% | 6.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $108740471 |
| # of Portfolio Holdings | 372 |
| Portfolio Turnover Rate | 31% |
| Total Management Fees Paid | $551542 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g24n36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 53.7 |
| U.S. Treasury Obligations | 11.4 |
| Corporate Obligations | 11 |
| U.S. Agency Mortgage-Backed Obligations | 9.8 |
| Investment Companies | 5.1 |
| Foreign Common Stocks | 3.3 |
| Foreign Corporate Obligations | 2.9 |
| Asset-Backed Obligations | 1 |
| U.S. Government Agency Obligations | 0.8 |
| Securities Lending Collateral | 0.6 |
| Foreign Sovereign Obligations | 0.3 |
| Commercial Mortgage-Backed Obligations | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.5 |
| Alphabet, Inc., Class A | 1.5 |
| U.S. Treasury Notes, 2.250%, Due 11/15/2025 | 1.4 |
| Bank of America Corp. | 1.4 |
| Carnival Corp. | 1.3 |
| U.S. Treasury Notes, 4.875%, Due 4/30/2026 | 1.3 |
| American International Group, Inc. | 1.3 |
| F5, Inc. | 1.1 |
| Aptiv PLC | 1.1 |
| Medtronic PLC | 1.1 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g72u34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.3 |
| Materials | 3.9 |
| Consumer Staples | 4.7 |
| Communication Services | 6.1 |
| Utilities | 6.1 |
| Consumer Discretionary | 9.5 |
| Energy | 9.8 |
| Industrials | 10.5 |
| Health Care | 12.3 |
| Information Technology | 13.7 |
| Financials | 21.1 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g77694g60e03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Beverages | 2.0 |
| U.S. Government Agency Obligations | 2.2 |
| Pharmaceuticals | 2.6 |
| Asset-Backed Obligations | 2.7 |
| Insurance | 3.2 |
| Computers | 3.4 |
| Banks | 4.4 |
| Electric | 6.3 |
| U.S. Agency Mortgage-Backed Obligations | 26.3 |
| U.S. Treasury Obligations | 30.6 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# Balanced Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Investor Class: AABPX

#### Distributed by:
Resolute Investment Distributors, Inc.

Bal_Investor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Balanced Fund
Annual Shareholder Report - October 31, 2025 \| Class R5: AADBX

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $91 | 0.87% |

---

## How did the Fund perform and what affected its performance?
The R5 Class of the Fund returned 8.57% for the twelve months ended October 31, 2025, compared to the S&P 500 Index return of 21.45%, the Bloomberg U.S. Aggregate Bond Index return of 6.16% and the Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) return of 9.28%.

• Broad market performance rallied during the twelve-month period as an easing of monetary policy began and risk-on sentiment drove performance within the AI theme.

• The Fund's diversified strategy of equity and fixed income investing achieved returns through capital appreciation and income.

• The Fund's equity portion was positive in seven of the eleven sectors where it invested, except within the Materials, Health Care, Consumer Staples and Real Estate sectors. The Fund's holdings in the Financials, Information Technology and Industrials sectors contributed meaningfully to the return of the Fund. The Fund's fixed-income holdings contributed positively to performance during the twelve-month period.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g29d01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **R5** | **S&P 500<sup>®</sup> Index TR** | **Bloomberg US Aggregate Bond Index** | **Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index)** |
| **10/2015** | $250000 | $250000 | $250000 | $250000 |
| **10/2016** | $258238 | $261273 | $260926 | $264225 |
| **10/2017** | $299086 | $323018 | $263281 | $292885 |
| **10/2018** | $301611 | $346747 | $257874 | $296058 |
| **10/2019** | $334448 | $396423 | $287554 | $331055 |
| **10/2020** | $320598 | $434917 | $305346 | $325945 |
| **10/2021** | $428964 | $621558 | $303886 | $405947 |
| **10/2022** | $389519 | $530742 | $256229 | $364375 |
| **10/2023** | $400412 | $584574 | $257141 | $365672 |
| **10/2024** | $497978 | $806812 | $284260 | $447917 |
| **10/2025** | $540677 | $979893 | $301768 | $489498 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class R5<sup>Footnote Reference1</sup> | 8.57% | 11.02% | 8.02% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |
| Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) | 9.28% | 8.47% | 6.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $108740471 |
| # of Portfolio Holdings | 372 |
| Portfolio Turnover Rate | 31% |
| Total Management Fees Paid | $551542 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g24n36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 53.7 |
| U.S. Treasury Obligations | 11.4 |
| Corporate Obligations | 11 |
| U.S. Agency Mortgage-Backed Obligations | 9.8 |
| Investment Companies | 5.1 |
| Foreign Common Stocks | 3.3 |
| Foreign Corporate Obligations | 2.9 |
| Asset-Backed Obligations | 1 |
| U.S. Government Agency Obligations | 0.8 |
| Securities Lending Collateral | 0.6 |
| Foreign Sovereign Obligations | 0.3 |
| Commercial Mortgage-Backed Obligations | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.5 |
| Alphabet, Inc., Class A | 1.5 |
| U.S. Treasury Notes, 2.250%, Due 11/15/2025 | 1.4 |
| Bank of America Corp. | 1.4 |
| Carnival Corp. | 1.3 |
| U.S. Treasury Notes, 4.875%, Due 4/30/2026 | 1.3 |
| American International Group, Inc. | 1.3 |
| F5, Inc. | 1.1 |
| Aptiv PLC | 1.1 |
| Medtronic PLC | 1.1 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g72u34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.3 |
| Materials | 3.9 |
| Consumer Staples | 4.7 |
| Communication Services | 6.1 |
| Utilities | 6.1 |
| Consumer Discretionary | 9.5 |
| Energy | 9.8 |
| Industrials | 10.5 |
| Health Care | 12.3 |
| Information Technology | 13.7 |
| Financials | 21.1 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g77694g60e03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Beverages | 2.0 |
| U.S. Government Agency Obligations | 2.2 |
| Pharmaceuticals | 2.6 |
| Asset-Backed Obligations | 2.7 |
| Insurance | 3.2 |
| Computers | 3.4 |
| Banks | 4.4 |
| Electric | 6.3 |
| U.S. Agency Mortgage-Backed Obligations | 26.3 |
| U.S. Treasury Obligations | 30.6 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# Balanced Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R5: AADBX

#### Distributed by:
Resolute Investment Distributors, Inc.

Bal_R5 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Balanced Fund
Annual Shareholder Report - October 31, 2025 \| Class Y: ACBYX

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $99 | 0.94% |

---

## How did the Fund perform and what affected its performance?
The Y Class of the Fund returned 8.47% for the twelve months ended October 31, 2025, compared to the S&P 500 Index return of 21.45%, the Bloomberg U.S. Aggregate Bond Index return of 6.16% and the Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) return of 9.28%.

• Broad market performance rallied during the twelve-month period as an easing of monetary policy began and risk-on sentiment drove performance within the AI theme.

• The Fund's diversified strategy of equity and fixed income investing achieved returns through capital appreciation and income.

• The Fund's equity portion was positive in seven of the eleven sectors where it invested, except within the Materials, Health Care, Consumer Staples and Real Estate sectors. The Fund's holdings in the Financials, Information Technology and Industrials sectors contributed meaningfully to the return of the Fund. The Fund's fixed-income holdings contributed positively to performance during the twelve-month period.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g86g33.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Y** | **S&P 500<sup>®</sup> Index TR** | **Bloomberg US Aggregate Bond Index** | **Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index)** |
| **10/2015** | $100000 | $100000 | $100000 | $100000 |
| **11/2015** | $100063 | $100297 | $99736 | $100124 |
| **12/2015** | $97342 | $98715 | $99414 | $98703 |
| **01/2016** | $94152 | $93817 | $100782 | $96186 |
| **02/2016** | $93687 | $93690 | $101496 | $96444 |
| **03/2016** | $98338 | $100046 | $102428 | $100967 |
| **04/2016** | $100277 | $100434 | $102821 | $102394 |
| **05/2016** | $100344 | $102237 | $102847 | $103359 |
| **06/2016** | $99743 | $102502 | $104695 | $104638 |
| **07/2016** | $102697 | $106282 | $105357 | $106726 |
| **08/2016** | $104039 | $106431 | $105237 | $107170 |
| **09/2016** | $104039 | $106451 | $105175 | $107011 |
| **10/2016** | $103056 | $104509 | $104370 | $105690 |
| **11/2016** | $107906 | $108380 | $101902 | $108312 |
| **12/2016** | $109558 | $110522 | $102045 | $109997 |
| **01/2017** | $110167 | $112618 | $102246 | $110554 |
| **02/2017** | $112535 | $117090 | $102933 | $113235 |
| **03/2017** | $112400 | $117226 | $102879 | $112519 |
| **04/2017** | $112833 | $118430 | $103673 | $112739 |
| **05/2017** | $113038 | $120097 | $104471 | $113020 |
| **06/2017** | $114810 | $120846 | $104366 | $114083 |
| **07/2017** | $115710 | $123331 | $104815 | $115189 |
| **08/2017** | $114957 | $123709 | $105755 | $114798 |
| **09/2017** | $118451 | $126261 | $105251 | $116619 |
| **10/2017** | $119598 | $129207 | $105312 | $117154 |
| **11/2017** | $121111 | $133170 | $105177 | $119246 |
| **12/2017** | $123178 | $134650 | $105660 | $120510 |
| **01/2018** | $127338 | $142360 | $104443 | $122750 |
| **02/2018** | $122083 | $137113 | $103453 | $118768 |
| **03/2018** | $120624 | $133628 | $104116 | $117819 |
| **04/2018** | $121675 | $134141 | $103342 | $117702 |
| **05/2018** | $122555 | $137371 | $104079 | $118457 |
| **06/2018** | $122921 | $138217 | $103951 | $118575 |
| **07/2018** | $126605 | $143360 | $103976 | $121402 |
| **08/2018** | $127415 | $148032 | $104645 | $122791 |
| **09/2018** | $127415 | $148874 | $103971 | $122621 |
| **10/2018** | $120656 | $138699 | $103150 | $118423 |
| **11/2018** | $121395 | $141525 | $103765 | $120827 |
| **12/2018** | $113353 | $127646 | $105672 | $114754 |
| **01/2019** | $121820 | $139064 | $106794 | $120600 |
| **02/2019** | $124216 | $143529 | $106732 | $122884 |
| **03/2019** | $124935 | $146318 | $108782 | $124297 |
| **04/2019** | $128727 | $152243 | $108809 | $126955 |
| **05/2019** | $123186 | $142568 | $110741 | $122959 |
| **06/2019** | $129852 | $152616 | $112132 | $128873 |
| **07/2019** | $130535 | $154809 | $112378 | $129627 |
| **08/2019** | $129163 | $152357 | $115290 | $128683 |
| **09/2019** | $131827 | $155207 | $114676 | $131164 |
| **10/2019** | $133622 | $158569 | $115022 | $132422 |
| **11/2019** | $136381 | $164325 | $114963 | $134851 |
| **12/2019** | $138733 | $169285 | $114883 | $137040 |
| **01/2020** | $135946 | $169218 | $117094 | $136326 |
| **02/2020** | $128543 | $155288 | $119201 | $129385 |
| **03/2020** | $111561 | $136108 | $118500 | $115814 |
| **04/2020** | $120251 | $153557 | $120606 | $124450 |
| **05/2020** | $123754 | $160870 | $121168 | $127240 |
| **06/2020** | $125068 | $164069 | $121931 | $127054 |
| **07/2020** | $128081 | $173320 | $123752 | $130827 |
| **08/2020** | $130804 | $185779 | $122753 | $133650 |
| **09/2020** | $127818 | $178720 | $122686 | $131651 |
| **10/2020** | $128046 | $173967 | $122138 | $130378 |
| **11/2020** | $142745 | $193010 | $123337 | $141412 |
| **12/2020** | $147483 | $200431 | $123507 | $144743 |
| **01/2021** | $146593 | $198407 | $122621 | $143533 |
| **02/2021** | $154600 | $203879 | $120850 | $147908 |
| **03/2021** | $160037 | $212808 | $119341 | $152392 |
| **04/2021** | $164925 | $224165 | $120284 | $156530 |
| **05/2021** | $168098 | $225730 | $120677 | $158927 |
| **06/2021** | $167008 | $231000 | $121525 | $158281 |
| **07/2021** | $166588 | $236488 | $122884 | $159748 |
| **08/2021** | $168179 | $243678 | $122650 | $161528 |
| **09/2021** | $164897 | $232345 | $121588 | $157595 |
| **10/2021** | $171140 | $248623 | $121554 | $162379 |
| **11/2021** | $166227 | $246900 | $121914 | $159137 |
| **12/2021** | $172050 | $257966 | $121602 | $164998 |
| **01/2022** | $171185 | $244617 | $118982 | $161270 |
| **02/2022** | $169348 | $237292 | $117655 | $159428 |
| **03/2022** | $169132 | $246103 | $114386 | $160356 |
| **04/2022** | $159656 | $224642 | $110046 | $152495 |
| **05/2022** | $164642 | $225054 | $110755 | $154667 |
| **06/2022** | $153153 | $206478 | $109018 | $145589 |
| **07/2022** | $161276 | $225516 | $111681 | $152804 |
| **08/2022** | $157358 | $216319 | $108526 | $148345 |
| **09/2022** | $144626 | $196396 | $103837 | $137977 |
| **10/2022** | $155303 | $212297 | $102492 | $145750 |
| **11/2022** | $163287 | $224161 | $106261 | $153359 |
| **12/2022** | $158906 | $211246 | $105782 | $149373 |
| **01/2023** | $167860 | $224519 | $109036 | $155855 |
| **02/2023** | $162487 | $219041 | $106217 | $150946 |
| **03/2023** | $161413 | $227083 | $108915 | $152063 |
| **04/2023** | $163199 | $230627 | $109575 | $153806 |
| **05/2023** | $159002 | $231630 | $108382 | $149577 |
| **06/2023** | $166197 | $246935 | $107995 | $155325 |
| **07/2023** | $171824 | $254868 | $107920 | $158559 |
| **08/2023** | $168812 | $250810 | $107231 | $155586 |
| **09/2023** | $163510 | $238852 | $104506 | $150402 |
| **10/2023** | $159467 | $233830 | $102857 | $146269 |
| **11/2023** | $169517 | $255184 | $107514 | $155540 |
| **12/2023** | $178406 | $266777 | $111630 | $163091 |
| **01/2024** | $179139 | $271260 | $111323 | $163013 |
| **02/2024** | $181459 | $285744 | $109751 | $165700 |
| **03/2024** | $188908 | $294938 | $110764 | $171283 |
| **04/2024** | $182259 | $282891 | $107966 | $165162 |
| **05/2024** | $187533 | $296919 | $109797 | $169424 |
| **06/2024** | $187533 | $307573 | $110836 | $169109 |
| **07/2024** | $194042 | $311316 | $113425 | $175876 |
| **08/2024** | $197371 | $318868 | $115055 | $179718 |
| **09/2024** | $199837 | $325678 | $116595 | $182177 |
| **10/2024** | $198264 | $322725 | $113704 | $179167 |
| **11/2024** | $205327 | $341669 | $114906 | $186789 |
| **12/2024** | $196844 | $333524 | $113026 | $177901 |
| **01/2025** | $201792 | $342812 | $113625 | $183219 |
| **02/2025** | $203263 | $338339 | $116125 | $185278 |
| **03/2025** | $198582 | $319275 | $116169 | $182219 |
| **04/2025** | $194075 | $317110 | $116626 | $179173 |
| **05/2025** | $198376 | $337071 | $115790 | $182435 |
| **06/2025** | $205096 | $354212 | $117571 | $187299 |
| **07/2025** | $205310 | $362161 | $117261 | $187746 |
| **08/2025** | $212198 | $369503 | $118663 | $192235 |
| **09/2025** | $214765 | $382990 | $119958 | $194796 |
| **10/2025** | $215060 | $391957 | $120707 | $195799 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>Footnote Reference1</sup> | 8.47% | 10.93% | 7.96% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.90% |
| Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000 Value Index) | 9.28% | 8.47% | 6.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $108740471 |
| # of Portfolio Holdings | 372 |
| Portfolio Turnover Rate | 31% |
| Total Management Fees Paid | $551542 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g24n36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 53.7 |
| U.S. Treasury Obligations | 11.4 |
| Corporate Obligations | 11 |
| U.S. Agency Mortgage-Backed Obligations | 9.8 |
| Investment Companies | 5.1 |
| Foreign Common Stocks | 3.3 |
| Foreign Corporate Obligations | 2.9 |
| Asset-Backed Obligations | 1 |
| U.S. Government Agency Obligations | 0.8 |
| Securities Lending Collateral | 0.6 |
| Foreign Sovereign Obligations | 0.3 |
| Commercial Mortgage-Backed Obligations | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.5 |
| Alphabet, Inc., Class A | 1.5 |
| U.S. Treasury Notes, 2.250%, Due 11/15/2025 | 1.4 |
| Bank of America Corp. | 1.4 |
| Carnival Corp. | 1.3 |
| U.S. Treasury Notes, 4.875%, Due 4/30/2026 | 1.3 |
| American International Group, Inc. | 1.3 |
| F5, Inc. | 1.1 |
| Aptiv PLC | 1.1 |
| Medtronic PLC | 1.1 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g72u34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.3 |
| Materials | 3.9 |
| Consumer Staples | 4.7 |
| Communication Services | 6.1 |
| Utilities | 6.1 |
| Consumer Discretionary | 9.5 |
| Energy | 9.8 |
| Industrials | 10.5 |
| Health Care | 12.3 |
| Information Technology | 13.7 |
| Financials | 21.1 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g77694g60e03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Beverages | 2.0 |
| U.S. Government Agency Obligations | 2.2 |
| Pharmaceuticals | 2.6 |
| Asset-Backed Obligations | 2.7 |
| Insurance | 3.2 |
| Computers | 3.4 |
| Banks | 4.4 |
| Electric | 6.3 |
| U.S. Agency Mortgage-Backed Obligations | 26.3 |
| U.S. Treasury Obligations | 30.6 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# Balanced Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Y: ACBYX

#### Distributed by:
Resolute Investment Distributors, Inc.

Bal_Y 1025

# American Beacon
![Image](g77694g70m62.jpg)

# IMC International Small Cap Fund
Annual Shareholder Report - October 31, 2025 \| Investor Class: TIVFX

This annual shareholder report contains important information about American Beacon IMC International Small Cap Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $154 | 1.32% |

---

## How did the Fund perform and what affected its performance?
The Investor Class of the Fund returned 32.30% for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03% and the MSCI<sup>®</sup> ACWI ex USA Small Cap Index (Net) return of 22.58%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's strategy of "informed momentum" benefited from that shift in sentiment toward international markets, as well as continued strength within the Artificial Intelligence theme.

• The Fund's performance was positive in all sectors where it invested, except within the Consumer Staples, Communication Services, and Real Estate sectors. The Fund's holdings in the Industrials and Financials sectors contributed meaningfully.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g21w96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **MSCI<sup>®</sup> EAFE Index (Net)** | **MSCI<sup>®</sup> ACWI ex USA Small Cap Index (Net)** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10041 | $9844 | $9928 |
| **12/2015** | $9918 | $9712 | $9939 |
| **01/2016** | $9310 | $9009 | $9177 |
| **02/2016** | $9219 | $8844 | $9208 |
| **03/2016** | $9953 | $9420 | $10007 |
| **04/2016** | $10243 | $9693 | $10286 |
| **05/2016** | $10229 | $9605 | $10219 |
| **06/2016** | $10052 | $9282 | $9919 |
| **07/2016** | $10469 | $9753 | $10471 |
| **08/2016** | $10483 | $9760 | $10446 |
| **09/2016** | $10610 | $9879 | $10704 |
| **10/2016** | $10201 | $9677 | $10422 |
| **11/2016** | $10038 | $9485 | $10112 |
| **12/2016** | $10261 | $9809 | $10327 |
| **01/2017** | $10742 | $10093 | $10723 |
| **02/2017** | $10821 | $10238 | $11005 |
| **03/2017** | $11144 | $10520 | $11233 |
| **04/2017** | $11510 | $10787 | $11570 |
| **05/2017** | $11826 | $11183 | $11884 |
| **06/2017** | $11725 | $11163 | $11934 |
| **07/2017** | $12149 | $11485 | $12356 |
| **08/2017** | $12048 | $11481 | $12490 |
| **09/2017** | $12479 | $11767 | $12758 |
| **10/2017** | $12615 | $11945 | $12996 |
| **11/2017** | $12572 | $12071 | $13190 |
| **12/2017** | $12743 | $12265 | $13595 |
| **01/2018** | $13397 | $12880 | $14263 |
| **02/2018** | $12743 | $12298 | $13702 |
| **03/2018** | $12655 | $12077 | $13547 |
| **04/2018** | $12648 | $12352 | $13704 |
| **05/2018** | $12372 | $12075 | $13565 |
| **06/2018** | $12132 | $11927 | $13195 |
| **07/2018** | $12270 | $12221 | $13287 |
| **08/2018** | $11950 | $11985 | $13158 |
| **09/2018** | $11936 | $12089 | $12996 |
| **10/2018** | $10947 | $11127 | $11732 |
| **11/2018** | $10860 | $11113 | $11761 |
| **12/2018** | $10208 | $10573 | $11121 |
| **01/2019** | $10923 | $11268 | $11992 |
| **02/2019** | $11217 | $11555 | $12243 |
| **03/2019** | $11284 | $11628 | $12262 |
| **04/2019** | $11784 | $11955 | $12533 |
| **05/2019** | $11048 | $11381 | $11886 |
| **06/2019** | $11571 | $12056 | $12411 |
| **07/2019** | $11387 | $11903 | $12328 |
| **08/2019** | $11070 | $11595 | $11973 |
| **09/2019** | $11269 | $11927 | $12264 |
| **10/2019** | $11497 | $12355 | $12760 |
| **11/2019** | $11733 | $12495 | $12974 |
| **12/2019** | $12187 | $12901 | $13614 |
| **01/2020** | $11715 | $12631 | $13189 |
| **02/2020** | $10726 | $11490 | $11976 |
| **03/2020** | $9333 | $9956 | $9665 |
| **04/2020** | $9955 | $10599 | $10840 |
| **05/2020** | $10502 | $11061 | $11497 |
| **06/2020** | $10824 | $11437 | $11872 |
| **07/2020** | $11288 | $11704 | $12466 |
| **08/2020** | $11895 | $12306 | $13286 |
| **09/2020** | $12000 | $11986 | $13117 |
| **10/2020** | $11685 | $11507 | $12769 |
| **11/2020** | $13078 | $13291 | $14536 |
| **12/2020** | $13724 | $13909 | $15553 |
| **01/2021** | $13649 | $13761 | $15526 |
| **02/2021** | $14078 | $14070 | $16087 |
| **03/2021** | $14348 | $14393 | $16413 |
| **04/2021** | $14807 | $14826 | $17167 |
| **05/2021** | $15228 | $15310 | $17565 |
| **06/2021** | $15047 | $15137 | $17456 |
| **07/2021** | $15085 | $15251 | $17596 |
| **08/2021** | $15205 | $15533 | $18003 |
| **09/2021** | $14604 | $15070 | $17455 |
| **10/2021** | $14724 | $15441 | $17728 |
| **11/2021** | $14145 | $14722 | $16850 |
| **12/2021** | $14752 | $15476 | $17563 |
| **01/2022** | $13872 | $14728 | $16467 |
| **02/2022** | $13404 | $14468 | $16253 |
| **03/2022** | $13124 | $14561 | $16419 |
| **04/2022** | $12227 | $13619 | $15359 |
| **05/2022** | $12578 | $13721 | $15217 |
| **06/2022** | $11238 | $12448 | $13538 |
| **07/2022** | $11674 | $13068 | $14320 |
| **08/2022** | $10957 | $12447 | $13944 |
| **09/2022** | $9936 | $11283 | $12405 |
| **10/2022** | $10529 | $11889 | $12808 |
| **11/2022** | $11939 | $13229 | $14032 |
| **12/2022** | $11719 | $13239 | $14055 |
| **01/2023** | $12738 | $14311 | $15067 |
| **02/2023** | $12485 | $14013 | $14682 |
| **03/2023** | $12698 | $14360 | $14716 |
| **04/2023** | $12532 | $14765 | $14932 |
| **05/2023** | $12414 | $14141 | $14518 |
| **06/2023** | $13188 | $14784 | $15017 |
| **07/2023** | $13678 | $15262 | $15780 |
| **08/2023** | $13394 | $14678 | $15340 |
| **09/2023** | $12698 | $14176 | $14762 |
| **10/2023** | $12114 | $13602 | $13937 |
| **11/2023** | $13086 | $14864 | $15286 |
| **12/2023** | $13524 | $15654 | $16256 |
| **01/2024** | $13307 | $15744 | $15977 |
| **02/2024** | $14327 | $16032 | $16137 |
| **03/2024** | $14705 | $16559 | $16599 |
| **04/2024** | $14158 | $16135 | $16357 |
| **05/2024** | $14825 | $16760 | $16887 |
| **06/2024** | $14833 | $16490 | $16708 |
| **07/2024** | $14793 | $16974 | $17345 |
| **08/2024** | $14978 | $17525 | $17664 |
| **09/2024** | $14970 | $17687 | $18195 |
| **10/2024** | $14303 | $16725 | $17244 |
| **11/2024** | $14456 | $16631 | $17168 |
| **12/2024** | $14027 | $16252 | $16802 |
| **01/2025** | $13805 | $17106 | $17026 |
| **02/2025** | $13451 | $17438 | $16844 |
| **03/2025** | $13318 | $17368 | $16910 |
| **04/2025** | $14071 | $18163 | $17704 |
| **05/2025** | $15302 | $18994 | $18850 |
| **06/2025** | $16595 | $19413 | $19773 |
| **07/2025** | $16993 | $19140 | $19805 |
| **08/2025** | $17923 | $19956 | $20650 |
| **09/2025** | $18348 | $20338 | $21094 |
| **10/2025** | $18924 | $20578 | $21138 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Investor Class<sup>Footnote Reference1</sup> | 32.30% | 10.12% | 6.59% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |
| MSCI<sup>®</sup> ACWI ex USA Small Cap Index (Net) | 22.58% | 10.61% | 7.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $129605795 |
| # of Portfolio Holdings | 151 |
| Portfolio Turnover Rate | 209% |
| Total Management Fees Paid | $705177 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g07l14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 95.8 |
| Investment Companies | 3.6 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| King Slide Works Co. Ltd. | 1.2 |
| Medincell SA | 1.1 |
| HD Hyundai Electric Co. Ltd. | 1.1 |
| Chenbro Micom Co. Ltd. | 1.1 |
| Kandenko Co. Ltd. | 1.1 |
| Kioxia Holdings Corp. | 1 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1 |
| Taiwan Union Technology Corp. | 0.9 |
| Bizlink Holding, Inc. | 0.9 |
| MPI Corp. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g66d20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.6 |
| Utilities | 1.4 |
| Communication Services | 2.6 |
| Energy | 2.7 |
| Health Care | 4.2 |
| Consumer Discretionary | 9.4 |
| Materials | 11.9 |
| Financials | 13.0 |
| Information Technology | 22.1 |
| Industrials | 32.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g16v37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Spain | 2.5 |
| Germany | 3.3 |
| Italy | 3.9 |
| Israel | 4.8 |
| China | 6.9 |
| Canada | 9.8 |
| Republic of Korea | 9.9 |
| Australia | 10.9 |
| Taiwan | 12.2 |
| Japan | 15.0 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# IMC International Small Cap Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Investor Class: TIVFX

#### Distributed by:
Resolute Investment Distributors, Inc.

EAM_Investor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# IMC International Small Cap Fund
Annual Shareholder Report - October 31, 2025 \| Class R5: TOVIX

This annual shareholder report contains important information about American Beacon IMC International Small Cap Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $107 | 0.91% |

---

## How did the Fund perform and what affected its performance?
The R5 Class of the Fund returned 32.90% for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03% and the MSCI<sup>®</sup> ACWI ex USA Small Cap Index (Net) return of 22.58%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's strategy of "informed momentum" benefited from that shift in sentiment toward international markets, as well as continued strength within the Artificial Intelligence theme.

• The Fund's performance was positive in all sectors where it invested, except within the Consumer Staples, Communication Services, and Real Estate sectors. The Fund's holdings in the Industrials and Financials sectors contributed meaningfully.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g03p46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R5** | **MSCI<sup>®</sup> EAFE Index (Net)** | **MSCI<sup>®</sup> ACWI ex USA Small Cap Index (Net)** |
| **10/2015** | $250000 | $250000 | $250000 |
| **10/2016** | $255013 | $241933 | $260546 |
| **10/2017** | $315375 | $298637 | $324902 |
| **10/2018** | $273677 | $278167 | $293289 |
| **10/2019** | $288167 | $308887 | $318997 |
| **10/2020** | $293755 | $287684 | $319235 |
| **10/2021** | $371247 | $386016 | $443204 |
| **10/2022** | $266160 | $297237 | $320198 |
| **10/2023** | $308094 | $340041 | $348425 |
| **10/2024** | $365155 | $418135 | $431108 |
| **10/2025** | $485302 | $514439 | $528461 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class R5<sup>Footnote Reference1</sup> | 32.90% | 10.56% | 6.86% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |
| MSCI<sup>®</sup> ACWI ex USA Small Cap Index (Net) | 22.58% | 10.61% | 7.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. Performance includes historical performance of another Class of the Fund. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $129605795 |
| # of Portfolio Holdings | 151 |
| Portfolio Turnover Rate | 209% |
| Total Management Fees Paid | $705177 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g07l14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 95.8 |
| Investment Companies | 3.6 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| King Slide Works Co. Ltd. | 1.2 |
| Medincell SA | 1.1 |
| HD Hyundai Electric Co. Ltd. | 1.1 |
| Chenbro Micom Co. Ltd. | 1.1 |
| Kandenko Co. Ltd. | 1.1 |
| Kioxia Holdings Corp. | 1 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1 |
| Taiwan Union Technology Corp. | 0.9 |
| Bizlink Holding, Inc. | 0.9 |
| MPI Corp. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g66d20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.6 |
| Utilities | 1.4 |
| Communication Services | 2.6 |
| Energy | 2.7 |
| Health Care | 4.2 |
| Consumer Discretionary | 9.4 |
| Materials | 11.9 |
| Financials | 13.0 |
| Information Technology | 22.1 |
| Industrials | 32.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g16v37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Spain | 2.5 |
| Germany | 3.3 |
| Italy | 3.9 |
| Israel | 4.8 |
| China | 6.9 |
| Canada | 9.8 |
| Republic of Korea | 9.9 |
| Australia | 10.9 |
| Taiwan | 12.2 |
| Japan | 15.0 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# IMC International Small Cap Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R5: TOVIX

#### Distributed by:
Resolute Investment Distributors, Inc.

EAM_R5 1025

# American Beacon
![Image](g77694g70m62.jpg)

# IMC International Small Cap Fund
Annual Shareholder Report - October 31, 2025 \| Class Y: TOVYX

This annual shareholder report contains important information about American Beacon IMC International Small Cap Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $131 | 1.12% |

---

## How did the Fund perform and what affected its performance?
The Y Class of the Fund returned 32.53% for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03% and the MSCI<sup>®</sup> ACWI ex USA Small Cap Index (Net) return of 22.58%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's strategy of "informed momentum" benefited from that shift in sentiment toward international markets, as well as continued strength within the Artificial Intelligence theme.

• The Fund's performance was positive in all sectors where it invested, except within the Consumer Staples, Communication Services, and Real Estate sectors. The Fund's holdings in the Industrials and Financials sectors contributed meaningfully.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g68d88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Y** | **MSCI<sup>®</sup> EAFE Index (Net)** | **MSCI<sup>®</sup> ACWI ex USA Small Cap Index (Net)** |
| **10/2015** | $100000 | $100000 | $100000 |
| **11/2015** | $100411 | $98444 | $99285 |
| **12/2015** | $99180 | $97118 | $99386 |
| **01/2016** | $93104 | $90095 | $91765 |
| **02/2016** | $92186 | $88444 | $92076 |
| **03/2016** | $99533 | $94199 | $100065 |
| **04/2016** | $102429 | $96926 | $102863 |
| **05/2016** | $102288 | $96046 | $102186 |
| **06/2016** | $100522 | $92822 | $99190 |
| **07/2016** | $104690 | $97526 | $104709 |
| **08/2016** | $104831 | $97595 | $104458 |
| **09/2016** | $106102 | $98794 | $107037 |
| **10/2016** | $102005 | $96773 | $104219 |
| **11/2016** | $100380 | $94846 | $101124 |
| **12/2016** | $102613 | $98089 | $103270 |
| **01/2017** | $107421 | $100935 | $107228 |
| **02/2017** | $108211 | $102378 | $110053 |
| **03/2017** | $111440 | $105196 | $112334 |
| **04/2017** | $115099 | $107873 | $115704 |
| **05/2017** | $118257 | $111832 | $118842 |
| **06/2017** | $117252 | $111635 | $119341 |
| **07/2017** | $121486 | $114855 | $123557 |
| **08/2017** | $120481 | $114811 | $124896 |
| **09/2017** | $124787 | $117668 | $127579 |
| **10/2017** | $126150 | $119455 | $129961 |
| **11/2017** | $125719 | $120708 | $131897 |
| **12/2017** | $127425 | $122645 | $135951 |
| **01/2018** | $133967 | $128797 | $142634 |
| **02/2018** | $127425 | $122984 | $137023 |
| **03/2018** | $126553 | $120767 | $135470 |
| **04/2018** | $126480 | $123524 | $137037 |
| **05/2018** | $123718 | $120748 | $135650 |
| **06/2018** | $121319 | $119273 | $131953 |
| **07/2018** | $122700 | $122209 | $132872 |
| **08/2018** | $119502 | $119848 | $131579 |
| **09/2018** | $119357 | $120889 | $129956 |
| **10/2018** | $109471 | $111267 | $117315 |
| **11/2018** | $108599 | $111127 | $117607 |
| **12/2018** | $102083 | $105732 | $111209 |
| **01/2019** | $109227 | $112681 | $119918 |
| **02/2019** | $112247 | $115553 | $122434 |
| **03/2019** | $112984 | $116282 | $122620 |
| **04/2019** | $117918 | $119551 | $125332 |
| **05/2019** | $110627 | $113810 | $118864 |
| **06/2019** | $115930 | $120561 | $124109 |
| **07/2019** | $114089 | $119031 | $123280 |
| **08/2019** | $110921 | $115947 | $119727 |
| **09/2019** | $112910 | $119270 | $122636 |
| **10/2019** | $115193 | $123555 | $127599 |
| **11/2019** | $117477 | $124948 | $129741 |
| **12/2019** | $122137 | $129009 | $136140 |
| **01/2020** | $117388 | $126314 | $131890 |
| **02/2020** | $107436 | $114895 | $119760 |
| **03/2020** | $93488 | $99560 | $96652 |
| **04/2020** | $99745 | $105992 | $108399 |
| **05/2020** | $105325 | $110608 | $114972 |
| **06/2020** | $108567 | $114374 | $118718 |
| **07/2020** | $113241 | $117040 | $124656 |
| **08/2020** | $119348 | $123057 | $132855 |
| **09/2020** | $120403 | $119860 | $131172 |
| **10/2020** | $117312 | $115074 | $127694 |
| **11/2020** | $131260 | $132912 | $145364 |
| **12/2020** | $137802 | $139091 | $155529 |
| **01/2021** | $137044 | $137610 | $155256 |
| **02/2021** | $141440 | $140696 | $160873 |
| **03/2021** | $144093 | $143931 | $164134 |
| **04/2021** | $148793 | $148262 | $171672 |
| **05/2021** | $153037 | $153097 | $175650 |
| **06/2021** | $151294 | $151374 | $174560 |
| **07/2021** | $151597 | $152514 | $175961 |
| **08/2021** | $152886 | $155331 | $180026 |
| **09/2021** | $146898 | $150700 | $174552 |
| **10/2021** | $148111 | $154406 | $177282 |
| **11/2021** | $142350 | $147220 | $168505 |
| **12/2021** | $148377 | $154758 | $175629 |
| **01/2022** | $139621 | $147279 | $164666 |
| **02/2022** | $134888 | $144675 | $162533 |
| **03/2022** | $132127 | $145605 | $164188 |
| **04/2022** | $123135 | $136185 | $153589 |
| **05/2022** | $126684 | $137206 | $152174 |
| **06/2022** | $113196 | $124475 | $135376 |
| **07/2022** | $117613 | $130678 | $143198 |
| **08/2022** | $110356 | $124471 | $139442 |
| **09/2022** | $100180 | $112827 | $124048 |
| **10/2022** | $106175 | $118895 | $128079 |
| **11/2022** | $120374 | $132286 | $140320 |
| **12/2022** | $118146 | $132393 | $140554 |
| **01/2023** | $128500 | $143114 | $150673 |
| **02/2023** | $126011 | $140127 | $146823 |
| **03/2023** | $128098 | $143600 | $147155 |
| **04/2023** | $126413 | $147654 | $149323 |
| **05/2023** | $125289 | $141406 | $145182 |
| **06/2023** | $133155 | $147841 | $150170 |
| **07/2023** | $138131 | $152625 | $157796 |
| **08/2023** | $135242 | $146777 | $153397 |
| **09/2023** | $128259 | $141764 | $147624 |
| **10/2023** | $122319 | $136017 | $139370 |
| **11/2023** | $132192 | $148641 | $152856 |
| **12/2023** | $136621 | $156538 | $162563 |
| **01/2024** | $134494 | $157439 | $159774 |
| **02/2024** | $144802 | $160321 | $161374 |
| **03/2024** | $148565 | $165594 | $165991 |
| **04/2024** | $143084 | $161353 | $163575 |
| **05/2024** | $149874 | $167603 | $168874 |
| **06/2024** | $150038 | $164898 | $167083 |
| **07/2024** | $149629 | $169735 | $173446 |
| **08/2024** | $151592 | $175254 | $176641 |
| **09/2024** | $151429 | $176873 | $181951 |
| **10/2024** | $144720 | $167254 | $172443 |
| **11/2024** | $146356 | $166305 | $171680 |
| **12/2024** | $142001 | $162523 | $168021 |
| **01/2025** | $139741 | $171064 | $170258 |
| **02/2025** | $136216 | $174382 | $168444 |
| **03/2025** | $134860 | $173678 | $169100 |
| **04/2025** | $142543 | $181633 | $177037 |
| **05/2025** | $155017 | $189944 | $188500 |
| **06/2025** | $168123 | $194129 | $197729 |
| **07/2025** | $172190 | $191404 | $198054 |
| **08/2025** | $181591 | $199564 | $206504 |
| **09/2025** | $185929 | $203383 | $210937 |
| **10/2025** | $191805 | $205776 | $211384 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>Footnote Reference1</sup> | 32.53% | 10.33% | 6.73% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |
| MSCI<sup>®</sup> ACWI ex USA Small Cap Index (Net) | 22.58% | 10.61% | 7.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. Performance includes historical performance of another Class of the Fund. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $129605795 |
| # of Portfolio Holdings | 151 |
| Portfolio Turnover Rate | 209% |
| Total Management Fees Paid | $705177 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g07l14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 95.8 |
| Investment Companies | 3.6 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| King Slide Works Co. Ltd. | 1.2 |
| Medincell SA | 1.1 |
| HD Hyundai Electric Co. Ltd. | 1.1 |
| Chenbro Micom Co. Ltd. | 1.1 |
| Kandenko Co. Ltd. | 1.1 |
| Kioxia Holdings Corp. | 1 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1 |
| Taiwan Union Technology Corp. | 0.9 |
| Bizlink Holding, Inc. | 0.9 |
| MPI Corp. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g66d20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.6 |
| Utilities | 1.4 |
| Communication Services | 2.6 |
| Energy | 2.7 |
| Health Care | 4.2 |
| Consumer Discretionary | 9.4 |
| Materials | 11.9 |
| Financials | 13.0 |
| Information Technology | 22.1 |
| Industrials | 32.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g16v37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Spain | 2.5 |
| Germany | 3.3 |
| Italy | 3.9 |
| Israel | 4.8 |
| China | 6.9 |
| Canada | 9.8 |
| Republic of Korea | 9.9 |
| Australia | 10.9 |
| Taiwan | 12.2 |
| Japan | 15.0 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# IMC International Small Cap Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Y: TOVYX

#### Distributed by:
Resolute Investment Distributors, Inc.

EAM_Y 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Garcia Hamilton Quality Bond Fund
Annual Shareholder Report - October 31, 2025 \| Investor Class: GHQPX

This annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $86 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The Investor Class of the Fund returned 6.32% for the twelve months ended October 31, 2025, compared to the Bloomberg U.S. Aggregate Bond Index return of 6.16%.

• The U.S. bond market delivered strong results for the twelve-month period as the Federal Reserve lowered the Federal Funds Rate four times, 1% in total, amid economic headwinds, including tariffs, a softening labor market and persistent inflation.

• The Fund's long-duration positioning, relative to the Bloomberg US Aggregate Bond Index, and its overweighting to agency mortgage-backed securities contributed positively to performance.

• Underweight allocations to the credit sector and commercial mortgage-backed securities detracted from results as both segments performed well despite a slowing economy.

• Fund performance was further impacted negatively by its underweighting to the short end of the yield curve, which outperformed following Fed rate reductions.

## **Cumulative Performance from April 4, 2016 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g50m12.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **Bloomberg US Aggregate Bond Index** |
| **04/2016** | $10000 | $10000 |
| **04/2016** | $9947 | $10034 |
| **05/2016** | $9951 | $10036 |
| **06/2016** | $10083 | $10217 |
| **07/2016** | $10148 | $10281 |
| **08/2016** | $10153 | $10270 |
| **09/2016** | $10108 | $10264 |
| **10/2016** | $10024 | $10185 |
| **11/2016** | $9820 | $9944 |
| **12/2016** | $9836 | $9958 |
| **01/2017** | $9856 | $9978 |
| **02/2017** | $9927 | $10045 |
| **03/2017** | $9908 | $10039 |
| **04/2017** | $9969 | $10117 |
| **05/2017** | $10018 | $10195 |
| **06/2017** | $10028 | $10185 |
| **07/2017** | $10017 | $10228 |
| **08/2017** | $10098 | $10320 |
| **09/2017** | $10057 | $10271 |
| **10/2017** | $10066 | $10277 |
| **11/2017** | $10086 | $10264 |
| **12/2017** | $10126 | $10311 |
| **01/2018** | $10076 | $10192 |
| **02/2018** | $10035 | $10095 |
| **03/2018** | $10090 | $10160 |
| **04/2018** | $10083 | $10085 |
| **05/2018** | $10150 | $10157 |
| **06/2018** | $10155 | $10144 |
| **07/2018** | $10149 | $10147 |
| **08/2018** | $10184 | $10212 |
| **09/2018** | $10168 | $10146 |
| **10/2018** | $10103 | $10066 |
| **11/2018** | $10140 | $10126 |
| **12/2018** | $10177 | $10312 |
| **01/2019** | $10247 | $10422 |
| **02/2019** | $10255 | $10416 |
| **03/2019** | $10327 | $10615 |
| **04/2019** | $10336 | $10618 |
| **05/2019** | $10417 | $10807 |
| **06/2019** | $10446 | $10942 |
| **07/2019** | $10465 | $10966 |
| **08/2019** | $10587 | $11251 |
| **09/2019** | $10571 | $11191 |
| **10/2019** | $10587 | $11224 |
| **11/2019** | $10603 | $11219 |
| **12/2019** | $10586 | $11211 |
| **01/2020** | $10674 | $11427 |
| **02/2020** | $10741 | $11632 |
| **03/2020** | $10447 | $11564 |
| **04/2020** | $10717 | $11769 |
| **05/2020** | $10825 | $11824 |
| **06/2020** | $10920 | $11899 |
| **07/2020** | $11037 | $12076 |
| **08/2020** | $11002 | $11979 |
| **09/2020** | $10977 | $11972 |
| **10/2020** | $10963 | $11919 |
| **11/2020** | $11033 | $12036 |
| **12/2020** | $11043 | $12052 |
| **01/2021** | $10982 | $11966 |
| **02/2021** | $10935 | $11793 |
| **03/2021** | $10868 | $11646 |
| **04/2021** | $10901 | $11738 |
| **05/2021** | $10869 | $11776 |
| **06/2021** | $10859 | $11859 |
| **07/2021** | $10882 | $11992 |
| **08/2021** | $10872 | $11969 |
| **09/2021** | $10862 | $11865 |
| **10/2021** | $10841 | $11862 |
| **11/2021** | $10807 | $11897 |
| **12/2021** | $10796 | $11867 |
| **01/2022** | $10708 | $11611 |
| **02/2022** | $10632 | $11481 |
| **03/2022** | $10468 | $11162 |
| **04/2022** | $10176 | $10739 |
| **05/2022** | $10252 | $10808 |
| **06/2022** | $10138 | $10639 |
| **07/2022** | $10414 | $10898 |
| **08/2022** | $10066 | $10591 |
| **09/2022** | $9550 | $10133 |
| **10/2022** | $9380 | $10002 |
| **11/2022** | $9784 | $10370 |
| **12/2022** | $9729 | $10323 |
| **01/2023** | $10135 | $10640 |
| **02/2023** | $9820 | $10365 |
| **03/2023** | $10093 | $10629 |
| **04/2023** | $10139 | $10693 |
| **05/2023** | $10027 | $10576 |
| **06/2023** | $9983 | $10539 |
| **07/2023** | $9927 | $10531 |
| **08/2023** | $9826 | $10464 |
| **09/2023** | $9448 | $10198 |
| **10/2023** | $9231 | $10037 |
| **11/2023** | $9753 | $10492 |
| **12/2023** | $10220 | $10893 |
| **01/2024** | $10164 | $10864 |
| **02/2024** | $9993 | $10710 |
| **03/2024** | $10090 | $10809 |
| **04/2024** | $9728 | $10536 |
| **05/2024** | $9919 | $10715 |
| **06/2024** | $10075 | $10816 |
| **07/2024** | $10303 | $11069 |
| **08/2024** | $10521 | $11228 |
| **09/2024** | $10653 | $11378 |
| **10/2024** | $10274 | $11096 |
| **11/2024** | $10409 | $11213 |
| **12/2024** | $10159 | $11030 |
| **01/2025** | $10199 | $11088 |
| **02/2025** | $10479 | $11332 |
| **03/2025** | $10481 | $11336 |
| **04/2025** | $10545 | $11381 |
| **05/2025** | $10403 | $11299 |
| **06/2025** | $10612 | $11473 |
| **07/2025** | $10542 | $11443 |
| **08/2025** | $10694 | $11580 |
| **09/2025** | $10831 | $11706 |
| **10/2025** | $10923 | $11779 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **Since Inception (4/4/16)** |
| Investor Class<sup>Footnote Reference1</sup> | 6.32% | (0.07)% | 0.93% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $332707144 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 33% |
| Total Management Fees Paid | $816320 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g97g33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Mortgage-Backed Obligations | 48.8 |
| U.S. Treasury Obligations | 47.7 |
| Corporate Obligations | 3.5 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.000%, Due 2/15/2034 | 12.4 |
| U.S. Treasury Notes, 3.500%, Due 2/15/2033 | 10.6 |
| U.S. Treasury Bonds, 3.750%, Due 8/15/2041 | 7.6 |
| Federal Home Loan Mortgage Corp., 2.000%, Due 10/1/2052 | 5.5 |
| U.S. Treasury Bonds, 2.500%, Due 2/15/2045 | 5.2 |
| U.S. Treasury Bonds, 2.500%, Due 5/15/2046 | 5.1 |
| U.S. Treasury Notes, 1.875%, Due 2/15/2032 | 4.5 |
| Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052 | 3.9 |
| Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052 | 3.7 |
| Federal National Mortgage Association, 3.000%, Due 5/1/2052 | 3.3 |

---

Excludes cash equivalents.

### Industry Allocation - % Investments
![Group By Industry Chart](g77694g23r59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Media | 1.6 |
| Electric | 1.9 |
| U.S. Treasury Obligations | 47.7 |
| U.S. Agency Mortgage-Backed Obligations | 48.8 |

---

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/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Investor Class: GHQPX

#### Distributed by:
Resolute Investment Distributors, Inc.

Garcia_Investor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Garcia Hamilton Quality Bond Fund
Annual Shareholder Report - October 31, 2025 \| Class R5: GHQIX

This annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $48 | 0.46% |

---

## How did the Fund perform and what affected its performance?
The R5 Class of the Fund returned 6.60% for the twelve months ended October 31, 2025, compared to the Bloomberg U.S. Aggregate Bond Index return of 6.16%.

• The U.S. bond market delivered strong results for the twelve-month period as the Federal Reserve lowered the Federal Funds Rate four times, 1% in total, amid economic headwinds, including tariffs, a softening labor market and persistent inflation.

• The Fund's long-duration positioning, relative to the Bloomberg US Aggregate Bond Index, and its overweighting to agency mortgage-backed securities contributed positively to performance.

• Underweight allocations to the credit sector and commercial mortgage-backed securities detracted from results as both segments performed well despite a slowing economy.

• Fund performance was further impacted negatively by its underweighting to the short end of the yield curve, which outperformed following Fed rate reductions.

## **Cumulative Performance from April 4, 2016 through October 31, 2025** 
The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g23s35.jpg)

---

| | | |
|:---|:---|:---|
| | **R5** | **Bloomberg US Aggregate Bond Index** |
| **04/2016** | $250000 | $250000 |
| **04/2016** | $248686 | $250846 |
| **05/2016** | $249135 | $250910 |
| **06/2016** | $252291 | $255418 |
| **07/2016** | $253991 | $257033 |
| **08/2016** | $254185 | $256739 |
| **09/2016** | $253133 | $256589 |
| **10/2016** | $250858 | $254626 |
| **11/2016** | $246090 | $248603 |
| **12/2016** | $246318 | $248954 |
| **01/2017** | $246905 | $249442 |
| **02/2017** | $249001 | $251119 |
| **03/2017** | $248612 | $250987 |
| **04/2017** | $250205 | $252924 |
| **05/2017** | $251535 | $254871 |
| **06/2017** | $251845 | $254614 |
| **07/2017** | $251663 | $255710 |
| **08/2017** | $253771 | $258004 |
| **09/2017** | $252814 | $256775 |
| **10/2017** | $253140 | $256924 |
| **11/2017** | $253459 | $256594 |
| **12/2017** | $254811 | $257772 |
| **01/2018** | $253618 | $254803 |
| **02/2018** | $252671 | $252387 |
| **03/2018** | $254124 | $254006 |
| **04/2018** | $253770 | $252117 |
| **05/2018** | $255794 | $253916 |
| **06/2018** | $256000 | $253604 |
| **07/2018** | $255935 | $253664 |
| **08/2018** | $256902 | $255296 |
| **09/2018** | $256575 | $253652 |
| **10/2018** | $255015 | $251648 |
| **11/2018** | $256031 | $253150 |
| **12/2018** | $257055 | $257801 |
| **01/2019** | $258908 | $260539 |
| **02/2019** | $259179 | $260388 |
| **03/2019** | $261084 | $265387 |
| **04/2019** | $261386 | $265455 |
| **05/2019** | $263541 | $270168 |
| **06/2019** | $264354 | $273560 |
| **07/2019** | $264907 | $274162 |
| **08/2019** | $268086 | $281266 |
| **09/2019** | $267765 | $279768 |
| **10/2019** | $268267 | $280611 |
| **11/2019** | $268472 | $280468 |
| **12/2019** | $268408 | $280273 |
| **01/2020** | $270737 | $285666 |
| **02/2020** | $272510 | $290808 |
| **03/2020** | $265165 | $289096 |
| **04/2020** | $272331 | $294236 |
| **05/2020** | $274873 | $295605 |
| **06/2020** | $277376 | $297468 |
| **07/2020** | $280423 | $301911 |
| **08/2020** | $279638 | $299474 |
| **09/2020** | $279367 | $299310 |
| **10/2020** | $278815 | $297973 |
| **11/2020** | $280683 | $300897 |
| **12/2020** | $281023 | $301312 |
| **01/2021** | $279582 | $299151 |
| **02/2021** | $278452 | $294831 |
| **03/2021** | $277123 | $291150 |
| **04/2021** | $277779 | $293450 |
| **05/2021** | $277049 | $294409 |
| **06/2021** | $276884 | $296477 |
| **07/2021** | $277553 | $299792 |
| **08/2021** | $277385 | $299221 |
| **09/2021** | $277213 | $296631 |
| **10/2021** | $276469 | $296549 |
| **11/2021** | $275977 | $297426 |
| **12/2021** | $275779 | $296665 |
| **01/2022** | $273627 | $290274 |
| **02/2022** | $271482 | $287035 |
| **03/2022** | $267677 | $279061 |
| **04/2022** | $260301 | $268471 |
| **05/2022** | $262315 | $270202 |
| **06/2022** | $259495 | $265963 |
| **07/2022** | $266635 | $272462 |
| **08/2022** | $257818 | $264763 |
| **09/2022** | $244974 | $253324 |
| **10/2022** | $240419 | $250043 |
| **11/2022** | $250842 | $259238 |
| **12/2022** | $249214 | $258069 |
| **01/2023** | $259708 | $266008 |
| **02/2023** | $251692 | $259130 |
| **03/2023** | $259069 | $265713 |
| **04/2023** | $260073 | $267323 |
| **05/2023** | $257273 | $264412 |
| **06/2023** | $256508 | $263469 |
| **07/2023** | $255165 | $263286 |
| **08/2023** | $252642 | $261604 |
| **09/2023** | $243315 | $254956 |
| **10/2023** | $237824 | $250933 |
| **11/2023** | $251009 | $262296 |
| **12/2023** | $263112 | $272337 |
| **01/2024** | $261449 | $271589 |
| **02/2024** | $256154 | $267752 |
| **03/2024** | $259013 | $270224 |
| **04/2024** | $250088 | $263399 |
| **05/2024** | $255095 | $267864 |
| **06/2024** | $259495 | $270400 |
| **07/2024** | $265442 | $276716 |
| **08/2024** | $270850 | $280692 |
| **09/2024** | $274318 | $284451 |
| **10/2024** | $264940 | $277397 |
| **11/2024** | $268197 | $280329 |
| **12/2024** | $261838 | $275742 |
| **01/2025** | $262958 | $277205 |
| **02/2025** | $270267 | $283304 |
| **03/2025** | $270391 | $283410 |
| **04/2025** | $272116 | $284524 |
| **05/2025** | $268852 | $282487 |
| **06/2025** | $274042 | $286830 |
| **07/2025** | $272311 | $286074 |
| **08/2025** | $276320 | $289495 |
| **09/2025** | $279966 | $292653 |
| **10/2025** | $282430 | $294482 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **Since Inception (4/4/16)** |
| Class R5<sup>Footnote Reference1</sup> | 6.60% | 0.26% | 1.28% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $332707144 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 33% |
| Total Management Fees Paid | $816320 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g97g33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Mortgage-Backed Obligations | 48.8 |
| U.S. Treasury Obligations | 47.7 |
| Corporate Obligations | 3.5 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.000%, Due 2/15/2034 | 12.4 |
| U.S. Treasury Notes, 3.500%, Due 2/15/2033 | 10.6 |
| U.S. Treasury Bonds, 3.750%, Due 8/15/2041 | 7.6 |
| Federal Home Loan Mortgage Corp., 2.000%, Due 10/1/2052 | 5.5 |
| U.S. Treasury Bonds, 2.500%, Due 2/15/2045 | 5.2 |
| U.S. Treasury Bonds, 2.500%, Due 5/15/2046 | 5.1 |
| U.S. Treasury Notes, 1.875%, Due 2/15/2032 | 4.5 |
| Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052 | 3.9 |
| Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052 | 3.7 |
| Federal National Mortgage Association, 3.000%, Due 5/1/2052 | 3.3 |

---

Excludes cash equivalents.

### Industry Allocation - % Investments
![Group By Industry Chart](g77694g23r59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Media | 1.6 |
| Electric | 1.9 |
| U.S. Treasury Obligations | 47.7 |
| U.S. Agency Mortgage-Backed Obligations | 48.8 |

---

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/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R5: GHQIX

#### Distributed by:
Resolute Investment Distributors, Inc.

Garcia_R5 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Garcia Hamilton Quality Bond Fund
Annual Shareholder Report - October 31, 2025 \| Class R6: GHQRX

This annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $43 | 0.41% |

---

## How did the Fund perform and what affected its performance?
The R6 Class of the Fund returned 8.22% for the twelve months ended October 31, 2025, compared to the Bloomberg U.S. Aggregate Bond Index return of 6.16%.

• The U.S. bond market delivered strong results for the twelve-month period as the Federal Reserve lowered the Federal Funds Rate four times, 1% in total, amid economic headwinds, including tariffs, a softening labor market and persistent inflation.

• The Fund's long-duration positioning, relative to the Bloomberg US Aggregate Bond Index, and its overweighting to agency mortgage-backed securities contributed positively to performance.

• Underweight allocations to the credit sector and commercial mortgage-backed securities detracted from results as both segments performed well despite a slowing economy.

• Fund performance was further impacted negatively by its underweighting to the short end of the yield curve, which outperformed following Fed rate reductions.

## **Cumulative Performance from April 4, 2016 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g42w13.jpg)

---

| | | |
|:---|:---|:---|
| | **R6** | **Bloomberg US Aggregate Bond Index** |
| **4/4/2016** | $10000 | $10000 |
| **4/30/2016** | $9947 | $10034 |
| **5/31/2016** | $9965 | $10036 |
| **6/30/2016** | $10092 | $10217 |
| **7/31/2016** | $10160 | $10281 |
| **8/31/2016** | $10167 | $10270 |
| **9/30/2016** | $10125 | $10264 |
| **10/31/2016** | $10034 | $10185 |
| **11/30/2016** | $9844 | $9944 |
| **12/31/2016** | $9853 | $9958 |
| **1/31/2017** | $9876 | $9978 |
| **2/28/2017** | $9960 | $10045 |
| **3/31/2017** | $9944 | $10039 |
| **4/30/2017** | $10008 | $10117 |
| **5/31/2017** | $10061 | $10195 |
| **6/30/2017** | $10074 | $10185 |
| **7/31/2017** | $10067 | $10228 |
| **8/31/2017** | $10151 | $10320 |
| **9/30/2017** | $10113 | $10271 |
| **10/31/2017** | $10126 | $10277 |
| **11/30/2017** | $10138 | $10264 |
| **12/31/2017** | $10192 | $10311 |
| **1/31/2018** | $10145 | $10192 |
| **2/28/2018** | $10107 | $10095 |
| **3/31/2018** | $10165 | $10160 |
| **4/30/2018** | $10151 | $10085 |
| **5/31/2018** | $10232 | $10157 |
| **6/30/2018** | $10240 | $10144 |
| **7/31/2018** | $10237 | $10147 |
| **8/31/2018** | $10276 | $10212 |
| **9/30/2018** | $10263 | $10146 |
| **10/31/2018** | $10201 | $10066 |
| **11/30/2018** | $10241 | $10126 |
| **12/31/2018** | $10282 | $10312 |
| **1/31/2019** | $10356 | $10422 |
| **2/28/2019** | $10367 | $10416 |
| **3/31/2019** | $10444 | $10615 |
| **4/30/2019** | $10456 | $10618 |
| **5/31/2019** | $10532 | $10807 |
| **6/30/2019** | $10576 | $10942 |
| **7/31/2019** | $10598 | $10966 |
| **8/31/2019** | $10715 | $11251 |
| **9/30/2019** | $10704 | $11191 |
| **10/31/2019** | $10724 | $11224 |
| **11/30/2019** | $10743 | $11219 |
| **12/31/2019** | $10730 | $11211 |
| **1/31/2020** | $10824 | $11427 |
| **2/29/2020** | $10895 | $11632 |
| **3/31/2020** | $10612 | $11564 |
| **4/30/2020** | $10889 | $11769 |
| **5/31/2020** | $11001 | $11824 |
| **6/30/2020** | $11091 | $11899 |
| **7/31/2020** | $11213 | $12076 |
| **8/31/2020** | $11182 | $11979 |
| **9/30/2020** | $11172 | $11972 |
| **10/31/2020** | $11150 | $11919 |
| **11/30/2020** | $11225 | $12036 |
| **12/31/2020** | $11250 | $12052 |
| **1/31/2021** | $11193 | $11966 |
| **2/28/2021** | $11137 | $11793 |
| **3/31/2021** | $11084 | $11646 |
| **4/30/2021** | $11122 | $11738 |
| **5/31/2021** | $11093 | $11776 |
| **6/30/2021** | $11087 | $11859 |
| **7/31/2021** | $11114 | $11992 |
| **8/31/2021** | $11107 | $11969 |
| **9/30/2021** | $11090 | $11865 |
| **10/31/2021** | $11071 | $11862 |
| **11/30/2021** | $11053 | $11897 |
| **12/31/2021** | $11034 | $11867 |
| **1/31/2022** | $10948 | $11611 |
| **2/28/2022** | $10874 | $11481 |
| **3/31/2022** | $10710 | $11162 |
| **4/30/2022** | $10427 | $10739 |
| **5/31/2022** | $10496 | $10808 |
| **6/30/2022** | $10384 | $10639 |
| **7/31/2022** | $10670 | $10898 |
| **8/31/2022** | $10317 | $10591 |
| **9/30/2022** | $9803 | $10133 |
| **10/31/2022** | $9621 | $10002 |
| **11/30/2022** | $10038 | $10370 |
| **12/31/2022** | $9985 | $10323 |
| **1/31/2023** | $10406 | $10640 |
| **2/28/2023** | $10085 | $10365 |
| **3/31/2023** | $10369 | $10629 |
| **4/30/2023** | $10421 | $10693 |
| **5/31/2023** | $10309 | $10576 |
| **6/30/2023** | $10267 | $10539 |
| **7/31/2023** | $10214 | $10531 |
| **8/31/2023** | $10113 | $10464 |
| **9/30/2023** | $9727 | $10198 |
| **10/31/2023** | $9508 | $10037 |
| **11/30/2023** | $10048 | $10492 |
| **12/31/2023** | $10534 | $10893 |
| **1/31/2024** | $10479 | $10864 |
| **2/29/2024** | $10268 | $10710 |
| **3/31/2024** | $10370 | $10809 |
| **4/30/2024** | $10001 | $10536 |
| **5/31/2024** | $10202 | $10715 |
| **6/30/2024** | $10378 | $10816 |
| **7/31/2024** | $10605 | $11069 |
| **8/31/2024** | $10834 | $11228 |
| **9/30/2024** | $10973 | $11378 |
| **10/31/2024** | $10598 | $11096 |
| **11/30/2024** | $10729 | $11213 |
| **12/31/2024** | $10474 | $11030 |
| **1/31/2025** | $10519 | $11088 |
| **2/28/2025** | $10813 | $11332 |
| **3/31/2025** | $10818 | $11336 |
| **4/30/2025** | $10887 | $11381 |
| **5/31/2025** | $10757 | $11299 |
| **6/30/2025** | $10965 | $11473 |
| **7/31/2025** | $11061 | $11443 |
| **8/31/2025** | $11210 | $11580 |
| **9/30/2025** | $11370 | $11706 |
| **10/31/2025** | $11469 | $11779 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **Since Inception (4/4/16)** |
| R6 Class<sup>Footnote Reference1</sup> | 8.22% | 0.57% | 1.44% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. Performance includes historical performance of another Class of the Fund. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $332707144 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 33% |
| Total Management Fees Paid | $816320 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g97g33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Mortgage-Backed Obligations | 48.8 |
| U.S. Treasury Obligations | 47.7 |
| Corporate Obligations | 3.5 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.000%, Due 2/15/2034 | 12.4 |
| U.S. Treasury Notes, 3.500%, Due 2/15/2033 | 10.6 |
| U.S. Treasury Bonds, 3.750%, Due 8/15/2041 | 7.6 |
| Federal Home Loan Mortgage Corp., 2.000%, Due 10/1/2052 | 5.5 |
| U.S. Treasury Bonds, 2.500%, Due 2/15/2045 | 5.2 |
| U.S. Treasury Bonds, 2.500%, Due 5/15/2046 | 5.1 |
| U.S. Treasury Notes, 1.875%, Due 2/15/2032 | 4.5 |
| Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052 | 3.9 |
| Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052 | 3.7 |
| Federal National Mortgage Association, 3.000%, Due 5/1/2052 | 3.3 |

---

Excludes cash equivalents.

### Industry Allocation - % Investments
![Group By Industry Chart](g77694g23r59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Media | 1.6 |
| Electric | 1.9 |
| U.S. Treasury Obligations | 47.7 |
| U.S. Agency Mortgage-Backed Obligations | 48.8 |

---

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/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R6: GHQRX

#### Distributed by:
Resolute Investment Distributors, Inc.

Garcia_R6 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Garcia Hamilton Quality Bond Fund
Annual Shareholder Report - October 31, 2025 \| Class Y: GHQYX

This annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $54 | 0.52% |

---

## How did the Fund perform and what affected its performance?
The Y Class of the Fund returned 6.67% for the twelve months ended October 31, 2025, compared to the Bloomberg U.S. Aggregate Bond Index return of 6.16%.

• The U.S. bond market delivered strong results for the twelve-month period as the Federal Reserve lowered the Federal Funds Rate four times, 1% in total, amid economic headwinds, including tariffs, a softening labor market and persistent inflation.

• The Fund's long-duration positioning, relative to the Bloomberg US Aggregate Bond Index, and its overweighting to agency mortgage-backed securities contributed positively to performance.

• Underweight allocations to the credit sector and commercial mortgage-backed securities detracted from results as both segments performed well despite a slowing economy.

• Fund performance was further impacted negatively by its underweighting to the short end of the yield curve, which outperformed following Fed rate reductions.

## **Cumulative Performance from April 4, 2016 through October 31, 2025** 
The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g12n71.jpg)

---

| | | |
|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Y** | **Bloomberg US Aggregate Bond Index** |
| **04/2016** | $100000 | $100000 |
| **04/2016** | $99450 | $100338 |
| **05/2016** | $99642 | $100364 |
| **06/2016** | $100896 | $102167 |
| **07/2016** | $101567 | $102813 |
| **08/2016** | $101535 | $102696 |
| **09/2016** | $101108 | $102636 |
| **10/2016** | $100290 | $101850 |
| **11/2016** | $98375 | $99441 |
| **12/2016** | $98457 | $99582 |
| **01/2017** | $98683 | $99777 |
| **02/2017** | $99513 | $100448 |
| **03/2017** | $99350 | $100395 |
| **04/2017** | $99877 | $101170 |
| **05/2017** | $100399 | $101948 |
| **06/2017** | $100616 | $101846 |
| **07/2017** | $100535 | $102284 |
| **08/2017** | $101369 | $103201 |
| **09/2017** | $100876 | $102710 |
| **10/2017** | $100998 | $102769 |
| **11/2017** | $101219 | $102638 |
| **12/2017** | $101648 | $103109 |
| **01/2018** | $101163 | $101921 |
| **02/2018** | $100777 | $100955 |
| **03/2018** | $101451 | $101602 |
| **04/2018** | $101301 | $100847 |
| **05/2018** | $101998 | $101566 |
| **06/2018** | $102072 | $101442 |
| **07/2018** | $102037 | $101466 |
| **08/2018** | $102414 | $102119 |
| **09/2018** | $102275 | $101461 |
| **10/2018** | $101748 | $100659 |
| **11/2018** | $102145 | $101260 |
| **12/2018** | $102544 | $103120 |
| **01/2019** | $103170 | $104215 |
| **02/2019** | $103375 | $104155 |
| **03/2019** | $104126 | $106155 |
| **04/2019** | $104238 | $106182 |
| **05/2019** | $104983 | $108067 |
| **06/2019** | $105404 | $109424 |
| **07/2019** | $105615 | $109665 |
| **08/2019** | $106873 | $112506 |
| **09/2019** | $106736 | $111907 |
| **10/2019** | $106927 | $112244 |
| **11/2019** | $107001 | $112187 |
| **12/2019** | $106966 | $112109 |
| **01/2020** | $107885 | $114266 |
| **02/2020** | $108584 | $116323 |
| **03/2020** | $105649 | $115639 |
| **04/2020** | $108493 | $117694 |
| **05/2020** | $109496 | $118242 |
| **06/2020** | $110483 | $118987 |
| **07/2020** | $111687 | $120764 |
| **08/2020** | $111366 | $119790 |
| **09/2020** | $111249 | $119724 |
| **10/2020** | $111020 | $119189 |
| **11/2020** | $111755 | $120359 |
| **12/2020** | $111881 | $120525 |
| **01/2021** | $111299 | $119660 |
| **02/2021** | $110841 | $117933 |
| **03/2021** | $110307 | $116460 |
| **04/2021** | $110563 | $117380 |
| **05/2021** | $110267 | $117763 |
| **06/2021** | $110306 | $118591 |
| **07/2021** | $110567 | $119917 |
| **08/2021** | $110383 | $119689 |
| **09/2021** | $110309 | $118652 |
| **10/2021** | $110119 | $118620 |
| **11/2021** | $109918 | $118970 |
| **12/2021** | $109721 | $118666 |
| **01/2022** | $108859 | $116110 |
| **02/2022** | $108114 | $114814 |
| **03/2022** | $106483 | $111624 |
| **04/2022** | $103544 | $107388 |
| **05/2022** | $104450 | $108081 |
| **06/2022** | $103210 | $106385 |
| **07/2022** | $105983 | $108985 |
| **08/2022** | $102469 | $105905 |
| **09/2022** | $97240 | $101329 |
| **10/2022** | $95536 | $100017 |
| **11/2022** | $99677 | $103695 |
| **12/2022** | $99138 | $103227 |
| **01/2023** | $103314 | $106403 |
| **02/2023** | $100122 | $103652 |
| **03/2023** | $102936 | $106285 |
| **04/2023** | $103323 | $106929 |
| **05/2023** | $102321 | $105765 |
| **06/2023** | $101779 | $105388 |
| **07/2023** | $101356 | $105314 |
| **08/2023** | $100348 | $104642 |
| **09/2023** | $96516 | $101982 |
| **10/2023** | $94328 | $100373 |
| **11/2023** | $99685 | $104919 |
| **12/2023** | $104490 | $108935 |
| **01/2024** | $103942 | $108636 |
| **02/2024** | $101832 | $107101 |
| **03/2024** | $102843 | $108090 |
| **04/2024** | $99288 | $105360 |
| **05/2024** | $101153 | $107146 |
| **06/2024** | $102896 | $108160 |
| **07/2024** | $105253 | $110686 |
| **08/2024** | $107277 | $112277 |
| **09/2024** | $108649 | $113780 |
| **10/2024** | $104916 | $110959 |
| **11/2024** | $106326 | $112132 |
| **12/2024** | $103792 | $110297 |
| **01/2025** | $104231 | $110882 |
| **02/2025** | $107129 | $113321 |
| **03/2025** | $107173 | $113364 |
| **04/2025** | $107852 | $113810 |
| **05/2025** | $106549 | $112995 |
| **06/2025** | $108604 | $114732 |
| **07/2025** | $107911 | $114430 |
| **08/2025** | $109497 | $115798 |
| **09/2025** | $110939 | $117061 |
| **10/2025** | $111911 | $117793 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **Since Inception (4/4/16)** |
| Class Y<sup>Footnote Reference1</sup> | 6.67% | 0.16% | 1.18% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 1.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $332707144 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 33% |
| Total Management Fees Paid | $816320 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g97g33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Mortgage-Backed Obligations | 48.8 |
| U.S. Treasury Obligations | 47.7 |
| Corporate Obligations | 3.5 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.000%, Due 2/15/2034 | 12.4 |
| U.S. Treasury Notes, 3.500%, Due 2/15/2033 | 10.6 |
| U.S. Treasury Bonds, 3.750%, Due 8/15/2041 | 7.6 |
| Federal Home Loan Mortgage Corp., 2.000%, Due 10/1/2052 | 5.5 |
| U.S. Treasury Bonds, 2.500%, Due 2/15/2045 | 5.2 |
| U.S. Treasury Bonds, 2.500%, Due 5/15/2046 | 5.1 |
| U.S. Treasury Notes, 1.875%, Due 2/15/2032 | 4.5 |
| Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052 | 3.9 |
| Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052 | 3.7 |
| Federal National Mortgage Association, 3.000%, Due 5/1/2052 | 3.3 |

---

Excludes cash equivalents.

### Industry Allocation - % Investments
![Group By Industry Chart](g77694g23r59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Media | 1.6 |
| Electric | 1.9 |
| U.S. Treasury Obligations | 47.7 |
| U.S. Agency Mortgage-Backed Obligations | 48.8 |

---

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/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Y: GHQYX

#### Distributed by:
Resolute Investment Distributors, Inc.

Garcia_Y 1025

# American Beacon
![Image](g77694g70m62.jpg)

# International Equity Fund
Annual Shareholder Report - October 31, 2025 \| Class A: AIEAX

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $137 | 1.22% |

---

## How did the Fund perform and what affected its performance?
The A Class of the Fund returned 17.01% (with sales charges) and 24.12% (without sales charges) for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's focus on value stocks through a bottom-up approach and diversification through its multi-manager strategy provided strong returns during the period.

• The Fund's holdings in all sectors contributed to performance. Securities in the Financials, Industrials and Information Technology sectors contributed the most to the Fund's performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g30q78.jpg)

---

| | | |
|:---|:---|:---|
| | **A with Sales Charge** | **MSCI<sup>®</sup> EAFE Index (Net)** |
| **10/2015** | $9427 | $10000 |
| **11/2015** | $9320 | $9844 |
| **12/2015** | $9068 | $9712 |
| **01/2016** | $8499 | $9009 |
| **02/2016** | $8209 | $8844 |
| **03/2016** | $8773 | $9420 |
| **04/2016** | $9022 | $9693 |
| **05/2016** | $8996 | $9605 |
| **06/2016** | $8618 | $9282 |
| **07/2016** | $8923 | $9753 |
| **08/2016** | $9006 | $9760 |
| **09/2016** | $9115 | $9879 |
| **10/2016** | $8923 | $9677 |
| **11/2016** | $8830 | $9485 |
| **12/2016** | $9055 | $9809 |
| **01/2017** | $9315 | $10093 |
| **02/2017** | $9336 | $10238 |
| **03/2017** | $9680 | $10520 |
| **04/2017** | $9929 | $10787 |
| **05/2017** | $10252 | $11183 |
| **06/2017** | $10231 | $11163 |
| **07/2017** | $10538 | $11485 |
| **08/2017** | $10458 | $11481 |
| **09/2017** | $10781 | $11767 |
| **10/2017** | $10924 | $11945 |
| **11/2017** | $11078 | $12071 |
| **12/2017** | $11265 | $12265 |
| **01/2018** | $11765 | $12880 |
| **02/2018** | $11091 | $12298 |
| **03/2018** | $11042 | $12077 |
| **04/2018** | $11232 | $12352 |
| **05/2018** | $11025 | $12075 |
| **06/2018** | $10857 | $11927 |
| **07/2018** | $11091 | $12221 |
| **08/2018** | $10786 | $11985 |
| **09/2018** | $10927 | $12089 |
| **10/2018** | $10063 | $11127 |
| **11/2018** | $9997 | $11113 |
| **12/2018** | $9381 | $10573 |
| **01/2019** | $10035 | $11268 |
| **02/2019** | $10344 | $11555 |
| **03/2019** | $10279 | $11628 |
| **04/2019** | $10552 | $11955 |
| **05/2019** | $9910 | $11381 |
| **06/2019** | $10493 | $12056 |
| **07/2019** | $10201 | $11903 |
| **08/2019** | $9862 | $11595 |
| **09/2019** | $10249 | $11927 |
| **10/2019** | $10617 | $12355 |
| **11/2019** | $10742 | $12495 |
| **12/2019** | $11161 | $12901 |
| **01/2020** | $10594 | $12631 |
| **02/2020** | $9624 | $11490 |
| **03/2020** | $7813 | $9956 |
| **04/2020** | $8337 | $10599 |
| **05/2020** | $8709 | $11061 |
| **06/2020** | $9014 | $11437 |
| **07/2020** | $9167 | $11704 |
| **08/2020** | $9728 | $12306 |
| **09/2020** | $9313 | $11986 |
| **10/2020** | $8874 | $11507 |
| **11/2020** | $10771 | $13291 |
| **12/2020** | $11232 | $13909 |
| **01/2021** | $11003 | $13761 |
| **02/2021** | $11559 | $14070 |
| **03/2021** | $11948 | $14393 |
| **04/2021** | $12140 | $14826 |
| **05/2021** | $12640 | $15310 |
| **06/2021** | $12270 | $15137 |
| **07/2021** | $12140 | $15251 |
| **08/2021** | $12337 | $15533 |
| **09/2021** | $12121 | $15070 |
| **10/2021** | $12393 | $15441 |
| **11/2021** | $11627 | $14722 |
| **12/2021** | $12267 | $15476 |
| **01/2022** | $12315 | $14728 |
| **02/2022** | $11925 | $14468 |
| **03/2022** | $11494 | $14561 |
| **04/2022** | $10939 | $13619 |
| **05/2022** | $11377 | $13721 |
| **06/2022** | $10344 | $12448 |
| **07/2022** | $10686 | $13068 |
| **08/2022** | $9947 | $12447 |
| **09/2022** | $9031 | $11283 |
| **10/2022** | $9667 | $11889 |
| **11/2022** | $10926 | $13229 |
| **12/2022** | $10892 | $13239 |
| **01/2023** | $12055 | $14311 |
| **02/2023** | $11893 | $14013 |
| **03/2023** | $12216 | $14360 |
| **04/2023** | $12510 | $14765 |
| **05/2023** | $11949 | $14141 |
| **06/2023** | $12636 | $14784 |
| **07/2023** | $13056 | $15262 |
| **08/2023** | $12664 | $14678 |
| **09/2023** | $12132 | $14176 |
| **10/2023** | $11557 | $13602 |
| **11/2023** | $12636 | $14864 |
| **12/2023** | $13284 | $15654 |
| **01/2024** | $13041 | $15744 |
| **02/2024** | $13431 | $16032 |
| **03/2024** | $13932 | $16559 |
| **04/2024** | $13519 | $16135 |
| **05/2024** | $14300 | $16760 |
| **06/2024** | $13814 | $16490 |
| **07/2024** | $14440 | $16974 |
| **08/2024** | $14852 | $17525 |
| **09/2024** | $14896 | $17687 |
| **10/2024** | $14057 | $16725 |
| **11/2024** | $13888 | $16631 |
| **12/2024** | $13510 | $16252 |
| **01/2025** | $14252 | $17106 |
| **02/2025** | $14746 | $17438 |
| **03/2025** | $14737 | $17368 |
| **04/2025** | $15186 | $18163 |
| **05/2025** | $16019 | $18994 |
| **06/2025** | $16541 | $19413 |
| **07/2025** | $16523 | $19140 |
| **08/2025** | $16944 | $19956 |
| **09/2025** | $17311 | $20338 |
| **10/2025** | $17448 | $20578 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class A without Sales Charge<sup>Footnote Reference1</sup> | 24.12% | 14.48% | 6.35% |
| Class A with Maximum Sales Charge - 5.75%<sup>Footnote Reference1</sup> | 17.01% | 13.13% | 5.72% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $598382161 |
| # of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 49% |
| Total Management Fees Paid | $3425099 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g01a98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 87.1 |
| Common Stocks | 9.7 |
| Investment Companies | 2.8 |
| Foreign Preferred Stocks | 0.3 |
| Securities Lending Collateral | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 2.9 |
| AstraZeneca PLC | 2.7 |
| Alstom SA | 2.4 |
| Reckitt Benckiser Group PLC | 2.1 |
| Barclays PLC | 2.1 |
| GSK PLC | 1.9 |
| Kering SA | 1.8 |
| Societe Generale SA | 1.6 |
| Roche Holding AG | 1.5 |
| Prudential PLC | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g25i95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.8 |
| Utilities | 2.3 |
| Communication Services | 2.3 |
| Energy | 3.3 |
| Materials | 7.3 |
| Consumer Staples | 9.0 |
| Information Technology | 11.5 |
| Health Care | 12.4 |
| Consumer Discretionary | 13.5 |
| Financials | 17.5 |
| Industrials | 20.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g84p65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.5 |
| Spain | 2.8 |
| China | 2.9 |
| Republic of Korea | 5.2 |
| Netherlands | 6.6 |
| Germany | 9.2 |
| United States | 10.0 |
| Japan | 11.8 |
| France | 16.8 |
| United Kingdom | 20.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# International Equity Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class A: AIEAX

#### Distributed by:
Resolute Investment Distributors, Inc.

IE_A 1025

# American Beacon
![Image](g77694g70m62.jpg)

# International Equity Fund
Annual Shareholder Report - October 31, 2025 \| Class Advisor: AAISX

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $143 | 1.27% |

---

## How did the Fund perform and what affected its performance?
The Advisor Class of the Fund returned 24.06% for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's focus on value stocks through a bottom-up approach and diversification through its multi-manager strategy provided strong returns during the period.

• The Fund's holdings in all sectors contributed to performance. Securities in the Financials, Industrials and Information Technology sectors contributed the most to the Fund's performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g35c91.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor** | **MSCI<sup>®</sup> EAFE Index (Net)** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9884 | $9844 |
| **12/2015** | $9616 | $9712 |
| **01/2016** | $9014 | $9009 |
| **02/2016** | $8703 | $8844 |
| **03/2016** | $9299 | $9420 |
| **04/2016** | $9562 | $9693 |
| **05/2016** | $9535 | $9605 |
| **06/2016** | $9143 | $9282 |
| **07/2016** | $9465 | $9753 |
| **08/2016** | $9551 | $9760 |
| **09/2016** | $9664 | $9879 |
| **10/2016** | $9460 | $9677 |
| **11/2016** | $9358 | $9485 |
| **12/2016** | $9601 | $9809 |
| **01/2017** | $9875 | $10093 |
| **02/2017** | $9896 | $10238 |
| **03/2017** | $10258 | $10520 |
| **04/2017** | $10520 | $10787 |
| **05/2017** | $10860 | $11183 |
| **06/2017** | $10838 | $11163 |
| **07/2017** | $11166 | $11485 |
| **08/2017** | $11079 | $11481 |
| **09/2017** | $11424 | $11767 |
| **10/2017** | $11577 | $11945 |
| **11/2017** | $11736 | $12071 |
| **12/2017** | $11935 | $12265 |
| **01/2018** | $12464 | $12880 |
| **02/2018** | $11749 | $12298 |
| **03/2018** | $11698 | $12077 |
| **04/2018** | $11895 | $12352 |
| **05/2018** | $11670 | $12075 |
| **06/2018** | $11496 | $11927 |
| **07/2018** | $11738 | $12221 |
| **08/2018** | $11417 | $11985 |
| **09/2018** | $11569 | $12089 |
| **10/2018** | $10652 | $11127 |
| **11/2018** | $10579 | $11113 |
| **12/2018** | $9932 | $10573 |
| **01/2019** | $10618 | $11268 |
| **02/2019** | $10949 | $11555 |
| **03/2019** | $10876 | $11628 |
| **04/2019** | $11164 | $11955 |
| **05/2019** | $10484 | $11381 |
| **06/2019** | $11103 | $12056 |
| **07/2019** | $10790 | $11903 |
| **08/2019** | $10434 | $11595 |
| **09/2019** | $10839 | $11927 |
| **10/2019** | $11225 | $12355 |
| **11/2019** | $11366 | $12495 |
| **12/2019** | $11805 | $12901 |
| **01/2020** | $11202 | $12631 |
| **02/2020** | $10179 | $11490 |
| **03/2020** | $8257 | $9956 |
| **04/2020** | $8816 | $10599 |
| **05/2020** | $9206 | $11061 |
| **06/2020** | $9526 | $11437 |
| **07/2020** | $9689 | $11704 |
| **08/2020** | $10286 | $12306 |
| **09/2020** | $9846 | $11986 |
| **10/2020** | $9381 | $11507 |
| **11/2020** | $11384 | $13291 |
| **12/2020** | $11874 | $13909 |
| **01/2021** | $11628 | $13761 |
| **02/2021** | $12222 | $14070 |
| **03/2021** | $12628 | $14393 |
| **04/2021** | $12836 | $14826 |
| **05/2021** | $13362 | $15310 |
| **06/2021** | $12963 | $15137 |
| **07/2021** | $12830 | $15251 |
| **08/2021** | $13033 | $15533 |
| **09/2021** | $12811 | $15070 |
| **10/2021** | $13090 | $15441 |
| **11/2021** | $12286 | $14722 |
| **12/2021** | $12960 | $15476 |
| **01/2022** | $13009 | $14728 |
| **02/2022** | $12597 | $14468 |
| **03/2022** | $12143 | $14561 |
| **04/2022** | $11557 | $13619 |
| **05/2022** | $12018 | $13721 |
| **06/2022** | $10921 | $12448 |
| **07/2022** | $11285 | $13068 |
| **08/2022** | $10502 | $12447 |
| **09/2022** | $9532 | $11283 |
| **10/2022** | $10209 | $11889 |
| **11/2022** | $11536 | $13229 |
| **12/2022** | $11496 | $13239 |
| **01/2023** | $12723 | $14311 |
| **02/2023** | $12559 | $14013 |
| **03/2023** | $12894 | $14360 |
| **04/2023** | $13208 | $14765 |
| **05/2023** | $12616 | $14141 |
| **06/2023** | $13337 | $14784 |
| **07/2023** | $13779 | $15262 |
| **08/2023** | $13358 | $14678 |
| **09/2023** | $12802 | $14176 |
| **10/2023** | $12195 | $13602 |
| **11/2023** | $13330 | $14864 |
| **12/2023** | $14017 | $15654 |
| **01/2024** | $13756 | $15744 |
| **02/2024** | $14166 | $16032 |
| **03/2024** | $14689 | $16559 |
| **04/2024** | $14264 | $16135 |
| **05/2024** | $15078 | $16760 |
| **06/2024** | $14570 | $16490 |
| **07/2024** | $15227 | $16974 |
| **08/2024** | $15661 | $17525 |
| **09/2024** | $15713 | $17687 |
| **10/2024** | $14817 | $16725 |
| **11/2024** | $14637 | $16631 |
| **12/2024** | $14249 | $16252 |
| **01/2025** | $15022 | $17106 |
| **02/2025** | $15547 | $17438 |
| **03/2025** | $15538 | $17368 |
| **04/2025** | $16007 | $18163 |
| **05/2025** | $16891 | $18994 |
| **06/2025** | $17434 | $19413 |
| **07/2025** | $17415 | $19140 |
| **08/2025** | $17857 | $19956 |
| **09/2025** | $18253 | $20338 |
| **10/2025** | $18382 | $20578 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class<sup>Footnote Reference1</sup> | 24.06% | 14.40% | 6.28% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $598382161 |
| # of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 49% |
| Total Management Fees Paid | $3425099 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g01a98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 87.1 |
| Common Stocks | 9.7 |
| Investment Companies | 2.8 |
| Foreign Preferred Stocks | 0.3 |
| Securities Lending Collateral | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 2.9 |
| AstraZeneca PLC | 2.7 |
| Alstom SA | 2.4 |
| Reckitt Benckiser Group PLC | 2.1 |
| Barclays PLC | 2.1 |
| GSK PLC | 1.9 |
| Kering SA | 1.8 |
| Societe Generale SA | 1.6 |
| Roche Holding AG | 1.5 |
| Prudential PLC | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g25i95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.8 |
| Utilities | 2.3 |
| Communication Services | 2.3 |
| Energy | 3.3 |
| Materials | 7.3 |
| Consumer Staples | 9.0 |
| Information Technology | 11.5 |
| Health Care | 12.4 |
| Consumer Discretionary | 13.5 |
| Financials | 17.5 |
| Industrials | 20.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g84p65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.5 |
| Spain | 2.8 |
| China | 2.9 |
| Republic of Korea | 5.2 |
| Netherlands | 6.6 |
| Germany | 9.2 |
| United States | 10.0 |
| Japan | 11.8 |
| France | 16.8 |
| United Kingdom | 20.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# International Equity Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Advisor: AAISX

#### Distributed by:
Resolute Investment Distributors, Inc.

IE_Advisor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# International Equity Fund
Annual Shareholder Report - October 31, 2025 \| Class C: AILCX

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $225 | 2.01% |

---

## How did the Fund perform and what affected its performance?
The C Class of the Fund returned 22.13% (with sales charges) and 23.13% (without sales charges) for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's focus on value stocks through a bottom-up approach and diversification through its multi-manager strategy provided strong returns during the period.

• The Fund's holdings in all sectors contributed to performance. Securities in the Financials, Industrials and Information Technology sectors contributed the most to the Fund's performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g35s15.jpg)

---

| | | |
|:---|:---|:---|
| | **C with Sales Charge** | **MSCI<sup>®</sup> EAFE Index (Net)** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9878 | $9844 |
| **12/2015** | $9601 | $9712 |
| **01/2016** | $8995 | $9009 |
| **02/2016** | $8681 | $8844 |
| **03/2016** | $9270 | $9420 |
| **04/2016** | $9528 | $9693 |
| **05/2016** | $9494 | $9605 |
| **06/2016** | $9090 | $9282 |
| **07/2016** | $9410 | $9753 |
| **08/2016** | $9489 | $9760 |
| **09/2016** | $9595 | $9879 |
| **10/2016** | $9388 | $9677 |
| **11/2016** | $9281 | $9485 |
| **12/2016** | $9517 | $9809 |
| **01/2017** | $9781 | $10093 |
| **02/2017** | $9798 | $10238 |
| **03/2017** | $10153 | $10520 |
| **04/2017** | $10410 | $10787 |
| **05/2017** | $10736 | $11183 |
| **06/2017** | $10713 | $11163 |
| **07/2017** | $11022 | $11485 |
| **08/2017** | $10937 | $11481 |
| **09/2017** | $11269 | $11767 |
| **10/2017** | $11406 | $11945 |
| **11/2017** | $11560 | $12071 |
| **12/2017** | $11751 | $12265 |
| **01/2018** | $12265 | $12880 |
| **02/2018** | $11558 | $12298 |
| **03/2018** | $11499 | $12077 |
| **04/2018** | $11686 | $12352 |
| **05/2018** | $11464 | $12075 |
| **06/2018** | $11283 | $11927 |
| **07/2018** | $11517 | $12221 |
| **08/2018** | $11201 | $11985 |
| **09/2018** | $11341 | $12089 |
| **10/2018** | $10435 | $11127 |
| **11/2018** | $10359 | $11113 |
| **12/2018** | $9716 | $10573 |
| **01/2019** | $10383 | $11268 |
| **02/2019** | $10701 | $11555 |
| **03/2019** | $10625 | $11628 |
| **04/2019** | $10905 | $11955 |
| **05/2019** | $10231 | $11381 |
| **06/2019** | $10828 | $12056 |
| **07/2019** | $10517 | $11903 |
| **08/2019** | $10167 | $11595 |
| **09/2019** | $10555 | $11927 |
| **10/2019** | $10924 | $12355 |
| **11/2019** | $11051 | $12495 |
| **12/2019** | $11473 | $12901 |
| **01/2020** | $10884 | $12631 |
| **02/2020** | $9885 | $11490 |
| **03/2020** | $8018 | $9956 |
| **04/2020** | $8550 | $10599 |
| **05/2020** | $8926 | $11061 |
| **06/2020** | $9231 | $11437 |
| **07/2020** | $9386 | $11704 |
| **08/2020** | $9957 | $12306 |
| **09/2020** | $9522 | $11986 |
| **10/2020** | $9069 | $11507 |
| **11/2020** | $11000 | $13291 |
| **12/2020** | $11463 | $13909 |
| **01/2021** | $11216 | $13761 |
| **02/2021** | $11783 | $14070 |
| **03/2021** | $12168 | $14393 |
| **04/2021** | $12363 | $14826 |
| **05/2021** | $12865 | $15310 |
| **06/2021** | $12474 | $15137 |
| **07/2021** | $12337 | $15251 |
| **08/2021** | $12526 | $15533 |
| **09/2021** | $12304 | $15070 |
| **10/2021** | $12565 | $15441 |
| **11/2021** | $11789 | $14722 |
| **12/2021** | $12429 | $15476 |
| **01/2022** | $12465 | $14728 |
| **02/2022** | $12069 | $14468 |
| **03/2022** | $11623 | $14561 |
| **04/2022** | $11055 | $13619 |
| **05/2022** | $11494 | $13721 |
| **06/2022** | $10436 | $12448 |
| **07/2022** | $10782 | $13068 |
| **08/2022** | $10026 | $12447 |
| **09/2022** | $9099 | $11283 |
| **10/2022** | $9732 | $11889 |
| **11/2022** | $10990 | $13229 |
| **12/2022** | $10949 | $13239 |
| **01/2023** | $12111 | $14311 |
| **02/2023** | $11942 | $14013 |
| **03/2023** | $12257 | $14360 |
| **04/2023** | $12549 | $14765 |
| **05/2023** | $11979 | $14141 |
| **06/2023** | $12659 | $14784 |
| **07/2023** | $13068 | $15262 |
| **08/2023** | $12666 | $14678 |
| **09/2023** | $12125 | $14176 |
| **10/2023** | $11548 | $13602 |
| **11/2023** | $12615 | $14864 |
| **12/2023** | $13254 | $15654 |
| **01/2024** | $13003 | $15744 |
| **02/2024** | $13376 | $16032 |
| **03/2024** | $13864 | $16559 |
| **04/2024** | $13453 | $16135 |
| **05/2024** | $14215 | $16760 |
| **06/2024** | $13727 | $16490 |
| **07/2024** | $14337 | $16974 |
| **08/2024** | $14733 | $17525 |
| **09/2024** | $14771 | $17687 |
| **10/2024** | $13925 | $16725 |
| **11/2024** | $13750 | $16631 |
| **12/2024** | $13371 | $16252 |
| **01/2025** | $14092 | $17106 |
| **02/2025** | $14576 | $17438 |
| **03/2025** | $14547 | $17368 |
| **04/2025** | $14993 | $18163 |
| **05/2025** | $15799 | $18994 |
| **06/2025** | $16302 | $19413 |
| **07/2025** | $16273 | $19140 |
| **08/2025** | $16672 | $19956 |
| **09/2025** | $17032 | $20338 |
| **10/2025** | $17146 | $20578 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class C without Deferred Sales Charge<sup>Footnote Reference1</sup> | 23.13% | 13.59% | 5.54% |
| Class C with Maximum Deferred Sales Charge -1.00%<sup>Footnote Reference1</sup> | 22.13% | 13.59% | 5.54% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $598382161 |
| # of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 49% |
| Total Management Fees Paid | $3425099 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g01a98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 87.1 |
| Common Stocks | 9.7 |
| Investment Companies | 2.8 |
| Foreign Preferred Stocks | 0.3 |
| Securities Lending Collateral | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 2.9 |
| AstraZeneca PLC | 2.7 |
| Alstom SA | 2.4 |
| Reckitt Benckiser Group PLC | 2.1 |
| Barclays PLC | 2.1 |
| GSK PLC | 1.9 |
| Kering SA | 1.8 |
| Societe Generale SA | 1.6 |
| Roche Holding AG | 1.5 |
| Prudential PLC | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g25i95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.8 |
| Utilities | 2.3 |
| Communication Services | 2.3 |
| Energy | 3.3 |
| Materials | 7.3 |
| Consumer Staples | 9.0 |
| Information Technology | 11.5 |
| Health Care | 12.4 |
| Consumer Discretionary | 13.5 |
| Financials | 17.5 |
| Industrials | 20.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g84p65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.5 |
| Spain | 2.8 |
| China | 2.9 |
| Republic of Korea | 5.2 |
| Netherlands | 6.6 |
| Germany | 9.2 |
| United States | 10.0 |
| Japan | 11.8 |
| France | 16.8 |
| United Kingdom | 20.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# International Equity Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class C: AILCX

#### Distributed by:
Resolute Investment Distributors, Inc.

IE_C 1025

# American Beacon
![Image](g77694g70m62.jpg)

# International Equity Fund
Annual Shareholder Report - October 31, 2025 \| Investor Class: AAIPX

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $125 | 1.11% |

---

## How did the Fund perform and what affected its performance?
The Investor Class of the Fund returned 24.28% for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's focus on value stocks through a bottom-up approach and diversification through its multi-manager strategy provided strong returns during the period.

• The Fund's holdings in all sectors contributed to performance. Securities in the Financials, Industrials and Information Technology sectors contributed the most to the Fund's performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g85l05.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI<sup>®</sup> EAFE Index (Net)** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9887 | $9844 |
| **12/2015** | $9616 | $9712 |
| **01/2016** | $9012 | $9009 |
| **02/2016** | $8705 | $8844 |
| **03/2016** | $9303 | $9420 |
| **04/2016** | $9566 | $9693 |
| **05/2016** | $9539 | $9605 |
| **06/2016** | $9138 | $9282 |
| **07/2016** | $9468 | $9753 |
| **08/2016** | $9550 | $9760 |
| **09/2016** | $9665 | $9879 |
| **10/2016** | $9462 | $9677 |
| **11/2016** | $9363 | $9485 |
| **12/2016** | $9606 | $9809 |
| **01/2017** | $9881 | $10093 |
| **02/2017** | $9903 | $10238 |
| **03/2017** | $10268 | $10520 |
| **04/2017** | $10532 | $10787 |
| **05/2017** | $10874 | $11183 |
| **06/2017** | $10851 | $11163 |
| **07/2017** | $11176 | $11485 |
| **08/2017** | $11098 | $11481 |
| **09/2017** | $11440 | $11767 |
| **10/2017** | $11591 | $11945 |
| **11/2017** | $11754 | $12071 |
| **12/2017** | $11949 | $12265 |
| **01/2018** | $12485 | $12880 |
| **02/2018** | $11770 | $12298 |
| **03/2018** | $11718 | $12077 |
| **04/2018** | $11920 | $12352 |
| **05/2018** | $11695 | $12075 |
| **06/2018** | $11522 | $11927 |
| **07/2018** | $11765 | $12221 |
| **08/2018** | $11447 | $11985 |
| **09/2018** | $11597 | $12089 |
| **10/2018** | $10680 | $11127 |
| **11/2018** | $10611 | $11113 |
| **12/2018** | $9961 | $10573 |
| **01/2019** | $10655 | $11268 |
| **02/2019** | $10983 | $11555 |
| **03/2019** | $10913 | $11628 |
| **04/2019** | $11203 | $11955 |
| **05/2019** | $10522 | $11381 |
| **06/2019** | $11140 | $12056 |
| **07/2019** | $10831 | $11903 |
| **08/2019** | $10478 | $11595 |
| **09/2019** | $10882 | $11927 |
| **10/2019** | $11273 | $12355 |
| **11/2019** | $11411 | $12495 |
| **12/2019** | $11853 | $12901 |
| **01/2020** | $11251 | $12631 |
| **02/2020** | $10222 | $11490 |
| **03/2020** | $8299 | $9956 |
| **04/2020** | $8856 | $10599 |
| **05/2020** | $9251 | $11061 |
| **06/2020** | $9575 | $11437 |
| **07/2020** | $9743 | $11704 |
| **08/2020** | $10339 | $12306 |
| **09/2020** | $9898 | $11986 |
| **10/2020** | $9432 | $11507 |
| **11/2020** | $11446 | $13291 |
| **12/2020** | $11940 | $13909 |
| **01/2021** | $11691 | $13761 |
| **02/2021** | $12288 | $14070 |
| **03/2021** | $12701 | $14393 |
| **04/2021** | $12910 | $14826 |
| **05/2021** | $13441 | $15310 |
| **06/2021** | $13041 | $15137 |
| **07/2021** | $12910 | $15251 |
| **08/2021** | $13113 | $15533 |
| **09/2021** | $12891 | $15070 |
| **10/2021** | $13179 | $15441 |
| **11/2021** | $12366 | $14722 |
| **12/2021** | $13051 | $15476 |
| **01/2022** | $13102 | $14728 |
| **02/2022** | $12687 | $14468 |
| **03/2022** | $12230 | $14561 |
| **04/2022** | $11641 | $13619 |
| **05/2022** | $12106 | $13721 |
| **06/2022** | $11002 | $12448 |
| **07/2022** | $11372 | $13068 |
| **08/2022** | $10580 | $12447 |
| **09/2022** | $9606 | $11283 |
| **10/2022** | $10289 | $11889 |
| **11/2022** | $11626 | $13229 |
| **12/2022** | $11595 | $13239 |
| **01/2023** | $12831 | $14311 |
| **02/2023** | $12667 | $14013 |
| **03/2023** | $13002 | $14360 |
| **04/2023** | $13322 | $14765 |
| **05/2023** | $12727 | $14141 |
| **06/2023** | $13456 | $14784 |
| **07/2023** | $13903 | $15262 |
| **08/2023** | $13486 | $14678 |
| **09/2023** | $12913 | $14176 |
| **10/2023** | $12310 | $13602 |
| **11/2023** | $13464 | $14864 |
| **12/2023** | $14155 | $15654 |
| **01/2024** | $13897 | $15744 |
| **02/2024** | $14303 | $16032 |
| **03/2024** | $14842 | $16559 |
| **04/2024** | $14404 | $16135 |
| **05/2024** | $15240 | $16760 |
| **06/2024** | $14725 | $16490 |
| **07/2024** | $15388 | $16974 |
| **08/2024** | $15825 | $17525 |
| **09/2024** | $15880 | $17687 |
| **10/2024** | $14982 | $16725 |
| **11/2024** | $14803 | $16631 |
| **12/2024** | $14407 | $16252 |
| **01/2025** | $15194 | $17106 |
| **02/2025** | $15727 | $17438 |
| **03/2025** | $15708 | $17368 |
| **04/2025** | $16193 | $18163 |
| **05/2025** | $17087 | $18994 |
| **06/2025** | $17640 | $19413 |
| **07/2025** | $17621 | $19140 |
| **08/2025** | $18077 | $19956 |
| **09/2025** | $18475 | $20338 |
| **10/2025** | $18621 | $20578 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Investor Class<sup>Footnote Reference1</sup> | 24.28% | 14.57% | 6.41% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $598382161 |
| # of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 49% |
| Total Management Fees Paid | $3425099 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g01a98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 87.1 |
| Common Stocks | 9.7 |
| Investment Companies | 2.8 |
| Foreign Preferred Stocks | 0.3 |
| Securities Lending Collateral | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 2.9 |
| AstraZeneca PLC | 2.7 |
| Alstom SA | 2.4 |
| Reckitt Benckiser Group PLC | 2.1 |
| Barclays PLC | 2.1 |
| GSK PLC | 1.9 |
| Kering SA | 1.8 |
| Societe Generale SA | 1.6 |
| Roche Holding AG | 1.5 |
| Prudential PLC | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g25i95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.8 |
| Utilities | 2.3 |
| Communication Services | 2.3 |
| Energy | 3.3 |
| Materials | 7.3 |
| Consumer Staples | 9.0 |
| Information Technology | 11.5 |
| Health Care | 12.4 |
| Consumer Discretionary | 13.5 |
| Financials | 17.5 |
| Industrials | 20.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g84p65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.5 |
| Spain | 2.8 |
| China | 2.9 |
| Republic of Korea | 5.2 |
| Netherlands | 6.6 |
| Germany | 9.2 |
| United States | 10.0 |
| Japan | 11.8 |
| France | 16.8 |
| United Kingdom | 20.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# International Equity Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Investor Class: AAIPX

#### Distributed by:
Resolute Investment Distributors, Inc.

IE_Investor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# International Equity Fund
Annual Shareholder Report - October 31, 2025 \| Class R5: AAIEX

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $89 | 0.79% |

---

## How did the Fund perform and what affected its performance?
The R5 Class of the Fund returned 24.70% for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's focus on value stocks through a bottom-up approach and diversification through its multi-manager strategy provided strong returns during the period.

• The Fund's holdings in all sectors contributed to performance. Securities in the Financials, Industrials and Information Technology sectors contributed the most to the Fund's performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g18u43.jpg)

---

| | | |
|:---|:---|:---|
| | **R5** | **MSCI<sup>®</sup> EAFE Index (Net)** |
| **10/2015** | $250000 | $250000 |
| **10/2016** | $237317 | $241933 |
| **10/2017** | $291766 | $298637 |
| **10/2018** | $269731 | $278167 |
| **10/2019** | $285747 | $308887 |
| **10/2020** | $239924 | $287684 |
| **10/2021** | $336332 | $386016 |
| **10/2022** | $263385 | $297237 |
| **10/2023** | $316290 | $340041 |
| **10/2024** | $386033 | $418135 |
| **10/2025** | $481402 | $514439 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class R5<sup>Footnote Reference1</sup> | 24.70% | 14.94% | 6.77% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $598382161 |
| # of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 49% |
| Total Management Fees Paid | $3425099 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g01a98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 87.1 |
| Common Stocks | 9.7 |
| Investment Companies | 2.8 |
| Foreign Preferred Stocks | 0.3 |
| Securities Lending Collateral | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 2.9 |
| AstraZeneca PLC | 2.7 |
| Alstom SA | 2.4 |
| Reckitt Benckiser Group PLC | 2.1 |
| Barclays PLC | 2.1 |
| GSK PLC | 1.9 |
| Kering SA | 1.8 |
| Societe Generale SA | 1.6 |
| Roche Holding AG | 1.5 |
| Prudential PLC | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g25i95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.8 |
| Utilities | 2.3 |
| Communication Services | 2.3 |
| Energy | 3.3 |
| Materials | 7.3 |
| Consumer Staples | 9.0 |
| Information Technology | 11.5 |
| Health Care | 12.4 |
| Consumer Discretionary | 13.5 |
| Financials | 17.5 |
| Industrials | 20.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g84p65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.5 |
| Spain | 2.8 |
| China | 2.9 |
| Republic of Korea | 5.2 |
| Netherlands | 6.6 |
| Germany | 9.2 |
| United States | 10.0 |
| Japan | 11.8 |
| France | 16.8 |
| United Kingdom | 20.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# International Equity Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R5: AAIEX

#### Distributed by:
Resolute Investment Distributors, Inc.

IE_R5 1025

# American Beacon
![Image](g77694g70m62.jpg)

# International Equity Fund
Annual Shareholder Report - October 31, 2025 \| Class R6: AAERX

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $79 | 0.70% |

---

## How did the Fund perform and what affected its performance?
The R6 Class of the Fund returned 24.78% for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's focus on value stocks through a bottom-up approach and diversification through its multi-manager strategy provided strong returns during the period.

• The Fund's holdings in all sectors contributed to performance. Securities in the Financials, Industrials and Information Technology sectors contributed the most to the Fund's performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g41r40.jpg)

---

| | | |
|:---|:---|:---|
| | **R6** | **MSCI<sup>®</sup> EAFE Index (Net)** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9888 | $9844 |
| **12/2015** | $9618 | $9712 |
| **01/2016** | $9018 | $9009 |
| **02/2016** | $8713 | $8844 |
| **03/2016** | $9318 | $9420 |
| **04/2016** | $9580 | $9693 |
| **05/2016** | $9558 | $9605 |
| **06/2016** | $9160 | $9282 |
| **07/2016** | $9487 | $9753 |
| **08/2016** | $9580 | $9760 |
| **09/2016** | $9700 | $9879 |
| **10/2016** | $9493 | $9677 |
| **11/2016** | $9400 | $9485 |
| **12/2016** | $9647 | $9809 |
| **01/2017** | $9921 | $10093 |
| **02/2017** | $9949 | $10238 |
| **03/2017** | $10318 | $10520 |
| **04/2017** | $10586 | $10787 |
| **05/2017** | $10933 | $11183 |
| **06/2017** | $10916 | $11163 |
| **07/2017** | $11246 | $11485 |
| **08/2017** | $11168 | $11481 |
| **09/2017** | $11520 | $11767 |
| **10/2017** | $11676 | $11945 |
| **11/2017** | $11849 | $12071 |
| **12/2017** | $12050 | $12265 |
| **01/2018** | $12592 | $12880 |
| **02/2018** | $11871 | $12298 |
| **03/2018** | $11831 | $12077 |
| **04/2018** | $12033 | $12352 |
| **05/2018** | $11813 | $12075 |
| **06/2018** | $11640 | $11927 |
| **07/2018** | $11894 | $12221 |
| **08/2018** | $11577 | $11985 |
| **09/2018** | $11733 | $12089 |
| **10/2018** | $10804 | $11127 |
| **11/2018** | $10740 | $11113 |
| **12/2018** | $10082 | $10573 |
| **01/2019** | $10785 | $11268 |
| **02/2019** | $11127 | $11555 |
| **03/2019** | $11057 | $11628 |
| **04/2019** | $11355 | $11955 |
| **05/2019** | $10665 | $11381 |
| **06/2019** | $11304 | $12056 |
| **07/2019** | $10988 | $11903 |
| **08/2019** | $10633 | $11595 |
| **09/2019** | $11051 | $11927 |
| **10/2019** | $11450 | $12355 |
| **11/2019** | $11596 | $12495 |
| **12/2019** | $12052 | $12901 |
| **01/2020** | $11439 | $12631 |
| **02/2020** | $10402 | $11490 |
| **03/2020** | $8445 | $9956 |
| **04/2020** | $9019 | $10599 |
| **05/2020** | $9424 | $11061 |
| **06/2020** | $9756 | $11437 |
| **07/2020** | $9926 | $11704 |
| **08/2020** | $10545 | $12306 |
| **09/2020** | $10095 | $11986 |
| **10/2020** | $9626 | $11507 |
| **11/2020** | $11680 | $13291 |
| **12/2020** | $12189 | $13909 |
| **01/2021** | $11937 | $13761 |
| **02/2021** | $12554 | $14070 |
| **03/2021** | $12978 | $14393 |
| **04/2021** | $13191 | $14826 |
| **05/2021** | $13741 | $15310 |
| **06/2021** | $13337 | $15137 |
| **07/2021** | $13204 | $15251 |
| **08/2021** | $13423 | $15533 |
| **09/2021** | $13191 | $15070 |
| **10/2021** | $13496 | $15441 |
| **11/2021** | $12667 | $14722 |
| **12/2021** | $13372 | $15476 |
| **01/2022** | $13431 | $14728 |
| **02/2022** | $13011 | $14468 |
| **03/2022** | $12546 | $14561 |
| **04/2022** | $11942 | $13619 |
| **05/2022** | $12428 | $13721 |
| **06/2022** | $11293 | $12448 |
| **07/2022** | $11676 | $13068 |
| **08/2022** | $10873 | $12447 |
| **09/2022** | $9870 | $11283 |
| **10/2022** | $10578 | $11889 |
| **11/2022** | $11957 | $13229 |
| **12/2022** | $11921 | $13239 |
| **01/2023** | $13202 | $14311 |
| **02/2023** | $13035 | $14013 |
| **03/2023** | $13384 | $14360 |
| **04/2023** | $13725 | $14765 |
| **05/2023** | $13111 | $14141 |
| **06/2023** | $13869 | $14784 |
| **07/2023** | $14331 | $15262 |
| **08/2023** | $13907 | $14678 |
| **09/2023** | $13331 | $14176 |
| **10/2023** | $12709 | $13602 |
| **11/2023** | $13899 | $14864 |
| **12/2023** | $14623 | $15654 |
| **01/2024** | $14360 | $15744 |
| **02/2024** | $14783 | $16032 |
| **03/2024** | $15342 | $16559 |
| **04/2024** | $14895 | $16135 |
| **05/2024** | $15758 | $16760 |
| **06/2024** | $15231 | $16490 |
| **07/2024** | $15926 | $16974 |
| **08/2024** | $16389 | $17525 |
| **09/2024** | $16453 | $17687 |
| **10/2024** | $15526 | $16725 |
| **11/2024** | $15342 | $16631 |
| **12/2024** | $14934 | $16252 |
| **01/2025** | $15770 | $17106 |
| **02/2025** | $16318 | $17438 |
| **03/2025** | $16318 | $17368 |
| **04/2025** | $16825 | $18163 |
| **05/2025** | $17751 | $18994 |
| **06/2025** | $18329 | $19413 |
| **07/2025** | $18319 | $19140 |
| **08/2025** | $18797 | $19956 |
| **09/2025** | $19215 | $20338 |
| **10/2025** | $19374 | $20578 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| R6 Class<sup>Footnote Reference1</sup> | 24.78% | 15.02% | 6.84% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance includes historical performance of another Class of the Fund. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $598382161 |
| # of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 49% |
| Total Management Fees Paid | $3425099 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g01a98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 87.1 |
| Common Stocks | 9.7 |
| Investment Companies | 2.8 |
| Foreign Preferred Stocks | 0.3 |
| Securities Lending Collateral | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 2.9 |
| AstraZeneca PLC | 2.7 |
| Alstom SA | 2.4 |
| Reckitt Benckiser Group PLC | 2.1 |
| Barclays PLC | 2.1 |
| GSK PLC | 1.9 |
| Kering SA | 1.8 |
| Societe Generale SA | 1.6 |
| Roche Holding AG | 1.5 |
| Prudential PLC | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g25i95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.8 |
| Utilities | 2.3 |
| Communication Services | 2.3 |
| Energy | 3.3 |
| Materials | 7.3 |
| Consumer Staples | 9.0 |
| Information Technology | 11.5 |
| Health Care | 12.4 |
| Consumer Discretionary | 13.5 |
| Financials | 17.5 |
| Industrials | 20.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g84p65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.5 |
| Spain | 2.8 |
| China | 2.9 |
| Republic of Korea | 5.2 |
| Netherlands | 6.6 |
| Germany | 9.2 |
| United States | 10.0 |
| Japan | 11.8 |
| France | 16.8 |
| United Kingdom | 20.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# International Equity Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R6: AAERX

#### Distributed by:
Resolute Investment Distributors, Inc.

IE_R6 1025

# American Beacon
![Image](g77694g70m62.jpg)

# International Equity Fund
Annual Shareholder Report - October 31, 2025 \| Class Y: ABEYX

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $97 | 0.86% |

---

## How did the Fund perform and what affected its performance?
The Y Class of the Fund returned 24.56% for the twelve months ended October 31, 2025, compared to the MSCI<sup>®</sup> EAFE Index (Net) return of 23.03%.

• The international equity markets rallied as valuations rose with flows increasing into non-US markets while the dollar weakened and monetary policy eased.

• The Fund's focus on value stocks through a bottom-up approach and diversification through its multi-manager strategy provided strong returns during the period.

• The Fund's holdings in all sectors contributed to performance. Securities in the Financials, Industrials and Information Technology sectors contributed the most to the Fund's performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g85o61.jpg)

---

| | | |
|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Y** | **MSCI<sup>®</sup> EAFE Index (Net)** |
| **10/2015** | $100000 | $100000 |
| **11/2015** | $98869 | $98444 |
| **12/2015** | $96177 | $97118 |
| **01/2016** | $90179 | $90095 |
| **02/2016** | $87128 | $88444 |
| **03/2016** | $93125 | $94199 |
| **04/2016** | $95756 | $96926 |
| **05/2016** | $95546 | $96046 |
| **06/2016** | $91547 | $92822 |
| **07/2016** | $94862 | $97526 |
| **08/2016** | $95756 | $97595 |
| **09/2016** | $96914 | $98794 |
| **10/2016** | $94862 | $96773 |
| **11/2016** | $93915 | $94846 |
| **12/2016** | $96392 | $98089 |
| **01/2017** | $99139 | $100935 |
| **02/2017** | $99408 | $102378 |
| **03/2017** | $103070 | $105196 |
| **04/2017** | $105762 | $107873 |
| **05/2017** | $109209 | $111832 |
| **06/2017** | $109047 | $111635 |
| **07/2017** | $112332 | $114855 |
| **08/2017** | $111524 | $114811 |
| **09/2017** | $115024 | $117668 |
| **10/2017** | $116532 | $119455 |
| **11/2017** | $118256 | $120708 |
| **12/2017** | $120239 | $122645 |
| **01/2018** | $125618 | $128797 |
| **02/2018** | $118464 | $122984 |
| **03/2018** | $117965 | $120767 |
| **04/2018** | $120017 | $123524 |
| **05/2018** | $117798 | $120748 |
| **06/2018** | $116024 | $119273 |
| **07/2018** | $118575 | $122209 |
| **08/2018** | $115358 | $119848 |
| **09/2018** | $116911 | $120889 |
| **10/2018** | $107705 | $111267 |
| **11/2018** | $106984 | $111127 |
| **12/2018** | $100467 | $105732 |
| **01/2019** | $107436 | $112681 |
| **02/2019** | $110829 | $115553 |
| **03/2019** | $110163 | $116282 |
| **04/2019** | $113132 | $119551 |
| **05/2019** | $106224 | $113810 |
| **06/2019** | $112526 | $120561 |
| **07/2019** | $109436 | $119031 |
| **08/2019** | $105860 | $115947 |
| **09/2019** | $109981 | $119270 |
| **10/2019** | $113980 | $123555 |
| **11/2019** | $115374 | $124948 |
| **12/2019** | $119856 | $129009 |
| **01/2020** | $113816 | $126314 |
| **02/2020** | $103481 | $114895 |
| **03/2020** | $83993 | $99560 |
| **04/2020** | $89658 | $105992 |
| **05/2020** | $93706 | $110608 |
| **06/2020** | $97005 | $114374 |
| **07/2020** | $98687 | $117040 |
| **08/2020** | $104788 | $123057 |
| **09/2020** | $100305 | $119860 |
| **10/2020** | $95636 | $115074 |
| **11/2020** | $116058 | $132912 |
| **12/2020** | $121114 | $139091 |
| **01/2021** | $118586 | $137610 |
| **02/2021** | $124717 | $140696 |
| **03/2021** | $128889 | $143931 |
| **04/2021** | $131039 | $148262 |
| **05/2021** | $136475 | $153097 |
| **06/2021** | $132493 | $151374 |
| **07/2021** | $131102 | $152514 |
| **08/2021** | $133251 | $155331 |
| **09/2021** | $130975 | $150700 |
| **10/2021** | $133883 | $154406 |
| **11/2021** | $125729 | $147220 |
| **12/2021** | $132636 | $154758 |
| **01/2022** | $133194 | $147279 |
| **02/2022** | $129010 | $144675 |
| **03/2022** | $124408 | $145605 |
| **04/2022** | $118410 | $136185 |
| **05/2022** | $123222 | $137206 |
| **06/2022** | $111995 | $124475 |
| **07/2022** | $115761 | $130678 |
| **08/2022** | $107811 | $124471 |
| **09/2022** | $97908 | $112827 |
| **10/2022** | $104812 | $118895 |
| **11/2022** | $118480 | $132286 |
| **12/2022** | $118203 | $132393 |
| **01/2023** | $130789 | $143114 |
| **02/2023** | $129144 | $140127 |
| **03/2023** | $132648 | $143600 |
| **04/2023** | $135937 | $147654 |
| **05/2023** | $129859 | $141406 |
| **06/2023** | $137367 | $147841 |
| **07/2023** | $141944 | $152625 |
| **08/2023** | $137725 | $146777 |
| **09/2023** | $131933 | $141764 |
| **10/2023** | $125783 | $136017 |
| **11/2023** | $137510 | $148641 |
| **12/2023** | $144681 | $156538 |
| **01/2024** | $142052 | $157439 |
| **02/2024** | $146259 | $160321 |
| **03/2024** | $151743 | $165594 |
| **04/2024** | $147386 | $161353 |
| **05/2024** | $155874 | $167603 |
| **06/2024** | $150616 | $164898 |
| **07/2024** | $157527 | $169735 |
| **08/2024** | $162034 | $175254 |
| **09/2024** | $162635 | $176873 |
| **10/2024** | $153470 | $167254 |
| **11/2024** | $151667 | $166305 |
| **12/2024** | $147578 | $162523 |
| **01/2025** | $155798 | $171064 |
| **02/2025** | $161246 | $174382 |
| **03/2025** | $161154 | $173678 |
| **04/2025** | $166141 | $181633 |
| **05/2025** | $175284 | $189944 |
| **06/2025** | $181010 | $194129 |
| **07/2025** | $180825 | $191404 |
| **08/2025** | $185535 | $199564 |
| **09/2025** | $189691 | $203383 |
| **10/2025** | $191168 | $205776 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>Footnote Reference1</sup> | 24.56% | 14.86% | 6.69% |
| MSCI<sup>®</sup> EAFE Index (Net) | 23.03% | 12.33% | 7.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $598382161 |
| # of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 49% |
| Total Management Fees Paid | $3425099 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g01a98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 87.1 |
| Common Stocks | 9.7 |
| Investment Companies | 2.8 |
| Foreign Preferred Stocks | 0.3 |
| Securities Lending Collateral | 0.1 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 2.9 |
| AstraZeneca PLC | 2.7 |
| Alstom SA | 2.4 |
| Reckitt Benckiser Group PLC | 2.1 |
| Barclays PLC | 2.1 |
| GSK PLC | 1.9 |
| Kering SA | 1.8 |
| Societe Generale SA | 1.6 |
| Roche Holding AG | 1.5 |
| Prudential PLC | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g25i95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.8 |
| Utilities | 2.3 |
| Communication Services | 2.3 |
| Energy | 3.3 |
| Materials | 7.3 |
| Consumer Staples | 9.0 |
| Information Technology | 11.5 |
| Health Care | 12.4 |
| Consumer Discretionary | 13.5 |
| Financials | 17.5 |
| Industrials | 20.1 |

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g77694g84p65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.5 |
| Spain | 2.8 |
| China | 2.9 |
| Republic of Korea | 5.2 |
| Netherlands | 6.6 |
| Germany | 9.2 |
| United States | 10.0 |
| Japan | 11.8 |
| France | 16.8 |
| United Kingdom | 20.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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.

# International Equity Fund
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Y: ABEYX

#### Distributed by:
Resolute Investment Distributors, Inc.

IE_Y 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Large Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class A: ALVAX

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $108 | 1.03% |

---

## How did the Fund perform and what affected its performance?
The A Class of the Fund returned 2.49% (with sales charges) and 8.73% (without sales charges) for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 1000<sup>®</sup> Value Index return of 11.15%.

• Broad market performance during the twelve-month period was primarily driven by momentum associated with the AI theme and an easing of monetary policy as the Federal Reserve cut rates.

• The Fund's strategy of selecting undervalued securities through a bottom-up approach struggled, as the performance of higher quality and value companies faced headwinds. Mega Cap Technology names continued to maintain market leadership.

• The Fund's performance was positive in all sectors where it invested, except within the Materials, Consumer Staples, and Health Care sectors. The Fund's holdings in the Financials and Industrials sectors contributed meaningfully to the return of the Fund.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g39a35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **A with Sales Charge** | **S&P 500<sup>®</sup> Index TR** | **Russell 1000<sup>®</sup> Value Index** |
| **10/2015** | $9424 | $10000 | $10000 |
| **11/2015** | $9453 | $10030 | $10038 |
| **12/2015** | $9078 | $9872 | $9822 |
| **01/2016** | $8519 | $9382 | $9315 |
| **02/2016** | $8403 | $9369 | $9312 |
| **03/2016** | $9006 | $10005 | $9983 |
| **04/2016** | $9262 | $10043 | $10193 |
| **05/2016** | $9286 | $10224 | $10351 |
| **06/2016** | $9146 | $10250 | $10441 |
| **07/2016** | $9498 | $10628 | $10744 |
| **08/2016** | $9682 | $10643 | $10827 |
| **09/2016** | $9662 | $10645 | $10804 |
| **10/2016** | $9550 | $10451 | $10637 |
| **11/2016** | $10305 | $10838 | $11245 |
| **12/2016** | $10493 | $11052 | $11526 |
| **01/2017** | $10571 | $11262 | $11608 |
| **02/2017** | $10895 | $11709 | $12025 |
| **03/2017** | $10867 | $11723 | $11902 |
| **04/2017** | $10895 | $11843 | $11880 |
| **05/2017** | $10908 | $12010 | $11868 |
| **06/2017** | $11167 | $12085 | $12062 |
| **07/2017** | $11261 | $12333 | $12223 |
| **08/2017** | $11138 | $12371 | $12080 |
| **09/2017** | $11619 | $12626 | $12438 |
| **10/2017** | $11754 | $12921 | $12528 |
| **11/2017** | $11993 | $13317 | $12912 |
| **12/2017** | $12241 | $13465 | $13101 |
| **01/2018** | $12891 | $14236 | $13607 |
| **02/2018** | $12163 | $13711 | $12957 |
| **03/2018** | $11889 | $13363 | $12729 |
| **04/2018** | $12008 | $13414 | $12771 |
| **05/2018** | $12081 | $13737 | $12847 |
| **06/2018** | $12145 | $13822 | $12879 |
| **07/2018** | $12694 | $14336 | $13389 |
| **08/2018** | $12767 | $14803 | $13587 |
| **09/2018** | $12790 | $14887 | $13614 |
| **10/2018** | $11898 | $13870 | $12909 |
| **11/2018** | $12058 | $14153 | $13294 |
| **12/2018** | $10735 | $12765 | $12018 |
| **01/2019** | $11824 | $13906 | $12953 |
| **02/2019** | $12185 | $14353 | $13367 |
| **03/2019** | $12175 | $14632 | $13452 |
| **04/2019** | $12754 | $15224 | $13929 |
| **05/2019** | $11788 | $14257 | $13033 |
| **06/2019** | $12688 | $15262 | $13969 |
| **07/2019** | $12805 | $15481 | $14085 |
| **08/2019** | $12378 | $15236 | $13671 |
| **09/2019** | $12820 | $15521 | $14158 |
| **10/2019** | $13049 | $15857 | $14356 |
| **11/2019** | $13482 | $16433 | $14800 |
| **12/2019** | $13866 | $16928 | $15207 |
| **01/2020** | $13360 | $16922 | $14880 |
| **02/2020** | $12032 | $15529 | $13439 |
| **03/2020** | $9675 | $13611 | $11142 |
| **04/2020** | $10823 | $15356 | $12395 |
| **05/2020** | $11312 | $16087 | $12820 |
| **06/2020** | $11363 | $16407 | $12735 |
| **07/2020** | $11734 | $17332 | $13238 |
| **08/2020** | $12207 | $18578 | $13785 |
| **09/2020** | $11830 | $17872 | $13447 |
| **10/2020** | $11790 | $17397 | $13270 |
| **11/2020** | $13669 | $19301 | $15055 |
| **12/2020** | $14268 | $20043 | $15632 |
| **01/2021** | $14124 | $19841 | $15489 |
| **02/2021** | $15258 | $20388 | $16425 |
| **03/2021** | $16208 | $21281 | $17392 |
| **04/2021** | $16923 | $22416 | $18087 |
| **05/2021** | $17395 | $22573 | $18509 |
| **06/2021** | $17139 | $23100 | $18297 |
| **07/2021** | $17139 | $23649 | $18444 |
| **08/2021** | $17473 | $24368 | $18809 |
| **09/2021** | $16936 | $23234 | $18155 |
| **10/2021** | $17939 | $24862 | $19077 |
| **11/2021** | $17198 | $24690 | $18404 |
| **12/2021** | $18204 | $25797 | $19565 |
| **01/2022** | $18057 | $24462 | $19110 |
| **02/2022** | $17747 | $23729 | $18888 |
| **03/2022** | $18079 | $24610 | $19421 |
| **04/2022** | $16898 | $22464 | $18326 |
| **05/2022** | $17599 | $22505 | $18682 |
| **06/2022** | $15902 | $20648 | $17050 |
| **07/2022** | $17024 | $22552 | $18180 |
| **08/2022** | $16610 | $21632 | $17639 |
| **09/2022** | $15039 | $19640 | $16092 |
| **10/2022** | $16869 | $21230 | $17742 |
| **11/2022** | $17916 | $22416 | $18850 |
| **12/2022** | $17196 | $21125 | $18091 |
| **01/2023** | $18236 | $22452 | $19028 |
| **02/2023** | $17548 | $21904 | $18357 |
| **03/2023** | $17179 | $22708 | $18273 |
| **04/2023** | $17448 | $23063 | $18548 |
| **05/2023** | $16793 | $23163 | $17833 |
| **06/2023** | $17943 | $24693 | $19017 |
| **07/2023** | $18756 | $25487 | $19686 |
| **08/2023** | $18286 | $25081 | $19154 |
| **09/2023** | $17649 | $23885 | $18415 |
| **10/2023** | $17171 | $23383 | $17766 |
| **11/2023** | $18387 | $25518 | $19106 |
| **12/2023** | $19440 | $26678 | $20164 |
| **01/2024** | $19565 | $27126 | $20185 |
| **02/2024** | $20222 | $28574 | $20930 |
| **03/2024** | $21341 | $29494 | $21976 |
| **04/2024** | $20462 | $28289 | $21037 |
| **05/2024** | $21172 | $29692 | $21704 |
| **06/2024** | $20994 | $30757 | $21500 |
| **07/2024** | $21998 | $31132 | $22599 |
| **08/2024** | $22495 | $31887 | $23205 |
| **09/2024** | $22664 | $32568 | $23528 |
| **10/2024** | $22584 | $32272 | $23269 |
| **11/2024** | $23739 | $34167 | $24755 |
| **12/2024** | $22320 | $33352 | $23061 |
| **01/2025** | $23198 | $34281 | $24129 |
| **02/2025** | $23321 | $33834 | $24227 |
| **03/2025** | $22606 | $31928 | $23554 |
| **04/2025** | $21830 | $31711 | $22836 |
| **05/2025** | $22647 | $33707 | $23638 |
| **06/2025** | $23494 | $35421 | $24446 |
| **07/2025** | $23474 | $36216 | $24586 |
| **08/2025** | $24505 | $36950 | $25370 |
| **09/2025** | $24750 | $38299 | $25749 |
| **10/2025** | $24556 | $39196 | $25863 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class A without Sales Charge<sup>Footnote Reference1</sup> | 8.73% | 15.80% | 10.05% |
| Class A with Maximum Sales Charge - 5.75%<sup>Footnote Reference1</sup> | 2.49% | 14.44% | 9.40% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3357783981 |
| # of Portfolio Holdings | 165 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $18752739 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g51z89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.8 |
| Foreign Common Stocks | 4.7 |
| Investment Companies | 2.9 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.7 |
| Alphabet, Inc., Class A | 1.6 |
| Wells Fargo & Co. | 1.6 |
| Exxon Mobil Corp. | 1.6 |
| Citigroup, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.6 |
| American Express Co. | 1.5 |
| Bank of America Corp. | 1.5 |
| American International Group, Inc. | 1.5 |
| Carnival Corp. | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g90e87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2 |
| Materials | 3.0 |
| Communication Services | 4.0 |
| Consumer Staples | 4.9 |
| Utilities | 7.4 |
| Consumer Discretionary | 7.4 |
| Energy | 8.5 |
| Information Technology | 11.9 |
| Health Care | 13.1 |
| Industrials | 13.1 |
| Financials | 24.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class A: ALVAX

#### Distributed by:
Resolute Investment Distributors, Inc.

LCV_A 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Large Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class Advisor: AVASX

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $119 | 1.13% |

---

## How did the Fund perform and what affected its performance?
The Advisor Class of the Fund returned 8.66% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 1000<sup>®</sup> Value Index return of 11.15%.

• Broad market performance during the twelve-month period was primarily driven by momentum associated with the AI theme and an easing of monetary policy as the Federal Reserve cut rates.

• The Fund's strategy of selecting undervalued securities through a bottom-up approach struggled, as the performance of higher quality and value companies faced headwinds. Mega Cap Technology names continued to maintain market leadership.

• The Fund's performance was positive in all sectors where it invested, except within the Materials, Consumer Staples, and Health Care sectors. The Fund's holdings in the Financials and Industrials sectors contributed meaningfully to the return of the Fund.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g86k04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor** | **S&P 500<sup>®</sup> Index TR** | **Russell 1000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10027 | $10030 | $10038 |
| **12/2015** | $9633 | $9872 | $9822 |
| **01/2016** | $9038 | $9382 | $9315 |
| **02/2016** | $8915 | $9369 | $9312 |
| **03/2016** | $9552 | $10005 | $9983 |
| **04/2016** | $9824 | $10043 | $10193 |
| **05/2016** | $9850 | $10224 | $10351 |
| **06/2016** | $9697 | $10250 | $10441 |
| **07/2016** | $10070 | $10628 | $10744 |
| **08/2016** | $10266 | $10643 | $10827 |
| **09/2016** | $10240 | $10645 | $10804 |
| **10/2016** | $10121 | $10451 | $10637 |
| **11/2016** | $10925 | $10838 | $11245 |
| **12/2016** | $11119 | $11052 | $11526 |
| **01/2017** | $11202 | $11262 | $11608 |
| **02/2017** | $11543 | $11709 | $12025 |
| **03/2017** | $11512 | $11723 | $11902 |
| **04/2017** | $11543 | $11843 | $11880 |
| **05/2017** | $11556 | $12010 | $11868 |
| **06/2017** | $11830 | $12085 | $12062 |
| **07/2017** | $11926 | $12333 | $12223 |
| **08/2017** | $11796 | $12371 | $12080 |
| **09/2017** | $12306 | $12626 | $12438 |
| **10/2017** | $12450 | $12921 | $12528 |
| **11/2017** | $12699 | $13317 | $12912 |
| **12/2017** | $12957 | $13465 | $13101 |
| **01/2018** | $13641 | $14236 | $13607 |
| **02/2018** | $12870 | $13711 | $12957 |
| **03/2018** | $12579 | $13363 | $12729 |
| **04/2018** | $12705 | $13414 | $12771 |
| **05/2018** | $12783 | $13737 | $12847 |
| **06/2018** | $12846 | $13822 | $12879 |
| **07/2018** | $13422 | $14336 | $13389 |
| **08/2018** | $13500 | $14803 | $13587 |
| **09/2018** | $13524 | $14887 | $13614 |
| **10/2018** | $12579 | $13870 | $12909 |
| **11/2018** | $12749 | $14153 | $13294 |
| **12/2018** | $11349 | $12765 | $12018 |
| **01/2019** | $12493 | $13906 | $12953 |
| **02/2019** | $12880 | $14353 | $13367 |
| **03/2019** | $12863 | $14632 | $13452 |
| **04/2019** | $13475 | $15224 | $13929 |
| **05/2019** | $12455 | $14257 | $13033 |
| **06/2019** | $13406 | $15262 | $13969 |
| **07/2019** | $13529 | $15481 | $14085 |
| **08/2019** | $13073 | $15236 | $13671 |
| **09/2019** | $13540 | $15521 | $14158 |
| **10/2019** | $13782 | $15857 | $14356 |
| **11/2019** | $14243 | $16433 | $14800 |
| **12/2019** | $14642 | $16928 | $15207 |
| **01/2020** | $14108 | $16922 | $14880 |
| **02/2020** | $12707 | $15529 | $13439 |
| **03/2020** | $10214 | $13611 | $11142 |
| **04/2020** | $11431 | $15356 | $12395 |
| **05/2020** | $11941 | $16087 | $12820 |
| **06/2020** | $12001 | $16407 | $12735 |
| **07/2020** | $12386 | $17332 | $13238 |
| **08/2020** | $12885 | $18578 | $13785 |
| **09/2020** | $12487 | $17872 | $13447 |
| **10/2020** | $12446 | $17397 | $13270 |
| **11/2020** | $14428 | $19301 | $15055 |
| **12/2020** | $15055 | $20043 | $15632 |
| **01/2021** | $14903 | $19841 | $15489 |
| **02/2021** | $16092 | $20388 | $16425 |
| **03/2021** | $17101 | $21281 | $17392 |
| **04/2021** | $17854 | $22416 | $18087 |
| **05/2021** | $18351 | $22573 | $18509 |
| **06/2021** | $18075 | $23100 | $18297 |
| **07/2021** | $18075 | $23649 | $18444 |
| **08/2021** | $18427 | $24368 | $18809 |
| **09/2021** | $17847 | $23234 | $18155 |
| **10/2021** | $18904 | $24862 | $19077 |
| **11/2021** | $18116 | $24690 | $18404 |
| **12/2021** | $19177 | $25797 | $19565 |
| **01/2022** | $19013 | $24462 | $19110 |
| **02/2022** | $18694 | $23729 | $18888 |
| **03/2022** | $19029 | $24610 | $19421 |
| **04/2022** | $17784 | $22464 | $18326 |
| **05/2022** | $18523 | $22505 | $18682 |
| **06/2022** | $16734 | $20648 | $17050 |
| **07/2022** | $17909 | $22552 | $18180 |
| **08/2022** | $17473 | $21632 | $17639 |
| **09/2022** | $15808 | $19640 | $16092 |
| **10/2022** | $17737 | $21230 | $17742 |
| **11/2022** | $18834 | $22416 | $18850 |
| **12/2022** | $18081 | $21125 | $18091 |
| **01/2023** | $19174 | $22452 | $19028 |
| **02/2023** | $18443 | $21904 | $18357 |
| **03/2023** | $18055 | $22708 | $18273 |
| **04/2023** | $18337 | $23063 | $18548 |
| **05/2023** | $17649 | $23163 | $17833 |
| **06/2023** | $18857 | $24693 | $19017 |
| **07/2023** | $19703 | $25487 | $19686 |
| **08/2023** | $19210 | $25081 | $19154 |
| **09/2023** | $18540 | $23885 | $18415 |
| **10/2023** | $18037 | $23383 | $17766 |
| **11/2023** | $19307 | $25518 | $19106 |
| **12/2023** | $20407 | $26678 | $20164 |
| **01/2024** | $20538 | $27126 | $20185 |
| **02/2024** | $21228 | $28574 | $20930 |
| **03/2024** | $22393 | $29494 | $21976 |
| **04/2024** | $21470 | $28289 | $21037 |
| **05/2024** | $22216 | $29692 | $21704 |
| **06/2024** | $22029 | $30757 | $21500 |
| **07/2024** | $23074 | $31132 | $22599 |
| **08/2024** | $23596 | $31887 | $23205 |
| **09/2024** | $23773 | $32568 | $23528 |
| **10/2024** | $23680 | $32272 | $23269 |
| **11/2024** | $24892 | $34167 | $24755 |
| **12/2024** | $23401 | $33352 | $23061 |
| **01/2025** | $24320 | $34281 | $24129 |
| **02/2025** | $24449 | $33834 | $24227 |
| **03/2025** | $23701 | $31928 | $23554 |
| **04/2025** | $22878 | $31711 | $22836 |
| **05/2025** | $23733 | $33707 | $23638 |
| **06/2025** | $24619 | $35421 | $24446 |
| **07/2025** | $24609 | $36216 | $24586 |
| **08/2025** | $25677 | $36950 | $25370 |
| **09/2025** | $25934 | $38299 | $25749 |
| **10/2025** | $25731 | $39196 | $25863 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class<sup>Footnote Reference1</sup> | 8.66% | 15.63% | 9.91% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3357783981 |
| # of Portfolio Holdings | 165 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $18752739 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g51z89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.8 |
| Foreign Common Stocks | 4.7 |
| Investment Companies | 2.9 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.7 |
| Alphabet, Inc., Class A | 1.6 |
| Wells Fargo & Co. | 1.6 |
| Exxon Mobil Corp. | 1.6 |
| Citigroup, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.6 |
| American Express Co. | 1.5 |
| Bank of America Corp. | 1.5 |
| American International Group, Inc. | 1.5 |
| Carnival Corp. | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g90e87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2 |
| Materials | 3.0 |
| Communication Services | 4.0 |
| Consumer Staples | 4.9 |
| Utilities | 7.4 |
| Consumer Discretionary | 7.4 |
| Energy | 8.5 |
| Information Technology | 11.9 |
| Health Care | 13.1 |
| Industrials | 13.1 |
| Financials | 24.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Advisor: AVASX

#### Distributed by:
Resolute Investment Distributors, Inc.

LCV_Advisor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Large Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class C: ALVCX

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $183 | 1.75% |

---

## How did the Fund perform and what affected its performance?
The C Class of the Fund returned 6.94% (with sales charges) and 7.94% (without sales charges) for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 1000<sup>®</sup> Value Index return of 11.15%.

• Broad market performance during the twelve-month period was primarily driven by momentum associated with the AI theme and an easing of monetary policy as the Federal Reserve cut rates.

• The Fund's strategy of selecting undervalued securities through a bottom-up approach struggled, as the performance of higher quality and value companies faced headwinds. Mega Cap Technology names continued to maintain market leadership.

• The Fund's performance was positive in all sectors where it invested, except within the Materials, Consumer Staples, and Health Care sectors. The Fund's holdings in the Financials and Industrials sectors contributed meaningfully to the return of the Fund.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g97q53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **C with Sales Charge** | **S&P 500<sup>®</sup> Index TR** | **Russell 1000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10023 | $10030 | $10038 |
| **12/2015** | $9620 | $9872 | $9822 |
| **01/2016** | $9023 | $9382 | $9315 |
| **02/2016** | $8895 | $9369 | $9312 |
| **03/2016** | $9526 | $10005 | $9983 |
| **04/2016** | $9791 | $10043 | $10193 |
| **05/2016** | $9808 | $10224 | $10351 |
| **06/2016** | $9654 | $10250 | $10441 |
| **07/2016** | $10021 | $10628 | $10744 |
| **08/2016** | $10208 | $10643 | $10827 |
| **09/2016** | $10179 | $10645 | $10804 |
| **10/2016** | $10051 | $10451 | $10637 |
| **11/2016** | $10844 | $10838 | $11245 |
| **12/2016** | $11032 | $11052 | $11526 |
| **01/2017** | $11110 | $11262 | $11608 |
| **02/2017** | $11441 | $11709 | $12025 |
| **03/2017** | $11406 | $11723 | $11902 |
| **04/2017** | $11428 | $11843 | $11880 |
| **05/2017** | $11436 | $12010 | $11868 |
| **06/2017** | $11697 | $12085 | $12062 |
| **07/2017** | $11789 | $12333 | $12223 |
| **08/2017** | $11658 | $12371 | $12080 |
| **09/2017** | $12154 | $12626 | $12438 |
| **10/2017** | $12288 | $12921 | $12528 |
| **11/2017** | $12528 | $13317 | $12912 |
| **12/2017** | $12786 | $13465 | $13101 |
| **01/2018** | $13459 | $14236 | $13607 |
| **02/2018** | $12690 | $13711 | $12957 |
| **03/2018** | $12401 | $13363 | $12729 |
| **04/2018** | $12517 | $13414 | $12771 |
| **05/2018** | $12589 | $13737 | $12847 |
| **06/2018** | $12647 | $13822 | $12879 |
| **07/2018** | $13209 | $14336 | $13389 |
| **08/2018** | $13276 | $14803 | $13587 |
| **09/2018** | $13296 | $14887 | $13614 |
| **10/2018** | $12358 | $13870 | $12909 |
| **11/2018** | $12517 | $14153 | $13294 |
| **12/2018** | $11139 | $12765 | $12018 |
| **01/2019** | $12256 | $13906 | $12953 |
| **02/2019** | $12627 | $14353 | $13367 |
| **03/2019** | $12606 | $14632 | $13452 |
| **04/2019** | $13204 | $15224 | $13929 |
| **05/2019** | $12198 | $14257 | $13033 |
| **06/2019** | $13114 | $15262 | $13969 |
| **07/2019** | $13236 | $15481 | $14085 |
| **08/2019** | $12780 | $15236 | $13671 |
| **09/2019** | $13230 | $15521 | $14158 |
| **10/2019** | $13463 | $15857 | $14356 |
| **11/2019** | $13903 | $16433 | $14800 |
| **12/2019** | $14290 | $16928 | $15207 |
| **01/2020** | $13760 | $16922 | $14880 |
| **02/2020** | $12385 | $15529 | $13439 |
| **03/2020** | $9956 | $13611 | $11142 |
| **04/2020** | $11133 | $15356 | $12395 |
| **05/2020** | $11622 | $16087 | $12820 |
| **06/2020** | $11674 | $16407 | $12735 |
| **07/2020** | $12047 | $17332 | $13238 |
| **08/2020** | $12525 | $18578 | $13785 |
| **09/2020** | $12135 | $17872 | $13447 |
| **10/2020** | $12082 | $17397 | $13270 |
| **11/2020** | $14005 | $19301 | $15055 |
| **12/2020** | $14603 | $20043 | $15632 |
| **01/2021** | $14448 | $19841 | $15489 |
| **02/2021** | $15601 | $20388 | $16425 |
| **03/2021** | $16565 | $21281 | $17392 |
| **04/2021** | $17286 | $22416 | $18087 |
| **05/2021** | $17758 | $22573 | $18509 |
| **06/2021** | $17482 | $23100 | $18297 |
| **07/2021** | $17475 | $23649 | $18444 |
| **08/2021** | $17805 | $24368 | $18809 |
| **09/2021** | $17239 | $23234 | $18155 |
| **10/2021** | $18250 | $24862 | $19077 |
| **11/2021** | $17482 | $24690 | $18404 |
| **12/2021** | $18494 | $25797 | $19565 |
| **01/2022** | $18328 | $24462 | $19110 |
| **02/2022** | $18010 | $23729 | $18888 |
| **03/2022** | $18328 | $24610 | $19421 |
| **04/2022** | $17118 | $22464 | $18326 |
| **05/2022** | $17821 | $22505 | $18682 |
| **06/2022** | $16091 | $20648 | $17050 |
| **07/2022** | $17209 | $22552 | $18180 |
| **08/2022** | $16786 | $21632 | $17639 |
| **09/2022** | $15184 | $19640 | $16092 |
| **10/2022** | $17020 | $21230 | $17742 |
| **11/2022** | $18071 | $22416 | $18850 |
| **12/2022** | $17337 | $21125 | $18091 |
| **01/2023** | $18376 | $22452 | $19028 |
| **02/2023** | $17669 | $21904 | $18357 |
| **03/2023** | $17286 | $22708 | $18273 |
| **04/2023** | $17541 | $23063 | $18548 |
| **05/2023** | $16886 | $23163 | $17833 |
| **06/2023** | $18027 | $24693 | $19017 |
| **07/2023** | $18836 | $25487 | $19686 |
| **08/2023** | $18350 | $25081 | $19154 |
| **09/2023** | $17695 | $23885 | $18415 |
| **10/2023** | $17209 | $23383 | $17766 |
| **11/2023** | $18410 | $25518 | $19106 |
| **12/2023** | $19451 | $26678 | $20164 |
| **01/2024** | $19567 | $27126 | $20185 |
| **02/2024** | $20210 | $28574 | $20930 |
| **03/2024** | $21317 | $29494 | $21976 |
| **04/2024** | $20424 | $28289 | $21037 |
| **05/2024** | $21121 | $29692 | $21704 |
| **06/2024** | $20933 | $30757 | $21500 |
| **07/2024** | $21915 | $31132 | $22599 |
| **08/2024** | $22398 | $31887 | $23205 |
| **09/2024** | $22550 | $32568 | $23528 |
| **10/2024** | $22460 | $32272 | $23269 |
| **11/2024** | $23585 | $34167 | $24755 |
| **12/2024** | $22166 | $33352 | $23061 |
| **01/2025** | $23027 | $34281 | $24129 |
| **02/2025** | $23139 | $33834 | $24227 |
| **03/2025** | $22409 | $31928 | $23554 |
| **04/2025** | $21629 | $31711 | $22836 |
| **05/2025** | $22419 | $33707 | $23638 |
| **06/2025** | $23250 | $35421 | $24446 |
| **07/2025** | $23220 | $36216 | $24586 |
| **08/2025** | $24223 | $36950 | $25370 |
| **09/2025** | $24456 | $38299 | $25749 |
| **10/2025** | $24243 | $39196 | $25863 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class C without Deferred Sales Charge<sup>Footnote Reference1</sup> | 7.94% | 14.94% | 9.26% |
| Class C with Maximum Deferred Sales Charge -1.00%<sup>Footnote Reference1</sup> | 6.94% | 14.94% | 9.26% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3357783981 |
| # of Portfolio Holdings | 165 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $18752739 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g51z89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.8 |
| Foreign Common Stocks | 4.7 |
| Investment Companies | 2.9 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.7 |
| Alphabet, Inc., Class A | 1.6 |
| Wells Fargo & Co. | 1.6 |
| Exxon Mobil Corp. | 1.6 |
| Citigroup, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.6 |
| American Express Co. | 1.5 |
| Bank of America Corp. | 1.5 |
| American International Group, Inc. | 1.5 |
| Carnival Corp. | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g90e87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2 |
| Materials | 3.0 |
| Communication Services | 4.0 |
| Consumer Staples | 4.9 |
| Utilities | 7.4 |
| Consumer Discretionary | 7.4 |
| Energy | 8.5 |
| Information Technology | 11.9 |
| Health Care | 13.1 |
| Industrials | 13.1 |
| Financials | 24.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class C: ALVCX

#### Distributed by:
Resolute Investment Distributors, Inc.

LCV_C 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Large Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Investor Class: AAGPX

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $102 | 0.97% |

---

## How did the Fund perform and what affected its performance?
The Investor Class of the Fund returned 8.82% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 1000<sup>®</sup> Value Index return of 11.15%.

• Broad market performance during the twelve-month period was primarily driven by momentum associated with the AI theme and an easing of monetary policy as the Federal Reserve cut rates.

• The Fund's strategy of selecting undervalued securities through a bottom-up approach struggled, as the performance of higher quality and value companies faced headwinds. Mega Cap Technology names continued to maintain market leadership.

• The Fund's performance was positive in all sectors where it invested, except within the Materials, Consumer Staples, and Health Care sectors. The Fund's holdings in the Financials and Industrials sectors contributed meaningfully to the return of the Fund.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g14l85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **S&P 500<sup>®</sup> Index TR** | **Russell 1000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10030 | $10030 | $10038 |
| **12/2015** | $9633 | $9872 | $9822 |
| **01/2016** | $9041 | $9382 | $9315 |
| **02/2016** | $8915 | $9369 | $9312 |
| **03/2016** | $9557 | $10005 | $9983 |
| **04/2016** | $9830 | $10043 | $10193 |
| **05/2016** | $9856 | $10224 | $10351 |
| **06/2016** | $9704 | $10250 | $10441 |
| **07/2016** | $10078 | $10628 | $10744 |
| **08/2016** | $10276 | $10643 | $10827 |
| **09/2016** | $10250 | $10645 | $10804 |
| **10/2016** | $10133 | $10451 | $10637 |
| **11/2016** | $10939 | $10838 | $11245 |
| **12/2016** | $11137 | $11052 | $11526 |
| **01/2017** | $11219 | $11262 | $11608 |
| **02/2017** | $11564 | $11709 | $12025 |
| **03/2017** | $11534 | $11723 | $11902 |
| **04/2017** | $11569 | $11843 | $11880 |
| **05/2017** | $11582 | $12010 | $11868 |
| **06/2017** | $11858 | $12085 | $12062 |
| **07/2017** | $11957 | $12333 | $12223 |
| **08/2017** | $11828 | $12371 | $12080 |
| **09/2017** | $12337 | $12626 | $12438 |
| **10/2017** | $12484 | $12921 | $12528 |
| **11/2017** | $12739 | $13317 | $12912 |
| **12/2017** | $12995 | $13465 | $13101 |
| **01/2018** | $13686 | $14236 | $13607 |
| **02/2018** | $12914 | $13711 | $12957 |
| **03/2018** | $12626 | $13363 | $12729 |
| **04/2018** | $12750 | $13414 | $12771 |
| **05/2018** | $12827 | $13737 | $12847 |
| **06/2018** | $12894 | $13822 | $12879 |
| **07/2018** | $13475 | $14336 | $13389 |
| **08/2018** | $13556 | $14803 | $13587 |
| **09/2018** | $13580 | $14887 | $13614 |
| **10/2018** | $12631 | $13870 | $12909 |
| **11/2018** | $12803 | $14153 | $13294 |
| **12/2018** | $11402 | $12765 | $12018 |
| **01/2019** | $12551 | $13906 | $12953 |
| **02/2019** | $12939 | $14353 | $13367 |
| **03/2019** | $12929 | $14632 | $13452 |
| **04/2019** | $13546 | $15224 | $13929 |
| **05/2019** | $12519 | $14257 | $13033 |
| **06/2019** | $13471 | $15262 | $13969 |
| **07/2019** | $13599 | $15481 | $14085 |
| **08/2019** | $13147 | $15236 | $13671 |
| **09/2019** | $13615 | $15521 | $14158 |
| **10/2019** | $13870 | $15857 | $14356 |
| **11/2019** | $14322 | $16433 | $14800 |
| **12/2019** | $14728 | $16928 | $15207 |
| **01/2020** | $14193 | $16922 | $14880 |
| **02/2020** | $12782 | $15529 | $13439 |
| **03/2020** | $10283 | $13611 | $11142 |
| **04/2020** | $11506 | $15356 | $12395 |
| **05/2020** | $12018 | $16087 | $12820 |
| **06/2020** | $12076 | $16407 | $12735 |
| **07/2020** | $12470 | $17332 | $13238 |
| **08/2020** | $12976 | $18578 | $13785 |
| **09/2020** | $12576 | $17872 | $13447 |
| **10/2020** | $12535 | $17397 | $13270 |
| **11/2020** | $14534 | $19301 | $15055 |
| **12/2020** | $15161 | $20043 | $15632 |
| **01/2021** | $15011 | $19841 | $15489 |
| **02/2021** | $16214 | $20388 | $16425 |
| **03/2021** | $17233 | $21281 | $17392 |
| **04/2021** | $17991 | $22416 | $18087 |
| **05/2021** | $18497 | $22573 | $18509 |
| **06/2021** | $18217 | $23100 | $18297 |
| **07/2021** | $18224 | $23649 | $18444 |
| **08/2021** | $18579 | $24368 | $18809 |
| **09/2021** | $17998 | $23234 | $18155 |
| **10/2021** | $19058 | $24862 | $19077 |
| **11/2021** | $18265 | $24690 | $18404 |
| **12/2021** | $19337 | $25797 | $19565 |
| **01/2022** | $19183 | $24462 | $19110 |
| **02/2022** | $18853 | $23729 | $18888 |
| **03/2022** | $19198 | $24610 | $19421 |
| **04/2022** | $17946 | $22464 | $18326 |
| **05/2022** | $18691 | $22505 | $18682 |
| **06/2022** | $16893 | $20648 | $17050 |
| **07/2022** | $18076 | $22552 | $18180 |
| **08/2022** | $17638 | $21632 | $17639 |
| **09/2022** | $15963 | $19640 | $16092 |
| **10/2022** | $17907 | $21230 | $17742 |
| **11/2022** | $19022 | $22416 | $18850 |
| **12/2022** | $18261 | $21125 | $18091 |
| **01/2023** | $19366 | $22452 | $19028 |
| **02/2023** | $18636 | $21904 | $18357 |
| **03/2023** | $18244 | $22708 | $18273 |
| **04/2023** | $18531 | $23063 | $18548 |
| **05/2023** | $17844 | $23163 | $17833 |
| **06/2023** | $19062 | $24693 | $19017 |
| **07/2023** | $19923 | $25487 | $19686 |
| **08/2023** | $19427 | $25081 | $19154 |
| **09/2023** | $18749 | $23885 | $18415 |
| **10/2023** | $18244 | $23383 | $17766 |
| **11/2023** | $19532 | $25518 | $19106 |
| **12/2023** | $20648 | $26678 | $20164 |
| **01/2024** | $20786 | $27126 | $20185 |
| **02/2024** | $21476 | $28574 | $20930 |
| **03/2024** | $22672 | $29494 | $21976 |
| **04/2024** | $21734 | $28289 | $21037 |
| **05/2024** | $22488 | $29692 | $21704 |
| **06/2024** | $22304 | $30757 | $21500 |
| **07/2024** | $23372 | $31132 | $22599 |
| **08/2024** | $23896 | $31887 | $23205 |
| **09/2024** | $24080 | $32568 | $23528 |
| **10/2024** | $23997 | $32272 | $23269 |
| **11/2024** | $25221 | $34167 | $24755 |
| **12/2024** | $23715 | $33352 | $23061 |
| **01/2025** | $24651 | $34281 | $24129 |
| **02/2025** | $24788 | $33834 | $24227 |
| **03/2025** | $24020 | $31928 | $23554 |
| **04/2025** | $23199 | $31711 | $22836 |
| **05/2025** | $24072 | $33707 | $23638 |
| **06/2025** | $24978 | $35421 | $24446 |
| **07/2025** | $24957 | $36216 | $24586 |
| **08/2025** | $26051 | $36950 | $25370 |
| **09/2025** | $26314 | $38299 | $25749 |
| **10/2025** | $26114 | $39196 | $25863 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Investor Class<sup>Footnote Reference1</sup> | 8.82% | 15.81% | 10.07% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3357783981 |
| # of Portfolio Holdings | 165 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $18752739 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g51z89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.8 |
| Foreign Common Stocks | 4.7 |
| Investment Companies | 2.9 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.7 |
| Alphabet, Inc., Class A | 1.6 |
| Wells Fargo & Co. | 1.6 |
| Exxon Mobil Corp. | 1.6 |
| Citigroup, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.6 |
| American Express Co. | 1.5 |
| Bank of America Corp. | 1.5 |
| American International Group, Inc. | 1.5 |
| Carnival Corp. | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g90e87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2 |
| Materials | 3.0 |
| Communication Services | 4.0 |
| Consumer Staples | 4.9 |
| Utilities | 7.4 |
| Consumer Discretionary | 7.4 |
| Energy | 8.5 |
| Information Technology | 11.9 |
| Health Care | 13.1 |
| Industrials | 13.1 |
| Financials | 24.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Investor Class: AAGPX

#### Distributed by:
Resolute Investment Distributors, Inc.

LCV_Investor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Large Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class R5: AADEX

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $69 | 0.66% |

---

## How did the Fund perform and what affected its performance?
The R5 Class of the Fund returned 9.16% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 1000<sup>®</sup> Value Index return of 11.15%.

• Broad market performance during the twelve-month period was primarily driven by momentum associated with the AI theme and an easing of monetary policy as the Federal Reserve cut rates.

• The Fund's strategy of selecting undervalued securities through a bottom-up approach struggled, as the performance of higher quality and value companies faced headwinds. Mega Cap Technology names continued to maintain market leadership.

• The Fund's performance was positive in all sectors where it invested, except within the Materials, Consumer Staples, and Health Care sectors. The Fund's holdings in the Financials and Industrials sectors contributed meaningfully to the return of the Fund.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g57x48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R5** | **S&P 500<sup>®</sup> Index TR** | **Russell 1000<sup>®</sup> Value Index** |
| **10/2015** | $250000 | $250000 | $250000 |
| **11/2015** | $250881 | $250743 | $250957 |
| **12/2015** | $241023 | $246789 | $245560 |
| **01/2016** | $226243 | $234542 | $232871 |
| **02/2016** | $223188 | $234226 | $232812 |
| **03/2016** | $239348 | $250115 | $249583 |
| **04/2016** | $246147 | $251085 | $254826 |
| **05/2016** | $246935 | $255594 | $258784 |
| **06/2016** | $243191 | $256256 | $261022 |
| **07/2016** | $252651 | $265704 | $268600 |
| **08/2016** | $257676 | $266077 | $270672 |
| **09/2016** | $257183 | $266127 | $270107 |
| **10/2016** | $254227 | $261273 | $265927 |
| **11/2016** | $274526 | $270949 | $281115 |
| **12/2016** | $279537 | $276304 | $288141 |
| **01/2017** | $281768 | $281545 | $290194 |
| **02/2017** | $290491 | $292724 | $300622 |
| **03/2017** | $289781 | $293065 | $297559 |
| **04/2017** | $290694 | $296075 | $297001 |
| **05/2017** | $291100 | $300242 | $296710 |
| **06/2017** | $298098 | $302116 | $301560 |
| **07/2017** | $300634 | $308328 | $305568 |
| **08/2017** | $297591 | $309272 | $302009 |
| **09/2017** | $310473 | $315652 | $310953 |
| **10/2017** | $314225 | $323018 | $313211 |
| **11/2017** | $320717 | $332924 | $322802 |
| **12/2017** | $327273 | $336626 | $327514 |
| **01/2018** | $344787 | $355899 | $340176 |
| **02/2018** | $325364 | $342782 | $323933 |
| **03/2018** | $318179 | $334071 | $318234 |
| **04/2018** | $321435 | $335353 | $319285 |
| **05/2018** | $323568 | $343428 | $321180 |
| **06/2018** | $325252 | $345542 | $321976 |
| **07/2018** | $340072 | $358401 | $334719 |
| **08/2018** | $342205 | $370080 | $339667 |
| **09/2018** | $342879 | $372186 | $340340 |
| **10/2018** | $318965 | $346747 | $322717 |
| **11/2018** | $323456 | $353813 | $332352 |
| **12/2018** | $288044 | $319116 | $300438 |
| **01/2019** | $317320 | $347660 | $323822 |
| **02/2019** | $327119 | $358823 | $334169 |
| **03/2019** | $326995 | $365796 | $336293 |
| **04/2019** | $342626 | $380607 | $348222 |
| **05/2019** | $316823 | $356420 | $325832 |
| **06/2019** | $341013 | $381539 | $349222 |
| **07/2019** | $344362 | $387022 | $352117 |
| **08/2019** | $332950 | $380892 | $341763 |
| **09/2019** | $344983 | $388018 | $353956 |
| **10/2019** | $351433 | $396423 | $358903 |
| **11/2019** | $363094 | $410813 | $369999 |
| **12/2019** | $373496 | $423212 | $380178 |
| **01/2020** | $359992 | $423046 | $371999 |
| **02/2020** | $324252 | $388221 | $335972 |
| **03/2020** | $260820 | $340271 | $278556 |
| **04/2020** | $291922 | $383891 | $309872 |
| **05/2020** | $305154 | $402175 | $320491 |
| **06/2020** | $306654 | $410173 | $318364 |
| **07/2020** | $316885 | $433301 | $330950 |
| **08/2020** | $329708 | $464447 | $344634 |
| **09/2020** | $319614 | $446800 | $336169 |
| **10/2020** | $318659 | $434917 | $331751 |
| **11/2020** | $369540 | $482525 | $376376 |
| **12/2020** | $385688 | $501078 | $390806 |
| **01/2021** | $382079 | $496019 | $387227 |
| **02/2021** | $412677 | $509696 | $410628 |
| **03/2021** | $438724 | $532019 | $434791 |
| **04/2021** | $458181 | $560412 | $452179 |
| **05/2021** | $471205 | $564326 | $462735 |
| **06/2021** | $464144 | $577500 | $457436 |
| **07/2021** | $464301 | $591219 | $461092 |
| **08/2021** | $473559 | $609195 | $470236 |
| **09/2021** | $458966 | $580862 | $453868 |
| **10/2021** | $486269 | $621558 | $476914 |
| **11/2021** | $466184 | $617251 | $460108 |
| **12/2021** | $493609 | $644914 | $489135 |
| **01/2022** | $489762 | $611542 | $477741 |
| **02/2022** | $481544 | $593231 | $472197 |
| **03/2022** | $490461 | $615257 | $485526 |
| **04/2022** | $458463 | $561606 | $458141 |
| **05/2022** | $477697 | $562636 | $467047 |
| **06/2022** | $431886 | $516194 | $426240 |
| **07/2022** | $462310 | $563789 | $454505 |
| **08/2022** | $451294 | $540797 | $440963 |
| **09/2022** | $408455 | $490990 | $402296 |
| **10/2022** | $458288 | $530742 | $443544 |
| **11/2022** | $486964 | $560402 | $471262 |
| **12/2022** | $467582 | $528114 | $452264 |
| **01/2023** | $495962 | $561298 | $475701 |
| **02/2023** | $477368 | $547603 | $458928 |
| **03/2023** | $467582 | $567708 | $456815 |
| **04/2023** | $474824 | $576569 | $463697 |
| **05/2023** | $457405 | $579075 | $445814 |
| **06/2023** | $488916 | $617337 | $475428 |
| **07/2023** | $511033 | $637169 | $492146 |
| **08/2023** | $498506 | $627025 | $478860 |
| **09/2023** | $481087 | $597129 | $460381 |
| **10/2023** | $468169 | $584574 | $444138 |
| **11/2023** | $501442 | $637960 | $477648 |
| **12/2023** | $530417 | $666943 | $504106 |
| **01/2024** | $533921 | $678151 | $504628 |
| **02/2024** | $551856 | $714361 | $523243 |
| **03/2024** | $582572 | $737345 | $549403 |
| **04/2024** | $558865 | $707229 | $525935 |
| **05/2024** | $578449 | $742296 | $542607 |
| **06/2024** | $573708 | $768931 | $537503 |
| **07/2024** | $601125 | $778291 | $564981 |
| **08/2024** | $614937 | $797170 | $580137 |
| **09/2024** | $619885 | $814195 | $588189 |
| **10/2024** | $617823 | $806812 | $581715 |
| **11/2024** | $649570 | $854172 | $618863 |
| **12/2024** | $611013 | $833810 | $576537 |
| **01/2025** | $635157 | $857030 | $603222 |
| **02/2025** | $638871 | $845847 | $605672 |
| **03/2025** | $619371 | $798189 | $588851 |
| **04/2025** | $598245 | $792776 | $570904 |
| **05/2025** | $620764 | $842677 | $590951 |
| **06/2025** | $644211 | $885530 | $611151 |
| **07/2025** | $643978 | $905404 | $614660 |
| **08/2025** | $672300 | $923757 | $634250 |
| **09/2025** | $679497 | $957475 | $643724 |
| **10/2025** | $674390 | $979893 | $646567 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class R5<sup>Footnote Reference1</sup> | 9.16% | 16.18% | 10.43% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3357783981 |
| # of Portfolio Holdings | 165 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $18752739 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g51z89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.8 |
| Foreign Common Stocks | 4.7 |
| Investment Companies | 2.9 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.7 |
| Alphabet, Inc., Class A | 1.6 |
| Wells Fargo & Co. | 1.6 |
| Exxon Mobil Corp. | 1.6 |
| Citigroup, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.6 |
| American Express Co. | 1.5 |
| Bank of America Corp. | 1.5 |
| American International Group, Inc. | 1.5 |
| Carnival Corp. | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g90e87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2 |
| Materials | 3.0 |
| Communication Services | 4.0 |
| Consumer Staples | 4.9 |
| Utilities | 7.4 |
| Consumer Discretionary | 7.4 |
| Energy | 8.5 |
| Information Technology | 11.9 |
| Health Care | 13.1 |
| Industrials | 13.1 |
| Financials | 24.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R5: AADEX

#### Distributed by:
Resolute Investment Distributors, Inc.

LCV_R5 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Large Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class R6: AALRX

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $66 | 0.63% |

---

## How did the Fund perform and what affected its performance?
The R6 Class of the Fund returned 9.16% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 1000<sup>®</sup> Value Index return of 11.15%.

• Broad market performance during the twelve-month period was primarily driven by momentum associated with the AI theme and an easing of monetary policy as the Federal Reserve cut rates.

• The Fund's strategy of selecting undervalued securities through a bottom-up approach struggled, as the performance of higher quality and value companies faced headwinds. Mega Cap Technology names continued to maintain market leadership.

• The Fund's performance was positive in all sectors where it invested, except within the Materials, Consumer Staples, and Health Care sectors. The Fund's holdings in the Financials and Industrials sectors contributed meaningfully to the return of the Fund.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g14b46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **S&P 500<sup>®</sup> Index TR** | **Russell 1000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10035 | $10030 | $10038 |
| **12/2015** | $9641 | $9872 | $9822 |
| **01/2016** | $9050 | $9382 | $9315 |
| **02/2016** | $8928 | $9369 | $9312 |
| **03/2016** | $9574 | $10005 | $9983 |
| **04/2016** | $9846 | $10043 | $10193 |
| **05/2016** | $9877 | $10224 | $10351 |
| **06/2016** | $9728 | $10250 | $10441 |
| **07/2016** | $10106 | $10628 | $10744 |
| **08/2016** | $10307 | $10643 | $10827 |
| **09/2016** | $10287 | $10645 | $10804 |
| **10/2016** | $10169 | $10451 | $10637 |
| **11/2016** | $10981 | $10838 | $11245 |
| **12/2016** | $11181 | $11052 | $11526 |
| **01/2017** | $11271 | $11262 | $11608 |
| **02/2017** | $11620 | $11709 | $12025 |
| **03/2017** | $11591 | $11723 | $11902 |
| **04/2017** | $11624 | $11843 | $11880 |
| **05/2017** | $11644 | $12010 | $11868 |
| **06/2017** | $11924 | $12085 | $12062 |
| **07/2017** | $12025 | $12333 | $12223 |
| **08/2017** | $11900 | $12371 | $12080 |
| **09/2017** | $12419 | $12626 | $12438 |
| **10/2017** | $12569 | $12921 | $12528 |
| **11/2017** | $12829 | $13317 | $12912 |
| **12/2017** | $13091 | $13465 | $13101 |
| **01/2018** | $13792 | $14236 | $13607 |
| **02/2018** | $13015 | $13711 | $12957 |
| **03/2018** | $12727 | $13363 | $12729 |
| **04/2018** | $12862 | $13414 | $12771 |
| **05/2018** | $12943 | $13737 | $12847 |
| **06/2018** | $13010 | $13822 | $12879 |
| **07/2018** | $13603 | $14336 | $13389 |
| **08/2018** | $13689 | $14803 | $13587 |
| **09/2018** | $13720 | $14887 | $13614 |
| **10/2018** | $12763 | $13870 | $12909 |
| **11/2018** | $12943 | $14153 | $13294 |
| **12/2018** | $11526 | $12765 | $12018 |
| **01/2019** | $12698 | $13906 | $12953 |
| **02/2019** | $13090 | $14353 | $13367 |
| **03/2019** | $13085 | $14632 | $13452 |
| **04/2019** | $13711 | $15224 | $13929 |
| **05/2019** | $12673 | $14257 | $13033 |
| **06/2019** | $13646 | $15262 | $13969 |
| **07/2019** | $13780 | $15481 | $14085 |
| **08/2019** | $13319 | $15236 | $13671 |
| **09/2019** | $13800 | $15521 | $14158 |
| **10/2019** | $14059 | $15857 | $14356 |
| **11/2019** | $14525 | $16433 | $14800 |
| **12/2019** | $14946 | $16928 | $15207 |
| **01/2020** | $14405 | $16922 | $14880 |
| **02/2020** | $12979 | $15529 | $13439 |
| **03/2020** | $10439 | $13611 | $11142 |
| **04/2020** | $11690 | $15356 | $12395 |
| **05/2020** | $12220 | $16087 | $12820 |
| **06/2020** | $12286 | $16407 | $12735 |
| **07/2020** | $12690 | $17332 | $13238 |
| **08/2020** | $13203 | $18578 | $13785 |
| **09/2020** | $12805 | $17872 | $13447 |
| **10/2020** | $12761 | $17397 | $13270 |
| **11/2020** | $14798 | $19301 | $15055 |
| **12/2020** | $15450 | $20043 | $15632 |
| **01/2021** | $15300 | $19841 | $15489 |
| **02/2021** | $16532 | $20388 | $16425 |
| **03/2021** | $17569 | $21281 | $17392 |
| **04/2021** | $18355 | $22416 | $18087 |
| **05/2021** | $18870 | $22573 | $18509 |
| **06/2021** | $18593 | $23100 | $18297 |
| **07/2021** | $18600 | $23649 | $18444 |
| **08/2021** | $18971 | $24368 | $18809 |
| **09/2021** | $18386 | $23234 | $18155 |
| **10/2021** | $19480 | $24862 | $19077 |
| **11/2021** | $18675 | $24690 | $18404 |
| **12/2021** | $19773 | $25797 | $19565 |
| **01/2022** | $19619 | $24462 | $19110 |
| **02/2022** | $19297 | $23729 | $18888 |
| **03/2022** | $19647 | $24610 | $19421 |
| **04/2022** | $18372 | $22464 | $18326 |
| **05/2022** | $19143 | $22505 | $18682 |
| **06/2022** | $17300 | $20648 | $17050 |
| **07/2022** | $18519 | $22552 | $18180 |
| **08/2022** | $18078 | $21632 | $17639 |
| **09/2022** | $16368 | $19640 | $16092 |
| **10/2022** | $18365 | $21230 | $17742 |
| **11/2022** | $19514 | $22416 | $18850 |
| **12/2022** | $18737 | $21125 | $18091 |
| **01/2023** | $19882 | $22452 | $19028 |
| **02/2023** | $19129 | $21904 | $18357 |
| **03/2023** | $18737 | $22708 | $18273 |
| **04/2023** | $19035 | $23063 | $18548 |
| **05/2023** | $18337 | $23163 | $17833 |
| **06/2023** | $19592 | $24693 | $19017 |
| **07/2023** | $20486 | $25487 | $19686 |
| **08/2023** | $19984 | $25081 | $19154 |
| **09/2023** | $19286 | $23885 | $18415 |
| **10/2023** | $18768 | $23383 | $17766 |
| **11/2023** | $20102 | $25518 | $19106 |
| **12/2023** | $21263 | $26678 | $20164 |
| **01/2024** | $21404 | $27126 | $20185 |
| **02/2024** | $22131 | $28574 | $20930 |
| **03/2024** | $23363 | $29494 | $21976 |
| **04/2024** | $22404 | $28289 | $21037 |
| **05/2024** | $23189 | $29692 | $21704 |
| **06/2024** | $23008 | $30757 | $21500 |
| **07/2024** | $24107 | $31132 | $22599 |
| **08/2024** | $24661 | $31887 | $23205 |
| **09/2024** | $24859 | $32568 | $23528 |
| **10/2024** | $24777 | $32272 | $23269 |
| **11/2024** | $26050 | $34167 | $24755 |
| **12/2024** | $24505 | $33352 | $23061 |
| **01/2025** | $25473 | $34281 | $24129 |
| **02/2025** | $25622 | $33834 | $24227 |
| **03/2025** | $24840 | $31928 | $23554 |
| **04/2025** | $23992 | $31711 | $22836 |
| **05/2025** | $24896 | $33707 | $23638 |
| **06/2025** | $25846 | $35421 | $24446 |
| **07/2025** | $25836 | $36216 | $24586 |
| **08/2025** | $26973 | $36950 | $25370 |
| **09/2025** | $27252 | $38299 | $25749 |
| **10/2025** | $27047 | $39196 | $25863 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| R6 Class<sup>Footnote Reference1</sup> | 9.16% | 16.21% | 10.46% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3357783981 |
| # of Portfolio Holdings | 165 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $18752739 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g51z89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.8 |
| Foreign Common Stocks | 4.7 |
| Investment Companies | 2.9 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.7 |
| Alphabet, Inc., Class A | 1.6 |
| Wells Fargo & Co. | 1.6 |
| Exxon Mobil Corp. | 1.6 |
| Citigroup, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.6 |
| American Express Co. | 1.5 |
| Bank of America Corp. | 1.5 |
| American International Group, Inc. | 1.5 |
| Carnival Corp. | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g90e87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2 |
| Materials | 3.0 |
| Communication Services | 4.0 |
| Consumer Staples | 4.9 |
| Utilities | 7.4 |
| Consumer Discretionary | 7.4 |
| Energy | 8.5 |
| Information Technology | 11.9 |
| Health Care | 13.1 |
| Industrials | 13.1 |
| Financials | 24.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R6: AALRX

#### Distributed by:
Resolute Investment Distributors, Inc.

LCV_R6 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Large Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class Y: ABLYX

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $76 | 0.72% |

---

## How did the Fund perform and what affected its performance?
The Y Class of the Fund returned 9.09% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 1000<sup>®</sup> Value Index return of 11.15%.

• Broad market performance during the twelve-month period was primarily driven by momentum associated with the AI theme and an easing of monetary policy as the Federal Reserve cut rates.

• The Fund's strategy of selecting undervalued securities through a bottom-up approach struggled, as the performance of higher quality and value companies faced headwinds. Mega Cap Technology names continued to maintain market leadership.

• The Fund's performance was positive in all sectors where it invested, except within the Materials, Consumer Staples, and Health Care sectors. The Fund's holdings in the Financials and Industrials sectors contributed meaningfully to the return of the Fund.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g25y63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Y** | **S&P 500<sup>®</sup> Index TR** | **Russell 1000<sup>®</sup> Value Index** |
| **10/2015** | $100000 | $100000 | $100000 |
| **11/2015** | $100319 | $100297 | $100383 |
| **12/2015** | $96383 | $98715 | $98224 |
| **01/2016** | $90478 | $93817 | $93148 |
| **02/2016** | $89249 | $93690 | $93125 |
| **03/2016** | $95669 | $100046 | $99833 |
| **04/2016** | $98404 | $100434 | $101930 |
| **05/2016** | $98721 | $102237 | $103514 |
| **06/2016** | $97215 | $102502 | $104409 |
| **07/2016** | $100980 | $106282 | $107440 |
| **08/2016** | $103001 | $106431 | $108269 |
| **09/2016** | $102763 | $106451 | $108043 |
| **10/2016** | $101614 | $104509 | $106371 |
| **11/2016** | $109699 | $108380 | $112446 |
| **12/2016** | $111719 | $110522 | $115256 |
| **01/2017** | $112576 | $112618 | $116078 |
| **02/2017** | $116082 | $117090 | $120249 |
| **03/2017** | $115797 | $117226 | $119024 |
| **04/2017** | $116123 | $118430 | $118800 |
| **05/2017** | $116286 | $120097 | $118684 |
| **06/2017** | $119099 | $120846 | $120624 |
| **07/2017** | $120119 | $123331 | $122227 |
| **08/2017** | $118855 | $123709 | $120803 |
| **09/2017** | $123952 | $126261 | $124381 |
| **10/2017** | $125501 | $129207 | $125284 |
| **11/2017** | $128070 | $133170 | $129121 |
| **12/2017** | $130719 | $134650 | $131006 |
| **01/2018** | $137670 | $142360 | $136071 |
| **02/2018** | $129906 | $137113 | $129573 |
| **03/2018** | $127062 | $133628 | $127294 |
| **04/2018** | $128371 | $134141 | $127714 |
| **05/2018** | $129184 | $137371 | $128472 |
| **06/2018** | $129861 | $138217 | $128790 |
| **07/2018** | $135729 | $143360 | $133888 |
| **08/2018** | $136586 | $148032 | $135867 |
| **09/2018** | $136857 | $148874 | $136136 |
| **10/2018** | $127288 | $138699 | $129087 |
| **11/2018** | $129094 | $141525 | $132941 |
| **12/2018** | $114909 | $127646 | $120175 |
| **01/2019** | $126574 | $139064 | $129529 |
| **02/2019** | $130512 | $143529 | $133667 |
| **03/2019** | $130413 | $146318 | $134517 |
| **04/2019** | $136694 | $152243 | $139289 |
| **05/2019** | $126375 | $142568 | $130333 |
| **06/2019** | $135996 | $152616 | $139689 |
| **07/2019** | $137342 | $154809 | $140847 |
| **08/2019** | $132756 | $152357 | $136705 |
| **09/2019** | $137542 | $155207 | $141582 |
| **10/2019** | $140084 | $158569 | $143561 |
| **11/2019** | $144770 | $164325 | $148000 |
| **12/2019** | $148918 | $169285 | $152071 |
| **01/2020** | $143544 | $169218 | $148800 |
| **02/2020** | $129289 | $155288 | $134389 |
| **03/2020** | $104012 | $136108 | $111423 |
| **04/2020** | $116404 | $153557 | $123949 |
| **05/2020** | $121612 | $160870 | $128196 |
| **06/2020** | $122270 | $164069 | $127345 |
| **07/2020** | $126273 | $173320 | $132380 |
| **08/2020** | $131372 | $185779 | $137854 |
| **09/2020** | $127370 | $178720 | $134468 |
| **10/2020** | $126986 | $173967 | $132700 |
| **11/2020** | $147218 | $193010 | $150550 |
| **12/2020** | $153667 | $200431 | $156322 |
| **01/2021** | $152216 | $198407 | $154891 |
| **02/2021** | $164395 | $203879 | $164251 |
| **03/2021** | $174745 | $212808 | $173917 |
| **04/2021** | $182507 | $224165 | $180872 |
| **05/2021** | $187682 | $225730 | $185094 |
| **06/2021** | $184905 | $231000 | $182974 |
| **07/2021** | $184968 | $236488 | $184437 |
| **08/2021** | $188629 | $243678 | $188094 |
| **09/2021** | $182760 | $232345 | $181547 |
| **10/2021** | $193614 | $248623 | $190766 |
| **11/2021** | $185599 | $246900 | $184043 |
| **12/2021** | $196513 | $257966 | $195654 |
| **01/2022** | $194965 | $244617 | $191096 |
| **02/2022** | $191728 | $237292 | $188879 |
| **03/2022** | $195246 | $246103 | $194211 |
| **04/2022** | $182511 | $224642 | $183256 |
| **05/2022** | $190181 | $225054 | $186819 |
| **06/2022** | $171887 | $206478 | $170496 |
| **07/2022** | $183989 | $225516 | $181802 |
| **08/2022** | $179556 | $216319 | $176385 |
| **09/2022** | $162529 | $196396 | $160919 |
| **10/2022** | $182371 | $212297 | $177418 |
| **11/2022** | $193769 | $224161 | $188505 |
| **12/2022** | $186030 | $211246 | $180906 |
| **01/2023** | $197376 | $224519 | $190280 |
| **02/2023** | $189891 | $219041 | $183571 |
| **03/2023** | $186030 | $227083 | $182726 |
| **04/2023** | $188945 | $230627 | $185479 |
| **05/2023** | $181933 | $231630 | $178325 |
| **06/2023** | $194461 | $246935 | $190171 |
| **07/2023** | $203286 | $254868 | $196858 |
| **08/2023** | $198243 | $250810 | $191544 |
| **09/2023** | $191309 | $238852 | $184152 |
| **10/2023** | $186187 | $233830 | $177655 |
| **11/2023** | $199425 | $255184 | $191059 |
| **12/2023** | $210864 | $266777 | $201642 |
| **01/2024** | $212275 | $271260 | $201851 |
| **02/2024** | $219412 | $285744 | $209297 |
| **03/2024** | $231610 | $294938 | $219761 |
| **04/2024** | $222150 | $282891 | $210374 |
| **05/2024** | $229951 | $296919 | $217043 |
| **06/2024** | $228042 | $307573 | $215001 |
| **07/2024** | $238996 | $311316 | $225992 |
| **08/2024** | $244473 | $318868 | $232055 |
| **09/2024** | $246382 | $325678 | $235276 |
| **10/2024** | $245469 | $322725 | $232686 |
| **11/2024** | $258082 | $341669 | $247545 |
| **12/2024** | $242819 | $333524 | $230615 |
| **01/2025** | $252453 | $342812 | $241289 |
| **02/2025** | $253762 | $338339 | $242269 |
| **03/2025** | $246093 | $319275 | $235540 |
| **04/2025** | $237674 | $317110 | $228361 |
| **05/2025** | $246654 | $337071 | $236380 |
| **06/2025** | $255914 | $354212 | $244461 |
| **07/2025** | $255820 | $362161 | $245864 |
| **08/2025** | $267045 | $369503 | $253700 |
| **09/2025** | $269851 | $382990 | $257490 |
| **10/2025** | $267793 | $391957 | $258627 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>Footnote Reference1</sup> | 9.09% | 16.09% | 10.35% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3357783981 |
| # of Portfolio Holdings | 165 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $18752739 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g51z89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.8 |
| Foreign Common Stocks | 4.7 |
| Investment Companies | 2.9 |
| Securities Lending Collateral | 0.6 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Workday, Inc., Class A | 1.7 |
| Alphabet, Inc., Class A | 1.6 |
| Wells Fargo & Co. | 1.6 |
| Exxon Mobil Corp. | 1.6 |
| Citigroup, Inc. | 1.6 |
| JPMorgan Chase & Co. | 1.6 |
| American Express Co. | 1.5 |
| Bank of America Corp. | 1.5 |
| American International Group, Inc. | 1.5 |
| Carnival Corp. | 1.5 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g90e87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2 |
| Materials | 3.0 |
| Communication Services | 4.0 |
| Consumer Staples | 4.9 |
| Utilities | 7.4 |
| Consumer Discretionary | 7.4 |
| Energy | 8.5 |
| Information Technology | 11.9 |
| Health Care | 13.1 |
| Industrials | 13.1 |
| Financials | 24.5 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Y: ABLYX

#### Distributed by:
Resolute Investment Distributors, Inc.

LCV_Y 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Small Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class A: ABSAX

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $124 | 1.23% |

---

## How did the Fund perform and what affected its performance?
The A Class of the Fund returned -4.98% (with sales charges) and 0.81% (without sales charges) for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 2000<sup>®</sup> Value Index return of 9.87%.

• Broad market performance during the period was driven higher by expectations of Federal Reserve rate cuts, resilient corporate earnings and improving economic sentiment, despite early-year volatility and mixed macroeconomic data.

• The Fund's emphasis on finding undervalued, high-quality small capitalization companies with above average earnings growth potential proved challenging amid unfavorable market conditions during the period.

• The Fund's holdings in the Information Technology, Utilities, and Industrials sectors contributed positively to performance during the period. Conversely, the Fund's holdings in the Energy, Consumer Staples, and Health Care sectors detracted from performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g85b96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **A with Sales Charge** | **S&P 500<sup>®</sup> Index TR** | **Russell 2000<sup>®</sup> Value Index** |
| **10/2015** | $9424 | $10000 | $10000 |
| **11/2015** | $9620 | $10030 | $10284 |
| **12/2015** | $9078 | $9872 | $9742 |
| **01/2016** | $8472 | $9382 | $9088 |
| **02/2016** | $8578 | $9369 | $9150 |
| **03/2016** | $9295 | $10005 | $9908 |
| **04/2016** | $9371 | $10043 | $10118 |
| **05/2016** | $9528 | $10224 | $10303 |
| **06/2016** | $9396 | $10250 | $10335 |
| **07/2016** | $9867 | $10628 | $10892 |
| **08/2016** | $10037 | $10643 | $11163 |
| **09/2016** | $10088 | $10645 | $11251 |
| **10/2016** | $9816 | $10451 | $10881 |
| **11/2016** | $11127 | $10838 | $12325 |
| **12/2016** | $11466 | $11052 | $12834 |
| **01/2017** | $11510 | $11262 | $12743 |
| **02/2017** | $11628 | $11709 | $12927 |
| **03/2017** | $11575 | $11723 | $12818 |
| **04/2017** | $11584 | $11843 | $12868 |
| **05/2017** | $11170 | $12010 | $12467 |
| **06/2017** | $11514 | $12085 | $12904 |
| **07/2017** | $11571 | $12333 | $12985 |
| **08/2017** | $11244 | $12371 | $12666 |
| **09/2017** | $12046 | $12626 | $13563 |
| **10/2017** | $12208 | $12921 | $13581 |
| **11/2017** | $12526 | $13317 | $13974 |
| **12/2017** | $12414 | $13465 | $13840 |
| **01/2018** | $12672 | $14236 | $14011 |
| **02/2018** | $12045 | $13711 | $13310 |
| **03/2018** | $12155 | $13363 | $13475 |
| **04/2018** | $12261 | $13414 | $13709 |
| **05/2018** | $12849 | $13737 | $14506 |
| **06/2018** | $12926 | $13822 | $14594 |
| **07/2018** | $13141 | $14336 | $14852 |
| **08/2018** | $13524 | $14803 | $15205 |
| **09/2018** | $13194 | $14887 | $14828 |
| **10/2018** | $11796 | $13870 | $13500 |
| **11/2018** | $11974 | $14153 | $13718 |
| **12/2018** | $10431 | $12765 | $12060 |
| **01/2019** | $11676 | $13906 | $13379 |
| **02/2019** | $12202 | $14353 | $13899 |
| **03/2019** | $11699 | $14632 | $13498 |
| **04/2019** | $12330 | $15224 | $14009 |
| **05/2019** | $11034 | $14257 | $12865 |
| **06/2019** | $11892 | $15262 | $13684 |
| **07/2019** | $12009 | $15481 | $13706 |
| **08/2019** | $11145 | $15236 | $12941 |
| **09/2019** | $11748 | $15521 | $13605 |
| **10/2019** | $11981 | $15857 | $13935 |
| **11/2019** | $12369 | $16433 | $14261 |
| **12/2019** | $12828 | $16928 | $14761 |
| **01/2020** | $12126 | $16922 | $13964 |
| **02/2020** | $10828 | $15529 | $12607 |
| **03/2020** | $7889 | $13611 | $9497 |
| **04/2020** | $9013 | $15356 | $10668 |
| **05/2020** | $9463 | $16087 | $10975 |
| **06/2020** | $9631 | $16407 | $11292 |
| **07/2020** | $9974 | $17332 | $11525 |
| **08/2020** | $10429 | $18578 | $12146 |
| **09/2020** | $9935 | $17872 | $11581 |
| **10/2020** | $10378 | $17397 | $11995 |
| **11/2020** | $12295 | $19301 | $14311 |
| **12/2020** | $13286 | $20043 | $15445 |
| **01/2021** | $13541 | $19841 | $16257 |
| **02/2021** | $15027 | $20388 | $17785 |
| **03/2021** | $15875 | $21281 | $18714 |
| **04/2021** | $16248 | $22416 | $19092 |
| **05/2021** | $16677 | $22573 | $19687 |
| **06/2021** | $16248 | $23100 | $19567 |
| **07/2021** | $15880 | $23649 | $18867 |
| **08/2021** | $16106 | $24368 | $19372 |
| **09/2021** | $15897 | $23234 | $18984 |
| **10/2021** | $16457 | $24862 | $19708 |
| **11/2021** | $16044 | $24690 | $19035 |
| **12/2021** | $16956 | $25797 | $19811 |
| **01/2022** | $16199 | $24462 | $18656 |
| **02/2022** | $16632 | $23729 | $18965 |
| **03/2022** | $16804 | $24610 | $19336 |
| **04/2022** | $15551 | $22464 | $17835 |
| **05/2022** | $16085 | $22505 | $18177 |
| **06/2022** | $14330 | $20648 | $16382 |
| **07/2022** | $15761 | $22552 | $17968 |
| **08/2022** | $15341 | $21632 | $17400 |
| **09/2022** | $13706 | $19640 | $15626 |
| **10/2022** | $15818 | $21230 | $17594 |
| **11/2022** | $16606 | $22416 | $18131 |
| **12/2022** | $15575 | $21125 | $16942 |
| **01/2023** | $17072 | $22452 | $18558 |
| **02/2023** | $16913 | $21904 | $18130 |
| **03/2023** | $15847 | $22708 | $16830 |
| **04/2023** | $15439 | $23063 | $16411 |
| **05/2023** | $15053 | $23163 | $16088 |
| **06/2023** | $16520 | $24693 | $17366 |
| **07/2023** | $17624 | $25487 | $18676 |
| **08/2023** | $16943 | $25081 | $17778 |
| **09/2023** | $16210 | $23885 | $16852 |
| **10/2023** | $15106 | $23383 | $15847 |
| **11/2023** | $16285 | $25518 | $17273 |
| **12/2023** | $18093 | $26678 | $19423 |
| **01/2024** | $17403 | $27126 | $18541 |
| **02/2024** | $17966 | $28574 | $19147 |
| **03/2024** | $18887 | $29494 | $19986 |
| **04/2024** | $17847 | $28289 | $18713 |
| **05/2024** | $18688 | $29692 | $19588 |
| **06/2024** | $18101 | $30757 | $19258 |
| **07/2024** | $19847 | $31132 | $21605 |
| **08/2024** | $19466 | $31887 | $21199 |
| **09/2024** | $19529 | $32568 | $21213 |
| **10/2024** | $19259 | $32272 | $20881 |
| **11/2024** | $21116 | $34167 | $22895 |
| **12/2024** | $19355 | $33352 | $20987 |
| **01/2025** | $19831 | $34281 | $21419 |
| **02/2025** | $18887 | $33834 | $20599 |
| **03/2025** | $17640 | $31928 | $19362 |
| **04/2025** | $16523 | $31711 | $18585 |
| **05/2025** | $17476 | $33707 | $19366 |
| **06/2025** | $18359 | $35421 | $20324 |
| **07/2025** | $18714 | $36216 | $20683 |
| **08/2025** | $19935 | $36950 | $22435 |
| **09/2025** | $19753 | $38299 | $22886 |
| **10/2025** | $19415 | $39196 | $22943 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class A without Sales Charge<sup>Footnote Reference1</sup> | 0.81% | 13.35% | 7.50% |
| Class A with Maximum Sales Charge - 5.75%<sup>Footnote Reference1</sup> | (4.98)% | 12.01% | 6.86% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3673083680 |
| # of Portfolio Holdings | 425 |
| Portfolio Turnover Rate | 75% |
| Total Management Fees Paid | $28397221 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g54f28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.7 |
| Foreign Common Stocks | 3.5 |
| Investment Companies | 3.0 |
| Securities Lending Collateral | 0.8 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| EnerSys | 1.1 |
| Standex International Corp. | 1.1 |
| PotlatchDeltic Corp. | 1 |
| Avnet, Inc. | 1 |
| F5, Inc. | 1 |
| Ciena Corp. | 1 |
| Lumentum Holdings, Inc. | 1 |
| Coherent Corp. | 1 |
| Seacoast Banking Corp. of Florida | 1 |
| Tower Semiconductor Ltd. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g48l58.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.6 |
| Consumer Staples | 2.1 |
| Utilities | 3.3 |
| Health Care | 3.8 |
| Real Estate | 4.2 |
| Energy | 6.8 |
| Materials | 6.9 |
| Information Technology | 12.8 |
| Consumer Discretionary | 13.5 |
| Industrials | 21.8 |
| Financials | 23.2 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class A: ABSAX

#### Distributed by:
Resolute Investment Distributors, Inc.

SCV_A 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Small Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class Advisor: AASSX

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $131 | 1.30% |

---

## How did the Fund perform and what affected its performance?
The Advisor Class of the Fund returned 0.69% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 2000<sup>®</sup> Value Index return of 9.87%.

• Broad market performance during the period was driven higher by expectations of Federal Reserve rate cuts, resilient corporate earnings and improving economic sentiment, despite early-year volatility and mixed macroeconomic data.

• The Fund's emphasis on finding undervalued, high-quality small capitalization companies with above average earnings growth potential proved challenging amid unfavorable market conditions during the period.

• The Fund's holdings in the Information Technology, Utilities, and Industrials sectors contributed positively to performance during the period. Conversely, the Fund's holdings in the Energy, Consumer Staples, and Health Care sectors detracted from performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g37d56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor** | **S&P 500<sup>®</sup> Index TR** | **Russell 2000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10208 | $10030 | $10284 |
| **12/2015** | $9631 | $9872 | $9742 |
| **01/2016** | $8986 | $9382 | $9088 |
| **02/2016** | $9098 | $9369 | $9150 |
| **03/2016** | $9859 | $10005 | $9908 |
| **04/2016** | $9936 | $10043 | $10118 |
| **05/2016** | $10101 | $10224 | $10303 |
| **06/2016** | $9958 | $10250 | $10335 |
| **07/2016** | $10460 | $10628 | $10892 |
| **08/2016** | $10639 | $10643 | $11163 |
| **09/2016** | $10688 | $10645 | $11251 |
| **10/2016** | $10401 | $10451 | $10881 |
| **11/2016** | $11790 | $10838 | $12325 |
| **12/2016** | $12148 | $11052 | $12834 |
| **01/2017** | $12198 | $11262 | $12743 |
| **02/2017** | $12318 | $11709 | $12927 |
| **03/2017** | $12263 | $11723 | $12818 |
| **04/2017** | $12272 | $11843 | $12868 |
| **05/2017** | $11830 | $12010 | $12467 |
| **06/2017** | $12194 | $12085 | $12904 |
| **07/2017** | $12253 | $12333 | $12985 |
| **08/2017** | $11908 | $12371 | $12666 |
| **09/2017** | $12755 | $12626 | $13563 |
| **10/2017** | $12925 | $12921 | $13581 |
| **11/2017** | $13261 | $13317 | $13974 |
| **12/2017** | $13141 | $13465 | $13840 |
| **01/2018** | $13413 | $14236 | $14011 |
| **02/2018** | $12748 | $13711 | $13310 |
| **03/2018** | $12859 | $13363 | $13475 |
| **04/2018** | $12974 | $13414 | $13709 |
| **05/2018** | $13594 | $13737 | $14506 |
| **06/2018** | $13675 | $13822 | $14594 |
| **07/2018** | $13907 | $14336 | $14852 |
| **08/2018** | $14310 | $14803 | $15205 |
| **09/2018** | $13957 | $14887 | $14828 |
| **10/2018** | $12481 | $13870 | $13500 |
| **11/2018** | $12667 | $14153 | $13718 |
| **12/2018** | $11032 | $12765 | $12060 |
| **01/2019** | $12346 | $13906 | $13379 |
| **02/2019** | $12904 | $14353 | $13899 |
| **03/2019** | $12369 | $14632 | $13498 |
| **04/2019** | $13037 | $15224 | $14009 |
| **05/2019** | $11666 | $14257 | $12865 |
| **06/2019** | $12572 | $15262 | $13684 |
| **07/2019** | $12689 | $15481 | $13706 |
| **08/2019** | $11776 | $15236 | $12941 |
| **09/2019** | $12415 | $15521 | $13605 |
| **10/2019** | $12665 | $15857 | $13935 |
| **11/2019** | $13078 | $16433 | $14261 |
| **12/2019** | $13562 | $16928 | $14761 |
| **01/2020** | $12819 | $16922 | $13964 |
| **02/2020** | $11451 | $15529 | $12607 |
| **03/2020** | $8344 | $13611 | $9497 |
| **04/2020** | $9529 | $15356 | $10668 |
| **05/2020** | $10006 | $16087 | $10975 |
| **06/2020** | $10183 | $16407 | $11292 |
| **07/2020** | $10543 | $17332 | $11525 |
| **08/2020** | $11027 | $18578 | $12146 |
| **09/2020** | $10502 | $17872 | $11581 |
| **10/2020** | $10968 | $17397 | $11995 |
| **11/2020** | $12996 | $19301 | $14311 |
| **12/2020** | $14041 | $20043 | $15445 |
| **01/2021** | $14314 | $19841 | $16257 |
| **02/2021** | $15884 | $20388 | $17785 |
| **03/2021** | $16773 | $21281 | $18714 |
| **04/2021** | $17171 | $22416 | $19092 |
| **05/2021** | $17621 | $22573 | $19687 |
| **06/2021** | $17171 | $23100 | $19567 |
| **07/2021** | $16779 | $23649 | $18867 |
| **08/2021** | $17016 | $24368 | $19372 |
| **09/2021** | $16791 | $23234 | $18984 |
| **10/2021** | $17390 | $24862 | $19708 |
| **11/2021** | $16945 | $24690 | $19035 |
| **12/2021** | $17910 | $25797 | $19811 |
| **01/2022** | $17106 | $24462 | $18656 |
| **02/2022** | $17565 | $23729 | $18965 |
| **03/2022** | $17744 | $24610 | $19336 |
| **04/2022** | $16422 | $22464 | $17835 |
| **05/2022** | $16986 | $22505 | $18177 |
| **06/2022** | $15132 | $20648 | $16382 |
| **07/2022** | $16641 | $22552 | $17968 |
| **08/2022** | $16196 | $21632 | $17400 |
| **09/2022** | $14468 | $19640 | $15626 |
| **10/2022** | $16701 | $21230 | $17594 |
| **11/2022** | $17531 | $22416 | $18131 |
| **12/2022** | $16434 | $21125 | $16942 |
| **01/2023** | $18020 | $22452 | $18558 |
| **02/2023** | $17846 | $21904 | $18130 |
| **03/2023** | $16726 | $22708 | $16830 |
| **04/2023** | $16292 | $23063 | $16411 |
| **05/2023** | $15882 | $23163 | $16088 |
| **06/2023** | $17436 | $24693 | $17366 |
| **07/2023** | $18603 | $25487 | $18676 |
| **08/2023** | $17878 | $25081 | $17778 |
| **09/2023** | $17097 | $23885 | $16852 |
| **10/2023** | $15938 | $23383 | $15847 |
| **11/2023** | $17176 | $25518 | $17273 |
| **12/2023** | $19082 | $26678 | $19423 |
| **01/2024** | $18355 | $27126 | $18541 |
| **02/2024** | $18950 | $28574 | $19147 |
| **03/2024** | $19925 | $29494 | $19986 |
| **04/2024** | $18818 | $28289 | $18713 |
| **05/2024** | $19710 | $29692 | $19588 |
| **06/2024** | $19082 | $30757 | $19258 |
| **07/2024** | $20925 | $31132 | $21605 |
| **08/2024** | $20528 | $31887 | $21199 |
| **09/2024** | $20586 | $32568 | $21213 |
| **10/2024** | $20305 | $32272 | $20881 |
| **11/2024** | $22256 | $34167 | $22895 |
| **12/2024** | $20401 | $33352 | $20987 |
| **01/2025** | $20905 | $34281 | $21419 |
| **02/2025** | $19898 | $33834 | $20599 |
| **03/2025** | $18585 | $31928 | $19362 |
| **04/2025** | $17407 | $31711 | $18585 |
| **05/2025** | $18414 | $33707 | $19366 |
| **06/2025** | $19340 | $35421 | $20324 |
| **07/2025** | $19718 | $36216 | $20683 |
| **08/2025** | $21004 | $36950 | $22435 |
| **09/2025** | $20806 | $38299 | $22886 |
| **10/2025** | $20446 | $39196 | $22943 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Advisor Class<sup>Footnote Reference1</sup> | 0.69% | 13.27% | 7.41% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3673083680 |
| # of Portfolio Holdings | 425 |
| Portfolio Turnover Rate | 75% |
| Total Management Fees Paid | $28397221 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g54f28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.7 |
| Foreign Common Stocks | 3.5 |
| Investment Companies | 3.0 |
| Securities Lending Collateral | 0.8 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| EnerSys | 1.1 |
| Standex International Corp. | 1.1 |
| PotlatchDeltic Corp. | 1 |
| Avnet, Inc. | 1 |
| F5, Inc. | 1 |
| Ciena Corp. | 1 |
| Lumentum Holdings, Inc. | 1 |
| Coherent Corp. | 1 |
| Seacoast Banking Corp. of Florida | 1 |
| Tower Semiconductor Ltd. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g48l58.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.6 |
| Consumer Staples | 2.1 |
| Utilities | 3.3 |
| Health Care | 3.8 |
| Real Estate | 4.2 |
| Energy | 6.8 |
| Materials | 6.9 |
| Information Technology | 12.8 |
| Consumer Discretionary | 13.5 |
| Industrials | 21.8 |
| Financials | 23.2 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Advisor: AASSX

#### Distributed by:
Resolute Investment Distributors, Inc.

SCV_Advisor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Small Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class C: ASVCX

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $201 | 2.00% |

---

## How did the Fund perform and what affected its performance?
The C Class of the Fund returned -1.02% (with sales charges) and -0.02% (without sales charges) for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 2000<sup>®</sup> Value Index return of 9.87%.

• Broad market performance during the period was driven higher by expectations of Federal Reserve rate cuts, resilient corporate earnings and improving economic sentiment, despite early-year volatility and mixed macroeconomic data.

• The Fund's emphasis on finding undervalued, high-quality small capitalization companies with above average earnings growth potential proved challenging amid unfavorable market conditions during the period.

• The Fund's holdings in the Information Technology, Utilities, and Industrials sectors contributed positively to performance during the period. Conversely, the Fund's holdings in the Energy, Consumer Staples, and Health Care sectors detracted from performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g01x89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **C with Sales Charge** | **S&P 500<sup>®</sup> Index TR** | **Russell 2000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10201 | $10030 | $10284 |
| **12/2015** | $9626 | $9872 | $9742 |
| **01/2016** | $8975 | $9382 | $9088 |
| **02/2016** | $9076 | $9369 | $9150 |
| **03/2016** | $9834 | $10005 | $9908 |
| **04/2016** | $9908 | $10043 | $10118 |
| **05/2016** | $10065 | $10224 | $10303 |
| **06/2016** | $9922 | $10250 | $10335 |
| **07/2016** | $10411 | $10628 | $10892 |
| **08/2016** | $10587 | $10643 | $11163 |
| **09/2016** | $10633 | $10645 | $11251 |
| **10/2016** | $10337 | $10451 | $10881 |
| **11/2016** | $11709 | $10838 | $12325 |
| **12/2016** | $12061 | $11052 | $12834 |
| **01/2017** | $12103 | $11262 | $12743 |
| **02/2017** | $12217 | $11709 | $12927 |
| **03/2017** | $12155 | $11723 | $12818 |
| **04/2017** | $12155 | $11843 | $12868 |
| **05/2017** | $11715 | $12010 | $12467 |
| **06/2017** | $12070 | $12085 | $12904 |
| **07/2017** | $12122 | $12333 | $12985 |
| **08/2017** | $11772 | $12371 | $12666 |
| **09/2017** | $12600 | $12626 | $13563 |
| **10/2017** | $12760 | $12921 | $13581 |
| **11/2017** | $13087 | $13317 | $13974 |
| **12/2017** | $12976 | $13465 | $13840 |
| **01/2018** | $13241 | $14236 | $14011 |
| **02/2018** | $12576 | $13711 | $13310 |
| **03/2018** | $12680 | $13363 | $13475 |
| **04/2018** | $12789 | $13414 | $13709 |
| **05/2018** | $13397 | $13737 | $14506 |
| **06/2018** | $13469 | $13822 | $14594 |
| **07/2018** | $13688 | $14336 | $14852 |
| **08/2018** | $14072 | $14803 | $15205 |
| **09/2018** | $13724 | $14887 | $14828 |
| **10/2018** | $12264 | $13870 | $13500 |
| **11/2018** | $12440 | $14153 | $13718 |
| **12/2018** | $10831 | $12765 | $12060 |
| **01/2019** | $12115 | $13906 | $13379 |
| **02/2019** | $12652 | $14353 | $13899 |
| **03/2019** | $12127 | $14632 | $13498 |
| **04/2019** | $12773 | $15224 | $14009 |
| **05/2019** | $11422 | $14257 | $12865 |
| **06/2019** | $12302 | $15262 | $13684 |
| **07/2019** | $12417 | $15481 | $13706 |
| **08/2019** | $11518 | $15236 | $12941 |
| **09/2019** | $12133 | $15521 | $13605 |
| **10/2019** | $12368 | $15857 | $13935 |
| **11/2019** | $12760 | $16433 | $14261 |
| **12/2019** | $13225 | $16928 | $14761 |
| **01/2020** | $12494 | $16922 | $13964 |
| **02/2020** | $11155 | $15529 | $12607 |
| **03/2020** | $8122 | $13611 | $9497 |
| **04/2020** | $9273 | $15356 | $10668 |
| **05/2020** | $9724 | $16087 | $10975 |
| **06/2020** | $9894 | $16407 | $11292 |
| **07/2020** | $10241 | $17332 | $11525 |
| **08/2020** | $10704 | $18578 | $12146 |
| **09/2020** | $10193 | $17872 | $11581 |
| **10/2020** | $10637 | $17397 | $11995 |
| **11/2020** | $12592 | $19301 | $14311 |
| **12/2020** | $13602 | $20043 | $15445 |
| **01/2021** | $13858 | $19841 | $16257 |
| **02/2021** | $15368 | $20388 | $17785 |
| **03/2021** | $16220 | $21281 | $18714 |
| **04/2021** | $16598 | $22416 | $19092 |
| **05/2021** | $17024 | $22573 | $19687 |
| **06/2021** | $16580 | $23100 | $19567 |
| **07/2021** | $16190 | $23649 | $18867 |
| **08/2021** | $16409 | $24368 | $19372 |
| **09/2021** | $16190 | $23234 | $18984 |
| **10/2021** | $16750 | $24862 | $19708 |
| **11/2021** | $16318 | $24690 | $19035 |
| **12/2021** | $17233 | $25797 | $19811 |
| **01/2022** | $16457 | $24462 | $18656 |
| **02/2022** | $16890 | $23729 | $18965 |
| **03/2022** | $17054 | $24610 | $19336 |
| **04/2022** | $15776 | $22464 | $17835 |
| **05/2022** | $16299 | $22505 | $18177 |
| **06/2022** | $14519 | $20648 | $16382 |
| **07/2022** | $15955 | $22552 | $17968 |
| **08/2022** | $15522 | $21632 | $17400 |
| **09/2022** | $13859 | $19640 | $15626 |
| **10/2022** | $15989 | $21230 | $17594 |
| **11/2022** | $16773 | $22416 | $18131 |
| **12/2022** | $15720 | $21125 | $16942 |
| **01/2023** | $17224 | $22452 | $18558 |
| **02/2023** | $17052 | $21904 | $18130 |
| **03/2023** | $15967 | $22708 | $16830 |
| **04/2023** | $15540 | $23063 | $16411 |
| **05/2023** | $15137 | $23163 | $16088 |
| **06/2023** | $16608 | $24693 | $17366 |
| **07/2023** | $17709 | $25487 | $18676 |
| **08/2023** | $17011 | $25081 | $17778 |
| **09/2023** | $16263 | $23885 | $16852 |
| **10/2023** | $15153 | $23383 | $15847 |
| **11/2023** | $16320 | $25518 | $17273 |
| **12/2023** | $18122 | $26678 | $19423 |
| **01/2024** | $17427 | $27126 | $18541 |
| **02/2024** | $17976 | $28574 | $19147 |
| **03/2024** | $18887 | $29494 | $19986 |
| **04/2024** | $17839 | $28289 | $18713 |
| **05/2024** | $18672 | $29692 | $19588 |
| **06/2024** | $18062 | $30757 | $19258 |
| **07/2024** | $19797 | $31132 | $21605 |
| **08/2024** | $19411 | $31887 | $21199 |
| **09/2024** | $19453 | $32568 | $21213 |
| **10/2024** | $19179 | $32272 | $20881 |
| **11/2024** | $21008 | $34167 | $22895 |
| **12/2024** | $19250 | $33352 | $20987 |
| **01/2025** | $19709 | $34281 | $21419 |
| **02/2025** | $18754 | $33834 | $20599 |
| **03/2025** | $17510 | $31928 | $19362 |
| **04/2025** | $16387 | $31711 | $18585 |
| **05/2025** | $17322 | $33707 | $19366 |
| **06/2025** | $18183 | $35421 | $20324 |
| **07/2025** | $18530 | $36216 | $20683 |
| **08/2025** | $19718 | $36950 | $22435 |
| **09/2025** | $19522 | $38299 | $22886 |
| **10/2025** | $19175 | $39196 | $22943 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class C without Deferred Sales Charge<sup>Footnote Reference1</sup> | (0.02)% | 12.51% | 6.73% |
| Class C with Maximum Deferred Sales Charge -1.00%<sup>Footnote Reference1</sup> | (1.02)% | 12.51% | 6.73% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3673083680 |
| # of Portfolio Holdings | 425 |
| Portfolio Turnover Rate | 75% |
| Total Management Fees Paid | $28397221 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g54f28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.7 |
| Foreign Common Stocks | 3.5 |
| Investment Companies | 3.0 |
| Securities Lending Collateral | 0.8 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| EnerSys | 1.1 |
| Standex International Corp. | 1.1 |
| PotlatchDeltic Corp. | 1 |
| Avnet, Inc. | 1 |
| F5, Inc. | 1 |
| Ciena Corp. | 1 |
| Lumentum Holdings, Inc. | 1 |
| Coherent Corp. | 1 |
| Seacoast Banking Corp. of Florida | 1 |
| Tower Semiconductor Ltd. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g48l58.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.6 |
| Consumer Staples | 2.1 |
| Utilities | 3.3 |
| Health Care | 3.8 |
| Real Estate | 4.2 |
| Energy | 6.8 |
| Materials | 6.9 |
| Information Technology | 12.8 |
| Consumer Discretionary | 13.5 |
| Industrials | 21.8 |
| Financials | 23.2 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class C: ASVCX

#### Distributed by:
Resolute Investment Distributors, Inc.

SCV_C 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Small Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Investor Class: AVPAX

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $116 | 1.15% |

---

## How did the Fund perform and what affected its performance?
The Investor Class of the Fund returned 0.85% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 2000<sup>®</sup> Value Index return of 9.87%.

• Broad market performance during the period was driven higher by expectations of Federal Reserve rate cuts, resilient corporate earnings and improving economic sentiment, despite early-year volatility and mixed macroeconomic data.

• The Fund's emphasis on finding undervalued, high-quality small capitalization companies with above average earnings growth potential proved challenging amid unfavorable market conditions during the period.

• The Fund's holdings in the Information Technology, Utilities, and Industrials sectors contributed positively to performance during the period. Conversely, the Fund's holdings in the Energy, Consumer Staples, and Health Care sectors detracted from performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g64t52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **S&P 500<sup>®</sup> Index TR** | **Russell 2000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10210 | $10030 | $10284 |
| **12/2015** | $9638 | $9872 | $9742 |
| **01/2016** | $8991 | $9382 | $9088 |
| **02/2016** | $9106 | $9369 | $9150 |
| **03/2016** | $9869 | $10005 | $9908 |
| **04/2016** | $9949 | $10043 | $10118 |
| **05/2016** | $10117 | $10224 | $10303 |
| **06/2016** | $9975 | $10250 | $10335 |
| **07/2016** | $10481 | $10628 | $10892 |
| **08/2016** | $10658 | $10643 | $11163 |
| **09/2016** | $10711 | $10645 | $11251 |
| **10/2016** | $10427 | $10451 | $10881 |
| **11/2016** | $11815 | $10838 | $12325 |
| **12/2016** | $12177 | $11052 | $12834 |
| **01/2017** | $12228 | $11262 | $12743 |
| **02/2017** | $12351 | $11709 | $12927 |
| **03/2017** | $12296 | $11723 | $12818 |
| **04/2017** | $12305 | $11843 | $12868 |
| **05/2017** | $11867 | $12010 | $12467 |
| **06/2017** | $12237 | $12085 | $12904 |
| **07/2017** | $12296 | $12333 | $12985 |
| **08/2017** | $11949 | $12371 | $12666 |
| **09/2017** | $12802 | $12626 | $13563 |
| **10/2017** | $12975 | $12921 | $13581 |
| **11/2017** | $13317 | $13317 | $13974 |
| **12/2017** | $13194 | $13465 | $13840 |
| **01/2018** | $13474 | $14236 | $14011 |
| **02/2018** | $12805 | $13711 | $13310 |
| **03/2018** | $12920 | $13363 | $13475 |
| **04/2018** | $13035 | $13414 | $13709 |
| **05/2018** | $13664 | $13737 | $14506 |
| **06/2018** | $13744 | $13822 | $14594 |
| **07/2018** | $13974 | $14336 | $14852 |
| **08/2018** | $14383 | $14803 | $15205 |
| **09/2018** | $14034 | $14887 | $14828 |
| **10/2018** | $12550 | $13870 | $13500 |
| **11/2018** | $12740 | $14153 | $13718 |
| **12/2018** | $11098 | $12765 | $12060 |
| **01/2019** | $12425 | $13906 | $13379 |
| **02/2019** | $12984 | $14353 | $13899 |
| **03/2019** | $12448 | $14632 | $13498 |
| **04/2019** | $13123 | $15224 | $14009 |
| **05/2019** | $11744 | $14257 | $12865 |
| **06/2019** | $12655 | $15262 | $13684 |
| **07/2019** | $12782 | $15481 | $13706 |
| **08/2019** | $11865 | $15236 | $12941 |
| **09/2019** | $12505 | $15521 | $13605 |
| **10/2019** | $12759 | $15857 | $13935 |
| **11/2019** | $13174 | $16433 | $14261 |
| **12/2019** | $13658 | $16928 | $14761 |
| **01/2020** | $12914 | $16922 | $13964 |
| **02/2020** | $11537 | $15529 | $12607 |
| **03/2020** | $8402 | $13611 | $9497 |
| **04/2020** | $9604 | $15356 | $10668 |
| **05/2020** | $10078 | $16087 | $10975 |
| **06/2020** | $10266 | $16407 | $11292 |
| **07/2020** | $10629 | $17332 | $11525 |
| **08/2020** | $11115 | $18578 | $12146 |
| **09/2020** | $10588 | $17872 | $11581 |
| **10/2020** | $11063 | $17397 | $11995 |
| **11/2020** | $13108 | $19301 | $14311 |
| **12/2020** | $14164 | $20043 | $15445 |
| **01/2021** | $14441 | $19841 | $16257 |
| **02/2021** | $16027 | $20388 | $17785 |
| **03/2021** | $16929 | $21281 | $18714 |
| **04/2021** | $17330 | $22416 | $19092 |
| **05/2021** | $17790 | $22573 | $19687 |
| **06/2021** | $17330 | $23100 | $19567 |
| **07/2021** | $16941 | $23649 | $18867 |
| **08/2021** | $17183 | $24368 | $19372 |
| **09/2021** | $16959 | $23234 | $18984 |
| **10/2021** | $17560 | $24862 | $19708 |
| **11/2021** | $17118 | $24690 | $19035 |
| **12/2021** | $18091 | $25797 | $19811 |
| **01/2022** | $17289 | $24462 | $18656 |
| **02/2022** | $17753 | $23729 | $18965 |
| **03/2022** | $17938 | $24610 | $19336 |
| **04/2022** | $16601 | $22464 | $17835 |
| **05/2022** | $17170 | $22505 | $18177 |
| **06/2022** | $15303 | $20648 | $16382 |
| **07/2022** | $16826 | $22552 | $17968 |
| **08/2022** | $16382 | $21632 | $17400 |
| **09/2022** | $14634 | $19640 | $15626 |
| **10/2022** | $16892 | $21230 | $17594 |
| **11/2022** | $17733 | $22416 | $18131 |
| **12/2022** | $16633 | $21125 | $16942 |
| **01/2023** | $18235 | $22452 | $18558 |
| **02/2023** | $18062 | $21904 | $18130 |
| **03/2023** | $16932 | $22708 | $16830 |
| **04/2023** | $16492 | $23063 | $16411 |
| **05/2023** | $16084 | $23163 | $16088 |
| **06/2023** | $17654 | $24693 | $17366 |
| **07/2023** | $18839 | $25487 | $18676 |
| **08/2023** | $18109 | $25081 | $17778 |
| **09/2023** | $17324 | $23885 | $16852 |
| **10/2023** | $16147 | $23383 | $15847 |
| **11/2023** | $17403 | $25518 | $17273 |
| **12/2023** | $19344 | $26678 | $19423 |
| **01/2024** | $18603 | $27126 | $18541 |
| **02/2024** | $19204 | $28574 | $19147 |
| **03/2024** | $20200 | $29494 | $19986 |
| **04/2024** | $19080 | $28289 | $18713 |
| **05/2024** | $19986 | $29692 | $19588 |
| **06/2024** | $19352 | $30757 | $19258 |
| **07/2024** | $21229 | $31132 | $21605 |
| **08/2024** | $20825 | $31887 | $21199 |
| **09/2024** | $20883 | $32568 | $21213 |
| **10/2024** | $20603 | $32272 | $20881 |
| **11/2024** | $22587 | $34167 | $22895 |
| **12/2024** | $20707 | $33352 | $20987 |
| **01/2025** | $21218 | $34281 | $21419 |
| **02/2025** | $20205 | $33834 | $20599 |
| **03/2025** | $18870 | $31928 | $19362 |
| **04/2025** | $17678 | $31711 | $18585 |
| **05/2025** | $18700 | $33707 | $19366 |
| **06/2025** | $19641 | $35421 | $20324 |
| **07/2025** | $20035 | $36216 | $20683 |
| **08/2025** | $21334 | $36950 | $22435 |
| **09/2025** | $21137 | $38299 | $22886 |
| **10/2025** | $20779 | $39196 | $22943 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Investor Class<sup>Footnote Reference1</sup> | 0.85% | 13.44% | 7.59% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3673083680 |
| # of Portfolio Holdings | 425 |
| Portfolio Turnover Rate | 75% |
| Total Management Fees Paid | $28397221 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g54f28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.7 |
| Foreign Common Stocks | 3.5 |
| Investment Companies | 3.0 |
| Securities Lending Collateral | 0.8 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| EnerSys | 1.1 |
| Standex International Corp. | 1.1 |
| PotlatchDeltic Corp. | 1 |
| Avnet, Inc. | 1 |
| F5, Inc. | 1 |
| Ciena Corp. | 1 |
| Lumentum Holdings, Inc. | 1 |
| Coherent Corp. | 1 |
| Seacoast Banking Corp. of Florida | 1 |
| Tower Semiconductor Ltd. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g48l58.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.6 |
| Consumer Staples | 2.1 |
| Utilities | 3.3 |
| Health Care | 3.8 |
| Real Estate | 4.2 |
| Energy | 6.8 |
| Materials | 6.9 |
| Information Technology | 12.8 |
| Consumer Discretionary | 13.5 |
| Industrials | 21.8 |
| Financials | 23.2 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Investor Class: AVPAX

#### Distributed by:
Resolute Investment Distributors, Inc.

SCV_Investor 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Small Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class R5: AVFIX

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $82 | 0.81% |

---

## How did the Fund perform and what affected its performance?
The R5 Class of the Fund returned 1.17% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 2000<sup>®</sup> Value Index return of 9.87%.

• Broad market performance during the period was driven higher by expectations of Federal Reserve rate cuts, resilient corporate earnings and improving economic sentiment, despite early-year volatility and mixed macroeconomic data.

• The Fund's emphasis on finding undervalued, high-quality small capitalization companies with above average earnings growth potential proved challenging amid unfavorable market conditions during the period.

• The Fund's holdings in the Information Technology, Utilities, and Industrials sectors contributed positively to performance during the period. Conversely, the Fund's holdings in the Energy, Consumer Staples, and Health Care sectors detracted from performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g57i45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R5** | **S&P 500<sup>®</sup> Index TR** | **Russell 2000<sup>®</sup> Value Index** |
| **10/2015** | $250000 | $250000 | $250000 |
| **11/2015** | $255265 | $250743 | $257107 |
| **12/2015** | $241063 | $246789 | $243554 |
| **01/2016** | $224964 | $234542 | $227192 |
| **02/2016** | $227754 | $234226 | $228741 |
| **03/2016** | $246966 | $250115 | $247701 |
| **04/2016** | $249006 | $251085 | $252947 |
| **05/2016** | $253299 | $255594 | $257584 |
| **06/2016** | $249864 | $256256 | $258368 |
| **07/2016** | $262529 | $265704 | $272307 |
| **08/2016** | $267144 | $266077 | $279075 |
| **09/2016** | $268540 | $266127 | $281274 |
| **10/2016** | $261349 | $261273 | $272029 |
| **11/2016** | $296338 | $270949 | $308135 |
| **12/2016** | $305506 | $276304 | $320860 |
| **01/2017** | $306833 | $281545 | $318569 |
| **02/2017** | $309929 | $292724 | $323179 |
| **03/2017** | $308712 | $293065 | $320443 |
| **04/2017** | $309044 | $296075 | $321704 |
| **05/2017** | $298098 | $300242 | $311686 |
| **06/2017** | $307386 | $302116 | $322590 |
| **07/2017** | $309044 | $308328 | $324631 |
| **08/2017** | $300420 | $309272 | $316652 |
| **09/2017** | $321870 | $315652 | $339072 |
| **10/2017** | $326293 | $323018 | $339517 |
| **11/2017** | $335028 | $332924 | $349342 |
| **12/2017** | $332012 | $336626 | $346008 |
| **01/2018** | $339038 | $355899 | $350272 |
| **02/2018** | $322443 | $342782 | $332759 |
| **03/2018** | $325350 | $334071 | $336874 |
| **04/2018** | $328378 | $335353 | $342714 |
| **05/2018** | $344246 | $343428 | $362651 |
| **06/2018** | $346426 | $345542 | $364847 |
| **07/2018** | $352362 | $358401 | $371289 |
| **08/2018** | $362658 | $370080 | $380133 |
| **09/2018** | $353936 | $372186 | $370701 |
| **10/2018** | $316629 | $346747 | $337510 |
| **11/2018** | $321474 | $353813 | $342952 |
| **12/2018** | $280126 | $319116 | $301498 |
| **01/2019** | $313640 | $347660 | $334475 |
| **02/2019** | $327884 | $358823 | $347476 |
| **03/2019** | $314478 | $365796 | $337457 |
| **04/2019** | $331654 | $380607 | $350218 |
| **05/2019** | $296883 | $356420 | $321613 |
| **06/2019** | $320064 | $381539 | $342097 |
| **07/2019** | $323276 | $387022 | $342648 |
| **08/2019** | $300095 | $380892 | $323525 |
| **09/2019** | $316573 | $388018 | $340137 |
| **10/2019** | $322996 | $396423 | $348376 |
| **11/2019** | $333609 | $410813 | $356532 |
| **12/2019** | $345991 | $423212 | $369015 |
| **01/2020** | $327219 | $423046 | $349111 |
| **02/2020** | $292379 | $388221 | $315187 |
| **03/2020** | $213027 | $340271 | $237423 |
| **04/2020** | $243459 | $383891 | $266710 |
| **05/2020** | $255689 | $402175 | $274365 |
| **06/2020** | $260382 | $410173 | $282309 |
| **07/2020** | $269625 | $433301 | $288132 |
| **08/2020** | $282140 | $464447 | $303654 |
| **09/2020** | $268914 | $446800 | $289524 |
| **10/2020** | $281002 | $434917 | $299879 |
| **11/2020** | $332908 | $482525 | $357776 |
| **12/2020** | $359992 | $501078 | $386117 |
| **01/2021** | $367023 | $496019 | $406431 |
| **02/2021** | $407484 | $509696 | $444614 |
| **03/2021** | $430584 | $532019 | $467849 |
| **04/2021** | $440771 | $560412 | $477312 |
| **05/2021** | $452680 | $564326 | $492166 |
| **06/2021** | $441202 | $577500 | $489184 |
| **07/2021** | $431302 | $591219 | $471673 |
| **08/2021** | $437615 | $609195 | $484303 |
| **09/2021** | $432019 | $580862 | $474601 |
| **10/2021** | $447515 | $621558 | $492697 |
| **11/2021** | $436467 | $617251 | $475867 |
| **12/2021** | $461346 | $644914 | $495273 |
| **01/2022** | $440917 | $611542 | $466397 |
| **02/2022** | $452821 | $593231 | $474114 |
| **03/2022** | $457647 | $615257 | $483391 |
| **04/2022** | $423705 | $561606 | $445877 |
| **05/2022** | $438343 | $562636 | $454434 |
| **06/2022** | $390729 | $516194 | $409542 |
| **07/2022** | $429818 | $563789 | $449193 |
| **08/2022** | $418558 | $540797 | $434988 |
| **09/2022** | $374160 | $490990 | $390662 |
| **10/2022** | $431909 | $530742 | $439843 |
| **11/2022** | $453464 | $560402 | $453281 |
| **12/2022** | $425452 | $528114 | $423541 |
| **01/2023** | $466613 | $561298 | $463958 |
| **02/2023** | $462250 | $547603 | $453262 |
| **03/2023** | $433608 | $567708 | $420759 |
| **04/2023** | $422417 | $576569 | $410266 |
| **05/2023** | $411985 | $579075 | $402196 |
| **06/2023** | $452387 | $617337 | $434146 |
| **07/2023** | $482735 | $637169 | $466907 |
| **08/2023** | $464147 | $627025 | $444447 |
| **09/2023** | $444230 | $597129 | $421299 |
| **10/2023** | $414261 | $584574 | $396168 |
| **11/2023** | $446696 | $637960 | $431829 |
| **12/2023** | $496432 | $666943 | $485575 |
| **01/2024** | $477722 | $678151 | $463518 |
| **02/2024** | $493248 | $714361 | $478682 |
| **03/2024** | $518726 | $737345 | $499661 |
| **04/2024** | $490262 | $707229 | $467823 |
| **05/2024** | $513750 | $742296 | $489702 |
| **06/2024** | $497627 | $768931 | $481449 |
| **07/2024** | $545996 | $778291 | $540124 |
| **08/2024** | $535645 | $797170 | $529986 |
| **09/2024** | $537437 | $814195 | $530324 |
| **10/2024** | $530470 | $806812 | $522028 |
| **11/2024** | $581626 | $854172 | $572381 |
| **12/2024** | $533228 | $833810 | $524687 |
| **01/2025** | $546640 | $857030 | $535464 |
| **02/2025** | $520681 | $845847 | $514965 |
| **03/2025** | $486503 | $798189 | $484061 |
| **04/2025** | $456002 | $792776 | $464623 |
| **05/2025** | $482393 | $842677 | $484141 |
| **06/2025** | $506837 | $885530 | $508099 |
| **07/2025** | $517004 | $905404 | $517072 |
| **08/2025** | $550750 | $923757 | $560866 |
| **09/2025** | $545991 | $957475 | $572140 |
| **10/2025** | $536689 | $979893 | $573575 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class R5<sup>Footnote Reference1</sup> | 1.17% | 13.82% | 7.94% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3673083680 |
| # of Portfolio Holdings | 425 |
| Portfolio Turnover Rate | 75% |
| Total Management Fees Paid | $28397221 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g54f28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.7 |
| Foreign Common Stocks | 3.5 |
| Investment Companies | 3.0 |
| Securities Lending Collateral | 0.8 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| EnerSys | 1.1 |
| Standex International Corp. | 1.1 |
| PotlatchDeltic Corp. | 1 |
| Avnet, Inc. | 1 |
| F5, Inc. | 1 |
| Ciena Corp. | 1 |
| Lumentum Holdings, Inc. | 1 |
| Coherent Corp. | 1 |
| Seacoast Banking Corp. of Florida | 1 |
| Tower Semiconductor Ltd. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g48l58.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.6 |
| Consumer Staples | 2.1 |
| Utilities | 3.3 |
| Health Care | 3.8 |
| Real Estate | 4.2 |
| Energy | 6.8 |
| Materials | 6.9 |
| Information Technology | 12.8 |
| Consumer Discretionary | 13.5 |
| Industrials | 21.8 |
| Financials | 23.2 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R5: AVFIX

#### Distributed by:
Resolute Investment Distributors, Inc.

SCV_R5 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Small Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class R6: AASRX

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $79 | 0.78% |

---

## How did the Fund perform and what affected its performance?
The R6 Class of the Fund returned 1.21% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 2000<sup>®</sup> Value Index return of 9.87%.

• Broad market performance during the period was driven higher by expectations of Federal Reserve rate cuts, resilient corporate earnings and improving economic sentiment, despite early-year volatility and mixed macroeconomic data.

• The Fund's emphasis on finding undervalued, high-quality small capitalization companies with above average earnings growth potential proved challenging amid unfavorable market conditions during the period.

• The Fund's holdings in the Information Technology, Utilities, and Industrials sectors contributed positively to performance during the period. Conversely, the Fund's holdings in the Energy, Consumer Staples, and Health Care sectors detracted from performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g66n62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **S&P 500<sup>®</sup> Index TR** | **Russell 2000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10211 | $10030 | $10284 |
| **12/2015** | $9643 | $9872 | $9742 |
| **01/2016** | $8999 | $9382 | $9088 |
| **02/2016** | $9110 | $9369 | $9150 |
| **03/2016** | $9879 | $10005 | $9908 |
| **04/2016** | $9960 | $10043 | $10118 |
| **05/2016** | $10132 | $10224 | $10303 |
| **06/2016** | $9995 | $10250 | $10335 |
| **07/2016** | $10501 | $10628 | $10892 |
| **08/2016** | $10686 | $10643 | $11163 |
| **09/2016** | $10742 | $10645 | $11251 |
| **10/2016** | $10454 | $10451 | $10881 |
| **11/2016** | $11853 | $10838 | $12325 |
| **12/2016** | $12220 | $11052 | $12834 |
| **01/2017** | $12273 | $11262 | $12743 |
| **02/2017** | $12397 | $11709 | $12927 |
| **03/2017** | $12348 | $11723 | $12818 |
| **04/2017** | $12362 | $11843 | $12868 |
| **05/2017** | $11924 | $12010 | $12467 |
| **06/2017** | $12291 | $12085 | $12904 |
| **07/2017** | $12357 | $12333 | $12985 |
| **08/2017** | $12012 | $12371 | $12666 |
| **09/2017** | $12875 | $12626 | $13563 |
| **10/2017** | $13052 | $12921 | $13581 |
| **11/2017** | $13401 | $13317 | $13974 |
| **12/2017** | $13285 | $13465 | $13840 |
| **01/2018** | $13566 | $14236 | $14011 |
| **02/2018** | $12897 | $13711 | $13310 |
| **03/2018** | $13018 | $13363 | $13475 |
| **04/2018** | $13135 | $13414 | $13709 |
| **05/2018** | $13774 | $13737 | $14506 |
| **06/2018** | $13862 | $13822 | $14594 |
| **07/2018** | $14094 | $14336 | $14852 |
| **08/2018** | $14511 | $14803 | $15205 |
| **09/2018** | $14162 | $14887 | $14828 |
| **10/2018** | $12669 | $13870 | $13500 |
| **11/2018** | $12863 | $14153 | $13718 |
| **12/2018** | $11214 | $12765 | $12060 |
| **01/2019** | $12550 | $13906 | $13379 |
| **02/2019** | $13120 | $14353 | $13899 |
| **03/2019** | $12583 | $14632 | $13498 |
| **04/2019** | $13271 | $15224 | $14009 |
| **05/2019** | $11879 | $14257 | $12865 |
| **06/2019** | $12807 | $15262 | $13684 |
| **07/2019** | $12935 | $15481 | $13706 |
| **08/2019** | $12013 | $15236 | $12941 |
| **09/2019** | $12667 | $15521 | $13605 |
| **10/2019** | $12924 | $15857 | $13935 |
| **11/2019** | $13349 | $16433 | $14261 |
| **12/2019** | $13848 | $16928 | $14761 |
| **01/2020** | $13097 | $16922 | $13964 |
| **02/2020** | $11702 | $15529 | $12607 |
| **03/2020** | $8530 | $13611 | $9497 |
| **04/2020** | $9743 | $15356 | $10668 |
| **05/2020** | $10233 | $16087 | $10975 |
| **06/2020** | $10420 | $16407 | $11292 |
| **07/2020** | $10796 | $17332 | $11525 |
| **08/2020** | $11292 | $18578 | $12146 |
| **09/2020** | $10762 | $17872 | $11581 |
| **10/2020** | $11246 | $17397 | $11995 |
| **11/2020** | $13330 | $19301 | $14311 |
| **12/2020** | $14407 | $20043 | $15445 |
| **01/2021** | $14694 | $19841 | $16257 |
| **02/2021** | $16315 | $20388 | $17785 |
| **03/2021** | $17240 | $21281 | $18714 |
| **04/2021** | $17648 | $22416 | $19092 |
| **05/2021** | $18125 | $22573 | $19687 |
| **06/2021** | $17665 | $23100 | $19567 |
| **07/2021** | $17274 | $23649 | $18867 |
| **08/2021** | $17521 | $24368 | $19372 |
| **09/2021** | $17303 | $23234 | $18984 |
| **10/2021** | $17924 | $24862 | $19708 |
| **11/2021** | $17476 | $24690 | $19035 |
| **12/2021** | $18471 | $25797 | $19811 |
| **01/2022** | $17659 | $24462 | $18656 |
| **02/2022** | $18136 | $23729 | $18965 |
| **03/2022** | $18329 | $24610 | $19336 |
| **04/2022** | $16970 | $22464 | $17835 |
| **05/2022** | $17556 | $22505 | $18177 |
| **06/2022** | $15648 | $20648 | $16382 |
| **07/2022** | $17215 | $22552 | $17968 |
| **08/2022** | $16763 | $21632 | $17400 |
| **09/2022** | $14985 | $19640 | $15626 |
| **10/2022** | $17305 | $21230 | $17594 |
| **11/2022** | $18168 | $22416 | $18131 |
| **12/2022** | $17045 | $21125 | $16942 |
| **01/2023** | $18695 | $22452 | $18558 |
| **02/2023** | $18520 | $21904 | $18130 |
| **03/2023** | $17365 | $22708 | $16830 |
| **04/2023** | $16924 | $23063 | $16411 |
| **05/2023** | $16505 | $23163 | $16088 |
| **06/2023** | $18125 | $24693 | $17366 |
| **07/2023** | $19341 | $25487 | $18676 |
| **08/2023** | $18596 | $25081 | $17778 |
| **09/2023** | $17798 | $23885 | $16852 |
| **10/2023** | $16597 | $23383 | $15847 |
| **11/2023** | $17897 | $25518 | $17273 |
| **12/2023** | $19888 | $26678 | $19423 |
| **01/2024** | $19138 | $27126 | $18541 |
| **02/2024** | $19761 | $28574 | $19147 |
| **03/2024** | $20790 | $29494 | $19986 |
| **04/2024** | $19649 | $28289 | $18713 |
| **05/2024** | $20591 | $29692 | $19588 |
| **06/2024** | $19944 | $30757 | $19258 |
| **07/2024** | $21884 | $31132 | $21605 |
| **08/2024** | $21469 | $31887 | $21199 |
| **09/2024** | $21540 | $32568 | $21213 |
| **10/2024** | $21261 | $32272 | $20881 |
| **11/2024** | $23312 | $34167 | $22895 |
| **12/2024** | $21380 | $33352 | $20987 |
| **01/2025** | $21909 | $34281 | $21419 |
| **02/2025** | $20868 | $33834 | $20599 |
| **03/2025** | $19497 | $31928 | $19362 |
| **04/2025** | $18273 | $31711 | $18585 |
| **05/2025** | $19341 | $33707 | $19366 |
| **06/2025** | $20313 | $35421 | $20324 |
| **07/2025** | $20729 | $36216 | $20683 |
| **08/2025** | $22083 | $36950 | $22435 |
| **09/2025** | $21883 | $38299 | $22886 |
| **10/2025** | $21519 | $39196 | $22943 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| R6 Class<sup>Footnote Reference1</sup> | 1.21% | 13.86% | 7.96% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3673083680 |
| # of Portfolio Holdings | 425 |
| Portfolio Turnover Rate | 75% |
| Total Management Fees Paid | $28397221 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g54f28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.7 |
| Foreign Common Stocks | 3.5 |
| Investment Companies | 3.0 |
| Securities Lending Collateral | 0.8 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| EnerSys | 1.1 |
| Standex International Corp. | 1.1 |
| PotlatchDeltic Corp. | 1 |
| Avnet, Inc. | 1 |
| F5, Inc. | 1 |
| Ciena Corp. | 1 |
| Lumentum Holdings, Inc. | 1 |
| Coherent Corp. | 1 |
| Seacoast Banking Corp. of Florida | 1 |
| Tower Semiconductor Ltd. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g48l58.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.6 |
| Consumer Staples | 2.1 |
| Utilities | 3.3 |
| Health Care | 3.8 |
| Real Estate | 4.2 |
| Energy | 6.8 |
| Materials | 6.9 |
| Information Technology | 12.8 |
| Consumer Discretionary | 13.5 |
| Industrials | 21.8 |
| Financials | 23.2 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class R6: AASRX

#### Distributed by:
Resolute Investment Distributors, Inc.

SCV_R6 1025

# American Beacon
![Image](g77694g70m62.jpg)

# Small Cap Value Fund
Annual Shareholder Report - October 31, 2025 \| Class Y: ABSYX

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(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 | $89 | 0.88% |

---

## How did the Fund perform and what affected its performance?
The Y Class of the Fund returned 1.13% for the twelve months ended October 31, 2025, compared to the S&P 500<sup>®</sup> Index TR return of 21.45% and the Russell 2000<sup>®</sup> Value Index return of 9.87%.

• Broad market performance during the period was driven higher by expectations of Federal Reserve rate cuts, resilient corporate earnings and improving economic sentiment, despite early-year volatility and mixed macroeconomic data.

• The Fund's emphasis on finding undervalued, high-quality small capitalization companies with above average earnings growth potential proved challenging amid unfavorable market conditions during the period.

• The Fund's holdings in the Information Technology, Utilities, and Industrials sectors contributed positively to performance during the period. Conversely, the Fund's holdings in the Energy, Consumer Staples, and Health Care sectors detracted from performance.

## **Cumulative Performance from October 31, 2015 through October 31, 2025** 
The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g77694g76h92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Y** | **S&P 500<sup>®</sup> Index TR** | **Russell 2000<sup>®</sup> Value Index** |
| **10/2015** | $100000 | $100000 | $100000 |
| **11/2015** | $102089 | $100297 | $102843 |
| **12/2015** | $96415 | $98715 | $97421 |
| **01/2016** | $89944 | $93817 | $90877 |
| **02/2016** | $91073 | $93690 | $91497 |
| **03/2016** | $98760 | $100046 | $99080 |
| **04/2016** | $99585 | $100434 | $101179 |
| **05/2016** | $101279 | $102237 | $103034 |
| **06/2016** | $99889 | $102502 | $103347 |
| **07/2016** | $104927 | $106282 | $108923 |
| **08/2016** | $106795 | $106431 | $111630 |
| **09/2016** | $107316 | $106451 | $112510 |
| **10/2016** | $104493 | $104509 | $108812 |
| **11/2016** | $118434 | $108380 | $123254 |
| **12/2016** | $122075 | $110522 | $128344 |
| **01/2017** | $122612 | $112618 | $127428 |
| **02/2017** | $123864 | $117090 | $129271 |
| **03/2017** | $123372 | $117226 | $128177 |
| **04/2017** | $123462 | $118430 | $128682 |
| **05/2017** | $119123 | $120097 | $124674 |
| **06/2017** | $122791 | $120846 | $129036 |
| **07/2017** | $123462 | $123331 | $129852 |
| **08/2017** | $119972 | $123709 | $126661 |
| **09/2017** | $128561 | $126261 | $135629 |
| **10/2017** | $130306 | $129207 | $135807 |
| **11/2017** | $133795 | $133170 | $139737 |
| **12/2017** | $132630 | $134650 | $138403 |
| **01/2018** | $135425 | $142360 | $140109 |
| **02/2018** | $128756 | $137113 | $133103 |
| **03/2018** | $129933 | $133628 | $134750 |
| **04/2018** | $131110 | $134141 | $137085 |
| **05/2018** | $137435 | $137371 | $145060 |
| **06/2018** | $138318 | $138217 | $145939 |
| **07/2018** | $140622 | $143360 | $148515 |
| **08/2018** | $144790 | $148032 | $152053 |
| **09/2018** | $141308 | $148874 | $148280 |
| **10/2018** | $126354 | $138699 | $135004 |
| **11/2018** | $128315 | $141525 | $137181 |
| **12/2018** | $111812 | $127646 | $120599 |
| **01/2019** | $125167 | $139064 | $133790 |
| **02/2019** | $130825 | $143529 | $138990 |
| **03/2019** | $125506 | $146318 | $134983 |
| **04/2019** | $132296 | $152243 | $140087 |
| **05/2019** | $118433 | $142568 | $128645 |
| **06/2019** | $127656 | $152616 | $136839 |
| **07/2019** | $128958 | $154809 | $137059 |
| **08/2019** | $119678 | $152357 | $129410 |
| **09/2019** | $126242 | $155207 | $136055 |
| **10/2019** | $128788 | $158569 | $139351 |
| **11/2019** | $133032 | $164325 | $142613 |
| **12/2019** | $137940 | $169285 | $147606 |
| **01/2020** | $130453 | $169218 | $139644 |
| **02/2020** | $116572 | $155288 | $126075 |
| **03/2020** | $84953 | $136108 | $94969 |
| **04/2020** | $97048 | $153557 | $106684 |
| **05/2020** | $101886 | $160870 | $109746 |
| **06/2020** | $103786 | $164069 | $112923 |
| **07/2020** | $107472 | $173320 | $115253 |
| **08/2020** | $112425 | $185779 | $121462 |
| **09/2020** | $107127 | $178720 | $115810 |
| **10/2020** | $111965 | $173967 | $119952 |
| **11/2020** | $132641 | $193010 | $143110 |
| **12/2020** | $143397 | $200431 | $154447 |
| **01/2021** | $146185 | $198407 | $162572 |
| **02/2021** | $162273 | $203879 | $177846 |
| **03/2021** | $171508 | $212808 | $187140 |
| **04/2021** | $175573 | $224165 | $190925 |
| **05/2021** | $180278 | $225730 | $196866 |
| **06/2021** | $175689 | $231000 | $195673 |
| **07/2021** | $171740 | $236488 | $188669 |
| **08/2021** | $174237 | $243678 | $193721 |
| **09/2021** | $172030 | $232345 | $189840 |
| **10/2021** | $178187 | $248623 | $197079 |
| **11/2021** | $173715 | $246900 | $190347 |
| **12/2021** | $183656 | $257966 | $198109 |
| **01/2022** | $175507 | $244617 | $186559 |
| **02/2022** | $180201 | $237292 | $189646 |
| **03/2022** | $182157 | $246103 | $193356 |
| **04/2022** | $168661 | $224642 | $178351 |
| **05/2022** | $174464 | $225054 | $181774 |
| **06/2022** | $155492 | $206478 | $163817 |
| **07/2022** | $171008 | $225516 | $179677 |
| **08/2022** | $166510 | $216319 | $173995 |
| **09/2022** | $148842 | $196396 | $156265 |
| **10/2022** | $171856 | $212297 | $175937 |
| **11/2022** | $180397 | $224161 | $181313 |
| **12/2022** | $169277 | $211246 | $169416 |
| **01/2023** | $185619 | $224519 | $185583 |
| **02/2023** | $183923 | $219041 | $181305 |
| **03/2023** | $172438 | $227083 | $168304 |
| **04/2023** | $167967 | $230627 | $164107 |
| **05/2023** | $163804 | $231630 | $160879 |
| **06/2023** | $179838 | $246935 | $173658 |
| **07/2023** | $191940 | $254868 | $186763 |
| **08/2023** | $184540 | $250810 | $177779 |
| **09/2023** | $176600 | $238852 | $168520 |
| **10/2023** | $164652 | $233830 | $158467 |
| **11/2023** | $177525 | $255184 | $172732 |
| **12/2023** | $197359 | $266777 | $194230 |
| **01/2024** | $189833 | $271260 | $185407 |
| **02/2024** | $196064 | $285744 | $191473 |
| **03/2024** | $206179 | $294938 | $199864 |
| **04/2024** | $194850 | $282891 | $187129 |
| **05/2024** | $204156 | $296919 | $195881 |
| **06/2024** | $197763 | $307573 | $192580 |
| **07/2024** | $216941 | $311316 | $216050 |
| **08/2024** | $212814 | $318868 | $211994 |
| **09/2024** | $213542 | $325678 | $212130 |
| **10/2024** | $210710 | $322725 | $208811 |
| **11/2024** | $231021 | $341669 | $228952 |
| **12/2024** | $211860 | $333524 | $209875 |
| **01/2025** | $217143 | $342812 | $214186 |
| **02/2025** | $206752 | $338339 | $205986 |
| **03/2025** | $193192 | $319275 | $193625 |
| **04/2025** | $181040 | $317110 | $185849 |
| **05/2025** | $191607 | $337071 | $193657 |
| **06/2025** | $201205 | $354212 | $203240 |
| **07/2025** | $205255 | $362161 | $206829 |
| **08/2025** | $218728 | $369503 | $224346 |
| **09/2025** | $216703 | $382990 | $228856 |
| **10/2025** | $213092 | $391957 | $229430 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>Footnote Reference1</sup> | 1.13% | 13.74% | 7.86% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 14.64% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3673083680 |
| # of Portfolio Holdings | 425 |
| Portfolio Turnover Rate | 75% |
| Total Management Fees Paid | $28397221 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g77694g54f28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.7 |
| Foreign Common Stocks | 3.5 |
| Investment Companies | 3.0 |
| Securities Lending Collateral | 0.8 |

---

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

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| EnerSys | 1.1 |
| Standex International Corp. | 1.1 |
| PotlatchDeltic Corp. | 1 |
| Avnet, Inc. | 1 |
| F5, Inc. | 1 |
| Ciena Corp. | 1 |
| Lumentum Holdings, Inc. | 1 |
| Coherent Corp. | 1 |
| Seacoast Banking Corp. of Florida | 1 |
| Tower Semiconductor Ltd. | 0.9 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g77694g48l58.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.6 |
| Consumer Staples | 2.1 |
| Utilities | 3.3 |
| Health Care | 3.8 |
| Real Estate | 4.2 |
| Energy | 6.8 |
| Materials | 6.9 |
| Information Technology | 12.8 |
| Consumer Discretionary | 13.5 |
| Industrials | 21.8 |
| Financials | 23.2 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ 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
![Image](g77694g70m62.jpg)

Annual Shareholder Report - October 31, 2025

# Class Y: ABSYX

#### Distributed by:
Resolute Investment Distributors, Inc.

SCV_Y 1025

------

##### [**Table of Contents**](#toc)
Item 2. Code of Ethics

The registrant adopted a code of ethics (the "Code") that applies to the registrant's Principal Executive Officer and Principal Financial Officer. The registrant amended the Code on June 14, 2024 to update the name of the Principal Executive Officer. The registrant has not granted any waivers from the provisions of the Code during the period covered by the shareholder reports presented in Item 1. The Code is filed herewith as Exhibit 99.CODE ETH.

Item 3. Audit Committee Financial Expert

The registrant's Board of Trustees of the Trust has determined that Claudia Holz, a member of the Trust's Audit and Compliance Committee, is the "audit committee financial expert" as defined in Form N-CSR. Ms. Holz is considered "independent" as defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" refer to all other fees category would consist of service related to internal control reviews, strategy, and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the registrant. The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees, and all other fees by the principal accountant.

---

| | |
|:---|:---|
| (a) |  |
| Audit Fees | Fiscal Year<br>Ended |
| $277657 | 10/31/24 |
| $291676 | 10/31/25 |
| (b) |  |
| Audit Related Fees | Fiscal Year<br>Ended |
| $0 | 10/31/24 |
| $0 | 10/31/25 |
| (c) |  |
| Tax Fees<sup>(1)</sup> | Fiscal Year<br>Ended |
| $182187 | 10/31/24 |
| $162784 | 10/31/25 |
| (d) |  |
| All Other Fees | Fiscal Year<br>Ended |
| $0 | 10/31/24 |
| $0 | 10/31/25 |

---

<sup>(1)</sup> "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, tax planning, filing assistance for EU reclaims and PFIC tax services. These fees include international, federal, state, and excise tax reviews.

------

##### [**Table of Contents**](#toc)
(e)(1) Pursuant to its charter, the Trust's Audit and Compliance Committee shall have the following duties and powers pertaining to pre-approval of audit and non-audit services provided by the registrant's principal accountant:

• to approve, prior to appointment, the engagement of auditors to annually audit and provide their opinion on the Trusts' financial statements, and, in connection therewith, reviewing and evaluating matters potentially affecting the independence and capabilities of the auditors;

• to approve, prior to appointment, the engagement of the auditors to provide non-audit services to the Trusts, an investment adviser to any series of the Trusts or any entity controlling, controlled by, or under common control with an investment adviser ("adviser affiliate") that provides ongoing services to the Trusts, if the engagement relates directly to the operations and financial reporting of the Trusts;

• to consider whether the non-audit services provided by a Trust's auditor to an investment adviser or any adviser affiliate that provides ongoing services to a series of the Trusts, which services were not pre-approved by the Committee, are compatible with maintaining the auditor's independence;

• to review the arrangements for and scope of the annual audit and any special audits; and

• to review and approving the fees proposed to be charged to the Trusts by the auditors for each audit and non-audit service.

The Audit and Compliance Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services, to a subcommittee of one or more members. Any decisions of the subcommittee to grant pre-approvals shall be presented to the full audit committee at its next regularly scheduled meeting.

(e)(2) None of the fees disclosed in paragraphs (b) through (d) above were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Aggregate Non-Audit Fees for Services Rendered to the:

---

| | | | |
|:---|:---|:---|:---|
| Registrant | Adviser | Adviser's Affiliates Providing<br>Ongoing Services to Registrant | Fiscal Year<br>Ended |
| $182187 | $31575 | N/A | 10/31/24 |
| $162784 | $196894 | N/A | 10/31/25 |

---

(h) 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.

------

##### [**Table of Contents**](#toc)
Financial Statements and Other Information

Name of registrant: American Beacon Funds

Date of fiscal year end: October 31, 2025

Date of reporting period: October 31, 2025

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

------

##### [**Table of Contents**](#toc)
![LOGO](g96096g02a01.jpg)

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#toc96096_1) | 1 |
|  [Schedule of Investments:](#toc96096_2) |  |
| &nbsp;&nbsp;&nbsp; [Balanced Fund](#toc96096_3) | 2 |
|  [Financial Statements](#toc96096_4) | 15 |
|  [Notes to Financial Statements](#toc96096_5) | 19 |
|  [Financial Highlights:](#toc96096_6) |  |
| &nbsp;&nbsp;&nbsp; [Balanced Fund](#toc96096_7) | 46 |
|  [Federal Tax Information](#toc96096_8) | 52 |
|  [Results of Shareholder Meeting](#toc96096_8a) | 53 |

---

---

| | |
|:---|:---|
|  <br> [Additional Fund Information](#toc96096_9) | Back Cover |

---

American Beacon Funds October 31, 2025

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon Balanced Fund.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of American Beacon Balanced Fund (one of the funds constituting American Beacon Funds, referred hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the four years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 30, 2025

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 54.5% |  |  |
| Communication Services - 3.3% |  |  |
| Entertainment - 0.7% |  |  |
| Electronic Arts, Inc. | 1575 | $315094 |
| Warner Bros Discovery, Inc.<sup>A</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17799 | 399588 |
|  |  | 714682 |
| Interactive Media & Services - 1.5% |  |  |
| Alphabet, Inc., Class A | 5752 | 1617405 |
| Media - 1.1% |  |  |
| Comcast Corp., Class A | 27790 | 773534 |
| Omnicom Group, Inc. | 6086 | 456572 |
|  |  | 1230106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 3562193 |
| Consumer Discretionary - 5.0% |  |  |
| Automobile Components - 1.3% |  |  |
| Aptiv PLC<sup>A</sup> | 14862 | 1205308 |
| BorgWarner, Inc. | 3700 | 158952 |
|  |  | 1364260 |
| Automobiles - 0.8% |  |  |
| General Motors Co. | 12342 | 852709 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Carnival Corp.<sup>A</sup> | 50294 | 1449976 |
| Wynn Resorts Ltd. | 7037 | 837333 |
|  |  | 2287309 |
| Household Durables - 0.7% |  |  |
| Lennar Corp., Class A | 5940 | 735194 |
| Specialty Retail - 0.1% |  |  |
| Lithia Motors, Inc. | 450 | 141336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 5380808 |
| Consumer Staples - 1.9% |  |  |
| Beverages - 1.1% |  |  |
| Constellation Brands, Inc., Class A | 2200 | 289036 |
| Keurig Dr. Pepper, Inc. | 32356 | 878789 |
|  |  | 1167825 |
| Food Products - 0.8% |  |  |
| Conagra Brands, Inc. | 7500 | 128925 |
| J.M. Smucker Co. | 1500 | 155325 |
| Kraft Heinz Co. | 19300 | 477289 |
| Mondelez International, Inc., Class A | 2800 | 160888 |
|  |  | 922427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 2090252 |
| Energy - 5.6% |  |  |
| Energy Equipment & Services - 1.5% |  |  |
| Baker Hughes Co. | 6100 | 295301 |
| Halliburton Co. | 13970 | 374955 |
| NOV, Inc. | 36000 | 525600 |
| SLB Ltd. | 13000 | 468780 |
|  |  | 1664636 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 54.5% (continued) |  |  |
| Energy - 5.6% (continued) |  |  |
| Oil, Gas & Consumable Fuels - 4.1% |  |  |
| APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36314 | $822512 |
| Chevron Corp. | 2597 | 409599 |
| ConocoPhillips | 2536 | 225349 |
| Exxon Mobil Corp. | 8342 | 953991 |
| Murphy Oil Corp. | 2700 | 76410 |
| Ovintiv, Inc. | 9300 | 348843 |
| Permian Resources Corp. | 28789 | 361590 |
| Phillips 66 | 5300 | 721542 |
| Shell PLC, ADR | 7335 | 549538 |
|  |  | 4469374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 6134010 |
| Financials - 11.7% |  |  |
| Banks - 5.3% |  |  |
| Bank of America Corp. | 28390 | 1517445 |
| Citigroup, Inc. | 9557 | 967455 |
| Citizens Financial Group, Inc. | 8668 | 440941 |
| First Citizens BancShares, Inc., Class A | 175 | 319344 |
| Truist Financial Corp. | 7400 | 330262 |
| U.S. Bancorp | 13400 | 625512 |
| Wells Fargo & Co. | 12471 | 1084603 |
| Western Alliance Bancorp | 6846 | 529538 |
|  |  | 5815100 |
| Capital Markets - 1.1% |  |  |
| LPL Financial Holdings, Inc. | 1439 | 542949 |
| State Street Corp. | 5276 | 610222 |
|  |  | 1153171 |
| Consumer Finance - 1.2% |  |  |
| American Express Co. | 1843 | 664825 |
| Capital One Financial Corp. | 1544 | 339665 |
| SLM Corp. | 9577 | 257142 |
|  |  | 1261632 |
| Financial Services - 2.1% |  |  |
| Berkshire Hathaway, Inc., Class B<sup>A</sup> | 1897 | 905893 |
| Corebridge Financial, Inc. | 8900 | 289784 |
| Fidelity National Information Services, Inc. | 14751 | 922233 |
| Fiserv, Inc.<sup>A</sup> | 2500 | 166725 |
|  |  | 2284635 |
| Insurance - 2.0% |  |  |
| American International Group, Inc. | 17491 | 1381090 |
| Everest Group Ltd. | 837 | 263253 |
| Hartford Insurance Group, Inc. | 1840 | 228491 |
| Willis Towers Watson PLC | 947 | 296506 |
|  |  | 2169340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 12683878 |
| Health Care - 7.1% |  |  |
| Health Care Equipment & Supplies - 2.0% |  |  |
| GE HealthCare Technologies, Inc. | 9187 | 688566 |
| Medtronic PLC | 12943 | 1173930 |
| Solventum Corp.<sup>A</sup> | 2100 | 144984 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 54.5% (continued) |  |  |
| Health Care - 7.1% (continued) |  |  |
| Health Care Equipment & Supplies - 2.0% (continued) |  |  |
| Zimmer Biomet Holdings, Inc. | 1972 | $198304 |
|  |  | 2205784 |
| Health Care Providers & Services - 3.2% |  |  |
| Centene Corp.<sup>A</sup> | 3460 | 122380 |
| Cigna Group | 550 | 134425 |
| CVS Health Corp. | 3030 | 236794 |
| Elevance Health, Inc. | 2896 | 918611 |
| HCA Healthcare, Inc. | 720 | 330970 |
| Humana, Inc. | 1610 | 447886 |
| Labcorp Holdings, Inc. | 600 | 152376 |
| UnitedHealth Group, Inc. | 3292 | 1124416 |
|  |  | 3467858 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Avantor, Inc.<sup>A</sup> | 34172 | 403913 |
| Pharmaceuticals - 1.5% |  |  |
| GSK PLC, ADR<sup>B</sup> | 3654 | 171227 |
| Merck & Co., Inc. | 9284 | 798238 |
| Sanofi SA, ADR | 13805 | 698257 |
|  |  | 1667722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 7745277 |
| Industrials - 6.1% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Boeing Co.<sup>A</sup> | 1530 | 307561 |
| General Dynamics Corp. | 700 | 241430 |
| RTX Corp. | 1000 | 178500 |
|  |  | 727491 |
| Air Freight & Logistics - 0.6% |  |  |
| FedEx Corp. | 2630 | 667547 |
| Building Products - 0.9% |  |  |
| Johnson Controls International PLC | 8296 | 948979 |
| Construction & Engineering - 0.4% |  |  |
| AECOM | 2564 | 344473 |
| Fluor Corp.<sup>A</sup> | 2300 | 112171 |
|  |  | 456644 |
| Electrical Equipment - 0.4% |  |  |
| Vertiv Holdings Co., Class A | 2546 | 491022 |
| Ground Transportation - 0.6% |  |  |
| JB Hunt Transport Services, Inc. | 2424 | 409316 |
| Norfolk Southern Corp. | 860 | 243707 |
|  |  | 653023 |
| Machinery - 2.5% |  |  |
| CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30280 | 317637 |
| Cummins, Inc. | 1212 | 530468 |
| Deere & Co. | 520 | 240048 |
| Fortive Corp. | 15330 | 771712 |
| PACCAR, Inc. | 5058 | 497707 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 54.5% (continued) |  |  |
| Industrials - 6.1% (continued) |  |  |
| Machinery - 2.5% (continued) |  |  |
| Stanley Black & Decker, Inc. | 2500 | $169300 |
| Timken Co. | 1900 | 149169 |
|  |  | 2676041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 6620747 |
| Information Technology - 6.7% |  |  |
| Communications Equipment - 1.1% |  |  |
| F5, Inc.<sup>A</sup> | 4870 | 1232353 |
| IT Services - 0.6% |  |  |
| Cognizant Technology Solutions Corp., Class A | 8416 | 613358 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Entegris, Inc. | 8838 | 809296 |
| Microchip Technology, Inc. | 12863 | 802908 |
| QUALCOMM, Inc. | 4822 | 872300 |
|  |  | 2484504 |
| Software - 2.7% |  |  |
| Oracle Corp. | 2539 | 666767 |
| Salesforce, Inc. | 2300 | 598943 |
| Workday, Inc., Class A<sup>A</sup> | 6890 | 1653049 |
|  |  | 2918759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 7248974 |
| Materials - 2.3% |  |  |
| Chemicals - 1.7% |  |  |
| Air Products & Chemicals, Inc. | 2783 | 675128 |
| Axalta Coating Systems Ltd.<sup>A</sup> | 17942 | 510809 |
| Olin Corp. | 9300 | 192510 |
| PPG Industries, Inc. | 4700 | 459425 |
|  |  | 1837872 |
| Construction Materials - 0.6% |  |  |
| CRH PLC | 5458 | 650048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 2487920 |
| Real Estate - 1.3% |  |  |
| Industrial REITs - 0.3% |  |  |
| Prologis, Inc. | 2787 | 345839 |
| Specialized REITs - 1.0% |  |  |
| Public Storage | 1694 | 471881 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20280 | 608197 |
|  |  | 1080078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 1425917 |
| Utilities - 3.5% |  |  |
| Electric Utilities - 3.0% |  |  |
| Entergy Corp. | 8776 | 843286 |
| PG&E Corp. | 31956 | 510018 |
| Pinnacle West Capital Corp. | 7793 | 689836 |
| PPL Corp. | 9147 | 334048 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 54.5% (continued) |  |  |
| Utilities - 3.5% (continued) |  |  |
| Electric Utilities - 3.0% (continued) |  |  |
| Xcel Energy, Inc. | 10523 | $854152 |
|  |  | 3231340 |
| Multi-Utilities - 0.5% |  |  |
| Dominion Energy, Inc. | 10400 | 610376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 3841716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $44,459,724) |  | 59221692 |
|  | Principal Amount |  |
| CORPORATE OBLIGATIONS - 11.1% |  |  |
| Communications - 1.3% |  |  |
| Internet - 0.4% |  |  |
| Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, Due 6/3/2027 | $250000 | 240168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, Due 12/1/2029 | 250000 | 256349 |
|  |  | 496517 |
| Media - 0.7% |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, Due 10/23/2045 | 30000 | 28982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 4/1/2048 | 115000 | 101997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, Due 4/1/2061 | 85000 | 52319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, Due 6/30/2062 | 85000 | 52633 |
| Comcast Corp., 6.550%, Due 7/1/2039 | 217000 | 239177 |
| Cox Communications, Inc., 5.950%, Due 9/1/2054<sup>C</sup> | 265000 | 241470 |
|  |  | 716578 |
| Telecommunications - 0.2% |  |  |
| Verizon Communications, Inc., 4.780%, Due 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | 177349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 1390444 |
| Consumer, Cyclical - 0.7% |  |  |
| Retail - 0.7% |  |  |
| Home Depot, Inc., 2.950%, Due 6/15/2029 | 500000 | 483101 |
| Walmart, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, Due 9/24/2029 | 150000 | 142214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, Due 2/15/2030 | 169000 | 193012 |
|  |  | 818327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical |  | 818327 |
| Consumer, Non-Cyclical - 0.8% |  |  |
| Beverages - 0.3% |  |  |
| PepsiCo, Inc., 4.450%, Due 5/15/2028 | 300000 | 304490 |
| Pharmaceuticals - 0.5% |  |  |
| Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029 | 560000 | 547026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-Cyclical |  | 851516 |
| Energy - 0.2% |  |  |
| Oil & Gas - 0.1% |  |  |
| BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)<sup>D E</sup> | 150000 | 160222 |
| Pipelines - 0.1% |  |  |
| ONEOK Partners LP, 6.850%, Due 10/15/2037 | 45000 | 49599 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 11.1% (continued) |  |  |
| Energy - 0.2% (continued) |  |  |
| Pipelines - 0.1% (continued) |  |  |
| Sempra Infrastructure Partners LP, 3.250%, Due 1/15/2032<sup>C</sup> | $65000 | $57717 |
|  |  | 107316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 267538 |
| Financial - 2.6% |  |  |
| Banks - 1.6% |  |  |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734%, Due 7/22/2027, (1 day USD SOFR + 0.960%)<sup>D</sup>  | 350000 | 343814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.110%, Due 1/29/2037 | 176000 | 189878 |
| Citigroup, Inc., 5.875%, Due 1/30/2042 | 145000 | 153743 |
| Fifth Third Bank NA, 2.250%, Due 2/1/2027 | 250000 | 244140 |
| JPMorgan Chase & Co., 5.500%, Due 10/15/2040 | 313000 | 328416 |
| PNC Financial Services Group, Inc., 2.550%, Due 1/22/2030 | 500000 | 468448 |
|  |  | 1728439 |
| Insurance - 1.0% |  |  |
| Berkshire Hathaway Finance Corp., 2.300%, Due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | 294036 |
| Fidelity National Financial, Inc., 3.200%, Due 9/17/2051 | 55000 | 35421 |
| Markel Group, Inc., 5.000%, Due 5/20/2049 | 100000 | 90138 |
| MetLife, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 6/15/2034 | 169000 | 188872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.721%, Due 12/15/2044 | 193000 | 178274 |
| Prudential Financial, Inc., 4.600%, Due 5/15/2044 | 313000 | 281471 |
|  |  | 1068212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 2796651 |
| Industrial - 1.2% |  |  |
| Aerospace/Defense - 0.2% |  |  |
| RTX Corp., 6.125%, Due 7/15/2038 | 217000 | 239386 |
| Machinery - Construction & Mining - 0.2% |  |  |
| Caterpillar Financial Services Corp., 4.375%, Due 8/16/2029 | 200000 | 203114 |
| Machinery - Diversified - 0.4% |  |  |
| John Deere Capital Corp., 2.450%, Due 1/9/2030 | 500000 | 470178 |
| Transportation - 0.4% |  |  |
| Burlington Northern Santa Fe LLC, 5.750%, Due 5/1/2040 | 202000 | 214489 |
| CSX Corp., 5.500%, Due 4/15/2041 | 157000 | 161006 |
|  |  | 375495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 1288173 |
| Technology - 1.9% |  |  |
| Computers - 1.3% |  |  |
| Apple, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, Due 8/5/2028 | 200000 | 187757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, Due 9/11/2029 | 300000 | 282057 |
| Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045 | 500000 | 521166 |
| International Business Machines Corp., 4.250%, Due 5/15/2049 | 500000 | 414408 |
|  |  | 1405388 |
| Semiconductors - 0.6% |  |  |
| Foundry JV Holdco LLC, 6.300%, Due 1/25/2039<sup>C</sup> | 200000 | 212721 |
| NVIDIA Corp., 1.550%, Due 6/15/2028 | 500000 | 472969 |
|  |  | 685690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 2091078 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 11.1% (continued) |  |  |
| Utilities - 2.4% |  |  |
| Electric - 2.4% |  |  |
| Appalachian Power Co., 4.500%, Due 3/1/2049, Y | $210000 | $176211 |
| Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036 | 235000 | 254934 |
| Consolidated Edison Co. of New York, Inc., 5.500%, Due 12/1/2039, 09-C | 169000 | 173552 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 2/1/2055, A, (5 yr. CMT + 2.386%)<sup>D</sup>  | 115000 | 120877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 5/15/2055, (5 yr. CMT + 2.207%)<sup>D</sup>  | 175000 | 182454 |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 3/15/2035 | 55000 | 56998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/15/2038 | 40000 | 43431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, Due 4/15/2038 | 115000 | 125073 |
| Duke Energy Corp., 5.800%, Due 6/15/2054 | 95000 | 95957 |
| Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 12/1/2044 | 75000 | 63885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, Due 8/15/2045 | 30000 | 25533 |
| Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, A-2 | 265000 | 227905 |
| Entergy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, Due 6/15/2030 | 30000 | 28021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 12/1/2054, (5 yr. CMT + 2.670%)<sup>D</sup>  | 45000 | 47278 |
| PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 2/15/2050 | 125000 | 97548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, Due 12/1/2053 | 95000 | 87550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/15/2054 | 155000 | 146322 |
| Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, Due 4/1/2034 | 45000 | 46733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, Due 3/15/2035 | 70000 | 72178 |
| Sempra, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, Due 10/1/2054, (5 yr. CMT + 2.632%)<sup>D</sup>  | 135000 | 138635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 10/1/2054, (5 yr. CMT + 2.789%)<sup>D</sup>  | 100000 | 103477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, Due 4/1/2055, (5 yr. CMT + 2.138%)<sup>D</sup>  | 45000 | 46086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 4/1/2055, (5 yr. CMT + 2.354%)<sup>D</sup>  | 80000 | 81286 |
| System Energy Resources, Inc., 5.300%, Due 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | 146335 |
|  |  | 2588259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 2588259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations (Cost $12,294,460) |  | 12091986 |
| FOREIGN CORPORATE OBLIGATIONS - 2.9% |  |  |
| Communications - 0.3% |  |  |
| Telecommunications - 0.3% |  |  |
| America Movil SAB de CV, 6.375%, Due 3/1/2035 | 169000 | 187511 |
| Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042<sup>C</sup> | 150000 | 140514 |
|  |  | 328025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 328025 |
| Consumer, Cyclical - 0.3% |  |  |
| Auto Manufacturers - 0.3% |  |  |
| Mercedes-Benz Finance North America LLC, 5.250%, Due 11/29/2027<sup>C</sup> | 350000 | 358072 |
| Consumer, Non-Cyclical - 1.4% |  |  |
| Agriculture - 0.4% |  |  |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 2/20/2034 | 35000 | 37359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, Due 8/15/2047 | 260000 | 217946 |
| Reynolds American, Inc., 5.700%, Due 8/15/2035 | 175000 | 182234 |
|  |  | 437539 |
| Beverages - 0.5% |  |  |
| Anheuser-Busch InBev Worldwide, Inc., 5.450%, Due 1/23/2039 | 500000 | 519228 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| FOREIGN CORPORATE OBLIGATIONS - 2.9% (continued) |  |  |
| Consumer, Non-Cyclical - 1.4% (continued) |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Bayer U.S. Finance II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, Due 4/15/2045<sup>C</sup>  | $245000 | $183185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, Due 7/15/2064<sup>C</sup>  | 200000 | 152799 |
| Bayer U.S. Finance LLC, 6.125%, Due 11/21/2026<sup>C</sup> | 200000 | 203382 |
|  |  | 539366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-Cyclical |  | 1496133 |
| Energy - 0.5% |  |  |
| Oil & Gas - 0.4% |  |  |
| Saudi Arabian Oil Co., 4.375%, Due 4/16/2049<sup>C</sup> | 500000 | 426786 |
| Pipelines - 0.1% |  |  |
| TransCanada PipeLines Ltd., 6.100%, Due 6/1/2040 | 82000 | 86670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 513456 |
| Financial - 0.4% |  |  |
| Banks - 0.1% |  |  |
| HBOS PLC, 6.000%, Due 11/1/2033<sup>C</sup> | 80000 | 84112 |
| Diversified Financial Services - 0.1% |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.950%, Due 3/10/2055, (5 yr. CMT + 2.720%)<sup>D</sup> | 150000 | 157684 |
| Insurance - 0.2% |  |  |
| Fairfax Financial Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, Due 3/22/2054 | 200000 | 211596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, Due 3/15/2055 | 35000 | 36090 |
|  |  | 247686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 489482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Corporate Obligations (Cost $3,143,248) |  | 3185168 |
| FOREIGN SOVEREIGN OBLIGATIONS - 0.3% (Cost $283,916) |  |  |
| Mexico Government International Bonds, 3.771%, Due 5/24/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | 289778 |
| ASSET-BACKED OBLIGATIONS - 1.0% |  |  |
| CNH Equipment Trust, 5.420%, Due 10/15/2027, 2024-B A2A | 10882 | 10905 |
| Compass Datacenters Issuer III LLC, 5.656%, Due 2/25/2050, 2025-1A A2<sup>C</sup> | 75000 | 76395 |
| Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021-2 A<sup>C</sup> | 110000 | 107088 |
| GM Financial Consumer Automobile Receivables Trust, 4.620%, Due 12/17/2029, 2025-1 A3 | 90000 | 90909 |
| GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021-1 A<sup>C</sup> | 90000 | 87731 |
| Honda Auto Receivables Owner Trust, 4.570%, Due 9/21/2029, 2025-1 A3 | 85000 | 85834 |
| John Deere Owner Trust, 3.740%, Due 2/16/2027, 2022-B A3 | 17359 | 17340 |
| New Economy Assets - Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021-1 A1<sup>C</sup> | 125000 | 105469 |
| Porsche Financial Auto Securitization Trust, 4.440%, Due 1/22/2030, 2024-1A A3<sup>C</sup> | 165000 | 165599 |
| Porsche Innovative Lease Owner Trust, 4.670%, Due 11/22/2027, 2024-1A A3<sup>C</sup> | 100000 | 100391 |
| Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II<sup>C</sup> | 98250 | 91103 |
| Volkswagen Auto Lease Trust, 4.010%, Due 1/22/2029, 2025-B A3 | 110000 | 110095 |
| World Omni Automobile Lease Securitization Trust, 4.420%, Due 4/17/2028, 2025-A A3 | 60000 | 60314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Obligations (Cost $1,134,316) |  | 1109173 |
| COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.1% (Cost $135,636) |  |  |
| BX Commercial Mortgage Trust, 4.847%, Due 9/15/2036, 2021-VOLT A, (1 mo. USD Term SOFR + 0.814%)<sup>C D</sup> | 135636 | 135552 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.9% |  |  |
| Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2028 | $3944 | $3906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2032 | 28458 | 27751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 8/1/2033 | 10745 | 10910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2034 | 10583 | 10864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2035 | 48974 | 46246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2036 | 142084 | 131110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/1/2041 | 35802 | 35125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/1/2041 | 25109 | 25279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2041 | 119322 | 107078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2042 | 118640 | 113666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2042 | 119950 | 114708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 4/1/2047 | 109973 | 98901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2048 | 100057 | 91180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/1/2050 | 65639 | 56143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/1/2050 | 61408 | 52733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2051 | 118199 | 102284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 2/1/2052 | 111455 | 91292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2052 | 198720 | 161961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/1/2052 | 96914 | 83581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 3/1/2053 | 58345 | 60785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 5/1/2053 | 91444 | 89514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 8/1/2053 | 190601 | 190251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2053 | 156476 | 160400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107048 | 109750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 277453 | 282400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 4/1/2054 | 117853 | 122275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2054 | 92202 | 95228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 9/1/2054 | 147659 | 148042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/1/2055 | 276176 | 282870 |
|  |  | 2906233 |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2028 | 3726 | 3697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 3/1/2034 | 11930 | 12091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 4/1/2034 | 21760 | 21876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2034 | 2808 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/1/2035 | 95175 | 88230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 12/1/2035 | 45373 | 42011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2037 | 66194 | 64173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 6/1/2038 | 2849 | 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 1/1/2040 | 25596 | 25739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 5/1/2040 | 45987 | 47239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2040 | 26539 | 27260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 9/1/2040 | 25095 | 24626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/1/2041 | 48829 | 47850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2041 | 94268 | 85059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2043 | 231954 | 214850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2043 | 211391 | 195803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2045 | 50251 | 48693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/1/2045 | 23226 | 21997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 11/1/2045 | 224717 | 212619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2046 | 88610 | 83923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2046 | 23781 | 22427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2046 | 50131 | 48614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2046 | 18811 | 17128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2046 | 108627 | 99570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 3/1/2047 | 26778 | 25241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2047 | 11515 | 11422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/1/2047 | 21013 | 20849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2047 | 34350 | 32341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 4/1/2048 | 9596 | 9484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2048 | 56307 | 55934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2049 | 65099 | 64304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2049 | 135865 | 130966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2050 | 294926 | 252651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2050 | 83835 | 75051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2050 | 96539 | 83056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 10/1/2050 | 44833 | 38340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2050 | 90899 | 81882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2051 | 142675 | 117632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 4/1/2051 | 225151 | 184422 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.9% (continued) |  |  |
| Federal National Mortgage Association, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2051 | $102110 | $92082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2051 | 102483 | 91597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2051 | 118273 | 109577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 7/1/2051 | 229225 | 187681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/1/2051 | 100412 | 93557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2051 | 211934 | 182517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2051 | 75051 | 66687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 1/1/2052 | 349218 | 286966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2052 | 181208 | 156412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2052 | 133959 | 123911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2052 | 157171 | 150518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2052 | 253146 | 256185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 7/1/2052 | 104393 | 93926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2052 | 155308 | 152836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/1/2052 | 114981 | 114942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/1/2053 | 77671 | 78074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 6/1/2053 | 96633 | 95566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/1/2053 | 184672 | 187173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/1/2054 | 200779 | 208367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 194605 | 198610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 6/1/2054 | 35223 | 37083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 11/1/2054 | 205817 | 208589 |
|  |  | 5817579 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 8/15/2027 | 634 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 11/15/2027 | 1099 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 12/15/2028 | 2686 | 2745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/15/2033 | 11000 | 11408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/15/2033 | 15458 | 16030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/20/2034 | 15872 | 16367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 10/15/2039 | 32709 | 33616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/15/2041 | 64529 | 60635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/20/2047 | 12724 | 11904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/20/2047 | 11633 | 10840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/20/2048 | 57866 | 55585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 1/20/2050 | 26086 | 26495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/20/2050 | 24909 | 24717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 2/20/2050 | 13960 | 14207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/20/2050 | 124329 | 107858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/20/2051 | 124088 | 107471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/20/2051 | 53252 | 47909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/20/2051 | 194552 | 168471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/20/2051 | 120613 | 109762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/20/2051 | 99427 | 86128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235105 | 211393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/20/2052 | 85745 | 79177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/20/2052 | 88682 | 84599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/20/2052 | 55847 | 48377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 9/20/2052 | 116020 | 114067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/20/2053 | 224327 | 224621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/20/2053 | 177623 | 180100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/20/2054 | 168227 | 167861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/20/2055 | 44371 | 44766 |
|  |  | 2068855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Agency Mortgage-Backed Obligations (Cost $11,346,157) |  | 10792667 |
| U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.8% |  |  |
| Federal Farm Credit Banks Funding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 10/24/2029 | 250000 | 256009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 1/25/2030 | 300000 | 299024 |
| Federal Home Loan Banks, 4.500%, Due 12/14/2029 | 350000 | 359735 |
|  |  | 914768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Obligations (Cost $904,110) |  | 914768 |
| U.S. TREASURY OBLIGATIONS - 11.6% |  |  |
| U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 11/15/2028 | 217000 | 227104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 2/15/2037 | 304000 | 320767 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. TREASURY OBLIGATIONS - 11.6% (continued) |  |  |
| U.S. Treasury Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/15/2039 | $241000 | $244088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, Due 8/15/2042 | 250000 | 196133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2049 | 500000 | 368477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 5/15/2054 | 490000 | 485980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 8/15/2055 | 315000 | 319282 |
|  |  | 2161831 |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, Due 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | 1529113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 4/30/2026 | 1440000 | 1447593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/15/2026 | 500000 | 491254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 3/31/2027 | 250000 | 246035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 10/31/2027 | 250000 | 252500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2028 | 200000 | 196539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 8/15/2028 | 300000 | 294270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, Due 2/15/2029 | 450000 | 436201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 4/30/2029 | 300000 | 292594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, Due 5/15/2029 | 450000 | 431314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 8/15/2029 | 350000 | 325623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 11/15/2029 | 200000 | 186063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/31/2030 | 350000 | 347580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/28/2030 | 250000 | 253184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 8/31/2030 | 690000 | 687574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 4/30/2031 | 40000 | 41706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 9/30/2031 | 200000 | 198125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 1/31/2032 | 150000 | 154465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/31/2032 | 100000 | 100723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 9/30/2032 | 150000 | 149906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 10/31/2032 | 100000 | 99156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 11/15/2032 | 250000 | 253623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 2/15/2033 | 250000 | 243525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/15/2033 | 200000 | 199031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/15/2034 | 300000 | 300199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 5/15/2034 | 100000 | 102637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/15/2034 | 300000 | 296531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 8/15/2035 | 835000 | 845438 |
|  |  | 10402502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations (Cost $12,894,336) |  | 12564333 |
|  | Shares |  |
| FOREIGN COMMON STOCKS - 3.3% |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| WPP PLC, ADR<sup>B</sup> | 12800 | 242816 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.6% |  |  |
| Magna International, Inc. | 12704 | 599756 |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.1% |  |  |
| Anheuser-Busch InBev SA, ADR<sup>B</sup> | 2600 | 158340 |
| Personal Products - 0.7% |  |  |
| Unilever PLC, ADR<sup>B</sup> | 11695 | 703922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 862262 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Bank of Nova Scotia | 8854 | 580822 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 3.3% (continued) |  |  |
| Information Technology - 1.2% |  |  |
| Communications Equipment - 0.9% |  |  |
| Telefonaktiebolaget LM Ericsson, ADR<sup>B</sup> | 103130 | $1040582 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| TE Connectivity PLC | 1208 | 298388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 1338970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks (Cost $2,831,529) |  | 3624626 |
| SHORT-TERM INVESTMENTS - 5.2% (Cost $5,622,431) |  |  |
| Investment Companies - 5.2% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>F G</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5622431 | 5622431 |
| SECURITIES LENDING COLLATERAL - 0.7% (Cost $722,125) |  |  |
| Investment Companies - 0.7% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>F G</sup> | 722125 | 722125 |
|  TOTAL INVESTMENTS - 101.4% (Cost $95,771,988) |  | 110274299 |
|  LIABILITIES, NET OF OTHER ASSETS - (1.4%) |  | (1533828) |
|  TOTAL NET ASSETS - 100.0% |  | $108740471 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> Non-income producing security.

<sup>B</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at October 31, 2025 (Note 9).

<sup>C</sup> 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 $2,930,086 or 2.7% of net assets. The Fund has no right to demand registration of these securities.

<sup>D</sup> 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 October 31, 2025.

<sup>E</sup> Perpetual maturity. The date shown, if any, is the next call date.

<sup>F</sup> The Fund is affiliated by having the same investment advisor.

<sup>G</sup> 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 October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: |
| Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CME E-Mini S&P 500 Index Futures | 14 | December 2025 | $4717202 | $4811800 | $94598 |
|  |  |  | $4717202 | $4811800 | $94598 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Index Abbreviations: | Index Abbreviations: |
| S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |
| Exchange Abbreviations: | 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 October 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Balanced Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $59221692 | $- | $- | $59221692 |
|  Corporate Obligations |  | 12091986 |  | 12091986 |
|  Foreign Corporate Obligations |  | 3185168 |  | 3185168 |
|  Foreign Sovereign Obligations |  | 289778 |  | 289778 |
|  Asset-Backed Obligations |  | 1109173 |  | 1109173 |
|  Commercial Mortgage-Backed Obligations |  | 135552 |  | 135552 |
|  U.S. Agency Mortgage-Backed Obligations |  | 10792667 |  | 10792667 |
|  U.S. Government Agency Obligations |  | 914768 |  | 914768 |
|  U.S. Treasury Obligations |  | 12564333 |  | 12564333 |
|  Foreign Common Stocks | 3624626 |  |  | 3624626 |
|  Short-Term Investments | 5622431 |  |  | 5622431 |
|  Securities Lending Collateral | 722125 |  |  | 722125 |
|  Total Investments in Securities - Assets | $69190874 | $41083425 | $- | $110274299 |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** |
|  Futures Contracts | $94598 | $- | $- | $94598 |
|  Total Financial Derivative Instruments - Assets | $94598 | $- | $- | $94598 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2025, there were no transfers into or out of Level 3.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Statement of Assets and Liabilities

October 31, 2025

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup> | $103929743.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡</sup> <sup>§</sup> | 6344556.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts | 356000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 396264.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 73816.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 5684.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for tax reclaims | 1969.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) | 94598.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 37007.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 111239637.0 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1448175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 10504.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts | 81681.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to custodian | 203.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 79011.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 21020.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 4773.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned (Note 9)<sup>§</sup> | 722125.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 47677.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 72104.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 1035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 7597.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 3261.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2499166.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |
|  Net assets | $108740471.0 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Statement of Assets and Liabilities

October 31, 2025

---

| | |
|:---|:---|
|  Analysis of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $85530588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 23209883 |
|  Net assets | $108740471 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 710764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 2003457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 3365598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 32611 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 1603653 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 309455 |
|  Net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $11120466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $31705136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $41761998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $456682 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $19791954 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $3904235 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $15.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $15.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $12.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $14.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $12.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $13.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $12.62 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $89427432 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $6344556 |
|  <sup>§</sup> Fair value of securities on loan | $1989681 |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Statement of Operations

For the year ended October 31, 2025

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities (net of foreign taxes)<sup>†</sup> | $1427843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 127781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1760938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) | 8682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 3325244 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 551542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 27209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 9518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 115046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 76776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 87737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 123036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 16794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 49001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 47075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 21612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 10922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 43802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1194827 |
|  Net investment income  | 2130417 |
|  Realized and unrealized gain (loss) from investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>A</sup> | 9181103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 402256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>B</sup> | (3320723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 107107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments  | 6369604 |
|  Net increase in net assets resulting from operations  | $8500021 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes. . | $24390 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

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American Beacon Balanced Fund<sup>SM</sup>

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Increase (decrease) in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $2130417 | $2201559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities, foreign currency transactions, and futures contracts | 9583220 | 10712391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts | (3213616) | 11262065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations . | 8500021 | 24176015 |
|  Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | (1025917) | (279743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | (2512515) | (642271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (4735894) | (1254933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (98335) | (23498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | (2149768) | (436711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | (520495) | (167049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders | (11042924) | (2804205) |
|  Capital share transactions (Note 11): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 14950232 | 17376789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 10669491 | 2717398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (28468364) | (34058581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) in net assets from capital share transactions | (2848641) | (13964394) |
|  Net increase (decrease) in net assets | (5391544) | 7407416 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 114132015 | 106724599 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year  | $108740471 | $114132015 |

---

See accompanying notes

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 October 31, 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.

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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:

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| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| R5 Class | Large institutional investors - sold directly or through intermediary channels. | $250000 |
| Y Class | Large institutional retirement plan investors - sold directly or through intermediary channels. | $100000 |
| Investor Class | All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors. | $2500 |
| Advisor Class | All investors who invest through intermediary organizations, such as broker-dealers or third party administrators. | $2500 |
| 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"). | $2500 |
| 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. | $1000 |

---

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. Realized gains (losses) from securities sold are determined on the basis of specific lot identification. 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. 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. For convertible securities, premiums attributable to the conversion feature are not amortized. Paydown gains (losses) on mortgage-related

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 | 0.3% |

---

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 year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $378227 |
|  Sub-Advisory Fees | 0.17% | 173315 |
|  Total | 0.52% | $551542 |

---

As compensation for services provided by the Manager in connection with securities lending activities conducted by the 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 year ended October 31, 2025, the Manager received securities lending fees of $910 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 separate Service Plans that obligate 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 Plans, the Manager receives an annualized fee up to 0.25% of the

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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 year ended October 31, 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 | $28190 |

---

As of October 31, 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<br>Sub-Transfer Agent Fees |
|  Balanced | $2766 |

---

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 October 31, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | October 31,<br>2025<br>Shares/Principal | Unrealized<br>Gain (Loss)<br>Change in | Realized<br>Gain<br>(Loss) | Dividend<br>Income | October 31,<br>2025<br>Fair Value |
| U.S. Government Money Market Select | Direct Balanced | $5622431 | $– $|  | $127781 | $5622431 |
| U.S. Government Money Market Select | Securities Lending Balanced | 722125 | – |  | N/A | 722125 |

---

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 year ended October 31, 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<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in USG<br>Select Fund | Total |
|  Balanced | $2996 | $264 | $3260 |

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2025, RID collected $5,373 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 year ended October 31, 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 year ended October 31, 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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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| |
|:---|
| 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. |

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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.

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.

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.

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.

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 Funds permitted to invest in ABS, subject to the Fund 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.

Corporate Debt and Other Fixed-Income Securities

The Fund may hold debt, including government and corporate debt, and other fixed-income securities. The investment return of corporate debt securities reflects interest earning and changes in the market value of the

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

security. 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 a Fund's NAV to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on specific characteristics of each security. 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.

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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 year ended October 31, 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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

Privately Issued Mortgage-Backed 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.

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

(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.

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.

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 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.

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| | |
|:---|:---|
| Average Futures Contracts Outstanding | Average Futures Contracts Outstanding |
| Fund | Year Ended October 31, 2025 |
|  Balanced | $10 |

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The following is a summary of the fair valuations of the Fund's derivative instruments categorized by risk exposure<sup>(1)</sup>:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statement of Assets and Liabilities as of October** *31, 2025:* | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October** *31, 2025:* | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October** *31, 2025:* | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October** *31, 2025:* | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October** *31, 2025:* | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October** *31, 2025:* | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October** *31, 2025:* |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> | $- | $- | $- | $- | $94598 | $94598 |
| **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Realized gain (loss) from derivatives<br>recognized as a result of operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $402256 | $402256 |
| Net change in unrealized appreciation<br>(depreciation) of derivatives recognized<br>as a result from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $107107 | $107107 |

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

<sup>(2)</sup> 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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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, October 31, 2025.

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of October 31, 2025:** |  |  |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)</sup> | $94598 | $– |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $94598 | $– |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(94598) | $– |

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<sup>(1)</sup> 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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $722125 | $– | $– | $– | $722125 |
|  Total Borrowings | $722125 | $– | $– | $– | $722125 |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $722125 |

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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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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.

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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 the 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.

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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 a Fund has substantial holdings within a particular sector, the risks to the Fund associated with that sector increase.

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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 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 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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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, 2025 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.

The tax character of distributions paid were as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>\*</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $328267 | $260888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 795724 | 600285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1404869 | 1158983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 22991 | 21658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 650071 | 408600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 118108 | 143432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 697650 | 18855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 1716791 | 41986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 3331025 | 95950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 75344 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 1499697 | 28111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 402387 | 23617 |
|  Total distributions paid | $11042924 | $2804205 |

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\* For tax purposes, short-term capital gains are considered ordinary income distributions.

As of October 31, 2025, the components of distributable earnings (deficits) on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Balanced | $97203905 | $17123630 | $(4053236) | $13070394 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Net Unrealized<br>Appreciation<br>(Depreciation) | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other (Losses) | Distributable<br>Earnings |
|  Balanced | $13070394 | $3429247 | $6710242 | $– $– $| 23209883 |

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Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, premium amortization, and the realization for tax purposes of unrealized gains (losses) on certain derivative instruments.

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities.

Accordingly, the following amounts represent current year permanent differences derived from equalization as of October 31, 2025:

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| | | |
|:---|:---|:---|
| Fund | Paid-In-Capital | Distributable<br>Earnings/(Deficits) |
| Balanced | $1133181 | $(1133181) |

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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, 2025, 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 year ended October 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Purchases<br>(non-U.S.<br>Government<br>Securities) | Purchases of<br>U.S. Government<br>Securities | Sales<br>(non-U.S.<br>Government<br>Securities) | Sales of<br>U.S. Government<br>Securities |
|  Balanced | $25745605 | $5737422 | $38361602 | $6321564 |

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A summary of the Fund's transactions in the USG Select Fund for the year ended October 31, 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | October 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | October 31,<br>2025<br>Shares/Fair<br>Value |
| Balanced | Direct | $2401833 | 49224267 | $46003669 | $5622431 |
| Balanced | Securities Lending | 398300 | 4651955 | 4328130 | 722125 |

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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.

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 October 31, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Fair Value of<br>Securities on<br>Loan | Cash<br>Collateral<br>Received | Non-Cash<br>Collateral<br>Received | Total<br>Collateral<br>Received |
|  Balanced | $1989681 | $722125 | $1340725 | $2062850 |

---

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 6, 2025 (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 daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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

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##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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 year ended October 31, 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 | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 216302 | $3314740 | 60329 | $924138 |
| Reinvestment of dividends | 69091 | 1013836 | 18468 | 276820 |
| Shares redeemed | (311002) | (4749490) | (173087) | (2554177) |
| Net (decrease) in shares outstanding | (25609) | $(420914) | (94290) | $(1353219) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 521341 | $8005002 | 413947 | $6236582 |
| Reinvestment of dividends | 162949 | 2418410 | 40750 | 618183 |
| Shares redeemed | (557613) | (8609804) | (423575) | (6325862) |
| Net increase in shares outstanding. . | 126677 | $1813608 | 31122 | $528903 |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 132665 | $1587152 | 214763 | $2638751 |
| Reinvestment of dividends | 390560 | 4558670 | 100027 | 1217295 |
| Shares redeemed | (724234) | (8782335) | (1076464) | (12997707) |
| Net (decrease) in shares outstanding | (201009) | $(2636513) | (761674) | $(9141661) |
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 6135 | $81095 | 3896 | $52880 |
| Reinvestment of dividends | 7522 | 98335 | 1733 | 23498 |
| Shares redeemed | (62228) | (830413) | (5846) | (77173) |
| Net (decrease) in shares outstanding | (48571) | $(650983) | (217) | $(795) |

---

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##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 142886 | $1686742 | 594828 | $7200212 |
| Reinvestment of dividends | 178343 | 2071516 | 34038 | 415050 |
| Shares redeemed | (285679) | (3416220) | (280517) | (3394424) |
| Net increase in shares outstanding | 35550 | $342038 | 348349 | $4220838 |
|  | C Class | C Class | C Class | C Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 22583 | $275501 | 25949 | $324226 |
| Reinvestment of dividends | 42954 | 508724 | 13624 | 166552 |
| Shares redeemed | (170977) | (2080102) | (707569) | (8709238) |
| Net (decrease) in shares outstanding | (105440) | $(1295877) | (667996) | $(8218460) |

---

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.

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##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $15.83 | $13.04 | $14.07 | $16.93 | $14.35 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.34 <sup>A</sup> | 0.28 | 0.24 | 0.11 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.90 | 2.87 | 0.15 | (1.56) | 4.34 |
|  Total income (loss) from investment operations | 1.24 | 3.15 | 0.39 | (1.45) | 4.53 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.30) | (0.26) | (0.23) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) |
|  Total distributions | (1.42) | (0.36) | (1.42) | (1.41) | (1.95) |
|  Net asset value, end of period | $15.65 | $15.83 | $13.04 | $14.07 | $16.93 |
|  Total return<sup>B</sup> | 8.57% | 24.37% | 2.80% | (9.20)% | 33.80% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $11120466 | $11658021 | $10827923 | $12977305 | $22687613 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.87% | 0.84% | 0.78% | 0.72% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.87% | 0.84% | 0.78% | 0.72% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.21% | 2.25% | 2.10% | 1.51% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.21% | 2.25% | 2.10% | 1.51% | 1.37% |
|  Portfolio turnover rate | 31% | 38% | 48% | 30% | 37% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $16.00 | $13.17 | $14.20 | $17.07 | $14.46 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.33 <sup>A</sup> | 0.33 | 0.29 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.91 | 2.85 | 0.08 | (1.68) | 4.35 |
|  Total income (loss) from investment operations | 1.24 | 3.18 | 0.37 | (1.47) | 4.55 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.29) | (0.24) | (0.22) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) |
|  Total distributions | (1.41) | (0.35) | (1.40) | (1.40) | (1.94) |
|  Net asset value, end of period | $15.83 | $16.00 | $13.17 | $14.20 | $17.07 |
|  Total return<sup>B</sup>  | 8.47% | 24.33% | 2.68% | (9.25)% | 33.66% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $31705136 | $30023632 | $24304867 | $30273662 | $40858765 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.94% | 0.93% | 0.84% | 0.80% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.94% | 0.93% | 0.84% | 0.80% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.14% | 2.16% | 2.01% | 1.46% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.14% | 2.16% | 2.01% | 1.46% | 1.31% |
|  Portfolio turnover rate | 31% | 38% | 48% | 30% | 37% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $12.85 | $10.64 | $11.74 | $14.35 | $12.43 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 <sup>A</sup> | 0.23 <sup>A</sup> | 0.11 | 0.15 <sup>A</sup> | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.72 | 2.30 | 0.17 | (1.39) | 3.61 |
|  Total income (loss) from investment operations | 0.95 | 2.53 | 0.28 | (1.24) | 3.83 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.26) | (0.22) | (0.19) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) |
|  Total distributions | (1.39) | (0.32) | (1.38) | (1.37) | (1.91) |
|  Net asset value, end of period | $12.41 | $12.85 | $10.64 | $11.74 | $14.35 |
|  Total return<sup>B</sup>  | 8.22% | 24.01% | 2.46% | (9.40)% | 33.32% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $41761998 | $45826006 | $46044377 | $54447528 | $85251213 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.15% | 1.17% | 1.04% | 1.03% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.15% | 1.17% | 1.04% | 1.03% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.93% | 1.93% | 1.84% | 1.22% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.93% | 1.93% | 1.84% | 1.22% | 1.07% |
|  Portfolio turnover rate | 31% | 38% | 48% | 30% | 37% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $14.29 | $11.80 | $12.86 | $15.59 | $13.35 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.24 <sup>A</sup> | 0.23 | 0.15 | 0.15 <sup>A</sup> | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.80 | 2.55 | 0.15 | (1.54) | 3.97 |
|  Total income (loss) from investment operations | 1.04 | 2.78 | 0.30 | (1.39) | 4.12 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.23) | (0.20) | (0.16) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) |
|  Total distributions | (1.33) | (0.29) | (1.36) | (1.34) | (1.88) |
|  Net asset value, end of period | $14.00 | $14.29 | $11.80 | $12.86 | $15.59 |
|  Total return<sup>B</sup>  | 8.02% | 23.74% | 2.35% | (9.62)% | 33.17% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $456682 | $1160350 | $960288 | $1124266 | $2120450 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.35% | 1.35% | 1.24% | 1.19% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.35% | 1.35% | 1.24% | 1.19% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.80% | 1.73% | 1.66% | 1.05% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.80% | 1.73% | 1.66% | 1.05% | 0.91% |
|  Portfolio turnover rate | 31% | 38% | 48% | 30% | 37% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $12.79 | $10.59 | $11.69 | $14.31 | $12.39 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 <sup>A</sup> | 0.36 | 0.23 | 0.25 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.71 | 2.16 | 0.05 | (1.50) | 3.71 |
|  Total income (loss) from investment operations | 0.94 | 2.52 | 0.28 | (1.25) | 3.82 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.26) | (0.22) | (0.19) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) |
|  Total distributions | (1.39) | (0.32) | (1.38) | (1.37) | (1.90) |
|  Net asset value, end of period | $12.34 | $12.79 | $10.59 | $11.69 | $14.31 |
|  Total return<sup>B</sup>  | 8.17% | 24.03% | 2.44% | (9.49)% | 33.39% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $19791954 | $20055093 | $12917238 | $13482666 | $13922687 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.18% | 1.17% | 1.09% | 1.04% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.18% | 1.17% | 1.09% | 1.04% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.90% | 1.91% | 1.80% | 1.22% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.90% | 1.91% | 1.80% | 1.22% | 1.04% |
|  Portfolio turnover rate | 31% | 38% | 48% | 30% | 37% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $13.04 | $10.78 | $11.87 | $14.49 | $12.53 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>A</sup> | 0.14 | 0.14 | 0.12 | 0.06 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.73 | 2.33 | 0.08 | (1.41) | 3.72 |
|  Total income (loss) from investment operations | 0.87 | 2.47 | 0.20 | (1.35) | 3.76 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.15) | (0.13) | (0.09) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) |
|  Total distributions | (1.29) | (0.21) | (1.29) | (1.27) | (1.80) |
|  Net asset value, end of period | $12.62 | $13.04 | $10.78 | $11.87 | $14.49 |
|  Total return<sup>B</sup>  | 7.36% | 23.03% | 1.68% | (10.11)% | 32.32% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $3904235 | $5408913 | $11669906 | $16173837 | $23737711 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.94% | 1.94% | 1.83% | 1.78% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.94% | 1.94% | 1.83% | 1.78% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.16% | 1.17% | 1.04% | 0.47% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.16% | 1.17% | 1.04% | 0.47% | 0.32% |
|  Portfolio turnover rate | 31% | 38% | 48% | 30% | 37% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Federal Tax Information

October 31, 2025 (Unaudited)

Certain tax information regarding the Funds are required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended October 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025.

The Funds designated the following items with regard to distributions paid during the fiscal year ended October 31, 2025. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

#### Corporate Dividends-Received Deduction:

---

| | | |
|:---|:---|:---|
|  Balanced | 32.63 | % |

---

#### Qualified Dividend Income:

---

| | | |
|:---|:---|:---|
|  Balanced | 40.46 | % |

---

#### Long-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Balanced | $8856075.0 |

---

#### Short-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Balanced | $1043977.0 |

---

Shareholders will receive notification in January 2026 of the applicable tax information necessary to prepare their 2025 income tax returns.

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Results of Shareholder Meeting (Unaudited)

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon IMC International Small Cap Fund formerly known as EAM International Small Cap Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Diversified Institutional Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | For | Against | Abstain | Non-Voting |
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 | 0.000 |

---

------

##### [**Table of Contents**](#toc)
![LOGO](g96096g01a06.jpg)

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:

---

| | |
|:---|:---|
| ![LOGO](g96096g02b06.jpg) | ![LOGO](g96096g03c06.jpg) |
| **By E-mail:** | **On the Internet:** |
| american_beacon.funds@ambeacon.com | Visit our website at<br> www.americanbeaconfunds.com |
| ![LOGO](g96096g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g96096g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g96096g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g96096g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g96096g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g96096g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g96096g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g96096g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> 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.

AR 10/25

------

##### [**Table of Contents**](#toc)
![LOGO](g13773g02a01.jpg)

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#tx13773_1) | 1 |
|  Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp; [Garcia Hamilton Quality Bond Fund](#tx13773_3) | 2 |
|  [Financial Statements](#tx13773_4) | 4 |
|  [Notes to Financial Statements](#tx13773_5) | 7 |
|  Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp; [Garcia Hamilton Quality Bond Fund](#tx13773_7) | 24 |
|  [Federal Tax Information](#tx13773_8) | 28 |
|  [Results of Shareholder Meeting](#tx13773_8a) | 29 |

---

---

| | |
|:---|:---|
|  <br> [Additional Fund Information](#tx13773_9) | Back Cover |

---

American Beacon Funds October 31, 2025

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon Garcia Hamilton Quality Bond Fund.

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of American Beacon Garcia Hamilton Quality Bond Fund (one of the funds constituting American Beacon Funds, referred hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the four years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 30, 2025

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

------

##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 3.5% |  |  |
| Communications - 1.6% |  |  |
| Media - 1.6% |  |  |
| Walt Disney Co., 3.800%, Due 3/22/2030 | $5450000 | $5401790 |
| Utilities - 1.9% |  |  |
| Electric - 1.9% |  |  |
| Florida Power & Light Co., 5.000%, Due 8/1/2034 | 6170000 | 6309308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations (Cost $11,744,229) |  | 11711098 |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 48.2% |  |  |
| Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2042 | 10572649 | 9474282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, Due 1/1/2051 | 8670804 | 6699073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 3/1/2052 | 11573244 | 9861368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2052 | 15184429 | 12941555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2052 | 10021666 | 8972347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 10/1/2052 | 22407046 | 18296662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 10/1/2052 | 10252202 | 9768770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2052 | 12912158 | 12303309 |
|  |  | 88317366 |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/1/2039 | 4272007 | 4101627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 7/1/2040 | 5363147 | 5006167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2040 | 3514808 | 3276824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2049 | 5766103 | 5569882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2050 | 5765592 | 4905954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/1/2051 | 9456939 | 8033085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2052 | 8279899 | 7065498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2052 | 19914392 | 17686829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/1/2052 | 10937960 | 10100029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 10/1/2052 | 6691408 | 6379761 |
|  |  | 72125656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Agency Mortgage-Backed Obligations (Cost $159,852,169) |  | 160443022 |
| U.S. TREASURY OBLIGATIONS - 47.2% |  |  |
| U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 8/15/2041 | 27675000 | 25292356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/15/2045 | 24005000 | 17383933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/15/2046 | 23735000 | 16873175 |
|  |  | 59549464 |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, Due 2/15/2032 | 16635000 | 14825294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 2/15/2033 | 36175000 | 35238124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/15/2034 | 41245000 | 41272389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/15/2034 | 6005000 | 5935567 |
|  |  | 97271374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations (Cost $157,951,352) |  | 156820838 |
|  TOTAL INVESTMENTS - 98.9% (Cost $329,547,750) |  | 328974958 |
|  OTHER ASSETS, NET OF LIABILITIES - 1.1% |  | 3732186 |
|  TOTAL NET ASSETS - 100.0% |  | $332707144 |

---

Percentages are stated as a percent of net assets.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

The Fund's investments are summarized by level based on the inputs used to determine their values. As of October 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Garcia Hamilton Quality Bond Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** |
|  Corporate Obligations | $– | $11711098 | $– | $11711098 |
|  U.S. Agency Mortgage-Backed Obligations |  | 160443022 |  | 160443022 |
|  U.S. Treasury Obligations |  | 156820838 |  | 156820838 |
|  Total Investments in Securities - Assets | $– | $328974958 | $– | $328974958 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2025, there were no transfers into or out of Level 3.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Statement of Assets and Liabilities

October 31, 2025

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup> | $328974958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1596168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1952589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 604501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for expense reimbursement (Note 2) | 85567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 18451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 333232234 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 215842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 164368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 27016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 44054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 62975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2). | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 3886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 525090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |
|  Net assets | $332707144 |
|  Analysis of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $384933636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits) | (52226492) |
|  Net assets | $332707144 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 5524109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 31714789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 461176 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 142216 |
|  Net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $48661261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $278711638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $4066348 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $1267897 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $8.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $8.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $8.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $8.92 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $329547750 |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Statement of Operations

For the year ended October 31, 2025

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $12239444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 12239444 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 1543985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 91320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 7069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 103211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 78381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 63980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 14251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 10549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 27648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 8) | 2841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 57928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2006752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net fees waived and expenses (reimbursed) (Note2) | (727665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1279087 |
|  Net investment income  | 10960357 |
|  Realized and unrealized gain (loss) from investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (1756667) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 10039118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments  | 8282451 |
|  Net increase in net assets resulting from operations | $19242808 |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Increase (decrease) in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $10960357 | $9784013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (loss) from investments in unaffiliated securities | (1756667) | (4175091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of investments in unaffiliated securities | 10039118 | 23594247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 19242808 | 29203169 |
|  Distributions to shareholders: |  |  |
|  Total retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | (726732) | (357969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | (3096100) | (1078617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (134301) | (78201) |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | (6783063) | (8576658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders | (10740196) | (10091445) |
|  Capital share transactions (Note 9): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 352802409 | 41299971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 10310318 | 10065168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (303758437) | (70637828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | 59354290 | (19272689) |
|  Net increase (decrease) in net assets | 67856902 | (160965) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 264850242 | 265011207 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $332707144 | $264850242 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 October 31, 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 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<br>Investments |
| R5 Class | Large institutional investors - sold directly or through intermediary channels. | $250000 |
| Y Class | Large institutional retirement plan investors - sold directly or through intermediary channels. | $100000 |
| Investor Class | All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors. | $2500 |
| R6 Class | Large institutional retirement plan investors - sold through retirement plan sponsors. |  |

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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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any are recorded as components of interest income on the Statement of Operations.

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 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.

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.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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:

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| | |
|:---|:---|
|  First $5 billion | 0.35% |
|  Next $5 billion | 0.325% |
|  Next $10 billion | 0.3% |
|  Over $20 billion | 0.275% |

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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 | 0.2% |
|  Over $1 billion | 0.15% |

---

The Management and Sub-Advisory Fees paid by the Fund for the year ended October 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $982536 |
|  Sub-Advisory Fees | 0.20% | 561449 |
|  Total | 0.55% | $1543985 |

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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 separate Service Plans that obligate the Manager to oversee additional shareholder servicing of the Investor Class of the Fund. As compensation for performing the duties required under the Service Plans, the Manager receives an annualized fee up to 0.375% of the average daily net assets of the Investor Class of the Fund.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 2025, the sub-transfer agent fees, as reflected in "Transfer agent fees" on the Statement of Operations, were as follows:

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| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  Garcia Hamilton Quality Bond | $91708 |

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As of October 31, 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:

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| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  Garcia Hamilton Quality Bond | $24773 |

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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 year ended October 31, 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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

short, litigation, and other extraordinary expenses) exceed the Fund's expense cap. For the Year ended October 31, 2025, the Manager waived and/or reimbursed expenses as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Expense Cap | Expense Cap | | | Expiration of<br>Reimbursed<br>Expenses |
| Fund | Class | 11/1/2024 -<br>2/28/2025 | 3/1/2025 -<br>10/31/2025 | Reimbursed<br>Expenses | (Recouped)<br>Expenses | Expiration of<br>Reimbursed<br>Expenses |
|  Garcia Hamilton Quality Bond | R5 | 0.45% | 0.45% | $48080 | $- | 2027-2028 |
|  Garcia Hamilton Quality Bond | Y | 0.51% | 0.51% | 236783 |  | 2027-2028 |
|  Garcia Hamilton Quality Bond | Investor | 0.83% | 0.83% | 9453 |  | 2027-2028 |
|  Garcia Hamilton Quality Bond | R6 | 0.41% | 0.41% | 433349 |  | 2027-2028 |

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Of the above amounts, $85,567 was disclosed as a Receivable for expense reimbursement on the Statement of Assets and Liabilities at October 31, 2025.

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:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Recouped<br>Expenses | Excess Expense<br>Carryover | Expired Expense<br>Carryover | Expiration of<br>Reimbursed<br>Expenses |
|  Garcia Hamilton Quality Bond | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $876814 | 2024-2025 |
|  Garcia Hamilton Quality Bond |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753949 |  | 2025-2026 |
|  Garcia Hamilton Quality Bond |  | 678467 |  | 2026-2027 |

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Concentration of Ownership

From time to time, the Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of the Fund's outstanding shares could have a material impact on the Fund. As of October 31, 2025, based on management's evaluation of the shareholder account base, one account in the Fund has been identified as representing an affiliated significant ownership of approximately 10% of the Fund's outstanding 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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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. |

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

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.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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.

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.

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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 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 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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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 the Fund may be increased.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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.

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.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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, 2025 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.

The tax character of distributions paid were as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $726732 | $357969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 3096100 | 1078617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 134301 | 78201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 6783063 | 8576658 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10740196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10091445 |

---

\* For tax purposes, short-term capital gains are considered ordinary income distributions.

As of October 31, 2025, the components of distributable earnings (deficits) on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Garcia Hamilton Quality Bond Fund | $329928219 | $3938852 | $(4892113) | $(953261) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | Net Unrealized<br>Appreciation<br>(Depreciation) | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other (Losses) | Other Temporary<br>Differences | Distributable<br>Earnings |
|  Garcia Hamilton Quality Bond | $(953261) | $1237753 | $– $| (52508756) | $(2228) | $(52226492) |

---

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, unused capital loss carryforwards, book amortization of premiums, and dividends payable.

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities. The Fund had no permanent differences as of October 31, 2025.

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.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

As of October 31, 2025, the fund had $27,053,900 short-term and $25,454,856 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 year ended October 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Purchases<br>(non-U.S.<br>Government<br>Securities) | Purchases of U.S.<br>Government<br>Securities | Sales<br>(non-U.S.<br>Government<br>Securities) | Sales of U.S.<br>Government<br>Securities |
| Garcia Hamilton Quality Bond | $– $| 152427283 | $10526880 | $80802081 |

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8. Borrowing Arrangements

Effective November 6, 2025 (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 daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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 daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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 year ended October 31, 2025, the Fund did not utilize these facilities.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

9. Capital Share Transactions

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Garcia Hamilton Quality Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold | 5876196 | $50507239 | 334945 | $2859516 |
| Reinvestment of dividends | 78232 | 677610 | 38557 | 331694 |
| Shares redeemed | (1523753) | (13202177) | (1166864) | (9654898) |
| Net increase (decrease) in shares outstanding | 4430675 | $37982672 | (793362) | $(6463688) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Garcia Hamilton Quality Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold | 31817047 | $270886304 | 1108993 | $9542563 |
| Reinvestment of dividends | 356597 | 3096100 | 125258 | 1078616 |
| Shares redeemed | (2870384) | (24638212) | (4912913) | (42243014) |
| Net increase (decrease) in shares outstanding | 29303260 | $249344192 | (3678662) | $(31621835) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Garcia Hamilton Quality Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold | 92266 | $788009 | 262461 | $2254600 |
| Reinvestment of dividends | 15612 | 134294 | 9096 | 78201 |
| Shares redeemed | (3266) | (28294) | (7661) | (66128) |
| Net increase in shares outstanding | 104612 | $894009 | 263896 | $2266673 |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Garcia Hamilton Quality Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold | 3617441 | $30620857 | 3121227 | $26643292 |
| Reinvestment of dividends | 750730 | 6402314 | 998354 | 8576657 |
| Shares redeemed | (31279069) | (265889754) | (2147023) | (18673788) |
| Net increase (decrease) in shares outstanding | (26910898) | $(228866583) | 1972558 | $16546161 |

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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.

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $8.59 | $8.01 | $8.37 | $9.85 | $10.27 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 <sup>A</sup> | 0.32 <sup>A</sup> | 0.30 <sup>A</sup> | 0.06 | (0.01)<sup>A</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.21 | 0.59 | (0.37) | (1.33) | (0.08) |
|  Total income (loss) from investment operations | 0.55 | 0.91 | (0.07) | (1.27) | (0.09) |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.33) | (0.29) | (0.21) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.19) |
|  Total distributions | (0.33) | (0.33) | (0.29) | (0.21) | (0.33) |
|  Net asset value, end of period | $8.81 | $8.59 | $8.01 | $8.37 | $9.85 |
|  Total return<sup>B</sup> | 6.60% | 11.40% | (1.08)% | (13.04)% | (0.84)% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $48661261 | $9390194 | $15104966 | $134519084 | $192774622 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.70% | 0.68% | 0.69% | 0.66% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.46 %<sup>C</sup> | 0.45% | 0.45% | 0.45% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 3.63% | 3.49% | 3.20% | 1.06% | (0.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 3.87% | 3.72% | 3.44% | 1.27% | (0.10)% |
|  Portfolio turnover rate | 33% | 34% | 72% | 158% | 71% |

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*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Includes non-operating expenses. The expenses, net of reimbursements and/or recoupments ratio excluding non-operating expenses is 0.45%, for the period ended October 31, 2025.* 

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $8.56 | $7.99 | $8.36 | $9.86 | $10.27 |
|  Income(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.33 <sup>A</sup> | 0.15 | 0.37 | 0.22 | (0.00)<sup>A B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.23 | 0.74 | (0.46) | (1.51) | (0.08) |
|  Total income (loss) from investment operations | 0.56 | 0.89 | (0.09) | (1.29) | (0.08) |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.32) | (0.28) | (0.21) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.19) |
|  Total distributions | (0.33) | (0.32) | (0.28) | (0.21) | (0.33) |
|  Net asset value, end of period | $8.79 | $8.56 | $7.99 | $8.36 | $9.86 |
|  Total return<sup>C</sup>  | 6.67% | 11.22% | (1.27)% | (13.24)% | (0.81)% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $278711638 | $20651157 | $48666569 | $29473503 | $21340613 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.79% | 0.77% | 0.75% | 0.73% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.52 %<sup>D</sup> | 0.51% | 0.51% | 0.51% | 0.52 %<sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 3.53% | 3.38% | 3.23% | 1.10% | (0.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 3.80% | 3.64% | 3.47% | 1.32% | (0.16)% |
|  Portfolio turnover rate | 33% | 34% | 72% | 158% | 71% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Amount represents less than $0.01 per share.* 

*<sup>C</sup>* *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.* 

*<sup>D</sup>* *Includes non-operating expenses. The expenses, net of reimbursements and/or recoupments ratio excluding non-operating expenses is 0.51%, for the period ended October 31, 2025.* 

*<sup>E</sup>* *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

------

##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $8.59 | $7.99 | $8.36 | $9.85 | $10.26 |
|  Income(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 <sup>A</sup> | 0.81 | 0.21 | 0.09 | (0.04)<sup>A</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.23 | 0.09 | (0.33) | (1.40) | (0.07) |
|  Total income (loss)from investment operations | 0.53 | 0.90 | (0.12) | (1.31) | (0.11) |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income . | (0.30) | (0.30) | (0.25) | (0.18) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.19) |
|  Total distributions . | (0.30) | (0.30) | (0.25) | (0.18) | (0.30) |
|  Net asset value, end of period . | $8.82 | $8.59 | $7.99 | $8.36 | $9.85 |
|  Total return<sup>B</sup> . | 6.32% | 11.29% | (1.59)% | (13.47)% | (1.11)% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period . | $4066348 | $3064413 | $740628 | $853503 | $991788 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.08% | 1.10% | 1.17% | 1.13% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 3.28% | 3.08% | 2.78% | 0.63% | (0.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 3.53% | 3.36% | 3.12% | 0.93% | (0.45)% |
|  Portfolio turnover rate | 33% | 34% | 72% | 158% | 71% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $8.57 | $7.99 | $8.36 | $9.85 | $10.26 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 <sup>A</sup> | 0.34 | 0.32 | 0.17 | (0.01)<sup>A</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.35 | 0.57 | (0.40) | (1.44) | (0.06) |
|  Total income (loss) from investment operations | 0.69 | 0.91 | (0.08) | (1.27) | (0.07) |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income . | (0.34) | (0.33) | (0.29) | (0.22) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.19) |
|  Total distributions . | (0.34) | (0.33) | (0.29) | (0.22) | (0.34) |
|  Net asset value, end of period . | $8.92 | $8.57 | $7.99 | $8.36 | $9.85 |
|  Total return<sup>B</sup> . | 8.22% | 11.46% | (1.17)% | (13.11)% | (0.70)% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period . | $1267897 | $231744478 | $200499044 | $191990607 | $166304291 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.67% | 0.67% | 0.65% | 0.63% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.41% | 0.41% | 0.41% | 0.41% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 3.72% | 3.50% | 3.31% | 1.14% | (0.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 3.98% | 3.76% | 3.55% | 1.36% | (0.05)% |
|  Portfolio turnover rate | 33% | 34% | 72% | 158% | 71% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Federal Tax Information

October 31, 2025 (Unaudited)

Certain tax information regarding the Fund are required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended October 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025.

The Fund designated the following items with regard to distributions paid during the fiscal year ended October 31, 2025. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

#### Corporate Dividends-Received Deduction:

---

| | | |
|:---|:---|:---|
|  Garcia Hamilton Quality Bond | 0.0 | % |

---

#### Qualified Dividend Income:

---

| | | |
|:---|:---|:---|
|  Garcia Hamilton Quality Bond | 0.0 | % |

---

#### Long-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Garcia Hamilton Quality Bond | $0.0 |

---

#### Short-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Garcia Hamilton Quality Bond | $0.0 |

---

Shareholders will receive notification in January 2026 of the applicable tax information necessary to prepare their 2025 income tax returns.

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Results of Shareholder Meeting (Unaudited)

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon IMC International Small Cap Fund formerly known as EAM International Small Cap Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Diversified Institutional Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | For | Against | Abstain | Non-Voting |
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 | 0.000 |

---

------

##### [**Table of Contents**](#toc)
![LOGO](g13773g01a06.jpg)

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:

---

| | |
|:---|:---|
| ![LOGO](g13773g02b06.jpg) | ![LOGO](g13773g03c06.jpg) |
| **By E-mail:** | **On the Internet:** |
| american_beacon.funds@ambeacon.com | Visit our website at<br> www.americanbeaconfunds.com |
| ![LOGO](g13773g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g13773g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g13773g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g13773g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g13773g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g13773g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g13773g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g13773g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> 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.

AR 10/25

------

##### [**Table of Contents**](#toc)
![LOGO](g40843g02a01.jpg)

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#tx40843_1) | 1 |
|  [Schedule of Investments:](#tx40843_2) |  |
| &nbsp;&nbsp;&nbsp; [IMC International Small Cap Fund](#tx40843_3) | 2 |
| &nbsp;&nbsp;&nbsp; [International Equity Fund](#tx40843_4) | 8 |
|  [Financial Statements](#tx40843_5) | 14 |
|  [Notes to Financial Statements](#tx40843_6) | 18 |
|  [Financial Highlights:](#tx40843_7) |  |
| &nbsp;&nbsp;&nbsp; [IMC International Small Cap Fund](#tx40843_8) | 45 |
| &nbsp;&nbsp;&nbsp; [International Equity Fund](#tx40843_9) | 48 |
|  [Federal Tax Information](#tx40843_10) | 55 |
|  [Results of Shareholder Meeting](#tx40843_11) | 56 |

---

---

| | |
|:---|:---|
|  <br> [Additional Fund Information](#tx40843_12) | Back Cover |

---

American Beacon Funds October 31, 2025

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon IMC International Small Cap Fund and American Beacon International Equity Fund.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Beacon IMC International Small Cap Fund and American Beacon International Equity Fund (two of the funds constituting American Beacon Funds, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for the four years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 30, 2025

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Australia - 10.3% |  |  |
| Foreign Common Stocks - 10.3% |  |  |
| Austal Ltd.<sup>A</sup> | 137472 | $610746 |
| Capricorn Metals Ltd.<sup>A</sup> | 98755 | 830308 |
| Catapult Sports Ltd.<sup>A</sup> | 204328 | 898409 |
| Codan Ltd. | 47506 | 1126765 |
| Eagers Automotive Ltd.<sup>B</sup> | 52680 | 1173998 |
| Harvey Norman Holdings Ltd.<sup>B</sup> | 175264 | 829102 |
| HUB24 Ltd. | 7440 | 555730 |
| IREN Ltd.<sup>A B</sup> | 13974 | 848920 |
| JB Hi-Fi Ltd. | 8148 | 558287 |
| Lovisa Holdings Ltd.<sup>B</sup> | 27991 | 663718 |
| Lynas Rare Earths Ltd.<sup>A B</sup> | 61530 | 613951 |
| Predictive Discovery Ltd.<sup>A</sup> | 2309754 | 853869 |
| Qoria Ltd.<sup>A</sup> | 1498002 | 779213 |
| Ramelius Resources Ltd. | 406360 | 882726 |
| SRG Global Ltd. | 447324 | 804881 |
| Superloop Ltd.<sup>A</sup> | 353003 | 720626 |
| Temple & Webster Group Ltd.<sup>A</sup> | 41903 | 652802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 13404051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Australia (Cost $10,885,811) |  | 13404051 |
| Belgium - 0.7% (Cost $886,394) |  |  |
| Foreign Common Stocks - 0.7% |  |  |
| Cenergy Holdings SA | 57392 | 952602 |
| Brazil - 0.6% (Cost $328,417) |  |  |
| Foreign Common Stocks - 0.6% |  |  |
| Embraer SA | 49419 | 799070 |
| Canada - 9.4% |  |  |
| Foreign Common Stocks - 9.4% |  |  |
| 5N Plus, Inc.<sup>A</sup> | 78545 | 1123391 |
| Artemis Gold, Inc.<sup>A</sup> | 47775 | 1164612 |
| Bombardier, Inc., Class B<sup>A B</sup> | 6919 | 966751 |
| Capstone Copper Corp.<sup>A</sup> | 90532 | 808143 |
| Enerflex Ltd. | 77311 | 972899 |
| Finning International, Inc. | 13252 | 716669 |
| Groupe Dynamite, Inc.<sup>A</sup> | 18336 | 890425 |
| Hudbay Minerals, Inc. | 65359 | 1047571 |
| Kinross Gold Corp. | 33920 | 788899 |
| Kraken Robotics, Inc.<sup>A B</sup> | 175209 | 805745 |
| Lundin Gold, Inc. | 9745 | 662497 |
| Major Drilling Group International, Inc.<sup>A</sup> | 65651 | 578083 |
| Stantec, Inc. | 6260 | 693240 |
| TransAlta Corp.<sup>B</sup> | 51952 | 918249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 12137174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Canada (Cost $9,517,913) |  | 12137174 |
| China - 6.6% |  |  |
| Foreign Common Stocks - 6.6% |  |  |
| Cowell e Holdings, Inc.<sup>A</sup> | 117438 | 467301 |
| Crystal International Group Ltd.<sup>C</sup> | 753230 | 660120 |
| Hua Hong Semiconductor Ltd., Class H<sup>A C</sup> | 105199 | 1079669 |
| Innovent Biologics, Inc.<sup>A C</sup> | 51800 | 579959 |
| Inspur Digital Enterprise Technology Ltd. | 468777 | 474776 |
| Meitu, Inc.<sup>C</sup> | 489520 | 543033 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| China - 6.6% (continued) |  |  |
| Foreign Common Stocks - 6.6% (continued) |  |  |
| NetEase Cloud Music, Inc.<sup>A C</sup> | 15963 | $494674 |
| Precision Tsugami China Corp. Ltd.<sup>D</sup> | 166679 | 844705 |
| SITC International Holdings Co. Ltd. | 165136 | 608218 |
| TCL Electronics Holdings Ltd. | 453922 | 539177 |
| VSTECS Holdings Ltd. | 512874 | 636262 |
| WuXi XDC Cayman, Inc.<sup>A</sup> | 96710 | 934673 |
| XD, Inc.<sup>D</sup> | 75695 | 657048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 8519615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China (Cost $7,449,585) |  | 8519615 |
| Denmark - 2.3% |  |  |
| Foreign Common Stocks - 2.3% |  |  |
| Chemometec AS | 6614 | 808981 |
| NKT AS<sup>A</sup> | 7294 | 817331 |
| Per Aarsleff Holding AS | 5423 | 616045 |
| Sydbank AS | 7892 | 673609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 2915966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Denmark (Cost $2,603,062) |  | 2915966 |
| France - 1.6% |  |  |
| Foreign Common Stocks - 1.6% |  |  |
| Medincell SA<sup>A</sup> | 32871 | 1457202 |
| Technip Energies NV | 14507 | 588931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 2046133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total France (Cost $1,578,975) |  | 2046133 |
| Germany - 3.1% |  |  |
| Foreign Common Stocks - 3.1% |  |  |
| Auto1 Group SE<sup>A</sup> | 26080 | 915060 |
| Bilfinger SE | 7603 | 819396 |
| Hensoldt AG | 5558 | 590673 |
| Montana Aerospace AG<sup>A C</sup> | 26562 | 1051258 |
| Vossloh AG | 7331 | 668401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 4044788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany (Cost $3,317,618) |  | 4044788 |
| Greece - 1.5% |  |  |
| Foreign Common Stocks - 1.5% |  |  |
| Alpha Bank SA | 275724 | 1080565 |
| National Bank of Greece SA | 60665 | 891201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 1971766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Greece (Cost $1,390,282) |  | 1971766 |
| India - 2.2% |  |  |
| Foreign Common Stocks - 2.2% |  |  |
| Choice International Ltd.<sup>A</sup> | 77655 | 730439 |
| Fortis Healthcare Ltd. | 63826 | 736753 |
| Krishna Institute of Medical Sciences Ltd.<sup>A C</sup> | 80213 | 651309 |
| South Indian Bank Ltd. | 1824330 | 756068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 2874569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total India (Cost $2,589,406) |  | 2874569 |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Israel - 4.6% |  |  |
| Foreign Common Stocks - 4.6% |  |  |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>A</sup> | 3591 | $743338 |
| Clal Insurance Enterprises Holdings Ltd. | 13227 | 739197 |
| Elbit Systems Ltd. | 1588 | 760263 |
| Enlight Renewable Energy Ltd.<sup>A</sup> | 24160 | 842295 |
| First International Bank of Israel Ltd. | 9137 | 658962 |
| Next Vision Stabilized Systems Ltd. | 27151 | 1191546 |
| Tower Semiconductor Ltd.<sup>A</sup> | 12065 | 1027576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 5963177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Israel (Cost $4,182,045) |  | 5963177 |
| Italy - 3.7% |  |  |
| Foreign Common Stocks - 3.7% |  |  |
| Avio SpA<sup>B D</sup> | 11059 | 478656 |
| Banca Mediolanum SpA | 38369 | 769975 |
| BPER Banca SpA | 72881 | 869885 |
| Fincantieri SpA<sup>A</sup> | 43519 | 1115607 |
| Maire SpA | 53523 | 810650 |
| OVS SpA<sup>C</sup> | 155930 | 785791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 4830564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Italy (Cost $3,140,385) |  | 4830564 |
| Ivory Coast - 0.7% (Cost $843,338) |  |  |
| Foreign Common Stocks - 0.7% |  |  |
| Endeavour Mining PLC | 22624 | 913628 |
| Japan - 14.2% |  |  |
| Foreign Common Stocks - 14.2% |  |  |
| 77 Bank Ltd. | 18787 | 806411 |
| Ebara Corp. | 38512 | 1032335 |
| Ibiden Co. Ltd. | 11298 | 1071444 |
| Japan Steel Works Ltd. | 12927 | 850560 |
| Kandenko Co. Ltd. | 44659 | 1366923 |
| Kinden Corp. | 20234 | 811146 |
| Kioxia Holdings Corp.<sup>A</sup> | 19218 | 1349911 |
| Kraftia Corp. | 14613 | 773557 |
| Mitsui Kinzoku Co. Ltd. | 11019 | 1126854 |
| Modec, Inc. | 14388 | 935486 |
| Namura Shipbuilding Co. Ltd.<sup>B</sup> | 31623 | 1077287 |
| NHK Spring Co. Ltd. | 54482 | 1024874 |
| Nojima Corp. | 91047 | 672912 |
| Organo Corp. | 9580 | 825530 |
| Rakuten Bank Ltd.<sup>A</sup> | 13701 | 754351 |
| Sanki Engineering Co. Ltd. | 20140 | 693942 |
| SBI Holdings, Inc. | 17425 | 781756 |
| Shimizu Corp. | 66028 | 888385 |
| Takasago Thermal Engineering Co. Ltd. | 20617 | 612182 |
| UACJ Corp. | 76834 | 994639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 18450485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan (Cost $14,053,210) |  | 18450485 |
| Mexico - 0.8% (Cost $694,486) |  |  |
| Foreign Common Stocks - 0.8% |  |  |
| Gentera SAB de CV | 425650 | 1009683 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Norway - 1.7% |  |  |
| Foreign Common Stocks - 1.7% |  |  |
| Europris ASA<sup>C</sup> | 64565 | $556460 |
| Gjensidige Forsikring ASA | 35803 | 963536 |
| Protector Forsikring ASA | 14489 | 652983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 2172979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Norway (Cost $1,771,202) |  | 2172979 |
| Poland - 0.6% (Cost $621,024) |  |  |
| Foreign Common Stocks - 0.6% |  |  |
| CD Projekt SA | 11216 | 770815 |
| Portugal - 0.6% (Cost $659,869) |  |  |
| Foreign Common Stocks - 0.6% |  |  |
| Sonae SGPS SA | 459990 | 749713 |
| Republic of Korea - 9.4% |  |  |
| Foreign Common Stocks - 9.4% |  |  |
| BHI Co. Ltd.<sup>A</sup> | 20759 | 738713 |
| DB Insurance Co. Ltd. | 7057 | 628059 |
| Doosan Co. Ltd. | 1043 | 694723 |
| Eugene Technology Co. Ltd. | 13184 | 878162 |
| HD Hyundai Electric Co. Ltd. | 2374 | 1449644 |
| HD Hyundai Mipo | 4825 | 817854 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 4021 | 1337746 |
| Hyundai Glovis Co. Ltd. | 6359 | 842660 |
| Hyundai Rotem Co. Ltd. | 5322 | 861008 |
| IsuPetasys Co. Ltd. | 11765 | 940539 |
| KIWOOM Securities Co. Ltd. | 4144 | 863848 |
| Korea Aerospace Industries Ltd. | 9332 | 677262 |
| Korea Investment Holdings Co. Ltd. | 5166 | 661002 |
| WONIK IPS Co. Ltd. | 17485 | 787884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 12179104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Republic of Korea (Cost $8,182,338) |  | 12179104 |
| Singapore - 1.3% |  |  |
| Foreign Common Stocks - 1.3% |  |  |
| Hong Leong Asia Ltd. | 404088 | 748196 |
| Singapore Technologies Engineering Ltd. | 137444 | 896512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 1644708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Singapore (Cost $1,417,984) |  | 1644708 |
| Spain - 2.4% |  |  |
| Foreign Common Stocks - 2.4% |  |  |
| Construcciones y Auxiliar de Ferrocarriles SA | 10797 | 681995 |
| Indra Sistemas SA | 15484 | 855972 |
| Tecnicas Reunidas SA<sup>A</sup> | 23058 | 824444 |
| Unicaja Banco SA<sup>C</sup> | 279232 | 753145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 3115556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Spain (Cost $2,802,485) |  | 3115556 |
| Sweden - 1.0% |  |  |
| Foreign Common Stocks - 1.0% |  |  |
| Clas Ohlson AB, Class B | 29674 | 1083853 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Sweden - 1.0% (continued) |  |  |
| Foreign Common Stocks - 1.0% (continued) |  |  |
| Dynavox Group AB<sup>A</sup> | 26081 | $269314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 1353167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden (Cost $891,579) |  | 1353167 |
| Switzerland - 2.0% |  |  |
| Foreign Common Stocks - 2.0% |  |  |
| Accelleron Industries AG | 8122 | 664091 |
| Huber & Suhner AG | 4229 | 773543 |
| Sportradar Group AG, Class A<sup>A</sup> | 24601 | 630032 |
| Swissquote Group Holding SA | 797 | 505089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 2572755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Switzerland (Cost $2,103,445) |  | 2572755 |
| Taiwan - 11.7% |  |  |
| Foreign Common Stocks - 11.7% |  |  |
| Acter Group Corp. Ltd. | 19153 | 479744 |
| Asia Vital Components Co. Ltd. | 25552 | 1184464 |
| Azurewave Technologies, Inc. | 261398 | 622437 |
| Bizlink Holding, Inc. | 26486 | 1201912 |
| Chenbro Micom Co. Ltd. | 47731 | 1439336 |
| Fositek Corp. | 18722 | 886130 |
| Fulltech Fiber Glass Corp.<sup>A</sup> | 414420 | 973329 |
| Global Brands Manufacture Ltd. | 162257 | 617549 |
| Gold Circuit Electronics Ltd. | 42981 | 650846 |
| King Slide Works Co. Ltd. | 11590 | 1549556 |
| King Yuan Electronics Co. Ltd. | 121653 | 858746 |
| L&K Engineering Co. Ltd. | 63114 | 982403 |
| MPI Corp. | 17488 | 1194652 |
| Taiwan Speciality Chemicals Corp. | 61244 | 675375 |
| Taiwan Union Technology Corp. | 96633 | 1211802 |
| Tripod Technology Corp. | 51613 | 573366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 15101647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Taiwan (Cost $10,886,369) |  | 15101647 |
| Turkey - 0.6% (Cost $846,341) |  |  |
| Foreign Common Stocks - 0.6% |  |  |
| Eldorado Gold Corp.<sup>A B</sup> | 32194 | 825193 |
| United Kingdom - 1.6% |  |  |
| Foreign Common Stocks - 1.6% |  |  |
| Babcock International Group PLC | 44435 | 708080 |
| Chemring Group PLC | 78520 | 591059 |
| Sigmaroc PLC<sup>A</sup> | 488508 | 740583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 2039722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Kingdom (Cost $1,679,426) |  | 2039722 |
| SHORT-TERM INVESTMENTS - 3.5% (Cost $4,581,581) |  |  |
| Investment Companies - 3.5% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>E F</sup> | 4581581 | 4581581 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| SECURITIES LENDING COLLATERAL - 0.6% (Cost $816,001) |  |  |
| Investment Companies - 0.6% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>E F</sup> | 816001 | $816001 |
|  TOTAL INVESTMENTS - 99.3% (Cost $100,720,571) |  | 128756212 |
|  OTHER ASSETS, NET OF LIABILITIES - 0.7% |  | 849583 |
|  TOTAL NET ASSETS - 100.0% |  | $129605795 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> Non-income producing security.

<sup>B</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at October 31, 2025 (Note 9).

<sup>C</sup> 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 $7,155,418 or 5.5% of net assets. The Fund has no right to demand registration of these securities.

<sup>D</sup> 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.

<sup>E</sup> 7-day yield.

<sup>F</sup> The Fund is affiliated by having the same investment advisor.

PLC - Public Limited Company.

The Fund's investments are summarized by level based on the inputs used to determine their values. As of October 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| IMC International Small Cap Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Foreign Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $13404051 | $– | $– | $13404051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 952602 |  |  | 952602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 799070 |  |  | 799070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 12137174 |  |  | 12137174 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 8519615 |  |  | 8519615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 2915966 |  |  | 2915966 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 2046133 |  |  | 2046133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 4044788 |  |  | 4044788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 1971766 |  |  | 1971766 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 2874569 |  |  | 2874569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 5963177 |  |  | 5963177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 4830564 |  |  | 4830564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast | 913628 |  |  | 913628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 18450485 |  |  | 18450485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1009683 |  |  | 1009683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 2172979 |  |  | 2172979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland | 770815 |  |  | 770815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal | 749713 |  |  | 749713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 12179104 |  |  | 12179104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1644708 |  |  | 1644708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 3115556 |  |  | 3115556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 1353167 |  |  | 1353167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2572755 |  |  | 2572755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 15101647 |  |  | 15101647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey | 825193 |  |  | 825193 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 2039722 |  |  | 2039722 |
|  Short-Term Investments | 4581581 |  |  | 4581581 |
|  Securities Lending Collateral | 816001 |  |  | 816001 |
|  Total Investments in Securities - Assets | $128756212 | $– | $– | $128756212 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2025, there were no transfers into or out of Level 3.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Australia - 0.7% |  |  |
| Foreign Common Stocks - 0.7% |  |  |
| Glencore PLC<sup>A</sup> | 298882 | $1430981 |
| Rio Tinto PLC | 35426 | 2553136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 3984117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Australia (Cost $3,593,775) |  | 3984117 |
| Austria - 0.7% (Cost $5,581,742) |  |  |
| Foreign Common Stocks - 0.7% |  |  |
| Mondi PLC<sup>B</sup> | 388195 | 4335779 |
| Belgium - 1.3% |  |  |
| Foreign Common Stocks - 1.3% |  |  |
| Anheuser-Busch InBev SA | 49008 | 2988272 |
| KBC Group NV | 22730 | 2731322 |
| Syensqo SA<sup>B</sup> | 22120 | 1826578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 7546172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Belgium (Cost $6,253,366) |  | 7546172 |
| Canada - 2.4% |  |  |
| Foreign Common Stocks - 2.4% |  |  |
| Barrick Mining Corp. | 47885 | 1571869 |
| Canadian Pacific Kansas City Ltd. | 50411 | 3627666 |
| Gildan Activewear, Inc. | 58875 | 3433308 |
| Linamar Corp. | 47288 | 2560710 |
| Open Text Corp.<sup>B</sup> | 32704 | 1254716 |
| Suncor Energy, Inc. | 46753 | 1861720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 14309989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Canada (Cost $12,658,863) |  | 14309989 |
| China - 2.8% |  |  |
| Foreign Common Stocks - 2.8% |  |  |
| AIA Group Ltd. | 472600 | 4588822 |
| ArcelorMittal SA | 21624 | 826510 |
| Prudential PLC | 637011 | 8828674 |
| Techtronic Industries Co. Ltd. | 203000 | 2372084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 16616090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China (Cost $14,646,965) |  | 16616090 |
| Denmark - 0.9% (Cost $7,116,407) |  |  |
| Foreign Common Stocks - 0.9% |  |  |
| Novo Nordisk AS, Class B | 112108 | 5467016 |
| Finland - 0.4% (Cost $1,418,579) |  |  |
| Foreign Common Stocks - 0.4% |  |  |
| Fortum OYJ | 116599 | 2599254 |
| France - 16.2% |  |  |
| Foreign Common Stocks - 16.2% |  |  |
| Air Liquide SA | 17834 | 3451824 |
| Alstom SA<sup>A</sup> | 576725 | 14392100 |
| Arkema SA | 63212 | 3752358 |
| BNP Paribas SA | 59274 | 4581685 |
| Bureau Veritas SA | 95455 | 3133547 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| France - 16.2% (continued) |  |  |
| Foreign Common Stocks - 16.2% (continued) |  |  |
| Capgemini SE | 50777 | $7813503 |
| Cie de Saint-Gobain SA | 69542 | 6738047 |
| Cie Generale des Etablissements Michelin SCA | 62029 | 1979772 |
| Eiffage SA | 7493 | 921547 |
| Engie SA | 174024 | 4071952 |
| Kering SA | 31190 | 11029815 |
| Legrand SA | 16944 | 2919810 |
| LVMH Moet Hennessy Louis Vuitton SE | 1803 | 1272083 |
| Orange SA | 315716 | 5034696 |
| Pernod Ricard SA | 17853 | 1748329 |
| Rexel SA | 28788 | 995475 |
| Societe Generale SA | 150034 | 9487307 |
| Teleperformance SE<sup>B</sup> | 92645 | 6616539 |
| Thales SA | 10391 | 2957167 |
| Verallia SA<sup>B C</sup> | 140208 | 3655635 |
| Worldline SA<sup>A B C</sup> | 152858 | 414227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 96967418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total France (Cost $93,767,868) |  | 96967418 |
| Germany - 8.9% |  |  |
| Foreign Common Stocks - 8.9% |  |  |
| Bayerische Motoren Werke AG | 55296 | 5144846 |
| Beiersdorf AG | 18465 | 1952139 |
| Continental AG | 61755 | 4660991 |
| Daimler Truck Holding AG | 73756 | 2950866 |
| Deutsche Bank AG | 56796 | 2024861 |
| Deutsche Post AG | 89622 | 4111452 |
| Deutsche Telekom AG | 131701 | 4082041 |
| E.ON SE | 53431 | 994018 |
| Infineon Technologies AG | 104093 | 4117810 |
| Lanxess AG | 89549 | 2130433 |
| Mercedes-Benz Group AG | 67899 | 4399207 |
| Merck KGaA | 19864 | 2597578 |
| MTU Aero Engines AG | 6989 | 3045925 |
| SAP SE | 15899 | 4113267 |
| Siemens AG | 6072 | 1718578 |
| Siemens Healthineers AG<sup>C</sup> | 48574 | 2719377 |
| Symrise AG | 15333 | 1268610 |
| Zalando SE<sup>A C</sup> | 35380 | 989341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 53021340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany (Cost $49,767,483) |  | 53021340 |
| Israel - 0.6% (Cost $2,792,221) |  |  |
| Foreign Common Stocks - 0.6% |  |  |
| Bank Hapoalim BM | 163813 | 3333119 |
| Italy - 2.2% |  |  |
| Foreign Common Stocks - 2.2% |  |  |
| Enel SpA | 179017 | 1810049 |
| Eni SpA | 126838 | 2331010 |
| Lottomatica Group SpA | 75453 | 1859438 |
| UniCredit SpA | 95711 | 7063872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 13064369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Italy (Cost $7,645,053) |  | 13064369 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Japan - 11.3% |  |  |
| Foreign Common Stocks - 11.3% |  |  |
| Bandai Namco Holdings, Inc. | 64000 | $1994212 |
| Ebara Corp. | 63300 | 1696790 |
| FANUC Corp. | 147700 | 4704817 |
| KDDI Corp. | 36300 | 579797 |
| MatsukiyoCocokara & Co. | 155600 | 2819499 |
| Mitsui Fudosan Co. Ltd. | 230800 | 2398457 |
| Mizuho Financial Group, Inc. | 106300 | 3551611 |
| Murata Manufacturing Co. Ltd. | 155300 | 3418192 |
| NEC Corp. | 59000 | 2150814 |
| Nintendo Co. Ltd. | 11200 | 948050 |
| Nippon Sanso Holdings Corp. | 51000 | 1697022 |
| Nitori Holdings Co. Ltd.<sup>B</sup> | 80000 | 1297774 |
| Otsuka Holdings Co. Ltd. | 44700 | 2428900 |
| Renesas Electronics Corp. | 484300 | 6005433 |
| Resona Holdings, Inc. | 283900 | 2751312 |
| Shimadzu Corp. | 122300 | 3293394 |
| Shin-Etsu Chemical Co. Ltd. | 60700 | 1833486 |
| SMC Corp. | 12400 | 4229888 |
| Sompo Holdings, Inc. | 83500 | 2550892 |
| SUMCO Corp. | 340200 | 3482353 |
| Sumitomo Corp. | 202400 | 5891677 |
| Sumitomo Mitsui Financial Group, Inc. | 37400 | 1010293 |
| Suzuki Motor Corp. | 134000 | 2006826 |
| Tokyo Electron Ltd. | 10900 | 2417507 |
| Toyo Suisan Kaisha Ltd. | 36300 | 2636938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 67795934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan (Cost $63,760,051) |  | 67795934 |
| Netherlands - 6.3% |  |  |
| Foreign Common Stocks - 6.3% |  |  |
| Akzo Nobel NV | 64534 | 4272681 |
| ASML Holding NV | 5803 | 6141013 |
| Havas NV | 263502 | 460600 |
| Heineken NV | 86491 | 6683476 |
| IMCD NV | 17584 | 1823733 |
| ING Groep NV | 246053 | 6160075 |
| Koninklijke Philips NV | 142877 | 3909674 |
| Randstad NV | 154250 | 6043295 |
| Universal Music Group NV | 84330 | 2261913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 37756460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Netherlands (Cost $34,686,322) |  | 37756460 |
| Republic of Korea - 5.0% |  |  |
| Foreign Common Stocks - 5.0% |  |  |
| BGF retail Co. Ltd. | 29976 | 2179690 |
| Hana Financial Group, Inc. | 39091 | 2345872 |
| Hyundai Mobis Co. Ltd. | 18815 | 4173041 |
| Kia Corp. | 13943 | 1173375 |
| Samsung Electronics Co. Ltd. | 228085 | 17209431 |
| Samsung Fire & Marine Insurance Co. Ltd. | 3504 | 1085816 |
| Shinhan Financial Group Co. Ltd. | 36144 | 1859523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 30026748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Republic of Korea (Cost $21,829,269) |  | 30026748 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Singapore - 0.4% (Cost $1,838,040) |  |  |
| Foreign Common Stocks - 0.4% |  |  |
| United Overseas Bank Ltd. | 79800 | $2125589 |
| South Africa - 0.3% (Cost $2,034,567) |  |  |
| Foreign Common Stocks - 0.3% |  |  |
| Anglo American PLC | 51836 | 1957787 |
| Spain - 2.7% |  |  |
| Foreign Common Stocks - 2.4% |  |  |
| Banco Santander SA | 435016 | 4425544 |
| Bankinter SA | 214923 | 3237844 |
| Industria de Diseno Textil SA | 33258 | 1836239 |
| Repsol SA | 285248 | 5219559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 14719186 |
| Foreign Preferred Stocks - 0.3% |  |  |
| Grifols SA, 1.871%<sup>D</sup> | 179184 | 1655389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Spain (Cost $12,143,638) |  | 16374575 |
| Sweden - 1.8% |  |  |
| Foreign Common Stocks - 1.8% |  |  |
| Electrolux AB, Class B<sup>A</sup> | 217640 | 1406605 |
| Hexagon AB, Class B | 401837 | 4929776 |
| Sandvik AB | 144951 | 4401817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 10738198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden (Cost $9,026,710) |  | 10738198 |
| Switzerland - 2.0% |  |  |
| Foreign Common Stocks - 2.0% |  |  |
| ABB Ltd. | 59902 | 4440824 |
| Adecco Group AG | 208364 | 5804935 |
| Cie Financiere Richemont SA, Class A | 9869 | 1946207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 12191966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Switzerland (Cost $10,615,119) |  | 12191966 |
| United Kingdom - 19.8% |  |  |
| Foreign Common Stocks - 19.8% |  |  |
| 3i Group PLC | 47651 | 2754360 |
| AstraZeneca PLC, ADR | 67253 | 5541647 |
| AstraZeneca PLC | 65345 | 10704710 |
| Barclays PLC | 2345994 | 12543461 |
| Barratt Redrow PLC | 711293 | 3516243 |
| Berkeley Group Holdings PLC | 28517 | 1509000 |
| British American Tobacco PLC | 130421 | 6688880 |
| Coca-Cola Europacific Partners PLC | 22278 | 1984966 |
| Compass Group PLC | 79051 | 2618040 |
| Croda International PLC | 51640 | 1958525 |
| Diageo PLC | 160132 | 3681394 |
| Hikma Pharmaceuticals PLC | 163528 | 3950663 |
| Howden Joinery Group PLC | 168567 | 1912190 |
| IMI PLC | 87160 | 2734309 |
| JD Sports Fashion PLC | 737932 | 903307 |
| National Grid PLC | 238129 | 3566262 |
| NatWest Group PLC | 198462 | 1522602 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| United Kingdom - 19.8% (continued) |  |  |
| Foreign Common Stocks - 19.8% (continued) |  |  |
| Reckitt Benckiser Group PLC | 165861 | $12672572 |
| RELX PLC | 160186 | 7060960 |
| Rolls-Royce Holdings PLC | 376852 | 5777471 |
| RS Group PLC | 193149 | 1412062 |
| Segro PLC | 229949 | 2106733 |
| Smith & Nephew PLC | 79798 | 1472870 |
| Smiths Group PLC | 17617 | 582752 |
| Standard Chartered PLC | 95649 | 1959575 |
| Taylor Wimpey PLC | 3817858 | 5276326 |
| Unilever PLC | 92928 | 5602227 |
| WH Smith PLC | 159045 | 1412417 |
| Whitbread PLC | 131398 | 5000729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 118427253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Kingdom (Cost $101,127,713) |  | 118427253 |
| United States - 9.7% |  |  |
| Common Stocks - 9.7% |  |  |
| Aegon Ltd. | 504995 | 3845237 |
| Amcor PLC | 221797 | 1754522 |
| Aon PLC, Class A | 6705 | 2284259 |
| BP PLC | 634525 | 3686903 |
| Carnival PLC<sup>A</sup> | 160681 | 4180570 |
| Chubb Ltd. | 5609 | 1553357 |
| CNH Industrial NV | 104960 | 1101030 |
| CRH PLC | 17350 | 2066385 |
| GSK PLC | 481380 | 11259682 |
| ICON PLC<sup>A</sup> | 9310 | 1599644 |
| Medtronic PLC | 27646 | 2507492 |
| Roche Holding AG | 28559 | 9187854 |
| Sanofi SA | 66474 | 6712022 |
| Shell PLC | 159760 | 5976238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks |  | 57715195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United States (Cost $55,391,030) |  | 57715195 |
| SHORT-TERM INVESTMENTS - 2.8% (Cost $16,853,416) |  |  |
| Investment Companies - 2.8% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>E F</sup> | 16853416 | 16853416 |
| SECURITIES LENDING COLLATERAL - 0.0% (Cost $298,963) |  |  |
| Investment Companies - 0.0% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>E F</sup> | 298963 | 298963 |
|  TOTAL INVESTMENTS - 99.2% (Cost $534,847,160) |  | 593506747 |
|  OTHER ASSETS, NET OF LIABILITIES - 0.8% |  | 4875414 |
|  TOTAL NET ASSETS - 100.0% |  | $598382161 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> Non-income producing security.

<sup>B</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at October 31, 2025 (Note 9).

<sup>C</sup> 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 $7,778,580 or 1.3% of net assets. The Fund has no right to demand registration of these securities.

<sup>D</sup> A type of Preferred Stock that has no maturity date.

<sup>E</sup> 7-day yield.

<sup>F</sup> The Fund is affiliated by having the same investment advisor.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: |
| Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| ICE U.S. Mini MSCI EAFE Index Futures | 146 | December 2025 | $20444497 | $20491830 | $47333 |
|  |  |  | $20444497 | $20491830 | $47333 |

---

---

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

---

The Fund's investments are summarized by level based on the inputs used to determine their values. As of October 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| International Equity Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Foreign Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $3984117 | $– | $– | $3984117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria | 4335779 |  |  | 4335779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 7546172 |  |  | 7546172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 14309989 |  |  | 14309989 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 16616090 |  |  | 16616090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 5467016 |  |  | 5467016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland | 2599254 |  |  | 2599254 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 96967418 |  |  | 96967418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 53021340 |  |  | 53021340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 3333119 |  |  | 3333119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 13064369 |  |  | 13064369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 67795934 |  |  | 67795934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 37756460 |  |  | 37756460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 30026748 |  |  | 30026748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 2125589 |  |  | 2125589 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 1957787 |  |  | 1957787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 14719186 |  |  | 14719186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 10738198 |  |  | 10738198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 12191966 |  |  | 12191966 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 118427253 |  |  | 118427253 |
|  Foreign Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 1655389 |  |  | 1655389 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 57715195 |  |  | 57715195 |
|  Short-Term Investments | 16853416 |  |  | 16853416 |
|  Securities Lending Collateral | 298963 |  |  | 298963 |
|  Total Investments in Securities - Assets | $593506747 | $– | $– | $593506747 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $47333 | $– | $– | $47333 |
|  Total Financial Derivative Instruments - Assets | $47333 | $– | $– | $47333 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2025, there were no transfers into or out of Level 3.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Assets and Liabilities

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | IMC International<br>Small Cap Fund | International Equity<br>Fund |
|  Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup>  | $123358630 | $576354368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡ §</sup> | 5397582 | 17152379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at fair value (Note 1)<sup>^</sup>  | 837707 | 23559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts |  | 697000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 139991 | 1329779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 2380548 | 4597103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 1337453 | 335811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for tax reclaims | 1009911 | 3920618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for expense reimbursement (Note 2) |  | 14002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) |  | 47659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 20043 | 44188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 134481865 | 604516466 |
|  Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3695212 | 3914573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 48653 | 862317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for expense recoupment (Note 2) | 43326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts |  | 100455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to custodian | 546 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 86692 | 687940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 18797 | 26499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 5909 | 25735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned (Note 9)<sup>§</sup>  | 816001 | 298963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 69110 | 114978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 60578 | 49662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 1050 | 5948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 29394 | 46988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4876070 | 6134305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |  |
|  Net assets | $129605795 | $598382161 |
|  Analysis of net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $91717625 | $483634636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 37888170 | 114747525 |
|  Net assets | $129605795 | $598382161 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Assets and Liabilities

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | IMC International<br>Small Cap Fund | International Equity<br>Fund |
|  Shares outstanding at no par value (unlimited shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 293281 | 15386278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 2554904 | 3273455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 3234056 | 2613015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | 449755 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | N/A | 601263 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | N/A | 142386 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | 8199463 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $6277170 | $297965872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $54226484 | $67757607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $69102141 | $50105978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | $8983283 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | N/A | $11452777 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | N/A | $2574483 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | $159542161 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $21.40 | $19.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $21.22 | $20.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $21.37 | $19.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | $19.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | N/A | $19.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | N/A | $20.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | N/A | $18.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | $19.46 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $95322989 | $517694781 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $5397582 | $17152379 |
|  <sup>§</sup> Fair value of securities on loan | $8153260 | $16897619 |
|  <sup>^</sup> Cost of foreign currency | $838360 | $21097 |
| <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. |  |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Operations

For the year ended October 31, 2025

---

| | | |
|:---|:---|:---|
|  | IMC International<br>Small Cap Fund | International Equity<br>Fund |
|  Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities (net of foreign taxes)<sup>†</sup> | $1666562 | $18235568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 108906 | 719210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of foreign taxes)<sup>†</sup> |  | 46560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) | 46597 | 40986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 170 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1822235 | 19042749 |
|  Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 846893 | 3561569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 3313 | 95982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 53537 | 73188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 5722 | 8216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | 4574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  | 3689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  | 31338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 176331 | 246118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 31253 | 118559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 55291 | 104895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 157853 | 172732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  | 30893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | 17562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  | 30787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | 26355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  | 25512 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICI membership dues and license expenses | 64001 | 250224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 10940 | 56901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan interest expense (Note 2) | 10257 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 1196 | 6137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 51190 | 28725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1467948 | 4899723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net fees waived and expenses (reimbursed) (Note 2) | (141716) | (136470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1326232 | 4763253 |
|  Net investment income | 496003 | 14279496 |
|  Realized and unrealized gain (loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>A</sup> | 10198835 | 56785563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (258247) | (22428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 2566333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>B</sup> | 17383593 | 48742640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 185473 | 207320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 966151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments | 27509654 | 109245579 |
|  Net increase in net assets resulting from operations. | $28005657 | $123525075 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes | $216319 | $1339843 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | IMC International Small Cap Fund | IMC International Small Cap Fund | International Equity Fund | International Equity Fund |
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Increase in net assets: |  |  |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $496003 | $1353004 | $14279496 | $21398604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts | 9940588 | 12800493 | 59329468 | 138899948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of investments in unaffiliated securities, foreign currency transactions, and futures contracts | 17569066 | 8870083 | 49916111 | 23351597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 28005657 | 23023580 | 123525075 | 183650149 |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | (801631) | (138937) | (55815455) | (20300284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | (5709335) | (1243710) | (14630183) | (4658524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (4457797) | (1067041) | (9500932) | (3138410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  |  | (2631766) | (617707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  |  | (1875805) | (525588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  |  | (477523) | (119521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  |  | (25181661) | (17067264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders | (10968763) | (2449688) | (110113325) | (46427298) |
|  Capital share transactions (Note 11): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 30490069 | 17327215 | 106153769 | 112495053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 9054953 | 1985343 | 107190375 | 45531550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (53400187) | (43285575) | (226471538) | (576675248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) in net assets from capital share transactions | (13855165) | (23973017) | (13127394) | (418648645) |
|  Net increase (decrease) in net assets | 3181729 | (3399125) | 284356 | (281425794) |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 126424066 | 129823191 | 598097805 | 879523599 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $129605795 | $126424066 | $598382161 | $598097805 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 October 31, 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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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:

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| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| R5 Class | Large institutional investors - sold directly or through intermediary channels. | $250000 |
| Y Class | Large institutional retirement plan investors - sold directly or through intermediary channels. | $100000 |
| Investor Class | All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors. | $2500 |
| Advisor Class | All investors who invest through intermediary organizations, such as broker-dealers or third party administrators. | $2500 |
| 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"). | $2500 |
| 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. | $1000 |
| R6 Class | Large institutional retirement plan investors - sold through retirement plan sponsors. |  |

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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. Realized gains (losses) from securities sold are determined on the basis of specific lot identifications. 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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 premiums. 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.

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 does 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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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

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| | |
|:---|:---|
|  First $5 billion | 0.35% |
|  Next $5 billion | 0.325% |
|  Next $10 billion | 0.3% |
|  Over $20 billion | 0.275% |

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International Equity Fund

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| | |
|:---|:---|
|  First $15 billion | 0.35% |
|  Next $15 billion | 0.325% |
|  Over $30 billion | 0.3% |

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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:

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| | |
|:---|:---|
|  First $1 billion | 0.4% |
|  Next $1 billion | 0.35% |
|  Over $2 billion | 0.325% |

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The Management and Sub-Advisory Fees paid by the Funds for the year ended October 31, 2025 were as follows:

IMC International Small Cap Fund

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $404425 |
|  Sub-Advisory Fees | 0.40% | 442468 |
|  Total. | 0.75% | $846893 |

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International Equity Fund

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $2019806 |
|  Sub-Advisory Fees | 0.27% | 1541763 |
|  Total. | 0.62% | $3561569 |

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 Statements of Operations. During the year ended October 31, 2025, the Manager received securities lending fees of $5,366 and $5,101 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 separate Service Plans that obligate 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 Plans, 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 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 year ended October 31, 2025, the sub-transfer agent fees, as reflected in "Transfer agent fees" on the Statements of Operations, were as follows:

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| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  IMC International Small Cap | $51879 |
|  International Equity | 146249 |

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

As of October 31, 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:

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| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  IMC International Small Cap | $4695 |
|  International Equity | 13397 |

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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 October 31, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | October 31,<br>2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized<br>Gain<br>(Loss) | Dividend<br>Income | October 31,<br>2025<br>Fair Value |
| U.S. Government Money Market Select | Direct | IMC International<br>Small Cap | $4581581 | $– $|  | $108906 | $4581581 |
| U.S. Government Money Market Select | Securities<br>Lending | IMC International<br>Small Cap | 816001 | – |  | N/A | 816001 |
| U.S. Government Money Market Select | Direct | International<br>Equity | 16853416 | – |  | 719210 | 16853416 |
| U.S. Government Money Market Select | Securities<br>Lending | International<br>Equity | 298963 | – |  | N/A | 298963 |

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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 year ended October 31, 2025, the Manager earned fees on the Funds' direct investments and securities lending collateral investments in the USG Select Fund as shown below:

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| | | | |
|:---|:---|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in<br>USG Select Fund | Total |
|  IMC International Small Cap | $2556 | $733 | $3289 |
|  International Equity | 16918 | 1229 | 18147 |

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Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC"), a 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 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 year ended October 31, 2025, the IMC International Small Cap Fund borrowed on average $3,731,034 for 12 days at an average interest rate of 5.22% with interest charges of $10,257 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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Expense Reimbursement Plan

The Manager contractually agreed to reduce fees and/or reimburse expenses for certain classes of the Funds, through February 28, 2026, to the extent that total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and other extraordinary expenses) exceed the Funds' expense cap. For the year ended October 31, 2025, the Manager waived and/or reimbursed expenses as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Expense Cap | Expense Cap | | | Expiration of<br>Reimbursed<br>Expenses |
| Fund | Class | 11/1/2024 -<br>2/28/2025 | 3/1/2025 -<br>10/31/2025 | Reimbursed<br>Expenses | (Recouped)<br>Expenses | Expiration of<br>Reimbursed<br>Expenses |
|  IMC International Small Cap | R5 | 0.89% | 0.89% | $18327 | $(2260) | 2027-2028 |
|  IMC International Small Cap | Y | 1.10% | 1.10% | 60137 | (19286) | 2027-2028 |
|  IMC International Small Cap | Investor | 1.30% | 1.30% | 63252 | (21780) | 2027-2028 |
|  International Equity | R6 | 0.69% | 0.69% | 136470 | (19521) | 2027-2028 |

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Of the above amounts, $43,326 was disclosed as a Payable for expense recoupment on the Statements of Assets and Liabilities at October 31, 2025 for the IMC International Small Cap Fund and $14,002 was disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at October 31, 2025 for the International Equity Fund.

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:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Recouped<br>Expenses | Excess Expense<br>Carryover | Expired Expense<br>Carryover | Expiration of<br>Reimbursed<br>Expenses |
|  IMC International Small Cap | $- | $- | $1783 | 2024-2025 |
|  IMC International Small Cap | 2260 | 21395 |  | 2025-2026 |
|  IMC International Small Cap | 41066 | 185076 |  | 2026-2027 |
|  International Equity | 10184 |  | 46395 | 2024-2025 |
|  International Equity | 9337 | 231684 |  | 2025-2026 |
|  International Equity |  | 220508 |  | 2026-2027 |

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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 year ended October 31, 2025, RID collected $185 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 year ended October 31, 2025, there were no CDSC fees collected for the A Class Shares of the International Equity Fund.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 Funds' 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 year ended October 31, 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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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| |
|:---|
| 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. |

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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.

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.

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 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 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.

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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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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. GDRs may be offered in one or more foreign countries and represent the deposit with a foreign bank of securities 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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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 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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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 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 October 31, 2025, the International Equity Fund did not have any forward foreign currency contracts outstanding.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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. 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 year ended October 31, 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.

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| | |
|:---|:---|
| Average Futures Contracts Outstanding | Average Futures Contracts Outstanding |
| Fund | Year Ended October 31, 2025 |
|  International Equity | $161 |

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The following is a summary of the fair valuations of the Funds' derivative instruments categorized by risk exposure<sup>(1)</sup>:

International Equity Fund

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of October 31, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> | $- | $– | $– | $– | $47333 | $47333 |
| **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Realized gain (loss) from derivatives<br>recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $– | $– | $– | $2566333 | $2566333 |
| Net change in unrealized appreciation<br>(depreciation) of derivatives recognized<br>as a result from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $– | $– | $– | $966151 | $966151 |

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

<sup>(2)</sup> 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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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, October 31, 2025.

IMC International Small Cap Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $816001 | $- | $- | $- | $816001 |
|  Total Borrowings | $816001 | $- | $- | $- | $816001 |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $816001 |

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International Equity Fund

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of October 31, 2025:** | **Offsetting of Financial and Derivative Assets as of October 31, 2025:** | **Offsetting of Financial and Derivative Assets as of October 31, 2025:** |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)</sup> | $47333 | $- |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $47333 | $- |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(47333) | $- |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $298963 | $- | $- | $- | $298963 |
|  Total Borrowings | $298963 | $- | $- | $- | $298963 |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $298963 |

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<sup>(1)</sup> 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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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 its service providers, its counterparties or the issuers of securities in which the Funds invest. 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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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 Funds' 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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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 Funds' assets. To a significant extent, the Funds' performance will depend on the success of the Manager in allocating the Funds' assets to sub-advisors and its selection and oversight of the sub-advisors. Because each sub-advisor manages its allocated portion of the Funds independently from another sub-advisor, the same security may be held in different portions of the Funds, or may be acquired for one portion of the Funds 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 Funds' holdings. Similarly, under some market conditions, one sub-advisor may believe that temporary, defensive

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 Funds. Because each sub-advisor directs the trading for its own portion of the Funds, and does not aggregate its transactions with those of the other sub-advisors, the Funds 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 Funds' assets among the Funds' sub-advisors in a manner that it believes is consistent with achieving the Funds' investment objective(s), the Manager may be subject to potential conflicts of interest in allocating the Funds' assets among sub-advisors, due to factors that could impact the Manager's revenues and profits.

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 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.

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 Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 a 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 Funds' 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.

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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, 2025 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.

The tax character of distributions paid were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | IMC International Small Cap | IMC International Small Cap | International Equity | International Equity |
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $662966 | $138937 | $24578569 | $20300284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 4721739 | 1243710 | 6405600 | 4658524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 3671612 | 1067041 | 4080072 | 3138410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  |  | 1120922 | 617707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  |  | 801293 | 525588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  |  | 191721 | 119521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  |  | 11116526 | 17067264 |
|  Long-term capital gains | Long-term capital gains | Long-term capital gains | Long-term capital gains | Long-term capital gains |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 138665 |  | 31236886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 987596 |  | 8224583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 786185 |  | 5420860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  |  | 1510844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  |  | 1074512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  |  | 285802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  |  | 14065135 |  |
|  Total distributions paid | $10968763 | $2449688 | $110113325 | $46427298 |

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\*For tax purposes, short-term capital gains are considered ordinary income distributions.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

As of October 31, 2025, the tax cost for each Fund and their respective gross unrealized appreciation (depreciation) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  IMC International Small Cap Fund | $101936960 | $28308116 | $(1480930) | $26827186 |
|  International Equity Fund | 544985507 | 83841869 | (35178169) | 48663700 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | Net Unrealized<br>Appreciation<br>(Depreciation) | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other (Losses) | Other<br>Temporary<br>Differences | Distributable<br>Earnings |
|  IMC International Small Cap | $26827186 | $4375535 | $6685449 | $– $|  | $37888170 |
|  International Equity | 48663700 | 32317971 | 33765854 | – |  | 114747525 |

---

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, the realization for tax purposes of unrealized gains from passive foreign investment companies and the realization for tax purposes of unrealized gains (losses) on certain derivative instruments.

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statements of Assets and Liabilities.

Accordingly, the following amounts represent current year permanent differences derived from equalization as of October 31, 2025:

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| | | |
|:---|:---|:---|
| Fund | Paid-In-Capital | Distributable<br>Earnings/(Deficits) |
| IMC International Small Cap | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– |
| International Equity | 6365625 | (6365625) |

---

For federal income tax purposes, the Funds measure their capital loss carryforwards annually at October 31, their 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, 2025, 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 year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases<br>(non-U.S.<br>Government<br>Securities) | Sales<br>(non-U.S.<br>Government<br>Securities) |
| IMC International Small Cap | $225125408 | $252131442 |
| International Equity | 272055742 | 374902699 |

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

A summary of the Funds' transactions in the USG Select Fund for the year ended October 31, 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | October 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | October 31,<br>2025<br>Shares/Fair<br>Value |
| IMC International Small Cap | Direct | $3672653 | $90856127 | $89947199 | $4581581 |
| IMC International Small Cap | Securities Lending | 67200 | 13955930 | 13207129 | 816001 |
| International Equity | Direct | 19354297 | 274668031 | 277168912 | 16853416 |
| International Equity | Securities Lending | 2442760 | 10553578 | 12697375 | 298963 |

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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.

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

As of October 31, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Fair Value of<br>Securities on Loan | Cash<br>Collateral<br>Received | Non-Cash<br>Collateral<br>Received | Total<br>Collateral<br>Received |
|  IMC International Small Cap | $8153260 | $816001 | $7610702 | $8426703 |
|  International Equity | 16897619 | 298963 | 17329309 | 17628272 |

---

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.

10. Borrowing Arrangements

Effective November 6, 2025 (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 daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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 daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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 year ended October 31, 2025, the Funds did not utilize these facilities.

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

11. Capital Share Transactions

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| IMC International Small Cap Fund | Shares | Amount | Shares | Amount |
| Shares sold | 117318 | $1975911 | 91304 | $1649842 |
| Reinvestment of dividends | 50544 | 801631 | 8451 | 138937 |
| Shares redeemed | (335388) | (5375567) | (51572) | (928768) |
| Net increase (decrease) in shares outstanding | (167526) | $(2598025) | 48183 | $860011 |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| IMC International Small Cap Fund | Shares | Amount | Shares | Amount |
| Shares sold | 536604 | $9284386 | 474289 | $8271875 |
| Reinvestment of dividends | 256986 | 4050098 | 55611 | 911458 |
| Shares redeemed | (1766106) | (27459261) | (1103789) | (19105361) |
| Net (decrease) in shares outstanding . | (972516) | $(14124777) | (573889) | $(9922028) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| IMC International Small Cap Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1001919 | $19229772 | 416836 | $7405498 |
| Reinvestment of dividends | 264520 | 4203224 | 56629 | 934948 |
| Shares redeemed | (1169800) | (20565359) | (1314525) | (23251446) |
| Net increase (decrease) in shares outstanding | 96639 | $2867637 | (841060) | $(14911000) |
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1888149 | $32596643 | 1275928 | $23962085 |
| Reinvestment of dividends | 3663496 | 54402910 | 1101966 | 19912534 |
| Shares redeemed | (5714347) | (95456190) | (11561436) | (214281949) |
| Net (decrease) in shares outstanding . | (162702) | $(8456637) | (9183542) | $(170407330) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 594077 | $11038088 | 533844 | $10553834 |
| Reinvestment of dividends | 910026 | 14451225 | 240581 | 4587876 |
| Shares redeemed | (2405797) | (42896783) | (1581261) | (31258707) |
| Net (decrease) in shares outstanding . | (901694) | $(17407470) | (806836) | $(16116997) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 349901 | $6000910 | 150953 | $2813915 |
| Reinvestment of dividends | 633647 | 9339960 | 172001 | 3089134 |
| Shares redeemed | (1083337) | (18689028) | (1470504) | (26829824) |
| Net (decrease) in shares outstanding . | (99789) | $(3348158) | (1147550) | $(20926775) |

---

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 153012 | $2803426 | 76294 | $1499384 |
| Reinvestment of dividends | 171016 | 2630212 | 33225 | 617326 |
| Shares redeemed | (581598) | (10562890) | (119270) | (2322072) |
| Net (decrease) in shares outstanding . | (257570) | $(5129252) | (9751) | $(205362) |
|  | A Class | A Class | A Class | A Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 122803 | $2110899 | 159796 | $2963199 |
| Reinvestment of dividends | 126720 | 1857713 | 29150 | 520904 |
| Shares redeemed | (166419) | (2819607) | (214751) | (4077761) |
| Net increase (decrease) in shares outstanding | 83104 | $1149005 | (25805) | $(593658) |
|  | C Class | C Class | C Class | C Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 19903 | $322559 | 23520 | $419997 |
| Reinvestment of dividends | 34084 | 477523 | 6898 | 118845 |
| Shares redeemed | (54897) | (890269) | (52208) | (929371) |
| Net (decrease) in shares outstanding . | (910) | $(90187) | (21790) | $(390529) |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 2895299 | $51281244 | 3731057 | $70282639 |
| Reinvestment of dividends | 1611726 | 24030832 | 920802 | 16684931 |
| Shares redeemed | (3159329) | (55156771) | (15134620) | (296975564) |
| Net increase (decrease) in shares outstanding | 1347696 | $20155305 | (10482761) | $(210007994) |

---

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.

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023<sup>B</sup> | 2022 | 2021 |
|  Net asset value, beginning of period | $17.78 | $15.31 | $13.47 | $19.56 | $15.58 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.11 <sup>C</sup> | 0.36 | 0.15 <sup>C D</sup> | 0.20 | 0.60 <sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 5.16 | 2.45 | 1.96 | (5.53) | 3.50 |
|  Total income (loss) from investment operations | 5.27 | 2.81 | 2.11 | (5.33) | 4.10 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.34) | (0.27) | (0.76) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.40) |  |  |  |  |
|  Total distributions | (1.65) | (0.34) | (0.27) | (0.76) | (0.12) |
|  Net asset value, end of period | $21.40 | $17.78 | $15.31 | $13.47 | $19.56 |
|  Total return<sup>F</sup>  | 32.90% | 18.52% | 15.75% | (28.31)% | 26.38% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $6277170 | $8195147 | $6316496 | $13963043 | $20907091 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.18% | 1.21% | 1.21% | 0.90% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.91 %<sup>G H</sup> <sup>I</sup> | 0.89% | 0.89% | 0.89% | 0.91 %<sup>H</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.35% | 0.97% | 0.63 %<sup>D</sup> | 1.30% | 3.14 %<sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.62% | 1.29% | 0.95 %<sup>D</sup> | 1.31% | 3.15 %<sup>E</sup> |
|  Portfolio turnover rate | 209% | 260% | 292% | 21% | 34% |

---

*<sup>A</sup>* *On February 4, 2025, sub-advisor's name changed to Global IMC LLC (formerly known as EAM Global Investors, LLC).* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0312.* 

*<sup>E</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3366.* 

*<sup>F</sup>* *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.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>H</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.* 

*<sup>I</sup>* *Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 0.89%, for the period ended October 31, 2025.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023<sup>B</sup> | 2022 | 2021 |
|  Net asset value, beginning of period | $17.69 | $15.24 | $13.46 | $19.54 | $15.56 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.09 <sup>C</sup> | 0.05 | 0.20 <sup>C</sup> D | 0.04 | 0.59 <sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 5.09 | 2.72 | 1.84 | (5.36) | 3.49 |
|  Total income (loss) from investment operations | 5.18 | 2.77 | 2.04 | (5.32) | 4.08 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.32) | (0.26) | (0.76) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.40) |  |  |  |  |
|  Total distributions | (1.65) | (0.32) | (0.26) | (0.76) | (0.10) |
|  Net asset value, end of period | $21.22 | $17.69 | $15.24 | $13.46 | $19.54 |
|  Total return<sup>F</sup>  | 32.53% | 18.31% | 15.21% | (28.31)% | 26.25% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $54226484 | $62393608 | $62512548 | $96269149 | $160793226 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.23% | 1.27% | 1.26% | 0.95% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.12 %<sup>G</sup> <sup>H</sup> <sup>J</sup> | 1.13 %<sup>I</sup> | 1.26% | 0.95% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments  | 0.42% | 0.93% | 1.24 %<sup>D</sup> | 1.21% | 3.40 %<sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.53% | 1.07% | 1.24 %<sup>D</sup> | 1.21% | 3.40 %<sup>E</sup> |
|  Portfolio turnover rate | 209% | 260% | 292% | 21% | 34% |

---

*<sup>A</sup>* *On February 4, 2025, sub-advisor's name changed to Global IMC LLC (formerly known as EAM Global Investors, LLC).* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0439.* 

*<sup>E</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3834.* 

*<sup>F</sup>* *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.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>H</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.* 

*<sup>I</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on February 29, 2024.* 

*<sup>J</sup>* *Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 1.10%, for the period ended October 31, 2025.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023<sup>B</sup> | 2022 | 2021 |
|  Net asset value, beginning of period | $17.80 | $15.33 | $13.51 | $19.59 | $15.60 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.06 <sup>C</sup> | 0.45 | 0.48 <sup>D</sup> | 0.65 | 0.76 <sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 5.13 | 2.30 | 1.55 | (6.04) | 3.29 |
|  Total income (loss) from investment operations | 5.19 | 2.75 | 2.03 | (5.39) | 4.05 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.28) | (0.21) | (0.69) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.40) |  |  |  |  |
|  Total distributions | (1.62) | (0.28) | (0.21) | (0.69) | (0.06) |
|  Net asset value, end of period | $21.37 | $17.80 | $15.33 | $13.51 | $19.59 |
|  Total return<sup>F</sup>  | 32.30% | 18.07% | 15.06% | (28.49)% | 26.01% |
|  Ratios and supplemental data: |  |  |  |  |  |
|  Net assets, end of period | $69102141 | $55835311 | $60994147 | $72187362 | $180324267 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.44% | 1.51% | 1.46% | 1.18% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.32 %<sup>G</sup> <sup>H</sup> <sup>J</sup> | 1.34 %<sup>I</sup> | 1.46% | 1.18% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments  | 0.22% | 0.70% | 1.10 %<sup>D</sup> | 1.03% | 2.81 %<sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.34% | 0.87% | 1.10 %<sup>D</sup> | 1.03% | 2.81 %<sup>E</sup> |
|  Portfolio turnover rate | 209% | 260% | 292% | 21% | 34% |

---

*<sup>A</sup>* *On February 4, 2025, sub-advisor's name changed to Global IMC LLC (formerly known as EAM Global Investors, LLC).* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0406.* 

*<sup>E</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3074.* 

*<sup>F</sup>* *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.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>H</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.* 

*<sup>I</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on February 29, 2024.* 

*<sup>J</sup>* *Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 1.30%, for the period ended October 31, 2025.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 |
|  Net asset value, beginning of period | $| 19.36 | $| 16.72 | $| 14.31 | $| 20.31 | $14.73 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 0.44 <sup>A</sup> |  | 0.61 |  | 0.56 |  | 0.39 | 0.45 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) |  | 3.23 |  | 3.01 |  | 2.28 |  | (4.40) | 5.43 |
|  Total income (loss) from investment operations |  | 3.67 |  | 3.62 |  | 2.84 |  | (4.01) | 5.88 |
|  Less distributions: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.83) |  | (0.61) |  | (0.43) |  | (0.65) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.83) |  | (0.37) |  |  |  | (1.34) |  |
|  Total distributions |  | (3.66) |  | (0.98) |  | (0.43) |  | (1.99) | (0.30) |
|  Net asset value, end of period | $| 19.37 | $| 19.36 | $| 16.72 | $| 14.31 | $20.31 |
|  Total return<sup>C</sup>  |  | 24.70% |  | 22.05% |  | 20.09% |  | (21.69)% | 40.18% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $| 297965872 | $| 301082293 | $| 413488011 | $| 891001265 | $1329626349 |
|  Ratios to average net assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments |  | 0.79% |  | 0.77% |  | 0.79% |  | 0.72% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments |  | 0.79% |  | 0.77% |  | 0.79% |  | 0.72% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments |  | 2.51% |  | 2.57% |  | 2.30% |  | 2.17% | 2.31%<sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments |  | 2.51% |  | 2.57% |  | 2.30% |  | 2.17% | 2.31%<sup>B</sup> |
|  Portfolio turnover rate |  | 49% |  | 43% |  | 46% |  | 38% | 41% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0746.* 

*<sup>C</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $20.43 | $17.59 | $15.03 | $21.18 | $15.36 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.44 <sup>A</sup> | 1.18 | 1.22 | 1.53 | 1.83 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.47 | 2.62 | 1.76 | (5.74) | 4.27 |
|  Total income (loss) from investment operations | 3.91 | 3.80 | 2.98 | (4.21) | 6.10 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.81) | (0.59) | (0.42) | (0.60) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.83) | (0.37) |  | (1.34) |  |
|  Total distributions | (3.64) | (0.96) | (0.42) | (1.94) | (0.28) |
|  Net asset value, end of period | $20.70 | $20.43 | $17.59 | $15.03 | $21.18 |
|  Total return<sup>C</sup>  | 24.56% | 22.01% | 20.01% | (21.71)% | 39.99% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $67757607 | $85292074 | $87634823 | $95663172 | $233692916 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.86% | 0.84% | 0.86% | 0.81% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.86% | 0.84% | 0.86% | 0.81% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.36% | 2.51% | 2.43% | 2.03% | 2.01 %<sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.36% | 2.51% | 2.43% | 2.03% | 2.01 %<sup>B</sup> |
|  Portfolio turnover rate | 49% | 43% | 46% | 38% | 41% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0243.* 

*<sup>C</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $19.19 | $16.54 | $14.16 | $20.11 | $14.57 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.40 <sup>A</sup> | 0.62 | 0.72 | 0.35 | 0.38 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.18 | 2.91 | 2.04 | (4.37) | 5.38 |
|  Total income (loss) from investment operations | 3.58 | 3.53 | 2.76 | (4.02) | 5.76 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.76) | (0.51) | (0.38) | (0.59) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.83) | (0.37) |  | (1.34) |  |
|  Total distributions | (3.59) | (0.88) | (0.38) | (1.93) | (0.22) |
|  Net asset value, end of period | $19.18 | $19.19 | $16.54 | $14.16 | $20.11 |
|  Total return<sup>C</sup>  | 24.28% | 21.71% | 19.64% | (21.93)% | 39.72% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $50105978 | $52061716 | $63864486 | $81694109 | $126691864 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.11% | 1.10% | 1.12% | 1.07% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.11% | 1.10% | 1.12% | 1.07% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.26% | 2.18% | 2.61% | 1.84% | 1.98 %<sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.26% | 2.18% | 2.61% | 1.84% | 1.98 %<sup>B</sup> |
|  Portfolio turnover rate | 49% | 43% | 46% | 38% | 41% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0785.* 

*<sup>C</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $19.83 | $17.09 | $14.62 | $20.68 | $14.94 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.39 <sup>A</sup> | 0.42 | 0.43 | 0.29 | 0.41 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.32 | 3.20 | 2.39 | (4.46) | 5.48 |
|  Total income (loss) from investment operations | 3.71 | 3.62 | 2.82 | (4.17) | 5.89 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.74) | (0.51) | (0.35) | (0.55) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.83) | (0.37) |  | (1.34) |  |
|  Total distributions | (3.57) | (0.88) | (0.35) | (1.89) | (0.15) |
|  Net asset value, end of period | $19.97 | $19.83 | $17.09 | $14.62 | $20.68 |
|  Total return<sup>C</sup>  | 24.06% | 21.50% | 19.45% | (22.01)% | 39.53% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $8983283 | $14029585 | $12257174 | $13706977 | $18745607 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.27% | 1.25% | 1.27% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.27% | 1.25% | 1.27% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.16% | 2.11% | 2.08% | 1.67% | 1.79 %<sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.16% | 2.11% | 2.08% | 1.67% | 1.79 %<sup>B</sup> |
|  Portfolio turnover rate | 49% | 43% | 46% | 38% | 41% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0709.* 

*<sup>C</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $19.09 | $16.50 | $14.13 | $20.06 | $14.55 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.37 <sup>A</sup> | 0.40 | 0.34 | 0.33 | 0.36 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.16 | 3.11 | 2.40 | (4.36) | 5.38 |
|  Total income (loss) from investment operations | 3.53 | 3.51 | 2.74 | (4.03) | 5.74 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.74) | (0.55) | (0.37) | (0.56) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.83) | (0.37) |  | (1.34) |  |
|  Total distributions | (3.57) | (0.92) | (0.37) | (1.90) | (0.23) |
|  Net asset value, end of period | $19.05 | $19.09 | $16.50 | $14.13 | $20.06 |
|  Total return<sup>C</sup>  | 24.12% | 21.63% | 19.55% | (22.00)% | 39.65% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $11452777 | $9890341 | $8977482 | $7205251 | $10017801 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.22% | 1.18% | 1.19% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.22% | 1.18% | 1.19% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.11% | 2.22% | 2.15% | 1.80% | 1.83 %<sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.11% | 2.22% | 2.15% | 1.80% | 1.83 %<sup>B</sup> |
|  Portfolio turnover rate | 49% | 43% | 46% | 38% | 41% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0643.* 

*<sup>C</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $18.27 | $15.80 | $13.53 | $19.27 | $13.99 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.22 <sup>A</sup> | 0.13 | 0.10 | 0.16 | 0.19 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.01 | 3.08 | 2.41 | (4.14) | 5.19 |
|  Total income (loss) from investment operations | 3.23 | 3.21 | 2.51 | (3.98) | 5.38 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.59) | (0.37) | (0.24) | (0.42) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.83) | (0.37) |  | (1.34) |  |
|  Total distributions | (3.42) | (0.74) | (0.24) | (1.76) | (0.10) |
|  Net asset value, end of period | $18.08 | $18.27 | $15.80 | $13.53 | $19.27 |
|  Total return<sup>C</sup>  | 23.13% | 20.59% | 18.66% | (22.55)% | 38.56% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $2574483 | $2618564 | $2608270 | $2842235 | $4317179 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 2.01% | 1.98% | 1.96% | 1.89% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 2.01% | 1.98% | 1.96% | 1.89% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.33% | 1.37% | 1.41% | 1.08% | 1.14 %<sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.33% | 1.37% | 1.41% | 1.08% | 1.14 %<sup>B</sup> |
|  Portfolio turnover rate | 49% | 43% | 46% | 38% | 41% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0667.* 

*<sup>C</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $19.43 | $16.77 | $14.35 | $20.35 | $14.76 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.47 <sup>A</sup> | 0.12 | 0.40 | 0.41 | 0.45 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.22 | 3.53 | 2.46 | (4.41) | 5.44 |
|  Total income (loss) from investment operations | 3.69 | 3.65 | 2.86 | (4.00) | 5.89 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.83) | (0.62) | (0.44) | (0.66) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.83) | (0.37) |  | (1.34) |  |
|  Total distributions | (3.66) | (0.99) | (0.44) | (2.00) | (0.30) |
|  Net asset value, end of period | $19.46 | $19.43 | $16.77 | $14.35 | $20.35 |
|  Total return<sup>C</sup>  | 24.78% | 22.17% | 20.15% | (21.62)% | 40.20% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $159542161 | $133123232 | $290693353 | $296382124 | $397732934 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.79% | 0.77% | 0.77% | 0.71% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.70 %<sup>D</sup> | 0.69% | 0.69% | 0.69% | 0.70 %<sup>D</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.55% | 2.86% | 2.54% | 2.22% | 2.30 %<sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.64% | 2.94% | 2.62% | 2.24% | 2.31 %<sup>B</sup> |
|  Portfolio turnover rate | 49% | 43% | 46% | 38% | 41% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0738.* 

*<sup>C</sup>* *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.* 

*<sup>D</sup>* *Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 0.69% for the period ended October 31, 2025.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Federal Tax Information

October 31, 2025 (Unaudited)

Certain tax information regarding the Funds are required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended October 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025.

The Funds designated the following items with regard to distributions paid during the fiscal year ended October 31, 2025. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

#### Corporate Dividends-Received Deduction:

---

| | |
|:---|:---|
|  IMC International Small Cap | 0.0% |
|  International Equity | 0.0% |

---

#### Qualified Dividend Income:

---

| | | |
|:---|:---|:---|
|  IMC International Small Cap | 13.55 | % |
|  International Equity | 50.80% |  |

---

#### Long-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  IMC International Small Cap | $1912446 |
|  International Equity | $68184247 |

---

#### Short-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  IMC International Small Cap | $7470515 |
|  International Equity | $23661215 |

---

#### Foreign Tax Credit:

---

| | |
|:---|:---|
|  IMC International Small Cap | $541633.0 |
|  International Equity | $179948.0 |

---

Shareholders will receive notification in January 2026 of the applicable tax information necessary to prepare their 2025 income tax returns.

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Results of Shareholder Meeting (Unaudited)

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon IMC International Small Cap Fund formerly known as EAM International Small Cap Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Diversified Institutional Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | For | Against | Abstain | Non-Voting |
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 | 0.000 |

---

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##### [**Table of Contents**](#toc)
![LOGO](g40843g01a06.jpg)

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:

---

| | |
|:---|:---|
| ![LOGO](g40843g02b06.jpg) | ![LOGO](g40843g03c06.jpg) |
| **By E-mail:** | **On the Internet:** |
| american_beacon.funds@ambeacon.com | Visit our website at<br> www.americanbeaconfunds.com |
| ![LOGO](g40843g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g40843g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g40843g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g40843g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g40843g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g40843g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g40843g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g40843g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> 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.

AR 10/25

------

##### [**Table of Contents**](#toc)
![LOGO](g48469g02a01.jpg)

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#tx48469_1) | 1 |
|  [Schedule of Investments:](#tx48469_2) |  |
| &nbsp;&nbsp;&nbsp; [Large Cap Value Fund](#tx48469_3) | 2 |
|  [Financial Statements](#tx48469_4) | 9 |
|  [Notes to Financial Statements](#tx48469_5) | 12 |
|  [Financial Highlights:](#tx48469_6) |  |
| &nbsp;&nbsp;&nbsp; [Large Cap Value Fund](#tx48469_7) | 33 |
|  [Federal Tax Information](#tx48469_8) | 40 |
|  [Results of Shareholder Meeting](#tx48469_10) | 41 |

---

---

| | |
|:---|:---|
|  <br> [Additional Fund Information](#tx48469_9) | Back Cover |

---

American Beacon Funds October 31, 2025

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon Large Cap Value Fund.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of American Beacon Large Cap Value Fund (one of the funds constituting American Beacon Funds, referred hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the four years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 30, 2025

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.0% |  |  |
| Communication Services - 3.6% |  |  |
| Entertainment - 0.7% |  |  |
| Electronic Arts, Inc. | 46988 | $9400419 |
| Warner Bros Discovery, Inc.<sup>A</sup> | 614512 | 13795795 |
|  |  | 23196214 |
| Interactive Media & Services - 1.6% |  |  |
| Alphabet, Inc., Class A | 196812 | 55341566 |
| Media - 1.3% |  |  |
| Comcast Corp., Class A | 955992 | 26610038 |
| Omnicom Group, Inc. | 220966 | 16576869 |
|  |  | 43186907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 121724687 |
| Consumer Discretionary - 6.6% |  |  |
| Automobile Components - 1.4% |  |  |
| Aptiv PLC<sup>A</sup> | 504828 | 40941551 |
| BorgWarner, Inc. | 127618 | 5482469 |
|  |  | 46424020 |
| Automobiles - 0.9% |  |  |
| General Motors Co. | 431470 | 29810262 |
| Hotels, Restaurants & Leisure - 2.8% |  |  |
| Carnival Corp.<sup>A</sup> | 1693372 | 48819915 |
| Marriott International, Inc., Class A | 57587 | 15006020 |
| Wynn Resorts Ltd. | 243541 | 28978944 |
|  |  | 92804879 |
| Household Durables - 0.8% |  |  |
| Lennar Corp., Class A | 208055 | 25750968 |
| Specialty Retail - 0.7% |  |  |
| Lithia Motors, Inc. | 14924 | 4687330 |
| Lowe's Cos., Inc. | 85180 | 20283913 |
|  |  | 24971243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 219761372 |
| Consumer Staples - 3.4% |  |  |
| Beverages - 1.6% |  |  |
| Constellation Brands, Inc., Class A | 76299 | 10024162 |
| Keurig Dr. Pepper, Inc. | 1119200 | 30397472 |
| PepsiCo, Inc. | 83319 | 12172073 |
|  |  | 52593707 |
| Food Products - 1.4% |  |  |
| Conagra Brands, Inc. | 227698 | 3914129 |
| J.M. Smucker Co. | 52785 | 5465887 |
| Kraft Heinz Co. | 659439 | 16307926 |
| Mondelez International, Inc., Class A | 272290 | 15645783 |
| Nestle SA, ADR | 72532 | 6928257 |
|  |  | 48261982 |
| Household Products - 0.2% |  |  |
| Kimberly-Clark Corp. | 52351 | 6266938 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.0% (continued) |  |  |
| Consumer Staples - 3.4% (continued) |  |  |
| Personal Products - 0.2% |  |  |
| Kenvue, Inc. | 378013 | $5432047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 112554674 |
| Energy - 8.2% |  |  |
| Energy Equipment & Services - 1.7% |  |  |
| Baker Hughes Co. | 212070 | 10266309 |
| Halliburton Co. | 489067 | 13126558 |
| NOV, Inc. | 1256511 | 18345061 |
| SLB Ltd. | 448473 | 16171936 |
|  |  | 57909864 |
| Oil, Gas & Consumable Fuels - 6.5% |  |  |
| APA Corp.<sup>B</sup> | 1382859 | 31321756 |
| Chevron Corp. | 187669 | 29599155 |
| ConocoPhillips | 300495 | 26701986 |
| EOG Resources, Inc. | 67229 | 7115517 |
| Exxon Mobil Corp. | 469713 | 53716379 |
| Murphy Oil Corp. | 101135 | 2862120 |
| Ovintiv, Inc. | 332949 | 12488917 |
| Permian Resources Corp. | 924949 | 11617359 |
| Phillips 66 | 179362 | 24418343 |
| Shell PLC, ADR | 243264 | 18225339 |
|  |  | 218066871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 275976735 |
| Financials - 23.1% |  |  |
| Banks - 9.2% |  |  |
| Bank of America Corp. | 963858 | 51518210 |
| Citigroup, Inc. | 528673 | 53517568 |
| Citizens Financial Group, Inc. | 315747 | 16062050 |
| First Citizens BancShares, Inc., Class A | 5698 | 10397824 |
| JPMorgan Chase & Co. | 168231 | 52340029 |
| PNC Financial Services Group, Inc. | 96692 | 17651125 |
| Truist Financial Corp. | 260089 | 11607772 |
| U.S. Bancorp | 472706 | 22065916 |
| Wells Fargo & Co. | 627027 | 54532538 |
| Western Alliance Bancorp | 231700 | 17921995 |
|  |  | 307615027 |
| Capital Markets - 3.9% |  |  |
| ARES Management Corp., Class A | 18252 | 2714255 |
| Blackrock, Inc. | 16021 | 17347699 |
| KKR & Co., Inc. | 147625 | 17468466 |
| LPL Financial Holdings, Inc. | 68784 | 25952891 |
| Morgan Stanley | 157497 | 25829508 |
| Nasdaq, Inc. | 226002 | 19320911 |
| State Street Corp. | 186816 | 21607139 |
|  |  | 130240869 |
| Consumer Finance - 2.1% |  |  |
| American Express Co. | 143364 | 51715696 |
| Capital One Financial Corp. | 52470 | 11542875 |
| SLM Corp. | 340932 | 9154024 |
|  |  | 72412595 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.0% (continued) |  |  |
| Financials - 23.1% (continued) |  |  |
| Financial Services - 2.4% |  |  |
| Berkshire Hathaway, Inc., Class B<sup>A</sup> | 66379 | $31698628 |
| Corebridge Financial, Inc. | 304449 | 9912859 |
| Fidelity National Information Services, Inc. | 527607 | 32985990 |
| Fiserv, Inc.<sup>A</sup> | 86629 | 5777288 |
|  |  | 80374765 |
| Insurance - 5.5% |  |  |
| American International Group, Inc. | 626603 | 49476573 |
| Aon PLC, Class A | 55358 | 18859363 |
| Chubb Ltd. | 63752 | 17655479 |
| Everest Group Ltd. | 28113 | 8842101 |
| Hartford Insurance Group, Inc. | 61674 | 7658677 |
| Marsh & McLennan Cos., Inc. | 110568 | 19697689 |
| Progressive Corp. | 166137 | 34224222 |
| Travelers Cos., Inc. | 73213 | 19666476 |
| Willis Towers Watson PLC | 33170 | 10385527 |
|  |  | 186466107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 777109363 |
| Health Care - 12.7% |  |  |
| Biotechnology - 0.5% |  |  |
| AbbVie, Inc. | 75303 | 16419066 |
| Health Care Equipment & Supplies - 2.7% |  |  |
| Abbott Laboratories | 129086 | 15957611 |
| GE HealthCare Technologies, Inc. | 315413 | 23640204 |
| Medtronic PLC | 452775 | 41066693 |
| Solventum Corp.<sup>A</sup> | 70072 | 4837771 |
| Zimmer Biomet Holdings, Inc. | 63202 | 6355593 |
|  |  | 91857872 |
| Health Care Providers & Services - 6.1% |  |  |
| Centene Corp.<sup>A</sup> | 151521 | 5359298 |
| Cigna Group | 122644 | 29975420 |
| CVS Health Corp. | 119689 | 9353695 |
| Elevance Health, Inc. | 147933 | 46924348 |
| HCA Healthcare, Inc. | 25459 | 11702993 |
| Humana, Inc. | 75795 | 21085411 |
| Labcorp Holdings, Inc. | 19648 | 4989806 |
| McKesson Corp. | 44640 | 36218218 |
| UnitedHealth Group, Inc. | 109863 | 37524806 |
|  |  | 203133995 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Avantor, Inc.<sup>A</sup> | 1136847 | 13437532 |
| Pharmaceuticals - 3.0% |  |  |
| GSK PLC, ADR<sup>B</sup> | 128597 | 6026055 |
| Johnson & Johnson | 139955 | 26433301 |
| Merck & Co., Inc. | 419700 | 36085806 |
| Pfizer, Inc. | 345149 | 8507923 |
| Sanofi SA, ADR | 475100 | 24030558 |
|  |  | 101083643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 425932108 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.0% (continued) |  |  |
| Industrials - 12.6% |  |  |
| Aerospace & Defense - 3.6% |  |  |
| Boeing Co.<sup>A</sup> | 175112 | $35201014 |
| General Dynamics Corp. | 98951 | 34128200 |
| Northrop Grumman Corp. | 24774 | 14454390 |
| RTX Corp. | 215549 | 38475497 |
|  |  | 122259101 |
| Air Freight & Logistics - 0.7% |  |  |
| FedEx Corp. | 96101 | 24392356 |
| Building Products - 1.0% |  |  |
| Johnson Controls International PLC | 277183 | 31706963 |
| Trane Technologies PLC | 7732 | 3468962 |
|  |  | 35175925 |
| Construction & Engineering - 0.5% |  |  |
| AECOM | 87665 | 11777793 |
| Fluor Corp.<sup>A</sup> | 81501 | 3974804 |
|  |  | 15752597 |
| Electrical Equipment - 0.9% |  |  |
| Eaton Corp. PLC | 30164 | 11509376 |
| Vertiv Holdings Co., Class A | 89002 | 17164926 |
|  |  | 28674302 |
| Ground Transportation - 1.2% |  |  |
| JB Hunt Transport Services, Inc. | 82976 | 14011327 |
| Norfolk Southern Corp. | 32972 | 9343606 |
| Union Pacific Corp. | 79952 | 17619022 |
|  |  | 40973955 |
| Industrial Conglomerates - 0.4% |  |  |
| Honeywell International, Inc. | 67325 | 13554542 |
| Machinery - 3.8% |  |  |
| Caterpillar, Inc. | 12303 | 7102030 |
| CNH Industrial NV | 1039742 | 10906893 |
| Cummins, Inc. | 43168 | 18893770 |
| Deere & Co. | 18426 | 8505994 |
| Fortive Corp. | 531711 | 26766332 |
| Illinois Tool Works, Inc. | 45808 | 11173487 |
| Otis Worldwide Corp. | 33660 | 3122302 |
| PACCAR, Inc. | 297566 | 29280494 |
| Stanley Black & Decker, Inc. | 86380 | 5849654 |
| Timken Co. | 63878 | 5015062 |
|  |  | 126616018 |
| Professional Services - 0.3% |  |  |
| Equifax, Inc. | 47910 | 10113801 |
| Trading Companies & Distributors - 0.2% |  |  |
| WW Grainger, Inc. | 5718 | 5597922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 423110519 |
| Information Technology - 9.6% |  |  |
| Communications Equipment - 1.2% |  |  |
| F5, Inc.<sup>A</sup> | 167426 | 42367149 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.0% (continued) |  |  |
| Information Technology - 9.6% (continued) |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| CDW Corp. | 16345 | $2604903 |
| IT Services - 1.2% |  |  |
| Accenture PLC, Class A | 74828 | 18714483 |
| Cognizant Technology Solutions Corp., Class A | 288324 | 21013053 |
|  |  | 39727536 |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| Analog Devices, Inc. | 88852 | 20802919 |
| Entegris, Inc. | 298067 | 27293995 |
| KLA Corp. | 15444 | 18667781 |
| Microchip Technology, Inc. | 450296 | 28107476 |
| QUALCOMM, Inc. | 164986 | 29845967 |
| Texas Instruments, Inc. | 78376 | 12654589 |
|  |  | 137372727 |
| Software - 3.0% |  |  |
| Oracle Corp. | 90081 | 23656171 |
| Salesforce, Inc. | 80517 | 20967432 |
| Workday, Inc., Class A<sup>A</sup> | 237750 | 57040980 |
|  |  | 101664583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 323736898 |
| Materials - 2.9% |  |  |
| Chemicals - 2.0% |  |  |
| Air Products & Chemicals, Inc. | 94149 | 22839606 |
| Axalta Coating Systems Ltd.<sup>A</sup> | 620861 | 17675913 |
| Olin Corp. | 358691 | 7424904 |
| PPG Industries, Inc. | 162853 | 15918881 |
| Sherwin-Williams Co. | 13207 | 4555622 |
|  |  | 68414926 |
| Construction Materials - 0.9% |  |  |
| CRH PLC | 252666 | 30092520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 98507446 |
| Real Estate - 2.2% |  |  |
| Industrial REITs - 1.0% |  |  |
| Prologis, Inc. | 254094 | 31530524 |
| Specialized REITs - 1.2% |  |  |
| Public Storage | 69540 | 19371063 |
| VICI Properties, Inc. | 720166 | 21597778 |
|  |  | 40968841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 72499365 |
| Utilities - 7.1% |  |  |
| Electric Utilities - 5.9% |  |  |
| American Electric Power Co., Inc. | 45762 | 5503338 |
| Duke Energy Corp. | 182884 | 22732481 |
| Entergy Corp. | 307184 | 29517310 |
| Exelon Corp. | 179767 | 8290854 |
| PG&E Corp. | 1913595 | 30540976 |
| Pinnacle West Capital Corp. | 261657 | 23161878 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.0% (continued) |  |  |
| Utilities - 7.1% (continued) |  |  |
| Electric Utilities - 5.9% (continued) |  |  |
| PPL Corp. | 336505 | $12289163 |
| Southern Co. | 217190 | 20424548 |
| Xcel Energy, Inc. | 547052 | 44404211 |
|  |  | 196864759 |
| Multi-Utilities - 1.2% |  |  |
| Dominion Energy, Inc. | 715101 | 41969278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 238834037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $2,120,773,849) |  | 3089747204 |
| FOREIGN COMMON STOCKS - 4.8% |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| WPP PLC, ADR<sup>B</sup> | 430266 | 8162146 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.6% |  |  |
| Magna International, Inc. | 443090 | 20918279 |
| Consumer Staples - 1.4% |  |  |
| Beverages - 0.4% |  |  |
| Anheuser-Busch InBev SA, ADR<sup>B</sup> | 90513 | 5512242 |
| Coca-Cola Europacific Partners PLC | 54784 | 4866463 |
| Diageo PLC, ADR<sup>B</sup> | 35671 | 3284942 |
|  |  | 13663647 |
| Household Products - 0.2% |  |  |
| Reckitt Benckiser Group PLC, ADR<sup>B</sup> | 478526 | 7335803 |
| Personal Products - 0.8% |  |  |
| Unilever PLC, ADR<sup>B</sup> | 401231 | 24150094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 45149544 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Bank of Nova Scotia<sup>B</sup> | 302202 | 19824451 |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.1% |  |  |
| Canadian National Railway Co. | 41350 | 3965879 |
| Information Technology - 1.8% |  |  |
| Communications Equipment - 1.1% |  |  |
| Telefonaktiebolaget LM Ericsson, ADR<sup>B</sup> | 3705541 | 37388909 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| TE Connectivity PLC | 43320 | 10700473 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| NXP Semiconductors NV | 64326 | 13451853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 61541235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks (Cost $121,590,141) |  | 159561534 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| SHORT-TERM INVESTMENTS - 2.9% (Cost $96,415,004) |  |  |
| Investment Companies - 2.9% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>C D</sup> | 96415004 | $96415004 |
| SECURITIES LENDING COLLATERAL - 0.6% (Cost $21,054,093) |  |  |
| Investment Companies - 0.6% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>C D</sup> | 21054093 | 21054093 |
|  TOTAL INVESTMENTS - 100.3% (Cost $2,359,833,087) |  | 3366777835 |
|  LIABILITIES, NET OF OTHER ASSETS - (0.3%) |  | (8993854) |
|  TOTAL NET ASSETS - 100.0% |  | $3357783981 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> Non-income producing security.

<sup>B</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at October 31, 2025 (Note 9).

<sup>C</sup> The Fund is affiliated by having the same investment advisor.

<sup>D</sup> 7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: |  |
| Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts |  |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CME E-Mini S&P 500 Index Futures | 318 | December 2025 | $106867153 | $&nbsp;&nbsp;&nbsp;&nbsp;109296600 | $&nbsp;&nbsp;&nbsp;&nbsp;2429447 |
|  |  |  | $106867153 | $&nbsp;&nbsp;&nbsp;&nbsp;109296600 | $&nbsp;&nbsp;&nbsp;&nbsp;2429447 |

---

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Index Abbreviations: | Index Abbreviations: |
| S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |
| Exchange Abbreviations: | 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 October 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Value Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $3089747204 | $– | $– | $3089747204 |
|  Foreign Common Stocks | 159561534 |  |  | 159561534 |
|  Short-Term Investments | 96415004 |  |  | 96415004 |
|  Securities Lending Collateral | 21054093 |  |  | 21054093 |
|  Total Investments in Securities - Assets | $3366777835 | $– | $– | $3366777835 |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** |
|  Futures Contracts | $2429447 | $– | $– | $2429447 |
|  Total Financial Derivative Instruments - Assets | $2429447 | $– | $– | $2429447 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2025, there were no transfers into or out of Level 3.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Statement of Assets and Liabilities

October 31, 2025

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup> | $3249308738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡ §</sup> | 117469097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts | 8140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 2891109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 4129818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 1530961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for tax reclaims | 357780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) | 2430167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 46104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3386303774 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 1172755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts | 2103511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to custodian | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 3399185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 204262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 75541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned (Note 9)<sup>§</sup> | 21054093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 220453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 93797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 32698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 59676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 103585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 28519793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |
|  Net assets | $3357783981 |
|  Analysis of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $2028936857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 1328847124 |
|  Net assets | $3357783981 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 36888764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 6687750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 20158836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1871306 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 3294509 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 73288 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 50571793 |
|  Net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $1071464459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $191482040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $500053475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $45055353 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $79235555 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $1753855 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $1468739244 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $29.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $28.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $24.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $24.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $24.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $25.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $23.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $29.04 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $2242363990 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $117469097 |
|  <sup>§</sup> Fair value of securities on loan | $114059541 |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

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American Beacon Large Cap Value Fund<sup>SM</sup>

Statement of Operations

For the year ended October 31, 2025

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities (net of foreign taxes)<sup>†</sup> | $73833937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 4242542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 250344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) | 334282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 78661105 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 18752739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 415383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 186346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 27755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 3232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 3945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 59670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 609938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 331570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 106851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1667609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 111468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 128985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 111710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 218000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 19803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 107420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 339182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 35375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 656753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 23896232 |
|  Net investment income | 54764873 |
|  Realized and unrealized gain (loss) from investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>A</sup> | 340967152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 17285023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>B</sup> | (126984656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3515269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments | 234778354 |
|  Net increase in net assets resulting from operations. | $289543227 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes | $932133 |
|  <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. |
|  <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. | <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

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American Beacon Large Cap Value Fund<sup>SM</sup>

Statement of Changes in Net Assets

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| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Increase (decrease) in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $54764873 | $58508565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities, foreign currency transactions, and futures contracts | 358247741 | 380141742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts | (123469387) | 475717464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 289543227 | 914367771 |
|  Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | (122746741) | (58861420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | (21353693) | (9951947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (63021315) | (31275864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5607834) | (2492025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | (11166992) | (714235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | (249289) | (185530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | (162110324) | (65153532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders | (386256188) | (168634553) |
|  Capital share transactions (Note 11): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 467352594 | 589953923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 340846620 | 149512376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (837442752) | (948614037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) in net assets from capital share transactions | (29243538) | (209147738) |
|  Net increase (decrease) in net assets | (125956499) | 536585480 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3483740480 | 2947155000 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3357783981 | $3483740480 |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 October 31, 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.

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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:

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| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| R5 Class | Large institutional investors - sold directly or through intermediary channels. | $250000 |
| Y Class | Large institutional retirement plan investors - sold directly or through intermediary channels. | $100000 |
| Investor Class | All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors. | $2500 |
| Advisor Class | All investors who invest through intermediary organizations, such as broker-dealers or third party administrators. | $2500 |
| 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"). | $2500 |
| 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. | $1000 |
| R6 Class | Large institutional retirement plan investors - sold through retirement plan sponsors. |  |

---

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. 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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

reflected as a component of net realized gain (loss) on investments 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.

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 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.

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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 | 0.3% |

---

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 year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $11783039 |
|  Sub-Advisory Fees | 0.20% | 6969700 |
|  Total | 0.55% | $18752739 |

---

As compensation for services provided by the Manager in connection with securities lending activities conducted by the 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 year ended October 31, 2025, the Manager received securities lending fees of $35,687 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 separate Service Plans that obligate 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 Plans, 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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 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 | $547197 |

---

As of October 31, 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<br>Sub-Transfer Agent Fees |
|  Large Cap Value | $50095 |

---

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 October 31, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | October 31,<br>2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized<br>Gain<br>(Loss) | Dividend<br>Income | October 31,<br>2025<br>Fair Value |
| U.S. Government Money Market Select | Direct | Large Cap Value | $96415004 | $– $|  | $4242542 | $96415004 |
| U.S. Government Money Market Select | Securities Lending | Large Cap Value | 21054093 | – |  | N/A | 21054093 |

---

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 year ended October 31, 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<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in USG<br>Select Funds | Total |
|  Large Cap Value | $99761 | $15231 | $114992 |

---

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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 2025, the Fund participated as a lender by loaning an average amount of $18,229,004 for 4 days at an average interest rate of 5.14% with interest charges earned of $10,343. This amount is included in "Interest income" on the Statement of Operations. During the year ended October 31, 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 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 year ended October 31, 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 year ended October 31, 2025, RID collected $1,070 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 year ended October 31, 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 year ended October 31, 2025, CDSC fees of $2 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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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-

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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| |
|:---|
| 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. |

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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.

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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

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 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.

Other Investment Company Securities and Other Exchange-Traded Products

The Fund 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 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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 (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 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 year ended October 31, 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.

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| | |
|:---|:---|
| Average Futures Contracts Outstanding | Average Futures Contracts Outstanding |
| Fund | Year Ended October 31, 2025 |
|  Large Cap Value | $376 |

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

The following is a summary of the fair valuations of the Fund derivative instruments categorized by risk exposure<sup>(1)</sup>:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> | $- | $- | $- | $- | $2429447 | $2429447 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |  |
| Realized gain (loss) from derivatives<br>recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $17285023 | $17285023 |
| Net change in unrealized appreciation<br>(depreciation) of derivatives<br>recognized as a result from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $3515269 | $3515269 |

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

<sup>(2)</sup> 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.

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, October 31, 2025.

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivatives Assets as of October 31, 2025:** |  |  |
|  | Assets | Liabilities |
| Futures Contracts | $2429447 | $– |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | 2429447 |  |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(2429447) | $– |

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Large Cap Value Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $21054093 | $– | $– | $– | $21054093 |
|  Total Borrowings | $21054093 | $– | $– | $– | $21054093 |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $21054093 |

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 theFund'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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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.

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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 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 the 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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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.

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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, 2025 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.

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>\*</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $28001230 | $22865530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 4776331 | 3784293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 13240948 | 11008851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1121216 | 833468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 2427073 | 248573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 32147 | 39204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 37394344 | 25589230 |
|  Long-term capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 94745511 | 35995890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 16577362 | 6167654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 49780367 | 20267013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 4486618 | 1658557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 8739919 | 465662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 217142 | 146326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 124715980 | 39564302 |
|  Total distributions paid | $386256188 | $168634553 |

---

\*For tax purposes, short-term capital gains are considered ordinary income distributions.

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

As of October 31, 2025, the components of distributable earnings (deficits) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Large Cap Value Fund | $2402246976 | $1062190983 | $(97660124) | $964530859 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Net Unrealized<br>Appreciation<br>(Depreciation) | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other (Losses) | Distributable<br>Earnings |
|  Large Cap Value | $964530859 | $92212644 | $272103621 | $– $– $| 1328847124 |

---

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, the reclassifications of income from investments in real estate securities and other securities, and the realization for tax purposes of unrealized gains (losses) on certain derivative instruments.

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities.

Accordingly, the following amounts represent current year permanent differences derived from equalization as of October 31, 2025:

---

| | | |
|:---|:---|:---|
| Fund | Paid-in-Capital | Distributable<br>Earnings/<br>(Deficits) |
|  Large Cap Value | $42278466 | $(42278466) |

---

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, 2025, 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 year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases (non-U.S.<br>Government Securities) | Sales (non-U.S.<br>Government Securities) |
| Large Cap Value | $885290230 | $1146965276 |

---

A summary of the Fund's transactions in the USG Select Fund for the year ended October 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | October 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | October 31,<br>2025<br>Shares/Fair<br>Value |
| Large Cap Value | Direct | $136122309 | $989330566 | $1029037871 | $96415004 |
| Large Cap Value | Securities Lending | 4685167 | 316557247 | 300188321 | 21054093 |

---

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Affiliated Trades

Cross trades for the year ended October 31, 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 year ended October 31, 2025, cross trades by the Fund under Rule 17a-7 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Purchases | Sales | Net Realized<br>Gain (Loss) |
|  Large Cap Value | $1090912 | $280312 | $174393 |

---

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.

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.

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

As of October 31, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Fair Value<br>of Securities<br>on Loan | Cash<br>Collateral<br>Received | Non-Cash<br>Collateral<br>Received | Total<br>Collateral<br>Received |
|  Large Cap Value | $114059541 | $21054093 | $96454359 | $117508452 |

---

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 6, 2025 (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 daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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 daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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 year ended October 31, 2025, the Fund did not utilize these facilities.

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

11. Capital Share Transactions

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 3886497 | $106078821 | 5154821 | $137077412 |
| Reinvestment of dividends | 3787138 | 99639600 | 1914494 | 48857903 |
| Shares redeemed | (9065363) | (250806939) | (12279471) | (341357215) |
| Net (decrease) in shares outstanding | (1391728) | $(45088518) | (5210156) | $(155421900) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1189617 | $31832840 | 1023027 | $27565083 |
| Reinvestment of dividends | 796714 | 20674738 | 381834 | 9626029 |
| Shares redeemed | (1932641) | (52442138) | (2450297) | (64956349) |
| Net increase (decrease) in shares outstanding | 53690 | $65440 | (1045436) | $(27765237) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 2393179 | $57177084 | 1500707 | $35547391 |
| Reinvestment of dividends | 2714632 | 61160653 | 1368028 | 30452306 |
| Shares redeemed | (4632981) | (109267876) | (8228461) | (190944429) |
| Net increase (decrease) in shares outstanding | 474830 | $9069861 | (5359726) | $(124944732) |
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 101869 | $2326215 | 91954 | $2152524 |
| Reinvestment of dividends | 255169 | 5588204 | 114269 | 2481915 |
| Shares redeemed | (277077) | (6480853) | (433385) | (10039317) |
| Net increase (decrease) in shares outstanding | 79961 | $1433566 | (227162) | $(5404878) |
|  | A Class | A Class | A Class | A Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 952378 | $20682894 | 3329508 | $79786438 |
| Reinvestment of dividends | 506423 | 11070404 | 30925 | 671373 |
| Shares redeemed | (1638752) | (38086865) | (471556) | (11261293) |
| Net increase (decrease) in shares outstanding | (179951) | $(6333567) | 2888877 | $69196518 |
|  | C Class | C Class | C Class | C Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 2946 | $66140 | 17307 | $397627 |
| Reinvestment of dividends | 11136 | 243662 | 8424 | 182049 |
| Shares redeemed | (33654) | (793560) | (123041) | (2824875) |
| Net (decrease) in shares outstanding | (19572) | $(483758) | (97310) | $(2245199) |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 9010737 | $249188600 | 11525607 | $307427448 |
| Reinvestment of dividends | 5417086 | 142469359 | 2243857 | 57240801 |
| Shares redeemed | (13607941) | (379564521) | (11795748) | (327230559) |
| Net increase in shares outstanding | 819882 | $12093438 | 1973716 | $37437690 |

---

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 |
|  Net asset value, beginning of period | $| 29.97 | $| 23.92 | $| 26.21 | $| 30.99 | $| 23.36 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 0.47<br> <sup>A</sup>  |  | 0.62 |  | 0.51 |  | 0.50 |  | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) |  | 1.93 |  | 6.79 |  | 0.02 |  | (2.11) |  | 10.64 |
|  Total income (loss) from investment operations |  | 2.40 |  | 7.41 |  | 0.53 |  | (1.61) |  | 11.23 |
|  Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.50) |  | (0.46) |  | (0.43) |  | (0.39) |  | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.82) |  | (0.90) |  | (2.39) |  | (2.78) |  | (3.11) |
|  Total distributions |  | (3.32) |  | (1.36) |  | (2.82) |  | (3.17) |  | (3.60) |
|  Net asset value, end of period | $| 29.05 | $| 29.97 | $| 23.92 | $| 26.21 | $| 30.99 |
|  Total return<sup>B</sup>  |  | 9.16% |  | 31.97% |  | 2.16% |  | (5.75)% |  | 52.60% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $| 1071464459 | $| 1147150395 | $| 1040466568 | $| 1218988715 | $| 1682465233 |
|  Ratios to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments |  | 0.66% |  | 0.65% |  | 0.64% |  | 0.63% |  | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments |  | 0.66% |  | 0.65% |  | 0.64% |  | 0.63% |  | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments |  | 1.68% |  | 1.77% |  | 1.78% |  | 1.45% |  | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments |  | 1.68% |  | 1.77% |  | 1.78% |  | 1.45% |  | 1.30% |
|  Portfolio turnover rate |  | 27% |  | 26% |  | 25% |  | 25% |  | 23% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $29.58 | $23.63 | $25.92 | $30.68 | $23.16 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.45 <sup>A</sup> | 0.45 | 0.45 | 0.37 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.90 | 6.84 | 0.06 | (1.98) | 10.73 |
|  Total income (loss) from investment operations | 2.35 | 7.29 | 0.51 | (1.61) | 11.11 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.44) | (0.41) | (0.37) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) |
|  Total distributions | (3.30) | (1.34) | (2.80) | (3.15) | (3.59) |
|  Net asset value, end of period | $28.63 | $29.58 | $23.63 | $25.92 | $30.68 |
|  Total return<sup>B</sup>  | 9.09% | 31.84% | 2.09% | (5.81)% | 52.47% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $191482040 | $196267664 | $181490071 | $188140776 | $258183363 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.72% | 0.72% | 0.71% | 0.70% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.72% | 0.72% | 0.71% | 0.70% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.62% | 1.71% | 1.70% | 1.38% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.62% | 1.71% | 1.70% | 1.38% | 1.21% |
|  Portfolio turnover rate | 27% | 26% | 25% | 25% | 23% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $26.08 | $20.97 | $23.30 | $27.88 | $21.32 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.33 <sup>A</sup> | 0.16 | 0.27 | 0.25 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.64 | 6.23 | 0.14 | (1.76) | 9.88 |
|  Total income (loss) from investment operations | 1.97 | 6.39 | 0.41 | (1.51) | 10.08 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.38) | (0.35) | (0.29) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) |
|  Total distributions | (3.24) | (1.28) | (2.74) | (3.07) | (3.52) |
|  Net asset value, end of period | $24.81 | $26.08 | $20.97 | $23.30 | $27.88 |
|  Total return<sup>B</sup>  | 8.82% | 31.54% | 1.88% | (6.04)% | 52.04% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $500053475 | $513291440 | $525063555 | $649409067 | $821099597 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.97% | 0.94% | 0.94% | 0.95% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.97% | 0.94% | 0.94% | 0.95% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.37% | 1.49% | 1.48% | 1.13% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.37% | 1.49% | 1.48% | 1.13% | 0.93% |
|  Portfolio turnover rate | 27% | 26% | 25% | 25% | 23% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $25.40 | $20.46 | $22.80 | $27.36 | $20.97 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.28 <sup>A</sup> | 0.18 | 0.26 | 0.14 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.60 | 6.01 | 0.10 | (1.65) | 9.62 |
|  Total income (loss) from investment operations | 1.88 | 6.19 | 0.36 | (1.51) | 9.88 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.35) | (0.31) | (0.27) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) |
|  Total distributions | (3.20) | (1.25) | (2.70) | (3.05) | (3.49) |
|  Net asset value, end of period | $24.08 | $25.40 | $20.46 | $22.80 | $27.36 |
|  Total return<sup>B</sup>  | 8.66% | 31.28% | 1.69% | (6.17)% | 51.89% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $45055353 | $45504706 | $41289229 | $47185316 | $63521926 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.13% | 1.11% | 1.11% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.13% | 1.11% | 1.11% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.21% | 1.30% | 1.31% | 0.98% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.21% | 1.30% | 1.31% | 0.98% | 0.81% |
|  Portfolio turnover rate | 27% | 26% | 25% | 25% | 23% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $25.43 | $20.47 | $22.86 | $27.37 | $20.96 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.31 <sup>A</sup> | 1.80 | 0.30 <sup>A</sup> | 1.05 | 0.24 <sup>A</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.58 | 4.43 | 0.08 | (2.51) | 9.68 |
|  Total income (loss) from investment operations | 1.89 | 6.23 | 0.38 | (1.46) | 9.92 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.37) | (0.38) | (0.27) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) |
|  Total distributions | (3.27) | (1.27) | (2.77) | (3.05) | (3.51) |
|  Net asset value, end of period | $24.05 | $25.43 | $20.47 | $22.86 | $27.37 |
|  Total return<sup>B</sup>  | 8.73% | 31.53% | 1.79% | (5.96)% | 52.15% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $79235555 | $88343465 | $11986577 | $16953764 | $12661833 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.03% | 1.00% | 1.00% | 0.89% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.03% | 1.00% | 1.00% | 0.89% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.33% | 1.33% | 1.42% | 1.24% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.33% | 1.33% | 1.42% | 1.24% | 0.98% |
|  Portfolio turnover rate | 27% | 26% | 25% | 25% | 23% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $25.15 | $20.21 | $22.52 | $27.07 | $20.74 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.14 <sup>A</sup> | 0.17 <sup>A</sup> | 0.15 <sup>A</sup> | 0.07 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.58 | 5.82 | 0.09 | (1.71) | 9.49 |
|  Total income (loss) from investment operations | 1.72 | 5.99 | 0.24 | (1.64) | 9.65 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.15) | (0.16) | (0.13) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) |
|  Total distributions | (2.94) | (1.05) | (2.55) | (2.91) | (3.32) |
|  Net asset value, end of period | $23.93 | $25.15 | $20.21 | $22.52 | $27.07 |
|  Total return<sup>B</sup>  | 7.94% | 30.51% | 1.11% | (6.74)% | 51.05% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $1753855 | $2335004 | $3842593 | $5508217 | $6898120 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.75% | 1.72% | 1.70% | 1.69% | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.75% | 1.72% | 1.70% | 1.69% | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.61% | 0.74% | 0.71% | 0.40% | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.61% | 0.74% | 0.71% | 0.40% | 0.22% |
|  Portfolio turnover rate | 27% | 26% | 25% | 25% | 23% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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 value and returns for shareholder transactions.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $29.97 | $23.92 | $26.21 | $30.99 | $23.36 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.48 <sup>A</sup> | 0.53 | 0.48 | 0.45 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.92 | 6.89 | 0.05 | (2.05) | 10.88 |
|  Total income (loss) from investment operations | 2.40 | 7.42 | 0.53 | (1.60) | 11.24 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.51) | (0.47) | (0.43) | (0.40) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) |
|  Total distributions | (3.33) | (1.37) | (2.82) | (3.18) | (3.61) |
|  Net asset value, end of period | $29.04 | $29.97 | $23.92 | $26.21 | $30.99 |
|  Total return<sup>B</sup>  | 9.16% | 32.02% | 2.19% | (5.72)% | 52.65% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $1468739244 | $1490847806 | $1143016407 | $1094080159 | $1242662760 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.63% | 0.61% | 0.61% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.63% | 0.61% | 0.61% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.71% | 1.79% | 1.80% | 1.49% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.71% | 1.79% | 1.80% | 1.49% | 1.31% |
|  Portfolio turnover rate | 27% | 26% | 25% | 25% | 23% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Federal Tax Information

October 31, 2025 (Unaudited)

Certain tax information regarding the Fund are required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended October 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025.

The Fund designated the following items with regard to distributions paid during the fiscal year ended October 31, 2025. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

#### Corporate Dividends-Received Deduction:

---

| | | |
|:---|:---|:---|
|  Large Cap Value | 65.24 | % |

---

#### Qualified Dividend Income:

---

| | | |
|:---|:---|:---|
|  Large Cap Value | 77.51 | % |

---

#### Long-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Large Cap Value | $341541365.0 |

---

#### Short-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Large Cap Value | $30096870.0 |

---

Shareholders will receive notification in January 2026 of the applicable tax information necessary to prepare their 2025 income tax returns.

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Results of Shareholder Meeting (Unaudited)

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon IMC International Small Cap Fund formerly known as EAM International Small Cap Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Diversified Institutional Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | For | Against | Abstain | Non-Voting |
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 | 0.000 |

---

------

##### [**Table of Contents**](#toc)
![LOGO](g48469g01a06.jpg)

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:

---

| | |
|:---|:---|
| ![LOGO](g48469g02b06.jpg) | ![LOGO](g48469g03c06.jpg) |
| **By E-mail:** | **On the Internet:** |
| american_beacon.funds@ambeacon.com | Visit our website at<br> www.americanbeaconfunds.com |
| ![LOGO](g48469g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g48469g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g48469g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g48469g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g48469g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g48469g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g48469g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g48469g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> 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.

AR 10/25

------

##### [**Table of Contents**](#toc)
![LOGO](g93395g02a01.jpg)

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#tx93395_1) | 1 |
|  [Schedule of Investments:](#tx93395_2) |  |
| &nbsp;&nbsp;&nbsp; [Small Cap Value Fund](#tx93395_3) | 2 |
|  [Financial Statements](#tx93395_4) | 15 |
|  [Notes to Financial Statements](#tx93395_5) | 19 |
|  [Financial Highlights:](#tx93395_6) |  |
| &nbsp;&nbsp;&nbsp; [Small Cap Value Fund](#tx93395_7) | 39 |
|  [Federal Tax Information](#tx93395_8) | 46 |
|  [Results of Shareholder Meeting](#tx93395_8a) | 47 |

---

---

| | |
|:---|:---|
|  <br> [Additional Fund Information](#tx93395_9) | Back Cover |

---

American Beacon Funds October 31, 2025

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon Small Cap Value Fund.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of American Beacon Small Cap Value Fund (one of the funds constituting American Beacon Funds, referred hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the four years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 30, 2025

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% |  |  |
| Communication Services - 1.6% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Shenandoah Telecommunications Co.<sup>A</sup> | 88390 | $1088965 |
| Interactive Media & Services - 0.2% |  |  |
| Bumble, Inc., Class A<sup>B</sup> | 273000 | 1515150 |
| IAC, Inc.<sup>B</sup> | 199900 | 6440778 |
|  |  | 7955928 |
| Media - 1.3% |  |  |
| Boston Omaha Corp., Class A<sup>A B</sup> | 82690 | 1051817 |
| National CineMedia, Inc.<sup>A</sup> | 1273764 | 5630037 |
| Nexstar Media Group, Inc. | 50970 | 9976358 |
| Scholastic Corp. | 39000 | 1118130 |
| Stagwell, Inc.<sup>A B</sup> | 5234448 | 24863628 |
| TEGNA, Inc. | 294990 | 5802453 |
|  |  | 48442423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 57487316 |
| Consumer Discretionary - 12.6% |  |  |
| Automobile Components - 2.6% |  |  |
| Adient PLC<sup>B</sup> | 685025 | 15885730 |
| American Axle & Manufacturing Holdings, Inc.<sup>A B</sup> | 1767096 | 10955995 |
| BorgWarner, Inc. | 296825 | 12751602 |
| Gentex Corp. | 61415 | 1440182 |
| Gentherm, Inc.<sup>B</sup> | 335349 | 12340843 |
| Goodyear Tire & Rubber Co.<sup>B</sup> | 766800 | 5283252 |
| Lear Corp. | 210594 | 22038662 |
| Phinia, Inc. | 87940 | 4564965 |
| Standard Motor Products, Inc. | 58100 | 2157253 |
| Visteon Corp. | 66960 | 7175434 |
|  |  | 94593918 |
| Automobiles - 0.4% |  |  |
| Harley-Davidson, Inc. | 153000 | 4127940 |
| Thor Industries, Inc. | 117745 | 12286691 |
|  |  | 16414631 |
| Broadline Retail - 0.2% |  |  |
| Kohl's Corp. | 141000 | 2294070 |
| Macy's, Inc. | 337900 | 6585671 |
|  |  | 8879741 |
| Distributors - 0.0% |  |  |
| A-Mark Precious Metals, Inc. | 31000 | 823980 |
| Diversified Consumer Services - 0.3% |  |  |
| Graham Holdings Co., Class B | 5800 | 5870354 |
| Perdoceo Education Corp. | 141980 | 4509285 |
|  |  | 10379639 |
| Hotels, Restaurants & Leisure - 2.2% |  |  |
| Cheesecake Factory, Inc.<sup>A</sup> | 212958 | 10605308 |
| Golden Entertainment, Inc. | 280190 | 5659838 |
| Marriott Vacations Worldwide Corp. | 493566 | 32565485 |
| Papa John's International, Inc. | 423750 | 21530737 |
| Travel & Leisure Co. | 173550 | 10895469 |
|  |  | 81256837 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Consumer Discretionary - 12.6% (continued) |  |  |
| Household Durables - 1.9% |  |  |
| Century Communities, Inc. | 231994 | $13780444 |
| Dream Finders Homes, Inc., Class A<sup>A B</sup> | 56600 | 1120680 |
| Ethan Allen Interiors, Inc. | 42870 | 1036168 |
| Green Brick Partners, Inc.<sup>B</sup> | 114029 | 7382238 |
| KB Home | 195963 | 12232010 |
| Legacy Housing Corp.<sup>B</sup> | 46660 | 1047750 |
| Leggett & Platt, Inc. | 42100 | 393214 |
| M/I Homes, Inc.<sup>B</sup> | 42500 | 5320575 |
| Meritage Homes Corp. | 89600 | 6053376 |
| Newell Brands, Inc. | 3949096 | 13426926 |
| Tri Pointe Homes, Inc.<sup>B</sup> | 201000 | 6401850 |
|  |  | 68195231 |
| Leisure Products - 1.3% |  |  |
| Brunswick Corp. | 437430 | 28918497 |
| Johnson Outdoors, Inc., Class A | 14765 | 601378 |
| Smith & Wesson Brands, Inc. | 55800 | 534843 |
| Topgolf Callaway Brands Corp.<sup>B</sup> | 236270 | 2223301 |
| YETI Holdings, Inc.<sup>A B</sup> | 425597 | 14466042 |
|  |  | 46744061 |
| Specialty Retail - 3.4% |  |  |
| Academy Sports & Outdoors, Inc. | 436245 | 20891773 |
| American Eagle Outfitters, Inc. | 1286448 | 21496546 |
| Asbury Automotive Group, Inc.<sup>B</sup> | 50200 | 11776920 |
| Boot Barn Holdings, Inc.<sup>B</sup> | 40501 | 7681015 |
| Buckle, Inc. | 129560 | 7099888 |
| Group 1 Automotive, Inc. | 25400 | 10097516 |
| Lithia Motors, Inc. | 68581 | 21539921 |
| MarineMax, Inc.<sup>B</sup> | 34500 | 854565 |
| Sally Beauty Holdings, Inc.<sup>B</sup> | 159500 | 2410045 |
| Signet Jewelers Ltd. | 51500 | 5090775 |
| Sonic Automotive, Inc., Class A<sup>A</sup> | 222548 | 14138474 |
| Upbound Group, Inc. | 96000 | 1860480 |
|  |  | 124937918 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| G-III Apparel Group Ltd.<sup>B</sup> | 53100 | 1425735 |
| VF Corp. | 692924 | 9728653 |
|  |  | 11154388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 463380344 |
| Consumer Staples - 1.8% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Andersons, Inc. | 43100 | 1995961 |
| Ingles Markets, Inc., Class A | 39100 | 2701810 |
| United Natural Foods, Inc.<sup>B</sup> | 114260 | 4301889 |
| Village Super Market, Inc., Class A | 18660 | 585364 |
|  |  | 9585024 |
| Food Products - 0.8% |  |  |
| Cal-Maine Foods, Inc. | 15200 | 1334560 |
| Darling Ingredients, Inc.<sup>B</sup> | 523670 | 16783623 |
| Fresh Del Monte Produce, Inc. | 128980 | 4559443 |
| J&J Snack Foods Corp. | 86391 | 7312998 |
| Seneca Foods Corp., Class A<sup>B</sup> | 11140 | 1201282 |
|  |  | 31191906 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Consumer Staples - 1.8% (continued) |  |  |
| Household Products - 0.2% |  |  |
| Central Garden & Pet Co., Class A<sup>B</sup> | 303374 | $8436831 |
| Personal Products - 0.4% |  |  |
| Herbalife Ltd.<sup>B</sup> | 74029 | 592232 |
| Interparfums, Inc. | 151157 | 13475647 |
|  |  | 14067879 |
| Tobacco - 0.1% |  |  |
| Universal Corp. | 65300 | 3309404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 66591044 |
| Energy - 6.4% |  |  |
| Energy Equipment & Services - 3.1% |  |  |
| Atlas Energy Solutions, Inc.<sup>A</sup> | 1102967 | 13654732 |
| Bristow Group, Inc.<sup>B</sup> | 77060 | 3136342 |
| Expro Group Holdings NV<sup>B</sup> | 298361 | 4051742 |
| Helmerich & Payne, Inc. | 198156 | 5203577 |
| Kodiak Gas Services, Inc. | 231684 | 8544506 |
| Noble Corp. PLC | 49600 | 1455760 |
| NOV, Inc. | 2335450 | 34097570 |
| Patterson-UTI Energy, Inc. | 1508231 | 9456608 |
| Select Water Solutions, Inc. | 887929 | 10264459 |
| Transocean Ltd.<sup>B</sup> | 294400 | 1130496 |
| Valaris Ltd.<sup>B</sup> | 114860 | 6445943 |
| Weatherford International PLC | 215934 | 15912177 |
|  |  | 113353912 |
| Oil, Gas & Consumable Fuels - 3.3% |  |  |
| APA Corp.<sup>A</sup> | 542083 | 12278180 |
| Berry Corp. | 1173600 | 3955032 |
| California Resources Corp. | 229250 | 10813723 |
| Clean Energy Fuels Corp.<sup>B</sup> | 353350 | 1010581 |
| CNX Resources Corp.<sup>B</sup> | 178000 | 5991480 |
| Crescent Energy Co., Class A | 146967 | 1238932 |
| Green Plains, Inc.<sup>B</sup> | 82500 | 848100 |
| Gulfport Energy Corp.<sup>B</sup> | 47632 | 8860028 |
| Infinity Natural Resources, Inc., Class A<sup>B</sup> | 409769 | 4704148 |
| International Seaways, Inc. | 79620 | 4078933 |
| Magnolia Oil & Gas Corp., Class A | 475920 | 10689163 |
| Murphy Oil Corp.<sup>A</sup> | 594200 | 16815860 |
| NextDecade Corp.<sup>A B</sup> | 226800 | 1344924 |
| Northern Oil & Gas, Inc. | 536933 | 11882327 |
| Ovintiv, Inc. | 94500 | 3544695 |
| PBF Energy, Inc., Class A | 89372 | 3053841 |
| Peabody Energy Corp. | 153000 | 4195260 |
| SM Energy Co. | 598852 | 12510018 |
| Talos Energy, Inc.<sup>B</sup> | 54400 | 533664 |
| VAALCO Energy, Inc.<sup>A</sup> | 33500 | 131655 |
| World Kinect Corp. | 152720 | 3947812 |
|  |  | 122428356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 235782268 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Financials - 20.8% |  |  |
| Banks - 13.9% |  |  |
| Ameris Bancorp | 92000 | $6589040 |
| Arrow Financial Corp. | 5300 | 147817 |
| Associated Banc-Corp. | 472538 | 11704766 |
| Atlantic Union Bankshares Corp. | 530691 | 17258071 |
| Axos Financial, Inc.<sup>B</sup> | 83300 | 6495734 |
| Banc of California, Inc. | 46300 | 785711 |
| Bank OZK | 153000 | 6883470 |
| BankUnited, Inc. | 31080 | 1245686 |
| Banner Corp. | 400105 | 24162341 |
| Bar Harbor Bankshares | 19230 | 564016 |
| Bridgewater Bancshares, Inc.<sup>B</sup> | 8800 | 144848 |
| Burke & Herbert Financial Services Corp. | 4700 | 276642 |
| Business First Bancshares, Inc. | 26970 | 661304 |
| Byline Bancorp, Inc. | 60610 | 1620711 |
| Capitol Federal Financial, Inc. | 42700 | 257908 |
| Cathay General Bancorp | 99100 | 4504095 |
| Central Pacific Financial Corp. | 10610 | 302491 |
| City Holding Co. | 121302 | 14299080 |
| Civista Bancshares, Inc. | 1000 | 21530 |
| Coastal Financial Corp.<sup>B</sup> | 66240 | 7054560 |
| Community Financial System, Inc. | 213589 | 11849918 |
| Community Trust Bancorp, Inc. | 24760 | 1267588 |
| Community West Bancshares | 1300 | 27534 |
| Cullen/Frost Bankers, Inc. | 118374 | 14576574 |
| Customers Bancorp, Inc.<sup>B</sup> | 43580 | 2925090 |
| Dime Community Bancshares, Inc. | 13800 | 362250 |
| Eastern Bankshares, Inc. | 122790 | 2152509 |
| Enterprise Financial Services Corp. | 44340 | 2322086 |
| Equity Bancshares, Inc., Class A | 6200 | 251162 |
| Farmers National Banc Corp. | 50270 | 652505 |
| FB Financial Corp. | 598695 | 32335517 |
| Financial Institutions, Inc. | 6500 | 184795 |
| First Bancorp/Southern Pines NC | 320316 | 15548139 |
| First Busey Corp. | 118710 | 2654356 |
| First Commonwealth Financial Corp. | 141770 | 2167663 |
| First Financial Bancorp | 126510 | 2961599 |
| First Financial Corp. | 3700 | 197284 |
| First Hawaiian, Inc. | 983363 | 24121894 |
| First Merchants Corp. | 24890 | 883097 |
| FNB Corp. | 476400 | 7489008 |
| Fulton Financial Corp. | 218510 | 3795519 |
| Glacier Bancorp, Inc. | 454435 | 18563670 |
| Great Southern Bancorp, Inc. | 16330 | 909581 |
| Hancock Whitney Corp. | 53260 | 3041679 |
| Hanmi Financial Corp. | 9700 | 256080 |
| Heritage Commerce Corp. | 19700 | 204880 |
| Hilltop Holdings, Inc. | 94940 | 3066562 |
| HomeTrust Bancshares, Inc. | 24150 | 949337 |
| Hope Bancorp, Inc. | 50200 | 526598 |
| Horizon Bancorp, Inc. | 16500 | 257400 |
| Independent Bank Corp. | 322279 | 21197201 |
| International Bancshares Corp. | 86100 | 5715318 |
| Kearny Financial Corp. | 20400 | 130356 |
| Live Oak Bancshares, Inc. | 585969 | 18247075 |
| Mercantile Bank Corp. | 22140 | 970839 |
| Mid Penn Bancorp, Inc. | 7400 | 210530 |
| MidWestOne Financial Group, Inc. | 6700 | 247833 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Financials - 20.8% (continued) |  |  |
| Banks - 13.9% (continued) |  |  |
| National Bank Holdings Corp., Class A | 619257 | $22082705 |
| NB Bancorp, Inc. | 12500 | 225875 |
| NBT Bancorp, Inc. | 170270 | 6890827 |
| Northeast Community Bancorp, Inc. | 1000 | 19640 |
| Northfield Bancorp, Inc. | 13400 | 136948 |
| Northrim BanCorp, Inc. | 7200 | 158256 |
| Northwest Bancshares, Inc. | 139800 | 1637058 |
| OceanFirst Financial Corp. | 24600 | 447228 |
| Old Second Bancorp, Inc. | 60410 | 1084359 |
| Origin Bancorp, Inc. | 18180 | 630119 |
| Orrstown Financial Services, Inc. | 6100 | 203008 |
| Pathward Financial, Inc. | 34680 | 2360321 |
| Peapack-Gladstone Financial Corp. | 1300 | 32890 |
| Peoples Bancorp, Inc. | 49100 | 1404260 |
| Preferred Bank | 20810 | 1878102 |
| Provident Financial Services, Inc. | 100560 | 1839242 |
| QCR Holdings, Inc. | 23370 | 1738494 |
| Renasant Corp. | 675043 | 22701696 |
| S&T Bancorp, Inc. | 50780 | 1860579 |
| Seacoast Banking Corp. of Florida | 1162226 | 35215448 |
| ServisFirst Bancshares, Inc. | 197908 | 13906995 |
| Shore Bancshares, Inc. | 10700 | 167027 |
| Sierra Bancorp | 1000 | 28780 |
| Simmons First National Corp., Class A | 910006 | 15815904 |
| SmartFinancial, Inc. | 15230 | 532593 |
| Southern Missouri Bancorp, Inc. | 15520 | 813869 |
| Southside Bancshares, Inc. | 2100 | 59052 |
| Stellar Bancorp, Inc. | 22100 | 650403 |
| Synovus Financial Corp. | 55974 | 2498679 |
| Texas Capital Bancshares, Inc.<sup>B</sup> | 355532 | 29807803 |
| Third Coast Bancshares, Inc.<sup>B</sup> | 4500 | 165375 |
| Towne Bank | 31100 | 1011061 |
| Triumph Financial, Inc.<sup>B</sup> | 289434 | 15762576 |
| TrustCo Bank Corp. | 22640 | 853754 |
| Trustmark Corp. | 18990 | 706808 |
| United Bankshares, Inc. | 77260 | 2765135 |
| United Community Banks, Inc. | 68050 | 1987060 |
| Univest Financial Corp. | 9300 | 273048 |
| WaFd, Inc. | 144213 | 4186503 |
| Washington Trust Bancorp, Inc. | 1400 | 38136 |
| WesBanco, Inc. | 30180 | 908418 |
| Westamerica BanCorp | 35650 | 1698723 |
| WSFS Financial Corp. | 52960 | 2758686 |
| Zions Bancorp NA | 58500 | 3048435 |
|  |  | 511192725 |
| Capital Markets - 1.9% |  |  |
| Affiliated Managers Group, Inc. | 9000 | 2141640 |
| Artisan Partners Asset Management, Inc., Class A | 47100 | 2056386 |
| Donnelley Financial Solutions, Inc.<sup>B</sup> | 149334 | 6861897 |
| Federated Hermes, Inc. | 94800 | 4595904 |
| Oppenheimer Holdings, Inc., Class A | 16790 | 1171270 |
| Perella Weinberg Partners | 484396 | 9048517 |
| Piper Sandler Cos. | 42329 | 13513957 |
| Stifel Financial Corp. | 168682 | 19977009 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Financials - 20.8% (continued) |  |  |
| Capital Markets - 1.9% (continued) |  |  |
| Victory Capital Holdings, Inc., Class A | 91500 | $5697705 |
| Virtu Financial, Inc., Class A | 53200 | 1853488 |
| Virtus Investment Partners, Inc. | 9070 | 1476778 |
|  |  | 68394551 |
| Consumer Finance - 1.3% |  |  |
| Bread Financial Holdings, Inc. | 75160 | 4708774 |
| Encore Capital Group, Inc.<sup>B</sup> | 32640 | 1357171 |
| Enova International, Inc.<sup>B</sup> | 42800 | 5117596 |
| EZCORP, Inc., Class A<sup>B</sup> | 93510 | 1706558 |
| Green Dot Corp., Class A<sup>B</sup> | 70300 | 816183 |
| LendingClub Corp.<sup>B</sup> | 146720 | 2551461 |
| Navient Corp. | 185880 | 2273312 |
| Nelnet, Inc., Class A | 24270 | 3132044 |
| Regional Management Corp. | 7000 | 275450 |
| SLM Corp. | 933947 | 25076477 |
| World Acceptance Corp.<sup>B</sup> | 8890 | 1133208 |
|  |  | 48148234 |
| Financial Services - 2.0% |  |  |
| Burford Capital Ltd. | 1176201 | 11703200 |
| Euronet Worldwide, Inc.<sup>B</sup> | 66244 | 5025270 |
| Merchants Bancorp | 37920 | 1182725 |
| NCR Atleos Corp.<sup>B</sup> | 94500 | 3487050 |
| NMI Holdings, Inc.<sup>B</sup> | 124990 | 4553386 |
| PennyMac Financial Services, Inc. | 69400 | 8731214 |
| Radian Group, Inc. | 218500 | 7415890 |
| Walker & Dunlop, Inc. | 181471 | 14503162 |
| WEX, Inc.<sup>B</sup> | 99466 | 14510100 |
|  |  | 71111997 |
| Insurance - 1.7% |  |  |
| American Coastal Insurance Corp. | 62020 | 734317 |
| Assured Guaranty Ltd. | 81300 | 6551154 |
| Baldwin Insurance Group, Inc.<sup>A B</sup> | 474311 | 10482273 |
| Brighthouse Financial, Inc.<sup>B</sup> | 92210 | 5262425 |
| CNO Financial Group, Inc. | 116330 | 4655526 |
| Donegal Group, Inc., Class A | 36920 | 692250 |
| Employers Holdings, Inc. | 36530 | 1392889 |
| Genworth Financial, Inc.<sup>B</sup> | 661900 | 5586436 |
| Global Indemnity Group LLC, Class A | 302504 | 8848212 |
| Heritage Insurance Holdings, Inc.<sup>B</sup> | 33700 | 796331 |
| Horace Mann Educators Corp. | 165751 | 7410727 |
| Kemper Corp. | 87100 | 3918629 |
| United Fire Group, Inc. | 41200 | 1245476 |
| Universal Insurance Holdings, Inc. | 45750 | 1410015 |
| White Mountains Insurance Group Ltd. | 2450 | 4666172 |
|  |  | 63652832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 762500339 |
| Health Care - 3.6% |  |  |
| Biotechnology - 0.2% |  |  |
| Catalyst Pharmaceuticals, Inc.<sup>B</sup> | 197450 | 4199762 |
| Emergent BioSolutions, Inc.<sup>B</sup> | 85950 | 1072656 |
| Rigel Pharmaceuticals, Inc.<sup>B</sup> | 47300 | 1493734 |
|  |  | 6766152 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Health Care - 3.6% (continued) |  |  |
| Health Care Equipment & Supplies - 1.8% |  |  |
| CONMED Corp. | 320352 | $14095488 |
| Embecta Corp. | 94060 | 1254760 |
| Haemonetics Corp.<sup>B</sup> | 186558 | 9329766 |
| LivaNova PLC<sup>B</sup> | 295500 | 15552165 |
| Merit Medical Systems, Inc.<sup>B</sup> | 168570 | 14756618 |
| Solventum Corp.<sup>B</sup> | 173309 | 11965253 |
|  |  | 66954050 |
| Health Care Providers & Services - 0.6% |  |  |
| Centene Corp.<sup>B</sup> | 203900 | 7211943 |
| Concentra Group Holdings Parent, Inc. | 558584 | 11126993 |
| Fulgent Genetics, Inc.<sup>B</sup> | 83000 | 1863350 |
| Pediatrix Medical Group, Inc.<sup>B</sup> | 227000 | 3852190 |
|  |  | 24054476 |
| Pharmaceuticals - 1.0% |  |  |
| Collegium Pharmaceutical, Inc.<sup>B</sup> | 86380 | 3109680 |
| Perrigo Co. PLC | 861260 | 17862532 |
| Prestige Consumer Healthcare, Inc.<sup>B</sup> | 233119 | 14127012 |
| SIGA Technologies, Inc. | 115360 | 955181 |
|  |  | 36054405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 133829083 |
| Industrials - 21.1% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| AAR Corp.<sup>B</sup> | 316172 | 26624844 |
| AerSale Corp.<sup>B</sup> | 142800 | 1059576 |
| ATI, Inc.<sup>B</sup> | 305634 | 30248597 |
| Moog, Inc., Class A | 68718 | 14076882 |
|  |  | 72009899 |
| Air Freight & Logistics - 0.3% |  |  |
| Hub Group, Inc., Class A | 307795 | 11336090 |
| Building Products - 2.0% |  |  |
| Apogee Enterprises, Inc. | 204965 | 7503769 |
| AZZ, Inc. | 110607 | 11044109 |
| Gibraltar Industries, Inc.<sup>B</sup> | 351645 | 21939131 |
| Hayward Holdings, Inc.<sup>B</sup> | 841672 | 14283174 |
| Quanex Building Products Corp. | 530941 | 7544672 |
| UFP Industries, Inc. | 124718 | 11490269 |
|  |  | 73805124 |
| Commercial Services & Supplies - 1.6% |  |  |
| Brink's Co. | 84480 | 9390797 |
| Deluxe Corp. | 640672 | 11602570 |
| Interface, Inc. | 830211 | 20672254 |
| MillerKnoll, Inc. | 829424 | 12955603 |
| Pitney Bowes, Inc. | 330840 | 3268699 |
| Quad/Graphics, Inc. | 416975 | 2297532 |
|  |  | 60187455 |
| Construction & Engineering - 1.7% |  |  |
| Everus Construction Group, Inc.<sup>B</sup> | 161785 | 14704639 |
| Fluor Corp.<sup>B</sup> | 427174 | 20833276 |
| Great Lakes Dredge & Dock Corp.<sup>B</sup> | 179400 | 2036190 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Industrials - 21.1% (continued) |  |  |
| Construction & Engineering - 1.7% (continued) |  |  |
| MYR Group, Inc.<sup>B</sup> | 2166 | $470920 |
| NWPX Infrastructure, Inc.<sup>B</sup> | 26200 | 1576192 |
| WillScot Holdings Corp. | 1007317 | 21909145 |
|  |  | 61530362 |
| Electrical Equipment - 1.6% |  |  |
| EnerSys | 316923 | 39983006 |
| Regal Rexnord Corp. | 62115 | 8751382 |
| Thermon Group Holdings, Inc.<sup>B</sup> | 275371 | 7911409 |
|  |  | 56645797 |
| Ground Transportation - 1.7% |  |  |
| ArcBest Corp. | 139973 | 10402793 |
| Covenant Logistics Group, Inc. | 28780 | 580493 |
| Schneider National, Inc., Class B | 423430 | 9048699 |
| U-Haul Holding Co. | 526984 | 25553454 |
| Werner Enterprises, Inc. | 701727 | 18385248 |
|  |  | 63970687 |
| Machinery - 6.8% |  |  |
| Alamo Group, Inc. | 82940 | 14823037 |
| Albany International Corp., Class A | 278677 | 15767545 |
| Astec Industries, Inc. | 48540 | 2258566 |
| Atmus Filtration Technologies, Inc. | 367634 | 16719994 |
| Blue Bird Corp.<sup>B</sup> | 258197 | 12899522 |
| Enerpac Tool Group Corp. | 569880 | 23387875 |
| Flowserve Corp. | 213336 | 14560182 |
| Greenbrier Cos., Inc. | 67686 | 2827244 |
| Helios Technologies, Inc. | 557961 | 30888721 |
| Hillman Solutions Corp.<sup>B</sup> | 1401183 | 12918907 |
| Kennametal, Inc. | 336166 | 7378844 |
| Manitowoc Co., Inc.<sup>B</sup> | 45400 | 461718 |
| Miller Industries, Inc. | 147885 | 5936104 |
| Standex International Corp. | 167556 | 39079086 |
| Stanley Black & Decker, Inc. | 110500 | 7483060 |
| Terex Corp.<sup>A</sup> | 105800 | 4868916 |
| Timken Co. | 355553 | 27914466 |
| Titan International, Inc.<sup>B</sup> | 169700 | 1281235 |
| Toro Co. | 106445 | 7954635 |
|  |  | 249409657 |
| Marine Transportation - 0.7% |  |  |
| Genco Shipping & Trading Ltd. | 69190 | 1178997 |
| Kirby Corp.<sup>B</sup> | 229708 | 23770184 |
|  |  | 24949181 |
| Passenger Airlines - 0.2% |  |  |
| SkyWest, Inc.<sup>B</sup> | 86700 | 8711616 |
| Professional Services - 1.2% |  |  |
| Concentrix Corp.<sup>A</sup> | 279674 | 11273659 |
| Kelly Services, Inc., Class A | 51400 | 576194 |
| ManpowerGroup, Inc. | 183840 | 5636534 |
| Robert Half, Inc. | 496994 | 13016273 |
| Verra Mobility Corp.<sup>B</sup> | 603260 | 14001665 |
|  |  | 44504325 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Industrials - 21.1% (continued) |  |  |
| Trading Companies & Distributors - 1.3% |  |  |
| Boise Cascade Co. | 98268 | $6926911 |
| DNOW, Inc.<sup>B</sup> | 1216224 | 17878493 |
| MSC Industrial Direct Co., Inc., Class A | 144665 | 12283505 |
| Rush Enterprises, Inc., Class A | 226053 | 11169279 |
| Titan Machinery, Inc.<sup>B</sup> | 62200 | 1020080 |
|  |  | 49278268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 776338461 |
| Information Technology - 11.5% |  |  |
| Communications Equipment - 3.5% |  |  |
| Ciena Corp.<sup>B</sup> | 192689 | 36595495 |
| Extreme Networks, Inc.<sup>B</sup> | 1005186 | 19118638 |
| F5, Inc.<sup>B</sup> | 144796 | 36640628 |
| Lumentum Holdings, Inc.<sup>B</sup> | 179115 | 36102419 |
|  |  | 128457180 |
| Electronic Equipment, Instruments & Components - 3.7% |  |  |
| Arrow Electronics, Inc.<sup>B</sup> | 16613 | 1853180 |
| Avnet, Inc. | 766445 | 37134260 |
| Benchmark Electronics, Inc. | 62570 | 2741817 |
| Coherent Corp.<sup>B</sup> | 271307 | 35801672 |
| Crane NXT Co.<sup>A</sup> | 175232 | 11083424 |
| Kimball Electronics, Inc.<sup>B</sup> | 64400 | 1872430 |
| Knowles Corp.<sup>B</sup> | 1111623 | 26245419 |
| ScanSource, Inc.<sup>B</sup> | 45940 | 1971056 |
| Vishay Intertechnology, Inc. | 832331 | 14132980 |
| Vontier Corp. | 59500 | 2290750 |
|  |  | 135126988 |
| IT Services - 0.2% |  |  |
| ASGN, Inc.<sup>B</sup> | 159917 | 7157885 |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| Cohu, Inc.<sup>B</sup> | 674909 | 16056085 |
| Diodes, Inc.<sup>B</sup> | 393652 | 21005271 |
| Ichor Holdings Ltd.<sup>B</sup> | 565935 | 12835406 |
| Photronics, Inc.<sup>B</sup> | 97020 | 2318778 |
| Power Integrations, Inc. | 170557 | 7144633 |
| Universal Display Corp. | 117997 | 17378598 |
| Veeco Instruments, Inc.<sup>B</sup> | 508779 | 14627396 |
|  |  | 91366167 |
| Software - 1.6% |  |  |
| Adeia, Inc. | 186900 | 3184776 |
| BlackLine, Inc.<sup>B</sup> | 250985 | 14368891 |
| Consensus Cloud Solutions, Inc.<sup>B</sup> | 52440 | 1537541 |
| Workiva, Inc.<sup>B</sup> | 360500 | 30646105 |
| Zeta Global Holdings Corp., Class A<sup>A B</sup> | 534297 | 9612003 |
|  |  | 59349316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 421457536 |
| Materials - 6.7% |  |  |
| Chemicals - 3.6% |  |  |
| Avient Corp. | 269327 | 8637317 |
| Ecovyst, Inc.<sup>B</sup> | 2287898 | 18737885 |
| Hawkins, Inc. | 70076 | 9940280 |

---

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Materials - 6.7% (continued) |  |  |
| Chemicals - 3.6% (continued) |  |  |
| HB Fuller Co. | 233748 | $13410123 |
| Ingevity Corp.<sup>B</sup> | 46900 | 2519468 |
| Innospec, Inc. | 102256 | 7523996 |
| Intrepid Potash, Inc.<sup>B</sup> | 35600 | 948028 |
| Koppers Holdings, Inc. | 25800 | 728076 |
| LSB Industries, Inc.<sup>B</sup> | 189900 | 1600857 |
| Olin Corp. | 1133022 | 23453555 |
| Quaker Chemical Corp.<sup>A</sup> | 71727 | 9962163 |
| Scotts Miracle-Gro Co. | 137632 | 7366065 |
| Sensient Technologies Corp. | 138020 | 13013906 |
| Stepan Co. | 333731 | 14467239 |
|  |  | 132308958 |
| Construction Materials - 0.3% |  |  |
| Knife River Corp.<sup>B</sup> | 175630 | 10618590 |
| Containers & Packaging - 0.7% |  |  |
| Greif, Inc., Class A | 255400 | 14529706 |
| Sealed Air Corp. | 376920 | 12630589 |
|  |  | 27160295 |
| Metals & Mining - 2.1% |  |  |
| Cleveland-Cliffs, Inc.B | 797770 | 9916281 |
| Elah Holdings, Inc.<sup>B</sup> | 3122 | 44801 |
| Ferroglobe PLC | 2304784 | 11178202 |
| Kaiser Aluminum Corp. | 236436 | 21404551 |
| Materion Corp. | 200833 | 23021487 |
| Metallus, Inc.<sup>B</sup> | 67400 | 1185566 |
| Ryerson Holding Corp. | 85700 | 1890542 |
| Warrior Met Coal, Inc. | 101100 | 6858624 |
|  |  | 75500054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 245587897 |
| Real Estate - 4.0% |  |  |
| Hotel & Resort REITs - 0.2% |  |  |
| Sunstone Hotel Investors, Inc. | 849316 | 7516447 |
| Office REITs - 0.4% |  |  |
| COPT Defense Properties | 519616 | 14637583 |
| Real Estate Management & Development - 0.9% |  |  |
| Howard Hughes Holdings, Inc.<sup>B</sup> | 66550 | 5276084 |
| Jones Lang LaSalle, Inc.<sup>B</sup> | 48556 | 14813950 |
| Newmark Group, Inc., Class A | 419820 | 7485391 |
| RMR Group, Inc., Class A | 131845 | 2039642 |
| Seritage Growth Properties, Class A<sup>A B</sup> | 943583 | 3830947 |
| Tejon Ranch Co.<sup>A B</sup> | 72090 | 1140464 |
|  |  | 34586478 |
| Retail REITs - 1.1% |  |  |
| InvenTrust Properties Corp. | 201721 | 5527155 |
| NETSTREIT Corp.<sup>A</sup> | 463538 | 8631077 |
| NNN REIT, Inc. | 271143 | 10970446 |
| Urban Edge Properties | 711238 | 13677107 |
|  |  | 38805785 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 93.2% (continued) |  |  |
| Specialized REITs - 1.4% |  |  |
| Four Corners Property Trust, Inc. | 591996 | $13994785 |
| PotlatchDeltic Corp. | 946487 | 37859480 |
|  |  | 51854265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 147400558 |
| Utilities - 3.1% |  |  |
| Electric Utilities - 1.0% |  |  |
| IDACORP, Inc. | 60884 | 7855253 |
| OGE Energy Corp. | 353149 | 15587997 |
| Otter Tail Corp. | 53950 | 4166019 |
| Portland General Electric Co. | 203700 | 9305016 |
|  |  | 36914285 |
| Gas Utilities - 0.4% |  |  |
| MDU Resources Group, Inc. | 676300 | 12971434 |
| Northwest Natural Holding Co. | 85390 | 3887807 |
|  |  | 16859241 |
| Multi-Utilities - 1.7% |  |  |
| Avista Corp. | 749990 | 28537119 |
| Black Hills Corp. | 215000 | 13637450 |
| Northwestern Energy Group, Inc. | 320180 | 19105141 |
|  |  | 61279710 |
| Water Utilities - 0.0% |  |  |
| H2O America | 11100 | 513375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 115566611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $3,071,725,093) |  | 3425921457 |
| FOREIGN COMMON STOCKS - 3.5% |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.2% |  |  |
| Garrett Motion, Inc. | 324930 | 5504314 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Ermenegildo Zegna NV<sup>A</sup> | 1167050 | 11915581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 17419895 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| SunOpta, Inc.<sup>A B</sup> | 1523916 | 7954841 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Baytex Energy Corp.<sup>A</sup> | 1562415 | 3781044 |
| Kosmos Energy Ltd.<sup>B</sup> | 2161907 | 3394194 |
|  |  | 7175238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 7175238 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 3.5% (continued) |  |  |
| Financials - 1.7% |  |  |
| Banks - 1.5% |  |  |
| Bank of NT Butterfield & Son Ltd. | 331397 | $15330425 |
| First BanCorp | 115040 | 2242130 |
| OFG Bancorp | 548674 | 21211737 |
| Popular, Inc. | 141617 | 15786047 |
|  |  | 54570339 |
| Insurance - 0.2% |  |  |
| Hamilton Insurance Group Ltd., Class B<sup>B</sup> | 105800 | 2504286 |
| SiriusPoint Ltd.<sup>B</sup> | 228120 | 4151784 |
|  |  | 6656070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 61226409 |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Tower Semiconductor Ltd.<sup>B</sup> | 405650 | 34549210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks (Cost $71,544,730) |  | 128325593 |
| SHORT-TERM INVESTMENTS - 3.0% (Cost $109,223,995) |  |  |
| Investment Companies - 3.0% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>C D</sup> | 109223995 | 109223995 |
| SECURITIES LENDING COLLATERAL - 0.8% (Cost $28,637,210) |  |  |
| Investment Companies - 0.8% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>C</sup> <sup>D</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28637210 | 28637210 |
|  TOTAL INVESTMENTS - 100.5% (Cost $3,281,131,028) |  | 3692108255 |
|  LIABILITIES, NET OF OTHER ASSETS - (0.5%) |  | (19024575) |
|  TOTAL NET ASSETS - 100.0% |  | $3673083680 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at October 31, 2025 (Note 9).

<sup>B</sup> Non-income producing security.

<sup>C</sup> The Fund is affiliated by having the same investment advisor.

<sup>D</sup> 7-day yield.

LLC - Limited Liability Company.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

Long Futures Contracts Open on October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Equity Futures Contracts |  |  |  |  |  |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CME E-Mini Russell 2000 Index Futures | 987 | December 2025 | $121145947 | $122876565 | $1730618 |
|  |  |  | $121145947 | $122876565 | $1730618 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value Fund**<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Index Abbreviations: | Index Abbreviations: |
| Russell 2000 | Russell 2000 Index - U.S. Small-Cap Stock Market Index. |
| Exchange Abbreviations: | 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 October 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Value Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $3425921457 | $– | $– | $3425921457 |
|  Foreign Common Stocks | 128325593 |  |  | 128325593 |
|  Short-Term Investments | 109223995 |  |  | 109223995 |
|  Securities Lending Collateral | 28637210 |  |  | 28637210 |
|  Total Investments in Securities - Assets | $3692108255 | $– | $– | $3692108255 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $1730618 | $– | $– | $1730618 |
|  Total Financial Derivative Instruments - Assets | $1730618 | $– | $– | $1730618 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2025, there were no transfers into or out of Level 3.

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value** Fund<sup>SM</sup>

Statement of Assets and Liabilities

October 31, 2025

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup>  | $3554247050.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡ §</sup> | 137861205.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts | 10537000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1638650.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 12313139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 2528362.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) | 1732652.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 39811.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3720897869.0 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 8618759.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 5809021.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts | 1014956.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to custodian | 237.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 2779579.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 97878.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 111918.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned (Note 9)<sup>§</sup>  | 28637210.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 255829.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 125179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 35186.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 204562.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 123875.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 47814189.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |
|  Net assets | $3673083680.0 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Statement of Assets and Liabilities

October 31, 2025

---

| | |
|:---|:---|
|  Analysis of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $2987185149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 685898531 |
|  Net assets | $3673083680 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 61489606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 14547885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 8509024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 826389 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 2063865 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 166728 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 61666813 |
|  Net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $1525747025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $352051679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $197336088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $18793774 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $46267326 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $3416106 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $1529471682 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $24.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $24.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $23.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $22.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $22.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $23.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $20.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $24.80 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $3143269823 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $137861205 |
|  <sup>§</sup> Fair value of securities on loan | $78843396 |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Statement of Operations

For the year ended October 31, 2025

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities (net of foreign taxes)<sup>†</sup>  | $74554118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 6397410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 544612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) | 164156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 81660296 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 28397221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 615623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 389626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 27913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 6595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 4135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 81686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 683129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 498444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 120075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 809856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 48453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 91255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 5778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 48428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 122217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 44237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 533326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 410653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 44499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 833661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 33821783 |
|  Net investment income | 47838513 |
|  Realized and unrealized gain (loss) from investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>A</sup> | 361501166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption in kind | 11341534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission recapture (Note 1) | 69099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 14760326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>B</sup> | (386595221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3456936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments | 4533883 |
|  Net increase in net assets resulting from operations. | $52372396 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes | $271961 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
**American Beacon Small Cap Value** Fund<sup>SM</sup>

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Increase (decrease) in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $47838513 | $56759335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts | 387672168 | 315143451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts | (383138285) | 736836859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 52372396 | 1108739645 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | (149364021) | (101939743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | (33688499) | (20112285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (19846071) | (12666625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1612792) | (1368389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | (4240303) | (2079077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | (471741) | (332570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | (142156305) | (88614195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders | (351379732) | (227112884) |
|  Capital share transactions (Note 11): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 559613282 | 828352969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 331474161 | 214480906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1521721371) | (1434303292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) in net assets from capital share transactions | (630633928) | (391469417) |
|  Net increase (decrease) in net assets | (929641264) | 490157344 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4602724944 | 4112567600 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3673083680 | $4602724944 |

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See accompanying notes

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 October 31, 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.

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American Beacon Small Cap Value Fund<sup>SM</sup> 

Notes to Financial Statements

October 31, 2025

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:

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| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| R5 Class | Large institutional investors - sold directly or through intermediary channels. | $250000 |
| Y Class | Large institutional retirement plan investors - sold directly or through intermediary channels. | $100000 |
| Investor Class | All investors using intermediary organizations, such as broker - dealers or retirement plan sponsors. | $2500 |
| Advisor Class | All investors who invest through intermediary organizations, such as broker-dealers or third party administrators. | $2500 |
| 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"). | $2500 |
| 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. | $1000 |
| R6 Class | Large institutional retirement plan investors - sold through retirement plan sponsors. |  |

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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. 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. 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.

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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:

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| | |
|:---|:---|
|  First $15 billion | 0.35% |
|  Next $15 billion | 0.325% |
|  Over $30 billion | 0.3% |

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $14207121 |
|  Sub-Advisory Fees | 0.35% | 14190100 |
|  Total | 0.70% | $28397221 |

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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 year ended October 31, 2025, the Manager received securities lending fees of $16,679 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 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 A Class 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 separate Service Plans that obligate 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 Plans, 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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 2025, the sub-transfer agent fees, as reflected in "Transfer agent fees" on the Statement of Operations, were as follows:

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| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  Small Cap Value | $906037 |

---

As of October 31, 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:

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| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  Small Cap Value | $76160 |

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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 year ended October 31, 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 October 31, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | October 31,<br>2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized Gain<br>(Loss) | Dividend<br>Income | October 31,<br>2025 Fair<br>Value |
| U.S. Government Money Market Select | Direct | Small Cap<br>Value | $109223995 | $– $|  | $6397410 | $109223995 |
| U.S. Government Money Market Select | Securities Lending | Small Cap<br>Value | 28637210 | – |  | N/A | 28637210 |

---

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 year ended October 31, 2025, the Manager earned fees on the Fund's direct investments and securities lending collateral investments in the USG Select Fund as shown below:

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| | | | |
|:---|:---|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in USG<br>Select Funds | Total |
|  Small Cap Value | $150187 | 15363 | $165550 |

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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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 year ended October 31, 2025, the Fund participated as a lender by loaning an average amount of $5,603,955 for 67 days at an average interest rate of 5.18% with interest charges earned of $69,499. This amount is included in "Interest income" on the Statement of Operations. During the year ended October 31, 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 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 year ended October 31, 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 year ended October 31, 2025, RID collected $2,149 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 year ended October 31, 2025, there were no CDSC fees collected for 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 year ended October 31, 2025, CDSC fees of $426 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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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. |

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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 or options 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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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 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.

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 (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 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 year ended October 31, 2025, the Fund entered into futures contracts primarily for exposing cash to markets.

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 | Average Futures Contracts Outstanding |
| Fund | Year Ended October 31, 2025 |
|  Small Cap Value | $1533 |

---

The following is a summary of the fair valuations of the Fund's derivative instruments categorized by risk exposure<sup>(1)</sup>:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement Statements of Assets and Liabilities as of October 31, 2025:** |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> | $- | $- | $- | $- | $1730618 | $1730618 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of October 31, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Realized gain (loss) from derivatives<br>recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $14760326 | $14760326 |
| Net change in unrealized appreciation<br>(depreciation) of derivatives recognized<br>as a result from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $3456936 | $3456936 |

---

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

<sup>(2)</sup> 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.

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, October 31, 2025.

---

| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivatives Assets as of October 31, 2025:** | **Offsetting of Financial and Derivatives Assets as of October 31, 2025:** | **Offsetting of Financial and Derivatives Assets as of October 31, 2025:** |
|  | Assets | Liabilities |
| Futures Contracts | $1730618 | $– |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | 1730618 |  |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(1730618) | $– |

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Small Cap Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $28637210 |  |  |  | $28637210 |
|  Total Borrowings | $28637210 |  |  |  | $28637210 |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $28637210 |

---

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

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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 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.

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 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 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 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 the 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.

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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, 2025 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.

The tax character of distributions paid were as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $59800131 | $34562332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 13321851 | 6607369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 7402946 | 3641167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 576707 | 362561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 1574667 | 582378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 143508 | 48512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 57283804 | 30424302 |
|  Long-term capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 89563890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67377411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 20366648 | 13504916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 12443125 | 9025458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1036085 | 1005828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 2665636 | 1496699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 328233 | 284058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 84872501 | 58189893 |
|  Total distributions paid | $351379732 | $227112884 |

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

\* For tax purposes, short-term capital gains are considered ordinary income distributions.

As of October 31, 2025, the components of distributable earnings (deficits) on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Small Cap Value Fund | $3353378319 | $641493300 | $(302763364) | $338729936 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | Net Unrealized<br>Appreciation<br>(Depreciation) | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other (Losses) | Other<br>Temporary<br>Differences | Distributable<br>Earnings |
|  Small Cap Value | $338729936 | $38932793 | $308235802 | $– $| - | $685898531 |

---

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, the realization for tax purposes of unrealized gains from passive foreign investment securities and the realization for tax purposes of unrealized gains (losses) on certain derivative instruments.

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities.

Shareholders of the Fund elected to receive securities rather than cash for their redemption proceeds. The Fund realized gains of $11,341,534 as a result of the in kind distribution, as disclosed on the Statement of Operations for the year ended October 31, 2025. These gains were not recognized for federal income tax purposes.

Accordingly, the following amounts represent current year permanent differences derived from equalization and redemptions in kind as of October 31, 2025:

---

| | | |
|:---|:---|:---|
| Fund | Paid-in-Capital | Distributable<br>Earnings/(Deficits) |
| Small Cap Value | $53837211 | $(53837211) |

---

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, 2025, 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 year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases<br>(non-U.S.<br>Government<br>Securities) | Sales<br>(non-U.S.<br>Government<br>Securities) |
|  Small Cap Value | $2905522772 | $3603692348 |

---

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

A summary of the Fund's transactions in the USG Select Fund for the year ended October 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | October 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | October 31,<br>2025<br>Shares/Fair<br>Value |
| Small Cap Value | Direct | $208082316 | $1857465237 | $1956323558 | $109223995 |
| Small Cap Value | Securities Lending | 17968331 | 234073289 | 223404410 | 28637210 |

---

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.

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 October 31, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Fair Value of<br>Securities on<br>Loan | Cash<br>Collateral<br>Received | Non-Cash<br>Collateral<br>Received | Total<br>Collateral<br>Received |
|  Small Cap Value | $78843396 | $28637210 | $51218797 | $79856007 |

---

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 6, 2025 (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 daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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 daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. 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 5, 2026, 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, 2025.

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 year ended October 31, 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 | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 7975968 | $189318131 | 9558671 | $239579287 |
| Reinvestment of dividends | 5714329 | 140743932 | 3852667 | 95546135 |
| Shares redeemed | (24060000) | (585295483) | (26350141) | (662120181) |
| Net (decrease) in shares outstanding . | (10369703) | $(255233420) | (12938803) | $(326994759) |

---

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 2997996 | $70462054 | 3735423 | $90279428 |
| Reinvestment of dividends | 1351629 | 32479641 | 795992 | 19302824 |
| Shares redeemed | (5982864) | (141354555) | (4975282) | (121704460) |
| Net (decrease) in shares outstanding . | (1633239) | $(38412860) | (443867) | $(12122208) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 870149 | $19775314 | 1762779 | $41610571 |
| Reinvestment of dividends | 828262 | 19116295 | 523771 | 12240547 |
| Shares redeemed | (3256865) | (74905982) | (4486429) | (104718516) |
| Net (decrease) in shares outstanding . | (1558454) | $(36014373) | (2199879) | $(50867398) |
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 277954 | $6099385 | 202945 | $4725246 |
| Reinvestment of dividends | 71142 | 1612792 | 59573 | 1368388 |
| Shares redeemed | (387518) | (8821853) | (663417) | (15195329) |
| Net (decrease) in shares outstanding . | (38422) | $(1109676) | (400899) | $(9101695) |
|  | A Class | A Class | A Class | A Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 477508 | $10424072 | 710431 | $16121464 |
| Reinvestment of dividends | 187497 | 4186801 | 90779 | 2058860 |
| Shares redeemed | (716281) | (15943865) | (559906) | (12864414) |
| Net increase (decrease) in shares outstanding | (51276) | $(1332992) | 241304 | $5315910 |
|  | C Class | C Class | C Class | C Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 16757 | $347848 | 46412 | $982693 |
| Reinvestment of dividends | 22670 | 465870 | 15624 | 328099 |
| Shares redeemed | (139404) | (2763551) | (168635) | (3566437) |
| Net (decrease) in shares outstanding . | (99977) | $(1949833) | (106599) | $(2255645) |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 10938804 | $263186478 | 17294968 | $435054280 |
| Reinvestment of dividends | 5398977 | 132868830 | 3373782 | 83636053 |
| Shares redeemed | (27357152) | (692636082) | (20510694) | (514133955) |
| Net increase (decrease) in shares outstanding | (11019371) | $(296580774) | 158056 | $4556378 |

---

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.

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Financial Highlights

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 |
|  Net asset value, beginning of period | $26.65 | $21.84 | $26.85 | $31.19 | $19.76 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.30 <sup>C</sup> | 0.35 | 0.31 | 0.31 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.00 <sup>E</sup> | 5.69 | (1.35) | (1.25) | 11.40 |
|  Total income (loss) from investment operations | 0.30 | 6.04 | (1.04) | (0.94) | 11.65 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.38) | (0.40) | (0.24) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  |
|  Total distributions | (2.14) | (1.23) | (3.97) | (3.40) | (0.22) |
|  Net asset value, end of period | $24.81 | $26.65 | $21.84 | $26.85 | $31.19 |
|  Total return<sup>D</sup>  | 1.17% | 28.05% | (4.09)% | (3.49)% | 59.26% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $1525747025 | $1914739045 | $1851818875 | $2233390067 | $3380005813 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.81% | 0.79% | 0.79% | 0.79% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.81% | 0.79% | 0.79% | 0.79% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.20% | 1.26% | 1.23% | 0.84% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.20% | 1.26% | 1.23% | 0.84% | 0.65% |
|  Portfolio turnover rate | 75% | 52% | 52% | 72% | 48% |

---

*<sup>A</sup>* *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.* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *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.* 

*<sup>E</sup>* *Amount represents less than $0.01 per share.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Financial Highlights

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 |
|  Net asset value, beginning of period | $26.04 | $21.36 | $26.36 | $30.68 | $19.44 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.27 <sup>C</sup> | 0.29 | 0.30 | 0.22 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.01 | 5.60 | (1.34) | (1.16) | 11.28 |
|  Total income (loss) from investment operations | 0.28 | 5.89 | (1.04) | (0.94) | 11.44 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.36) | (0.39) | (0.22) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  |
|  Total distributions | (2.12) | (1.21) | (3.96) | (3.38) | (0.20) |
|  Net asset value, end of period | $24.20 | $26.04 | $21.36 | $26.36 | $30.68 |
|  Total return<sup>D</sup>  | 1.13% | 27.97% | (4.19)% | (3.55)% | 59.15% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $352051679 | $421344447 | $355150002 | $427638978 | $255837301 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.88% | 0.86% | 0.86% | 0.86% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.88% | 0.86% | 0.86% | 0.86% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.12% | 1.18% | 1.15% | 0.79% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.12% | 1.18% | 1.15% | 0.79% | 0.56% |
|  Portfolio turnover rate | 75% | 52% | 52% | 72% | 48% |

---

*<sup>A</sup>* *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.* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Financial Highlights

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 |
|  Net asset value, beginning of period | $25.03 | $20.57 | $25.51 | $29.78 | $18.88 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.20 <sup>c</sup> | 0.30 | 0.18 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.01 | 5.30 | (1.24) | (1.17) | 10.85 |
|  Total income (loss) from investment operations | 0.21 | 5.60 | (1.06) | (0.98) | 11.05 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.29) | (0.31) | (0.13) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  |
|  Total distributions | (2.05) | (1.14) | (3.88) | (3.29) | (0.15) |
|  Net asset value, end of period | $23.19 | $25.03 | $20.57 | $25.51 | $29.78 |
|  Total return<sup>D</sup>  | 0.85% | 27.60% | (4.41)% | (3.81)% | 58.74% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $197336088 | $251989854 | $252350988 | $284880016 | $367726622 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.15% | 1.14% | 1.13% | 1.12% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.15% | 1.14% | 1.13% | 1.12% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.87% | 0.90% | 0.89% | 0.50% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.87% | 0.90% | 0.89% | 0.50% | 0.32% |
|  Portfolio turnover rate | 75% | 52% | 52% | 72% | 48% |

---

*<sup>A</sup>* *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.* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Financial Highlights

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 |
|  Net asset value, beginning of period | $24.57 | $20.21 | $25.13 | $29.34 | $18.60 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 <sup>c</sup> | 0.17 | 0.18 | 0.06 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.01 | 5.29 | (1.25) | (1.07) | 10.69 |
|  Total income (loss) from investment operations | 0.17 | 5.46 | (1.07) | (1.01) | 10.86 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.25) | (0.28) | (0.04) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  |
|  Total distributions | (2.00) | (1.10) | (3.85) | (3.20) | (0.12) |
|  Net asset value, end of period | $22.74 | $24.57 | $20.21 | $25.13 | $29.34 |
|  Total return<sup>D</sup>  | 0.69% | 27.40% | (4.57)% | (3.96)% | 58.56% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $18793774 | $21248218 | $25580739 | $32662818 | $32801309 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.30% | 1.29% | 1.28% | 1.28% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.30% | 1.29% | 1.28% | 1.28% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.71% | 0.77% | 0.75% | 0.36% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.71% | 0.77% | 0.75% | 0.36% | 0.20% |
|  Portfolio turnover rate | 75% | 52% | 52% | 72% | 48% |

---

*<sup>A</sup>* *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.* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Financial Highlights

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 |
|  Net asset value, beginning of period | $24.27 | $19.98 | $24.87 | $29.12 | $18.47 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.18 <sup>c</sup> | 0.23 | 0.21 | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.01 | 5.19 | (1.26) | (1.07) | 10.72 |
|  Total income (loss) from investment operations | 0.19 | 5.42 | (1.05) | (0.97) | 10.78 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.28) | (0.27) | (0.12) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  |
|  Total distributions | (2.04) | (1.13) | (3.84) | (3.28) | (0.13) |
|  Net asset value, end of period | $22.42 | $24.27 | $19.98 | $24.87 | $29.12 |
|  Total return<sup>D</sup>  | 0.81% | 27.50% | (4.50)% | (3.88)% | 58.57% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $46267326 | $51343675 | $37440788 | $48515547 | $63024594 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.23% | 1.21% | 1.21% | 1.21% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.23% | 1.21% | 1.21% | 1.21% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.79% | 0.82% | 0.81% | 0.42% | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.79% | 0.82% | 0.81% | 0.42% | 0.21% |
|  Portfolio turnover rate | 75% | 52% | 52% | 72% | 48% |

---

*<sup>A</sup>* *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.* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *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.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Financial Highlights

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 |
|  Net asset value, beginning of period | $22.33 | $18.44 | $23.27 | $27.51 | $17.47 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.00 <sup>C E</sup> | 0.02 <sup>C</sup> | 0.02 | (0.14) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.01 | 4.82 | (1.14) | (0.94) | 10.26 |
|  Total income (loss) from investment operations | 0.01 | 4.84 | (1.12) | (1.08) | 10.04 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.10) | (0.14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  |
|  Total distributions | (1.85) | (0.95) | (3.71) | (3.16) |  |
|  Net asset value, end of period | $20.49 | $22.33 | $18.44 | $23.27 | $27.51 |
|  Total return<sup>D</sup>  | (0.02)% | 26.56% | (5.23)% | (4.54)% | 57.47% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $3416106 | $5955619 | $6883174 | $8859738 | $11261210 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 2.00% | 1.95% | 1.93% | 1.93% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 2.00% | 1.95% | 1.93% | 1.93% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 0.02% | 0.12% | 0.09% | (0.29)% | (0.50)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments . | 0.02% | 0.12% | 0.09% | (0.29)% | (0.50)% |
|  Portfolio turnover rate | 75% | 52% | 52% | 72% | 48% |

---

*<sup>A</sup>* *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.* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *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.* 

*<sup>E</sup>* *Amount represents less than $0.01 per share.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Financial Highlights

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 |
|  Net asset value, beginning of period | $26.64 | $21.83 | $26.85 | $31.19 | $19.75 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.30 <sup>C</sup> | 0.32 | 0.36 | 0.25 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.01 | 5.72 | (1.40) | (1.18) | 11.48 |
|  Total income (loss) from investment operations | 0.31 | 6.04 | (1.04) | (0.93) | 11.67 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.38) | (0.41) | (0.25) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  |
|  Total distributions | (2.15) | (1.23) | (3.98) | (3.41) | (0.23) |
|  Net asset value, end of period | $24.80 | $26.64 | $21.83 | $26.85 | $31.19 |
|  Total return<sup>D</sup>  | 1.21% | 28.10% | (4.09)% | (3.45)% | 59.38% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $1529471682 | $1936104086 | $1583343034 | $1509127442 | $1830192124 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.78% | 0.76% | 0.76% | 0.77% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.78% | 0.76% | 0.76% | 0.77% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.23% | 1.28% | 1.25% | 0.86% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.23% | 1.28% | 1.25% | 0.86% | 0.66% |
|  Portfolio turnover rate | 75% | 52% | 52% | 72% | 48% |

---

*<sup>A</sup>* *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.* 

*<sup>B</sup>* *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.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *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.* 

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Federal Tax Information

October 31, 2025 (Unaudited)

Certain tax information regarding the Fund are required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended October 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025.

The Funds designated the following items with regard to distributions paid during the fiscal year ended October 31, 2025. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

#### Corporate Dividends-Received Deduction:

---

| | | |
|:---|:---|:---|
|  Small Cap Value | 44.32 | % |

---

#### Qualified Dividend Income:

---

| | | |
|:---|:---|:---|
|  Small Cap Value | 49.9 | % |

---

#### Long-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Small Cap Value | $255593913.0 |

---

#### Short-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Small Cap Value | $74959903.0 |

---

Shareholders will receive notification in January 2026 of the applicable tax information necessary to prepare their 2025 income tax returns.

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Results of Shareholder Meeting (Unaudited)

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon IMC International Small Cap Fund formerly known as EAM International Small Cap Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Diversified Institutional Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | For | Against | Abstain | Non-Voting |
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 | 0.000 |

---

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##### [**Table of Contents**](#toc)
![LOGO](g93395g01a06.jpg)

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:

---

| | |
|:---|:---|
| ![LOGO](g93395g02b06.jpg) | ![LOGO](g93395g03c06.jpg) |
| **By E-mail:** | **On the Internet:** |
| american_beacon.funds@ambeacon.com | Visit our website at<br> www.americanbeaconfunds.com |
| ![LOGO](g93395g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g93395g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g93395g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g93395g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g93395g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g93395g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g93395g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g93395g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> 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.

AR 10/25

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##### [**Table of Contents**](#toc)
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

If any matter was submitted during the period covered by the report to a vote of shareholders of an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A], through the solicitation of proxies or otherwise, the company must furnish the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the meeting and whether it was an annual or special meeting.

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon IMC International Small Cap Fund formerly known as EAM International Small Cap Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Diversified Institutional Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | For | Against | Abstain | Non-Voting |
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 | 0.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the meeting involved the election of directors, the name of each director elected at the meeting and the name of each other director whose term of office as a director continued after the meeting. Refer to Item 9(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A brief description of each matter voted upon at the meeting and the number of votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to each such matter, including a separate tabulation with respect to each matter or nominee for office. Refer to Item 9(1).

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

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##### [**Table of Contents**](#toc)
Renewal and Approval of Management Agreement and Investment Advisory Agreements

At meetings held on May 20, 2025 and June 4, 2025 (collectively, the "Meetings"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Funds (the "Trust") considered and then, at its June 4, 2025 meeting, approved the renewal of: (1) the Management Agreement between American Beacon Advisors, Inc. ("Manager") and the Trust on behalf of the American Beacon Balanced Fund ("Fund"); and (2) the Investment Advisory Agreements among the Manager, the Trust on behalf of the Fund, and each of (a) Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow") and (b) Hotchkis and Wiley Capital Management, LLC ("Hotchkis") (each, a "sub-advisor" and collectively, the "sub-advisors") (the "Investment Advisory Agreements"). The Management Agreement and the Investment Advisory Agreements are referred to herein individually as an "Agreement" and collectively as the "Agreements."

In preparation for its consideration of the renewal of the Agreements, the Board undertook steps to gather and consider information furnished by the Manager, the sub-advisors, Broadridge, Inc. ("Broadridge") and Morningstar, Inc. ("Morningstar"). The Board, with the assistance of independent legal counsel, requested and received certain relevant information from the Manager and each sub-advisor.

In advance of the Meetings, the Board's Investment Committee and/or the Manager coordinated the production of information from Broadridge and Morningstar regarding the performance, fees and expenses of the Fund as well as information from the Manager and the sub-advisors. At the Meetings, the Board considered the information provided in connection with the renewal process, as well as information furnished to the Board throughout the year at regular meetings of the Board and its committees. In connection with the Board's consideration of the Agreements, the Trustees received and evaluated such information as they deemed necessary. This information is described below in the section summarizing the factors the Board considered in connection with its renewal of the Agreements, as well as the section describing additional Board considerations with respect to the Fund.

The Board considered that the Manager provides management and administrative services to the Fund pursuant to the Management Agreement. The Board considered that many funds have separate contracts governing each type of service and observed that, with respect to such funds, the actual management fee rates provided by Broadridge for peer group funds reflect the combined advisory and administrative fees, reduced by any fee waivers and/or reimbursements.

The Manager or a sub-advisor may not have been able to, or opted not to, provide information in response to certain requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations.

Provided below is an overview of certain factors the Board considered in connection with its decision to approve the renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the renewal of each Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the renewal of investment advisory contracts, such as the Agreements, and related regulatory guidelines. Based on its evaluation, the Board unanimously concluded that the terms of each Agreement were reasonable and fair and that the renewal of each Agreement was in the best interests of the Fund and its shareholders.

Considerations With Respect to the Renewal of the Management Agreement and the Investment Advisory Agreements

In determining whether to approve the renewal of the Agreements, the Board considered the Fund's investment management and sub-advisory relationships separately. In each instance, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services provided; (2) the investment performance of the Fund and each sub-advisor for the Fund; (3) the profits, if any, earned by the Manager in

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##### [**Table of Contents**](#toc)
Renewal and Approval of Management Agreement and Investment Advisory Agreements

rendering services to the Fund; (4) comparisons of services and fee rates with contracts entered into by the Manager or a sub-advisor or their affiliates with other clients (such as pension funds and other institutional clients); (5) the extent to which economies of scale, if any, have been taken into account in setting each fee rate schedule; (6) whether fee rate levels reflect economies of scale, if any, for the benefit of Fund investors; and (7) any other benefits derived or anticipated to be derived by the Manager or a sub-advisor from their relationships with the Fund.

*Nature, Extent and Quality of Services.* With respect to the renewal of the Management Agreement, the Board considered, among other factors: the Fund's investment performance; the length of service of key investment personnel at the Manager; the cost structure of the Fund; the financial capital structure of the Manager and its parent company; the Manager's culture of compliance and support that reduce risks to the Fund; its quality of services; its active role in monitoring and, as appropriate, recommending additional or replacement sub-advisors; and its representations regarding its efforts to retain key employees and maintain staffing levels.

With respect to the renewal of each Investment Advisory Agreement, the Board considered, among other factors: the Fund's investment performance; the representations made by each sub-advisor regarding its level of staffing; its financial stability; and its compliance program. Based on the foregoing information, the Board concluded that the nature, extent and quality of the management and advisory services provided by the Manager and each sub-advisor were appropriate for the Fund.

*Investment Performance.* The Board evaluated the comparative information provided by Broadridge and the Manager regarding the performance of the Fund, relative to its Broadridge Performance Universe, Morningstar Category, and/or benchmark index, as well as the Fund's Morningstar rating. The Board considered the information provided by Broadridge regarding its independent methodology for selecting the Fund's Broadridge Performance Universe. In addition, the Board considered the performance reports and discussions with management at meetings of the Board and its committees throughout the year. The Board also evaluated the comparative information provided by each sub-advisor regarding the performance of its portion of the Fund, relative to the performance of comparable investment accounts and/or a composite of comparable investment accounts managed by the sub-advisor, and the Fund's custom blended benchmark index and/or one or more components thereof, as applicable. In addition, the Board considered the Manager's recommendation to continue to retain each sub-advisor. A discussion regarding the Board's considerations with respect to the Fund's performance appears below under "Additional Considerations and Conclusions with Respect to the Fund."

*Costs of the Services Provided to the Fund and the Profits Realized by the Manager from its Relationship with the Fund.* In analyzing the costs of services and profitability of the Manager, the Board considered the revenues earned and the expenses incurred by the Manager, before and after the payment of distribution-related expenses by the Manager. The profits or losses were noted at both an aggregate level for all funds within the group of funds sponsored by the Manager (the "Fund Complex") and at an individual Fund level, with the Manager sustaining losses before and after the payment of distribution-related expenses by the Manager for the Fund. The Board also considered comparative information provided by the Manager regarding the Manager's overall profitability with respect to the Fund Complex relative to the overall profitability of other firms in the fund industry, as disclosed in publicly available sources. Although the Board considered that, in certain cases, the fee rates paid by other clients of the Manager are lower than the fee rates paid by the Fund, the Manager represented that the difference is attributable to, among other factors, the fact that the Manager does not perform administrative services for non-investment company clients and reflects the greater level of responsibility and regulatory requirements associated with managing the Fund.

The Board further considered that, with respect to the Fund, the Management Agreement provides for the Manager to receive a management fee comprised of an annualized fee that is retained by the Manager. In addition, the Board considered that the Manager receives fees for managing the portion of the Fund with respect to which the Manager has not delegated day-to-day management to a sub-advisor and for administering and overseeing the securities lending program on behalf of the Fund. The Board also considered that certain share classes of the Fund maintain higher expense ratios in order to compensate third-party financial intermediaries.

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In analyzing the fee rates charged by each sub-advisor in connection with its investment advisory services to the Fund, the Board considered representations made by the sub-advisors that the Fund's sub-advisory fee rate schedules generally were favorable compared to other comparable client accounts. The Board did not request profitability data from the sub-advisors because the Board did not view this data as imperative to its deliberations given the arm's-length nature of the relationship between the Manager and the sub-advisors with respect to the negotiation of sub-advisory fee rates. In addition, the Board considered that the sub-advisors may not account for their profits on an account-by-account basis and that different firms likely employ different methodologies in connection with these calculations.

Based on the foregoing information, the Board concluded that the profitability levels of the Manager were reasonable in light of the services performed by the Manager. A discussion regarding the Board's considerations with respect to the Fund's fee rates is set forth below under "Additional Considerations and Conclusions with Respect to the Fund."

*Economies of Scale.* In considering the reasonableness of the management and investment advisory fee rates, the Board considered whether economies of scale will be realized as the Fund grows and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. In this regard, the Board considered that, with respect to each sub-advisor, the Manager has negotiated breakpoints for the sub-advisory fee rates.

In addition, the Board considered the Manager's representation that the Management Agreement contains fee schedule breakpoints at higher asset levels with respect to the Fund, other than the portion of the Fund with respect to which the Manager has not delegated day-to-day management to a sub-advisor. In this regard, the Board considered that the Fund's current assets did not exceed the threshold necessary to reach the first management fee breakpoint.

Based on the foregoing information, the Board concluded that the Manager and sub-advisor fee rate schedules for the Fund provide for a reasonable sharing of benefits from any economies of scale with the Fund.

*Benefits Derived from the Relationship with the Fund.* The Board considered the Manager's and sub-advisors' responses to inquiries regarding "fall-out" or ancillary benefits that accrue to the Manager and/or the sub-advisors as a result of their advisory relationships with the Fund. For example, the Board considered that the Manager may invest the Fund's cash balances and cash collateral provided by the borrowers of the Fund's securities in the American Beacon U.S. Government Money Market Select Fund, which the Manager manages directly, and for which the Manager receives a fee. Similarly, the Board considered that each sub-advisor benefits from soft dollar arrangements for proprietary and/or third-party research. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Manager and the sub-advisors by virtue of their relationships with the Fund appear to be fair and reasonable.

Additional Considerations and Conclusions with Respect to the Fund

The performance comparisons below were made for the Fund's R5 Class shares relative to the Fund's Broadridge Performance Universe and Morningstar Category. With respect to the Broadridge Performance Universe, the 1st Quintile represents the top 20 percent of the universe based on performance, and the 5th Quintile represents the bottom 20 percent of the universe based on performance. References to the Fund's Broadridge Performance Universe are to the respective universe of funds with comparable investment classifications and objectives as determined by Broadridge. The performance of individual firms was calculated by the Manager based on information provided by the Fund's custodian.

In reviewing the performance, the Board considered that the Manager views longer-term performance over a full market cycle, typically three to five years, as being the most important consideration because relative performance over shorter periods may be significantly impacted by market or economic events and not necessarily reflective of sub-advisor skill.

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The expense comparisons below were made for the Fund's R5 Class shares relative to the Fund's Broadridge Expense Universe and Broadridge Expense Group, and Y Class shares relative to the Fund's Morningstar Fee Level universe. The 1st Quintile represents the lowest 20 percent of the universe or group based on lowest total expense, and the 5th Quintile represents the highest 20 percent of the universe or group based on highest total expense. References to the Fund's Expense Group and Expense Universe are to the respective group or universe of comparable funds as determined by Broadridge. Broadridge Expense Groups consist of the Fund and a representative sample of funds with similar operating structures and asset sizes, as selected by Broadridge. A Broadridge Expense Universe includes all funds with comparable investment classifications/objectives and similar operating structures to that of the share class under review for the Fund, including funds in the Broadridge Expense Group. The Broadridge expense comparisons are based on the most recent audited financial information publicly available for the Fund as of December 31, 2024. References to the Fund's Morningstar Fee Level ranking are to the institutional share class of comparable funds as determined by Morningstar.

The Board considered the Fund's Morningstar fee level category with the 1st Quintile representing the lowest 20 percent of the category constituents and the 5th Quintile representing the highest 20 percent of the category in terms of total expense.

In considering the renewal of the Management Agreement for the Fund, the Board considered the following additional factors:

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| |
|:---|
| Broadridge Total Expenses Excluding 12b-1 Fees and Morningstar Fee Level Ranking |
|  Compared to Broadridge Expense Group<br> 3<sup>rd</sup> Quintile |
|  Compared to Broadridge Expense Universe<br> 5<sup>th</sup> Quintile |
|  Morningstar Fee Level Ranking<br> 4<sup>th</sup> Quintile |

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| |
|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) |
|  Compared to Broadridge Performance Universe<br> 3<sup>rd</sup> Quintile |
|  Compared to Morningstar Category<br> 2<sup>nd</sup> Quintile |

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The Board considered that the Manager receives an additional fee under the Management Agreement for directly making investment decisions with respect to a portion of the Fund's assets. In considering the renewal of the Agreements with Barrow, Hotchkis and the Manager, the Board considered that the diversification of investment strategies facilitated by the Fund's multi-manager structure permits the Fund to mitigate the risks associated with a single sub-advisor. The Board also considered the following additional factors:

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| | |
|:---|:---|
| Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) | Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) |
|  Barrow | 5 Years 3<sup>rd</sup> Quintile |
|  Hotchkis\* | 5 Years 1<sup>st</sup> Quintile |
|  American Beacon ("AmBeacon")\*\* | 5 Years 2<sup>nd</sup> Quintile |

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\*Hotchkis manages an equity sleeve of the Fund only. Accordingly, the return of Hotchkis' portion of the Fund is compared to the Broadridge large cap value Performance Universe.

\*\*AmBeacon directly makes investment decisions with respect to a fixed income portion of the Fund only. Accordingly, the return of AmBeacon's portion of the Fund is compared to the Broadridge core bond Performance Universe.

The Board also considered: (1) the Manager's explanation that the funds included in the Broadridge Performance Universe are managed pursuant to a variety of investment styles, and the Fund may underperform when a value investment style is out of favor; (2) the Manager's representation that the Manager and Barrow invest the Fund's fixed income portfolio exclusively in investment-grade debt securities while the funds in the Broadridge Performance Universe may invest in high-yield debt securities; (3) that while the Fund's expenses were higher than the medians of the Broadridge Expense Universe and Morningstar Category, the Fund's expenses were in line with the median of the Broadridge Expense Group; and (4) the Manager's recommendation to continue to retain each sub-advisor.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and the sub-advisors under the Agreements are fair and reasonable; and (2) determined that the Fund and its shareholders would benefit from the Manager's and sub-advisors' continued management of the Fund.

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

At meetings held on May 20, 2025 and June 4, 2025 (collectively, the "Meetings"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Funds (the "Trust") considered and then, at its June 4, 2025 meeting, approved the renewal of: (1) the Management Agreement between American Beacon Advisors, Inc. ("Manager") and the Trust on behalf of the American Beacon Garcia Hamilton Quality Bond Fund ("Fund"); and (2) the Investment Advisory Agreement among the Manager, the Trust on behalf of the Fund, and Garcia Hamilton & Associates, LP (the "sub-advisor") (the "Investment Advisory Agreement"). The Management Agreement and the Investment Advisory Agreement are referred to herein individually as an "Agreement" and collectively as the "Agreements."

In preparation for its consideration of the renewal of the Agreements, the Board undertook steps to gather and consider information furnished by the Manager, the sub-advisor, Broadridge, Inc. ("Broadridge") and Morningstar, Inc. ("Morningstar"). The Board, with the assistance of independent legal counsel, requested and received certain relevant information from the Manager and the sub-advisor.

In advance of the Meetings, the Board's Investment Committee and/or the Manager coordinated the production of information from Broadridge and Morningstar regarding the performance, fees and expenses of the Fund as well as information from the Manager and the sub-advisor. At the Meetings, the Board considered the information provided in connection with the renewal process, as well as information furnished to the Board throughout the year at regular meetings of the Board and its committees. In connection with the Board's consideration of the Agreements, the Trustees received and evaluated such information as they deemed necessary. This information is described below in the section summarizing the factors the Board considered in connection with its renewal of the Agreements, as well as the section describing additional Board considerations with respect to the Fund.

The Board considered that the Manager provides management and administrative services to the Fund pursuant to the Management Agreement. The Board considered that many funds have separate contracts governing each type of service and observed that, with respect to such funds, the actual management fee rates provided by Broadridge for peer group funds reflect the combined advisory and administrative fees, reduced by any fee waivers and/or reimbursements.

The Manager or the sub-advisor may not have been able to, or opted not to, provide information in response to certain requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations.

Provided below is an overview of certain factors the Board considered in connection with its decision to approve the renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the renewal of each Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the renewal of investment advisory contracts, such as the Agreements, and related regulatory guidelines. Based on its evaluation, the Board unanimously concluded that the terms of each Agreement were reasonable and fair and that the renewal of each Agreement was in the best interests of the Fund and its shareholders.

Considerations With Respect to the Renewal of the Management Agreement and the Investment Advisory Agreement

In determining whether to approve the renewal of the Agreements, the Board considered the Fund's investment management and sub-advisory relationships separately. In each instance, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services provided; (2) the investment performance of the Fund and the sub-advisor for the Fund; (3) the profits, if any, earned by the Manager in rendering services to the Fund; (4) comparisons of services and fee rates with contracts entered into by the

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Manager or the sub-advisor or their affiliates with other clients (such as pension funds and other institutional clients); (5) the extent to which economies of scale, if any, have been taken into account in setting the fee rate schedule; (6) whether fee rate levels reflect economies of scale, if any, for the benefit of Fund investors; and (7) any other benefits derived or anticipated to be derived by the Manager or the sub-advisor from their relationships with the Fund.

*Nature, Extent and Quality of Services.* With respect to the renewal of the Management Agreement, the Board considered, among other factors: the Fund's investment performance; the length of service of key investment personnel at the Manager; the cost structure of the Fund; the financial capital structure of the Manager and its parent company; the Manager's culture of compliance and support that reduce risks to the Fund; its quality of services; its active role in monitoring and, as appropriate, recommending additional or replacement sub-advisors; and its representations regarding its efforts to retain key employees and maintain staffing levels.

With respect to the renewal of the Investment Advisory Agreement, the Board considered, among other factors: the Fund's investment performance; the representations made by the sub-advisor regarding its level of staffing; its financial stability; and its compliance program. Based on the foregoing information, the Board concluded that the nature, extent and quality of the management and advisory services provided by the Manager and the sub-advisor were appropriate for the Fund.

*Investment Performance.* The Board evaluated the comparative information provided by Broadridge and the Manager regarding the performance of the Fund relative to its Broadridge Performance Universe, Morningstar Category, and/or benchmark index, as well as the Fund's Morningstar rating. The Board considered the information provided by Broadridge regarding its independent methodology for selecting the Fund's Broadridge Performance Universe. In addition, the Board considered the performance reports and discussions with management at meetings of the Board and its committees throughout the year. The Board also evaluated the comparative information provided by the sub-advisor regarding the performance of the Fund relative to the performance of a composite of comparable investment accounts managed by the sub-advisor and the Fund's benchmark index. In addition, the Board considered the Manager's recommendation to continue to retain the sub-advisor. A discussion regarding the Board's considerations with respect to the Fund's performance appears below under "Additional Considerations and Conclusions with Respect to the Fund."

*Costs of the Services Provided to the Fund and the Profits Realized by the Manager from its Relationship with the Fund.* In analyzing the costs of services and profitability of the Manager, the Board considered the revenues earned and the expenses incurred by the Manager, before and after the payment of distribution-related expenses by the Manager. The profits or losses were noted at both an aggregate level for all funds within the group of mutual funds sponsored by the Manager (the "Fund Complex") and at an individual Fund level, with the Manager sustaining a loss before and after the payment of distribution-related expenses by the Manager with respect to the Fund. The Board also considered comparative information provided by the Manager regarding the Manager's overall profitability with respect to the Fund Complex relative to the overall profitability of other firms in the fund industry, as disclosed in publicly available sources. Although the Board considered that, in certain cases, the fee rates paid by other clients of the Manager are lower than the fee rates paid by the Fund, the Manager represented that the difference is attributable to, among other factors, the fact that the Manager does not perform administrative services for non-investment company clients and reflects the greater level of responsibility and regulatory requirements associated with managing the Fund. The Board also considered that, with respect to all share classes of the Fund, the Manager is waiving fees and/or reimbursing expenses.

The Board further considered that, with respect to the Fund, the Management Agreement provides for the Manager to receive a management fee comprised of an annualized fee that is retained by the Manager. The Board also considered that certain share classes of the Fund maintain higher expense ratios in order to compensate third-party financial intermediaries.

In analyzing the fee rate charged by the sub-advisor in connection with its investment advisory services to the Fund, the Board considered representations made by the sub-advisor that the sub-advisory fee rates that it

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charges to the Fund are higher than the fee rates it charges for certain other accounts that it manages in this strategy due to the higher level of servicing that the Fund requires. The Board did not request profitability data from the sub-advisor because the Board did not view this data as imperative to its deliberations given the arm's-length nature of the relationship between the Manager and the sub-advisor with respect to the negotiation of sub-advisory fee rate. In addition, the Board considered that the sub-advisor may not account for its profits on an account-by-account basis and that different firms likely employ different methodologies in connection with these calculations.

Based on the foregoing information, the Board concluded that the profitability levels of the Manager were reasonable in light of the services performed by the Manager A discussion regarding the Board's considerations with respect to the Fund's fee rates is set forth below under "Additional Considerations and Conclusions with Respect to the Fund."

*Economies of Scale.* In considering the reasonableness of the management and investment advisory fee rates, the Board considered whether economies of scale will be realized as the Fund grows and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. In this regard, the Board considered that the Manager has negotiated breakpoints for the sub-advisory fee rate schedule. The Board also considered that the current assets of the Fund did not exceed the threshold necessary to reach the first sub-advisory fee rate breakpoint.

In addition, the Board considered the Manager's representation that the Management Agreement contains fee schedule breakpoints at higher asset levels with respect to the Fund. In this regard, the Board considered that the Fund's current assets did not exceed the threshold necessary to reach the first management fee breakpoint. Based on the foregoing information, the Board concluded that the Manager and sub-advisor fee rate schedules for the Fund provide for a reasonable sharing of benefits from any economies of scale with the Fund.

*Benefits Derived from the Relationship with the Fund.* The Board considered the Manager's and sub-advisor's responses to inquiries regarding "fall-out" or ancillary benefits that accrue to the Manager and/or the sub-advisor as a result of their advisory relationship with the Fund. For example, the Board considered that the Manager may invest the Fund's cash balances in the American Beacon U.S. Government Money Market Select Fund, which the Manager manages directly, and for which the Manager receives a fee. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Manager and the sub-advisor by virtue of their relationships with the Fund appear to be fair and reasonable.

Additional Considerations and Conclusions with Respect to the Fund

The performance comparisons below were made for the Fund's R5 Class shares relative to the Fund's Broadridge Performance Universe and Morningstar Category. With respect to the Broadridge Performance Universe, the 1st Quintile represents the top 20 percent of the universe based on performance, and the 5th Quintile represents the bottom 20 percent of the universe based on performance. References to the Fund's Broadridge Performance Universe are to the respective universe of funds with comparable investment classifications and objectives as determined by Broadridge.

In reviewing the performance, the Board considered that the Manager views longer-term performance over a full market cycle, typically three to five years, as being the most important consideration because relative performance over shorter periods may be significantly impacted by market or economic events and not necessarily reflective of sub-advisor skill.

The expense comparisons below were made for the Fund's R5 Class shares relative to the Fund's Broadridge Expense Universe and Broadridge Expense Group, and Y Class shares relative to the Fund's Morningstar Fee Level universe. The 1st Quintile represents the lowest 20 percent of the universe or group based on lowest total expense, and the 5th Quintile represents the highest 20 percent of the universe or group based on highest total expense.

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References to the Fund's Expense Group and Expense Universe are to the respective group or universe of comparable funds as determined by Broadridge. Broadridge Expense Groups consist of the Fund and a representative sample of funds with similar operating structures and asset sizes, as selected by Broadridge. A Broadridge Expense Universe includes all funds with comparable investment classifications/objectives and similar operating structures to that of the share class under review for the Fund, including funds in the Broadridge Expense Group. The Broadridge expense comparisons are based on the most recent audited financial information publicly available for the Fund as of December 31, 2024. References to the Fund's Morningstar Fee Level ranking are to the institutional share class of comparable funds as determined by Morningstar.

The Board considered the Fund's Morningstar fee level category with the 1st Quintile representing the lowest 20 percent of the category constituents and the 5th Quintile representing the highest 20 percent of the category in terms of total expense.

In considering the renewal of the Agreements with the sub-advisor for the Fund, the Board considered the following additional factors:

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| |
|:---|
| Broadridge Total Expenses Excluding 12b-1 Fees and Morningstar Fee Level Ranking |
|  Compared to Broadridge Expense Group<br> 3<sup>rd</sup> Quintile |
|  Compared to Broadridge Expense Universe<br> 3<sup>rd</sup> Quintile |
|  Morningstar Fee Level Ranking<br> 4<sup>th</sup> Quintile |

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| |
|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) |
|  Compared to Broadridge Performance Universe<br> 4<sup>th</sup> Quintile |
|  Compared to Morningstar Category<br> 4<sup>th</sup> Quintile |

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The Board also considered: (1) representations by the Manager and sub-advisor that the periods of underperformance were due primarily to the sub-advisor's duration-management strategy; (2) an improvement in relative performance in the rising interest rate environment, resulting in a 1st Quintile ranking in the Broadridge Performance Universe for the three-year period ended December 31, 2024; (3) that while the Fund's Morningstar Fee Level Ranking was in the 4th quintile, the Fund's Broadridge Expense Group and Broadridge Expense Universe rankings were in the 3rd quintile; and (4) the Manager's recommendation to continue to retain the sub-advisor.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and sub-advisor under the Agreements are fair and reasonable; and (2) determined that the Fund and its shareholders would benefit from the Manager's and sub-advisor's continued management of the Fund.

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At meetings held on May 20, 2025 and June 4, 2025 (collectively, the "Meetings"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Funds (the "Trust") considered and then, at its June 4, 2025 meeting, approved the renewal of: (1) the Management Agreement between American Beacon Advisors, Inc. ("Manager") and the Trust on behalf of the American Beacon International Equity Fund ("International Equity Fund") and the American Beacon IMC International Small Cap Fund (formerly known as the "American Beacon EAM International Small Cap Fund") ("IMC Fund") (each, a "Fund" and collectively, the "Funds"); (2) the Investment Advisory Agreements among the Manager, the Trust on behalf of the International Equity Fund, and each of (a) Causeway Capital Management LLC ("Causeway"), (b) Lazard Asset Management LLC ("Lazard") and (c) American Century Investments, Inc. ("ACI"); and (3) the Investment Advisory Agreement among the Manager, the Trust on behalf of the IMC Fund, and Global IMC LLC ("IMC") (collectively, the "Investment Advisory Agreements"). Each of Causeway, Lazard, ACI and IMC is referred to individually as a "sub-advisor' and, collectively, as the "sub-advisors." The Management Agreement and the Investment Advisory Agreements are referred to herein individually as an "Agreement" and collectively as the "Agreements."

In preparation for its consideration of the renewal of the Agreements, the Board undertook steps to gather and consider information furnished by the Manager, the sub-advisors, Broadridge, Inc. ("Broadridge") and Morningstar, Inc. ("Morningstar"). The Board, with the assistance of independent legal counsel, requested and received certain relevant information from the Manager and each sub-advisor.

In advance of the Meetings, the Board's Investment Committee and/or the Manager coordinated the production of information from Broadridge and Morningstar regarding the performance, fees and expenses of the Funds as well as information from the Manager and the sub-advisors. At the Meetings, the Board considered the information provided in connection with the renewal process, as well as information furnished to the Board throughout the year at regular meetings of the Board and its committees. In connection with the Board's consideration of the Agreements, the Trustees received and evaluated such information as they deemed necessary. This information is described below in the section summarizing the factors the Board considered in connection with its renewal of the Agreements, as well as the section describing additional Board considerations with respect to each Fund.

The Board considered that the Manager provides management and administrative services to the Funds pursuant to the Management Agreement. The Board considered that many funds have separate contracts governing each type of service and observed that, with respect to such funds, the actual management fee rates provided by Broadridge for peer group funds reflect the combined advisory and administrative fees, reduced by any fee waivers and/or reimbursements.

The Manager or a sub-advisor may not have been able to, or opted not to, provide information in response to certain requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations.

Provided below is an overview of certain factors the Board considered in connection with its decision to approve the renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the renewal of each Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the renewal of investment advisory contracts, such as the Agreements, and related regulatory guidelines. Based on its evaluation, the Board unanimously concluded that the terms of each Agreement were reasonable and fair and that the renewal of each Agreement was in the best interests of the Funds and their shareholders.

Considerations With Respect to the Renewal of the Management Agreement and the Investment Advisory Agreements

In determining whether to approve the renewal of the Agreements, the Board considered each Fund's investment management and sub-advisory relationships separately. In each instance, the Board considered, among

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other things, the following factors: (1) the nature, extent and quality of the services provided; (2) the investment performance of a Fund and each sub-advisor for a Fund; (3) the profits, if any, earned by the Manager in rendering services to the Funds; (4) comparisons of services and fee rates with contracts entered into by the Manager or a sub-advisor or their affiliates with other clients (such as pension funds and other institutional clients); (5) the extent to which economies of scale, if any, have been taken into account in setting each fee rate schedule; (6) whether fee rate levels reflect economies of scale, if any, for the benefit of Fund investors; and (7) any other benefits derived or anticipated to be derived by the Manager or a sub-advisor from their relationships with a Fund.

*Nature, Extent and Quality of Services.* With respect to the renewal of the Management Agreement, the Board considered, among other factors: each Fund's investment performance; the length of service of key investment personnel at the Manager; the cost structure of the Funds; the financial capital structure of the Manager and its parent company; the Manager's culture of compliance and support that reduce risks to the Funds; its quality of services; its active role in monitoring and, as appropriate, recommending additional or replacement sub-advisors; and its representations regarding its efforts to retain key employees and maintain staffing levels.

With respect to the renewal of each Investment Advisory Agreement, the Board considered, among other factors: each Fund's investment performance; the representations made by each sub-advisor regarding its level of staffing; its financial stability; and its compliance program. Based on the foregoing information, the Board concluded that the nature, extent and quality of the management and advisory services provided by the Manager and each sub-advisor were appropriate for each Fund.

*Investment Performance.* The Board evaluated the comparative information provided by Broadridge and the Manager regarding the performance of each Fund, relative to its Broadridge Performance Universe, Morningstar Category, and/or benchmark index, as well as each Fund's Morningstar rating. The Board considered the information provided by Broadridge regarding its independent methodology for selecting each Fund's Broadridge Performance Universe. In addition, the Board considered the performance reports and discussions with management at meetings of the Board and its committees throughout the year. The Board also evaluated the comparative information provided by: (1) each of Causeway and Lazard regarding the performance of its portion of the International Equity Fund, relative to the performance of a composite of comparable investment accounts managed by the sub-advisor and noted ACI's representation that the International Equity Fund is the only account that it manages in the strategy; (2) IMC regarding the performance of the IMC Fund, relative to the performance of a composite of comparable investment accounts managed by the sub-advisor; and (3) each sub-advisor regarding a Fund's benchmark index for the strategy and/or broad-based securities market index. In addition, the Board considered the Manager's recommendation to continue to retain each sub-advisor. A discussion regarding the Board's considerations with respect to each Fund's performance appears below under "Additional Considerations and Conclusions with Respect to Each Fund."

*Costs of the Services Provided to the Funds and the Profits Realized by the Manager from its Relationship with the Funds.* In analyzing the costs of services and profitability of the Manager, the Board considered the revenues earned and the expenses incurred by the Manager, before and after the payment of distribution-related expenses by the Manager. The profits or losses were noted at both an aggregate level for all funds within the group of mutual funds sponsored by the Manager (the "Fund Complex") and at an individual Fund level, with the Manager earning a profit before and after the payment of distribution-related expenses by the Manager with respect to the International Equity Fund and sustaining losses before and after the payment of distribution-related expenses by the Manager with the respect to the IMC Fund. The Board also considered comparative information provided by the Manager regarding the Manager's overall profitability with respect to the Fund Complex relative to the overall profitability of other firms in the fund industry, as disclosed in publicly available sources. Although the Board considered that, in certain cases, the fee rates paid by other clients of the Manager are lower than the fee rates paid by the Funds, the Manager represented that the difference is attributable to, among other factors, the fact that the Manager does not perform administrative services for non-investment company clients and reflects the greater level of responsibility and regulatory requirements associated with managing the Funds. The Board also considered that, with respect to the R6 Class shares of the International Equity Fund and all share classes of the IMC Fund, the Manager is waiving fees and/or reimbursing expenses.

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The Board further considered that, with respect to each Fund, the Management Agreement provides for the Manager to receive a management fee comprised of an annualized fee that is retained by the Manager. In addition, the Board considered that the Manager receives fees for administering and overseeing the securities lending program on behalf of the Funds. The Board also considered that certain share classes of the Funds maintain higher expense ratios in order to compensate third-party financial intermediaries.

In analyzing the fee rates charged by each sub-advisor in connection with its investment advisory services to a Fund, the Board considered representations made by the Causeway, Lazard and IMC, respectively, that the Fund's sub-advisory fee rate schedules generally were favorable compared to other comparable client accounts and ACI's representation that it does not manage a comparable investment account in the strategy of the International Equity Fund. The Board did not request profitability data from the sub-advisors because the Board did not view this data as imperative to its deliberations given the arm's-length nature of the relationship between the Manager and the sub-advisors with respect to the negotiation of sub-advisory fee rates. In addition, the Board considered that the sub-advisors may not account for their profits on an account-by-account basis and that different firms likely employ different methodologies in connection with these calculations.

Based on the foregoing information, the Board concluded that the profitability levels of the Manager were reasonable in light of the services performed by the Manager. A discussion regarding the Board's considerations with respect to each Fund's fee rates is set forth below under "Additional Considerations and Conclusions with Respect to Each Fund."

*Economies of Scale.* In considering the reasonableness of the management and investment advisory fee rates, the Board considered whether economies of scale will be realized as each Fund grows and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. In this regard, the Board considered that, with respect to each sub-advisor, the Manager has negotiated breakpoints for the sub-advisory fee rates. The Board also considered that the current assets of the IMC Fund did not exceed the threshold necessary to reach the first sub-advisory fee rate breakpoint.

In addition, the Board considered the Manager's representation that the Management Agreement contains fee schedule breakpoints at higher asset levels with respect to each Fund. In this regard, the Board considered that neither of the Funds' current assets exceeded the threshold necessary to reach the first management fee breakpoint.

Based on the foregoing information, the Board concluded that the Manager and sub-advisor fee rate schedules for each Fund provide for a reasonable sharing of benefits from any economies of scale with each Fund.

*Benefits Derived from the Relationship with the Funds.* The Board considered the Manager's and sub-advisors' responses to inquiries regarding "fall-out" or ancillary benefits that accrue to the Manager and/or the sub-advisors as a result of their advisory relationships with the Funds. For example, the Board considered that the Manager may invest the Funds' cash balances and cash collateral provided by the borrowers of the Funds' securities in the American Beacon U.S. Money Market Select Fund, which the Manager manages directly, and for which the Manager receives a fee. Similarly, the Board considered that each sub-advisor benefits from soft dollar arrangements for proprietary and/or third-party research. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Manager and the sub-advisors by virtue of their relationships with the Funds appear to be fair and reasonable.

Additional Considerations and Conclusions with Respect to Each Fund

The performance comparisons below were made for each Fund's R5 Class shares relative to the Fund's Broadridge Performance Universe and Morningstar Category. With respect to the Broadridge Performance Universe, the 1st Quintile represents the top 20 percent of the universe based on performance, and the 5th Quintile represents the bottom 20 percent of the universe based on performance. References to each Fund's Broadridge

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Performance Universe are to the respective universe of funds with comparable investment classifications and objectives as determined by Broadridge. With respect to the International Equity Fund, the performance of individual firms was calculated by the Manager based on information provided by the Fund's custodian.

In reviewing the performance, the Board considered that the Manager views longer-term performance over a full market cycle, typically three to five years, as being the most important consideration because relative performance over shorter periods may be significantly impacted by market or economic events and not necessarily reflective of sub-advisor skill.

The expense comparisons in the Additional Considerations and Conclusions sections below were made for each Fund's R5 Class shares relative to the Fund's Broadridge Expense Universe and Broadridge Expense Group, and Y Class shares relative to the Fund's Morningstar Fee Level universe. The 1st Quintile represents the lowest 20 percent of the universe or group based on lowest total expense, and the 5th Quintile represents the highest 20 percent of the universe or group based on highest total expense. References to each Fund's Expense Group and Expense Universe are to the respective group or universe of comparable funds as determined by Broadridge. Broadridge Expense Groups consist of the Fund and a representative sample of funds with similar operating structures and asset sizes, as selected by Broadridge. A Broadridge Expense Universe includes all funds with comparable investment classifications/objectives and similar operating structures to that of the share class under review for each Fund, including funds in the Broadridge Expense Group. The Broadridge expense comparisons are based on the most recent audited financial information publicly available for a Fund as of December 31, 2024. References to each Fund's Morningstar Fee Level ranking are to the institutional share class of comparable funds as determined by Morningstar.

The Board considered a Fund's Morningstar fee level category with the 1st Quintile representing the lowest 20 percent of the category constituents and the 5th Quintile representing the highest 20 percent of the category in terms of total expense.

Additional Considerations and Conclusions with Respect to the American Beacon International Equity Fund

In considering the renewal of the Management Agreement for the International Equity Fund, the Board considered the following additional factors:

---

| |
|:---|
| Broadridge Total Expenses Excluding 12b-1 Fees and Morningstar Fee Level Ranking |
|  Compared to Broadridge Expense Group<br> 2<sup>nd</sup> Quintile |
|  Compared to Broadridge Expense Universe<br> 3<sup>rd</sup> Quintile |
|  Morningstar Fee Level Ranking<br> 4<sup>th</sup> Quintile |

---

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| |
|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) |
|  Compared to Broadridge Performance Universe<br> 4<sup>th</sup> Quintile |
|  Compared to Morningstar Category<br> 3<sup>rd</sup> Quintile |

---

In considering the renewal of the Investment Advisory Agreements with Causeway, Lazard and ACI, the Board considered that the diversification of investment strategies facilitated by the International Equity Fund's multi-manager structure permits the International Equity Fund to mitigate the risks associated with a single sub-advisor. The Board also considered the following additional factors:

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| | | | |
|:---|:---|:---|:---|
| Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) | Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) | Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) |  |
|  Causeway | 5 Years | 1 | <sup>st</sup> Quintile |
|  Lazard | 5 Years | 3 | <sup>rd</sup> Quintile |
|  ACI | 3 Years | 2 | <sup>nd</sup> Quintile |

---

The Board also considered: (1) that while the International Equity Fund's trailing five-year performance, net of expenses, was lower than the median of the Broadridge Performance Universe, it was reasonably competitive with the median of the Morningstar Category; (2) that while the International Equity Fund's expenses were higher

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than the median of the Morningstar Category, the International Equity Fund's expenses were lower than the median of the Broadridge Expense Group and in line with the median of the Broadridge Expense Universe; and (3) the Manager's recommendation to continue to retain each sub-advisor.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and the sub-advisors under the Agreements are fair and reasonable; and (2) determined that the International Equity Fund and its shareholders would benefit from the Manager's and sub-advisors' continued management of the International Equity Fund.

Additional Considerations and Conclusions with Respect to the American Beacon IMC International Small Cap Fund

In considering the renewal of the Agreements with IMC for the IMC Fund, the Board considered the following additional factors:

---

| |
|:---|
| Broadridge Total Expenses Excluding 12b-1 Fees and Morningstar Fee Level Ranking |
|  Compared to Broadridge Expense Group<br> 1<sup>st</sup> Quintile |
|  Compared to Broadridge Expense Universe<br> 1<sup>st</sup> Quintile |
|  Morningstar Fee Level Ranking<br> 4<sup>th</sup> Quintile |

---

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| |
|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024)\* |
|  Compared to Broadridge Performance Universe<br> 2<sup>nd</sup> Quintile |
|  Compared to Morningstar Category<br> 2<sup>nd</sup> Quintile |

---

\* IMC Global LLC began managing the Fund effective January 21, 2023. The performance reflected through December 31, 2024 includes a period of the Fund's performance under the management of its prior sub-advisor.

The Board also considered: (1) that, at the Manager's recommendation, the Board had approved the termination of the IMC Fund's prior sub-advisor and the retention of IMC as the IMC Fund's sub-advisor effective January 21, 2023; (2) that while the IMC Fund's Morningstar Fee Level Ranking was in the 4th quintile, the IMC Fund's Broadridge Expense Group and Broadridge Expense Universe rankings were in the 1st quintile; (3) the IMC Fund's trailing five-year performance, net of expenses, was in the 2nd quintile of its Broadridge Performance Universe and Morningstar Category; and (4) the Manager's recommendation to continue to retain the sub-advisor based upon, among other factors, the relatively brief period that the sub-advisor has been managing assets for the IMC Fund, given that the Board typically gives greater weight to a Fund's longer-term performance.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and the sub-advisor under the Agreements are fair and reasonable; and (2) determined that the IMC Fund and its shareholders would benefit from the Manager's and sub-advisor's continued management of the IMC Fund.

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At meetings held on May 20, 2025 and June 4, 2025 (collectively, the "Meetings"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Funds (the "Trust") considered and then, at its June 4, 2025 meeting, approved the renewal of: (1) the Management Agreement between American Beacon Advisors, Inc. ("Manager") and the Trust on behalf of the American Beacon Large Cap Value Fund ("Fund"); and (2) the Investment Advisory Agreements among the Manager, the Trust on behalf of the Fund, and each of (a) Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow"), (b) Hotchkis and Wiley Capital Management, LLC ("Hotchkis") and (c) Massachusetts Financial Services Company ("MFS") (each, a "sub-advisor" and collectively, the "sub-advisors") (the "Investment Advisory Agreements"). The Management Agreement and the Investment Advisory Agreements are referred to herein individually as an "Agreement" and collectively as the "Agreements."

In preparation for its consideration of the renewal of the Agreements, the Board undertook steps to gather and consider information furnished by the Manager, the sub-advisors, Broadridge, Inc. ("Broadridge") and Morningstar, Inc. ("Morningstar"). The Board, with the assistance of independent legal counsel, requested and received certain relevant information from the Manager and each sub-advisor.

In advance of the Meetings, the Board's Investment Committee and/or the Manager coordinated the production of information from Broadridge and Morningstar regarding the performance, fees and expenses of the Fund as well as information from the Manager and the sub-advisors. At the Meetings, the Board considered the information provided in connection with the renewal process, as well as information furnished to the Board throughout the year at regular meetings of the Board and its committees. In connection with the Board's consideration of the Agreements, the Trustees received and evaluated such information as they deemed necessary. This information is described below in the section summarizing the factors the Board considered in connection with its renewal of the Agreements, as well as the section describing additional Board considerations with respect to the Fund.

The Board considered that the Manager provides management and administrative services to the Fund pursuant to the Management Agreement. The Board considered that many funds have separate contracts governing each type of service and observed that, with respect to such funds, the actual management fee rates provided by Broadridge for peer group funds reflect the combined advisory and administrative fees, reduced by any fee waivers and/or reimbursements.

The Manager or a sub-advisor may not have been able to, or opted not to, provide information in response to certain requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations.

Provided below is an overview of certain factors the Board considered in connection with its decision to approve the renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the renewal of each Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the renewal of investment advisory contracts, such as the Agreements, and related regulatory guidelines. Based on its evaluation, the Board unanimously concluded that the terms of each Agreement were reasonable and fair and that the renewal of each Agreement was in the best interests of the Fund and its shareholders.

Considerations With Respect to the Renewal of the Management Agreement and the Investment Advisory Agreements

In determining whether to approve the renewal of the Agreements, the Board considered the Fund's investment management and sub-advisory relationships separately. In each instance, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services provided; (2) the investment performance of the Fund and each sub-advisor for the Fund; (3) the profits, if any, earned by the Manager in

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rendering services to the Fund; (4) comparisons of services and fee rates with contracts entered into by the Manager or a sub-advisor or their affiliates with other clients (such as pension funds and other institutional clients); (5) the extent to which economies of scale, if any, have been taken into account in setting each fee rate schedule; (6) whether fee rate levels reflect economies of scale, if any, for the benefit of Fund investors; and (7) any other benefits derived or anticipated to be derived by the Manager or a sub-advisor from their relationships with the Fund.

*Nature, Extent and Quality of Services.* With respect to the renewal of the Management Agreement, the Board considered, among other factors: the Fund's investment performance; the length of service of key investment personnel at the Manager; the cost structure of the Fund; the financial capital structure of the Manager and its parent company; the Manager's culture of compliance and support that reduce risks to the Fund; its quality of services; its active role in monitoring and, as appropriate, recommending additional or replacement sub-advisors; and its representations regarding its efforts to retain key employees and maintain staffing levels.

With respect to the renewal of each Investment Advisory Agreement, the Board considered, among other factors: the Fund's investment performance; the representations made by each sub-advisor regarding its level of staffing; its financial stability; and its compliance program. Based on the foregoing information, the Board concluded that the nature, extent and quality of the management and advisory services provided by the Manager and each sub-advisor were appropriate for the Fund.

*Investment Performance.* The Board evaluated the comparative information provided by Broadridge and the Manager regarding the performance of the Fund, relative to its Broadridge Performance Universe, Morningstar Category, and/or benchmark index, as well as the Fund's Morningstar rating. The Board considered the information provided by Broadridge regarding its independent methodology for selecting the Fund's Broadridge Performance Universe. In addition, the Board considered the performance reports and discussions with management at meetings of the Board and its committees throughout the year. The Board also evaluated the comparative information provided by each sub-advisor regarding the performance of its portion of the Fund, relative to the performance of comparable investment accounts and/or a composite of comparable investment accounts managed by the sub-advisor and the Fund's benchmark index for the strategy and/or broad based securities market index. In addition, the Board considered the Manager's recommendation to continue to retain each sub-advisor. A discussion regarding the Board's considerations with respect to the Fund's performance appears below under "Additional Considerations and Conclusions with Respect to the Fund."

*Costs of the Services Provided to the Fund and the Profits Realized by the Manager from its Relationship with the Fund.* In analyzing the costs of services and profitability of the Manager, the Board considered the revenues earned and the expenses incurred by the Manager, before and after the payment of distribution-related expenses by the Manager. The profits or losses were noted at both an aggregate level for all funds within the group of funds sponsored by the Manager (the "Fund Complex") and at an individual Fund level, with the Manager earning a profit before and after the payment of distribution-related expenses by the Manager with respect to the Fund. The Board also considered comparative information provided by the Manager regarding the Manager's overall profitability with respect to the Fund Complex relative to the overall profitability of other firms in the fund industry, as disclosed in publicly available sources. Although the Board considered that, in certain cases, the fee rates paid by other clients of the Manager are lower than the fee rates paid by the Fund, the Manager represented that the difference is attributable to, among other factors, the fact that the Manager does not perform administrative services for non-investment company clients and reflects the greater level of responsibility and regulatory requirements associated with managing the Fund.

The Board further considered that, with respect to the Fund, the Management Agreement provides for the Manager to receive a management fee comprised of an annualized fee that is retained by the Manager. In addition, the Board considered that the Manager receives fees for administering and overseeing the securities lending program on behalf of the Fund. The Board also considered that certain share classes of the Fund maintain higher expense ratios in order to compensate third-party financial intermediaries.

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In analyzing the fee rates charged by each sub-advisor in connection with its investment advisory services to the Fund, the Board considered representations made by the sub-advisors that the Fund's sub-advisory fee rate schedules generally were favorable compared to other comparable client accounts. The Board did not request profitability data from the sub-advisors because the Board did not view this data as imperative to its deliberations given the arm's-length nature of the relationship between the Manager and the sub-advisors with respect to the negotiation of sub-advisory fee rates. In addition, the Board considered that the sub-advisors may not account for their profits on an account-by-account basis and that different firms likely employ different methodologies in connection with these calculations.

Based on the foregoing information, the Board concluded that the profitability levels of the Manager were reasonable in light of the services performed by the Manager. A discussion regarding the Board's considerations with respect to the Fund's fee rates is set forth below under "Additional Considerations and Conclusions with Respect to the Fund."

*Economies of Scale.* In considering the reasonableness of the management and investment advisory fee rates, the Board considered whether economies of scale will be realized as the Fund grows and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. In this regard, the Board considered, with respect to each sub-advisor, that the Manager has negotiated breakpoints for the sub-advisory fee rates.

In addition, the Board considered the Manager's representation that the Management Agreement contains fee schedule breakpoints at higher asset levels with respect to the Fund. In this regard, the Board considered that the Fund's current assets did not exceed the threshold necessary to reach the first management fee breakpoint.

Based on the foregoing information, the Board concluded that the Manager and sub-advisor fee rate schedules for the Fund provide for a reasonable sharing of benefits from any economies of scale with the Fund.

*Benefits Derived from the Relationship with the Fund.* The Board considered the Manager's and sub-advisors' responses to inquiries regarding "fall-out" or ancillary benefits that accrue to the Manager and/or the sub-advisors as a result of their advisory relationships with the Fund. For example, the Board considered that the Manager may invest the Fund's cash balances and cash collateral provided by the borrowers of the Fund's securities in the American Beacon U.S. Government Money Market Select Fund, which the Manager manages directly, and for which the Manager receives a fee. Similarly, the Board considered that each sub-advisor may benefit from soft dollar arrangements for proprietary and/or third-party research. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Manager and the sub-advisors by virtue of their relationships with the Fund appear to be fair and reasonable.

Additional Considerations and Conclusions with Respect to the Fund

The performance comparisons below were made for the Fund's R5 Class shares relative to the Fund's Broadridge Performance Universe and Morningstar Category. With respect to the Broadridge Performance Universe, the 1st Quintile represents the top 20 percent of the universe based on performance, and the 5th Quintile represents the bottom 20 percent of the universe based on performance. References to the Fund's Broadridge Performance Universe are to the respective universe of funds with comparable investment classifications and objectives as determined by Broadridge. The performance of individual firms was calculated by the Manager based on information provided by the Fund's custodian.

In reviewing the performance, the Board considered that the Manager views longer-term performance over a full market cycle, typically three to five years, as being the most important consideration because relative performance over shorter periods may be significantly impacted by market or economic events and not necessarily reflective of sub-advisor skill.

The expense comparisons below were made for the Fund's R5 Class shares relative to the Fund's Broadridge Expense Universe and Broadridge Expense Group, and Y Class shares relative to the Fund's Morningstar Fee Level

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universe. The 1st Quintile represents the lowest 20 percent of the universe or group based on lowest total expense, and the 5th Quintile represents the highest 20 percent of the universe or group based on highest total expense. References to the Fund's Expense Group and Expense Universe are to the respective group or universe of comparable funds as determined by Broadridge. Broadridge Expense Groups consist of the Fund and a representative sample of funds with similar operating structures and asset sizes, as selected by Broadridge. A Broadridge Expense Universe includes all funds with comparable investment classifications/objectives and similar operating structures to that of the share class under review for the Fund, including funds in the Broadridge Expense Group. The Broadridge expense comparisons are based on the most recent audited financial information publicly available for the Fund as of December 31, 2024. References to the Fund's Morningstar Fee Level ranking are to the institutional share class of comparable funds as determined by Morningstar.

The Board considered the Fund's Morningstar fee level category with the 1st Quintile representing the lowest 20 percent of the category constituents and the 5th Quintile representing the highest 20 percent of the category in terms of total expense.

In considering the renewal of the Management Agreement for the Fund, the Board considered the following additional factors:

---

| |
|:---|
| Broadridge Total Expenses Excluding 12b-1 Fees and Morningstar Fee Level Ranking |
|  Compared to Broadridge Expense Group<br> 2<sup>nd</sup> Quintile |
|  Compared to Broadridge Expense Universe<br> 2<sup>nd</sup> Quintile |
|  Morningstar Fee Level Ranking<br> 3<sup>rd</sup> Quintile |

---

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| |
|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) |
|  Compared to Broadridge Performance Universe<br> 2<sup>nd</sup> Quintile |
|  Compared to Morningstar Category<br> 2<sup>nd</sup> Quintile |

---

In considering the renewal of the Investment Advisory Agreements with Barrow, Hotchkis and MFS, the Board considered that the diversification of investment strategies facilitated by the Fund's multi-manager structure permits the Fund to mitigate the risks associated with a single sub-advisor. The Board also considered the following additional factors:

---

| | | | |
|:---|:---|:---|:---|
| Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) | Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) | Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) |  |
|  Barrow | 5 Years | 1 | <sup>st</sup> Quintile |
|  Hotchkis | 5 Years | 1 | <sup>st</sup> Quintile |
|  MFS | 5 Years | 3 | <sup>rd</sup> Quintile |

---

The Board also considered the Manager's recommendation to continue to retain each sub-advisor.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and the sub-advisors under the Agreements are fair and reasonable; and (2) determined that the Fund and its shareholders would benefit from the Manager's and sub-advisors' continued management of the Fund.

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At meetings held on May 20, 2025 and June 4, 2025 (collectively, the "Meetings"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Funds (the "Trust") considered and then, at its June 4, 2025 meeting, approved the renewal of: (1) the Management Agreement between American Beacon Advisors, Inc. ("Manager") and the Trust on behalf of the American Beacon Small Cap Value Fund ("Fund"); and (2) the Investment Advisory Agreements among the Manager, the Trust on behalf of the Fund, and each of (a) Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow"), (b) Brandywine Global Investment Management, LLC ("Brandywine"), (c) DePrince, Race, and Zollo, Inc. ("DRZ") and (d) Hotchkis and Wiley Capital Management, LLC ("Hotchkis") (each, a "sub-advisor" and collectively, the "sub-advisors") (the "Investment Advisory Agreements"). The Management Agreement and the Investment Advisory Agreements are referred to herein individually as an "Agreement" and collectively as the "Agreements."

In preparation for its consideration of the renewal of the Agreements, the Board undertook steps to gather and consider information furnished by the Manager, the sub-advisors, Broadridge, Inc. ("Broadridge") and Morningstar, Inc. ("Morningstar"). The Board, with the assistance of independent legal counsel, requested and received certain relevant information from the Manager and each sub-advisor.

In advance of the Meetings, the Board's Investment Committee and/or the Manager coordinated the production of information from Broadridge and Morningstar regarding the performance, fees and expenses of the Fund as well as information from the Manager and the sub-advisors. At the Meetings, the Board considered the information provided in connection with the renewal process, as well as information furnished to the Board throughout the year at regular meetings of the Board and its committees. In connection with the Board's consideration of the Agreements, the Trustees received and evaluated such information as they deemed necessary. This information is described below in the section summarizing the factors the Board considered in connection with its renewal of the Agreements, as well as the section describing additional Board considerations with respect to the Fund.

The Board considered that the Manager provides management and administrative services to the Fund pursuant to the Management Agreement. The Board considered that many funds have separate contracts governing each type of service and observed that, with respect to such funds, the actual management fee rates provided by Broadridge for peer group funds reflect the combined advisory and administrative fees, reduced by any fee waivers and/or reimbursements.

The Manager or a sub-advisor may not have been able to, or opted not to, provide information in response to certain requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations.

Provided below is an overview of certain factors the Board considered in connection with its decision to approve the renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the renewal of each Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the renewal of investment advisory contracts, such as the Agreements, and related regulatory guidelines. Based on its evaluation, the Board unanimously concluded that the terms of each Agreement were reasonable and fair and that the renewal of each Agreement was in the best interests of the Fund and its shareholders.

Considerations With Respect to the Renewal of the Management Agreement and the Investment Advisory Agreements

In determining whether to approve the renewal of the Agreements, the Board considered the Fund's investment management and sub-advisory relationships separately. In each instance, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services provided; (2) the investment

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performance of the Fund and each sub-advisor for the Fund; (3) the profits, if any, earned by the Manager in rendering services to the Fund; (4) comparisons of services and fee rates with contracts entered into by the Manager or a sub-advisor or their affiliates with other clients (such as pension funds and other institutional clients); (5) the extent to which economies of scale, if any, have been taken into account in setting each fee rate schedule; (6) whether fee rate levels reflect economies of scale, if any, for the benefit of Fund investors; and (7) any other benefits derived or anticipated to be derived by the Manager or a sub-advisor from their relationships with the Fund.

*Nature, Extent and Quality of Services.* With respect to the renewal of the Management Agreement, the Board considered, among other factors: the Fund's investment performance; the length of service of key investment personnel at the Manager; the cost structure of the Fund; the financial capital structure of the Manager and its parent company; the Manager's culture of compliance and support that reduce risks to the Fund; its quality of services; its active role in monitoring and, as appropriate, recommending additional or replacement sub-advisors; and its representations regarding its efforts to retain key employees and maintain staffing levels.

With respect to the renewal of each Investment Advisory Agreement, the Board considered, among other factors: the Fund's investment performance; the representations made by each sub-advisor regarding its level of staffing; its financial stability; and its compliance program. Based on the foregoing information, the Board concluded that the nature, extent and quality of the management and advisory services provided by the Manager and each sub-advisor were appropriate for the Fund.

*Investment Performance.* The Board evaluated the comparative information provided by Broadridge and the Manager regarding the performance of the Fund, relative to its Broadridge Performance Universe, Morningstar Category, and/or benchmark index, as well as the Fund's Morningstar rating. The Board considered the information provided by Broadridge regarding its independent methodology for selecting the Fund's Broadridge Performance Universe. In addition, the Board considered the performance reports and discussions with management at meetings of the Board and its committees throughout the year. The Board also evaluated the comparative information provided by each sub-advisor regarding the performance of its portion of the Fund, relative to the performance of comparable investment accounts and/or a composite of comparable investment accounts managed by the sub-advisor and the Fund's benchmark index for the strategy. In addition, the Board considered the Manager's recommendation to continue to retain each sub-advisor. A discussion regarding the Board's considerations with respect to the Fund's performance appears below under "Additional Considerations and Conclusions with Respect to the Fund."

*Costs of the Services Provided to the Fund and the Profits Realized by the Manager from its Relationship with the Fund.* In analyzing the costs of services and profitability of the Manager, the Board considered the revenues earned and the expenses incurred by the Manager, before and after the payment of distribution-related expenses by the Manager. The profits or losses were noted at both an aggregate level for all funds within the group of funds sponsored by the Manager (the "Fund Complex") and at an individual Fund level, with the Manager earning a profit before and after the payment of distribution-related expenses by the Manager with respect to the Fund. The Board also considered comparative information provided by the Manager regarding the Manager's overall profitability with respect to the Fund Complex relative to the overall profitability of other firms in the fund industry, as disclosed in publicly available sources. Although the Board considered that, in certain cases, the fee rates paid by other clients of the Manager are lower than the fee rates paid by the Fund, the Manager represented that the difference is attributable to, among other factors, the fact that the Manager does not perform administrative services for non-investment company clients and reflects the greater level of responsibility and regulatory requirements associated with managing the Fund.

The Board further considered that, with respect to the Fund, the Management Agreement provides for the Manager to receive a management fee comprised of an annualized fee that is retained by the Manager. In addition, the Board considered that the Manager receives fees for administering and overseeing the securities lending program on behalf of the Fund. The Board also considered that certain share classes of the Fund maintain higher expense ratios in order to compensate third-party financial intermediaries.

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Renewal and Approval of Management Agreement and Investment Advisory Agreements

In analyzing the fee rates charged by each sub-advisor in connection with its investment advisory services to the Fund, the Board considered representations made by the sub-advisors that the Fund's sub-advisory fee rate schedules generally were favorable compared to other comparable client accounts. The Board did not request profitability data from the sub-advisors because the Board did not view this data as imperative to its deliberations given the arm's-length nature of the relationship between the Manager and the sub-advisors with respect to the negotiation of sub-advisory fee rates. In addition, the Board considered that the sub-advisors may not account for their profits on an account-by-account basis and that different firms likely employ different methodologies in connection with these calculations.

Based on the foregoing information, the Board concluded that the profitability levels of the Manager were reasonable in light of the services performed by the Manager. A discussion regarding the Board's considerations with respect to the Fund's fee rates is set forth below under "Additional Considerations and Conclusions with Respect to the Fund."

*Economies of Scale.* In considering the reasonableness of the management and investment advisory fee rates, the Board considered whether economies of scale will be realized as the Fund grows and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. In this regard, the Board considered that, with respect to Barrow and Hotchkis, the Manager has negotiated breakpoints for the sub-advisory fee rates.

In addition, the Board considered the Manager's representation that the Management Agreement contains fee schedule breakpoints at higher asset levels with respect to the Fund. In this regard, the Board considered that the Fund's current assets did not exceed the threshold necessary to reach the first management fee breakpoint.

Based on the foregoing information, the Board concluded that the Manager and sub-advisor fee rate schedules for the Fund provide for a reasonable sharing of benefits from any economies of scale with the Fund.

*Benefits Derived from the Relationship with the Fund.* The Board considered the Manager's and sub-advisors' responses to inquiries regarding "fall-out" or ancillary benefits that accrue to the Manager and/or the sub-advisors as a result of their advisory relationships with the Fund. For example, the Board considered that the Manager may invest the Fund's cash balances and cash collateral provided by the borrowers of the Fund's securities in the American Beacon U.S. Government Money Market Select Fund, which the Manager manages directly, and for which the Manager receives a fee. Similarly, the Board considered that each sub-advisor benefits from soft dollar arrangements for proprietary and/or third-party research. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Manager and the sub-advisors by virtue of their relationships with the Fund appear to be fair and reasonable.

Additional Considerations and Conclusions with Respect to the Fund

The performance comparisons below were made for the Fund's R5 Class shares relative to the Fund's Broadridge Performance Universe and Morningstar Category. With respect to the Broadridge Performance Universe, the 1st Quintile represents the top 20 percent of the universe based on performance, and the 5th Quintile represents the bottom 20 percent of the universe based on performance. References to the Fund's Broadridge Performance Universe are to the respective universe of funds with comparable investment classifications and objectives as determined by Broadridge. The performance of individual firms was calculated by the Manager based on information provided by the Fund's custodian.

In reviewing the performance, the Board considered that the Manager views longer-term performance over a full market cycle, typically three to five years, as being the most important consideration because relative performance over shorter periods may be significantly impacted by market or economic events and not necessarily reflective of sub-advisor skill.

The expense comparisons below were made for the Fund's R5 Class shares relative to the Fund's Broadridge Expense Universe and Broadridge Expense Group, and Y Class shares relative to the Fund's Morningstar Fee Level

------

##### [**Table of Contents**](#toc)
Renewal and Approval of Management Agreement and Investment Advisory Agreements

universe. The 1st Quintile represents the lowest 20 percent of the universe or group based on lowest total expense, and the 5th Quintile represents the highest 20 percent of the universe or group based on highest total expense. References to the Fund's Expense Group and Expense Universe are to the respective group or universe of comparable funds as determined by Broadridge. Broadridge Expense Groups consist of the Fund and a representative sample of funds with similar operating structures and asset sizes, as selected by Broadridge. A Broadridge Expense Universe includes all funds with comparable investment classifications/objectives and similar operating structures to that of the share class under review for the Fund, including funds in the Broadridge Expense Group. The Broadridge expense comparisons are based on the most recent audited financial information publicly available for the Fund as of December 31, 2024. References to the Fund's Morningstar Fee Level ranking are to the institutional share class of comparable funds as determined by Morningstar.

The Board considered the Fund's Morningstar fee level category with the 1st Quintile representing the lowest 20 percent of the category constituents and the 5th Quintile representing the highest 20 percent of the category in terms of total expense.

In considering the renewal of the Management Agreement for the Fund, the Board considered the following additional factors:

---

| | | |
|:---|:---|:---|
| Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking | Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking |  |
|  Compared to Broadridge Expense Group | 1 | <sup>st</sup> Quintile |
|  Compared to Broadridge Expense Universe | 2 | <sup>nd</sup> Quintile |
|  Morningstar Fee Level Ranking | 2 | <sup>nd</sup> Quintile |

---

---

| | | |
|:---|:---|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) | Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) |  |
|  Compared to Broadridge Performance Universe | 2 | <sup>nd</sup> Quintile |
|  Compared to Morningstar Category | 3 | <sup>rd</sup> Quintile |

---

In considering the renewal of the Investment Advisory Agreements with Barrow, Brandywine, DRZ and Hotchkis, the Board considered that the diversification of investment strategies facilitated by the Fund's multi-manager structure permits the Fund to mitigate the risks associated with a single sub-advisor. The Board also considered the following additional factors:

---

| | |
|:---|:---|
| Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024)\* | Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024)\* |
|  Barrow | 5 Years 1<sup>st</sup> Quintile |
|  Brandywine | 5 Years 1<sup>st</sup> Quintile |
|  DRZ | 1 Year 5<sup>th</sup> Quintile |
|  Hotchkis | 5 Years 1<sup>st</sup> Quintile |

---

\*The Board considered that, as DRZ began managing a portion of the Fund's assets on March 10, 2022, information was not available with respect to DRZ's performance for a 3-Year period.

The Board also considered (1) the Manager's explanation that DRZ underperformed the Broadridge Performance Universe for the one-year period when the high-momentum stocks that drove market performance were inconsistent with the sub-advisor's relative-value, income generating investment strategy; (2) the Manager's recommendation to continue to retain DRZ based upon, among other factors, the relatively brief period that DRZ has been managing a portion of the Fund's assets, given that the Board typically gives greater weight to a sub-advisor's longer-term performance; and (3) the Manager's recommendation to continue to retain each of the sub-advisors.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and the sub-advisors under the Agreements are fair and reasonable; and (2) determined that the Fund and its shareholders would benefit from the Manager's and sub-advisors' continued management of the Fund.

------

##### [**Table of Contents**](#toc)
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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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) Filed herewith as [EX-99.CODE ETH](d77694dex99codeeth.htm).

(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](d77694dex99cert.htm).

(a)(3) Not applicable.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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](d77694dex99906cert.htm).

------

##### [**Table of Contents**](#toc)
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 | Gregory J. Stumm |
| Principal Executive Officer | Principal Executive Officer |
| American Beacon Funds | American Beacon Funds |
| Date: January 7, 2026 | Date: January 7, 2026 |

---

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 | Gregory J. Stumm |
| Principal Executive Officer | Principal Executive Officer |
| American Beacon Funds | American Beacon Funds |
| Date: January 7, 2026 | Date: January 7, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Melinda G. Heika |
| Melinda G. Heika | Melinda G. Heika |
| Principal Financial Officer | Principal Financial Officer |
| American Beacon Funds | American Beacon Funds |
| Date: January 7, 2026 | Date: January 7, 2026 |

---

## Ex-99.Code

**AMERICAN BEACON FUNDS** 

**AMERICAN BEACON SELECT FUNDS** 

**AMERICAN BEACON INSTITUTIONAL FUNDS TRUST** 

(collectively, the "Trusts")

**Code of Ethics for Principal Executive and Financial Officers** 

**Dated: June 14, 2024** 

**Purpose** 

The Trusts have adopted this Code of Ethics for Principal Executive and Financial Officers (the "Code"), which applies to the Trusts' Principal Executive Officer and Principal Financial Officer (the "Covered Officers" as set forth in Exhibit A), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that a Trust files with, or
submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**Conflicts of Interest** 

For purposes of this Code, a "conflict of interest" occurs when a Covered Officer's "personal interests" interfere with the interests of, or his/her service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Trusts.

Certain conflicts of interest arise out of the relationship between Covered Officers and the Trusts and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts.

Conflicts also may arise from a Covered Officer's position or employment at American Beacon Advisors, Inc. ("AmBeacon"), the Trusts' manager, and his/her position with each Trust. The Covered Officers may also hold positions or be employed by AmBeacon's affiliated companies, some of which may be sub-advisors to the Trusts. This Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on AmBeacon, its affiliates and the

------

Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trusts and AmBeacon and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trusts.

Each Covered Officer should not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his/her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trusts to take action, or fail to take action, for the personal benefit of the Covered Officer rather
than the benefit of the Trusts.

At times, certain situations may arise that may, or may not, be considered conflicts of interest under this Code. Covered Officers are encouraged to discuss such situations with the Trusts' Chief Legal Officer ("CLO"). Examples of these types of situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts in excess of $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trusts have current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service
providers, other than AmBeacon or its affiliates, the distributor for the Trusts' shares, or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself/herself with the disclosure requirements generally applicable to the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether
within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his/her area of responsibility, consult with other officers and
employees of the Trusts and AmBeacon with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the
Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he/she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual thereafter affirm to the Board that he/she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete at least annually the Officer Questionnaire by detailing any directorships with public or private
companies and/or material relationships or transactions with affiliated persons of any Trust or its series, except for directorships or other positions with AmBeacon and its affiliates, which are already known by the CLO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Trusts or their affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CLO promptly if he/she knows of any violations of this Code. Failure to do so is itself a violation of
this Code.

The CLO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In addition, the CLO is authorized and encouraged to consult with counsel to the Trusts and counsel to the Independent Trustees of the Trusts' Boards of Trustees. However, any approvals or waivers sought by the Covered Officers will be considered by the Independent Trustees.

The Trusts will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CLO will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take
any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CLO believes is a violation will be reported to the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to
the applicable Trust's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of AmBeacon or its
board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Independent Trustees will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

------

**Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts, AmBeacon, the distributor for the Trusts' shares, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trusts' and AmBeacon' codes of ethics under Rule 17j-1 under the Investment Company Act and the more detailed policies and procedures set forth in the Trusts' Statement of Policy on Material Non-Public Information are separate requirements applying to the Covered Officers and others, and are not part of nor replaced by this Code.

**Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

**Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board of Trustees, its counsel and AmBeacon.

**Internal Use** 

This Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

------

**EXHIBIT A** 

**Persons Covered by this Code of Ethics** 

---

| | | |
|:---|:---|:---|
|  | Position with each<u> </u><br> Trust | Name |
| Principal Executive Officer | Principal Executive Officer | Gregory J. Stumm |
| Principal Financial Officer | Principal Financial Officer | Melinda G. Heika |

---

## Ex-99.Cert

EXHIBIT 99.CERT

EXHIBIT (A)(2)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Melinda G. Heika, certify that:

1. I have reviewed this report on Form N-CSR of American Beacon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

------

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 7, 2026 | /s/ Melinda G. Heika |
|  | Melinda G. Heika |
|  | Principal Financial Officer |
|  | American Beacon Funds |

---

------

I, Gregory J. Stumm, certify that:

1. I have reviewed this report on Form N-CSR of American Beacon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

------

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 7, 2026 | /s/ Gregory J. Stumm |
|  | Gregory J. Stumm |
|  | Principal Executive Officer |
|  | American Beacon Funds |

---

## Exhibit 99.906

EXHIBIT 99.906.CERT

CERTIFICATION PERSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Gregory J. Stumm and Melinda G. Heika, respectively, the Principal Executive Officer and Principal Financial Officer of the American Beacon Funds (the "Registrant"), each certify to the best of his or her knowledge and belief that:

1. The Registrant's periodic report on Form N-CSR for the period covered by the Report (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 7, 2026

---

| |
|:---|
| /s/ Gregory J. Stumm |
| Gregory J. Stumm |
| Principal Executive Officer |
| American Beacon Funds |
| /s/ Melinda G. Heika |
| Melinda G. Heika |
| Principal Financial Officer |
| American Beacon Funds |

---

This certification is being furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906 has been provided to American Beacon Funds and will be retained by American Beacon Funds and furnished to the U.S. Securities and Exchange Commission or its staff upon request.