# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001193125-25-156206
**Filing Date:** 2025-7
**Character Count:** 929785
**Document Hash:** 5075810c0ed72b5904103470bbd8c24f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-156206.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001193125-25-156206

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 131

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04984
- **FILM NUMBER:** 251108309

**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-CSRS

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSRS

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-4984

## AMERICAN BEACON FUNDS

#### (Exact name of registrant as specified in charter)

#### 220 East Las Colinas Boulevard, Suite 1200

#### Irving, Texas 75039

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

#### GREGORY J. STUMM, PRESIDENT

#### 220 East Las Colinas Boulevard, Suite 1200

#### Irving, Texas 75039

#### (Name and address of agent for service)

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

#### Date of fiscal year end: October 31, 2025

#### Date of reporting period: April 30, 2025
Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.

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

------

Item 1. Reports to Shareholders

# American Beacon

# Balanced Fund

# Class A: ABFAX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $57 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $101292905 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $276957 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i58163632d3547f261ed2.jpg)

---

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

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i66d80fa4352978d345ab.jpg)

---

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

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g14769i0676fceb0d772041aa57.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### Balanced Fund

#### Semi-Annual Shareholder Report - April 30, 2025
Bal_A 0425

Class A: ABFAX

# American Beacon

# Balanced Fund

# Class Advisor: ABLSX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $65 | 1.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $101292905 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $276957 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769iac5379f645abeb69757d.jpg)

---

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

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i4ebd3f9f22cd07a6fe00.jpg)

---

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

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g14769i2ecfcb12664f5d80e452.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### Balanced Fund

#### Semi-Annual Shareholder Report - April 30, 2025
Bal_Advisor 0425

Class Advisor: ABLSX

# American Beacon

# Balanced Fund

# Class C: ABCCX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $94 | 1.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $101292905 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $276957 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i213fb294d15585e0d798.jpg)

---

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

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i516584d3d9faf977611b.jpg)

---

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

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g14769ife33b7ce87bb16648a65.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### Balanced Fund

#### Semi-Annual Shareholder Report - April 30, 2025
Bal_C 0425

Class C: ABCCX

# American Beacon

# Balanced Fund

# Investor Class: AABPX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $57 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $101292905 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $276957 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i4ec2b4e23b6fdd6579fc.jpg)

---

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

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769if33b9100bb3f729c89da.jpg)

---

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

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g14769i6b23c9f73835baf0ce8c.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### Balanced Fund

#### Semi-Annual Shareholder Report - April 30, 2025
Bal_Investor 0425

Investor Class: AABPX

# American Beacon

# Balanced Fund

# Class R5: AADBX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $42 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $101292905 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $276957 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i457308f910591a3621ea.jpg)

---

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

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769idd09b0406b24f2d6258b.jpg)

---

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

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g14769i2ea49540af84ad14b188.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### Balanced Fund

#### Semi-Annual Shareholder Report - April 30, 2025
Bal_R5 0425

Class R5: AADBX

# American Beacon

# Balanced Fund

# Class Y: ACBYX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $46 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $101292905 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $276957 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i0de6e6364114a5b23310.jpg)

---

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

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i28094c40b9bdf297122e.jpg)

---

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

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g14769ia1bd50fb31819c842c0c.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### Balanced Fund

#### Semi-Annual Shareholder Report - April 30, 2025
Bal_Y 0425

Class Y: ACBYX

# American Beacon

# International Equity Fund

# Class A: AIEAX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $63 | 1.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $547607579 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 25% |
| Total Management Fees Paid | $1700982 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769iadc2af03d614fccbe5d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 86.7 |
| Common Stocks | 9.7 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i40ae5bf02a8da995cdf9.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769i642529794206a08e56c8.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### International Equity Fund

#### Semi-Annual Shareholder Report - April 30, 2025
IE_A 0425

Class A: AIEAX

# American Beacon

# International Equity Fund

# Class Advisor: AAISX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $67 | 1.29%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $547607579 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 25% |
| Total Management Fees Paid | $1700982 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769ib5639f0c6c9645ff895d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 86.7 |
| Common Stocks | 9.7 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i5ac663fa5c0bb61a3687.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769i22120dcc36ba5da69117.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### International Equity Fund

#### Semi-Annual Shareholder Report - April 30, 2025
IE_Advisor 0425

Class Advisor: AAISX

# American Beacon

# International Equity Fund

# Class C: AILCX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $104 | 2.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $547607579 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 25% |
| Total Management Fees Paid | $1700982 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i5693336e3cc103972cb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 86.7 |
| Common Stocks | 9.7 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i095735582df4b9e2b797.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769i02f77270b693c17ea078.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### International Equity Fund

#### Semi-Annual Shareholder Report - April 30, 2025
IE_C 0425

Class C: AILCX

# American Beacon

# International Equity Fund

# Investor Class: AAIPX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $60 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $547607579 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 25% |
| Total Management Fees Paid | $1700982 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i0c523c1264655b012c51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 86.7 |
| Common Stocks | 9.7 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769id6469f9331c648ea55fb.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769i883b962180e6f4b102ca.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### International Equity Fund

#### Semi-Annual Shareholder Report - April 30, 2025
IE_Investor 0425

Investor Class: AAIPX

# American Beacon

# International Equity Fund

# Class R5: AAIEX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $42 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $547607579 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 25% |
| Total Management Fees Paid | $1700982 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i54dba62b901ee4b36cdc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 86.7 |
| Common Stocks | 9.7 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i46506049d6fe8c16bc41.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769iefb87d5bbe167c2f566b.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### International Equity Fund

#### Semi-Annual Shareholder Report - April 30, 2025
IE_R5 0425

Class R5: AAIEX

# American Beacon

# International Equity Fund

# Class R6: AAERX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $36 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $547607579 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 25% |
| Total Management Fees Paid | $1700982 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i6c8a656347014759b09c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 86.7 |
| Common Stocks | 9.7 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i26152a2ba017caa72666.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769i4ee77b654c359fd2b93d.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### International Equity Fund

#### Semi-Annual Shareholder Report - April 30, 2025
IE_R6 0425

Class R6: AAERX

# American Beacon

# International Equity Fund

# Class Y: ABEYX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $45 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $547607579 |
| # of Portfolio Holdings | 163 |
| Portfolio Turnover Rate | 25% |
| Total Management Fees Paid | $1700982 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i2123438937974ac3628c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 86.7 |
| Common Stocks | 9.7 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769ia65f2844e32c649f42b9.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769if1a4ab741f1a901a67ec.jpg)

---

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

---

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### International Equity Fund

#### Semi-Annual Shareholder Report - April 30, 2025
IE_Y 0425

Class Y: ABEYX

# American Beacon

# Garcia Hamilton Quality Bond Fund

# Investor Class: GHQPX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $42 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $257903100 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $387889 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769ib89765a0608142e26989.jpg)

---

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

---

### Industry Allocation - % Investments
![Group By Sector Chart](g14769i8901c4ff653978762ee4.jpg)

---

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

---

Excludes cash.

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Garcia Hamilton Quality Bond Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
Garcia_Investor 0425

# Investor Class: GHQPX

# American Beacon

# Garcia Hamilton Quality Bond Fund

# Class R5: GHQIX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $257903100 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $387889 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769ifc12e145939f6762b3f3.jpg)

---

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

---

### Industry Allocation - % Investments
![Group By Sector Chart](g14769i148896d96352f93c7ea4.jpg)

---

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

---

Excludes cash.

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Garcia Hamilton Quality Bond Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
Garcia_R5 0425

# Class R5: GHQIX

# American Beacon

# Garcia Hamilton Quality Bond Fund

# Class R6: GHQRX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $257903100 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $387889 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769id54d3165a983e45ce714.jpg)

---

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

---

### Industry Allocation - % Investments
![Group By Sector Chart](g14769i2f30e587cd89f04c67e5.jpg)

---

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

---

Excludes cash.

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Garcia Hamilton Quality Bond Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
Garcia_R6 0425

# Class R6: GHQRX

# American Beacon

# Garcia Hamilton Quality Bond Fund

# Class Y: GHQYX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $26 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $257903100 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $387889 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i8a4ce26f7fcb8b808e2b.jpg)

---

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

---

### Industry Allocation - % Investments
![Group By Sector Chart](g14769i595f32ad55db566be9e2.jpg)

---

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

---

Excludes cash.

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Garcia Hamilton Quality Bond Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
Garcia_Y 0425

# Class Y: GHQYX

# American Beacon

# IMC International Small Cap Fund

# Investor Class: TIVFX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon IMC International Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $65 | 1.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $89694909 |
| # of Portfolio Holdings | 129 |
| Portfolio Turnover Rate | 117% |
| Total Management Fees Paid | $350086 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| PharmaResearch Co. Ltd. | 1.4 |
| Hyundai Rotem Co. Ltd. | 1.1 |
| Next Vision Stabilized Systems Ltd. | 1.1 |
| Pop Mart International Group Ltd. | 1.1 |
| Van Lanschot Kempen NV | 1 |
| Scout24 SE | 1 |
| BPER Banca SpA | 1 |
| Sanki Engineering Co. Ltd. | 1 |
| Clas Ohlson AB, Class B | 1 |
| PAL GROUP Holdings Co. Ltd. | 1 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i61eea0ac0525695cd8a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 96.0 |
| Securities Lending Collateral | 2.1 |
| Investment Companies | 1.9 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769if9b750faf7c2553555dc.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769ic3f1269fe7f80aa37f77.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### IMC International Small Cap Fund

#### Semi-Annual Shareholder Report - April 30, 2025
EAM_Investor 0425

Investor Class: TIVFX

# American Beacon

# IMC International Small Cap Fund

# Class R5: TOVIX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon IMC International Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $45 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $89694909 |
| # of Portfolio Holdings | 129 |
| Portfolio Turnover Rate | 117% |
| Total Management Fees Paid | $350086 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| PharmaResearch Co. Ltd. | 1.4 |
| Hyundai Rotem Co. Ltd. | 1.1 |
| Next Vision Stabilized Systems Ltd. | 1.1 |
| Pop Mart International Group Ltd. | 1.1 |
| Van Lanschot Kempen NV | 1 |
| Scout24 SE | 1 |
| BPER Banca SpA | 1 |
| Sanki Engineering Co. Ltd. | 1 |
| Clas Ohlson AB, Class B | 1 |
| PAL GROUP Holdings Co. Ltd. | 1 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769ida4c52eb395a0e6c6c41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 96.0 |
| Securities Lending Collateral | 2.1 |
| Investment Companies | 1.9 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i20200ecc3f6720f1212f.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769id3f309804d04232be9dd.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### IMC International Small Cap Fund

#### Semi-Annual Shareholder Report - April 30, 2025
EAM_R5 0425

Class R5: TOVIX

# American Beacon

# IMC International Small Cap Fund

# Class Y: TOVYX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769i2a44c205b7f30170516d.jpg)

This semi-annual shareholder report contains important information about American Beacon IMC International Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $55 | 1.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $89694909 |
| # of Portfolio Holdings | 129 |
| Portfolio Turnover Rate | 117% |
| Total Management Fees Paid | $350086 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| PharmaResearch Co. Ltd. | 1.4 |
| Hyundai Rotem Co. Ltd. | 1.1 |
| Next Vision Stabilized Systems Ltd. | 1.1 |
| Pop Mart International Group Ltd. | 1.1 |
| Van Lanschot Kempen NV | 1 |
| Scout24 SE | 1 |
| BPER Banca SpA | 1 |
| Sanki Engineering Co. Ltd. | 1 |
| Clas Ohlson AB, Class B | 1 |
| PAL GROUP Holdings Co. Ltd. | 1 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i728790d8b5dc97ffc33d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Common Stocks | 96.0 |
| Securities Lending Collateral | 2.1 |
| Investment Companies | 1.9 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769iddc866cfe9be67a0c711.jpg)

---

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

---

### Top Ten Country Exposure - % Equities
![Group By Country Chart](g14769iabcfe42b5008f952a70f.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769i05bbff99b7e0b369ef6a.jpg)

Distributed by:

Resolute Investment Distributors, Inc.

#### IMC International Small Cap Fund

#### Semi-Annual Shareholder Report - April 30, 2025
EAM_Y 0425

Class Y: TOVYX

# American Beacon

# Large Cap Value Fund

# Class A: ALVAX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $48 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3132381483 |
| # of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $9163466 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i21dd6db797b9b907f80f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3 |
| Foreign Common Stocks | 6.1 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i616fe61a023c2abff15f.jpg)

---

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

---

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
LCV_A 0425

# Class A: ALVAX

# American Beacon

# Large Cap Value Fund

# Class Advisor: AVASX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $54 | 1.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3132381483 |
| # of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $9163466 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769ic7dec3f7a5f44df60ea1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3 |
| Foreign Common Stocks | 6.1 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769ia65e51cf2014e983471c.jpg)

---

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

---

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
LCV_Advisor 0425

# Class Advisor: AVASX

# American Beacon

# Large Cap Value Fund

# Class C: ALVCX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $84 | 1.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3132381483 |
| # of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $9163466 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i499185572d84b5886cb8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3 |
| Foreign Common Stocks | 6.1 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i1b456f9a9716b1e33c34.jpg)

---

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

---

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
LCV_C 0425

# Class C: ALVCX

# American Beacon

# Large Cap Value Fund

# Investor Class: AAGPX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $46 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3132381483 |
| # of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $9163466 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i0e0af02fbf92d989406a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3 |
| Foreign Common Stocks | 6.1 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i5e7d97267bb25e875bed.jpg)

---

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

---

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
LCV_Investor 0425

# Investor Class: AAGPX

# American Beacon

# Large Cap Value Fund

# Class R5: AADEX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $31 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3132381483 |
| # of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $9163466 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i63de2f2ed0dcf4fd9955.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3 |
| Foreign Common Stocks | 6.1 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769ie038431e8771bc54814d.jpg)

---

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

---

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
LCV_R5 0425

# Class R5: AADEX

# American Beacon

# Large Cap Value Fund

# Class R6: AALRX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $30 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3132381483 |
| # of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $9163466 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i074024b48879f6e94347.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3 |
| Foreign Common Stocks | 6.1 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i08bb75cfbc8ba9c65597.jpg)

---

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

---

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
LCV_R6 0425

# Class R6: AALRX

# American Beacon

# Large Cap Value Fund

# Class Y: ABLYX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $35 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3132381483 |
| # of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 14% |
| Total Management Fees Paid | $9163466 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i06d0977301e38f0c98e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.3 |
| Foreign Common Stocks | 6.1 |
| Investment Companies | 3.4 |
| Securities Lending Collateral | 0.2 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i91c63031590a97b15c24.jpg)

---

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

---

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
LCV_Y 0425

# Class Y: ABLYX

# American Beacon

# Small Cap Value Fund

# Class A: ABSAX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $56 | 1.21%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3520924033 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 43% |
| Total Management Fees Paid | $14783348 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769iea029684c9cc3b12ae3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.5 |
| Investment Companies | 3.7 |
| Foreign Common Stocks | 3.5 |
| Securities Lending Collateral | 0.3 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i829bd39ec82ef921c5ce.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Small Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
SCV_A 0425

# Class A: ABSAX

# American Beacon

# Small Cap Value Fund

# Class Advisor: AASSX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $59 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3520924033 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 43% |
| Total Management Fees Paid | $14783348 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769ibe7454afe94d92b3ada4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.5 |
| Investment Companies | 3.7 |
| Foreign Common Stocks | 3.5 |
| Securities Lending Collateral | 0.3 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i620dd93ab007c0094428.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Small Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
SCV_Advisor 0425

# Class Advisor: AASSX

# American Beacon

# Small Cap Value Fund

# Class C: ASVCX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $90 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3520924033 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 43% |
| Total Management Fees Paid | $14783348 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i82ac2f50ec265ddcce18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.5 |
| Investment Companies | 3.7 |
| Foreign Common Stocks | 3.5 |
| Securities Lending Collateral | 0.3 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769ic50ecc6c4156e5b60cef.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Small Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
SCV_C 0425

# Class C: ASVCX

# American Beacon

# Small Cap Value Fund

# Investor Class: AVPAX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $52 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3520924033 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 43% |
| Total Management Fees Paid | $14783348 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i6d105e8952ac97dc130c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.5 |
| Investment Companies | 3.7 |
| Foreign Common Stocks | 3.5 |
| Securities Lending Collateral | 0.3 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i8c787ea4f3872db99d77.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Small Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
SCV_Investor 0425

# Investor Class: AVPAX

# American Beacon

# Small Cap Value Fund

# Class R5: AVFIX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $36 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3520924033 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 43% |
| Total Management Fees Paid | $14783348 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769iba194f1257366fd23404.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.5 |
| Investment Companies | 3.7 |
| Foreign Common Stocks | 3.5 |
| Securities Lending Collateral | 0.3 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i0306efedc71fb27f9565.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Small Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
SCV_R5 0425

# Class R5: AVFIX

# American Beacon

# Small Cap Value Fund

# Class R6: AASRX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $35 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3520924033 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 43% |
| Total Management Fees Paid | $14783348 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i3523078c28d593be39fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.5 |
| Investment Companies | 3.7 |
| Foreign Common Stocks | 3.5 |
| Securities Lending Collateral | 0.3 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769ia00d7962c01845adee61.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Small Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
SCV_R6 0425

# Class R6: AASRX

# American Beacon

# Small Cap Value Fund

# Class Y: ABSYX

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](g14769ibc30469b060a3c48b885.jpg)

This semi-annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $40 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3520924033 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 43% |
| Total Management Fees Paid | $14783348 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

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

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g14769i249f840d2d79e7052eb0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.5 |
| Investment Companies | 3.7 |
| Foreign Common Stocks | 3.5 |
| Securities Lending Collateral | 0.3 |

---

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

### Sector Allocation - % Equities
![Group By Sector Chart](g14769i272ca7cfb8e0e92a7747.jpg)

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

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

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

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

![Image](g14769ibc30469b060a3c48b885.jpg)

# Small Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
SCV_Y 0425

# Class Y: ABSYX

------

##### [**Table of Contents**](#toc)
Item 2. Code of Ethics

Not Applicable.

Item 3. Audit Committee Financial Expert

Not Applicable.

Item 4. Principal Accountant Fees and Services

Not Applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

(b) Not applicable.

------

##### [**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: April 30, 2025

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

------

##### [**Table of Contents**](#toc)
![LOGO](g935588g99n99.jpg)

------

##### [**Table of Contents**](#toc)
American Beacon Funds

**Table of Contents**

---

| | |
|:---|:---|
|  Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Balanced Fund](#toc935588_2) | 1 |
|  [Financial Statements](#toc935588_3) | 15 |
|  [Notes to the Financial Statements](#toc935588_4) | 18 |
|  Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Balanced Fund](#toc935588_5) | 44 |

---

---

| | |
|:---|:---|
|  [Additional Fund Information](#toc935588_6) | Back Cover |

---

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

American Beacon Funds

April 30, 2025

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 53.43% |  |  |
| Communication Services - 3.03% |  |  |
| Entertainment - 0.58% |  |  |
| Electronic Arts, Inc. | 2766 | $401319 |
| Warner Bros Discovery, Inc.<sup>A</sup> | 21599 | 187263 |
|  |  | 588582 |
| Interactive Media & Services - 0.92% |  |  |
| Alphabet, Inc., Class A | 5851 | 929139 |
| Media - 1.53% |  |  |
| Comcast Corp., Class A | 33849 | 1157636 |
| Omnicom Group, Inc. | 2986 | 227413 |
| Paramount Global, Class B | 13800 | 162012 |
|  |  | 1547061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 3064782 |
| Consumer Discretionary - 3.31% |  |  |
| Automobile Components - 0.14% |  |  |
| BorgWarner, Inc. | 4900 | 139062 |
| Automobiles - 0.68% |  |  |
| General Motors Co. | 15142 | 685024 |
| Hotels, Restaurants & Leisure - 1.93% |  |  |
| Carnival Corp.<sup>A</sup> | 54172 | 993514 |
| Las Vegas Sands Corp. | 14186 | 520201 |
| Wynn Resorts Ltd. | 5532 | 444275 |
|  |  | 1957990 |
| Household Durables - 0.43% |  |  |
| Lennar Corp., Class A | 4001 | 434549 |
| Specialty Retail - 0.13% |  |  |
| Lithia Motors, Inc. | 450 | 131742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 3348367 |
| Consumer Staples - 2.92% |  |  |
| Beverages - 1.09% |  |  |
| Keurig Dr. Pepper, Inc. | 31997 | 1106776 |
| Food Products - 0.74% |  |  |
| Conagra Brands, Inc. | 7500 | 185325 |
| Kraft Heinz Co. | 19300 | 561630 |
|  |  | 746955 |
| Tobacco - 1.09% |  |  |
| Philip Morris International, Inc. | 6465 | 1107843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 2961574 |
| Energy - 5.58% |  |  |
| Energy Equipment & Services - 1.55% |  |  |
| Baker Hughes Co. | 10200 | 361080 |
| Halliburton Co. | 25739 | 510147 |
| NOV, Inc. | 39000 | 452790 |
| Schlumberger NV | 7600 | 252700 |
|  |  | 1576717 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 53.43% (continued) |  |  |
| Energy - 5.58% (continued) |  |  |
| Oil, Gas & Consumable Fuels - 4.03% |  |  |
| APA Corp. | 40514 | $629588 |
| ConocoPhillips | 2536 | 226008 |
| Exxon Mobil Corp. | 8986 | 949191 |
| Hess Corp. | 2731 | 352436 |
| Murphy Oil Corp. | 3500 | 71855 |
| Ovintiv, Inc. | 10300 | 345874 |
| Permian Resources Corp. | 31009 | 365906 |
| Phillips 66 | 5709 | 594078 |
| Shell PLC, ADR | 8435 | 543889 |
|  |  | 4078825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 5655542 |
| Financials - 10.99% |  |  |
| Banks - 5.33% |  |  |
| Bank of America Corp. | 34093 | 1359629 |
| Citigroup, Inc. | 15457 | 1056950 |
| Citizens Financial Group, Inc. | 10168 | 375098 |
| First Citizens BancShares, Inc., Class A | 75 | 133435 |
| Truist Financial Corp. | 5700 | 218538 |
| U.S. Bancorp | 12400 | 500216 |
| Wells Fargo & Co. | 17448 | 1238982 |
| Western Alliance Bancorp | 7375 | 514111 |
|  |  | 5396959 |
| Capital Markets - 0.85% |  |  |
| Bank of New York Mellon Corp. | 1915 | 153985 |
| Goldman Sachs Group, Inc. | 297 | 162622 |
| State Street Corp. | 6176 | 544106 |
|  |  | 860713 |
| Consumer Finance - 0.78% |  |  |
| American Express Co. | 1984 | 528557 |
| Capital One Financial Corp. | 1390 | 250561 |
| SLM Corp. | 281 | 8123 |
|  |  | 787241 |
| Financial Services - 1.64% |  |  |
| Corebridge Financial, Inc. | 9600 | 284448 |
| Fidelity National Information Services, Inc. | 17504 | 1380716 |
|  |  | 1665164 |
| Insurance - 2.39% |  |  |
| American International Group, Inc. | 16323 | 1330651 |
| Everest Group Ltd. | 901 | 323306 |
| Hartford Insurance Group, Inc. | 2740 | 336116 |
| Willis Towers Watson PLC | 1413 | 434921 |
|  |  | 2424994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 11135071 |
| Health Care - 8.16% |  |  |
| Health Care Equipment & Supplies - 2.10% |  |  |
| GE HealthCare Technologies, Inc. | 8387 | 589858 |
| Medtronic PLC | 13848 | 1173756 |
| Solventum Corp.<sup>A</sup> | 2100 | 138852 |
| Zimmer Biomet Holdings, Inc. | 2172 | 223825 |
|  |  | 2126291 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 53.43% (continued) |  |  |
| Health Care - 8.16% (continued) |  |  |
| Health Care Providers & Services - 3.96% |  |  |
| Centene Corp.<sup>A</sup> | 4460 | $266931 |
| Cigna Group | 800 | 272032 |
| CVS Health Corp. | 8030 | 535681 |
| Elevance Health, Inc. | 3120 | 1312210 |
| HCA Healthcare, Inc. | 1040 | 358883 |
| Humana, Inc. | 1410 | 369758 |
| Labcorp Holdings, Inc. | 700 | 168707 |
| UnitedHealth Group, Inc. | 1779 | 731952 |
|  |  | 4016154 |
| Life Sciences Tools & Services - 0.47% |  |  |
| Avantor, Inc.<sup>A</sup> | 36807 | 478123 |
| Pharmaceuticals - 1.63% |  |  |
| GSK PLC, ADR<sup>B</sup> | 4354 | 173507 |
| Merck & Co., Inc. | 7846 | 668479 |
| Sanofi SA, ADR | 14647 | 804853 |
|  |  | 1646839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 8267407 |
| Industrials - 5.53% |  |  |
| Aerospace & Defense - 0.76% |  |  |
| Boeing Co.<sup>A</sup> | 1830 | 335329 |
| General Dynamics Corp. | 550 | 149666 |
| RTX Corp. | 2300 | 290099 |
|  |  | 775094 |
| Air Freight & Logistics - 0.53% |  |  |
| FedEx Corp. | 2530 | 532135 |
| Building Products - 0.83% |  |  |
| Johnson Controls International PLC | 10008 | 839671 |
| Construction & Engineering - 0.35% |  |  |
| AECOM | 2763 | 272570 |
| Fluor Corp.<sup>A</sup> | 2300 | 80247 |
|  |  | 352817 |
| Electrical Equipment - 0.67% |  |  |
| Vertiv Holdings Co., Class A | 7981 | 681418 |
| Ground Transportation - 0.56% |  |  |
| JB Hunt Transport Services, Inc. | 2612 | 341075 |
| Norfolk Southern Corp. | 1000 | 224050 |
|  |  | 565125 |
| Machinery - 1.66% |  |  |
| CNH Industrial NV | 28080 | 324886 |
| Cummins, Inc. | 1762 | 517746 |
| Deere & Co. | 320 | 148339 |
| Fortive Corp. | 4331 | 301828 |
| PACCAR, Inc. | 2958 | 266841 |
| Timken Co. | 1900 | 122075 |
|  |  | 1681715 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 53.43% (continued) |  |  |
| Industrials - 5.53% (continued) |  |  |
| Professional Services - 0.17% |  |  |
| Jacobs Solutions, Inc. | 1383 | $171215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 5599190 |
| Information Technology - 5.62% |  |  |
| Communications Equipment - 1.43% |  |  |
| F5, Inc.<sup>A</sup> | 5470 | 1448128 |
| IT Services - 0.44% |  |  |
| Cognizant Technology Solutions Corp., Class A | 6018 | 442744 |
| Semiconductors & Semiconductor Equipment - 1.57% |  |  |
| Entegris, Inc. | 3104 | 245588 |
| Microchip Technology, Inc. | 8520 | 392602 |
| Micron Technology, Inc. | 2380 | 183141 |
| QUALCOMM, Inc. | 5194 | 771101 |
|  |  | 1592432 |
| Software - 2.18% |  |  |
| Microsoft Corp. | 800 | 316208 |
| Oracle Corp. | 4233 | 595668 |
| Workday, Inc., Class A<sup>A</sup> | 5290 | 1296050 |
|  |  | 2207926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 5691230 |
| Materials - 2.83% |  |  |
| Chemicals - 1.94% |  |  |
| Air Products & Chemicals, Inc. | 2996 | 812186 |
| Axalta Coating Systems Ltd.<sup>A</sup> | 17389 | 565142 |
| Olin Corp. | 10200 | 220524 |
| PPG Industries, Inc. | 3400 | 370124 |
|  |  | 1967976 |
| Construction Materials - 0.89% |  |  |
| CRH PLC | 9461 | 902769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 2870745 |
| Real Estate - 1.54% |  |  |
| Industrial REITs - 0.31% |  |  |
| Prologis, Inc. | 3003 | 306906 |
| Specialized REITs - 1.23% |  |  |
| Public Storage | 1823 | 547684 |
| VICI Properties, Inc. | 21844 | 699445 |
|  |  | 1247129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 1554035 |
| Utilities - 3.92% |  |  |
| Electric Utilities - 3.26% |  |  |
| Entergy Corp. | 14212 | 1182012 |
| Pinnacle West Capital Corp. | 8395 | 799036 |
| PPL Corp. | 14147 | 516366 |
| Xcel Energy, Inc. | 11335 | 801384 |
|  |  | 3298798 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 53.43% (continued) |  |  |
| Utilities - 3.92% (continued) |  |  |
| Multi-Utilities - 0.66% |  |  |
| Dominion Energy, Inc. | 12400 | $674312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 3973110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $43,028,671) |  | 54121053 |
|  | Principal Amount |  |
| CORPORATE OBLIGATIONS - 13.29% |  |  |
| Basic Materials - 0.05% |  |  |
| Chemicals - 0.05% |  |  |
| EIDP, Inc., 1.700%, Due 7/15/2025 | $55000 | 54647 |
| Communications - 1.60% |  |  |
| Internet - 0.49% |  |  |
| Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, Due 6/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | 236584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, Due 12/1/2029 | 250000 | 256319 |
|  |  | 492903 |
| Media - 0.83% |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, Due 6/1/2034 | 90000 | 92694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, Due 10/23/2045 | 30000 | 27924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 4/1/2048 | 115000 | 98043 |
| Comcast Corp., 6.550%, Due 7/1/2039 | 217000 | 238616 |
| Cox Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, Due 9/1/2034<sup>C</sup>  | 145000 | 142209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, Due 9/1/2054<sup>C</sup>  | 265000 | 242148 |
|  |  | 841634 |
| Telecommunications - 0.28% |  |  |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, Due 12/1/2057 | 70000 | 48269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, Due 9/15/2059 | 95000 | 62855 |
| Verizon Communications, Inc., 4.780%, Due 2/15/2035 | 181000 | 175639 |
|  |  | 286763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 1621300 |
| Consumer, Cyclical - 1.13% |  |  |
| Airlines - 0.05% |  |  |
| American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, 2019-1, AA | 61940 | 56407 |
| Entertainment - 0.18% |  |  |
| Warnermedia Holdings, Inc., 5.141%, Due 3/15/2052 | 260000 | 178748 |
| Home Furnishings - 0.10% |  |  |
| Whirlpool Corp., 5.150%, Due 3/1/2043 | 125000 | 97963 |
| Retail - 0.80% |  |  |
| Home Depot, Inc., 2.950%, Due 6/15/2029 | 500000 | 475494 |
| Walmart, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, Due 9/24/2029 | 150000 | 140072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, Due 2/15/2030 | 169000 | 194418 |
|  |  | 809984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical |  | 1143102 |
| Consumer, Non-Cyclical - 0.84% |  |  |
| Beverages - 0.30% |  |  |
| PepsiCo, Inc., 4.450%, Due 5/15/2028 | 300000 | 304330 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 13.29% (continued) |  |  |
| Consumer, Non-Cyclical - 0.84% (continued) |  |  |
| Pharmaceuticals - 0.54% |  |  |
| Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | $541169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-Cyclical |  | 845499 |
| Energy - 0.45% |  |  |
| Oil & Gas - 0.35% |  |  |
| BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)<sup>D</sup> <sup>E</sup> | 150000 | 149212 |
| Occidental Petroleum Corp., 5.550%, Due 10/1/2034 | 105000 | 98176 |
| Ovintiv, Inc., 6.500%, Due 2/1/2038 | 105000 | 101911 |
|  |  | 349299 |
| Pipelines - 0.10% |  |  |
| ONEOK Partners LP, 6.850%, Due 10/15/2037 | 45000 | 47526 |
| Sempra Infrastructure Partners LP, 3.250%, Due 1/15/2032<sup>C</sup> | 65000 | 54343 |
|  |  | 101869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 451168 |
| Financial - 3.52% |  |  |
| Banks - 2.34% |  |  |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734%, Due 7/22/2027, (1 day USD SOFR + 0.960%)<sup>D</sup>  | 350000 | 338288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.482%, Due 9/21/2036, (5 yr. CMT + 1.200%)<sup>D</sup>  | 335000 | 279034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.110%, Due 1/29/2037 | 176000 | 181481 |
| Citigroup, Inc., 5.875%, Due 1/30/2042 | 145000 | 147030 |
| Fifth Third Bank NA, 2.250%, Due 2/1/2027 | 250000 | 241015 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 4/1/2030, OO, (5 yr. CMT + 2.152%)<sup>D</sup> <sup>E</sup> | 120000 | 120344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/15/2040 | 313000 | 315154 |
| Morgan Stanley, 2.484%, Due 9/16/2036, (1 day USD SOFR + 1.360%)<sup>D</sup> | 355000 | 295588 |
| PNC Financial Services Group, Inc., 2.550%, Due 1/22/2030 | 500000 | 456048 |
|  |  | 2373982 |
| Insurance - 1.18% |  |  |
| Berkshire Hathaway Finance Corp., 2.300%, Due 3/15/2027 | 300000 | 291327 |
| Fidelity National Financial, Inc., 3.200%, Due 9/17/2051 | 55000 | 32469 |
| Markel Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 5/20/2049 | 100000 | 86543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 9/17/2050 | 105000 | 79027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, Due 5/7/2052 | 125000 | 82579 |
| MetLife, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 6/15/2034 | 169000 | 183442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.721%, Due 12/15/2044 | 193000 | 169163 |
| Prudential Financial, Inc., 4.600%, Due 5/15/2044 | 313000 | 269843 |
|  |  | 1194393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 3568375 |
| Industrial - 1.24% |  |  |
| Aerospace/Defense - 0.23% |  |  |
| RTX Corp., 6.125%, Due 7/15/2038 | 217000 | 230369 |
| Machinery - Construction & Mining - 0.20% |  |  |
| Caterpillar Financial Services Corp., 4.375%, Due 8/16/2029 | 200000 | 200723 |
| Machinery - Diversified - 0.45% |  |  |
| John Deere Capital Corp., 2.450%, Due 1/9/2030 | 500000 | 461296 |
| Transportation - 0.36% |  |  |
| Burlington Northern Santa Fe LLC, 5.750%, Due 5/1/2040 | 202000 | 208481 |
| CSX Corp., 5.500%, Due 4/15/2041 | 157000 | 154921 |
|  |  | 363402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 1255790 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 13.29% (continued) |  |  |
| Technology - 2.00% |  |  |
| Computers - 1.34% |  |  |
| Apple, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, Due 8/5/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | $184777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, Due 9/11/2029 | 300000 | 278593 |
| Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045 | 500000 | 495076 |
| International Business Machines Corp., 4.250%, Due 5/15/2049 | 500000 | 397720 |
|  |  | 1356166 |
| Semiconductors - 0.66% |  |  |
| Foundry JV Holdco LLC, 6.300%, Due 1/25/2039<sup>C</sup> | 200000 | 207133 |
| NVIDIA Corp., 1.550%, Due 6/15/2028 | 500000 | 465148 |
|  |  | 672281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 2028447 |
| Utilities - 2.46% |  |  |
| Electric - 2.46% |  |  |
| Appalachian Power Co., 4.500%, Due 3/1/2049, Y | 210000 | 166849 |
| Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036 | 235000 | 247409 |
| Consolidated Edison Co. of New York, Inc., 5.500%, Due 12/1/2039, 09-C | 169000 | 168451 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 2/1/2055, A, (5 yr. CMT + 2.386%)<sup>D</sup>  | 115000 | 118414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 5/15/2055, (5 yr. CMT + 2.207%)<sup>D</sup>  | 175000 | 172065 |
| DTE Energy Co., 1.050%, Due 6/1/2025, F | 75000 | 74738 |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 3/15/2035 | 55000 | 55735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/15/2038 | 40000 | 42132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, Due 4/15/2038 | 115000 | 121124 |
| Duke Energy Corp., 5.800%, Due 6/15/2054 | 95000 | 91176 |
| Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 12/1/2044 | 75000 | 60858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, Due 8/15/2045 | 30000 | 24445 |
| Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, A-2 | 265000 | 220630 |
| Entergy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, Due 6/15/2030 | 30000 | 27254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 12/1/2054, (5 yr. CMT + 2.670%)<sup>D</sup>  | 45000 | 45245 |
| Pacific Gas & Electric Co., 5.550%, Due 5/15/2029 | 40000 | 40583 |
| PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 2/15/2050 | 125000 | 93730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, Due 12/1/2053 | 95000 | 84486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/15/2054 | 155000 | 140527 |
| Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, Due 4/1/2034 | 45000 | 45422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, Due 3/15/2035 | 70000 | 70195 |
| Sempra, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, Due 10/1/2054, (5 yr. CMT + 2.632%)<sup>D</sup>  | 135000 | 123064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 10/1/2054, (5 yr. CMT + 2.789%)<sup>D</sup>  | 100000 | 96617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, Due 4/1/2055, (5 yr. CMT + 2.138%)<sup>D</sup>  | 45000 | 41158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 4/1/2055, (5 yr. CMT + 2.354%)<sup>D</sup>  | 80000 | 75669 |
| System Energy Resources, Inc., 5.300%, Due 12/15/2034 | 45000 | 44362 |
|  |  | 2492338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 2492338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations (Cost $14,031,159) |  | 13460666 |
| FOREIGN CORPORATE OBLIGATIONS - 3.38% |  |  |
| Communications - 0.31% |  |  |
| Telecommunications - 0.31% |  |  |
| America Movil SAB de CV, 6.375%, Due 3/1/2035 | 169000 | 182389 |
| Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042<sup>C</sup> | 150000 | 135230 |
|  |  | 317619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 317619 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| FOREIGN CORPORATE OBLIGATIONS - 3.38% (continued) |  |  |
| Consumer, Cyclical - 0.35% |  |  |
| Auto Manufacturers - 0.35% |  |  |
| Mercedes-Benz Finance North America LLC, 5.250%, Due 11/29/2027<sup>C</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | $355630 |
| Consumer, Non-Cyclical - 1.48% |  |  |
| Agriculture - 0.41% |  |  |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 2/20/2034 | 35000 | 36549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, Due 8/15/2047 | 260000 | 204588 |
| Reynolds American, Inc., 5.700%, Due 8/15/2035 | 175000 | 175877 |
|  |  | 417014 |
| Beverages - 0.50% |  |  |
| Anheuser-Busch InBev Worldwide, Inc., 5.450%, Due 1/23/2039 | 500000 | 505956 |
| Pharmaceuticals - 0.57% |  |  |
| Bayer U.S. Finance II LLC, 3.950%, Due 4/15/2045<sup>C</sup> | 245000 | 170075 |
| Bayer U.S. Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 11/21/2026<sup>C</sup>  | 200000 | 203518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 11/21/2053<sup>C</sup>  | 200000 | 203248 |
|  |  | 576841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-Cyclical |  | 1499811 |
| Energy - 0.87% |  |  |
| Oil & Gas - 0.39% |  |  |
| Saudi Arabian Oil Co., 4.375%, Due 4/16/2049<sup>C</sup> | 500000 | 394397 |
| Pipelines - 0.48% |  |  |
| Enbridge, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, Due 6/27/2054, (5 yr. CMT + 2.970%)<sup>D</sup>  | 115000 | 114303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 3/15/2055, (5 yr. CMT + 3.122%)<sup>D</sup>  | 290000 | 292008 |
| TransCanada PipeLines Ltd., 6.100%, Due 6/1/2040 | 82000 | 82501 |
|  |  | 488812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 883209 |
| Financial - 0.37% |  |  |
| Banks - 0.08% |  |  |
| HBOS PLC, 6.000%, Due 11/1/2033<sup>C</sup> | 80000 | 80038 |
| Diversified Financial Services - 0.15% |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.950%, Due 3/10/2055, (5 yr. CMT + 2.720%)<sup>D</sup> | 150000 | 150500 |
| Insurance - 0.14% |  |  |
| Fairfax Financial Holdings Ltd., 6.350%, Due 3/22/2054 | 140000 | 140295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 370833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Corporate Obligations (Cost $3,499,515) |  | 3427102 |
| FOREIGN SOVEREIGN OBLIGATIONS - 0.63% |  |  |
| Israel Government International Bonds, 5.500%, Due 3/12/2034 | 200000 | 198220 |
| Mexico Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, Due 8/14/2041 | 250000 | 186098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.771%, Due 5/24/2061 | 450000 | 255586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations (Cost $681,319) |  | 639904 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| ASSET-BACKED OBLIGATIONS - 1.25% |  |  |
| Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022-1 A3 | $19410 | $19359 |
| AmeriCredit Automobile Receivables Trust, 4.380%, Due 4/18/2028, 2022-2 A3 | 20782 | 20766 |
| BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022-A A3 | 8855 | 8830 |
| CNH Equipment Trust, 5.420%, Due 10/15/2027, 2024-B A2A | 24913 | 24968 |
| Compass Datacenters Issuer III LLC, 5.656%, Due 2/25/2050, 2025-1A A2<sup>C</sup> | 75000 | 74864 |
| Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021-2 A<sup>C</sup> | 110000 | 105398 |
| GM Financial Consumer Automobile Receivables Trust, 4.620%, Due 12/17/2029, 2025-1 A3 | 90000 | 90885 |
| GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021-1 A<sup>C</sup> | 90000 | 86154 |
| Honda Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.880%, Due 5/15/2026, 2022-1 A3 | 16838 | 16764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.570%, Due 9/21/2029, 2025-1 A3 | 85000 | 85810 |
| John Deere Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.320%, Due 9/15/2026, 2022-A A3 | 15577 | 15505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.740%, Due 2/16/2027, 2022-B A3 | 39991 | 39833 |
| New Economy Assets - Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021-1 A1<sup>C</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | 117354 |
| Porsche Financial Auto Securitization Trust, 4.440%, Due 1/22/2030, 2024-1A A3<sup>C</sup> | 165000 | 165645 |
| Porsche Innovative Lease Owner Trust, 4.670%, Due 11/22/2027, 2024-1A A3<sup>C</sup> | 100000 | 100293 |
| Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II<sup>C</sup> | 98250 | 89074 |
| Toyota Auto Loan Extended Note Trust, 1.350%, Due 5/25/2033, 2020-1A A<sup>C</sup> | 135000 | 134680 |
| Toyota Auto Receivables Owner Trust, 1.230%, Due 6/15/2026, 2022-A A3 | 6177 | 6163 |
| World Omni Automobile Lease Securitization Trust, 4.420%, Due 4/17/2028, 2025-A A3 | 60000 | 60146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Obligations (Cost $1,283,589) |  | 1262491 |
| COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.24% |  |  |
| BX Commercial Mortgage Trust, 5.136%, Due 9/15/2036, 2021-VOLT A, (1 mo. USD Term SOFR + 0.814%)<sup>C</sup> <sup>D</sup> | 140000 | 138688 |
| NRTH Mortgage Trust, 5.963%, Due 3/15/2039, 2024-PARK A, (1 mo. USD Term SOFR + 1.641%)<sup>C</sup> <sup>D</sup> | 100000 | 99281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Obligations (Cost $239,761) |  | 237969 |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.54% |  |  |
| Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2028 | 5318 | 5254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2032 | 31891 | 31040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 8/1/2033 | 12016 | 12192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2034 | 11750 | 12058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2035 | 52824 | 49294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2036 | 157658 | 143316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/1/2041 | 37903 | 36572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/1/2041 | 26873 | 26620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2041 | 125564 | 110381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2042 | 125459 | 116729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2042 | 126256 | 118110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 4/1/2047 | 113220 | 98823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2048 | 103175 | 91339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/1/2050 | 69594 | 58273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/1/2050 | 63888 | 53552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2051 | 124973 | 105119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 2/1/2052 | 115571 | 92435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2052 | 206084 | 163476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/1/2052 | 101847 | 85384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 3/1/2053 | 65501 | 67287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 5/1/2053 | 95875 | 91693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 8/1/2053 | 200472 | 196384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2053 | 168840 | 171734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 9/1/2053 | 108992 | 110113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 302014 | 302318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 4/1/2054 | 140547 | 143962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2054 | 99795 | 101795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 9/1/2054 | 155019 | 152308 |
|  |  | 2747561 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.54% (continued) |  |  |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2028 | $4870 | $4822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 3/1/2034 | 13176 | 13342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 4/1/2034 | 23501 | 23603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2034 | 3091 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/1/2035 | 104325 | 95285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 12/1/2035 | 48677 | 44464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2037 | 69462 | 67206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 6/1/2038 | 3022 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 1/1/2040 | 27504 | 27191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 5/1/2040 | 47171 | 47521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2040 | 31273 | 31505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 9/1/2040 | 26159 | 25220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/1/2041 | 52062 | 50170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2041 | 100785 | 88599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244223 | 221161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2043 | 222204 | 200808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2045 | 53574 | 50841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/1/2045 | 24138 | 22252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 11/1/2045 | 239126 | 220246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2046 | 93322 | 86031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2046 | 24400 | 22418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2046 | 52651 | 50030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2046 | 19721 | 17467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2046 | 115694 | 103183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 3/1/2047 | 27673 | 25391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2047 | 12436 | 12077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/1/2047 | 22106 | 21492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2047 | 36483 | 33396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 4/1/2048 | 10343 | 10008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2048 | 59772 | 58135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2049 | 70054 | 67746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2049 | 142899 | 134340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2050 | 309001 | 258731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2050 | 88057 | 77108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2050 | 100419 | 84143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 10/1/2050 | 46944 | 39263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2050 | 95341 | 83621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2051 | 148556 | 119591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 4/1/2051 | 231557 | 185030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2051 | 106249 | 93130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2051 | 108077 | 94351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2051 | 124608 | 112742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 7/1/2051 | 238593 | 190780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/1/2051 | 106838 | 97227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2051 | 223241 | 187220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2051 | 75914 | 65892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 1/1/2052 | 364196 | 292436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2052 | 190676 | 160254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2052 | 142004 | 128271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2052 | 164782 | 154166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2052 | 264746 | 262724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 7/1/2052 | 108539 | 94923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2052 | 163151 | 156585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/1/2052 | 121352 | 119110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/1/2053 | 81949 | 80940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 6/1/2053 | 103715 | 100158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/1/2053 | 192826 | 192328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/1/2054 | 214301 | 219358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 201034 | 201730 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.54% (continued) |  |  |
| Federal National Mortgage Association, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 6/1/2054 | $40651 | $42253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 11/1/2054 | 209903 | 209658 |
|  |  | 5985723 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 8/15/2027 | 1857 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 11/15/2027 | 2550 | 2584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 12/15/2028 | 3912 | 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/15/2033 | 12182 | 12653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/15/2033 | 17110 | 17794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/20/2034 | 17490 | 18057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 10/15/2039 | 34375 | 34678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/15/2041 | 68857 | 64164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/20/2047 | 13408 | 12301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/20/2047 | 12275 | 11259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/20/2048 | 61474 | 57727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 1/20/2050 | 28380 | 28201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/20/2050 | 26789 | 25931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 2/20/2050 | 14525 | 14458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130637 | 111527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/20/2051 | 130554 | 111113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/20/2051 | 56264 | 49775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/20/2051 | 204604 | 174096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/20/2051 | 128985 | 115490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/20/2051 | 104617 | 89017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/20/2051 | 249068 | 220231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/20/2052 | 90756 | 82377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/20/2052 | 94257 | 87986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/20/2052 | 58898 | 50115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 9/20/2052 | 123657 | 118826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/20/2053 | 239097 | 235176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/20/2053 | 190928 | 191211 |
|  |  | 1942637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Agency Mortgage-Backed Obligations (Cost $11,489,824) |  | 10675921 |
| U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.90% |  |  |
| Federal Farm Credit Banks Funding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 10/24/2029 | 250000 | 255347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 1/25/2030 | 300000 | 297481 |
| Federal Home Loan Banks, 4.500%, Due 12/14/2029 | 350000 | 359420 |
|  |  | 912248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Obligations (Cost $904,577) |  | 912248 |
| U.S. TREASURY OBLIGATIONS - 9.01% |  |  |
| U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 8/15/2025 | 179000 | 180492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 11/15/2028 | 217000 | 228206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 2/15/2037 | 304000 | 318511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/15/2039 | 241000 | 241621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, Due 8/15/2042 | 250000 | 193008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2049 | 500000 | 362988 |
|  |  | 1524826 |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, Due 5/31/2025 | 2130000 | 2122484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/15/2026 | 500000 | 487090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 3/31/2027 | 250000 | 244775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 10/31/2027 | 250000 | 253008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2028 | 200000 | 195672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 8/15/2028 | 300000 | 292887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, Due 2/15/2029 | 450000 | 433266 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. TREASURY OBLIGATIONS - 9.01% (continued) |  |  |
| U.S. Treasury Notes, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 4/30/2029 | $300000 | $290941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, Due 5/15/2029 | 450000 | 427922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | 321836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 11/15/2029 | 200000 | 183883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/31/2030 | 350000 | 346185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/28/2030 | 250000 | 252891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 9/30/2031 | 200000 | 196641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 1/31/2032 | 150000 | 153738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 11/15/2032 | 250000 | 252012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 2/15/2033 | 250000 | 241103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/15/2033 | 200000 | 197109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/15/2034 | 300000 | 297234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 5/15/2034 | 120000 | 122086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/15/2034 | 300000 | 293391 |
|  |  | 7606154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations (Cost $9,532,721) |  | 9130980 |
|  | Shares |  |
| FOREIGN COMMON STOCKS - 4.17% |  |  |
| Communication Services - 0.38% |  |  |
| Media - 0.38% |  |  |
| WPP PLC, ADR<sup>B</sup> | 9900 | 381744 |
| Consumer Discretionary - 1.48% |  |  |
| Automobile Components - 1.48% |  |  |
| Aptiv PLC<sup>A</sup> | 17175 | 980006 |
| Magna International, Inc.<sup>B</sup> | 15104 | 525015 |
|  |  | 1505021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 1505021 |
| Consumer Staples - 0.54% |  |  |
| Beverages - 0.26% |  |  |
| Anheuser-Busch InBev SA, ADR<sup>B</sup> | 4000 | 263240 |
| Personal Products - 0.28% |  |  |
| Unilever PLC, ADR | 4440 | 282162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 545402 |
| Energy - 0.12% |  |  |
| Oil, Gas & Consumable Fuels - 0.12% |  |  |
| Cenovus Energy, Inc. | 10600 | 124762 |
| Financials - 0.47% |  |  |
| Banks - 0.47% |  |  |
| Bank of Nova Scotia | 9537 | 476659 |
| Information Technology - 1.18% |  |  |
| Communications Equipment - 0.89% |  |  |
| Telefonaktiebolaget LM Ericsson, ADR | 109130 | 899231 |
| Electronic Equipment, Instruments & Components - 0.29% |  |  |
| TE Connectivity PLC | 2008 | 293931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 1193162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks (Cost $4,191,432) |  | 4226750 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| SHORT-TERM INVESTMENTS - 2.58% (Cost $2,609,616) |  |  |
| Investment Companies - 2.58% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25% <sup>F</sup> <sup>G</sup> | 2609616 | $2609616 |
| SECURITIES LENDING COLLATERAL - 0.28% (Cost $283,511) |  |  |
| Investment Companies - 0.28% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25% <sup>F</sup> <sup>G</sup> | 283511 | 283511 |
|  TOTAL INVESTMENTS - 99.70% (Cost $91,775,695) |  | 100988211 |
|  OTHER ASSETS, NET OF LIABILITIES - 0.30% |  | 304694 |
|  TOTAL NET ASSETS - 100.00% |  | $101292905 |
| 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 April 30, 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 $3,299,400 or 3.26% 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 April 30, 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 April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 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 | 10 | June 2025 | $2737903 | $2793500 | $55597 |
|  |  |  | $2737903 | $2793500 | $55597 |

---

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. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Balanced Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** |
|  Common Stocks | $54121053 | $- | $– | $54121053 |
|  Corporate Obligations |  | 13460666 |  | 13460666 |
|  Foreign Corporate Obligations |  | 3427102 |  | 3427102 |
|  Foreign Sovereign Obligations |  | 639904 |  | 639904 |
|  Asset-Backed Obligations |  | 1262491 |  | 1262491 |
|  Commercial Mortgage-Backed Obligations |  | 237969 |  | 237969 |
|  U.S. Agency Mortgage-Backed Obligations |  | 10675921 |  | 10675921 |
|  U.S. Government Agency Obligations |  | 912248 |  | 912248 |
|  U.S. Treasury Obligations |  | 9130980 |  | 9130980 |
|  Foreign Common Stocks | 4226750 |  |  | 4226750 |
|  Short-Term Investments | 2609616 |  |  | 2609616 |
|  Securities Lending Collateral | 283511 |  |  | 283511 |
|  Total Investments in Securities - Assets | $61240930 | $39747281 | $– | $100988211 |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** |
|  Futures Contracts | $55597 | $- | $– | $55597 |
|  Total Financial Derivative Instruments - Assets | $55597 | $- | $– | $55597 |

---

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

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Statement of Assets and Liabilities

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup><sup>§</sup> | $98095084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡</sup> | 2893127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts | 276000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 366741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 65546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 143011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for tax reclaims | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) | 55586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 46893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 101943957 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 34654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 57760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts | 53995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 74325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 18475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 9407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned (Note 9)<sup>§</sup>  | 283511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 48533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 41464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 26128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 651052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |
|  Net assets | $101292905 |
|  Analysis of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $86350817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 14942088 |
|  Net assets | $101292905 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 712269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 1863461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 3543398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 88816 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 1634996 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 377713 |
|  Net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $10169929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $26910575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $40244627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $1134362 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $18472907 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $4360505 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $14.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $14.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $11.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $12.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $11.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $11.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $11.54 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $88882568 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $2893127 |
|  <sup>§</sup> Fair value of securities on loan | $1254312 |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Statement of Operations

For the period ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities (net of foreign taxes)<sup>†</sup>  | $713548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 55837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 886934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) | 5542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1661861 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 276957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 13914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 9849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 48573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 35964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 43557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 61009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 8115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 24042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 25138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 19746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 4620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 15019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 594692 |
|  Net investment income | 1067169 |
|  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> | 5479601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (185443) |
| &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> | (8610518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 68106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (loss) from investments | (3248339) |
|  Net decrease in net assets resulting from operations | $(2181170) |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes | $12162 |
| &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 period 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 period end. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | |
|  Increase (decrease) in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1067169 | $2201559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities, foreign currency transactions, and futures contracts | 5294073 | 10712391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts | (8542412) | 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 (decrease) in net assets resulting from operations | (2181170) | 24176015 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | (892327) | (279743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | (2192920) | (642271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (4201307) | (1254933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (94599) | (23498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | (1896091) | (436711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | (485465) | (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 | (9762709) | (2804205) |
|  Capital share transactions (Note 11): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 5933685 | 17376789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 9431082 | 2717398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (16259998) | (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 | (895231) | (13964394) |
|  Net increase (decrease) in net assets | (12839110) | 7407416 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 114132015 | 106724599 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $101292905 | $114132015 |

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See accompanying notes

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

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

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

Recently Adopted Accounting Pronouncements

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Class Disclosure

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

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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. Reconciliations are performed between custody and accounting systems to help ensure reclaim accruals are in line. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. For convertible securities, premiums attributable to the conversion feature are not amortized. Realized gains (losses) from securities sold are determined on the basis of specific lot identification. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

Distributions to Shareholders

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

Commission Recapture

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

Allocation of Income, Trust Expenses, Gains, and Losses

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

Use of Estimates

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

Other

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

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

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| | |
|:---|:---|
|  First $15 billion | 0.35% |
|  Next $15 billion | 0.325% |
|  Over $30 billion | 0.3% |

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

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

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

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $188198 |
|  Sub-Advisory Fees | 0.17% | 88759 |
|  Total | 0.52% | $276957 |

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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 period ended April 30, 2025, the Manager received securities lending fees of $488 for the securities lending activities of the Fund.

Distribution Plans

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

Service Plans

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Sub-Transfer Agent Fees

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

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| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  Balanced | $14406 |

---

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

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| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  Balanced | $2253 |

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Investments in Affiliated Funds

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | April 30,<br>2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized<br>Gain<br>(Loss) | Dividend<br>Income | April 30,<br>2025<br>Fair Value |
| U.S. Government Money Market Select | Direct | Balanced | $2609616 | $– $|  | $55837 | $2609616 |
| U.S. Government Money Market Select | Securities Lending | Balanced | 283511 | – |  | N/A | 283511 |

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

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| | | | |
|:---|:---|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in USG<br>Select Fund | Total |
|  Balanced | $1302 | $102 | $1404 |

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Interfund Credit Facility

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

Expense Reimbursement Plan

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

Sales Commissions

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

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

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

Trustee Fees and Expenses

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

3. Security Valuation and Fair Value Measurements

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

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

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

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

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

Valuation Inputs

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

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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

April 30, 2025 (Unaudited)

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

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

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

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

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

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

4. Securities and Other Investments

Agency Mortgage-Backed Securities

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

American Depositary Receipts and Non-Voting Depositary Receipts

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

Asset-Backed Securities ("ABS")

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

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

Common Stock

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Fixed-Income Investments

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

Illiquid and Restricted Securities

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

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

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

Mortgage-Backed Securities

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

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

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

Mortgage-Related and Other Asset-Backed Securities

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Other Investment Company Securities and Other Exchange-Traded Products

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

Privately Issued Mortgage-Backed Securities

Publicly Traded Partnerships/Master Limited Partnerships ("MLPs")

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

Real Estate Investment Trusts ("REITs")

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

U.S. Government Agency Securities

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

U.S. Treasury Obligations

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

Variable or Floating Rate Obligations

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

5. Financial Derivative Instruments

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

Futures Contracts

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

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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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 April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 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> | $– | $– | $– | $– | $55597 | $55597 |
| **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 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 | $– | $– | $– | $– | $(185443) | $(185443) |
| 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 | $– | $– | $– | $– | $68106 | $68106 |

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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 across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, April 30, 2025.

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of April 30, 2025:** |  |  |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)</sup> | $55597 | $- |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $55597 | $- |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(55597) | $- |

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $283511 | $- |  | $- | $283511 |
|  Total Borrowings | $283511 | $- | $- | $- | $283511 |
|  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 | $283511 |

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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.

6. Principal Risks

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

Asset-Backed Securities Risk

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

Credit Risk

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

Cybersecurity and Operational Risk

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Environmental, Social, and/or Governance Investing Risk

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

Equity Investments Risk

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

Foreign Exposure Risk

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

Futures Contracts Risk

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Illiquid and Restricted Securities Risk

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

Interest Rate Risk

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

Liquidity Risk

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

Market Risk

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

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##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

Mortgage-Backed and Mortgage Related Securities Risk

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

Multiple Sub-Advisor Risk

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

Other Investment Companies Risk

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

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##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

Prepayment and Extension Risk

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

Recent Market Events Risk

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

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

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

Redemption Risk

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

Sector Risk

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

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Securities Lending Risk

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

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

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

Variable and Floating Rate Securities Risk

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

7. Federal Income and Excise Taxes

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

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Balanced | $93395256 | $12941778 | $(5348823) | $7592955 |

---

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

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

8. Investment Transactions

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Purchases (non-U.S.<br>Government<br>Securities) | Purchases of U.S.<br>Government<br>Securities | Sales (non-U.S.<br>Government<br>Securities) | Sales of U.S.<br>Government<br>Securities |
|  Balanced | $14134260 | $746508 | $20659161 | $4324645 |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | October 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | April 30,<br>2025<br>Shares/Fair<br>Value |
| Balanced | Direct | $2401833 | $24910807 | $24703024 | $2609616 |
| Balanced | Securities<br>Lending | 398300 | 1311477 | 1426266 | 283511 |

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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.

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Fair Value of<br>Securities on Loan | Cash Collateral<br>Received | Non-Cash Collateral<br>Received | Total Collateral<br>Received |
|  Balanced | $1254312 | $283511 | $993310 | $1276821 |

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

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

10. Borrowing Arrangements

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

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American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

11. Capital Share Transactions

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 31725 | $477287 | 60329 | $924138 |
| Reinvestment of dividends | 60565 | 882127 | 18468 | 276820 |
| Shares redeemed | (116394) | (1755673) | (173087) | (2554177) |
| Net (decrease) in shares outstanding | (24104) | $(396259) | (94290) | $(1353219) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 210181 | $3203583 | 413947 | $6236582 |
| Reinvestment of dividends | 143117 | 2108834 | 40750 | 618183 |
| Shares redeemed | (366617) | (5679237) | (423575) | (6325862) |
| Net increase (decrease) in shares outstanding | (13319) | $(366820) | 31122 | $528903 |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 94490 | $1124163 | 214763 | $2638751 |
| Reinvestment of dividends | 348635 | 4045177 | 100027 | 1217295 |
| Shares redeemed | (466334) | (5678401) | (1076464) | (12997707) |
| Net (decrease) in shares outstanding | (23209) | $(509061) | (761674) | $(9141661) |
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 5578 | $73566 | 3896 | $52880 |
| Reinvestment of dividends | 7252 | 94599 | 1733 | 23498 |
| Shares redeemed | (5196) | (74089) | (5846) | (77173) |
| Net increase (decrease) in shares outstanding | 7634 | $94076 | (217) | $(795) |

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##### [**Table of Contents**](#toc)
American Beacon Balanced Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 69486 | $816914 | 594828 | $7200212 |
| Reinvestment of dividends | 158178 | 1825842 | 34038 | 415050 |
| Shares redeemed | (160771) | (1912351) | (280517) | (3394424) |
| Net increase in shares outstanding | 66893 | $730405 | 348349 | $4220838 |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Balanced Fund | Shares | Amount | Shares | Amount |
| Shares sold | 19463 | $238172 | 25949 | $324226 |
| Reinvestment of dividends | 40206 | 474503 | 13624 | 166552 |
| Shares redeemed | (96851) | (1160247) | (707569) | (8709238) |
| Net (decrease) in shares outstanding | (37182) | $(447572) | (667996) | $(8218460) |

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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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American Beacon Balanced Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br>Ended<br> April 30,<br> 2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>B</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $15.83 | $13.04 | $14.07 | $16.93 | $14.35 | $16.36 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 <sup>C</sup> | 0.28 | 0.24 | 0.11 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.47) | 2.87 | 0.15 | (1.56) | 4.34 | (0.80) |
|  Total income (loss) from investment operations | (0.30) | 3.15 | 0.39 | (1.45) | 4.53 | (0.60) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.30) | (0.26) | (0.23) | (0.30) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) | (1.17) |
|  Total distributions | (1.25) | (0.36) | (1.42) | (1.41) | (1.95) | (1.41) |
|  Net asset value, end of period | $14.28 | $15.83 | $13.04 | $14.07 | $16.93 | $14.35 |
|  Total return<sup>D</sup>  | (2.03)%<sup>E</sup> | 24.37% | 2.80% | (9.20)% | 33.80% | (4.14)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $10169929 | $11658021 | $10827923 | $12977305 | $22687613 | $22476942 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.86 %<sup>F</sup> | 0.84% | 0.78% | 0.72% | 0.70% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.86 %<sup>F</sup> | 0.84% | 0.78% | 0.72% | 0.70% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.24 %<sup>F</sup> | 2.25% | 2.10% | 1.51% | 1.37% | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.24 %<sup>F</sup> | 2.25% | 2.10% | 1.51% | 1.37% | 1.82% |
|  Portfolio turnover rate | 14 %<sup>E</sup> | 38% | 48% | 30% | 37% | 82% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased 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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

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 | Y Class |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $16.00 | $13.17 | $14.20 | $17.07 | $14.46 | $16.47 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 <sup>B</sup> | 0.33 | 0.29 | 0.21 | 0.20 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.48) | 2.85 | 0.08 | (1.68) | 4.35 | (0.86) |
|  Total income (loss) from investment operations | (0.32) | 3.18 | 0.37 | (1.47) | 4.55 | (0.61) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.29) | (0.24) | (0.22) | (0.29) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) | (1.17) |
|  Total distributions | (1.24) | (0.35) | (1.40) | (1.40) | (1.94) | (1.40) |
|  Net asset value, end of period | $14.44 | $16.00 | $13.17 | $14.20 | $17.07 | $14.46 |
|  Total return<sup>C</sup>  | (2.11)%<sup>D</sup> | 24.33% | 2.68% | (9.25)% | 33.66% | (4.17)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $26910575 | $30023632 | $24304867 | $30273662 | $40858765 | $43550846 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.93 %<sup>E</sup> | 0.93% | 0.84% | 0.80% | 0.77% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.93 %<sup>E</sup> | 0.93% | 0.84% | 0.80% | 0.77% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.17 %<sup>E</sup> | 2.16% | 2.01% | 1.46% | 1.31% | 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.17 %<sup>E</sup> | 2.16% | 2.01% | 1.46% | 1.31% | 1.71% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 38% | 48% | 30% | 37% | 82% |

---

*<sup>A</sup>* *On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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 | Investor Class |
|  | Six Months<br> Ended<br> April 30, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br> Ended<br> April 30, | | | | | |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $12.85 | $10.64 | $11.74 | $14.35 | $12.43 | $14.36 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.12 <sup>B</sup> | 0.23 <sup>B</sup> | 0.11 | 0.15 <sup>B</sup> | 0.22 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.38) | 2.30 | 0.17 | (1.39) | 3.61 | (0.58) |
|  Total income (loss) from investment operations | (0.26) | 2.53 | 0.28 | (1.24) | 3.83 | (0.55) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.26) | (0.22) | (0.19) | (0.26) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) | (1.17) |
|  Total distributions | (1.23) | (0.32) | (1.38) | (1.37) | (1.91) | (1.38) |
|  Net asset value, end of period | $11.36 | $12.85 | $10.64 | $11.74 | $14.35 | $12.43 |
|  Total return<sup>C</sup>  | (2.19)%<sup>D</sup> | 24.01% | 2.46% | (9.40)% | 33.32% | (4.41)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $40244627 | $45826006 | $46044377 | $54447528 | $85251213 | $68284615 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.16 %<sup>E</sup> | 1.17% | 1.04% | 1.03% | 0.99% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.16 %<sup>E</sup> | 1.17% | 1.04% | 1.03% | 0.99% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.94 %<sup>E</sup> | 1.93% | 1.84% | 1.22% | 1.07% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.94 %<sup>E</sup> | 1.93% | 1.84% | 1.22% | 1.07% | 1.47% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 38% | 48% | 30% | 37% | 82% |

---

*<sup>A</sup>* *On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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 | Advisor Class |
|  | Six Months<br> Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br> Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $14.29 | $11.80 | $12.86 | $15.59 | $13.35 | $15.34 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.12 <sup>B</sup> | 0.23 | 0.15 | 0.15 <sup>B</sup> | 0.15 | 0.18 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.42) | 2.55 | 0.15 | (1.54) | 3.97 | (0.81) |
|  Total income (loss) from investment operations | (0.30) | 2.78 | 0.30 | (1.39) | 4.12 | (0.63) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.23) | (0.20) | (0.16) | (0.23) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) | (1.17) |
|  Total distributions | (1.22) | (0.29) | (1.36) | (1.34) | (1.88) | (1.36) |
|  Net asset value, end of period | $12.77 | $14.29 | $11.80 | $12.86 | $15.59 | $13.35 |
|  Total return<sup>C</sup>  | (2.28)%<sup>D</sup> | 23.74% | 2.35% | (9.62)% | 33.17% | (4.65)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $1134362 | $1160350 | $960288 | $1124266 | $2120450 | $1760622 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.33 %<sup>E</sup> | 1.35% | 1.24% | 1.19% | 1.16% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.33 %<sup>E</sup> | 1.35% | 1.24% | 1.19% | 1.16% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.77 %<sup>E</sup> | 1.73% | 1.66% | 1.05% | 0.91% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.77 %<sup>E</sup> | 1.73% | 1.66% | 1.05% | 0.91% | 1.29% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 38% | 48% | 30% | 37% | 82% |

---

*<sup>A</sup>* *On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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 | A Class |
|  | Six Months<br>Ended<br>April 30, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br>April 30, | | | | | |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $12.79 | $10.59 | $11.69 | $14.31 | $12.39 | $14.33 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.11 <sup>B</sup> | 0.36 | 0.23 | 0.25 | 0.11 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.37) | 2.16 | 0.05 | (1.50) | 3.71 | (0.71) |
|  Total income (loss) from investment operations | (0.26) | 2.52 | 0.28 | (1.25) | 3.82 | (0.56) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.26) | (0.22) | (0.19) | (0.25) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) | (1.17) |
|  Total distributions | (1.23) | (0.32) | (1.38) | (1.37) | (1.90) | (1.38) |
|  Net asset value, end of period | $11.30 | $12.79 | $10.59 | $11.69 | $14.31 | $12.39 |
|  Total return<sup>C</sup>  | (2.20)%<sup>D</sup> | 24.03% | 2.44% | (9.49)% | 33.39% | (4.49)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $18472907 | $20055093 | $12917238 | $13482666 | $13922687 | $12863938 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.17 %<sup>E</sup> | 1.17% | 1.09% | 1.04% | 1.02% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.17 %<sup>E</sup> | 1.17% | 1.09% | 1.04% | 1.02% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.93 %<sup>E</sup> | 1.91% | 1.80% | 1.22% | 1.04% | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.93 %<sup>E</sup> | 1.91% | 1.80% | 1.22% | 1.04% | 1.46% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 38% | 48% | 30% | 37% | 82% |

---

*<sup>A</sup>* *On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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 | C Class |
|  | Six Months<br> Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br> Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $13.04 | $10.78 | $11.87 | $14.49 | $12.53 | $14.48 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.07 <sup>B</sup> | 0.14 <sup>B</sup> | 0.12 <sup>B</sup> | 0.06 <sup>B</sup> | 0.04 <sup>B</sup> | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.39) | 2.33 | 0.08 | (1.41) | 3.72 | (0.70) |
|  Total income (loss) from investment operations | (0.32) | 2.47 | 0.20 | (1.35) | 3.76 | (0.65) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.07) | (0.15) | (0.13) | (0.09) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.11) | (0.06) | (1.16) | (1.18) | (1.65) | (1.17) |
|  Total distributions | (1.18) | (0.21) | (1.29) | (1.27) | (1.80) | (1.30) |
|  Net asset value, end of period | $11.54 | $13.04 | $10.78 | $11.87 | $14.49 | $12.53 |
|  Total return<sup>C</sup>  | (2.64)%<sup>D</sup> | 23.03% | 1.68% | (10.11)% | 32.32% | (5.09)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $4360505 | $5408913 | $11669906 | $16173837 | $23737711 | $23951798 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.93 %<sup>E</sup> | 1.94% | 1.83% | 1.78% | 1.75% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.93 %<sup>E</sup> | 1.94% | 1.83% | 1.78% | 1.75% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.17 %<sup>E</sup> | 1.17% | 1.04% | 0.47% | 0.32% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.17 %<sup>E</sup> | 1.17% | 1.04% | 0.47% | 0.32% | 0.72% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 38% | 48% | 30% | 37% | 82% |

---

*<sup>A</sup>* *On January 23, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
![LOGO](g935588g25d65.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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g935588g72h78.jpg) | ![LOGO](g935588g64k88.jpg) |
| &nbsp;&nbsp;&nbsp;By E-mail: | On the Internet: |
| &nbsp;&nbsp;&nbsp;american_beacon.funds@ambeacon.com | Visit our website at www.americanbeaconfunds.com |
| &nbsp;&nbsp;&nbsp; ![LOGO](g935588g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g935588g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g935588g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g935588g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g935588g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g935588g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g935588g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g935588g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

Fund Service Providers:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **CUSTODIAN**<br> **State Street Bank and**<br> **Trust Company**<br> Boston, Massachusetts | **TRANSFER AGENT**<br> **SS&C GIDS, Inc.**<br> Quincy, Massachusetts | **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM**<br> **PricewaterhouseCoopers LLP**<br> Boston, Massachusetts | **DISTRIBUTOR**<br> **Resolute Investment Distributors, Inc.**<br> Irving, Texas |

---

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

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

#### SAR 04/25

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##### [**Table of Contents**](#toc)
![LOGO](g937551g00p01.jpg)

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##### [**Table of Contents**](#toc)
American Beacon Funds

**Table of Contents**

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| | |
|:---|:---|
|  Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Garcia Hamilton Quality Bond Fund](#toc937551_1) | 1 |
|  [Financial Statements](#toc937551_2) | 3 |
|  [Notes to the Financial Statements](#toc937551_3) | 6 |
|  Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Garcia Hamilton Quality Bond Fund](#toc937551_4) | 22 |

---

---

| | |
|:---|:---|
|  [Additional Fund Information](#toc937551_5) | Back Cover |

---

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

American Beacon Funds April 30, 2025

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 6.98% |  |  |
| Communications - 2.07% |  |  |
| Media - 2.07% |  |  |
| Walt Disney Co., 3.800%, Due 3/22/2030 | $5450000 | $5327208 |
| Financial - 2.57% |  |  |
| Banks - 2.57% |  |  |
| JPMorgan Chase & Co., 2.739%, Due 10/15/2030, (3 mo. USD Term SOFR + 1.510%)<sup>A</sup> | 2890000 | 2671231 |
| Wells Fargo & Co., 4.478%, Due 4/4/2031, (3 mo. USD Term SOFR + 4.032%)<sup>A</sup> | 4030000 | 3968303 |
|  |  | 6639534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 6639534 |
| Utilities - 2.34% |  |  |
| Electric - 2.34% |  |  |
| Florida Power & Light Co., 5.000%, Due 8/1/2034 | 6020000 | 6036520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations (Cost $18,593,596) |  | 18003262 |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 48.97% |  |  |
| Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/1/2039 | 3437824 | 3389947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2042 | 11071919 | 9702572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 3/1/2052 | 12355632 | 10284009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2052 | 12090716 | 10037259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2052 | 10583097 | 9254734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 10/1/2052 | 10698042 | 9964572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2052 | 10874163 | 10128632 |
|  |  | 62761725 |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/1/2039 | 4548608 | 4325839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 7/1/2040 | 5704734 | 5323788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2040 | 3775531 | 3520641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2049 | 6089380 | 5723754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2050 | 5951735 | 4942510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/1/2051 | 9679399 | 8027646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2052 | 18786175 | 16267072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/1/2052 | 10265349 | 9255608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 10/1/2052 | 6587147 | 6135531 |
|  |  | 63522389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Agency Mortgage-Backed Obligations (Cost $129,749,592) |  | 126284114 |
| U.S. TREASURY OBLIGATIONS - 42.97% |  |  |
| U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 8/15/2041 | 9070000 | 8189572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/15/2045 | 23500000 | 16710703 |
|  |  | 24900275 |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, Due 2/15/2032 | 22330000 | 19571896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 2/15/2033 | 33060000 | 31883529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/15/2034 | 34785000 | 34464326 |
|  |  | 85919751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations (Cost $113,868,629) |  | 110820026 |
|  TOTAL INVESTMENTS - 98.92% (Cost $262,211,817) |  | 255107402 |
|  OTHER ASSETS, NET OF LIABILITIES - 1.08% |  | 2795698 |
|  TOTAL NET ASSETS - 100.00% |  | $257903100 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</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 April 30, 2025.

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

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

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Garcia Hamilton Quality Bond Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Corporate Obligations | $- | $18003262 | $- | $18003262 |
|  U.S. Agency Mortgage-Backed Obligations |  | 126284114 |  | 126284114 |
|  U.S. Treasury Obligations |  | 110820026 |  | 110820026 |
|  Total Investments in Securities—Assets | $- | $255107402 | $- | $255107402 |

---

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

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Statement of Assets and Liabilities

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup>  | $255107402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1543627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1292738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 83850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for expense reimbursement (Note 2) | 54375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 61023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 258143015 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 29297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 116978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 31824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 40038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 14157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 239915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |
|  Net assets | $257903100 |
|  Analysis of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $317045252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits) | (59142152) |
|  Net assets | $257903100 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 1409246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 1556133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 453794 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 26501233 |
|  Net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $12177073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $13411482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $3923854 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $228390691 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $8.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $8.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $8.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $8.62 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $262211817 |

---

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 period ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $5580699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 5580699 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 714521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 7643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 33404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 35428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 32117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 6948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 10801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 10716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 8) | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 17202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 876606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net fees waived and expenses (reimbursed) (Note 2) | (326632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 549974 |
|  Net investment income | 5030725 |
|  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 | (1430206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 3507495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments | 2077289 |
|  Net increase in net assets resulting from operations. | $7108014 |

---

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

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| | | |
|:---|:---|:---|
|  | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | |
|  Increase (decrease) in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $5030725 | $9784013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (loss) from investments in unaffiliated securities | (1430206) | (4175091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of investments in unaffiliated securities | 3507495 | 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 | 7108014 | 29203169 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | (206829) | (357969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | (287695) | (1078617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (71667) | (78201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | (4954871) | (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 | (5521062) | (10091445) |
|  Capital share transactions (Note 9): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 17320443 | 41299971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 5511698 | 10065168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (31366235) | (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 (decrease) in net assets from capital share transactions | (8534094) | (19272689) |
|  Net (decrease) in net assets | (6947142) | (160965) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 264850242 | 265011207 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $257903100 | $264850242 |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

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

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

Recently Adopted Accounting Pronouncements

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

Class Disclosure

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

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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 |
| 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

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

Significant Accounting Policies

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

Security Transactions and Investment Income

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

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

Distributions to Shareholders

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

Allocation of Income, Trust Expenses, Gains, and Losses

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

Use of Estimates

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

Other

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

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

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

---

| | |
|:---|:---|
|  First $5 billion | 0.35% |
|  Next $5 billion | 0.325% |
|  Next $10 billion | 0.3% |
|  Over $20 billion | 0.275% |

---

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

---

| | |
|:---|:---|
|  First $1 billion | 0.2% |
|  Over $1 billion | 0.15% |

---

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

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $454695 |
|  Sub-Advisory Fees | 0.20% | 259826 |
|  Total | 0.55% | $714521 |

---

Distribution Plans

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

Service Plans

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

Sub-Transfer Agent Fees

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

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

---

| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  Garcia Hamilton Quality Bond | $8077 |

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

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| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  Garcia Hamilton Quality Bond | $1254 |

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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. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager's asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended April 30, 2025, the Fund did not utilize the credit facility.

Expense Reimbursement Plan

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

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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>4/30/2025 | Reimbursed<br>Expenses | (Recouped)<br>Expenses | Expiration of<br>Reimbursed<br>Expenses |
|  Garcia Hamilton Quality Bond | R5 | 0.45% | 0.45% | $11278 | $- | 2027-2028 |
|  Garcia Hamilton Quality Bond | Y | 0.51% | 0.51% | 18391 |  | 2027-2028 |
|  Garcia Hamilton Quality Bond | Investor | 0.83% | 0.83% | 4483 |  | 2027-2028 |
|  Garcia Hamilton Quality Bond | R6 | 0.41% | 0.41% | 292480 |  | 2027-2028 |

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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| | | | |
|:---|:---|:---|:---|
| Fund | Recouped<br>Expenses | Expired Expense<br>Carryover | Expiration of<br>Reimbursed<br>Expenses |
|  Garcia Hamilton Quality Bond | $– $451236 | $425578 | 2024-2025 |
|  Garcia Hamilton Quality Bond | – 753949 |  | 2025-2026 |
|  Garcia Hamilton Quality Bond | – 678467 |  | 2026-2027 |

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Trustee Fees and Expenses

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

3. Security Valuation and Fair Value Measurements

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

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

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

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

Valuation Inputs

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

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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

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

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

4. Securities and Other Investments

Agency Mortgage-Backed Securities

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

Fixed-Income Investments

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

Mortgage-Backed Securities

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

Mortgage-Related and Other Asset-Backed Securities

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

Other Investment Company Securities and Other Exchange-Traded Products

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

U.S. Government Agency Securities

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

U.S. Treasury Obligations

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

5. Principal Risks

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

Credit Risk

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

*Cybersecurity and Operational Risk*

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

Environmental, Social, and/or Governance Investing Risk

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Floating Rate Securities Risk

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

Interest Rate Risk

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

Investment Risk

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

Liquidity Risk

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Market Risk

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

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

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

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

Mortgage-Backed and Mortgage Related Securities Risk

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Other Investment Companies Risk

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

Prepayment and Extension Risk

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

Recent Market Events Risk

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

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

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

Redemption Risk

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

Sector Risk

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

Variable and Floating Rate Securities Risk

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

6. Federal Income and Excise Taxes

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

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

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

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

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American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Garcia Hamilton Quality Bond | $262951742 | $471929 | $(8316269) | $(7844340) |

---

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

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

7. Investment Transactions

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Purchases (non-U.S.<br>Government<br>Securities) | Purchases of U.S.<br>Government<br>Securities | Sales (non-U.S.<br>Government<br>Securities) | Sales of U.S.<br>Government<br>Securities |
| Garcia Hamilton Quality Bond | $– $| 31111432 | $3354435 | $33581780 |

---

8. Borrowing Arrangements

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

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

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

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

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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

9. Capital Share Transactions

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Garcia Hamilton Quality Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold | 344867 | $2929696 | 334945 | $2859516 |
| Reinvestment of dividends | 23122 | 197473 | 38557 | 331694 |
| Shares redeemed | (52177) | (443553) | (1166864) | (9654898) |
| Net increase (decrease) in shares outstanding | 315812 | $2683616 | (793362) | $(6463688) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Garcia Hamilton Quality Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold | 333690 | $2824920 | 1108993 | $9542563 |
| Reinvestment of dividends | 33732 | 287695 | 125258 | 1078616 |
| Shares redeemed | (1222818) | (10399702) | (4912913) | (42243014) |
| Net (decrease) in shares outstanding | (855396) | $(7287087) | (3678662) | $(31621835) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Garcia Hamilton Quality Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold | 91822 | $784124 | 262461 | $2254600 |
| Reinvestment of dividends | 8387 | 71661 | 9096 | 78201 |
| Shares redeemed | (2979) | (25798) | (7661) | (66128) |
| Net increase in shares outstanding | 97230 | $829987 | 263896 | $2266673 |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Garcia Hamilton Quality Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1275803 | $10781703 | 3121227 | $26643292 |
| Reinvestment of dividends | 581649 | 4954869 | 998354 | 8576657 |
| Shares redeemed | (2409333) | (20497182) | (2147023) | (18673788) |
| Net increase (decrease) in shares outstanding | (551881) | $(4760610) | 1972558 | $16546161 |

---

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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##### [**Table of Contents**](#toc)
American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $8.59 | $8.01 | $8.37 | $9.85 | $10.27 | $10.05 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.16 <sup>B</sup> | 0.32 <sup>B</sup> | 0.30 <sup>B</sup> | 0.06 | (0.01)<sup>B</sup> | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.07 | 0.59 | (0.37) | (1.33) | (0.08) | 0.28 |
|  Total income (loss) from investment operations | 0.23 | 0.91 | (0.07) | (1.27) | (0.09) | 0.39 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.33) | (0.29) | (0.21) | (0.14) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.19) |  |
|  Total distributions | (0.18) | (0.33) | (0.29) | (0.21) | (0.33) | (0.17) |
|  Net asset value, end of period | $8.64 | $8.59 | $8.01 | $8.37 | $9.85 | $10.27 |
|  Total return<sup>C</sup>  | 2.71 %<sup>D</sup> | 11.40% | (1.08)% | (13.04)% | (0.84)% | 3.93% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $12177073 | $&nbsp;&nbsp;&nbsp;&nbsp;9390194 | $15104966 | $134519084 | $192774622 | $172774140 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.68 %<sup>E</sup> | 0.68% | 0.69% | 0.66% | 0.67% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.45 %<sup>E</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 3.62 %<sup>E</sup> | 3.49% | 3.20% | 1.06% | (0.32)% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 3.85 %<sup>E</sup> | 3.72% | 3.44% | 1.27% | (0.10)% | 1.38% |
|  Portfolio turnover rate | 12 %<sup>D</sup> | 34% | 72% | 158% | 71% | 122% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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 | Y Class |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $8.56 | $7.99 | $8.36 | $9.86 | $10.27 | $10.05 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 <sup>A</sup> | 0.15 | 0.37 | 0.22 | (0.00)<sup>B</sup> | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.08 | 0.74 | (0.46) | (1.51) | (0.08) | 0.25 |
|  Total income (loss) from investment operations | 0.24 | 0.89 | (0.09) | (1.29) | (0.08) | 0.38 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.32) | (0.28) | (0.21) | (0.14) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.19) |  |
|  Total distributions | (0.18) | (0.32) | (0.28) | (0.21) | (0.33) | (0.16) |
|  Net asset value, end of period | $8.62 | $8.56 | $7.99 | $8.36 | $9.86 | $10.27 |
|  Total return<sup>C</sup>  | 2.80 %<sup>D</sup> | 11.22% | (1.27)% | (13.24)% | (0.81)% | 3.83% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $13411482 | $20651157 | $48666569 | $29473503 | $21340613 | $18928869 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.77 %<sup>E</sup> | 0.77% | 0.75% | 0.73% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.51 %<sup>E</sup> | 0.51% | 0.51% | 0.51% | 0.52 %<sup>F</sup> | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 3.50 %<sup>E</sup> | 3.38% | 3.23% | 1.10% | (0.38)% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 3.76 %<sup>E</sup> | 3.64% | 3.47% | 1.32% | (0.16)% | 1.22% |
|  Portfolio turnover rate | 12 %<sup>D</sup> | 34% | 72% | 158% | 71% | 122% |

---

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</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

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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)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $8.59 | $7.99 | $8.36 | $9.85 | $10.26 | $10.05 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.15 <sup>A</sup> | 0.81 | 0.21 | 0.09 | (0.04)<sup>A</sup> | 0.13 <sup>A</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.07 | 0.09 | (0.33) | (1.40) | (0.07) | 0.22 |
|  Total income (loss) from investment operations | 0.22 | 0.90 | (0.12) | (1.31) | (0.11) | 0.35 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.30) | (0.25) | (0.18) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.19) |  |
|  Total distributions | (0.16) | (0.30) | (0.25) | (0.18) | (0.30) | (0.14) |
|  Net asset value, end of period | $8.65 | $8.59 | $7.99 | $8.36 | $9.85 | $10.26 |
|  Total return<sup>B</sup>  | 2.64 %<sup>C</sup> | 11.29% | (1.59)% | (13.47)% | (1.11)% | 3.54% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;3923854 | $&nbsp;&nbsp;&nbsp;&nbsp;3064413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365190 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.07 %<sup>D</sup> | 1.10% | 1.17% | 1.13% | 1.29% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.83 %<sup>D</sup> | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 3.23 %<sup>D</sup> | 3.08% | 2.78% | 0.63% | (0.91)% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 3.47 %<sup>D</sup> | 3.36% | 3.12% | 0.93% | (0.45)% | 1.27% |
|  Portfolio turnover rate | 12 %<sup>C</sup> | 34% | 72% | 158% | 71% | 122% |

---

*<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>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

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)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $8.57 | $7.99 | $8.36 | $9.85 | $10.26 | $10.04 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.16 <sup>A</sup> | 0.34 | 0.32 | 0.17 | (0.01)<sup>A</sup> | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.07 | 0.57 | (0.40) | (1.44) | (0.06) | 0.25 |
|  Total income (loss) from investment operations | 0.23 | 0.91 | (0.08) | (1.27) | (0.07) | 0.39 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.33) | (0.29) | (0.22) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.19) |  |
|  Total distributions | (0.18) | (0.33) | (0.29) | (0.22) | (0.34) | (0.17) |
|  Net asset value, end of period | $8.62 | $8.57 | $7.99 | $8.36 | $9.85 | $10.26 |
|  Total return<sup>B</sup>  | 2.73 %<sup>C</sup> | 11.46% | (1.17)% | (13.11)% | (0.70)% | 3.97% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $228390691 | $231744478 | $200499044 | $191990607 | $166304291 | $141893384 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.66 %<sup>D</sup> | 0.67% | 0.65% | 0.63% | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.41 %<sup>D</sup> | 0.41% | 0.41% | 0.41% | 0.41% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 3.64 %<sup>D</sup> | 3.50% | 3.31% | 1.14% | (0.28)% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 3.89 %<sup>D</sup> | 3.76% | 3.55% | 1.36% | (0.05)% | 1.36% |
|  Portfolio turnover rate | 12 %<sup>C</sup> | 34% | 72% | 158% | 71% | 122% |

---

*<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>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
![LOGO](g937551g10k10.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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g937551g72h78.jpg) | ![LOGO](g937551g64k88.jpg) |
| &nbsp;&nbsp;&nbsp;By E-mail: | On the Internet: |
| &nbsp;&nbsp;&nbsp;american_beacon.funds@ambeacon.com | Visit our website at www.americanbeaconfunds.com |
| &nbsp;&nbsp;&nbsp; ![LOGO](g937551g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g937551g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g937551g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g937551g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g937551g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g937551g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g937551g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g937551g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

Fund Service Providers:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **CUSTODIAN**<br> **State Street Bank and**<br> **Trust Company**<br> Boston, Massachusetts | **TRANSFER AGENT**<br> **SS&C GIDS, Inc.**<br> Quincy, Massachusetts | **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br> **PricewaterhouseCoopers LLP**<br> Boston, Massachusetts | **DISTRIBUTOR**<br> **Resolute Investment**<br> **Distributors, Inc.**<br> Irving, Texas |

---

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

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

#### SAR 04/25

------

##### [**Table of Contents**](#toc)
![LOGO](g926598g16a16.jpg)

------

##### [**Table of Contents**](#toc)
American Beacon Funds

**Table of Contents**

---

| | |
|:---|:---|
|  Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon IMC International Small Cap Fund](#toc926598_1) | 1 |
| &nbsp;&nbsp;&nbsp; [American Beacon International Equity Fund](#toc926598_2) | 7 |
|  [Financial Statements](#toc926598_3) | 13 |
|  [Notes to the Financial Statements](#toc926598_4) | 17 |
|  [Financial Highlights:](#toc926598_5) |  |
| &nbsp;&nbsp;&nbsp; [American Beacon IMC International Small Cap Fund](#toc926598_6) | 43 |
| &nbsp;&nbsp;&nbsp; [American Beacon International Equity Fund](#toc926598_7) | 46 |

---

---

| | |
|:---|:---|
|  [Additional Fund Information](#toc926598_8) | Back Cover |

---

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

American Beacon Funds April 30, 2025

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Australia - 9.93% |  |  |
| Foreign Common Stocks - 9.93% |  |  |
| Austal Ltd.<sup>A</sup> | 191886 | $652666 |
| Capricorn Metals Ltd.<sup>A</sup> | 126290 | 748280 |
| Eagers Automotive Ltd. | 49071 | 580243 |
| Evolution Mining Ltd.<sup>B</sup> | 137405 | 689156 |
| Gold Road Resources Ltd. | 370328 | 718757 |
| JB Hi-Fi Ltd. | 6924 | 459439 |
| Northern Star Resources Ltd. | 47260 | 580625 |
| Perseus Mining Ltd. | 300564 | 644963 |
| Qantas Airways Ltd. | 72489 | 410931 |
| Regis Resources Ltd.<sup>A</sup> | 266020 | 768500 |
| Technology One Ltd. | 26784 | 515724 |
| Telix Pharmaceuticals Ltd.<sup>A B</sup> | 42282 | 734782 |
| Temple & Webster Group Ltd.<sup>A</sup> | 59707 | 680767 |
| West African Resources Ltd.<sup>A</sup> | 468731 | 717587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 8902420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Australia (Cost $7,572,222) |  | 8902420 |
| Austria - 1.79% |  |  |
| Foreign Common Stocks - 1.79% |  |  |
| BAWAG Group AG<sup>C</sup> | 7788 | 853590 |
| Porr AG | 21536 | 751430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 1605020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Austria (Cost $1,227,461) |  | 1605020 |
| Brazil - 0.95% (Cost $445,505) |  |  |
| Foreign Common Stocks - 0.95% |  |  |
| Embraer SA<sup>A</sup> | 74855 | 856292 |
| Burkina Faso - 0.80% (Cost $627,556) |  |  |
| Foreign Common Stocks - 0.80% |  |  |
| IAMGOLD Corp.<sup>A</sup> | 101818 | 721574 |
| Canada - 5.66% |  |  |
| Foreign Common Stocks - 5.66% |  |  |
| Alamos Gold, Inc., Class <sup>A</sup> | 22867 | 653698 |
| Artemis Gold, Inc.<sup>A</sup> | 57409 | 824531 |
| Definity Financial Corp. | 13427 | 670181 |
| iA Financial Corp., Inc. | 6790 | 659595 |
| Kinross Gold Corp. | 50691 | 748268 |
| Lundin Gold, Inc. | 18426 | 751555 |
| TerraVest Industries, Inc.<sup>B</sup> | 7370 | 768167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 5075995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Canada (Cost $3,704,638) |  | 5075995 |
| China - 11.51% |  |  |
| Foreign Common Stocks - 11.51% |  |  |
| Akeso, Inc.<sup>A C</sup> | 50563 | 562311 |
| Giant Biogene Holding Co. Ltd.<sup>C</sup> | 68456 | 706132 |
| InnoCare Pharma Ltd.<sup>A C</sup> | 503026 | 658975 |
| Innovent Biologics, Inc.<sup>A C</sup> | 92017 | 637722 |
| Kingdee International Software Group Co. Ltd.<sup>A</sup> | 265340 | 450923 |
| Meitu, Inc.<sup>C</sup> | 1027812 | 724913 |
| NetEase Cloud Music, Inc.<sup>A C</sup> | 31205 | 726250 |
| Pop Mart International Group Ltd.<sup>C</sup> | 37929 | 947785 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| China - 11.51% (continued) |  |  |
| Foreign Common Stocks - 11.51% (continued) |  |  |
| Q Technology Group Co. Ltd.<sup>A D</sup> | 681022 | $570767 |
| Qifu Technology, Inc., ADR | 13958 | 572697 |
| TCL Electronics Holdings Ltd. | 517633 | 654750 |
| United Laboratories International Holdings Ltd. | 386023 | 691851 |
| Wasion Holdings Ltd. | 462433 | 478794 |
| WuXi XDC Cayman, Inc.<sup>A</sup> | 124457 | 586531 |
| XD, Inc.<sup>A D</sup> | 138031 | 638934 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>A C</sup> | 100177 | 718816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 10328151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China (Cost $9,205,798) |  | 10328151 |
| Denmark - 0.65% (Cost $566,472) |  |  |
| Foreign Common Stocks - 0.65% |  |  |
| Sydbank AS | 9121 | 581396 |
| Georgia - 0.89% (Cost $650,521) |  |  |
| Foreign Common Stocks - 0.89% |  |  |
| TBC Bank Group PLC | 12734 | 802710 |
| Germany - 3.78% |  |  |
| Foreign Common Stocks - 3.78% |  |  |
| Auto1 Group SE<sup>A C</sup> | 24293 | 579578 |
| DWS Group GmbH & Co. KGaA<sup>C</sup> | 10145 | 530047 |
| Hensoldt AG | 9643 | 745022 |
| HOCHTIEF AG | 3269 | 614746 |
| Scout24 SE<sup>C</sup> | 7755 | 919816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 3389209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany (Cost $3,005,204) |  | 3389209 |
| Greece - 2.03% |  |  |
| Foreign Common Stocks - 2.03% |  |  |
| Alpha Services & Holdings SA | 256834 | 619151 |
| Metlen Energy & Metals SA | 12807 | 603550 |
| National Bank of Greece SA | 56509 | 594967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 1817668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Greece (Cost $1,851,639) |  | 1817668 |
| India - 4.23% |  |  |
| Foreign Common Stocks - 4.23% |  |  |
| Avanti Feeds Ltd. | 53052 | 546164 |
| Blue Jet Healthcare Ltd. | 45994 | 386478 |
| Choice International Ltd.<sup>A</sup> | 90753 | 654407 |
| Fortis Healthcare Ltd. | 59454 | 478644 |
| Kaveri Seed Co. Ltd. | 36855 | 623165 |
| Krishna Institute of Medical Sciences Ltd.<sup>A C</sup> | 74717 | 578483 |
| Welspun Corp. Ltd. | 58558 | 528856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 3796197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total India (Cost $4,020,902) |  | 3796197 |
| Israel - 2.84% |  |  |
| Foreign Common Stocks - 2.84% |  |  |
| Clal Insurance Enterprises Holdings Ltd. | 27536 | 753655 |
| Elbit Systems Ltd. | 2177 | 835851 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Israel - 2.84% (continued) |  |  |
| Foreign Common Stocks - 2.84% (continued) |  |  |
| Next Vision Stabilized Systems Ltd. | 36409 | $956486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 2545992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Israel (Cost $1,910,903) |  | 2545992 |
| Italy - 4.76% |  |  |
| Foreign Common Stocks - 4.76% |  |  |
| Avio SpA<sup>A B D</sup> | 31621 | 685631 |
| Banca Mediolanum SpA<sup>B</sup> | 41370 | 614882 |
| BPER Banca SpA<sup>B</sup> | 109871 | 888449 |
| Fincantieri SpA<sup>A B</sup> | 65651 | 851568 |
| OVS SpA<sup>C</sup> | 190359 | 684468 |
| Webuild SpA | 150527 | 543973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 4268971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Italy (Cost $4,002,079) |  | 4268971 |
| Japan - 13.36% |  |  |
| Foreign Common Stocks - 13.36% |  |  |
| BayCurrent, Inc. | 14643 | 787555 |
| Capcom Co. Ltd. | 27734 | 802847 |
| Concordia Financial Group Ltd. | 84823 | 544723 |
| Fujitec Co. Ltd. | 15153 | 593487 |
| GENDA, Inc.<sup>A B</sup> | 8043 | 60753 |
| Iyogin Holdings, Inc. | 52308 | 601626 |
| JINS Holdings, Inc. | 10015 | 627601 |
| Kandenko Co. Ltd. | 41599 | 825696 |
| Kawasaki Heavy Industries Ltd. | 13463 | 797441 |
| Mebuki Financial Group, Inc. | 150850 | 731778 |
| PAL GROUP Holdings Co. Ltd. | 30962 | 860777 |
| Rakuten Bank Ltd.<sup>A</sup> | 19854 | 826764 |
| Sanki Engineering Co. Ltd. | 34670 | 883845 |
| Sanrio Co. Ltd. | 16591 | 659555 |
| Sanwa Holdings Corp. | 22008 | 721286 |
| Shimizu Corp. | 40867 | 434609 |
| Skylark Holdings Co. Ltd. | 30925 | 641189 |
| U-Next Holdings Co. Ltd. | 40483 | 578167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 11979699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan (Cost $10,355,973) |  | 11979699 |
| Mexico - 0.77% (Cost $621,256) |  |  |
| Foreign Common Stocks - 0.77% |  |  |
| Gentera SAB de CV | 396508 | 691293 |
| Netherlands - 1.04% (Cost $670,529) |  |  |
| Foreign Common Stocks - 1.04% |  |  |
| Van Lanschot Kempen NV | 16118 | 932137 |
| New Zealand - 0.62% (Cost $603,273) |  |  |
| Foreign Common Stocks - 0.62% |  |  |
| a2 Milk Co. Ltd. | 106011 | 555466 |
| Norway - 1.63% |  |  |
| Foreign Common Stocks - 1.63% |  |  |
| Gjensidige Forsikring ASA | 33350 | 777698 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Norway - 1.63% (continued) |  |  |
| Foreign Common Stocks - 1.63% (continued) |  |  |
| Protector Forsikring ASA | 19592 | $688321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 1466019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Norway (Cost $1,200,795) |  | 1466019 |
| Poland - 0.83% (Cost $655,277) |  |  |
| Foreign Common Stocks - 0.83% |  |  |
| CD Projekt SA | 12089 | 744878 |
| Republic of Korea - 8.01% |  |  |
| Foreign Common Stocks - 8.01% |  |  |
| Cafe24 Corp.<sup>A</sup> | 18259 | 773262 |
| Doosan Co. Ltd. | 2221 | 474199 |
| Hanwha Ocean Co. Ltd.<sup>A</sup> | 13619 | 752087 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 4183 | 800405 |
| Hyundai Rotem Co. Ltd. | 12894 | 1017733 |
| Korea Aerospace Industries Ltd. | 9919 | 577765 |
| LIG Nex1 Co. Ltd. | 3465 | 781240 |
| PharmaResearch Co. Ltd. | 4682 | 1240079 |
| Samyang Foods Co. Ltd. | 1124 | 766993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 7183763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Republic of Korea (Cost $5,501,944) |  | 7183763 |
| Singapore - 0.95% (Cost $666,385) |  |  |
| Foreign Common Stocks - 0.95% |  |  |
| Singapore Technologies Engineering Ltd. | 150035 | 851205 |
| South Korea - 1.58% |  |  |
| Foreign Common Stocks - 1.58% |  |  |
| BHI Co. Ltd.<sup>A</sup> | 36698 | 729313 |
| HD Hyundai Mipo | 5868 | 688143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 1417456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total South Korea (Cost $1,352,592) |  | 1417456 |
| Sweden - 5.00% |  |  |
| Foreign Common Stocks - 5.00% |  |  |
| Avanza Bank Holding AB | 19839 | 661950 |
| Clas Ohlson AB, Class B | 30649 | 869480 |
| Dynavox Group AB<sup>A</sup> | 19935 | 179967 |
| Lagercrantz Group AB, Class B | 33279 | 754721 |
| Loomis AB<sup>B</sup> | 17214 | 719513 |
| Mycronic AB | 13406 | 533438 |
| Truecaller AB, Class B | 101167 | 761461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 4480530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden (Cost $3,935,096) |  | 4480530 |
| Switzerland - 3.22% |  |  |
| Foreign Common Stocks - 3.22% |  |  |
| dormakaba Holding AG | 642 | 539829 |
| Sportradar Group AG, Class A<sup>A</sup> | 36013 | 832261 |
| Sulzer AG | 3970 | 669563 |
| Swissquote Group Holding SA | 1649 | 845129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 2886782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Switzerland (Cost $2,252,096) |  | 2886782 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Taiwan - 4.39% |  |  |
| Foreign Common Stocks - 4.39% |  |  |
| Acter Group Corp. Ltd. | 35393 | $444308 |
| Fulltech Fiber Glass Corp.<sup>A</sup> | 518390 | 441676 |
| Fusheng Precision Co. Ltd. | 51269 | 571472 |
| King Slide Works Co. Ltd. | 14516 | 791996 |
| Tigerair Taiwan Co. Ltd.<sup>A</sup> | 251386 | 648449 |
| United Integrated Services Co. Ltd. | 38292 | 529190 |
| Universal Microwave Technology, Inc. | 43641 | 515101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 3942192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Taiwan (Cost $3,918,436) |  | 3942192 |
| United Kingdom - 4.86% |  |  |
| Foreign Common Stocks - 4.86% |  |  |
| Babcock International Group PLC | 61485 | 658806 |
| Games Workshop Group PLC | 3994 | 820244 |
| Genius Sports Ltd.<sup>A</sup> | 70167 | 757102 |
| Marex Group PLC | 14973 | 664053 |
| Sigmaroc PLC<sup>A</sup> | 538140 | 649765 |
| XPS Pensions Group PLC<sup>D</sup> | 157262 | 810039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 4360009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Kingdom (Cost $4,096,911) |  | 4360009 |
| SHORT-TERM INVESTMENTS - 1.90% (Cost $1,701,141) |  |  |
| Investment Companies - 1.90% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25%<sup>E F</sup> | 1701141 | 1701141 |
| SECURITIES LENDING COLLATERAL - 2.12% (Cost $1,902,567) |  |  |
| Investment Companies - 2.12% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25%<sup>E F</sup> | 1902567 | 1902567 |
|  TOTAL INVESTMENTS - 100.10% (Cost $78,225,171) |  | 89786732 |
|  LIABILITIES, NET OF ASSETS - (0.10)% |  | (91823) |
|  TOTAL NET ASSETS - 100.00% |  | $89694909 |
| 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 April 30, 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 $9,828,886 or 10.96% 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.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon IMC International Small Cap Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| IMC International Small Cap Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** |
|  Foreign Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $8902420 | $- | $- | $8902420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria | 1605020 |  |  | 1605020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 856292 |  |  | 856292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burkina Faso | 721574 |  |  | 721574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 5075995 |  |  | 5075995 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 10328151 |  |  | 10328151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 581396 |  |  | 581396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia | 802710 |  |  | 802710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 3389209 |  |  | 3389209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 1817668 |  |  | 1817668 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 3796197 |  |  | 3796197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 2545992 |  |  | 2545992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 4268971 |  |  | 4268971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 11979699 |  |  | 11979699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 691293 |  |  | 691293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 932137 |  |  | 932137 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 555466 |  |  | 555466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 1466019 |  |  | 1466019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland | 744878 |  |  | 744878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 7183763 |  |  | 7183763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 851205 |  |  | 851205 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 1417456 |  |  | 1417456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 4480530 |  |  | 4480530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2886782 |  |  | 2886782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 3942192 |  |  | 3942192 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 4360009 |  |  | 4360009 |
|  Short-Term Investments | 1701141 |  |  | 1701141 |
|  Securities Lending Collateral | 1902567 |  |  | 1902567 |
|  Total Investments in Securities - Assets | $89786732 | $- | $- | $89786732 |

---

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

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Australia - 0.40% (Cost $2,484,358) |  |  |
| Foreign Common Stocks - 0.40% |  |  |
| Rio Tinto PLC | 36608 | $2169581 |
| Austria - 0.48% (Cost $2,595,533) |  |  |
| Foreign Common Stocks - 0.48% |  |  |
| Mondi PLC | 172581 | 2605887 |
| Belgium - 1.27% |  |  |
| Foreign Common Stocks - 1.27% |  |  |
| Anheuser-Busch InBev SA | 57777 | 3770076 |
| KBC Group NV | 23488 | 2156876 |
| Syensqo SA | 14223 | 1008967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 6935919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Belgium (Cost $6,149,298) |  | 6935919 |
| Canada - 2.54% |  |  |
| Foreign Common Stocks - 2.54% |  |  |
| Barrick Gold Corp. | 60000 | 1144204 |
| Canadian Pacific Kansas City Ltd. | 65561 | 4761804 |
| Gildan Activewear, Inc. | 60839 | 2803643 |
| Linamar Corp. | 43147 | 1583350 |
| Open Text Corp. | 32436 | 878073 |
| Parkland Corp. | 45961 | 1157860 |
| Suncor Energy, Inc. | 44836 | 1583537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 13912471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Canada (Cost $14,524,273) |  | 13912471 |
| China - 3.12% |  |  |
| Foreign Common Stocks - 3.12% |  |  |
| AIA Group Ltd. | 355400 | 2662430 |
| ArcelorMittal SA | 68706 | 2017448 |
| Prudential PLC | 974443 | 10282639 |
| Techtronic Industries Co. Ltd. | 210500 | 2127907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 17090424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China (Cost $18,271,403) |  | 17090424 |
| Denmark - 0.49% (Cost $2,811,437) |  |  |
| Foreign Common Stocks - 0.49% |  |  |
| Novo Nordisk AS, Class B | 40493 | 2673927 |
| Finland - 0.37% (Cost $1,465,739) |  |  |
| Foreign Common Stocks - 0.37% |  |  |
| Fortum OYJ | 120487 | 2012600 |
| France - 15.43% |  |  |
| Foreign Common Stocks - 15.43% |  |  |
| Air Liquide SA | 18427 | 3769197 |
| Alstom SA<sup>A</sup> | 325398 | 7822271 |
| Arkema SA | 31593 | 2385413 |
| AXA SA | 55651 | 2620750 |
| BNP Paribas SA | 49919 | 4201156 |
| Bureau Veritas SA | 98639 | 3115402 |
| Capgemini SE | 31900 | 5053890 |
| Cie de Saint-Gobain SA | 53815 | 5822095 |
| Eiffage SA | 22796 | 3092479 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| France - 15.43% (continued) |  |  |
| Foreign Common Stocks - 15.43% (continued) |  |  |
| Engie SA | 179827 | $3704596 |
| Kering SA | 33361 | 6740008 |
| Orange SA | 335980 | 4866164 |
| Pernod Ricard SA | 14352 | 1548151 |
| Rexel SA | 58773 | 1623911 |
| Societe Generale SA | 166924 | 8622957 |
| Sodexo SA | 3046 | 192892 |
| Teleperformance SE | 60864 | 6650899 |
| Thales SA | 16722 | 4639270 |
| Verallia SA<sup>B</sup> | 216416 | 7198102 |
| Worldline SA<sup>A B C</sup> | 152858 | 843315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 84512918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total France (Cost $79,811,785) |  | 84512918 |
| Germany - 9.86% |  |  |
| Foreign Common Stocks - 9.86% |  |  |
| Bayerische Motoren Werke AG | 61517 | 5177935 |
| Brenntag SE | 28214 | 1872348 |
| Continental AG | 96971 | 7518384 |
| Daimler Truck Holding AG | 75157 | 2993580 |
| Deutsche Bank AG | 76282 | 1985842 |
| Deutsche Post AG | 91324 | 3880651 |
| Deutsche Telekom AG | 77835 | 2786343 |
| E.ON SE | 89691 | 1566264 |
| Heidelberg Materials AG | 4982 | 983443 |
| Infineon Technologies AG | 108897 | 3563987 |
| Lanxess AG | 79529 | 2362277 |
| Mercedes-Benz Group AG | 84945 | 5049187 |
| Merck KGa<sup>A</sup> | 16863 | 2328687 |
| MTU Aero Engines AG | 7221 | 2485997 |
| Puma SE | 54614 | 1396395 |
| Rheinmetall AG | 1554 | 2638914 |
| SAP SE | 8043 | 2326170 |
| Siemens AG | 6275 | 1435589 |
| Siemens Healthineers AG<sup>B</sup> | 30181 | 1619949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 53971942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Germany (Cost $52,083,043) |  | 53971942 |
| Israel - 0.40% (Cost $2,023,121) |  |  |
| Foreign Common Stocks - 0.40% |  |  |
| Wix.com Ltd.<sup>A</sup> | 12977 | 2200769 |
| Italy - 2.38% |  |  |
| Foreign Common Stocks - 2.38% |  |  |
| Enel SpA | 361643 | 3131651 |
| Eni SpA | 126838 | 1824844 |
| Ryanair Holdings PLC, ADR | 31810 | 1522427 |
| UniCredit SpA | 114017 | 6583500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 13062422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Italy (Cost $9,116,501) |  | 13062422 |
| Japan - 11.84% |  |  |
| Foreign Common Stocks - 11.84% |  |  |
| Bandai Namco Holdings, Inc. | 66100 | 2287935 |
| Disco Corp. | 6500 | 1255630 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Japan - 11.84% (continued) |  |  |
| Foreign Common Stocks - 11.84% (continued) |  |  |
| FANUC Corp. | 143500 | $3667289 |
| Fujitsu Ltd. | 121300 | 2673215 |
| Hitachi Ltd. | 80200 | 1973308 |
| MatsukiyoCocokara & Co. | 160700 | 2952011 |
| Mitsui Fudosan Co. Ltd. | 179600 | 1769873 |
| Mizuho Financial Group, Inc. | 109900 | 2751728 |
| Murata Manufacturing Co. Ltd. | 139800 | 2164759 |
| NEC Corp. | 162800 | 3957846 |
| Nintendo Co. Ltd. | 21900 | 1811981 |
| Nippon Sanso Holdings Corp. | 72700 | 2321132 |
| Nitori Holdings Co. Ltd. | 16500 | 1970468 |
| Otsuka Holdings Co. Ltd. | 24000 | 1167772 |
| Renesas Electronics Corp. | 435900 | 5098914 |
| Resona Holdings, Inc. | 293600 | 2338861 |
| Shimadzu Corp. | 79600 | 2042053 |
| Shin-Etsu Chemical Co. Ltd. | 84500 | 2558994 |
| SMC Corp. | 10700 | 3477612 |
| Sompo Holdings, Inc. | 31200 | 1013596 |
| SUMCO Corp.C | 600500 | 4132690 |
| Sumitomo Corp. | 209600 | 5127856 |
| Suzuki Motor Corp. | 138500 | 1653999 |
| Tokyo Electron Ltd. | 15200 | 2256399 |
| Toyo Suisan Kaisha Ltd. | 37400 | 2411722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 64837643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Japan (Cost $67,139,880) |  | 64837643 |
| Jordan - 0.29% (Cost $1,432,086) |  |  |
| Foreign Common Stocks - 0.29% |  |  |
| Hikma Pharmaceuticals PLC | 59825 | 1582617 |
| Netherlands - 6.40% |  |  |
| Foreign Common Stocks - 6.40% |  |  |
| Aegon Ltd. | 514586 | 3283169 |
| Akzo Nobel NV | 66525 | 4187161 |
| ASML Holding NV | 6399 | 4222607 |
| Heineken NV | 26064 | 2323745 |
| ING Groep NV | 466315 | 8987904 |
| Koninklijke Philips NV | 124707 | 3151831 |
| NN Group NV | 16083 | 982038 |
| Randstad NV | 134707 | 5374674 |
| Universal Music Group NV | 87143 | 2551912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 35065041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Netherlands (Cost $33,782,396) |  | 35065041 |
| Republic of Korea - 4.54% |  |  |
| Foreign Common Stocks - 4.54% |  |  |
| BGF retail Co. Ltd. | 16137 | 1223755 |
| Hyundai Mobis Co. Ltd. | 25130 | 4729001 |
| Kia Corp. | 13943 | 886702 |
| KT&G Corp. | 11067 | 892990 |
| Samsung Electronics Co. Ltd. | 362210 | 14141861 |
| Samsung Fire & Marine Insurance Co. Ltd. | 2130 | 561157 |
| Shinhan Financial Group Co. Ltd. | 36588 | 1322985 |
| SK Hynix, Inc. | 8994 | 1123064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 24881515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Republic of Korea (Cost $25,804,817) |  | 24881515 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| Singapore - 1.31% |  |  |
| Foreign Common Stocks - 1.31% |  |  |
| DBS Group Holdings Ltd. | 86951 | $2826024 |
| Singapore Telecommunications Ltd. | 888200 | 2570551 |
| United Overseas Bank Ltd. | 66400 | 1761041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 7157616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Singapore (Cost $5,045,202) |  | 7157616 |
| South Korea - 0.42% |  |  |
| Foreign Common Stocks - 0.42% |  |  |
| Hana Financial Group, Inc. | 47703 | 2164505 |
| Korea Electric Power Corp. | 7957 | 143578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 2308083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total South Korea (Cost $2,181,732) |  | 2308083 |
| Spain - 1.78% |  |  |
| Foreign Common Stocks - 1.78% |  |  |
| Bankinter SA | 284464 | 3299893 |
| Industria de Diseno Textil SA | 34369 | 1839287 |
| Repsol SA | 376465 | 4610233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 9749413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Spain (Cost $8,372,295) |  | 9749413 |
| Sweden - 1.27% |  |  |
| Foreign Common Stocks - 1.27% |  |  |
| Electrolux AB, Class B<sup>A</sup> | 188839 | 1172246 |
| Hexagon AB, Class B<sup>C</sup> | 252066 | 2443075 |
| Sandvik AB<sup>C</sup> | 98697 | 2043275 |
| Volvo Car AB, Class B<sup>A C</sup> | 764992 | 1300775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 6959371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sweden (Cost $9,754,296) |  | 6959371 |
| Switzerland - 2.40% |  |  |
| Foreign Common Stocks - 2.40% |  |  |
| ABB Ltd. | 61898 | 3239080 |
| Adecco Group AG<sup>C</sup> | 250335 | 6496851 |
| Cie Financiere Richemont SA, Class A | 14529 | 2556900 |
| Julius Baer Group Ltd. | 12932 | 834191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 13127022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Switzerland (Cost $13,202,221) |  | 13127022 |
| United Kingdom - 18.91% |  |  |
| Foreign Common Stocks - 18.91% |  |  |
| 3i Group PLC | 71312 | 4023890 |
| AstraZeneca PLC | 47772 | 6830065 |
| Barclays PLC | 2849281 | 11270205 |
| Barratt Redrow PLC | 446909 | 2774286 |
| Berkeley Group Holdings PLC | 26859 | 1492652 |
| British American Tobacco PLC | 182020 | 7878940 |
| Coca-Cola Europacific Partners PLC | 23021 | 2065485 |
| Compass Group PLC | 83973 | 2817916 |
| Croda International PLC | 66578 | 2618379 |
| Diageo PLC | 128735 | 3589145 |
| JD Sports Fashion PLC | 762542 | 798562 |
| Kingfisher PLC | 373022 | 1427748 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| United Kingdom - 18.91% (continued) |  |  |
| Foreign Common Stocks - 18.91% (continued) |  |  |
| Legal & General Group PLC | 440808 | $1377606 |
| NatWest Group PLC | 96500 | 614992 |
| Reckitt Benckiser Group PLC | 187155 | 12067017 |
| RELX PLC | 142044 | 7696357 |
| Rolls-Royce Holdings PLC | 673329 | 6767784 |
| RS Group PLC | 199593 | 1371218 |
| Segro PLC | 170702 | 1548329 |
| Smith & Nephew PLC | 132711 | 1864147 |
| Smiths Group PLC | 9149 | 227275 |
| Standard Chartered PLC | 110814 | 1589057 |
| Taylor Wimpey PLC | 3631940 | 5684920 |
| Unilever PLC | 82897 | 5257595 |
| WH Smith PLC | 121519 | 1464824 |
| Whitbread PLC | 136127 | 4704131 |
| WPP PLC | 489877 | 3761776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks |  | 103584301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Kingdom (Cost $90,831,322) |  | 103584301 |
| United States - 9.61% |  |  |
| Common Stocks - 9.61% |  |  |
| Aon PLC, Class A | 6927 | 2457630 |
| BP PLC | 841259 | 3927376 |
| Carnival PLC<sup>A</sup> | 152183 | 2536194 |
| Chubb Ltd. | 5796 | 1658120 |
| CNH Industrial NV | 37460 | 433412 |
| CRH PLC | 17929 | 1710785 |
| Experian PLC | 60045 | 2972818 |
| GSK PLC | 627529 | 12406635 |
| ICON PLC<sup>A</sup> | 4364 | 660884 |
| Roche Holding AG | 35421 | 11557370 |
| Sanofi SA | 90993 | 9885513 |
| Shell PLC | 74245 | 2414786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks |  | 52621523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United States (Cost $55,228,506) |  | 52621523 |
| SHORT-TERM INVESTMENTS - 3.39% (Cost $18,548,322) |  |  |
| Investment Companies - 3.39% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25%<sup>D E</sup> | 18548322 | 18548322 |
| SECURITIES LENDING COLLATERAL - 0.24% (Cost $1,308,136) |  |  |
| Investment Companies - 0.24% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25%<sup>D E</sup> | 1308136 | 1308136 |
|  TOTAL INVESTMENTS - 99.14% (Cost $523,967,702) |  | 542879463 |
|  OTHER ASSETS, NET OF LIABILITIES - 0.86% |  | 4728116 |
|  TOTAL NET ASSETS - 100.00% |  | $547607579 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> Non-income producing security.

<sup>B</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 $9,661,366 or 1.76% of net assets. The Fund has no right to demand registration of these securities.

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

<sup>D</sup> 7-day yield.

<sup>E</sup> The Fund is affiliated by having the same investment advisor.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon International Equity Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs – Real Estate Investment Trusts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: |  |  |  |
| 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 | 136 | June 2025 | $16607377 | $16963960 | $356583 |
|  |  |  | $16607377 | $16963960 | $356583 |

---

---

| | |
|:---|:---|
| 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 April 30, 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 | $2169581 | $- | $- | $2169581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria | 2605887 |  |  | 2605887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 6935919 |  |  | 6935919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 13912471 |  |  | 13912471 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 17090424 |  |  | 17090424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 2673927 |  |  | 2673927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland | 2012600 |  |  | 2012600 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 84512918 |  |  | 84512918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 53971942 |  |  | 53971942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 2200769 |  |  | 2200769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 13062422 |  |  | 13062422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 64837643 |  |  | 64837643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jordan | 1582617 |  |  | 1582617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 35065041 |  |  | 35065041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 24881515 |  |  | 24881515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 7157616 |  |  | 7157616 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 2308083 |  |  | 2308083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 9749413 |  |  | 9749413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 6959371 |  |  | 6959371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 13127022 |  |  | 13127022 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 103584301 |  |  | 103584301 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 52621523 |  |  | 52621523 |
|  Short-Term Investments | 18548322 |  |  | 18548322 |
|  Securities Lending Collateral | 1308136 |  |  | 1308136 |
|  Total Investments in Securities - Assets | $542879463 | $- | $- | $542879463 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $356583 | $- | $- | $356583 |
|  Total Financial Derivative Instruments - Assets | $356583 | $- | $- | $356583 |

---

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

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Assets and Liabilities

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | IMC International<br>Small Cap Fund | International<br>Equity Fund |
|  Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>† §</sup> | $86183024 | $523023005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡</sup> | 3603708 | 19856458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at fair value^ | 34644 | 294945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts |  | 1083000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 247306 | 2686798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 2131454 | 4373663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 287680 | 434781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for tax reclaims | 981383 | 3966558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for expense reimbursement (Note 2) | 16116 | 12406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) |  | 356884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 45401 | 98009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets. | 93530716 | 556186507 |
|  Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1316219 | 5009476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed. | 298753 | 753797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts |  | 402474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 56612 | 668112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 10202 | 24397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 3734 | 30610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned (Note 9)<sup>§</sup> | 1902567 | 1308136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 104467 | 155263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable. | 91354 | 56359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 700 | 4508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 25471 | 137470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 25728 | 28326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3835807 | 8578928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |  |
|  Net assets | $89694909 | $547607579 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Assets and Liabilities

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | IMC International<br>Small Cap Fund | International<br>Equity Fund |
|  Analysis of net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $83105878 | $507208868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 6589031 | 40398711 |
|  Net assets | $89694909 | $547607579 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 296931 | 16136909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 2639610 | 3482438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 2727309 | 3031300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | 788030 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | N/A | 613743 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | N/A | 159391 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | 8077747 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $4717389 | $271484270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $41630757 | $62643994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $43346763 | $50576685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | $13707467 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | N/A | $10178608 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | N/A | $2519553 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | $136497002 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $15.89 | $16.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $15.77 | $17.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $15.89 | $16.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | $17.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | N/A | $16.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | N/A | $17.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | N/A | $15.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | $16.90 |
|  <sup>†</sup> Cost of investments in unaffiliated securities. | $74621463 | $504111244 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $3603708 | $19856458 |
|  <sup>§</sup> Fair value of securities on loan | $5100961 | $10995442 |
|  <sup>^</sup> Cost of foreign currency | $34123 | $294196 |

---

<sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end.

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Operations

For the period ended April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | IMC International<br>Small Cap Fund | International<br>Equity Fund |
|  Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities (net of foreign taxes)<sup>†</sup> | $713644 | $8552082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 52101 | 326589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of foreign taxes)<sup>†</sup> | 45 | 30521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) | 32605 | 22416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 64 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income. | 798459 | 8931838 |
|  Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 425966 | 1772255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 1265 | 49854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 29189 | 38793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 2554 | 10051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  | 14686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 92891 | 122598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 40364 | 80446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 26212 | 52771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 69774 | 83111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  | 17519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | 7851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  | 17479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | 12214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  | 12390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses. | 12835 | 60846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 5349 | 25775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan interest expense (Note 2) | 10211 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 755 | 3698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 12406 | 51844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 729771 | 2441166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net fees waived and expenses (reimbursed) (Note 2) | (75880) | (71273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 653891 | 2369893 |
|  Net investment income | 144568 | 6561945 |
|  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> | $(4317307) | $25787372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission recapture (Note 1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (209884) | (11170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (5454) |
| &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> | 909513 | 8994814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 179629 | 207730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 1275401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments | (3438049) | 36248690 |
|  Net increase (decrease) in net assets resulting from operations | $(3293481) | $42810635 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes | $121331 | $752959 |
| &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 period 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 period 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 period end. |

---

See accompanying notes

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##### [**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 |
|  | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | | (unaudited) | |
|  Increase (decrease) in net assets: |  |  |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $144568 | $1353004 | $6561945 | $21398604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts | (4527191) | 12800493 | 25770745 | 138899948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of investments in unaffiliated securities, foreign currency transactions, and futures contracts | 1089142 | 8870083 | 10477945 | 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 (decrease) in net assets resulting from operations | (3293481) | 23023580 | 42810635 | 183650149 |
|  Distributions to shareholders: | Distributions to shareholders: | 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 | (801631) | (138937) | (55815455) | (20300284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | (5709336) | (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 |  |  | (477522) | (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 | (10968764) | (2449688) | (110113324) | (46427298) |
|  Capital share transactions (Note 11): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares. | 8835732 | 17327215 | 50008596 | 112495053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 9054953 | 1985343 | 107190375 | 45531550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (40357597) | (43285575) | (140386508) | (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 increase (decrease) in net assets from capital share transactions | (22466912) | (23973017) | 16812463 | (418648645) |
|  Net (decrease) in net assets | (36729157) | (3399125) | (50490226) | (281425794) |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 126424066 | 129823191 | 598097805 | 879523599 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $89694909 | $126424066 | $547607579 | $598097805 |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

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

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

Recently Adopted Accounting Pronouncements

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Class Disclosure

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

---

| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<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 Funds in preparation of the financial statements. The Funds are considered investment companies and accordingly, follow the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, *Financial Services – Investment Companies,* a part of Generally Accepted Accounting Principles ("U.S. GAAP").

Security Transactions and Investment Income

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

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Currency Translation

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

Distributions to Shareholders

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

Commission Recapture

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

Allocation of Income, Trust Expenses, Gains, and Losses

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

Use of Estimates

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

Other

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

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

IMC International Small Cap Fund

---

| | |
|:---|:---|
|  First $5 billion | 0.35% |
|  Next $5 billion | 0.325% |
|  Next $10 billion | 0.3% |
|  Over $20 billion | 0.275% |

---

International Equity Fund

---

| | |
|:---|:---|
|  First $15 billion | 0.35% |
|  Next $15 billion | 0.325% |
|  Over $30 billion | 0.3% |

---

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

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

---

| | |
|:---|:---|
|  First $1 billion | 0.4% |
|  Next $1 billion | 0.35% |
|  Over $2 billion | 0.325% |

---

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

IMC International Small Cap Fund

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $207223 |
|  Sub-Advisory Fees | 0.40% | 218743 |
|  Total | 0.75% | $425966 |

---

International Equity Fund

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $979939 |
|  Sub-Advisory Fees | 0.26% | 792316 |
|  Total | 0.61% | $1772255 |

---

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

Distribution Plans

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

Service Plans

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

Sub-Transfer Agent Fees

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

---

| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  IMC International Small Cap | $28391 |
|  International Equity | 76483 |

---

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

---

| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  IMC International Small Cap | $3734 |
|  International Equity | 11296 |

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Investments in Affiliated Funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | April 30, 2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized<br>Gain (Loss) | Dividend<br>Income | April 30,<br>2025<br>Fair Value |
| U.S. Government Money Market Select | Direct | IMC<br>International<br>Small Cap | $1701141 | $– $|  | $52101 | $1701141 |
| U.S. Government Money Market Select | Securities<br>Lending | IMC<br>International<br>Small Cap | 1902567 | – |  | N/A | 1902567 |
| U.S. Government Money Market Select | Direct | International<br>Equity | 18548322 | – |  | 326589 | 18548322 |
| U.S. Government Money Market Select | Securities<br>Lending | International<br>Equity | 1308136 | – |  | N/A | 1308136 |

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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 period ended April 30, 2025, the Manager earned fees on the Funds' direct investments and securities lending collateral investments in the USG Select Fund as shown below:

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| | | | |
|:---|:---|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in USG<br>Select Fund | Total |
|  IMC International Small Cap | $1213 | $396 | $1609 |
|  International Equity | 7600 | 974 | 8574 |

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Interfund Credit Facility

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

Expense Reimbursement Plan

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Expense Cap | Expense Cap | | | Expiration of<br>Reimbursed<br>Expenses |
| Fund | Class | 11/1/2024 -<br>2/29/2025 | 3/1/2025 -<br>4/30/2025 | Reimbursed<br>Expenses | (Recouped)<br>Expenses | Expiration of<br>Reimbursed<br>Expenses |
|  IMC International Small Cap | R5 | 0.89% | 0.89% | $10161 | $- | 2027-2028 |
|  IMC International Small Cap | Y | 1.10% | 1.10% | 35182 |  | 2027-2028 |
|  IMC International Small Cap | Investor | 1.30% | 1.30% | 30537 |  | 2027-2028 |
|  International Equity | R6 | 0.69% | 0.69% | 71273 |  | 2027-2028 |

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

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

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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 | $- | $1541 | $242 | 2024-2025 |
|  IMC International Small Cap |  | 23655 |  | 2025-2026 |
|  IMC International Small Cap |  | 226142 |  | 2026-2027 |
|  International Equity | 13542 | 10183 | 46395 | 2024-2025 |
|  International Equity |  | 241021 |  | 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 period ended April 30, 2025, RID collected $77 for International Equity Fund from the sale of A Class Shares. The IMC International Small Cap Fund does not offer A Class Shares.

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

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

Trustee Fees and Expenses

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

3. Security Valuation and Fair Value Measurements

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

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

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

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

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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.

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

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

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

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

4. Securities and Other Investments

Common Stock

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

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

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

Foreign Securities

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

Illiquid and Restricted Securities

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

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

Other Investment Company Securities and Other Exchange-Traded Products

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

Preferred Stock

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

5. Financial Derivative Instruments

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

Forward Foreign Currency Contracts

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

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

Futures Contracts

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

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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 April 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of April 30, 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> | $- | $- | $- | $- | $356583 | $356583 |
| **The effect of financial derivative instruments on the Statements of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of April 30, 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 | $- | $- | $- | $- | $(5454) | $(5454) |
| 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 | $- | $- | $- | $- | $1275401 | $1275401 |

---

<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.

Master Agreements

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

Offsetting Assets and Liabilities

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

IMC International Small Cap Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1902567 | $- | $- | $- | $1902567 |
|  Total Borrowings | $1902567 | $- | $- | $- | $1902567 |
|  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 | $1902567 |

---

International Equity Fund

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of April 30, 2025:** | **Offsetting of Financial and Derivative Assets as of April 30, 2025:** | **Offsetting of Financial and Derivative Assets as of April 30, 2025:** |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)</sup> | $356583 | $- |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $356583 | $- |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(356583) | $- |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1308136 | $- | $- | $- | $1308136 |
|  Total Borrowings | $1308136 | $- | $- | $- | $1308136 |
|  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 | $1308136 |

---

<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.

6. Principal Risks

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

Counterparty Risk

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

Credit Risk

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

Currency Risk

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

Cybersecurity and Operational Risk

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

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

Environmental, Social, and/or Governance Investing Risk

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

Equity Investments Risk

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

Foreign Investing and Emerging Markets Risk

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

Forward Foreign Currency Contracts Risk

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

Futures Contracts Risk

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

Market Risk

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

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

Market Timing Risk

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

Multiple Sub-Advisor Risk

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Recent Market Events Risk

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

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

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

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

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

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

Other Investment Companies Risk

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

Securities Lending Risk

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

Valuation Risk

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

7. Federal Income and Excise Taxes

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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  IMC International Small Cap | $78780131 | $12531950 | $(1522944) | $11009006 |
|  International Equity | 532992588 | 63927473 | (53886817) | 10040656 |

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

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

8. Investment Transactions

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

---

| | | |
|:---|:---|:---|
| Fund | Purchases<br>(non-U.S. Government<br>Securities) | Sales<br>(non-U.S. Government<br>Securities) |
|  IMC International Small Cap | $124243850 | $157436668 |
|  International Equity | 136204681 | 221522576 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | October 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | April 30,<br>2025<br>Shares/Fair<br>Value |
| IMC International Small Cap | Direct | $3672653 | $49901219 | $51872731 | $1701141 |
| IMC International Small Cap | Securities Lending | 67200 | 8144631 | 6309264 | 1902567 |
| International Equity | Direct | $19354297 | 168937672 | 169743647 | 18548322 |
| International Equity | Securities Lending | 2442760 | 8822491 | 9957115 | 1308136 |

---

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

9. Securities Lending

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Fair Value of<br>Securities on Loan | Cash Collateral<br>Received | Non-Cash Collateral<br>Received | Total Collateral<br>Received |
| IMC International Small Cap | $5100961 | $1902567 | $3476558 | $5379125 |
| International Equity | 10995442 | 1308136 | 10258175 | 11566311 |

---

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.

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

10. Borrowing Arrangements

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

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

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

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

11. Capital Share Transactions

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| IMC International Small Cap Fund | Shares | Amount | Shares | Amount |
| Shares sold | 90028 | $1475930 | 91304 | $1649842 |
| Reinvestment of dividends | 50544 | 801631 | 8451 | 138937 |
| Shares redeemed | (304448) | (4780525) | (51572) | (928768) |
| Net increase (decrease) in shares outstanding | (163876) | $(2502964) | 48183 | $860011 |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| IMC International Small Cap Fund | Shares | Amount | Shares | Amount |
| Shares sold | 315738 | $4986008 | 474289 | $8271875 |
| Reinvestment of dividends | 256986 | 4050098 | 55611 | 911458 |
| Shares redeemed | (1460534) | (21705922) | (1103789) | (19105361) |
| Net (decrease) in shares outstanding | (887810) | $(12669816) | (573889) | $(9922028) |

---

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| IMC International Small Cap Fund | Shares | Amount | Shares | Amount |
| Shares sold | 143965 | $2373794 | 416836 | $7405498 |
| Reinvestment of dividends | 264520 | 4203224 | 56629 | 934948 |
| Shares redeemed | (818593) | (13871150) | (1314525) | (23251446) |
| Net (decrease) in shares outstanding | (410108) | $(7294132) | (841060) | $(14911000) |
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1116265 | $18293434 | 1275928 | $23962085 |
| Reinvestment of dividends | 3663496 | 54402910 | 1101966 | 19912534 |
| Shares redeemed | (4191832) | (67440339) | (11561436) | (214281949) |
| Net increase (decrease) in shares outstanding | 587929 | $5256005 | (9183542) | $(170407330) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 284988 | $4877192 | 533844 | $10553834 |
| Reinvestment of dividends | 910027 | 14451225 | 240581 | 4587876 |
| Shares redeemed | (1887726) | (32717492) | (1581261) | (31258707) |
| Net (decrease) in shares outstanding | (692711) | $(13389075) | (806836) | $(16116997) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 181899 | $2965876 | 150953 | $2813915 |
| Reinvestment of dividends | 633647 | 9339960 | 172001 | 3089134 |
| Shares redeemed | (497050) | (7941306) | (1470504) | (26829824) |
| Net increase (decrease) in shares outstanding | 318496 | $4364530 | (1147550) | $(20926775) |
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 106427 | $1911658 | 76294 | $1499384 |
| Reinvestment of dividends | 171015 | 2630212 | 33225 | 617326 |
| Shares redeemed | (196737) | (3350078) | (119270) | (2322072) |
| Net increase (decrease) in shares outstanding | 80705 | $1191792 | (9751) | $(205362) |
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 65076 | $1069808 | 159796 | $2963199 |
| Reinvestment of dividends | 126720 | 1857713 | 29150 | 520904 |
| Shares redeemed | (96212) | (1549422) | (214751) | (4077761) |
| Net increase (decrease) in shares outstanding | 95584 | $1378099 | (25805) | $(593658) |

---

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 12397 | $192887 | 23520 | $419997 |
| Reinvestment of dividends | 34084 | 477523 | 6898 | 118845 |
| Shares redeemed | (30386) | (473127) | (52208) | (929371) |
| Net increase (decrease) in shares outstanding | 16095 | $197283 | (21790) | $(390529) |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| International Equity Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1237936 | $20697741 | 3731057 | $70282639 |
| Reinvestment of dividends | 1611726 | 24030832 | 920802 | 16684931 |
| Shares redeemed | (1623682) | (26914744) | (15134620) | (296975564) |
| Net increase (decrease) in shares outstanding | 1225980 | $17813829 | (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.

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##### [**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<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025<sup>K</sup>  | 2024 | 2023<sup>B</sup> | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $17.78 | $15.31 | $13.47 | $19.56 | $15.58 | $15.65 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.03 <sup>C</sup> | 0.36 | 0.15 <sup>C</sup><sup>D</sup> | 0.20 | 0.60 <sup>E</sup> | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.27) | 2.45 | 1.96 | (5.53) | 3.50 | 0.29 |
|  Total income (loss) from investment operations | (0.24) | 2.81 | 2.11 | (5.33) | 4.10 | 0.32 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.34) | (0.27) | (0.76) | (0.12) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.40) |  |  |  |  |  |
|  Total distributions | (1.65) | (0.34) | (0.27) | (0.76) | (0.12) | (0.39) |
|  Net asset value, end of period | $15.89 | $17.78 | $15.31 | $13.47 | $19.56 | $15.58 |
|  Total return<sup>F</sup> | (1.32)%<sup>G</sup> | 18.52% | 15.75% | (28.31)% | 26.38% | 1.94% |
|  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 | $4717389 | $8195147 | $6316496 | $13963043 | $20907091 | $20327704 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.18 %<sup>H</sup> | 1.21% | 1.21% | 0.90% | 0.92% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.91 %<sup>HJ I</sup> | 0.89% | 0.89% | 0.89% | 0.91 %<sup>I</sup> | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.11 %<sup>H</sup> | 0.97% | 0.63 %<sup>D</sup> | 1.30% | 3.14 %<sup>E</sup> | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.38 %<sup>H</sup> | 1.29% | 0.95 %<sup>D</sup> | 1.31% | 3.15 %<sup>E</sup> | 0.86% |
|  Portfolio turnover rate | 117 %<sup>G</sup> | 260% | 292% | 21% | 34% | 28% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<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>* *Not annualized.* 

*<sup>H</sup>* *Annualized.* 

*<sup>I</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.* 

*<sup>J</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>K</sup>* *On February 4, 2025, sub-advisor's name changed to Global IMC LLC (formerly known as EAM Global Investors, LLC).* 

See accompanying notes

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##### [**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 | Y Class |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025<sup>J</sup>  | 2024 | 2023<sup>A</sup> | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $17.69 | $15.24 | $13.46 | $19.54 | $15.56 | $15.64 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.03 <sup>B</sup> | 0.05 | 0.20 <sup>B</sup><sup>C</sup> | 0.04 | 0.59 <sup>D</sup> | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.30) | 2.72 | 1.84 | (5.36) | 3.49 | 0.25 |
|  Total income (loss) from investment operations | (0.27) | 2.77 | 2.04 | (5.32) | 4.08 | 0.30 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.32) | (0.26) | (0.76) | (0.10) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.40) |  |  |  |  |  |
|  Total distributions | (1.65) | (0.32) | (0.26) | (0.76) | (0.10) | (0.38) |
|  Net asset value, end of period | $15.77 | $17.69 | $15.24 | $13.46 | $19.54 | $15.56 |
|  Total return<sup>E</sup>  | (1.50)%<sup>F</sup> | 18.31% | 15.21% | (28.31)% | 26.25% | 1.84% |
|  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 | $41630757 | $62393608 | $62512548 | $96269149 | $160793226 | $136563697 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.25 %<sup>G</sup> | 1.27% | 1.26% | 0.95% | 0.98% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.12 %<sup>GIK</sup> | 1.13 %<sup>H</sup> | 1.26% | 0.95% | 0.98% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.21 %<sup>G</sup> | 0.93% | 1.24 %<sup>C</sup> | 1.21% | 3.40 %<sup>D</sup> | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.34 %<sup>G</sup> | 1.07% | 1.24 %<sup>C</sup> | 1.21% | 3.40 %<sup>D</sup> | 0.78% |
|  Portfolio turnover rate | 117 %<sup>F</sup> | 260% | 292% | 21% | 34% | 28% |

---

*<sup>A</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>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0439.* 

*<sup>D</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3834.* 

*<sup>E</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>F</sup>* *Not annualized.* 

*<sup>G</sup>* *Annualized.* 

*<sup>H</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>I</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>J</sup>* *On February 4, 2025, sub-advisor's name changed to Global IMC LLC (formerly known as EAM Global Investors, LLC).* 

*<sup>K</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.* 

See accompanying notes

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##### [**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 | Investor Class |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025<sup>J</sup>  | 2024 | 2023<sup>A</sup> | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $17.80 | $15.33 | $13.51 | $19.59 | $15.60 | $15.61 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.01 <sup>B</sup> | 0.45 | 0.48 <sup>C</sup> | 0.65 | 0.76 <sup>D</sup> | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.30) | 2.30 | 1.55 | (6.04) | 3.29 | 0.01 |
|  Total income (loss) from investment operations | (0.29) | 2.75 | 2.03 | (5.39) | 4.05 | 0.26 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.28) | (0.21) | (0.69) | (0.06) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.40) |  |  |  |  |  |
|  Total distributions | (1.62) | (0.28) | (0.21) | (0.69) | (0.06) | (0.27) |
|  Net asset value, end of period | $15.89 | $17.80 | $15.33 | $13.51 | $19.59 | $15.60 |
|  Total return<sup>E</sup>  | (1.62)%<sup>F</sup> | 18.07% | 15.06% | (28.49)% | 26.01% | 1.63% |
|  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 | $43346763 | $55835311 | $60994147 | $72187362 | $180324267 | $198905986 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.46 %<sup>G</sup> | 1.51% | 1.46% | 1.18% | 1.20% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.33 %<sup>GIK</sup> | 1.34 %<sup>H</sup> | 1.46% | 1.18% | 1.20% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.02 %<sup>G</sup> | 0.70% | 1.10 %<sup>C</sup> | 1.03% | 2.81 %<sup>D</sup> | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.15 %<sup>G</sup> | 0.87% | 1.10 %<sup>C</sup> | 1.03% | 2.81 %<sup>D</sup> | 0.63% |
|  Portfolio turnover rate | 117 %<sup>F</sup> | 260% | 292% | 21% | 34% | 28% |

---

*<sup>A</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>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0406.* 

*<sup>D</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3074.* 

*<sup>E</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>F</sup>* *Not annualized.* 

*<sup>G</sup>* *Annualized.* 

*<sup>H</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>I</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>J</sup>* *On February 4, 2025, sub-advisor's name changed to Global IMC LLC (formerly known as EAM Global Investors, LLC).* 

*<sup>K</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.* 

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<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>B</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $19.36 | $16.72 | $14.31 | $20.31 | $14.73 | $18.06 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.20 <sup>C</sup> | 0.61 | 0.56 | 0.39 | 0.45 <sup>D</sup> | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.92 | 3.01 | 2.28 | (4.40) | 5.43 | (3.15) |
|  Total income (loss) from investment operations | 1.12 | 3.62 | 2.84 | (4.01) | 5.88 | (2.79) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.83) | (0.61) | (0.43) | (0.65) | (0.30) | (0.54) |
| &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) | (0.54) |
|  Net asset value, end of period | $16.82 | $19.36 | $16.72 | $14.31 | $20.31 | $14.73 |
|  Total return<sup>E</sup>  | 8.29 %<sup>F</sup> | 22.05% | 20.09% | (21.69)% | 40.18% | (16.04)% |
|  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 | $271484270 | $301082293 | $413488011 | $891001265 | $1329626349 | $968859543 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.81 %<sup>G</sup> | 0.77% | 0.79% | 0.72% | 0.73% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.81 %<sup>G</sup> | 0.77% | 0.79% | 0.72% | 0.73% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.37 %<sup>G</sup> | 2.57% | 2.30% | 2.17% | 2.31 %<sup>D</sup> | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.37 %<sup>G</sup> | 2.57% | 2.30% | 2.17% | 2.31 %<sup>D</sup> | 1.83% |
|  Portfolio turnover rate | 25 %<sup>F</sup> | 43% | 46% | 38% | 41% | 77% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.* 

*<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 Vivendi SE amounting to $0.0746.* 

*<sup>E</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>F</sup>* *Not annualized.* 

*<sup>G</sup>* *Annualized.* 

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 | Y Class |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $20.43 | $17.59 | $15.03 | $21.18 | $15.36 | $18.81 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.19 <sup>B</sup> | 1.18 | 1.22 | 1.53 | 1.83 <sup>C</sup> | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.01 | 2.62 | 1.76 | (5.74) | 4.27 | (3.28) |
|  Total income (loss) from investment operations | 1.20 | 3.80 | 2.98 | (4.21) | 6.10 | (2.92) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.81) | (0.59) | (0.42) | (0.60) | (0.28) | (0.53) |
| &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) | (0.53) |
|  Net asset value, end of period | $17.99 | $20.43 | $17.59 | $15.03 | $21.18 | $15.36 |
|  Total return<sup>D</sup> | 8.26 %<sup>E</sup> | 22.01% | 20.01% | (21.71)% | 39.99% | (16.09)% |
|  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 | $62643994 | $85292074 | $87634823 | $95663172 | $233692916 | $659159857 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.88 %<sup>F</sup> | 0.84% | 0.86% | 0.81% | 0.79% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.88 %<sup>F</sup> | 0.84% | 0.86% | 0.81% | 0.79% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.15 %<sup>F</sup> | 2.51% | 2.43% | 2.03% | 2.01 %<sup>C</sup> | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.15 %<sup>F</sup> | 2.51% | 2.43% | 2.03% | 2.01 %<sup>C</sup> | 1.77% |
|  Portfolio turnover rate | 25 %<sup>E</sup> | 43% | 46% | 38% | 41% | 77% |

---

*<sup>A</sup>* *On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0243.* 

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

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 | Investor Class |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $19.19 | $16.54 | $14.16 | $20.11 | $14.57 | $17.87 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 <sup>B</sup> | 0.62 | 0.72 | 0.35 | 0.38 <sup>C</sup> | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.91 | 2.91 | 2.04 | (4.37) | 5.38 | (3.22) |
|  Total income (loss) from investment operations | 1.08 | 3.53 | 2.76 | (4.02) | 5.76 | (2.82) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.76) | (0.51) | (0.38) | (0.59) | (0.22) | (0.48) |
| &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) | (0.48) |
|  Net asset value, end of period | $16.68 | $19.19 | $16.54 | $14.16 | $20.11 | $14.57 |
|  Total return<sup>D</sup> | 8.08 %<sup>E</sup> | 21.71% | 19.64% | (21.93)% | 39.72% | (16.33)% |
|  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 | $50576685 | $52061716 | $63864486 | $81694109 | $126691864 | $92817287 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.16 %<sup>F</sup> | 1.10% | 1.12% | 1.07% | 1.06% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.16 %<sup>F</sup> | 1.10% | 1.12% | 1.07% | 1.06% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.11 %<sup>F</sup> | 2.18% | 2.61% | 1.84% | 1.98 %<sup>C</sup> | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.11 %<sup>F</sup> | 2.18% | 2.61% | 1.84% | 1.98 %<sup>C</sup> | 1.35% |
|  Portfolio turnover rate | 25 %<sup>E</sup> | 43% | 46% | 38% | 41% | 77% |

---

*<sup>A</sup>* *On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0785.* 

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

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 | Advisor Class |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $19.83 | $17.09 | $14.62 | $20.68 | $14.94 | $18.31 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 <sup>B</sup> | 0.42 | 0.43 | 0.29 | 0.41 <sup>C</sup> | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.97 | 3.20 | 2.39 | (4.46) | 5.48 | (3.29) |
|  Total income (loss) from investment operations | 1.13 | 3.62 | 2.82 | (4.17) | 5.89 | (2.92) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.74) | (0.51) | (0.35) | (0.55) | (0.15) | (0.45) |
| &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) | (0.45) |
|  Net asset value, end of period | $17.39 | $19.83 | $17.09 | $14.62 | $20.68 | $14.94 |
|  Total return<sup>D</sup> | 8.03 %<sup>E</sup> | 21.50% | 19.45% | (22.01)% | 39.53% | (16.43)% |
|  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 | $13707467 | $14029585 | $12257174 | $13706977 | $18745607 | $16387094 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.29 %<sup>F</sup> | 1.25% | 1.27% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.29 %<sup>F</sup> | 1.25% | 1.27% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.89 %<sup>F</sup> | 2.11% | 2.08% | 1.67% | 1.79 %<sup>C</sup> | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.89 %<sup>F</sup> | 2.11% | 2.08% | 1.67% | 1.79 %<sup>C</sup> | 1.34% |
|  Portfolio turnover rate | 25 %<sup>E</sup> | 43% | 46% | 38% | 41% | 77% |

---

*<sup>A</sup>* *On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0709.* 

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

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 | A Class |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $19.09 | $16.50 | $14.13 | $20.06 | $14.55 | $17.85 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 <sup>B</sup> | 0.40 | 0.34 | 0.33 | 0.36 <sup>C</sup> | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.89 | 3.11 | 2.40 | (4.36) | 5.38 | (3.04) |
|  Total income (loss) from investment operations | 1.06 | 3.51 | 2.74 | (4.03) | 5.74 | (2.83) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.74) | (0.55) | (0.37) | (0.56) | (0.23) | (0.47) |
| &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) | (0.47) |
|  Net asset value, end of period | $16.58 | $19.09 | $16.50 | $14.13 | $20.06 | $14.55 |
|  Total return<sup>D</sup> | 8.03 %<sup>E</sup> | 21.63% | 19.55% | (22.00)% | 39.65% | (16.37)% |
|  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 | $10178608 | $9890341 | $8977482 | $7205251 | $10017801 | $9512972 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.23 %<sup>F</sup> | 1.18% | 1.19% | 1.14% | 1.13% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.23 %<sup>F</sup> | 1.18% | 1.19% | 1.14% | 1.13% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.03 %<sup>F</sup> | 2.22% | 2.15% | 1.80% | 1.83 %<sup>C</sup> | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.03 %<sup>F</sup> | 2.22% | 2.15% | 1.80% | 1.83 %<sup>C</sup> | 1.35% |
|  Portfolio turnover rate | 25 %<sup>E</sup> | 43% | 46% | 38% | 41% | 77% |

---

*<sup>A</sup>* *On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0643.* 

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

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 | C Class |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $18.27 | $15.80 | $13.53 | $19.27 | $13.99 | $17.18 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.09 <sup>B</sup> | 0.13 | 0.10 | 0.16 | 0.19 <sup>C</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.87 | 3.08 | 2.41 | (4.14) | 5.19 | (2.86) |
|  Total income (loss) from investment operations | 0.96 | 3.21 | 2.51 | (3.98) | 5.38 | (2.85) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.59) | (0.37) | (0.24) | (0.42) | (0.10) | (0.34) |
| &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) | (0.34) |
|  Net asset value, end of period | $15.81 | $18.27 | $15.80 | $13.53 | $19.27 | $13.99 |
|  Total return<sup>D</sup> | 7.67 %<sup>E</sup> | 20.59% | 18.66% | (22.55)% | 38.56% | (16.98)% |
|  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 | $2519553 | $2618564 | $2608270 | $2842235 | $4317179 | $3431934 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 2.02 %<sup>F</sup> | 1.98% | 1.96% | 1.89% | 1.86% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 2.02 %<sup>F</sup> | 1.98% | 1.96% | 1.89% | 1.86% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.21 %<sup>F</sup> | 1.37% | 1.41% | 1.08% | 1.14 %<sup>C</sup> | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.21 %<sup>F</sup> | 1.37% | 1.41% | 1.08% | 1.14 %<sup>C</sup> | 0.61% |
|  Portfolio turnover rate | 25 %<sup>E</sup> | 43% | 46% | 38% | 41% | 77% |

---

*<sup>A</sup>* *On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0667.* 

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

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 | R6 Class |
|  | Six Months | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
|  | Ended<br> April 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $19.43 | $16.77 | $14.35 | $20.35 | $14.76 | $18.08 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.22 <sup>B</sup> | 0.12 | 0.40 | 0.41 | 0.45 <sup>C</sup> | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.91 | 3.53 | 2.46 | (4.41) | 5.44 | (3.16) |
|  Total income (loss) from investment operations | 1.13 | 3.65 | 2.86 | (4.00) | 5.89 | (2.77) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.83) | (0.62) | (0.44) | (0.66) | (0.30) | (0.55) |
| &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) | (0.55) |
|  Net asset value, end of period | $16.90 | $19.43 | $16.77 | $14.35 | $20.35 | $14.76 |
|  Total return<sup>D</sup> | 8.37 %<sup>E</sup> | 22.17% | 20.15% | (21.62)% | 40.20% | (15.93)% |
|  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 | $136497002 | $133123232 | $290693353 | $296382124 | $397732934 | $294708893 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.80 %<sup>F</sup> | 0.77% | 0.77% | 0.71% | 0.71% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.69 %<sup>F</sup> | 0.69% | 0.69% | 0.69% | 0.70 %<sup>G</sup> | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.48 %<sup>F</sup> | 2.86% | 2.54% | 2.22% | 2.30 %<sup>C</sup> | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.59 %<sup>F</sup> | 2.94% | 2.62% | 2.24% | 2.31 %<sup>C</sup> | 1.91% |
|  Portfolio turnover rate | 25 %<sup>E</sup> | 43% | 46% | 38% | 41% | 77% |

---

*<sup>A</sup>* *On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0738.* 

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
![LOGO](g926598g25d65.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 <u>www.icsdelivery.com</u> 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 <u>www.americanbeaconfunds.com</u> or you can request an electronic copy by contacting your financial institution.

To obtain more information about the Fund:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g926598g72h78.jpg) | ![LOGO](g926598g64k88.jpg) |
| &nbsp;&nbsp;&nbsp;By E-mail: | On the Internet: |
| &nbsp;&nbsp;&nbsp;american_beacon.funds@ambeacon.com | Visit our website at www.americanbeaconfunds.com |
| &nbsp;&nbsp;&nbsp; ![LOGO](g926598g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g926598g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g926598g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g926598g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g926598g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g926598g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g926598g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g926598g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

Fund Service Providers:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **CUSTODIAN**<br> **State Street Bank and**<br> **Trust Company**<br> Boston, Massachusetts | **TRANSFER AGENT**<br> **SS&C GIDS, Inc.**<br> Quincy, Massachusetts | **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM**<br> **PricewaterhouseCoopers LLP**<br> Boston, Massachusetts | **DISTRIBUTOR**<br> **Resolute Investment**<br> **Distributors, Inc.**<br> Irving, Texas |

---

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

*American Beacon Funds, American Beacon IMC International Small Cap Fund and American Beacon International Equity Fund are service marks of American Beacon Advisors, Inc.* 

#### SAR 04/25

------

##### [**Table of Contents**](#toc)
![LOGO](g933094g33w61.jpg)

------

##### [**Table of Contents**](#toc)
American Beacon Funds

**Table of Contents**

---

| | |
|:---|:---|
|  Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Large Cap Value Fund](#toc933094_1) | 1 |
|  [Financial Statements](#toc933094_2) | 9 |
|  [Notes to the Financial Statements](#toc933094_3) | 12 |
|  Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Large Cap Value Fund](#toc933094_4) | 32 |

---

---

| | |
|:---|:---|
|  [Additional Fund Information](#toc933094_5) | Back Cover |

---

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

American Beacon Funds April 30, 2025

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 90.16% |  |  |
| Communication Services - 3.45% |  |  |
| Entertainment - 0.66% |  |  |
| Electronic Arts, Inc. | 97010 | $14075181 |
| Warner Bros Discovery, Inc.<sup>A</sup> | 758361 | 6574990 |
|  |  | 20650171 |
| Interactive Media & Services - 0.98% |  |  |
| Alphabet, Inc., Class A | 194499 | 30886441 |
| Media - 1.81% |  |  |
| Comcast Corp., Class A | 1250326 | 42761149 |
| Omnicom Group, Inc. | 101575 | 7735952 |
| Paramount Global, Class B | 518915 | 6092062 |
|  |  | 56589163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 108125775 |
| Consumer Discretionary - 4.59% |  |  |
| Automobile Components - 0.15% |  |  |
| BorgWarner, Inc. | 167625 | 4757198 |
| Automobiles - 0.76% |  |  |
| General Motors Co. | 523764 | 23695083 |
| Hotels, Restaurants & Leisure - 2.47% |  |  |
| Carnival Corp.<sup>A</sup> | 1798599 | 32986306 |
| Las Vegas Sands Corp. | 463523 | 16997388 |
| Marriott International, Inc., Class A | 53918 | 12863756 |
| Wynn Resorts Ltd.<sup>B</sup> | 181493 | 14575703 |
|  |  | 77423153 |
| Household Durables - 0.45% |  |  |
| Lennar Corp., Class A | 128982 | 14008735 |
| Specialty Retail - 0.76% |  |  |
| Lithia Motors, Inc. | 15100 | 4420676 |
| Lowe's Cos., Inc. | 87521 | 19566195 |
|  |  | 23986871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 143871040 |
| Consumer Staples - 5.20% |  |  |
| Beverages - 1.53% |  |  |
| Keurig Dr. Pepper, Inc. | 1049703 | 36309227 |
| PepsiCo, Inc. | 85608 | 11606732 |
|  |  | 47915959 |
| Consumer Staples Distribution & Retail - 0.21% |  |  |
| Target Corp. | 67333 | 6511101 |
| Food Products - 1.68% |  |  |
| Conagra Brands, Inc. | 230386 | 5692838 |
| Kraft Heinz Co. | 667225 | 19416248 |
| Mondelez International, Inc., Class A | 183292 | 12487684 |
| Nestle SA, ADR | 142456 | 15184385 |
|  |  | 52781155 |
| Household Products - 0.23% |  |  |
| Kimberly-Clark Corp. | 53789 | 7088315 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 90.16% (continued) |  |  |
| Consumer Staples - 5.20% (continued) |  |  |
| Personal Products - 0.37% |  |  |
| Kenvue, Inc. | 494965 | $11681174 |
| Tobacco - 1.18% |  |  |
| Philip Morris International, Inc. | 215764 | 36973319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 162951023 |
| Energy - 8.10% |  |  |
| Energy Equipment & Services - 1.72% |  |  |
| Baker Hughes Co. | 349606 | 12376052 |
| Halliburton Co. | 866105 | 17166201 |
| NOV, Inc. | 1332046 | 15465054 |
| Schlumberger NV | 260768 | 8670536 |
|  |  | 53677843 |
| Oil, Gas & Consumable Fuels - 6.38% |  |  |
| APA Corp. | 1486586 | 23101546 |
| Chevron Corp. | 98928 | 13460144 |
| ConocoPhillips | 307347 | 27390765 |
| EOG Resources, Inc. | 69076 | 7621155 |
| Exxon Mobil Corp. | 492409 | 52013163 |
| Hess Corp. | 94700 | 12221035 |
| Murphy Oil Corp. | 120429 | 2472407 |
| Ovintiv, Inc. | 336880 | 11312430 |
| Permian Resources Corp. | 982427 | 11592639 |
| Phillips 66 | 190509 | 19824367 |
| Shell PLC, ADR | 293336 | 18914305 |
|  |  | 199923956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 253601799 |
| Financials - 22.11% |  |  |
| Banks - 8.49% |  |  |
| Bank of America Corp. | 1142457 | 45561185 |
| Citigroup, Inc. | 760790 | 52022820 |
| Citizens Financial Group, Inc. | 353375 | 13036004 |
| First Citizens BancShares, Inc., Class A | 2465 | 4385580 |
| JPMorgan Chase & Co. | 177035 | 43306302 |
| PNC Financial Services Group, Inc. | 99349 | 15964391 |
| Truist Financial Corp. | 199794 | 7660102 |
| U.S. Bancorp | 438587 | 17692600 |
| Wells Fargo & Co. | 693651 | 49256157 |
| Western Alliance Bancorp | 246099 | 17155561 |
|  |  | 266040702 |
| Capital Markets - 3.20% |  |  |
| Bank of New York Mellon Corp. | 64410 | 5179208 |
| Blackrock, Inc. | 13295 | 12155087 |
| Goldman Sachs Group, Inc. | 10214 | 5592676 |
| KKR & Co., Inc. | 151682 | 17332702 |
| LPL Financial Holdings, Inc. | 10092 | 3227321 |
| Morgan Stanley | 170227 | 19647600 |
| Nasdaq, Inc. | 239022 | 18215866 |
| State Street Corp. | 216721 | 19093120 |
|  |  | 100443580 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 90.16% (continued) |  |  |
| Financials - 22.11% (continued) |  |  |
| Consumer Finance - 1.61% |  |  |
| American Express Co. | 156473 | $41685972 |
| Capital One Financial Corp. | 46394 | 8362983 |
| SLM Corp. | 9720 | 280966 |
|  |  | 50329921 |
| Financial Services - 1.86% |  |  |
| Corebridge Financial, Inc. | 341143 | 10108067 |
| Fidelity National Information Services, Inc. | 610011 | 48117668 |
|  |  | 58225735 |
| Insurance - 6.95% |  |  |
| American International Group, Inc. | 575969 | 46952993 |
| Aon PLC, Class A | 56879 | 20180100 |
| Chubb Ltd. | 65504 | 18739384 |
| Everest Group Ltd. | 29858 | 10713946 |
| Hartford Insurance Group, Inc. | 91103 | 11175605 |
| Marsh & McLennan Cos., Inc. | 113607 | 25614970 |
| Progressive Corp. | 170702 | 48093582 |
| Travelers Cos., Inc. | 75225 | 19869179 |
| Willis Towers Watson PLC | 52897 | 16281697 |
|  |  | 217621456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 692661394 |
| Health Care - 14.00% |  |  |
| Biotechnology - 0.51% |  |  |
| AbbVie, Inc. | 81769 | 15953132 |
| Health Care Equipment & Supplies - 2.78% |  |  |
| Abbott Laboratories | 121262 | 15855007 |
| GE HealthCare Technologies, Inc. | 287137 | 20194345 |
| Medtronic PLC | 469261 | 39774562 |
| Solventum Corp.<sup>A</sup> | 71700 | 4740804 |
| Zimmer Biomet Holdings, Inc. | 63949 | 6589945 |
|  |  | 87154663 |
| Health Care Providers & Services - 7.00% |  |  |
| Centene Corp.<sup>A</sup> | 153310 | 9175603 |
| Cigna Group | 134435 | 45713277 |
| CVS Health Corp. | 276485 | 18444314 |
| Elevance Health, Inc. | 138991 | 58456835 |
| HCA Healthcare, Inc. | 32521 | 11222347 |
| Humana, Inc. | 47937 | 12570999 |
| Labcorp Holdings, Inc. | 21880 | 5273299 |
| McKesson Corp. | 48345 | 34459833 |
| UnitedHealth Group, Inc. | 58532 | 24082406 |
|  |  | 219398913 |
| Life Sciences Tools & Services - 0.50% |  |  |
| Avantor, Inc.<sup>A</sup> | 1207493 | 15685334 |
| Pharmaceuticals - 3.21% |  |  |
| GSK PLC, ADR<sup>B</sup> | 131915 | 5256813 |
| Johnson & Johnson | 143801 | 22477534 |
| Merck & Co., Inc. | 363110 | 30936972 |
| Pfizer, Inc. | 589171 | 14381664 |
| Sanofi SA, ADR<sup>B</sup> | 499941 | 27471758 |
|  |  | 100524741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 438716783 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 90.16% (continued) |  |  |
| Industrials - 11.47% |  |  |
| Aerospace & Defense - 3.39% |  |  |
| Boeing Co.<sup>A</sup> | 193823 | $35516126 |
| General Dynamics Corp. | 92032 | 25043748 |
| Northrop Grumman Corp. | 25455 | 12383857 |
| RTX Corp. | 263720 | 33263004 |
|  |  | 106206735 |
| Air Freight & Logistics - 0.58% |  |  |
| FedEx Corp. | 86936 | 18285249 |
| Building Products - 0.99% |  |  |
| Johnson Controls International PLC | 331526 | 27815031 |
| Trane Technologies PLC | 7944 | 3045015 |
|  |  | 30860046 |
| Construction & Engineering - 0.39% |  |  |
| AECOM | 93114 | 9185696 |
| Fluor Corp.<sup>A</sup> | 82464 | 2877169 |
|  |  | 12062865 |
| Electrical Equipment - 1.08% |  |  |
| Eaton Corp. PLC | 34686 | 10210518 |
| Vertiv Holdings Co., Class A | 275484 | 23520824 |
|  |  | 33731342 |
| Ground Transportation - 1.19% |  |  |
| JB Hunt Transport Services, Inc. | 88133 | 11508407 |
| Norfolk Southern Corp. | 35361 | 7922632 |
| Union Pacific Corp. | 82149 | 17716254 |
|  |  | 37147293 |
| Industrial Conglomerates - 0.53% |  |  |
| Honeywell International, Inc. | 78910 | 16610555 |
| Machinery - 2.65% |  |  |
| CNH Industrial NV | 949717 | 10988226 |
| Cummins, Inc. | 60513 | 17781140 |
| Deere & Co. | 11400 | 5284584 |
| Fortive Corp. | 142274 | 9915075 |
| Illinois Tool Works, Inc. | 47067 | 11291844 |
| Otis Worldwide Corp. | 34586 | 3329594 |
| PACCAR, Inc. | 225952 | 20383130 |
| Timken Co. | 64632 | 4152606 |
|  |  | 83126199 |
| Professional Services - 0.54% |  |  |
| Equifax, Inc. | 42903 | 11160357 |
| Jacobs Solutions, Inc. | 47755 | 5912069 |
|  |  | 17072426 |
| Trading Companies & Distributors - 0.13% |  |  |
| WW Grainger, Inc. | 3958 | 4054219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 359156929 |
| Information Technology - 7.62% |  |  |
| Communications Equipment - 1.58% |  |  |
| F5, Inc.<sup>A</sup> | 187303 | 49586596 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 90.16% (continued) |  |  |
| Information Technology - 7.62% (continued) |  |  |
| Electronic Equipment, Instruments & Components - 0.06% |  |  |
| CDW Corp. | 11681 | $1875501 |
| IT Services - 0.50% |  |  |
| Cognizant Technology Solutions Corp., Class A | 211577 | 15565720 |
| Semiconductors & Semiconductor Equipment - 3.06% |  |  |
| Analog Devices, Inc. | 91294 | 17795026 |
| Entegris, Inc. | 102788 | 8132587 |
| KLA Corp. | 16747 | 11767949 |
| Microchip Technology, Inc. | 282158 | 13001841 |
| Micron Technology, Inc. | 80235 | 6174083 |
| QUALCOMM, Inc. | 175240 | 26016130 |
| Texas Instruments, Inc. | 80530 | 12888827 |
|  |  | 95776443 |
| Software - 2.42% |  |  |
| Microsoft Corp. | 26900 | 10632494 |
| Oracle Corp. | 146383 | 20599016 |
| Workday, Inc., Class A<sup>A</sup> | 181757 | 44530465 |
|  |  | 75761975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 238566235 |
| Materials - 3.85% |  |  |
| Chemicals - 2.66% |  |  |
| Air Products & Chemicals, Inc. | 99999 | 27108729 |
| Axalta Coating Systems Ltd.<sup>A</sup> | 626771 | 20370058 |
| Corteva, Inc. | 83689 | 5187881 |
| DuPont de Nemours, Inc. | 81675 | 5389733 |
| Olin Corp. | 362926 | 7846460 |
| PPG Industries, Inc. | 117900 | 12834594 |
| Sherwin-Williams Co. | 13571 | 4789477 |
|  |  | 83526932 |
| Construction Materials - 1.19% |  |  |
| CRH PLC | 389783 | 37193094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 120720026 |
| Real Estate - 2.35% |  |  |
| Industrial REITs - 0.86% |  |  |
| Prologis, Inc. | 264323 | 27013811 |
| Specialized REITs - 1.49% |  |  |
| Public Storage | 73492 | 22079202 |
| VICI Properties, Inc. | 764917 | 24492642 |
|  |  | 46571844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 73585655 |
| Utilities - 7.42% |  |  |
| Electric Utilities - 6.11% |  |  |
| American Electric Power Co., Inc. | 47020 | 5094147 |
| Duke Energy Corp. | 187909 | 22928656 |
| Entergy Corp. | 478517 | 39798259 |
| Exelon Corp. | 184706 | 8662711 |
| PG&E Corp. | 830451 | 13719051 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 90.16% (continued) |  |  |
| Utilities - 7.42% (continued) |  |  |
| Electric Utilities - 6.11% (continued) |  |  |
| Pinnacle West Capital Corp. | 277917 | $26452140 |
| PPL Corp. | 486373 | 17752614 |
| Southern Co. | 223158 | 20505989 |
| Xcel Energy, Inc. | 518240 | 36639568 |
|  |  | 191553135 |
| Multi-Utilities - 1.31% |  |  |
| Dominion Energy, Inc. | 752430 | 40917143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 232470278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $2,055,882,812) |  | 2824426937 |
| FOREIGN COMMON STOCKS - 6.09% |  |  |
| Communication Services - 0.42% |  |  |
| Media - 0.42% |  |  |
| WPP PLC, ADR<sup>B</sup> | 343746 | 13254846 |
| Consumer Discretionary - 1.61% |  |  |
| Automobile Components - 1.61% |  |  |
| Aptiv PLC<sup>A</sup> | 563472 | 32151712 |
| Magna International, Inc.<sup>B</sup> | 520422 | 18089869 |
|  |  | 50241581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 50241581 |
| Consumer Staples - 1.03% |  |  |
| Beverages - 0.52% |  |  |
| Anheuser-Busch InBev SA, ADR<sup>B</sup> | 138481 | 9113435 |
| Diageo PLC, ADR | 62973 | 7054235 |
|  |  | 16167670 |
| Household Products - 0.20% |  |  |
| Reckitt Benckiser Group PLC, ADR<sup>B</sup> | 491676 | 6347537 |
| Personal Products - 0.31% |  |  |
| Unilever PLC, ADR | 151817 | 9647971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 32163178 |
| Energy - 0.13% |  |  |
| Oil, Gas & Consumable Fuels - 0.13% |  |  |
| Cenovus Energy, Inc. | 346128 | 4073926 |
| Financials - 0.51% |  |  |
| Banks - 0.51% |  |  |
| Bank of Nova Scotia<sup>B</sup> | 320983 | 16042730 |
| Industrials - 0.13% |  |  |
| Ground Transportation - 0.13% |  |  |
| Canadian National Railway Co. | 42485 | 4113398 |
| Information Technology - 2.26% |  |  |
| Communications Equipment - 0.98% |  |  |
| Telefonaktiebolaget LM Ericsson, ADR | 3749290 | 30894150 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 6.09% (continued) |  |  |
| Information Technology - 2.26% (continued) |  |  |
| Electronic Equipment, Instruments & Components - 0.34% |  |  |
| TE Connectivity PLC | 72309 | $10584591 |
| IT Services - 0.55% |  |  |
| Accenture PLC, Class A | 57605 | 17232536 |
| Semiconductors & Semiconductor Equipment - 0.39% |  |  |
| NXP Semiconductors NV | 66094 | 12181785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 70893062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks (Cost $165,079,432) |  | 190782721 |
| SHORT-TERM INVESTMENTS - 3.37% (Cost $105,500,084) |  |  |
| Investment Companies - 3.37% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25%<sup>C D</sup> | 105500084 | 105500084 |
| SECURITIES LENDING COLLATERAL - 0.24% (Cost $7,429,002) |  |  |
| Investment Companies - 0.24% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25%<sup>C D</sup> | 7429002 | 7429002 |
|  TOTAL INVESTMENTS - 99.86% (Cost $2,333,891,330) |  | 3128138744 |
|  OTHER ASSETS, NET OF LIABILITIES - 0.14% |  | 4242739 |
|  TOTAL NET ASSETS - 100.00% |  | $3132381483 |
| 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 April 30, 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 April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 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 | 427 | June 2025 | $115542168 | $119282450 | $3740282 |
|  |  |  | $115542168 | $119282450 | $3740282 |

---

---

| | |
|:---|:---|
| 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. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Value Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $2824426937 | $- | $- | $2824426937 |
|  Foreign Common Stocks | 190782721 |  |  | 190782721 |
|  Short-Term Investments | 105500084 |  |  | 105500084 |
|  Securities Lending Collateral | 7429002 |  |  | 7429002 |
|  Total Investments in Securities - Assets | $3128138744 | $- | $- | $3128138744 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $3740282 | $- | $- | $3740282 |
|  Total Financial Derivative Instruments - Assets | $3740282 | $- | $- | $3740282 |

---

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

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Statement of Assets and Liabilities

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup> <sup>§</sup> | $3015209658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡</sup> | 112929086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts | 11156000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 3337163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3056625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 1215316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for tax reclaims | 488001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) | 3741251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 52759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3151185859 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 2627868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 1449591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts | 3701761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 2899368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 167961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 66310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned (Note 9)<sup>§</sup> | 7429002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 204623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 107184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 5905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 89254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 55549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 18804376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |
|  Net assets | $3132381483 |
|  Analysis of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $2152539768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 979841715 |
|  Net assets | $3132381483 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 38763833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 6724891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 20435391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1940035 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 4306709 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 86850 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 53458100 |
|  Net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $998761049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $170848088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $450352670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $41533654 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $92058593 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $1854010 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $1376973419 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $25.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $25.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $22.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $21.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $21.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $22.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $21.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $25.76 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $2220962244 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $112929086 |
|  <sup>§</sup> Fair value of securities on loan | $50574419 |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Statement of Operations

For the period ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities (net of foreign taxes)<sup>†</sup> | $37832443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 1916543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 102483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) | 187343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 40038812 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 9163466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 208861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 96991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 13617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 29588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 197070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 141598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 53161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 832487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 54926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 59626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 54935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 107576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 10372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 75082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 142231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 21402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 205726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 11472786 |
|  Net investment income | 28566026 |
|  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> | 210595567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (9349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6044935) |
| &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> | (339681990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 7929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4826104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (loss) from investments | (130306674) |
|  Net decrease in net assets resulting from operations | $(101740648) |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes | $478979 |
| &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 period 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 period end. |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Period from<br>11/1/2024 through<br>4/30/2025 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | |
|  Increase (decrease) in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $28566026 | $58508565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities, foreign currency transactions, and futures contracts | 204541283 | 380141742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities, foreign currency transactions, and futures contracts | (334847957) | 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 (decrease) in net assets resulting from operations | (101740648) | 914367771 |
|  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 | 237655754 | 589953923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 340846620 | 149512376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (441864535) | (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 increase (decrease) in net assets from capital share transactions | 136637839 | (209147738) |
|  Net increase (decrease) in net assets | (351358997) | 536585480 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3483740480 | 2947155000 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3132381483 | $3483740480 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

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

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

Recently Adopted Accounting Pronouncements

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

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Class Disclosure

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

---

| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<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. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined on the basis of specific lot identification. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations.

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Distributions to Shareholders

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

Commission Recapture

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

Allocation of Income, Trust Expenses, Gains, and Losses

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

Use of Estimates

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

Other

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

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

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

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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 Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $5838865 |
|  Sub-Advisory Fees | 0.20% | 3324601 |
|  Total | 0.55% | $9163466 |

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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 period ended April 30, 2025, the Manager received securities lending fees of $17,529 for the securities lending activities of the Fund.

Distribution Plans

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

Service Plans

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

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the R5 and Y Classes of the Fund and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of its customers who hold positions in the Fund. Certain services would have been provided by the Fund's transfer agent and other service providers if the shareholders' accounts were maintained directly by the Fund's transfer agent. Accordingly, the Fund, pursuant to Board approval, has agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

are subject to a fee limit of up to 0.10% of an intermediary's average net assets in the R5 and Y Classes on an annual basis. During the period ended April 30, 2025, the sub-transfer agent fees, as reflected in "Transfer agent fees" on the Statement of Operations, were as follows:

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| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  Large Cap Value | $276988 |

---

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

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| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  Large Cap Value | $41080 |

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Investments in Affiliated Funds

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | April 30,<br>2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized<br>Gain<br>(Loss) | Dividend<br>Income | April 30,<br>2025<br>Fair Value |
| U.S. Government Money Market Select | Direct | Large Cap<br>Value | $105500084 | $– $|  | $1916543 | $105500084 |
| U.S. Government Money Market Select | Securities Lending | Large Cap<br>Value | 7429002 | – |  | N/A | 7429002 |

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

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| | | | |
|:---|:---|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in USG<br>Select Fund | Total |
|  Large Cap Value | $44607 | $6511 | $51118 |

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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. The credit facility is administered by a credit facility team consisting of professionals from the Manager's asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended April 30, 2025, the Fund participated as a lender by loaning an average amount of $33,073,088 for 2 days at an average interest rate of 5.14% with interest charges earned of $9,315. This amount is included in "Interest income" on the Statement of Operations. During the period ended April 30, 2025, the Fund did not borrow from the credit facility.

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Expense Reimbursement Plan

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

Sales Commissions

The Fund's Distributor, Resolute Investment Distributors, Inc. ("RID" or "Distributor"), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended April 30, 2025, RID collected $979 from the sale of A Class Shares of the Fund.

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

A CDSC of 1.00% will be deducted with respect to C Class Shares redeemed within 12 months of purchase, unless waived as discussed in the Fund's Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended April 30, 2025, there were no CDSC fees collected for the C Class Shares of the Fund.

Trustee Fees and Expenses

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

3. Security Valuation and Fair Value Measurements

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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

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

The Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund's pricing time of 4:00 p.m. ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. If the Manager determines that the last quoted prices of non-U.S. securities will, in its judgment, materially affect the value of some or all the Fund's portfolio securities,

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

the Manager can adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. These securities are fair valued using a pricing service, using methods approved by the Manager, that considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts ("ADRs") and futures contracts. The Manager's Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. The Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day's opening prices in the same markets and adjusted prices.

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

Valuation Inputs

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

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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.

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

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

4. Securities and Other Investments

American Depositary Receipts and Non-Voting Depositary Receipts

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

Common Stock

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

Other Investment Company Securities and Exchange-Traded Products

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

Publicly Traded Partnerships/Master Limited Partnerships ("MLPs")

The Fund may invest in publicly traded partnerships such as MLPs. MLPs issue units that are registered with the SEC and are freely tradable on a securities exchange or in the OTC market. An MLP may have one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. The general partner or partners are jointly and severally responsible for the liabilities of the MLP. (An MLP also may be an

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

entity similar to a limited partnership, such as an LLC, which has one or more managers or managing members and non-managing members (who are like limited partners)). The Fund invests in an MLP as a limited partner and normally would not be liable for the debts of an MLP beyond the amount the Fund has invested therein, but it would not be shielded to the same extent that a shareholder of a corporation would be. In certain instances, creditors of an MLP would have the right to seek a return of capital that had been distributed to a limited partner. The right of an MLP's creditors would continue even after the Fund had sold its investment in the partnership. MLPs typically invest in real estate and oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

Real Estate Investment Trusts ("REITs")

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

5. Financial Derivative Instruments

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

Futures Contracts

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

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

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

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| | |
|:---|:---|
| Average Futures Contracts Outstanding | Average Futures Contracts Outstanding |
| Fund | Period Ended April 30, 2025 |
|  Large Cap Value | 369 |

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

The following is a summary of the fair valuations of the Fund's derivative instruments categorized by risk exposure<sup>(1)</sup>:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 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 |
| Liabilities: | 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> | $- | $- | $- | $- | $3740282 | $3740282 |
| **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 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 | $- | $- | $- | $- | $(6044935) | $(6044935) |
| Net change in unrealized<br> appreciation (depreciation) of<br>derivatives recognized as a result<br> from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $4826104 | $4826104 |

---

<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 across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, April 30, 2025.

---

| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of April 30, 2025:** | **Offsetting of Financial and Derivative Assets as of April 30, 2025:** | **Offsetting of Financial and Derivative Assets as of April 30, 2025:** |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)</sup> | $3740282 | $- |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $3740282 | $- |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(3740282) | $- |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $7429002 | $- | $- | $- | $7429002 |
|  Total Borrowings | $7429002 | $- | $- | $- | $7429002 |
|  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 | $7429002 |

---

<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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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup> 

Notes to Financial Statements

April 30, 2025 (Unaudited)

6. Principal Risks

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

Cybersecurity and Operational Risk

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

Environmental, Social, and/or Governance Investing Risk

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

Equity Investments Risk

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

Foreign Exposure Risk

The Fund's exposure to a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with that country. Global economic and financial markets have become

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

Futures Contracts Risk

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

Market Risk

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

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

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies,

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Multiple Sub-Advisor Risk

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

Other Investment Companies Risk

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

Recent Market Events Risk

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

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

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

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

Sector Risk

Sector risk is the risk associated with the Fund holding a significant amount of investments in similar businesses, which would be similarly affected by particular economic or market events, which may, in certain

circumstances, cause the value of the equity and debt securities of companies in a particular sector of the market to change. To the extent the Fund has substantial holdings within a particular sector, the risks to the Fund associated with that sector increase.

To the extent the Fund invests significantly in the financial services sector, the value of the Fund's shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation and price competition. The value of the Fund's shares could experience significantly greater volatility than investment companies investing more broadly.

Securities Lending Risk

The Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of the Fund's securities provide collateral either in the form of cash, which the Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. The Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. The Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or "rebate" for the use of that cash collateral in connection with the loan. The Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Fund's ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability to enforce its rights in its collateral. There also is a risk that a borrower may default on its obligation to return loaned securities at a time when the value of the Fund's collateral is inadequate. Although the Fund's securities lending agent may indemnify the Fund against that risk, it is also possible that the securities lending agent will be unable to satisfy its indemnification

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American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

obligations. In any case in which the loaned securities are not returned to the Fund before an ex-dividend date, whether or not due to a default by the borrower, the payment in lieu of the dividend that the Fund receives from the securities' borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as "qualified dividend income."

7. Federal Income and Excise Taxes

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Large Cap Value | $2383534865 | $870790078 | $(126178270) | $744611808 |

---

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

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

8. Investment Transactions

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

---

| | | |
|:---|:---|:---|
| Fund | Purchases (non-U.S.<br>Government<br>Securities) | Sales (non-U.S.<br>Government<br>Securities) |
| Large Cap Value | $459652670 | $656526289 |

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | October 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | April 30,<br>2025<br>Shares/Fair<br>Value |
| Large Cap Value | Direct | $136122309 | $579010946 | $609633171 | $105500084 |
| Large Cap Value | Securities Lending | 4685167 | 154729382 | 151985547 | 7429002 |

---

Affiliated Trades

Cross trades for the period ended April 30, 2025, if any, were executed by the Fund pursuant to procedures adopted by the Board to ensure compliance with Rule 17a-7 under the Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between the fund of an investment company and another entity, that are or could be considered affiliates by virtue of a common investment advisor (or affiliated investment advisors), common Trustees and/or common Officers. At its regularly scheduled meetings, the Chief Compliance Officer ("CCO") certifies to the Board that the 17a-7 transactions entered into by the funds complied with the Rule 17a-7 Procedures adopted by the Board.

For the period ended April 30, 2025, cross trades by the Fund under Rule 17a-7 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Purchases | Sales | Net Realized Gain (Loss) |
| Large Cap Value | $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.

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Fair Value<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 | $50574419 | $7429002 | $44070292 | $51499294 |

---

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

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

10. Borrowing Arrangements

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

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

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

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

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##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

11. Capital Share Transactions

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 2201113 | $59055494 | 5154821 | $137077412 |
| Reinvestment of dividends | 3787138 | 99639600 | 1914494 | 48857903 |
| Shares redeemed | (5504910) | (151388879) | (12279471) | (341357215) |
| Net increase (decrease) in shares outstanding | 483341 | $7306215 | (5210156) | $(155421900) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 591541 | $15431469 | 1023027 | $27565083 |
| Reinvestment of dividends | 796714 | 20674738 | 381834 | 9626029 |
| Shares redeemed | (1297424) | (34862546) | (2450297) | (64956349) |
| Net increase (decrease) in shares outstanding | 90831 | $1243661 | (1045436) | $(27765237) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 590435 | $14034646 | 1500707 | $35547391 |
| Reinvestment of dividends | 2714632 | 61160653 | 1368028 | 30452306 |
| Shares redeemed | (2553682) | (59566600) | (8228461) | (190944429) |
| Net increase (decrease) in shares outstanding | 751385 | $15628699 | (5359726) | $(124944732) |
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 45782 | $1030484 | 91954 | $2152524 |
| Reinvestment of dividends | 255169 | 5588204 | 114269 | 2481915 |
| Shares redeemed | (152261) | (3571925) | (433385) | (10039317) |
| Net increase (decrease) in shares outstanding | 148690 | $3046763 | (227162) | $(5404878) |
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 699951 | $14893537 | 3329508 | $79786438 |
| Reinvestment of dividends | 506423 | 11070404 | 30925 | 671373 |
| Shares redeemed | (374125) | (8671110) | (471556) | (11261293) |
| Net increase in shares outstanding | 832249 | $17292831 | 2888877 | $69196518 |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1604 | $35316 | 17307 | $397627 |
| Reinvestment of dividends | 11136 | 243662 | 8424 | 182049 |
| Shares redeemed | (18750) | (448200) | 123041) | (2824875) |
| Net (decrease) in shares outstanding | (6010) | $(169222) | (97310) | $(2245199) |

---

------

##### [**Table of Contents**](#toc)
American Beacon Large Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 4888654 | $133174808 | 11525607 | $307427448 |
| Reinvestment of dividends | 5417086 | 142469359 | 2243857 | 57240801 |
| Shares redeemed | (6599551) | (183355275) | (11795748) | (327230559) |
| Net increase in shares outstanding | 3706189 | $92288892 | 1973716 | $37437690 |

---

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 Large Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>B</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $29.97 | $23.92 | $26.21 | $30.99 | $23.36 | $28.32 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.24 <sup>C</sup> | 0.62 | 0.51 | 0.50 | 0.59 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (1.12) | 6.79 | 0.02 | (2.11) | 10.64 | (2.89) |
|  Total income (loss) from investment operations | (0.88) | 7.41 | 0.53 | (1.61) | 11.23 | (2.24) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.50) | (0.46) | (0.43) | (0.39) | (0.49) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) | (2.10) |
|  Total distributions | (3.32) | (1.36) | (2.82) | (3.17) | (3.60) | (2.72) |
|  Net asset value, end of period | $25.77 | $29.97 | $23.92 | $26.21 | $30.99 | $23.36 |
|  Total return<sup>D</sup> | (3.17)%<sup>E</sup> | 31.97% | 2.16% | (5.75)% | 52.60% | (9.29)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $998761049 | $1147150395 | $1040466568 | $1218988715 | $1682465233 | $1807587315 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.64 %<sup>F</sup> | 0.65% | 0.64% | 0.63% | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.64 %<sup>F</sup> | 0.65% | 0.64% | 0.63% | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.77 %<sup>F</sup> | 1.77% | 1.78% | 1.45% | 1.30% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.77 %<sup>F</sup> | 1.77% | 1.78% | 1.45% | 1.30% | 1.90% |
|  Portfolio turnover rate | 14 %<sup>E</sup> | 26% | 25% | 25% | 23% | 67% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased 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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

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)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $29.58 | $23.63 | $25.92 | $30.68 | $23.16 | $28.10 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.23 <sup>B</sup> | 0.45 | 0.45 | 0.37 | 0.38 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (1.10) | 6.84 | 0.06 | (1.98) | 10.73 | (2.63) |
|  Total income (loss) from investment operations | (0.87) | 7.29 | 0.51 | (1.61) | 11.11 | (2.24) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.44) | (0.41) | (0.37) | (0.48) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) | (2.10) |
|  Total distributions | (3.30) | (1.34) | (2.80) | (3.15) | (3.59) | (2.70) |
|  Net asset value, end of period | $25.41 | $29.58 | $23.63 | $25.92 | $30.68 | $23.16 |
|  Total return<sup>C</sup> | (3.18)%<sup>D</sup> | 31.84% | 2.09% | (5.81)% | 52.47% | (9.35)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $170848088 | $196267664 | $181490071 | $188140776 | $258183363 | $178065442 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.71 %<sup>E</sup> | 0.72% | 0.71% | 0.70% | 0.69% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.71 %<sup>E</sup> | 0.72% | 0.71% | 0.70% | 0.69% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.70 %<sup>E</sup> | 1.71% | 1.70% | 1.38% | 1.21% | 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.70 %<sup>E</sup> | 1.71% | 1.70% | 1.38% | 1.21% | 1.84% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 26% | 25% | 25% | 23% | 67% |

---

*<sup>A</sup>* *On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months<br> Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br> Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $26.08 | $20.97 | $23.30 | $27.88 | $21.32 | $26.06 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 <sup>B</sup> | 0.16 | 0.27 | 0.25 | 0.20 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.97) | 6.23 | 0.14 | (1.76) | 9.88 | (2.41) |
|  Total income (loss) from investment operations | (0.80) | 6.39 | 0.41 | (1.51) | 10.08 | (2.12) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.38) | (0.35) | (0.29) | (0.41) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) | (2.10) |
|  Total distributions | (3.24) | (1.28) | (2.74) | (3.07) | (3.52) | (2.62) |
|  Net asset value, end of period | $22.04 | $26.08 | $20.97 | $23.30 | $27.88 | $21.32 |
|  Total return<sup>C</sup> | (3.33)%<sup>D</sup> | 31.54% | 1.88% | (6.04)% | 52.04% | (9.59)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $450352670 | $513291440 | $525063555 | $649409067 | $821099597 | $707970431 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.95 %<sup>E</sup> | 0.94% | 0.94% | 0.95% | 0.98% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.95 %<sup>E</sup> | 0.94% | 0.94% | 0.95% | 0.98% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.46 %<sup>E</sup> | 1.49% | 1.48% | 1.13% | 0.93% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.46 %<sup>E</sup> | 1.49% | 1.48% | 1.13% | 0.93% | 1.57% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 26% | 25% | 25% | 23% | 67% |

---

*<sup>A</sup>* *On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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 | Advisor Class |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $25.40 | $20.46 | $22.80 | $27.36 | $20.97 | $25.68 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.15 <sup>B</sup> | 0.18 | 0.26 | 0.14 | 0.26 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.94) | 6.01 | 0.10 | (1.65) | 9.62 | (2.36) |
|  Total income (loss) from investment operations | (0.79) | 6.19 | 0.36 | (1.51) | 9.88 | (2.12) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.35) | (0.31) | (0.27) | (0.38) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) | (2.10) |
|  Total distributions | (3.20) | (1.25) | (2.70) | (3.05) | (3.49) | (2.59) |
|  Net asset value, end of period | $21.41 | $25.40 | $20.46 | $22.80 | $27.36 | $20.97 |
|  Total return<sup>C</sup> | (3.39)%<sup>D</sup> | 31.28% | 1.69% | (6.17)% | 51.89% | (9.73)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $41533654 | $45504706 | $41289229 | $47185316 | $63521926 | $46049690 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.11 %<sup>E</sup> | 1.11% | 1.11% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.11 %<sup>E</sup> | 1.11% | 1.11% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.30 %<sup>E</sup> | 1.30% | 1.31% | 0.98% | 0.81% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.30 %<sup>E</sup> | 1.30% | 1.31% | 0.98% | 0.81% | 1.42% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 26% | 25% | 25% | 23% | 67% |

---

*<sup>A</sup>* *On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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 | A Class |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $25.43 | $20.47 | $22.86 | $27.37 | $20.96 | $25.66 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 <sup>B</sup> | 1.80 | 0.30 <sup>B</sup> | 1.05 | 0.24 <sup>B</sup> | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.94) | 4.43 | 0.08 | (2.51) | 9.68 | (2.29) |
|  Total income (loss) from investment operations | (0.78) | 6.23 | 0.38 | (1.46) | 9.92 | (2.09) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.37) | (0.38) | (0.27) | (0.40) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) | (2.10) |
|  Total distributions | (3.27) | (1.27) | (2.77) | (3.05) | (3.51) | (2.61) |
|  Net asset value, end of period | $21.38 | $25.43 | $20.47 | $22.86 | $27.37 | $20.96 |
|  Total return<sup>C</sup> | (3.34)%<sup>D</sup> | 31.53% | 1.79% | (5.96)% | 52.15% | (9.65)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $92058593 | $88343465 | $11986577 | $16953764 | $12661833 | $25792400 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.99 %<sup>E</sup> | 1.00% | 1.00% | 0.89% | 0.96% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.99 %<sup>E</sup> | 1.00% | 1.00% | 0.89% | 0.96% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.41 %<sup>E</sup> | 1.33% | 1.42% | 1.24% | 0.98% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.41 %<sup>E</sup> | 1.33% | 1.42% | 1.24% | 0.98% | 1.52% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 26% | 25% | 25% | 23% | 67% |

---

*<sup>A</sup>* *On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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 | C Class |
|  | Six Months<br>Ended<br> April 30,<br>2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $25.15 | $20.21 | $22.52 | $27.07 | $20.74 | $25.43 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.08 <sup>B</sup> | 0.17 <sup>B</sup> | 0.15 <sup>B</sup> | 0.07 | 0.16 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.94) | 5.82 | 0.09 | (1.71) | 9.49 | (2.32) |
|  Total income (loss) from investment operations | (0.86) | 5.99 | 0.24 | (1.64) | 9.65 | (2.24) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.15) | (0.16) | (0.13) | (0.21) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) | (2.10) |
|  Total distributions | (2.94) | (1.05) | (2.55) | (2.91) | (3.32) | (2.45) |
|  Net asset value, end of period | $21.35 | $25.15 | $20.21 | $22.52 | $27.07 | $20.74 |
|  Total return<sup>C</sup> | (3.70)%<sup>D</sup> | 30.51% | 1.11% | (6.74)% | 51.05% | (10.26)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $1854010 | $2335004 | $3842593 | $5508217 | $6898120 | $4687004 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.72 %<sup>E</sup> | 1.72% | 1.70% | 1.69% | 1.68% | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.72 %<sup>E</sup> | 1.72% | 1.70% | 1.69% | 1.68% | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.69 %<sup>E</sup> | 0.74% | 0.71% | 0.40% | 0.22% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.69 %<sup>E</sup> | 0.74% | 0.71% | 0.40% | 0.22% | 0.84% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 26% | 25% | 25% | 23% | 67% |

---

*<sup>A</sup>* *On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

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 | R6 Class |
|  | Six Months<br>Ended<br> April 30,<br> 2025 | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020<sup>A</sup> |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $29.97 | $23.92 | $26.21 | $30.99 | $23.36 | $28.31 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.25 <sup>B</sup> | 0.53 | 0.48 | 0.45 | 0.36 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (1.13) | 6.89 | 0.05 | (2.05) | 10.88 | (2.78) |
|  Total income (loss) from investment operations | (0.88) | 7.42 | 0.53 | (1.60) | 11.24 | (2.22) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.51) | (0.47) | (0.43) | (0.40) | (0.50) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.82) | (0.90) | (2.39) | (2.78) | (3.11) | (2.10) |
|  Total distributions | (3.33) | (1.37) | (2.82) | (3.18) | (3.61) | (2.73) |
|  Net asset value, end of period | $25.76 | $29.97 | $23.92 | $26.21 | $30.99 | $23.36 |
|  Total return<sup>C</sup> | (3.17)%<sup>D</sup> | 32.02% | 2.19% | (5.72)% | 52.65% | (9.23)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $1376973419 | $1490847806 | $1143016407 | $1094080159 | $1242662760 | $1008088807 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.61 %<sup>E</sup> | 0.61% | 0.61% | 0.60% | 0.60% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.61 %<sup>E</sup> | 0.61% | 0.61% | 0.60% | 0.60% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.80 %<sup>E</sup> | 1.79% | 1.80% | 1.49% | 1.31% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.80 %<sup>E</sup> | 1.79% | 1.80% | 1.49% | 1.31% | 1.93% |
|  Portfolio turnover rate | 14 %<sup>D</sup> | 26% | 25% | 25% | 23% | 67% |

---

*<sup>A</sup>* *On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<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>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
![LOGO](g933094g10k10.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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g933094g72h78.jpg) | ![LOGO](g933094g64k88.jpg) |
| &nbsp;&nbsp;&nbsp;By E-mail: | On the Internet: |
| &nbsp;&nbsp;&nbsp;american_beacon.funds@ambeacon.com | Visit our website at www.americanbeaconfunds.com |
| &nbsp;&nbsp;&nbsp; ![LOGO](g933094g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g933094g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g933094g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g933094g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g933094g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g933094g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g933094g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g933094g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

Fund Service Providers:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **CUSTODIAN**<br> **State Street Bank and**<br> **Trust Company**<br> Boston, Massachusetts | **TRANSFER AGENT**<br> **SS&C GIDS, Inc.**<br> Quincy, Massachusetts | **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM**<br> **PricewaterhouseCoopers LLP**<br> Boston, Massachusetts | **DISTRIBUTOR**<br> **Resolute Investment Distributors, Inc.**<br> Irving, Texas |

---

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

*American Beacon Funds and American Beacon Large Cap Value Fund are service marks of American Beacon Advisors, Inc.* 

#### SAR 04/25

------

##### [**Table of Contents**](#toc)
![LOGO](g937225g85i16.jpg)

------

##### [**Table of Contents**](#toc)
American Beacon Funds

**Table of Contents**

---

| | |
|:---|:---|
|  Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Small Cap Value Fund](#toc937225_1) | 1 |
|  [Financial Statements](#toc937225_2) | 13 |
|  [Notes to the Financial Statements](#toc937225_3) | 16 |
|  Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Small Cap Value Fund](#toc937225_4) | 35 |

---

---

| | |
|:---|:---|
|  [Additional Fund Information](#toc937225_5) | Back Cover |

---

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

American Beacon Funds April 30, 2025

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% |  |  |
| Communication Services - 1.80% |  |  |
| Entertainment - 0.03% |  |  |
| Marcus Corp. | 57730 | $941576 |
| Interactive Media & Services - 0.21% |  |  |
| IAC, Inc.<sup>A</sup> | 217270 | 7591414 |
| Media - 1.56% |  |  |
| Boston Omaha Corp., Class A<sup>A</sup> <sup>B</sup> | 80000 | 1242400 |
| National CineMedia, Inc.<sup>A</sup> | 1432464 | 8208019 |
| Nexstar Media Group, Inc. | 59500 | 8904770 |
| Stagwell, Inc.<sup>A</sup> | 5192148 | 28972186 |
| TEGNA, Inc. | 469750 | 7624042 |
|  |  | 54951417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 63484407 |
| Consumer Discretionary - 10.76% |  |  |
| Automobile Components - 1.78% |  |  |
| Adient PLC<sup>A</sup> | 1114625 | 14100006 |
| American Axle & Manufacturing Holdings, Inc.<sup>A</sup> | 2151973 | 8220537 |
| BorgWarner, Inc. | 260332 | 7388222 |
| Gentherm, Inc.<sup>A</sup> | 408328 | 10620611 |
| Goodyear Tire & Rubber Co.<sup>A</sup> | 651726 | 7090779 |
| Lear Corp. | 133094 | 11412811 |
| Phinia, Inc. | 95440 | 3831916 |
|  |  | 62664882 |
| Automobiles - 0.20% |  |  |
| Thor Industries, Inc.<sup>B</sup> | 97256 | 7043279 |
| Diversified Consumer Services - 0.53% |  |  |
| Graham Holdings Co., Class B | 6750 | 6210337 |
| Laureate Education, Inc.<sup>A</sup> | 436010 | 8750721 |
| Perdoceo Education Corp. | 154180 | 3873002 |
|  |  | 18834060 |
| Hotels, Restaurants & Leisure - 2.77% |  |  |
| Cheesecake Factory, Inc. | 207344 | 10443917 |
| Dave & Buster's Entertainment, Inc.<sup>A</sup> <sup>B</sup> | 524126 | 10057978 |
| Golden Entertainment, Inc. | 241448 | 6205214 |
| International Game Technology PLC | 954363 | 15651553 |
| Krispy Kreme, Inc.<sup>B</sup> | 1833884 | 7518925 |
| Marriott Vacations Worldwide Corp. | 299688 | 16425899 |
| Papa John's International, Inc. | 652843 | 22542669 |
| Travel & Leisure Co. | 194940 | 8563714 |
|  |  | 97409869 |
| Household Durables - 1.94% |  |  |
| Century Communities, Inc. | 291715 | 15910136 |
| Dream Finders Homes, Inc., Class A<sup>A</sup> <sup>B</sup> | 83500 | 1892110 |
| Ethan Allen Interiors, Inc. | 46570 | 1323985 |
| Green Brick Partners, Inc.<sup>A</sup> | 130050 | 7671649 |
| KB Home | 164820 | 8905225 |
| Legacy Housing Corp.<sup>A</sup> | 50760 | 1234737 |
| M/I Homes, Inc.<sup>A</sup> | 63470 | 6770980 |
| Newell Brands, Inc. | 3721744 | 17789936 |
| Tri Pointe Homes, Inc.<sup>A</sup> | 218490 | 6718568 |
|  |  | 68217326 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Consumer Discretionary - 10.76% (continued) |  |  |
| Leisure Products - 0.41% |  |  |
| Brunswick Corp. | 154841 | $7130428 |
| YETI Holdings, Inc.<sup>A</sup> | 250805 | 7160483 |
|  |  | 14290911 |
| Specialty Retail - 3.04% |  |  |
| Academy Sports & Outdoors, Inc.<sup>B</sup> | 528919 | 19929668 |
| Asbury Automotive Group, Inc.<sup>A</sup> | 57430 | 12527780 |
| Boot Barn Holdings, Inc.<sup>A</sup> | 73643 | 7683911 |
| Buckle, Inc. | 149570 | 5199053 |
| Build-A-Bear Workshop, Inc. | 39280 | 1385798 |
| Genesco, Inc.<sup>A</sup> | 25800 | 500520 |
| Group 1 Automotive, Inc. | 27510 | 11103861 |
| Lithia Motors, Inc. | 53781 | 15744926 |
| ODP Corp.<sup>A</sup> | 338466 | 4630215 |
| Sally Beauty Holdings, Inc.<sup>A</sup> | 230070 | 1872770 |
| Sonic Automotive, Inc., Class A | 329752 | 20022541 |
| Upbound Group, Inc. | 104400 | 2077560 |
| Victoria's Secret & Co.<sup>A</sup> | 230600 | 4335280 |
|  |  | 107013883 |
| Textiles, Apparel & Luxury Goods - 0.09% |  |  |
| G-III Apparel Group Ltd.<sup>A</sup> | 128260 | 3234717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 378708927 |
| Consumer Staples - 2.66% |  |  |
| Consumer Staples Distribution & Retail - 0.25% |  |  |
| Ingles Markets, Inc., Class A | 42500 | 2621825 |
| SpartanNash Co. | 98960 | 1963366 |
| United Natural Foods, Inc.<sup>A</sup> | 124160 | 3316314 |
| Village Super Market, Inc., Class A | 20260 | 746581 |
|  |  | 8648086 |
| Food Products - 1.81% |  |  |
| B&G Foods, Inc. | 231300 | 1593657 |
| Darling Ingredients, Inc.<sup>A</sup> | 637695 | 20527402 |
| Fresh Del Monte Produce, Inc. | 140080 | 4764121 |
| Hain Celestial Group, Inc.<sup>A</sup> | 2400078 | 7296237 |
| J&J Snack Foods Corp. | 99503 | 12894594 |
| Lamb Weston Holdings, Inc. | 295572 | 15609157 |
| Seneca Foods Corp., Class A<sup>A</sup> | 12140 | 1088837 |
|  |  | 63774005 |
| Household Products - 0.36% |  |  |
| Central Garden & Pet Co., Class A<sup>A</sup> | 232822 | 6884546 |
| Energizer Holdings, Inc. | 210990 | 5705170 |
|  |  | 12589716 |
| Personal Products - 0.24% |  |  |
| Herbalife Ltd.<sup>A</sup> | 181980 | 1310256 |
| Interparfums, Inc. | 66929 | 7308647 |
|  |  | 8618903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 93630710 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Energy - 5.93% |  |  |
| Energy Equipment & Services - 2.00% |  |  |
| Atlas Energy Solutions, Inc.<sup>B</sup> | 1097811 | $14853383 |
| Bristow Group, Inc.<sup>A</sup> | 83660 | 2429486 |
| Expro Group Holdings NV<sup>A</sup> | 353761 | 2925603 |
| Helmerich & Payne, Inc. | 388848 | 7345339 |
| NOV, Inc. | 2499350 | 29017454 |
| Patterson-UTI Energy, Inc. | 1752386 | 9883457 |
| ProPetro Holding Corp.<sup>A</sup> | 196090 | 976528 |
| RPC, Inc. | 631500 | 2986995 |
|  |  | 70418245 |
| Oil, Gas & Consumable Fuels - 3.93% |  |  |
| APA Corp. | 478383 | 7434072 |
| California Resources Corp. | 210900 | 7278159 |
| CNX Resources Corp.<sup>A</sup> | 402200 | 11836746 |
| Core Natural Resources, Inc. | 61110 | 4412753 |
| Crescent Energy Co., Class A | 159667 | 1322043 |
| Delek U.S. Holdings, Inc. | 551996 | 7186988 |
| Gulfport Energy Corp.<sup>A</sup> | 46740 | 8062650 |
| HF Sinclair Corp. | 606772 | 18245634 |
| Infinity Natural Resources, Inc., Class A<sup>A</sup> | 409769 | 6289954 |
| Magnolia Oil & Gas Corp., Class A<sup>B</sup> | 364490 | 7482980 |
| Murphy Oil Corp. | 439900 | 9031147 |
| Northern Oil & Gas, Inc. | 580868 | 14115092 |
| Riley Exploration Permian, Inc. | 62810 | 1550151 |
| Sitio Royalties Corp., Class A | 628412 | 10657867 |
| SM Energy Co. | 556714 | 12687512 |
| Vital Energy, Inc.<sup>A</sup> | 468750 | 6646875 |
| World Kinect Corp. | 165920 | 4162933 |
|  |  | 138403556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 208821801 |
| Financials - 21.31% |  |  |
| Banks - 13.08% |  |  |
| Amalgamated Financial Corp. | 36990 | 1041638 |
| Ameris Bancorp | 99990 | 5859414 |
| Arrow Financial Corp. | 1200 | 29436 |
| Associated Banc-Corp. | 517338 | 11412476 |
| Atlantic Union Bankshares Corp. | 560458 | 15524687 |
| Axos Financial, Inc.<sup>A</sup> | 90520 | 5746210 |
| Banc of California, Inc. | 11600 | 156368 |
| Bank OZK | 166260 | 7082676 |
| BankUnited, Inc. | 33780 | 1104944 |
| Banner Corp. | 222676 | 13614411 |
| Bar Harbor Bankshares | 20630 | 611473 |
| Bridgewater Bancshares, Inc.<sup>A</sup> | 2000 | 30780 |
| Business First Bancshares, Inc. | 29370 | 676978 |
| Byline Bancorp, Inc. | 65910 | 1683341 |
| Capitol Federal Financial, Inc. | 9700 | 54999 |
| Cathay General Bancorp | 107660 | 4488345 |
| Central Pacific Financial Corp. | 11310 | 290554 |
| City Holding Co. | 120886 | 14007061 |
| Civista Bancshares, Inc. | 1100 | 24761 |
| Coastal Financial Corp.<sup>A</sup> | 86757 | 7127088 |
| Columbia Banking System, Inc. | 488519 | 10952596 |
| Community Financial System, Inc. | 220487 | 12036385 |
| Community Trust Bancorp, Inc. | 26860 | 1315066 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Financials - 21.31% (continued) |  |  |
| Banks - 13.08% (continued) |  |  |
| Community West Bancshares | 1400 | $24500 |
| Customers Bancorp, Inc.<sup>A</sup> | 47280 | 2364000 |
| Eastern Bankshares, Inc. | 133393 | 1990224 |
| Enterprise Financial Services Corp. | 48140 | 2504243 |
| Equity Bancshares, Inc., Class A | 1300 | 50037 |
| Farmers National Banc Corp. | 54970 | 716809 |
| FB Financial Corp. | 67560 | 2875354 |
| Financial Institutions, Inc. | 1500 | 38085 |
| First Bancorp/Southern Pines NC | 361827 | 14639520 |
| First Busey Corp. | 129110 | 2684197 |
| First Commonwealth Financial Corp. | 154170 | 2361884 |
| First Financial Bancorp | 137510 | 3183356 |
| First Financial Corp. | 900 | 44460 |
| First Hawaiian, Inc. | 1087663 | 24863976 |
| First Merchants Corp. | 26990 | 961924 |
| FNB Corp. | 517940 | 6779835 |
| Fulton Financial Corp. | 237610 | 3963335 |
| Glacier Bancorp, Inc. | 216214 | 8812883 |
| Great Southern Bancorp, Inc. | 17630 | 969650 |
| Hancock Whitney Corp. | 57960 | 3019136 |
| Hanmi Financial Corp. | 2200 | 50314 |
| Heritage Commerce Corp. | 4500 | 40680 |
| Hilltop Holdings, Inc. | 103140 | 3045724 |
| HomeTrust Bancshares, Inc. | 26250 | 896175 |
| Hope Bancorp, Inc. | 53900 | 537383 |
| Horizon Bancorp, Inc. | 3200 | 46976 |
| Independent Bank Corp. | 334199 | 19341559 |
| International Bancshares Corp. | 93510 | 5707850 |
| Kearny Financial Corp. | 4700 | 29422 |
| Live Oak Bancshares, Inc. | 713470 | 18650106 |
| Mercantile Bank Corp. | 24040 | 1017132 |
| Mid Penn Bancorp, Inc. | 1400 | 40670 |
| Midland States Bancorp, Inc. | 31180 | 507610 |
| MidWestOne Financial Group, Inc. | 1500 | 41610 |
| National Bank Holdings Corp., Class A | 315432 | 11406021 |
| NBT Bancorp, Inc. | 260926 | 11047607 |
| Nicolet Bankshares, Inc. | 11370 | 1328130 |
| Northeast Community Bancorp, Inc. | 1000 | 22760 |
| Northfield Bancorp, Inc. | 3100 | 32705 |
| Northwest Bancshares, Inc. | 152300 | 1880905 |
| OceanFirst Financial Corp. | 26100 | 432216 |
| Old Second Bancorp, Inc. | 65710 | 1037561 |
| Origin Bancorp, Inc. | 19780 | 633751 |
| Pacific Premier Bancorp, Inc. | 43520 | 885197 |
| Pathward Financial, Inc. | 37780 | 2998599 |
| Peapack-Gladstone Financial Corp. | 1300 | 35984 |
| Peoples Bancorp, Inc. | 53400 | 1549134 |
| Preferred Bank | 22610 | 1805635 |
| Prosperity Bancshares, Inc. | 166771 | 11323751 |
| Provident Financial Services, Inc. | 109160 | 1786949 |
| QCR Holdings, Inc. | 25270 | 1641286 |
| Renasant Corp. | 973295 | 31213571 |
| S&T Bancorp, Inc. | 55180 | 2010759 |
| Seacoast Banking Corp. of Florida | 1184528 | 28085159 |
| ServisFirst Bancshares, Inc. | 109427 | 7793391 |
| Shore Bancshares, Inc. | 2400 | 33192 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Financials - 21.31% (continued) |  |  |
| Banks - 13.08% (continued) |  |  |
| Sierra Bancorp | 1000 | $26460 |
| Simmons First National Corp., Class A | 857817 | 16006865 |
| SmartFinancial, Inc. | 16230 | 493717 |
| Southern Missouri Bancorp, Inc. | 16820 | 885573 |
| Southside Bancshares, Inc. | 2200 | 62018 |
| Stellar Bancorp, Inc. | 24000 | 599040 |
| Synovus Financial Corp. | 62674 | 2715038 |
| Texas Capital Bancshares, Inc.<sup>A</sup> | 429476 | 29268789 |
| Third Coast Bancshares, Inc.<sup>A</sup> | 1000 | 29800 |
| Towne Bank | 33800 | 1113710 |
| Triumph Financial, Inc.<sup>A</sup> | 318130 | 16994505 |
| TrustCo Bank Corp. | 24540 | 747243 |
| Trustmark Corp. | 14490 | 486139 |
| United Bankshares, Inc. | 83960 | 2878988 |
| United Community Banks, Inc. | 73950 | 2041759 |
| Univest Financial Corp. | 2100 | 62034 |
| Veritex Holdings, Inc. | 24500 | 570360 |
| WaFd, Inc. | 156613 | 4468169 |
| Washington Trust Bancorp, Inc. | 1400 | 38640 |
| WesBanco, Inc. | 26580 | 791552 |
| Westamerica BanCorp | 217513 | 10534155 |
| WSFS Financial Corp. | 57560 | 2967218 |
|  |  | 460438341 |
| Capital Markets - 1.45% |  |  |
| Acadian Asset Management, Inc. | 27100 | 730074 |
| Affiliated Managers Group, Inc. | 10300 | 1705989 |
| Artisan Partners Asset Management, Inc., Class A | 51200 | 1893376 |
| Evercore, Inc., Class A | 11500 | 2360835 |
| Federated Hermes, Inc. | 103010 | 4183236 |
| Oppenheimer Holdings, Inc., Class A | 16390 | 967174 |
| Perella Weinberg Partners | 106801 | 1833773 |
| Piper Sandler Cos. | 59010 | 14228491 |
| Stifel Financial Corp. | 186982 | 16022488 |
| Victory Capital Holdings, Inc., Class A | 99410 | 5695199 |
| Virtus Investment Partners, Inc. | 8870 | 1362343 |
|  |  | 50982978 |
| Consumer Finance - 1.05% |  |  |
| Bread Financial Holdings, Inc. | 75960 | 3604302 |
| Encore Capital Group, Inc.<sup>A</sup> | 35440 | 1219136 |
| Enova International, Inc.<sup>A</sup> | 46520 | 4270071 |
| EZCORP, Inc., Class A<sup>A</sup> | 78210 | 1280298 |
| Green Dot Corp., Class A<sup>A</sup> | 67400 | 564138 |
| LendingClub Corp.<sup>A</sup> | 141120 | 1378742 |
| Navient Corp. | 202380 | 2505465 |
| Nelnet, Inc., Class A | 26370 | 2797593 |
| PRA Group, Inc.<sup>A</sup> | 49660 | 908778 |
| Regional Management Corp. | 5026 | 165506 |
| SLM Corp. | 621547 | 17968924 |
| World Acceptance Corp.<sup>A</sup> | 4200 | 542304 |
|  |  | 37205257 |
| Financial Services - 2.37% |  |  |
| Burford Capital Ltd. | 1432380 | 19451720 |
| Euronet Worldwide, Inc.<sup>A</sup> | 39644 | 3928720 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Financials - 21.31% (continued) |  |  |
| Financial Services - 2.37% (continued) |  |  |
| HA Sustainable Infrastructure Capital, Inc. | 662094 | $16539108 |
| Merchants Bancorp | 41120 | 1236890 |
| NMI Holdings, Inc.<sup>A</sup> | 124299 | 4495895 |
| PennyMac Financial Services, Inc. | 75390 | 7346002 |
| Radian Group, Inc. | 237550 | 7587347 |
| Walker & Dunlop, Inc. | 80853 | 6188489 |
| Western Union Co. | 244700 | 2424977 |
| WEX, Inc.<sup>A</sup> | 110166 | 14362341 |
|  |  | 83561489 |
| Insurance - 3.36% |  |  |
| American Coastal Insurance Corp. | 60220 | 688315 |
| AMERISAFE, Inc. | 135007 | 6276475 |
| Assured Guaranty Ltd. | 88380 | 7753577 |
| Baldwin Insurance Group, Inc.<sup>A</sup> | 311558 | 12967044 |
| Brighthouse Financial, Inc.<sup>A</sup> | 99110 | 5770184 |
| CNO Financial Group, Inc. | 132630 | 5031982 |
| Donegal Group, Inc., Class A<sup>B</sup> | 40120 | 776322 |
| Employers Holdings, Inc. | 39630 | 1925622 |
| Enstar Group Ltd.<sup>A</sup> | 12666 | 4235637 |
| First American Financial Corp. | 122944 | 7476225 |
| Genworth Financial, Inc.<sup>A</sup> | 707270 | 4851872 |
| Global Indemnity Group LLC, Class A | 315604 | 9108331 |
| Heritage Insurance Holdings, Inc.<sup>A</sup> | 14800 | 279720 |
| Horace Mann Educators Corp. | 534901 | 22219788 |
| Kemper Corp. | 341642 | 20197875 |
| Mercury General Corp. | 19400 | 1075148 |
| ProAssurance Corp.<sup>A</sup> | 64400 | 1494724 |
| United Fire Group, Inc. | 18600 | 514662 |
| Universal Insurance Holdings, Inc. | 35690 | 865126 |
| White Mountains Insurance Group Ltd. | 2650 | 4683743 |
|  |  | 118192372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 750380437 |
| Health Care - 3.31% |  |  |
| Health Care Equipment & Supplies - 1.47% |  |  |
| CONMED Corp. | 255576 | 12551337 |
| Embecta Corp. | 135650 | 1653573 |
| LivaNova PLC<sup>A</sup> | 275200 | 10182400 |
| Merit Medical Systems, Inc.<sup>A</sup> | 148577 | 14033098 |
| Solventum Corp.<sup>A</sup> | 203709 | 13469239 |
|  |  | 51889647 |
| Health Care Providers & Services - 0.20% |  |  |
| Fulgent Genetics, Inc.<sup>A</sup> | 90200 | 1564970 |
| Premier, Inc., Class A | 266900 | 5431415 |
|  |  | 6996385 |
| Pharmaceuticals - 1.64% |  |  |
| Collegium Pharmaceutical, Inc.<sup>A</sup> | 93880 | 2534291 |
| Organon & Co. | 914470 | 11824097 |
| Perrigo Co. PLC | 1014816 | 26101068 |
| Prestige Consumer Healthcare, Inc.<sup>A</sup> | 173554 | 14097791 |
| SIGA Technologies, Inc. | 551056 | 3041829 |
|  |  | 57599076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 116485108 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Industrials - 19.46% |  |  |
| Aerospace & Defense - 1.68% |  |  |
| AAR Corp.<sup>A</sup> | 274146 | $14655845 |
| AerSale Corp.<sup>A</sup> | 155500 | 1083835 |
| ATI, Inc.<sup>A</sup> | 377079 | 20505556 |
| Ducommun, Inc.<sup>A</sup> | 22130 | 1268492 |
| Kratos Defense & Security Solutions, Inc.<sup>A</sup> | 216798 | 7324520 |
| Moog, Inc., Class A | 84766 | 14177114 |
|  |  | 59015362 |
| Building Products - 1.45% |  |  |
| AZZ, Inc. | 127529 | 11064416 |
| Gibraltar Industries, Inc.<sup>A</sup> | 356026 | 18851577 |
| Hayward Holdings, Inc.<sup>A</sup> | 265832 | 3543541 |
| Masterbrand, Inc.<sup>A</sup> | 293230 | 3562744 |
| Quanex Building Products Corp. | 505771 | 8314875 |
| Resideo Technologies, Inc.<sup>A</sup> | 345560 | 5798497 |
|  |  | 51135650 |
| Commercial Services & Supplies - 1.87% |  |  |
| ACCO Brands Corp. | 216850 | 837041 |
| Brink's Co. | 92880 | 8288611 |
| Deluxe Corp. | 666411 | 9729601 |
| Enviri Corp.<sup>A</sup> | 1953867 | 13423066 |
| Interface, Inc. | 1059163 | 19912264 |
| MillerKnoll, Inc. | 592360 | 9714704 |
| Quad/Graphics, Inc. | 452975 | 2160691 |
| Steelcase, Inc., Class A | 196790 | 1952157 |
|  |  | 66018135 |
| Construction & Engineering - 1.64% |  |  |
| Everus Construction Group, Inc.<sup>A</sup> | 342383 | 13777492 |
| Fluor Corp.<sup>A</sup> | 437074 | 15249512 |
| Great Lakes Dredge & Dock Corp.<sup>A</sup> | 157100 | 1428039 |
| Northwest Pipe Co.<sup>A</sup> | 23300 | 986988 |
| Tutor Perini Corp.<sup>A</sup> | 154060 | 3306127 |
| WillScot Holdings Corp. | 911074 | 22886179 |
|  |  | 57634337 |
| Electrical Equipment - 1.26% |  |  |
| EnerSys | 311539 | 26979278 |
| NEXTracker, Inc., Class A<sup>A</sup> | 87300 | 3545253 |
| Regal Rexnord Corp. | 64580 | 6835147 |
| Thermon Group Holdings, Inc.<sup>A</sup> | 269522 | 7069562 |
|  |  | 44429240 |
| Ground Transportation - 1.66% |  |  |
| ArcBest Corp. | 173328 | 10143154 |
| Covenant Logistics Group, Inc. | 31280 | 622472 |
| Heartland Express, Inc. | 181000 | 1375600 |
| Schneider National, Inc., Class B<sup>B</sup> | 382091 | 8211136 |
| U-Haul Holding Co. | 388384 | 21283443 |
| Werner Enterprises, Inc. | 682206 | 16823200 |
|  |  | 58459005 |
| Machinery - 4.80% |  |  |
| Alamo Group, Inc. | 82581 | 13789375 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Industrials - 19.46% (continued) |  |  |
| Machinery - 4.80% (continued) |  |  |
| Astec Industries, Inc. | 52640 | $1907147 |
| Atmus Filtration Technologies, Inc. | 134154 | 4651119 |
| Blue Bird Corp.<sup>A</sup> | 366486 | 12779367 |
| Enerpac Tool Group Corp. | 741586 | 29937827 |
| Flowserve Corp. | 234521 | 10607385 |
| Greenbrier Cos., Inc. | 227896 | 9667348 |
| Helios Technologies, Inc. | 482979 | 13166008 |
| Hillman Solutions Corp.<sup>A</sup> | 1283400 | 8970966 |
| Kennametal, Inc. | 749971 | 14609435 |
| Miller Industries, Inc. | 154805 | 6317592 |
| Park-Ohio Holdings Corp. | 29280 | 582965 |
| Standex International Corp. | 131334 | 18573254 |
| Stanley Black & Decker, Inc. | 72300 | 4339446 |
| Timken Co. | 277789 | 17847943 |
| Titan International, Inc.<sup>A</sup> | 184700 | 1357545 |
|  |  | 169104722 |
| Marine Transportation - 0.96% |  |  |
| Kirby Corp.<sup>A</sup> | 263145 | 25359284 |
| Matson, Inc. | 76800 | 8378112 |
|  |  | 33737396 |
| Passenger Airlines - 0.31% |  |  |
| Allegiant Travel Co. | 53600 | 2515448 |
| SkyWest, Inc.<sup>A</sup> | 94200 | 8399814 |
|  |  | 10915262 |
| Professional Services - 1.19% |  |  |
| Heidrick & Struggles International, Inc. | 38320 | 1495246 |
| Hudson Global, Inc.<sup>A</sup> | 54281 | 546609 |
| ManpowerGroup, Inc. | 206140 | 8878450 |
| Robert Half, Inc. | 373173 | 16531564 |
| Verra Mobility Corp.<sup>A</sup> | 658961 | 14365350 |
|  |  | 41817219 |
| Trading Companies & Distributors - 2.64% |  |  |
| Air Lease Corp. | 212560 | 9939306 |
| BlueLinx Holdings, Inc.<sup>A</sup> | 16940 | 1103472 |
| Boise Cascade Co. | 219033 | 20431398 |
| DNOW, Inc.<sup>A</sup> | 1355210 | 21507183 |
| GMS, Inc.<sup>A</sup> | 250399 | 18344231 |
| MSC Industrial Direct Co., Inc., Class A<sup>B</sup> | 175330 | 13409238 |
| Rush Enterprises, Inc., Class A | 139953 | 7136203 |
| Titan Machinery, Inc.<sup>A</sup> | 67600 | 1121484 |
|  |  | 92992515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 685258843 |
| Information Technology - 9.83% |  |  |
| Communications Equipment - 3.84% |  |  |
| Ciena Corp.<sup>A</sup> | 422391 | 28367780 |
| Extreme Networks, Inc.<sup>A</sup> | 1218160 | 16030986 |
| F5, Inc.<sup>A</sup> | 215796 | 57129833 |
| Lumentum Holdings, Inc.<sup>A</sup> | 424013 | 25033727 |
| NETGEAR, Inc.<sup>A</sup> | 60250 | 1453230 |
| Viavi Solutions, Inc.<sup>A</sup> | 699111 | 7396594 |
|  |  | 135412150 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Information Technology - 9.83% (continued) |  |  |
| Electronic Equipment, Instruments & Components - 3.55% |  |  |
| Arrow Electronics, Inc.<sup>A</sup> | 46813 | $5213096 |
| Avnet, Inc. | 920195 | 43239963 |
| Benchmark Electronics, Inc. | 67870 | 2207811 |
| Coherent Corp.<sup>A</sup> | 453809 | 29188995 |
| Knowles Corp.<sup>A</sup> | 1353598 | 21305632 |
| ScanSource, Inc.<sup>A</sup> | 49940 | 1647521 |
| TTM Technologies, Inc.<sup>A</sup> | 193000 | 3863860 |
| Vishay Intertechnology, Inc. | 1258021 | 16341693 |
| Vontier Corp. | 64600 | 2054926 |
|  |  | 125063497 |
| IT Services - 0.44% |  |  |
| ASGN, Inc.<sup>A</sup> | 176017 | 8867736 |
| DXC Technology Co.<sup>A</sup> | 423100 | 6566512 |
|  |  | 15434248 |
| Semiconductors & Semiconductor Equipment - 1.41% |  |  |
| Cohu, Inc.<sup>A</sup> | 821123 | 13137968 |
| Diodes, Inc.<sup>A</sup> | 436342 | 16755533 |
| Rambus, Inc.<sup>A</sup> | 207342 | 10116216 |
| Veeco Instruments, Inc.<sup>A</sup> | 522238 | 9765851 |
|  |  | 49775568 |
| Software - 0.44% |  |  |
| Adeia, Inc. | 203300 | 2502623 |
| BlackLine, Inc.<sup>A</sup> | 231964 | 10955660 |
| Consensus Cloud Solutions, Inc.<sup>A</sup> | 57040 | 1132815 |
| Xperi, Inc.<sup>A</sup> | 105360 | 778610 |
|  |  | 15369708 |
| Technology Hardware, Storage & Peripherals - 0.15% |  |  |
| Diebold Nixdorf, Inc.<sup>A</sup> <sup>B</sup> | 84460 | 3744112 |
| Eastman Kodak Co.<sup>A</sup> | 236040 | 1484691 |
|  |  | 5228803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 346283974 |
| Materials - 6.92% |  |  |
| Chemicals - 3.98% |  |  |
| AdvanSix, Inc. | 78160 | 1674187 |
| Ashland, Inc. | 167021 | 9084272 |
| Avient Corp. | 208867 | 6957360 |
| Ecovyst, Inc.<sup>A</sup> | 2267598 | 13560236 |
| Hawkins, Inc. | 111543 | 13583706 |
| Huntsman Corp. | 779226 | 10371498 |
| Innospec, Inc. | 75923 | 6793590 |
| Intrepid Potash, Inc.<sup>A</sup> | 38700 | 1278648 |
| NewMarket Corp. | 20800 | 12798240 |
| Olin Corp. | 783822 | 16946232 |
| Quaker Chemical Corp.<sup>B</sup> | 74044 | 7844221 |
| Rayonier Advanced Materials, Inc.<sup>A</sup> | 154020 | 656125 |
| Scotts Miracle-Gro Co. | 162353 | 8179344 |
| Sensient Technologies Corp. | 101385 | 9525121 |
| Stepan Co. | 413503 | 20906712 |
|  |  | 140159492 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Materials - 6.92% (continued) |  |  |
| Containers & Packaging - 0.99% |  |  |
| Greif, Inc., Class A | 295292 | $15496924 |
| Sealed Air Corp. | 327300 | 9020388 |
| Silgan Holdings, Inc. | 7421 | 383295 |
| Sonoco Products Co. | 243853 | 9997973 |
|  |  | 34898580 |
| Metals & Mining - 1.75% |  |  |
| Constellium SE<sup>A</sup> | 80581 | 814674 |
| Elah Holdings, Inc.<sup>A</sup> | 3122 | 55416 |
| Ferroglobe PLC | 2806770 | 9795627 |
| Kaiser Aluminum Corp. | 333155 | 21475171 |
| Materion Corp. | 244541 | 20299349 |
| Ryerson Holding Corp. | 93100 | 2176678 |
| SunCoke Energy, Inc. | 196950 | 1784367 |
| Warrior Met Coal, Inc. | 109870 | 5253983 |
|  |  | 61655265 |
| Paper & Forest Products - 0.20% |  |  |
| Sylvamo Corp. | 119060 | 7098357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 243811694 |
| Real Estate - 5.73% |  |  |
| Health Care REITs - 0.33% |  |  |
| Healthcare Realty Trust, Inc. | 756326 | 11745743 |
| Hotel & Resort REITs - 0.20% |  |  |
| Sunstone Hotel Investors, Inc. | 849316 | 7083295 |
| Industrial REITs - 0.61% |  |  |
| Americold Realty Trust, Inc. | 414066 | 8008037 |
| Plymouth Industrial REIT, Inc. | 902375 | 13418316 |
|  |  | 21426353 |
| Office REITs - 0.39% |  |  |
| COPT Defense Properties | 522808 | 13650517 |
| Real Estate Management & Development - 1.03% |  |  |
| Howard Hughes Holdings, Inc.<sup>A</sup> | 72250 | 4806792 |
| Jones Lang LaSalle, Inc.<sup>A</sup> | 109656 | 24936871 |
| RMR Group, Inc., Class A | 143045 | 2099900 |
| Seritage Growth Properties, Class A<sup>A</sup> <sup>B</sup> | 1010283 | 2990438 |
| Tejon Ranch Co.<sup>A</sup> | 78490 | 1328836 |
|  |  | 36162837 |
| Retail REITs - 1.71% |  |  |
| Acadia Realty Trust | 516474 | 9864653 |
| Agree Realty Corp. | 174584 | 13549464 |
| NETSTREIT Corp.<sup>B</sup> | 834482 | 13577022 |
| NNN REIT, Inc. | 238634 | 9810244 |
| Urban Edge Properties | 738796 | 13350044 |
|  |  | 60151427 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 91.55% (continued) |  |  |
| Real Estate - 5.73% (continued) |  |  |
| Specialized REITs - 1.46% |  |  |
| Four Corners Property Trust, Inc. | 488879 | $13664168 |
| PotlatchDeltic Corp. | 983717 | 37764896 |
|  |  | 51429064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 201649236 |
| Utilities - 3.84% |  |  |
| Electric Utilities - 1.52% |  |  |
| IDACORP, Inc. | 125876 | 14864697 |
| OGE Energy Corp. | 310349 | 14083638 |
| Otter Tail Corp. | 17550 | 1393119 |
| Portland General Electric Co. | 221240 | 9318629 |
| TXNM Energy, Inc. | 259963 | 13830031 |
|  |  | 53490114 |
| Gas Utilities - 0.63% |  |  |
| MDU Resources Group, Inc. | 1058181 | 18137222 |
| Northwest Natural Holding Co. | 92790 | 3999249 |
|  |  | 22136471 |
| Multi-Utilities - 1.69% |  |  |
| Avista Corp. | 645345 | 26762457 |
| Black Hills Corp. | 236280 | 14389452 |
| Northwestern Energy Group, Inc. | 314593 | 18318751 |
|  |  | 59470660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 135097245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $3,327,347,545) |  | 3223612382 |
| FOREIGN COMMON STOCKS - 3.49% |  |  |
| Consumer Staples - 0.23% |  |  |
| Food Products - 0.23% |  |  |
| SunOpta, Inc.<sup>A</sup> | 1855828 | 8017177 |
| Energy - 0.25% |  |  |
| Oil, Gas & Consumable Fuels - 0.25% |  |  |
| Baytex Energy Corp. | 1762615 | 2714427 |
| Kosmos Energy Ltd.<sup>A</sup> | 3928207 | 6049439 |
|  |  | 8763866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 8763866 |
| Financials - 2.28% |  |  |
| Banks - 2.14% |  |  |
| Bank of NT Butterfield & Son Ltd. | 548227 | 22027761 |
| First BanCorp | 124940 | 2453822 |
| OFG Bancorp | 659611 | 25955693 |
| Popular, Inc. | 259517 | 24763112 |
|  |  | 75200388 |
| Insurance - 0.14% |  |  |
| Hamilton Insurance Group Ltd., Class B<sup>A</sup> | 48000 | 888000 |
| SiriusPoint Ltd.<sup>A</sup> | 247720 | 4161696 |
|  |  | 5049696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 80250084 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Schedule of Investments

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 3.49% (continued) |  |  |
| Information Technology - 0.73% |  |  |
| Semiconductors & Semiconductor Equipment - 0.73% |  |  |
| Tower Semiconductor Ltd.<sup>A</sup> | 718839 | $25720059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks (Cost $88,459,482) |  | 122751186 |
| SHORT-TERM INVESTMENTS - 3.63% (Cost $127,944,556) |  |  |
| Investment Companies - 3.63% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25%<sup>C D</sup> | 127944556 | 127944556 |
| SECURITIES LENDING COLLATERAL - 0.27% (Cost $9,384,016) |  |  |
| Investment Companies - 0.27% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.25%<sup>C D</sup> | 9384016 | 9384016 |
|  TOTAL INVESTMENTS - 98.94% (Cost $3,553,135,599) |  | 3483692140 |
|  OTHER ASSETS, NET OF LIABILITIES - 1.06% |  | 37231893 |
|  TOTAL NET ASSETS - 100.00% |  | $3520924033 |
| 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 April 30, 2025 (Note 9).

<sup>C</sup> The Fund is affiliated by having the same investment advisor.

<sup>D</sup> 7-day yield.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 2025: | Long Futures Contracts Open on April 30, 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 | 1751 | June 2025 | $169771774 | $172455990 | $2684216 |
|  |  |  | $169771774 | $172455990 | $2684216 |

---

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Index Abbreviations: | Index Abbreviations: |
| Russell 2000 | 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 April 30, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Value Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $3223612382 | $– | $– | $3223612382 |
|  Foreign Common Stocks | 122751186 |  |  | 122751186 |
|  Short-Term Investments | 127944556 |  |  | 127944556 |
|  Securities Lending Collateral | 9384016 |  |  | 9384016 |
|  Total Investments in Securities - Assets | $3483692140 | $– | $– | $3483692140 |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** |
|  Futures Contracts | $2684216 | $– | $– | $2684216 |
|  Total Financial Derivative Instruments - Assets | $2684216 | $– | $– | $2684216 |

---

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

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Statement of Assets and Liabilities

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>† §</sup> | $3346363568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡</sup> | 137328572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 204315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts | 20859000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 29076816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 6533944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 3670039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) | 2687824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 69327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3546793405 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 4859745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 4575995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts | 4056154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 2196794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 83565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 104160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned (Note 9)<sup>§</sup> | 9384016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 272122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 76538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 9960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 198194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 52129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 25869372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |
|  Net assets | $3520924033 |
|  Analysis of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $3396728298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 124195735 |
|  Net assets | $3520924033 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 70581319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 14885447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 9988399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 829877 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 2282011 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 214516 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 69639987 |
|  Net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $1487549759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $306071299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $197092150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $16070088 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $43544419 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $3756883 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $1466839435 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $21.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $20.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $19.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | $19.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $19.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $20.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $17.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $21.06 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $3415807027 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $137328572 |
|  <sup>§</sup> Fair value of securities on loan | $64628797 |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Statement of Operations

For the period ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities (net of foreign taxes)<sup>†</sup> | $41051846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 3424156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 291116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) | 82612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 44849730 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 14783348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 315759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 204185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 16675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 43262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 258388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 166241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 59789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 425920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 24062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 46023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 24022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 61634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 26112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 194994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 188714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 28373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 276517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17154909 |
|  Net investment income | 27694821 |
|  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> | 281080736 |
| &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) | 41452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (20720776) |
| &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> | (867015906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4410534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (loss) from investments | (590862432) |
|  Net decrease in net assets resulting from operations | $(563167611) |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes | $193944 |
| &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 period 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 period end. |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Statement of Changes in Net Assets

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| | | |
|:---|:---|:---|
|  | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | |
|  Increase (decrease) in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $27694821 | $56759335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts | 271742940 | 315143451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts | (862605372) | 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 (decrease) in net assets resulting from operations | (563167611) | 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 | 357439631 | 828352969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 331474161 | 214480906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (856167360) | (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 increase (decrease) in net assets from capital share transactions | (167253568) | (391469417) |
|  Net increase (decrease) in net assets | (1081800911) | 490157344 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4602724944 | 4112567600 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3520924033 | $4602724944 |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

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

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

Recently Adopted Accounting Pronouncements

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

Class Disclosure

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

---

| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<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 |

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| A Class | All investors who invest through intermediary organizations, such as broker-dealers or third party administrator. Retail investors who invest directly through a financial intermediary such as a broker, bank, or registered investment advisor which may include a front-end sales charge and a contingent deferred sales charge ("CDSC"). | $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.

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

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

a portion of the commission back to the Fund. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Fund. This amount is reported with the net realized gain (loss) in the Fund's Statement of Operations, if applicable.

Allocation of Income, Trust Expenses, Gains, and Losses

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

Use of Estimates

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

Other

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

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

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

---

| | |
|:---|:---|
|  First $15 billion | 0.35% |
|  Next $15 billion | 0.325% |
|  Over $30 billion | 0.3% |

---

The Trust, on behalf of the Fund, and the Manager have entered into Investment Advisory Agreements with Barrow, Hanley, Mewhinney & Strauss, LLC; Brandywine Global Investment Management, LLC; DePrince, Race & Zollo, Inc.; Hotchkis and Wiley Capital Management, LLC; and Westwood Management Corp., ("Sub-Advisors") pursuant to which the Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on the Fund's average daily net assets.

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

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $7396258 |
|  Sub-Advisory Fees | 0.35% | 7387090 |
|  Total | 0.70% | $14783348 |

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in "Income derived from securities lending" and "Management and sub-advisory fees" on the Statement of Operations. During the period ended April 30, 2025, the Manager received securities lending fees of $6,671 for the securities lending activities of the Fund.

Distribution Plans

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

Service Plans

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

Sub-Transfer Agent Fees

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

---

| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  Small Cap Value | $465115 |

---

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

---

| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  Small Cap Value | $61725 |

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Brokerage Commissions

Affiliated entities of a sub-advisor to the Fund received commissions on purchases and sales of the Fund's portfolio securities totaling $40,794 for the period ended April 30, 2025.

Investments in Affiliated Funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | April 30,<br>2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized<br>Gain<br>(Loss) | Dividend<br>Income | April 30,<br>2025<br>Fair Value |
| U.S. Government Money Market Select | Direct | Small Cap<br>Value | $127944556 | $– $|  | $3424156 | $127944556 |
| U.S. Government Money Market Select | Securities Lending | Small Cap<br>Value | 9384016 | – |  | N/A | 9384016 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in USG<br>Select Fund | Total |
|  Small Cap Value | $79589 | $4769 | $84358 |

---

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC"), the Fund, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager's asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended April 30, 2025, the Fund participated as a lender by loaning an average amount of $8,278,038 for 39 days at an average interest rate of 5.21% with interest charges earned of $58,450. This amount is included in "Interest income" on the Statement of Operations. During the period ended April 30, 2025, the Fund did not borrow from the credit facility.

Expense Reimbursement Plan

The Fund has adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Fund for any contractual or voluntary fee reductions or expense reimbursements if

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

reimbursement to the Manager (a) occurs within three years from the date of the Manager's waiver/reimbursement and (b) does not cause the Fund's annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or time of recoupment. During the period ended April 30, 2025 there were no waived fees, expenses reimbursed, or recouped expenses, and no commitment or contingent liability is expected.

Sales Commissions

The Fund's Distributor, Resolute Investment Distributors, Inc. ("RID" or "Distributor"), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended April 30, 2025, RID collected $2,129 from the sale of A Class Shares of the Fund.

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

A CDSC of 1.00% will be deducted with respect to C Class Shares redeemed within 12 months of purchase, unless waived as discussed in the Fund's Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended April 30, 2025, CDSC fees of $6 were collected for C Class Shares of the Fund.

Trustee Fees and Expenses

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

3. Security Valuation and Fair Value Measurements

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

The NAV of each class of the Fund's shares is determined based on a pro rata allocation of the Fund's investment income, expenses and total capital gains and losses. The Fund's NAV per share is determined each business day as of the regular close of trading on the New York Stock Exchange ("NYSE" or "Exchange"), which is

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

typically 4:00 p.m. Eastern Time ("ET"). However, if trading on the NYSE closes at a time other than 4:00 p.m. ET, the Fund's NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Fund does not price its shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when the Fund is not open for business, which may result in the value of the Fund's portfolio investments being affected at a time when you are unable to buy or sell shares.

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

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

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

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

The Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund's pricing time of 4:00 p.m. ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. If the Manager determines that the last quoted prices of non-U.S. securities will, in its judgment, materially affect the value of some or all the Fund's portfolio securities, the Manager can adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. These securities are fair valued using a pricing service, using methods approved by the Manager, that considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts ("ADRs") and futures contracts. The Manager's Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. The Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day's opening prices in the same markets and adjusted prices.

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

Valuation Inputs

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

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

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

4. Securities and Other Investments

Common Stock

Common stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company's common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company's products or

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

services. A stock's value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company's stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company's common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

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

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

Other Investment Company Securities and Other Exchange-Traded Products

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

Publicly Traded Partnerships/Master Limited Partnerships ("MLPs")

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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Real Estate Investment Trusts ("REITs")

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

5. Financial Derivative Instruments

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

Futures Contracts

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

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

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

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| | |
|:---|:---|
| Average Futures Contracts Outstanding | Average Futures Contracts Outstanding |
| Fund | Period Ended April 30, 2025 |
|  Small Cap Value | 1650 |

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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 April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 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 |  |
| Liabilities: | 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> | $- | $- | $- | $- | $2684216 | $2684216 |

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of April 30, 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 | $- | $- | $- | $- | $(20720776) | $(20720776) |
| 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 | $- | $- | $- | $- | $4410534 | $4410534 |

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

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of April 30, 2025:** |  |  |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)</sup> | $2684216 | $- |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $2684216 | $- |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(2684216) | $- |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 | Remaining Contractual Maturity of the Agreements<br>As of April 30, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $9384016 | $- | $- | $- | $9384016 |
|  Total Borrowings | $9384016 | $- | $- | $- | $9384016 |
|  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 | $9384016 |

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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.

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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. The issuers of the Fund's investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund's investments, leading to significant loss of value.

Environmental, Social, and/or Governance Investing Risk

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

Equity Investments Risk

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

Foreign Exposure Risk

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

Futures Contracts Risk

Futures contracts are derivative instruments where one party pays a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There can be no assurance that any strategy used will succeed. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund has previously bought or sold and this may result in the inability to close a futures

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). Futures contracts on indices expose the Fund to volatility in an underlying index. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways.

Market Risk

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

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

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

Multiple Sub-Advisor Risk

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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

Other Investment Companies Risk

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

Recent Market Events Risk

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

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

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

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

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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

Sector Risk

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

To the extent the Fund invests significantly in the financial services sector, the value of the Fund's shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation and price competition. The value of the Fund's shares could experience significantly greater volatility than investment companies investing more broadly.

Securities Lending Risk

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

7. Federal Income and Excise Taxes

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

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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Small Cap Value | $3636934652 | $445670057 | $(598912569) | $(153242512) |

---

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

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

8. Investment Transactions

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

---

| | | |
|:---|:---|:---|
| Fund | Purchases (non-U.S. Government<br>Securities) | Sales (non-U.S. Government<br>Securities) |
|  Small Cap Value | $1737428121 | $2086308870 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | October 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | April 30,<br>2025<br>Shares/Fair<br>Value |
| Small Cap Value | Direct | $208082316 | $1020579832 | $1100717592 | $127944556 |
| Small Cap Value | Securities Lending | 17968331 | 87323321 | 95907636 | 9384016 |

---

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.

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $64628797 | $9384016 | $58554445 | $67938461 |

---

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

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

10. Borrowing Arrangements

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

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American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

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

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

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

11. Capital Share Transactions

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 5121675 | $121231690 | 9558671 | $239579287 |
| Reinvestment of dividends | 5714329 | 140743932 | 3852667 | 95546135 |
| Shares redeemed | (12113994) | (295539388) | (26350141) | (662120181) |
| Net (decrease) in shares outstanding | (1277990) | $(33563766) | (12938803) | $(326994759) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1538349 | $36218305 | 3735423 | $90279428 |
| Reinvestment of dividends | 1351629 | 32479641 | 795992 | 19302824 |
| Shares redeemed | (4185655) | (98837481) | (4975282) | (121704460) |
| Net (decrease) in shares outstanding | (1295677) | $(30139535) | (443867) | $(12122208) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 537243 | $12307419 | 1762779 | $41610571 |
| Reinvestment of dividends | 828263 | 19116295 | 523771 | 12240547 |
| Shares redeemed | (1444585) | (33819781) | (4486429) | (104718516) |
| Net (decrease) in shares outstanding | (79079) | $(2396067) | (2199879) | $(50867398) |
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 102482 | $2318310 | 202945 | $4725246 |
| Reinvestment of dividends | 71142 | 1612792 | 59573 | 1368388 |
| Shares redeemed | (208558) | (4866407) | (663417) | (15195329) |
| Net (decrease) in shares outstanding | (34934) | $(935305) | (400899) | $(9101695) |

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Notes to Financial Statements

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 271770 | $6017879 | 710431 | $16121464 |
| Reinvestment of dividends | 187497 | 4186801 | 90779 | 2058860 |
| Shares redeemed | (292397) | (6670361) | (559906) | (12864414) |
| Net increase in shares outstanding | 166870 | $3534319 | 241304 | $5315910 |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 11403 | $241944 | 46412 | $982693 |
| Reinvestment of dividends | 22670 | 465870 | 15624 | 328099 |
| Shares redeemed | (86262) | (1741255) | (168635) | (3566437) |
| Net (decrease) in shares outstanding | (52189) | $(1033441) | (106599) | $(2255645) |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months Ended<br>April 30, 2025 | Six Months Ended<br>April 30, 2025 | Year Ended<br>October 31, 2024 | Year Ended<br>October 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Small Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 7410701 | $179104084 | 17294968 | $435054280 |
| Reinvestment of dividends | 5398978 | 132868830 | 3373782 | 83636053 |
| Shares redeemed | (15855876) | (414692687) | (20510694) | (514133955) |
| Net increase (decrease) in shares outstanding | (3046197) | $(102719773) | 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.

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br>Ended<br> April 30,<br> 2025<sup>B</sup> | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br> 2025<sup>B</sup> | 2024 | 2023 | 2022<sup>C</sup> | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $26.65 | $21.84 | $26.85 | $31.19 | $19.76 | $23.13 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 <sup>D</sup> | 0.35 | 0.31 | 0.31 | 0.25 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (3.59) | 5.69 | (1.35) | (1.25) | 11.40 | (3.18) |
|  Total income (loss) from investment operations | (3.43) | 6.04 | (1.04) | (0.94) | 11.65 | (2.92) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.38) | (0.40) | (0.24) | (0.22) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  | (0.16) |
|  Total distributions | (2.14) | (1.23) | (3.97) | (3.40) | (0.22) | (0.45) |
|  Net asset value, end of period | $21.08 | $26.65 | $21.84 | $26.85 | $31.19 | $19.76 |
|  Total return<sup>E</sup>  | (14.04)%<sup>F</sup> | 28.05% | (4.09)% | (3.49)% | 59.26% | (13.00)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $1487549759 | $1914739045 | $1851818875 | $2233390067 | $3380005813 | $2799722660 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.79 %<sup>G</sup> | 0.79% | 0.79% | 0.79% | 0.81% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.79 %<sup>G</sup> | 0.79% | 0.79% | 0.79% | 0.81% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.33 %<sup>G</sup> | 1.26% | 1.23% | 0.84% | 0.65% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.33 %<sup>G</sup> | 1.26% | 1.23% | 0.84% | 0.65% | 1.04% |
|  Portfolio turnover rate | 43 %<sup>F</sup> | 52% | 52% | 72% | 48% | 61% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</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>C</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>D</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>E</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>F</sup>* *Not annualized.* 

*<sup>G</sup>* *Annualized.* 

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Small Cap Value Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Six Months<br>Ended<br> April 30,<br> 2025<sup>A</sup> | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br> 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $26.04 | $21.36 | $26.36 | $30.68 | $19.44 | $22.76 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.15 <sup>C</sup> | 0.29 | 0.30 | 0.22 | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (3.51) | 5.60 | (1.34) | (1.16) | 11.28 | (3.11) |
|  Total income (loss) from investment operations | (3.36) | 5.89 | (1.04) | (0.94) | 11.44 | (2.89) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.36) | (0.39) | (0.22) | (0.20) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  | (0.16) |
|  Total distributions | (2.12) | (1.21) | (3.96) | (3.38) | (0.20) | (0.43) |
|  Net asset value, end of period | $20.56 | $26.04 | $21.36 | $26.36 | $30.68 | $19.44 |
|  Total return<sup>D</sup> | (14.08)%<sup>E</sup> | 27.97% | (4.19)% | (3.55)% | 59.15% | (13.06)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $306071299 | $421344447 | $355150002 | $427638978 | $255837301 | $170726299 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.86 %<sup>F</sup> | 0.86% | 0.86% | 0.86% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.86 %<sup>F</sup> | 0.86% | 0.86% | 0.86% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.26 %<sup>F</sup> | 1.18% | 1.15% | 0.79% | 0.56% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.26 %<sup>F</sup> | 1.18% | 1.15% | 0.79% | 0.56% | 0.96% |
|  Portfolio turnover rate | 43 %<sup>E</sup> | 52% | 52% | 72% | 48% | 61% |

---

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small 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 | Investor Class |
|  | Six Months<br>Ended<br> April 30,<br> 2025<sup>A</sup> | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br> 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $25.03 | $20.57 | $25.51 | $29.78 | $18.88 | $22.12 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.11 <sup>C</sup> | 0.30 | 0.18 | 0.19 | 0.20 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (3.36) | 5.30 | (1.24) | (1.17) | 10.85 | (3.08) |
|  Total income (loss) from investment operations | (3.25) | 5.60 | (1.06) | (0.98) | 11.05 | (2.87) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.29) | (0.31) | (0.13) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  | (0.16) |
|  Total distributions | (2.05) | (1.14) | (3.88) | (3.29) | (0.15) | (0.37) |
|  Net asset value, end of period | $19.73 | $25.03 | $20.57 | $25.51 | $29.78 | $18.88 |
|  Total return<sup>D</sup> | (14.20)%<sup>E</sup> | 27.60% | (4.41)% | (3.81)% | 58.74% | (13.30)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $197092150 | $251989854 | $252350988 | $284880016 | $367726622 | $302626954 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.13 %<sup>F</sup> | 1.14% | 1.13% | 1.12% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.13 %<sup>F</sup> | 1.14% | 1.13% | 1.12% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.99 %<sup>F</sup> | 0.90% | 0.89% | 0.50% | 0.32% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.99 %<sup>F</sup> | 0.90% | 0.89% | 0.50% | 0.32% | 0.70% |
|  Portfolio turnover rate | 43 %<sup>E</sup> | 52% | 52% | 72% | 48% | 61% |

---

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small 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 | Advisor Class |
|  | Six Months<br>Ended<br> April 30,<br> 2025<sup>A</sup> | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br> 2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $24.57 | $20.21 | $25.13 | $29.34 | $18.60 | $21.79 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.10 <sup>C</sup> | 0.17 | 0.18 | 0.06 | 0.17 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (3.31) | 5.29 | (1.25) | (1.07) | 10.69 | (3.01) |
|  Total income (loss) from investment operations | (3.21) | 5.46 | (1.07) | (1.01) | 10.86 | (2.86) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.25) | (0.28) | (0.04) | (0.12) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  | (0.16) |
|  Total distributions | (2.00) | (1.10) | (3.85) | (3.20) | (0.12) | (0.33) |
|  Net asset value, end of period | $19.36 | $24.57 | $20.21 | $25.13 | $29.34 | $18.60 |
|  Total return<sup>D</sup> | (14.27)%<sup>E</sup> | 27.40% | (4.57)% | (3.96)% | 58.56% | (13.40)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $16070088 | $21248218 | $25580739 | $32662818 | $32801309 | $42987242 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.28 %<sup>F</sup> | 1.29% | 1.28% | 1.28% | 1.29% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.28 %<sup>F</sup> | 1.29% | 1.28% | 1.28% | 1.29% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.85 %<sup>F</sup> | 0.77% | 0.75% | 0.36% | 0.20% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.85 %<sup>F</sup> | 0.77% | 0.75% | 0.36% | 0.20% | 0.60% |
|  Portfolio turnover rate | 43 %<sup>E</sup> | 52% | 52% | 72% | 48% | 61% |

---

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small 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 | A Class |
|  | Six Months<br>Ended<br> April 30,<br>2025<sup>A</sup> | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br> April 30,<br>2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $24.27 | $19.98 | $24.87 | $29.12 | $18.47 | $21.64 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.10 <sup>C</sup> | 0.23 | 0.21 | 0.10 | 0.06 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (3.25) | 5.19 | (1.26) | (1.07) | 10.72 | (2.95) |
|  Total income (loss) from investment operations | (3.15) | 5.42 | (1.05) | (0.97) | 10.78 | (2.83) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.28) | (0.27) | (0.12) | (0.13) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  | (0.16) |
|  Total distributions | (2.04) | (1.13) | (3.84) | (3.28) | (0.13) | (0.34) |
|  Net asset value, end of period | $19.08 | $24.27 | $19.98 | $24.87 | $29.12 | $18.47 |
|  Total return<sup>D</sup> | (14.21)%<sup>E</sup> | 27.50% | (4.50)% | (3.88)% | 58.57% | (13.38)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $43544419 | $51343675 | $37440788 | $48515547 | $63024594 | $46067043 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.21 %<sup>F</sup> | 1.21% | 1.21% | 1.21% | 1.24% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.21 %<sup>F</sup> | 1.21% | 1.21% | 1.21% | 1.24% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.92 %<sup>F</sup> | 0.82% | 0.81% | 0.42% | 0.21% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.92 %<sup>F</sup> | 0.82% | 0.81% | 0.42% | 0.21% | 0.59% |
|  Portfolio turnover rate | 43 %<sup>E</sup> | 52% | 52% | 72% | 48% | 61% |

---

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small 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 | C Class |
|  | Six Months<br>Ended<br>April 30,<br>2025<sup>A</sup> | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br>April 30,<br>2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $22.33 | $18.44 | $23.27 | $27.51 | $17.47 | $20.51 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 <sup>C</sup> | 0.02 <sup>C</sup> | 0.02 | (0.14) | (0.22) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (2.99) | 4.82 | (1.14) | (0.94) | 10.26 | (2.66) |
|  Total income (loss) from investment operations | (2.97) | 4.84 | (1.12) | (1.08) | 10.04 | (2.83) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.10) | (0.14) |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  | (0.16) |
|  Total distributions | (1.85) | (0.95) | (3.71) | (3.16) |  | (0.21) |
|  Net asset value, end of period | $17.51 | $22.33 | $18.44 | $23.27 | $27.51 | $17.47 |
|  Total return<sup>D</sup> | (14.56)%<sup>E</sup> | 26.56% | (5.23)% | (4.54)% | 57.47% | (14.00)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $3756883 | $5955619 | $6883174 | $8859738 | $11261210 | $8057935 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.95 %<sup>F</sup> | 1.95% | 1.93% | 1.93% | 1.95% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.95 %<sup>F</sup> | 1.95% | 1.93% | 1.93% | 1.95% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 0.17 %<sup>F</sup> | 0.12% | 0.09% | (0.29)% | (0.50)% | (0.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/ or recoupments | 0.17 %<sup>F</sup> | 0.12% | 0.09% | (0.29)% | (0.50)% | (0.10)% |
|  Portfolio turnover rate | 43 %<sup>E</sup> | 52% | 52% | 72% | 48% | 61% |

---

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Small 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 | R6 Class |
|  | Six Months<br>Ended<br>April 30,<br>2025<sup>A</sup> | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | Six Months<br>Ended<br>April 30,<br>2025<sup>A</sup> | 2024 | 2023 | 2022<sup>B</sup> | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $26.64 | $21.83 | $26.85 | $31.19 | $19.75 | $23.12 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.17 <sup>C</sup> | 0.32 | 0.36 | 0.25 | 0.19 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (3.60) | 5.72 | (1.40) | (1.18) | 11.48 | (3.14) |
|  Total income (loss) from investment operations | (3.43) | 6.04 | (1.04) | (0.93) | 11.67 | (2.92) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.38) | (0.41) | (0.25) | (0.23) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.74) | (0.85) | (3.57) | (3.16) |  | (0.16) |
|  Total distributions | (2.15) | (1.23) | (3.98) | (3.41) | (0.23) | (0.45) |
|  Net asset value, end of period | $21.06 | $26.64 | $21.83 | $26.85 | $31.19 | $19.75 |
|  Total return<sup>D</sup> | (14.05)%<sup>E</sup> | 28.10% | (4.09)% | (3.45)% | 59.38% | (12.98)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $1466839435 | $1936104086 | $1583343034 | $1509127442 | $1830192124 | $1187578766 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.76 %<sup>F</sup> | 0.76% | 0.76% | 0.77% | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.76 %<sup>F</sup> | 0.76% | 0.76% | 0.77% | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.37 %<sup>F</sup> | 1.28% | 1.25% | 0.86% | 0.66% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.37 %<sup>F</sup> | 1.28% | 1.25% | 0.86% | 0.66% | 1.06% |
|  Portfolio turnover rate | 43 %<sup>E</sup> | 52% | 52% | 72% | 48% | 61% |

---

*<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>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
![LOGO](g937225g25d65.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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g937225g72h78.jpg) | ![LOGO](g937225g64k88.jpg) |
| &nbsp;&nbsp;&nbsp;By E-mail: | On the Internet: |
| &nbsp;&nbsp;&nbsp;american_beacon.funds@ambeacon.com | Visit our website at www.americanbeaconfunds.com |
| &nbsp;&nbsp;&nbsp; ![LOGO](g937225g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g937225g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g937225g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g937225g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g937225g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g937225g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g937225g55p14.jpg) <br> By Telephone:<br> Call (800) 658-5811 | ![LOGO](g937225g19k90.jpg) <br> By Mail:<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

Fund Service Providers:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **CUSTODIAN**<br> **State Street Bank and**<br> **Trust Company**<br> Boston, Massachusetts | **TRANSFER AGENT**<br> **SS&C GIDS, Inc.**<br> Quincy, Massachusetts | **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM**<br> **PricewaterhouseCoopers LLP**<br> Boston, Massachusetts | **DISTRIBUTOR**<br> **Resolute Investment**<br> **Distributors, Inc.**<br> Irving, Texas |

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

*American Beacon Funds and American Beacon Small Cap Value Fund are service marks of American Beacon Advisors, Inc.* 

#### SAR 04/25

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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

Not applicable.

Item 10. Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The remuneration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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##### [**Table of Contents**](#toc)
Disclosure Regarding the Approval of Investment Advisory Agreement

#### Approval Related to American Beacon Small Cap Value Fund – New Investment Advisory Agreement
At its March 5, 2025 meeting (the "Meeting"), the Board of Trustees ("Board") considered the approval of a new investment advisory agreement (the "Agreement") among American Beacon Advisors, Inc. (the "Manager"), the American Beacon Funds (the "Trust"), on behalf of the American Beacon Small Cap Value Fund (the "Fund"), and Westwood Management Corp. ("Westwood" or the "Sub-Advisor"), the proposed sub-advisor for the Fund.

Prior to the Meeting, information was provided to the Board by Westwood in response to requests from the Board and/or the Manager in connection with the Board's consideration of the Agreement. In addition, on March 5, 2025, the Investment Committee of the Board met with representatives of Westwood.

Provided below is an overview of the primary factors the Board considered at its Meeting at which the Board considered the approval of the Agreement. In determining whether to approve the Agreement, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services to be provided; (2) the prior investment performance of a composite of similar accounts managed by Westwood (the "Composite"); (3) the extent to which economies of scale, if any, have been taken into account in setting the fee schedule; (4) whether fee levels reflect these economies of scale, if any, for the benefit of investors; (5) comparisons of services and fees with contracts entered into by the Fund with the sub-advisor that Westwood would replace, and contracts entered into by Westwood with other clients; and (6) any other benefits anticipated to be derived by Westwood from its relationship with the Fund.

The Board did not identify any particular information that was most relevant to its consideration of the Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the Trustees who are not "interested persons" of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended ("1940 Act") provided the Board with a memorandum regarding its responsibilities pertaining to the approval of investment advisory contracts, such as the Agreement. The memorandum explained the regulatory requirements surrounding the Trustees' process for evaluating investment advisors and the terms of investment advisory contracts. Based on its evaluation, the Board concluded that the terms of the Agreement were reasonable and fair and that the approval of the Agreement was in the best interests of the Fund.

*Nature, Extent and Quality of the Services to Be Provided by Westwood.* The Board considered information regarding Westwood's principal business activities and overall capabilities to perform the services under the Agreement. In addition, the Board considered the background and experience of the personnel who will be assigned responsibility for managing the Fund. The Board also considered Westwood's investment resources, infrastructure, and the adequacy of its compliance program. The Board also took into consideration the Manager's recommendation of Westwood. The Board considered Westwood's representation that its current staffing levels were adequate to service the Fund. Based on this information, the Board concluded that the nature, extent, and quality of the advisory services to be provided by Westwood were appropriate for the Fund in light of its investment objective, and, thus, supported a decision to approve the Agreement.

*Performance of Westwood.* The Board evaluated the information provided by Westwood regarding the performance of the Composite relative to the performance of the Fund's benchmark indices. The Board considered information provided by Westwood regarding the comparative performance of the Composite for various periods ended December 31, 2024, including the reasons for periods of underperformance relative to the benchmark for the strategy, the Fund's broad-based securities market index and an industry peer group. Based on the foregoing information, the Board concluded that the historical investment performance record of Westwood supported approval of the Agreement.

*Comparisons of the Amounts to Be Paid Under the Agreement with Those Under Contracts Between Westwood and Its Other Clients.* In evaluating the Agreement, the Board reviewed the proposed advisory fee rate for services to be performed by Westwood on behalf of the Fund. The Board considered that Westwood's advisory fee rate is less than the fee rate paid by the Fund to the sub-advisor that Westwood would replace. The Board also considered that Westwood's investment advisory fee rate under the Agreement would be paid to Westwood by the

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##### [**Table of Contents**](#toc)
Disclosure Regarding the Approval of Investment Advisory Agreement

Fund. Additionally, the Board considered Westwood's representation that the advisory fee rate proposed for the Fund is favorable compared to other comparable client accounts, and was lower than its standard fee rate. After evaluating this information, the Board concluded that Westwood's advisory fee rate under the Agreement was reasonable in light of the services to be provided to the Fund.

*Costs of the Services to Be Provided and Profits to Be Realized by Westwood and Its Affiliates from Its Relationship with the Fund.* The Board did not consider the costs of the services to be provided and any profits to be realized by Westwood from its relationship with the Fund, noting instead the arm's-length nature of the relationship between the Manager and Westwood with respect to the negotiation of the advisory fee rate on behalf of the Fund.

*Economies of Scale.* The Board considered Westwood's representation that it believes that the proposed advisory fee rate for the Fund reflects anticipated economies of scale for the benefit of the Fund's investors.

*Benefits to Be Derived by Westwood From Its Relationship with the Fund.* The Board considered Westwood's representation that it has not identified any "fall-out" benefits that may accrue to it or its affiliates because of its proposed relationship with the Fund. Based on the foregoing information, the Board concluded that "fall-out" benefits was not a material factor for its consideration.

*Board's Conclusion.* Based on the various considerations described above, the Board, including a majority of Trustees who are not "interested persons" of the Fund, the Manager or Westwood, as that term is defined in the 1940 Act, concluded that the proposed investment advisory fee rate is fair and reasonable and the approval of the Agreement is in the best interests of the Fund and approved the Agreement.

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##### [**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) Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as [EX-99.CERT](d14769dex99cert.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](d14769dex99906cert.htm).

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##### [**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

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| | |
|:---|:---|
| By | /s/ Gregory J. Stumm |
| Gregory J. Stumm | Gregory J. Stumm |
| President | President |
| American Beacon Funds | American Beacon Funds |
| Date: July 7, 2025 | Date: July 7, 2025 |

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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.

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| | |
|:---|:---|
| By | /s/ Gregory J. Stumm |
| Gregory J. Stumm | Gregory J. Stumm |
| President | President |
| American Beacon Funds | American Beacon Funds |
| Date: July 7, 2025 | Date: July 7, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Sonia L. Bates |
| Sonia L. Bates | Sonia L. Bates |
| Chief Accounting Officer and Treasurer | Chief Accounting Officer and Treasurer |
| American Beacon Funds | American Beacon Funds |
| Date: July 7, 2025 | Date: July 7, 2025 |

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## 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, Sonia L. Bates, certify that:

1. I have reviewed this report on Form N-CSRS 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.

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| | |
|:---|:---|
| Date: July 7, 2025 | /s/ Sonia L. Bates |
|  | Sonia L. Bates |
|  | Chief Accounting Officer and Treasurer |
|  | American Beacon Funds |

---

------

I, Gregory J. Stumm, certify that:

1. I have reviewed this report on Form N-CSRS 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.

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| | |
|:---|:---|
| Date: July 7, 2025 | /s/ Gregory J. Stumm |
|  | Gregory J. Stumm |
|  | President |
|  | American Beacon Funds |

---

## Exhibit 99.906

EXHIBIT 99.906.CERT

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Gregory J. Stumm and Sonia L. Bates, respectively, the President and Chief Accounting Officer and Treasurer 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-CSRS for the period covered by the Report (the "Form N-CSRS") 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-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 7, 2025

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| |
|:---|
| /s/ Gregory J. Stumm |
| Gregory J. Stumm |
| President |
| American Beacon Funds |
| /s/ Sonia L. Bates |
| Sonia L. Bates |
| Chief Accounting Officer and Treasurer |
| American Beacon Funds |

---

This certification is being furnished pursuant to the requirements of Form N-CSRS 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.