# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001133228-25-011641
**Filing Date:** 2025-11
**Character Count:** 79028
**Document Hash:** d9faeb6e552bb72e581c17153cf42c48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011641.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001133228-25-011641

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-11387
- **FILM NUMBER:** 251443170

**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 SSI Alternative Income Fund (Series ID: S000064203)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000207658 | R5 Class       | SSIJX           |
| C000207659 | Y Class        | PSCIX           |
| C000207660 | Investor Class | PSCAX           |

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| | |
|:---|:---|
| American Beacon<br>SSI Alternative Income Fund<sup>SM</sup> | ![](sp2668img001.jpg) |

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 **SUMMARY PROSPECTUS** **November 3, 2025**<br>

Before you invest, you may want to review the Fund's prospectus and statement of additional information, which contain more information about the Fund and its risks. The current prospectus and statement of additional information, dated November 3, 2025, are incorporated by reference into this summary prospectus. You can find the Fund's prospectus, statement of additional information, reports to shareholders, and other information about the Fund online at www.americanbeaconfunds.com/resource_center/MutualFundForms.aspx. You can also get this information at no cost by calling 1-800-658-5811 or by sending an email request to americanbeaconfunds@ambeacon.com.

 **Share Class \| Y:** **PSCIX \| R5:** **SSIJX \| Investor:** **PSCAX**<br>

Investment Objectives

The Fund's investment objectives are to seek income and, secondarily, absolute returns.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage** **commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below**. More information is available from your financial professional and in "Choosing Your Share Class" on page 43 of the Prospectus.

**Shareholder Fees** (fees paid directly from your investment)

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| | | | |
|:---|:---|:---|:---|
|  **Share Class** | **Y** | **R5** | **Investor** |
| Maximum sales charge imposed on purchases (as a percentage of offering price) |  |  |  |
| Maximum deferred sales charge (as a percentage of the lower of original offering price or redemption proceeds) |  |  |  |

---

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| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) |
|  **Share Class** | **Y** | **R5** | **Investor** |
| Management Fees | 1.30% | 1.30% | 1.30% |
| Distribution and/or Service (12b-1) Fees | 0.00% | 0.00% | 0.00% |
| Other Expenses | 0.68% | 0.57% | 0.99% |
| &nbsp;&nbsp;&nbsp; Dividend Expenses on Securities Sold Short | 0.43% | 0.41% | 0.43% |
| &nbsp;&nbsp;&nbsp; Remainder of Other Expenses | 0.25% | 0.16% | 0.56% |
| Acquired Fund Fees and Expenses | 0.02% | 0.02% | 0.02% |
| **Total Annual Fund Operating Expenses<sup>1</sup>** | **2.00%** | **1.89%** | **2.31%** |
| Fee Waiver and/or expense reimbursement<sup>2</sup> | (0.56%) | (0.54%) | (0.62%) |
| **Total Annual Fund Operating Expenses after fee waiver and/or expense reimbursement** | **1.44%** | **1.35%** | **1.69%** |

---

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| | |
|:---|:---|
| 1 | The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. |

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| | |
|:---|:---|
| 2 | American Beacon Advisors, Inc. (the "Manager") has contractually agreed to waive fees and/or reimburse expenses of the Fund's Y Class, R5 Class and Investor Class shares, as applicable, through November 3, 2026 to the extent that Total Annual Fund Operating Expenses exceed 0.99% for the Y Class, 0.92% for the R5 Class and 1.24% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). As part of this arrangement, SSI Investment Management LLC (the "Sub-Advisor") has contractually agreed to waive a portion of its sub-advisory fees equal to 0.44% of the Fund's average daily net assets up to $300 million and 0.34% of the Fund's average daily net assets over $300 million under the Sub-Advisor's management through December 31, 2025. The contractual expense reimbursement and fee waiver by the Manager and the contractual fee waiver by the Sub-Advisor can be changed or terminated only in the discretion and with the approval of a majority of the Fund's Board of Trustees. The Manager (but not the Sub-Advisor) can be reimbursed by the Fund for any contractual fee waivers 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 Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment. |

---

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same, except that the Example reflects the fee waiver/expense reimbursement arrangement for each share class through November 3, 2026. Although your actual costs may be higher or lower, based on these assumptions, whether you redeem or hold your shares, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Y | $147 | $573 | $1026 | $2282 |
| R5 | $137 | $541 | $971 | $2168 |
| Investor | $172 | $662 | $1179 | $2598 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 172% of the average value of its portfolio.

SSI110125

**American Beacon SSI Alternative Income Fund** - Summary Prospectus**1**

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Principal Investment Strategies

The Fund seeks primarily to implement its strategy by investing in convertible securities, including convertible preferred securities, and establishing short positions, or hedges, in the common stock or American Depositary Receipt ("ADR") of the issuers of the convertible securities. The short positions are intended to reduce the Fund's exposure to decreases in the price of the related common stock. The Fund seeks to hedge its long positions in this way on a security-by-security basis. The Fund may also use other instruments to establish hedges, including exchange-traded funds ("ETFs"), options, including non-deliverable options ("NDOs"), and foreign currency forward contracts, as appropriate, to reduce unwanted exposures.

The term "convertible security" refers to a bond or a preferred stock (including a trust preferred security) that can be converted into shares of a company's common stock. The Fund's strategy is managed on a day-to-day basis by SSI Investment Management LLC, the sub-advisor to the Fund.

The Fund may also implement other investment strategies, depending on market conditions, including investing in convertible securities with attractive yields and relatively little equity price sensitivity, selling call options against the related equities and convertible bonds to receive the value of the option (also known as "covered-call writing"), and investing in non-convertible bonds and preferred stock that offer attractive yield and relative value as compared to other investment alternatives. The investment focus will shift through market cycles as opportunities change.

Pursuant to its strategy, the Fund seeks returns that exceed prevailing short-term interest rates, such as the return on 90-day U.S. Treasury bills, from three primary sources: 1) interest and dividend income on convertible securities and other fixed-income instruments; 2) interest rebates on short positions; and 3) net capital gains from trading profits. In combining long positions in convertible securities with short positions in common stock of the issuers of those securities, the Fund seeks to maintain a "hedged convertible" investment portfolio with income and returns which are generally less volatile than and have low correlation with the broader capital markets, short-term interest rates and capital markets indices (absolute returns).

The Fund generally invests in convertible securities that are part of an issuance of at least $125 million in size and are issued by companies with market capitalizations between $500 million and $10 billion. The convertible securities are typically callable by the issuer and are not limited as to duration or maturity. The issuers of the convertible securities in which the Fund will invest may include U.S. or non-U.S. companies, real estate investment trusts ("REITs"), and emerging-market companies.

The instruments may be denominated in U.S. or foreign (non-U.S.) currencies, and may be traded on U.S. or foreign exchanges. Foreign currency exposures are typically hedged back to the U.S. dollar using transactions in foreign currency futures and forward contracts. The Fund may also engage in foreign currency transactions on a spot (cash) basis at the rate prevailing in the currency exchange market.

The Fund may hold investment-grade, below investment-grade (i.e., "high yield" or "junk" bonds) and unrated securities that are deemed by the sub-advisor to be of equivalent quality. A significant portion of the Fund's holdings is expected to be unrated. The sub-advisor performs fundamental credit analysis to examine each issuer's credit quality and relative value based on internally and externally generated research, nationally recognized credit rating agency research, if available, and company financial statements, among other sources. The Fund's holdings may include variable and floating-rate coupon, zero-coupon instruments and restricted securities, such as those issued under Rule 144A of the Securities Act of 1933. To a lesser extent, the Fund may invest long or short in ETFs to adjust or hedge exposures. The Fund's holdings may include secured, partially secured, and unsecured obligations. The unsecured obligations in which the Fund invests may also be referred to as debentures.

The Fund may also invest in long or short positions in derivative instruments, such as futures, forwards, swaps, options and warrants, to hedge exposures in the Fund. Futures contracts generally include those based on U.S. treasuries and foreign currencies, forward contracts are generally forward currency contracts (including NDFs), swaps generally include interest rate and credit default swaps, options generally include call and put options (including NDOs), and warrants are generally similar to long-dated call options. On a short-term basis, the Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to which the Manager receives a management fee.

The sub-advisor seeks to identify convertible security investments by assessing, among other attributes, the quality, income, liquidity and "equity sensitivity" of the security (i.e., the sensitivity of a convertible security's price to changes in the price of the issuer's common stock). The sub-advisor also considers the availability of the common stock that it intends to short. After acquiring a convertible security, the Fund establishes a short position in the common stock, ADR, call option or other equity-related instrument of the same issuer. The Fund may also establish short positions in ETFs. The size of each short position is based on the sensitivity of the convertible security's price to changes in the price of the issuer's common stock. As a result, the Fund's short positions will generally be smaller on a dollar value basis than its long positions since a convertible security's price is typically less sensitive than that of the common stock. The Fund may also invest in non-convertible bonds and preferred stock. Such investments would typically not include a short position in a related equity instrument.

When implementing its covered-call writing strategy, the Fund seeks to sell call options related to its equity and convertible bond holdings. In doing so, the Fund seeks to minimize its exposure to changes in the underlying equity price yet retain the proceeds received from selling the option (the "option premium"). Typically, higher volatility in equity prices leads to larger proceeds from selling options.

The sub-advisor considers selling a convertible security and closing the related short position when it identifies other more attractive investment opportunities, when it anticipates a potentially unfavorable change in the structure of a convertible security or the underlying company or to satisfy shareholder redemptions, among other reasons.

The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.

Principal Risks

There is no assurance that the Fund will achieve its investment objectives, and you could lose part or all of your investment in the Fund. **The Fund is not** **designed for investors who need an assured level of current income and is intended to be a long-term investment. The Fund is not a complete** **investment program and may not be appropriate for all investors. Investors should carefully consider their own investment goals and risk** **tolerance before investing in the Fund.** The principal risks of investing in the Fund listed below are presented in alphabetical order and not in order of importance or potential exposure. Among other matters, this presentation is intended to facilitate your ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Allocation Risk**<br>The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund's performance. There can be no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund's allocations may be invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.

**Callable Securities Risk**<br>The Fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest rates. In the event of a call, the Fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the Fund may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest rates.

**2** **American Beacon SSI Alternative Income Fund** - Summary Prospectus

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**Convertible Securities Risk**<br>The value of a convertible security, including a convertible preferred security, typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock's price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock's price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in below investment grade debt securities (commonly known as "junk bonds"). Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the economy is weak or is expected to become weak. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible security's investment value. In addition, to the extent the Fund invests in convertible securities issued by small- or mid-capitalization companies, it will be subject to the market risks of investing in such companies. The stocks of small- and mid-capitalization companies may fluctuate more widely in price than the market as a whole and there may also be less trading in small- or mid-capitalization stocks. Convertible securities are sensitive to movement in interest rates.

**Counterparty Risk**<br>The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a 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 Fund.

**Credit Risk**<br>The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction, may fail, or become less able or unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived creditworthiness of an issuer, or a downgrade or default affecting any of the Fund's securities, could affect the Fund's performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.

**Currency Risk**<br>The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund's investments.

**Cybersecurity and Operational Risk**<br>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.

**Debentures Risk**<br>Debentures are unsecured debt securities. The holder of a debenture is protected only by the general creditworthiness of the issuer. The Fund may invest in both corporate and government debentures.

**Derivatives Risk**<br>Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and potential material and prolonged deviations between the theoretical value and realizable value of a derivative. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The use of derivatives may also increase any adverse effects resulting from the underperformance of strategies, asset classes and market exposures to which the Fund has allocated its assets. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives may be difficult to value, and valuation may be more difficult in times of market turmoil. Derivatives may also be more volatile than other types of investments. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk and credit risk. As a result, the Fund may not recover 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. Derivatives transactions requiring the Fund to post collateral may expose the Fund to greater losses in the event of a default by a counterparty. There may be imperfect correlation between the behavior of a derivative and that of the reference instrument underlying the derivative. An abrupt change in the price of a reference instrument could render a derivative worthless. Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference instrument. The Fund may buy or sell derivatives not traded on an exchange, which may be subject to heightened counterparty, liquidity and valuation risks. Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. Ongoing changes to the regulation of derivatives and changes in the regulation of funds using derivative instruments could limit the Fund's ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or performance. In addition, the Fund's investments in derivatives are subject to the following risks:

■ Foreign
 Currency Forward Contracts Risk. Foreign currency forward contracts, including non-deliverable forwards ("NDFs"), are derivative instruments pursuant to
 a contract where the parties agree to a fixed price for an agreed amount of foreign currency 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 and include the risks associated with fluctuations in currency. There are no limitations on
 daily price movements of
 forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, require a
 counterparty to post collateral,
 which may expose the Fund to greater losses in the event of a default by a counterparty. The use of foreign currency forward contracts
 may expose the Fund
 to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it invested directly
 in the securities or currencies
 underlying the foreign currency forward contract. There are no limitations on daily price movements of forward contracts. There can be
 no assurance that
 any strategy used will succeed.

■ Foreign
 Currency Futures Contracts Risk .
 Foreign currency futures contracts are derivative instruments pursuant to a contract where the parties agree to pay a fixed
 price for an agreed amount of foreign currency 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.
 Foreign currency futures contracts are similar to foreign currency forward contracts, except that they are traded on exchanges (and may
 have margin requirements)
 and are standardized as to contract size and delivery date. The Fund may use foreign currency futures contracts for the same purposes
 as foreign currency
 forward contracts, subject to Commodity Futures Trading Commission ("CFTC") regulations. The use of foreign currency futures
 contracts may expose the
 Fund to additional risks, such as liquidity risk and counterparty risk, that it would not be subject to if it invested directly in the
 currencies underlying the foreign
 currency futures contract. Foreign currency futures transactions and currency futures contracts include risks associated with fluctuations
 in currency, and

**American Beacon SSI Alternative Income Fund** - Summary Prospectus**3**

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other risks inherent in trading derivatives. There can be no assurance that a liquid secondary market will be available to the Fund for the appropriate type of contract at any particular time. Consequently, the Fund may experience losses if it is unable to timely exit its position due to an illiquid secondary market.

■ Forward
 Contracts Risk. Forward
 contracts are derivative instruments pursuant to a contract where the parties agree to 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. Not all forward
 contracts, including  NDFs, require a counterparty to post collateral, which may expose the Fund to greater losses in the event
 of a default by a counterparty. Forward contracts
 involving currency include the risks associated with fluctuations in currency. The use of forward contracts may expose the Fund to
 additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it invested directly
 in the securities or currencies underlying
 the forward contract.  There are no limitations on daily price movements of forward contracts. There can be no assurance that any
 strategy used will succeed.

■ Futures
 Contracts Risk. Futures
 contracts are derivative instruments pursuant to a contract where the parties agree to 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, such as
 liquidity risk and counterparty
 risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no assurance
 that any strategy used
 will succeed. 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 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). The Fund may invest in the following types
 of futures contracts:

• *Treasury Futures Contracts Risk.* Treasury futures contracts expose the  Fund to price fluctuations resulting from changes in interest rates and to potential losses
 if interest rates do not move as expected.

■ Options
 Risk. An option is
 a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of
 the option the asset underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding
 nine months). The Fund may use non-deliverable options ("NDOs") in particular situations when physical delivery of the underlying
 asset is not required or not possible. There can be no guarantee that the use of options will increase the Fund's return or income. In addition, there may be an imperfect
 correlation between
 the movement in prices of options and the assets underlying them, and there may at times not be a liquid secondary market for options.
 If an option that
 the Fund has purchased expires unexercised, the Fund will experience a loss in the amount of the premium it paid. In order for a call
 option to be profitable,
 the market price of the underlying asset must rise sufficiently above the call option exercise price to cover the premium and any transaction
 costs. These costs
 will reduce any profit that might otherwise have been realized had the Fund bought the underlying asset instead of the call option. In
 order for a put option
 to be profitable, the market price of the underlying asset must decline sufficiently below the put option's exercise price to cover
 the premium and any
 transaction costs. By using put options in this manner, the Fund will reduce any profit it might otherwise have realized from having shorted
 the declining underlying
 asset by the premium paid for the put option and by transaction costs.

■ Swap
 Agreements Risk. Swap
 agreements or "swaps" are transactions in which the Fund and a counterparty agree to pay or receive payments at specified dates based upon or
 calculated by reference to changes in specified prices or rates or the performance of specified securities, indices or other assets based
 on a specified amount
 (the "notional" amount). Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically
 include a certain
 amount of embedded leverage and as such are subject to leverage risk. If swaps are used as a hedging strategy, the Fund is subject to
 the risk that the hedging
 strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, the occurrence of unexpected price movements
 or the non-occurrence
 of expected price movements. Swaps also may be difficult to value. Swaps may be subject to liquidity risk and counterparty risk, and swaps that are traded over-the-counter
 are not subject to standardized clearing requirements and may involve greater liquidity and counterparty risks. The Fund may invest
 in the following types of swaps:

• *Credit Default Swaps Risk.* Credit default swaps may also be subject to credit risk and the risks associated with the purchase and sale of credit protection.

• *Interest Rate Swaps Risk.* Interest rate swaps may also be subject to interest rate and market risks.

■ Warrants
 Risk. Warrants are
 derivative securities that give the holder the right to purchase a specified amount of securities at a specified price. Warrants may be more speculative than
 certain other types of investments because warrants do not carry with them dividend or voting rights with respect to the underlying securities,
 or any rights in the assets of the issuer. In addition, the value of a warrant does not necessarily change with the value of the underlying
 securities, and a
 warrant ceases to have value if it is not exercised prior to its expiration date. The market for warrants may be very limited and there
 may at times not be a
 liquid secondary market for warrants.

**Dividend Risk**<br>An issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels or increase over time. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. Securities that pay dividends may be sensitive to changes in interest rates and, as interest rates rise or fall, the prices of such securities may fall.

**Emerging Markets Risk**<br>When investing in emerging markets, the risks of investing in foreign securities are heightened. 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 or economic 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 other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.

**Equity Investments Risk**<br>Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company's financial condition as well as general market, economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to the following additional risks:

■ Common
 Stock 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.

**4** **American Beacon SSI Alternative Income Fund** - Summary Prospectus

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■ Depositary
 Receipts and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk. 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 or foreign stock, less liquidity,
 more volatility, less
 government regulation and supervision and delays in transaction settlement.

■ Real
 Estate Investment Trusts ("REITs") Risk. Investments in REITs are subject to the risks associated with investing in the real estate industry, including, among other
 risks: adverse developments affecting the real estate industry; declines in real property values; changes in interest rates; defaults
 by mortgagors or other borrowers
 and tenants; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during economic downturns;
 casualty or condemnation
 losses; regulatory limitations on rents and operating expenses; and other governmental actions, such as changes to tax laws, zoning regulations or environmental regulations.
 REITs also are dependent upon the skills of their managers and are subject to heavy cash flow dependency or self-liquidation. Regardless
 of where a REIT is organized or traded, its performance may be affected significantly by events in the region where its properties are
 located. REITs may
 not be diversified geographically or by property or tenant type. Domestic
 REITs could be adversely affected by failure to qualify for tax-free "pass-through" of
 distributed net income and net realized gains under the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"),
 or to maintain their exemption
 from registration under the Investment Company Act of 1940, as amended ("Investment Company Act"). REITs typically incur fees that are separate from
 those incurred by the Fund. Accordingly, the Fund's investment in REITs will result in the layering of expenses such that shareholders
 will indirectly bear a proportionate
 share of the REITs' operating expenses, in addition to paying Fund expenses. The value of REIT common stock may decline when interest
 rates rise. REITs
 tend to be small- to mid-capitalization securities and, as such, are subject to the risks of investing in small- to mid-capitalization
 securities.

**Foreign Investing Risk**<br>Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks may 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, recordkeeping and financial reporting standards, (5) greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays or failures in transaction payment and settlement in some foreign markets. Additionally, trading in foreign markets generally involves higher transaction costs than trading in U.S. markets. The Fund's investment in a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with that country, including tariffs, trade disputes and sanctions. 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.

**Hedging Risk**<br>If the Fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the Fund's return, or create a loss. In addition, hedges, even when successful in mitigating risk, may not prevent the Fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have been available had the Fund not used the hedging instruments.

**High Portfolio Turnover** **Risk**<br>Portfolio turnover is a measure of the Fund's trading activity over a one-year period. A portfolio turnover rate of 100% would indicate that the Fund sold and replaced the entire value of its securities holdings during the period. The Fund may engage in active and frequent trading and may have a high portfolio turnover rate, which could increase the Fund's transaction costs, have a negative impact on performance, and generate higher capital gain distributions to shareholders than if the Fund had a lower portfolio turnover rate.

**High-Yield Securities Risk**<br>Exposure to high-yield, below investment-grade securities (commonly referred to as "junk bonds") generally involves significantly greater risks than an investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to be speculative with respect to an issuer's ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.

**Interest Rate Risk**<br>Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction as 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. Additionally, the value of income-oriented equity securities that pay dividends may decline when interest rates rise, as rising interest rates can reduce companies' profitability and their ability to pay dividends. Interest rate increases, including significant or rapid increases, may result in a decline in the value of bonds or derivatives held by the Fund, make issuers less willing or able to make principal and interest payments on fixed-income investments when due, lead to heightened volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of which may result in substantial losses to the Fund. When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower yields, which may cause a decline in its income. 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 than those with shorter durations. 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. Fluctuations in interest rates may also affect the liquidity of fixed-income securities and instruments held by the Fund.

**Investment Risk**<br>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.

**Issuer Risk**<br>The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

**Large-Capitalization Companies Risk**<br>The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.

**Liquidity Risk**<br>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

**American Beacon SSI Alternative Income Fund** - Summary Prospectus**5**

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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. During periods of substantial market volatility, an investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund's ability to limit losses. 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. 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**<br>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. Prices in many financial markets have increased significantly over the last 10-15 years, 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. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, such as changes in interest or inflation rates, 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, cybersecurity incidents, 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. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and economic and political changes within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in the U.S. presidential administration and Congress, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat or occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government's debt limit, which could result in a default on the government's obligations, 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.

■ 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, during periods of significant volatility, the risks discussed herein associated with an investment
 in the Fund may be
 increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility that conditions
 in one country or
 region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/or markets may
 be changing, which
 may impact such economies and markets in ways that cannot be foreseen at this time.

Some countries, including the U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that appears to be continuing globally. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major international trade agreements, risks associated with trade agreements between countries and regions, including the U.S. and other foreign nations, political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in consumer sentiment and commodity and currency prices could affect the economies and markets of many nations, including the U.S., in ways that cannot necessarily be foreseen at the present time and may create significant market volatility. In addition, these policies, including the impact on the U.S. dollar, may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.

Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve (the "Federal Reserve") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as Federal Reserve policy changes, could have an effect on this. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Federal Reserve or foreign central banks to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected changes in interest rates could lead to significant 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.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. There is no assurance that the U.S. Congress will act to raise the nation's debt ceiling; a failure to do so could cause market turmoil and substantial investment risks that cannot be fully predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy.

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 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. Due to the scope of regulations being adopted, certain of these changes to regulations 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. Additionally, it is possible that recently adopted regulations could be further revised or rescinded, which creates material uncertainty regarding their impact to the Fund.

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 in ways that cannot be foreseen, 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.

**6** **American Beacon SSI Alternative Income Fund** - Summary Prospectus

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**Market Direction Risk**<br>Since the Fund will typically hold both long and short positions, an investment in the Fund will involve market risks associated with different types of investment decisions than those made for a typical "long only" fund. The Fund's results could suffer both when there is a general market advance and the Fund holds significant "short" positions, and when there is a general market decline and the Fund holds significant "long" positions.

**Market Timing Risk**<br>The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund's investments, which requires the Fund, in certain instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price differentials that may be reflected in the net asset value ("NAV") of the Fund's shares. Frequent trading by Fund shareholders poses risks to other shareholders in the Fund, including (i) the dilution of the Fund's NAV, (ii) an increase in the Fund's expenses, and (iii) interference with the ability to execute efficient investment strategies.

**Mid-Capitalization Companies Risk**<br>Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings.

**Other Investment Companies Risk**<br>To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those investment companies in addition to the Fund's direct fees and expenses. 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. The Fund will be subject to the risks associated with investments in those companies, including but not limited to the following:

■ Exchange-Traded
 Funds ("ETFs") Risk. Because ETFs are listed on an exchange, they may be subject to trading halts, may trade at a premium or discount to their
 net asset value ("NAV") and may not be liquid. An ETF that tracks an index may not precisely replicate the returns of that
 index, and an actively-managed ETF's
 performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment
 objectives. Future legislative or regulatory
 changes, including changes in taxation, could impact the operation of ETFs.

■ Government
 Money Market Funds Risk. Investments in government money market funds are subject to interest rate risk, credit risk, and market risk.

**Preferred Stock Risk**<br>Preferred stocks 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. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

**Redemption Risk**<br>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. Heavy redemptions could hurt the Fund's performance. 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 greater to the extent that one or more investors or intermediaries control a large percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. A rise in interest rates or other market developments may cause investors to move out of fixed-income securities on a large scale. 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.

**Reliance on Corporate Management and Financial Reporting Risk**<br>The sub-advisor may select investments for the Fund in part on the basis of information and data made directly available to the sub-advisor by the issuers of securities or through sources other than the issuers such as collateral pool servicers. The sub-advisor has no ability to independently verify such information and data and is therefore dependent upon the integrity of the management of these issuers and of such servicers and the financial and collateral performance reporting processes in general. Information and data provided regarding a particular issuer may not necessarily contain information that the sub-advisor normally considers when evaluating the investment prospects of a company.

**Restricted Securities Risk**<br>Securities not registered in the U.S. under the Securities Act of 1933, as amended (the "Securities Act"), or in non-U.S. markets pursuant to similar regulations, including "Section 4(a)(2)" securities and "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. The prices of these securities may be more difficult to determine than publicly traded securities and these securities may involve heightened risk as compared to investments in securities of publicly traded companies. 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 or may have to be held for a certain time period before they can be resold. 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.

**Secured, Partially Secured and Unsecured Obligation Risk**<br>Debt obligations may be secured, partially secured or unsecured. Interests in secured and partially-secured obligations have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. However, there is no assurance that the liquidation of collateral from a secured or partially-secured obligation would satisfy the borrower's obligation, or that the collateral can be liquidated. Furthermore, there is a risk that the value of any collateral securing an obligation in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the obligation. In the event the borrower defaults, the Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. Unsecured debt, including senior unsecured and subordinated debt, will not be secured by any collateral and will be effectively subordinated to a borrower's secured indebtedness (to the extent of the collateral securing such indebtedness). With respect to unsecured obligations, the Fund lacks any collateral on which to foreclose to satisfy its claim in whole or in part. Such instruments generally have greater price volatility than that of fully secured holdings and may be less liquid.

**Securities Selection Risk**<br>Securities selected for the Fund may not perform to expectations. This could result in the Fund's underperformance compared to its performance index(es), or other funds with similar investment objectives or strategies.

**American Beacon SSI Alternative Income Fund** - Summary Prospectus**7**

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**Short Position Risk**<br>The Fund will incur a loss as a result of a short position if the price of the instrument sold short increases in value between the date of the short sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the sub-advisor's ability to accurately anticipate the future value of a security or instrument. As there is potentially no limit on the amount that the security that the Fund is required to purchase may have appreciated, the Fund's losses are potentially unlimited in a short position transaction, particularly in cases where the Fund is unable to close out its short position. The Fund may invest the proceeds of a short sale and, therefore, be subject to the effect of leverage, in that short selling may amplify changes in the Fund's NAV since it may increase the exposure of the Fund to certain markets and may increase losses and the volatility of returns.

**Small-Capitalization Companies Risk**<br>Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings.

**Trust Preferred Securities Risk**<br>Trust preferred securities are subject to market risk, interest rate risk and credit risk. Holders of the trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the parent company. Trust preferred securities prices fluctuate for several reasons, including changes in the financial condition of an issuer, investors' perception of the financial condition of an issuer, or the general economic condition of the market for trust preferred securities.

**Unrated Securities Risk**<br>Because the Fund may purchase securities that are not rated by any rating organization, the sub-advisor, after assessing their credit quality, may internally assign ratings to certain of those securities in categories similar to those of rating organizations. Unrated securities are subject to the risk that the sub-advisor may not accurately evaluate the security's comparative credit rating. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and price volatility.

**Variable and Floating Rate Securities Risk**<br>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.

**Zero Coupon Securities Risk**<br>Zero coupon securities are debt securities that do not make periodic interest payments prior to maturity or a specified redemption date (or cash payment date). Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and will be subject to greater fluctuations in market value in response to changing interest rates than debt obligations of comparable maturities that make current distribution of interest in cash. While interest payments are not made on such securities, the Fund accrues income with respect to these securities for federal income tax and accounting purposes. Longer term zero-coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.

Fund Performance

The bar chart and table below provide an indication of risk by showing changes in the Fund's performance over time. The bar chart shows how the Fund's performance has varied from year to year. The table shows how the Fund's average annual total returns compare to a broad-based securities market index as well as an additional index that reflects short-term Treasury bill performance for the periods indicated. The Fund acquired the assets and liabilities of the Palmer Square SSI Alternative Income Fund, a series of Investment Managers Series Trust, in a reorganization that closed on May 17, 2019. In connection with that reorganization, the Y Class shares and Investor Class shares of the Fund have adopted the performance history and financial statements of the Class I shares and Class A shares, respectively, of the Fund's predecessor. The bar chart and table below show the performance of the Fund's Y Class shares for all periods. The table below also shows the performance of the Fund's Investor Class shares for all periods. The performance of the Fund's Investor Class shares differs from the performance of the Class A shares of the Fund's predecessor to the extent that the performance of the Class A shares reflected the deduction of applicable sales charges.

The R5 Class shares of the Fund began operations on May 20, 2019. In the table below, for the period prior to May 20, 2019, the performance of the R5 Class shares reflects the returns of the predecessor Fund's Class I shares. The R5 Class shares would have had similar annual returns to the Class I shares, because the shares of each class are invested in the same portfolio securities. However, the expenses of the Class I shares of the Fund's predecessor differ from those of the R5 Class shares, which would affect performance. To the extent that the Class I shares of the Fund's predecessor had lower expenses than the R5 Class shares, the performance of the Class I shares of the Fund's predecessor would likely have been higher than the newer share class would have realized during the same period. The R5 Class performance shown in the table has not been adjusted for differences in operating expenses of the R5 Class and the predecessor Fund's Class I shares.

You may obtain updated performance information on the Fund's website at www.americanbeaconfunds.com. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**8** **American Beacon SSI Alternative Income Fund** - Summary Prospectus

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| | |
|:---|:---|
| **Calendar year total returns for Y Class Shares.** Year Ended 12/31 | **Calendar year total returns for Y Class Shares.** Year Ended 12/31 |
| ![](sp2668img002.jpg)<br>| &nbsp;&nbsp;&nbsp; **Highest Quarterly Return:**<br>**7.06%** 2nd Quarter 2020<br>01/01/2015 through 12/31/2024<br> **Lowest Quarterly Return:**<br>**-6.41%** 1st Quarter 2020<br>01/01/2015 through 12/31/2024 |
| The calendar year-to-date total return as of September 30, 2025 was 5.84%. |  |

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**Average annual total returns** for periods ended December 31, 2024

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception Date** **of Class** | **1 Year** | **5 Years** | **10 Years** |
| **Y Class** | **05/25/2012** |  |  |  |
| Returns Before Taxes |  | 9.30% | 5.09% | 3.99% |
| Returns After Taxes on Distributions |  | 7.18% | 3.11% | 2.60% |
| Returns After Taxes on Distributions and Sales of Fund Shares |  | 5.49% | 3.18% | 2.58% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception Date** **of Class** | **1 Year** | **5 Years** | **10 Years** |
| **Share Class** (Before Taxes) |  |  |  |  |
| R5 | 05/17/2019 | 9.41% | 5.18% | 4.04% |
| Investor | 05/25/2012 | 9.04% | 4.85% | 3.74% |

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Index** (Reflects no deduction for fees, expenses or taxes) |  |  |  |
| Bloomberg US Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
| ICE BofA US 3-Month Treasury Bill Index | 5.25% | 2.46% | 1.77% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account ("IRA") or a 401(k) plan, the after-tax returns do not apply to your situation. After-tax returns are shown only for Y Class shares of the Fund; after-tax returns for other share classes will vary.

Management

**The Manager**<br>The Fund has retained American Beacon Advisors, Inc. to serve as its Manager.

**Sub-Advisor**<br>The Fund's investment sub-advisor is SSI Investment Management LLC.

Portfolio Managers

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| | | |
|:---|:---|:---|
| SSI Investment Management LLC | **George M. Douglas**<br>Portfolio Manager, Chief Investment Officer and Managing Principal<br>Since Fund Inception (2012)\*<br> **Dagney M. Maseda**<br>Portfolio Manager<br>Since 2013<sup>\*</sup> | **Alexander W. Volz**<br>Portfolio Manager<br>Since Fund Inception (2012)\* |

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\* Includes Predecessor Fund.

Purchase and Sale of Fund Shares

You may buy or sell shares of the Fund through a retirement plan, an investment professional, a broker-dealer, or other financial intermediary. You may purchase or redeem shares of the Fund on any day the New York Stock Exchange ("NYSE") is open, at the Fund's net asset value ("NAV") per share next calculated after your order is received in proper form, subject to any applicable sales charge. The Manager may, in its sole discretion, allow certain individuals to invest directly in the Fund. For more information regarding eligibility to invest directly please see "About Your Investment - Purchase and Redemption of Shares." Direct mutual fund account shareholders may buy subsequent shares or sell shares in various ways:

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| | |
|:---|:---|
| **Internet** | **www.americanbeaconfunds.com** |
| **Phone** | **To reach an American Beacon representative call 1-800-658-5811, option 1**<br> **Through the Automated Voice Response Service call 1-800-658-5811, option 2 (Investor Class only)** |

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**American Beacon SSI Alternative Income Fund** - Summary Prospectus**9**

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| | | |
|:---|:---|:---|
| **Mail** | **American Beacon Funds**<br> **P.O. Box 219643**<br> **Kansas City, MO 64121-9643** | **Overnight Delivery:**<br> **American Beacon Funds**<br> **801 Pennsylvania Ave**<br> **Suite 219643**<br> **Kansas City, MO 64105-1307** |

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| | | | |
|:---|:---|:---|:---|
| | **New Account** | **Existing Account** | **Existing Account** |
| <br>**Share Class** | **Minimum Initial Investment Amount** | **Purchase/Redemption Minimum by** **Check/ACH/Exchange** | **Purchase/Redemption Minimum by** **Wire** |
| Investor | $2500 | $50 | $250 |
| Y | $100000 | $50 |  |
| R5 | $250000 | $50 |  |

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Tax Information

Dividends, capital gains distributions, and other distributions, if any, that you receive as a result of your investment in the Fund are subject to federal income tax and may also be subject to state and local income taxes, unless you are a tax-exempt entity or your account is tax-deferred, such as an individual retirement account ("IRA") or a 401(k) plan (in which case you may be taxed later, upon the withdrawal of your investment from such account or plan).

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund's distributor, Resolute Investment Distributors, Inc., or the Manager may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

**10** **American Beacon SSI Alternative Income Fund** - Summary Prospectus