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 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, 2024

Date of reporting period: April 30, 2024

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 STOCKHOLDERS.

About American Beacon Advisors

Since 1986, American Beacon Advisors, Inc. has offered a variety of products and investment advisory services to numerous institutional and retail clients, including a variety of mutual funds, corporate cash management, and separate account management.

Our clients include defined benefit plans, defined contribution plans, foundations, endowments, corporations, financial planners, and other institutional investors. With American Beacon Advisors, you can put the experience of a multi-billion dollar asset management firm to work for your company.

BALANCED FUND

The use of fixed-income securities entails interest rate and credit risks. Interest rate risk is the risk that debt securities will decrease in value with increases in market interest rates. Credit risk is the risk that the issuer of a bond will fail to make timely payment of interest or principal; the decline in an issuer’s credit rating can cause the price of its bonds to go down. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors. Financial sector companies are heavily regulated and particularly sensitive to interest rate fluctuations. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund participates in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Any opinions herein, including forecasts, reflect our judgment as of the end of the reporting period and are subject to change. Each advisor’s strategies and each Fund’s portfolio composition will change depending on economic and market conditions. This report is not a complete analysis of market conditions, and, therefore, should not be relied upon as investment advice. Although economic and market 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.

American Beacon Funds April 30, 2024

Contents

President’s Message	1
Performance Overviews	2
Expense Examples	5
Schedules of Investments:
American Beacon Balanced Fund	7
Financial Statements	22
Notes to Financial Statements	25
Financial Highlights:
American Beacon Balanced Fund	51

  Additional Fund Information Back Cover

President’s Message

Dear Shareholders,   Will Rogers, the noted American humorist, actor, writer and cowboy, once said, “Even though you are on the right track – you will get run over if you just sit there.”   Just as roadmaps and timetables are important tools for choosing the best route when you travel, having a carefully considered investment plan may increase your likelihood of staying on track as you seek to preserve and grow your personal savings – and help ensure your risk exposure remains diversified across the global marketplace. With trusted financial professionals helping you make prudent adjustments to your investment portfolio, you may be

better positioned to withstand the many obstacles you’re likely to encounter along life’s journey – especially during trying periods like today’s geopolitical turmoil and economic uncertainty.

At American Beacon, we endeavor to provide a broad range of disciplined investment strategies so that you may potentially reach your desired destination over the fullness of time. We are diligent in our oversight of the investment managers who serve as sub-advisors to our investment products. Since our firm’s inception as a pension fiduciary in 1986 and the launch of our first sub-advised, multi-manager mutual funds in 1987, we have continued expanding our innovative product offerings. And we are committed to applying a solutions-based, risk-managed approach in our pursuit of institutional wisdom while striving to generate earned alpha and enduring value.

Thank you for entrusting your financial future with American Beacon. For more information about our investment products or to access your account information, please visit our website at www.americanbeaconfunds.com.

Best Regards,

Gregory Stumm, CFA^®, CAIA^®

President

American Beacon Funds

1

American Beacon Balanced Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

The Investor Class of the American Beacon Balanced Fund (the “Fund”) returned 14.20% for the six months ended April 30, 2024, outperforming the Balanced Composite Index (40% Bloomberg US Aggregate Bond Index / 60% Russell 1000^® Value Index) return of 12.92% for the same period.

Total Returns for the Period ended April 30, 2024
	Ticker	6 Months*			1 Year			3 Years			5 Years			10 Years
R5 Class (1,6)	AADBX		14.25	%		11.75	%		3.46	%		7.29	%		6.62	%
Y Class (1,6)	ACBYX		14.29	%		11.68	%		3.39	%		7.20	%		6.57	%
Investor Class (1,6)	AABPX		14.20	%		11.51	%		3.19	%		6.98	%		6.31	%
Advisor Class (1,6)	ABLSX		14.02	%		11.29	%		2.99	%		6.78	%		6.12	%
A Class without sales charge (1,2,6)	ABFAX		14.15	%		11.42	%		3.14	%		6.94	%		6.27	%
A Class with sales charge (1,2,6)	ABFAX		7.54	%		5.01	%		1.13	%		5.69	%		5.64	%
C Class without sales charge (1,3,6)	ABCCX		13.66	%		10.55	%		2.37	%		6.15	%		5.64	%
C Class with sales charge (1,3,6)	ABCCX		12.66	%		9.55	%		2.37	%		6.15	%		5.64	%
Balanced Composite Index (40% Bloomberg US Aggregate Bond Index/60% Russell 1000® Value Index) (4)			12.92	%		7.38	%		1.81	%		5.40	%		5.77	%
Russell 1000® Value Index (5)			18.42	%		13.42	%		5.17	%		8.60	%		8.43	%
Bloomberg US Aggregate Bond Index (5)			4.97	%		(1.47	)%		(3.54	)%		(0.16	)%		1.20	%

* Not Annualized.

1. Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is calculated based on the published end of day net asset values as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit www.americanbeaconfunds.com or call 1-800-967-9009. Fund performance in the table above does not reflect the deduction of taxes a shareholder would pay on distributions or the redemption of shares. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only; and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

2. A portion of the fees charged to the A Class of the Fund was waived in 2018. Performance prior to waiving fees was lower than the actual returns shown for the ten-year period. A Class has a maximum sales charge of 5.75%.

3. A portion of the fees charged to the C Class of the Fund was waived in 2018. Performance prior to waiving fees was lower than the actual returns shown for the ten-year period. The maximum contingent deferred sales charge for C Class is 1% for shares redeemed within one year of the date of purchase.

4. To reflect the Fund’s allocation of its assets between investment-grade fixed-income securities and equity securities, the returns of the Bloomberg US Aggregate Bond Index and Russell 1000 Value Index have been combined in a 40% / 60% proportion, respectively.

5. The Russell 1000^® Value Index is an unmanaged index of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. Russell 1000 Value Index is a registered trademark of Frank Russell Company. American Beacon Funds is not promoted, sponsored or endorsed by, nor in any way affiliated with the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. LSE Group is not responsible for and has not reviewed the American Beacon Balanced Fund nor any associated literature or publications and LSE Group makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise. All rights in the Russell 1000 Value Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell 1000^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of(a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by the Manager. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”). Bloomberg or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith. One cannot directly invest in an index.

6. The Total Annual Fund Operating Expense ratios set forth in the most recent Fund prospectus for the R5, Y, Investor, Advisor, A, and C Class shares were 0.79%, 0.85%, 1.05%, 1.25%, 1.10%, and 1.84%, respectively. The expense ratios above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

2

American Beacon Balanced Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

As of April 30, 2024, the Fund’s asset allocation was 61% in equities (including equitized cash) and 39% in fixed-income securities.

The equity portion of the Fund returned 21.9% for the period, outperforming the Russell 1000 Value Index (the “Index”) return of 18.4%. The equity portion of the Fund outperformed the Index due to security selection and sector allocation.

Security selections in the Financials and Industrials sectors contributed relative performance during the six-month period. In the Financials sector, Wells Fargo & Co. (up 51.0%) and Citigroup, Inc. (up 59.9%) contributed to relative performance. Within the Industrials sector, Vertiv Holdings Co. (up 147.6%) and Cummins, Inc. (up 32.4%) positively impacted relative performance. Meanwhile, selections in the Consumer Discretionary sector modestly offset the Fund’s positive performance, including Aptiv, PLC (down 18.3%).

The Fund’s underweight allocation to the Consumer Staples sector (up 10.8%) and the Real Estate sector (up 12.4%) contributed to relative performance. Conversely, an overweight allocation to the Energy sector (up 11.4%) detracted from relative performance.

The fixed-income portion of the Fund returned 5.6% for the six-month period, outperforming the Bloomberg US Aggregate Bond Index return of 5.0%. The Fund’s underweight allocation to the U.S. Treasury Bond sector and within the corporate bond allocation an overweight allocation to the Industrials sector contributed value for the period. From a maturity perspective, the portfolio was helped by an overweight allocation to maturities greater than Twenty-Years and the Ten- to Twenty Year range. In terms of quality, selections within AAA-rated securities contributed to performance during the period.

The sub-advisors continue to focus on the disciplined selection of attractive securities that should allow the Fund to benefit long-term.

Top Ten Holdings (% Net Assets)
Elevance Health, Inc.		1.9
Wells Fargo & Co.		1.6
Fidelity National Information Services, Inc.		1.5
Alphabet, Inc.		1.4
Comcast Corp.		1.3
U.S. Treasury Notes, 3.500%, Due 2/15/2033		1.2
Broadcom, Inc.		1.2
American International Group, Inc.		1.2
Citigroup, Inc.		1.1
Medtronic PLC		1.1
Total Fund Holdings	409
Sector Allocation (% Equities)
Financials		21.2
Health Care		14.2
Energy		12.8
Information Technology		11.1
Industrials		10.5
Consumer Discretionary		9.2
Communication Services		6.6
Materials		5.2
Consumer Staples		4.4
Utilities		2.8
Real Estate		2.0

3

American Beacon Balanced Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

Sector Allocation (% Fixed Income)
U.S. Agency Mortgage-Backed Obligations	26.9
U.S. Treasury Obligations	22.8
Financial	13.1
Utilities	5.8
Communications	5.2
Consumer, Non-Cyclical	5.2
Technology	4.4
Industrial	3.9
Consumer, Cyclical	3.3
Asset-Backed Obligations	3.1
Energy	2.4
U.S. Government Agency Obligations	2.1
Foreign Sovereign Obligations	1.1
Commercial Mortgage-Backed Obligations	0.6
Basic Materials	0.1

4

American Beacon Balanced Fund^SM

Expense Examples

April 30, 2024 (Unaudited)

Fund Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees, if applicable, and (2) ongoing costs, including management fees, distribution (12b-1) fees, sub-transfer agent fees, and other Fund expenses. The Examples are intended to help you understand the ongoing cost (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples are based on an investment of $1,000 invested at the beginning of the period in each Class and held for the entire period from November 1, 2023 through April 30, 2024.

Actual Expenses

The “Actual” lines of the tables provide information about actual account values and actual expenses. You may use the information on this page, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Shareholders of the Investor and R5 Classes that invest in the Fund through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

Hypothetical Example for Comparison Purposes

The “Hypothetical” lines of the tables provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed 5% per year rate of return before expenses (not the Fund’s actual return). You may compare the ongoing costs of investing in the Fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Shareholders of the Investor and R5 Classes that invest in the Fund through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs charged by the Fund, such as sales charges (loads) or redemption fees, as applicable. Similarly, the expense examples for other funds do not reflect any transaction costs charged by those funds, such as sales charges (loads), redemption fees or exchange fees. Therefore, the “Hypothetical” lines of the tables are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If you were subject to any transaction costs during the period, your costs would have been higher.

5

American Beacon Balanced Fund^SM

Expense Examples

April 30, 2024 (Unaudited)

American Beacon Balanced Fund
	Beginning Account Value 11/1/2023		Ending Account Value 4/30/2024		Expenses Paid  During Period 11/1/2023-4/30/2024*
R5 Class
Actual		$1,000.00		$1,142.50		$4.31
Hypothetical**		$1,000.00		$1,020.84		$4.07
Y Class
Actual		$1,000.00		$1,142.90		$4.69
Hypothetical**		$1,000.00		$1,020.49		$4.42
Investor Class
Actual		$1,000.00		$1,141.00		$5.75
Hypothetical**		$1,000.00		$1,019.49		$5.42
Advisor Class
Actual		$1,000.00		$1,140.20		$6.86
Hypothetical**		$1,000.00		$1,018.45		$6.47
A Class
Actual		$1,000.00		$1,141.50		$5.96
Hypothetical**		$1,000.00		$1,019.29		$5.62
C Class
Actual		$1,000.00		$1,136.60		$9.93
Hypothetical**		$1,000.00		$1,015.56		$9.37

* Expenses are equal to the Fund’s annualized expense ratios for the six-month period of 0.81%, 0.88%, 1.08%, 1.29%, 1.12%, and 1.87% for the R5, Y, Investor, Advisor, A, and C Classes, respectively, multiplied by the average account value over the period, multiplied by the number derived by dividing the number of days in the most recent fiscal half-year (182) by days in the year (366) to reflect the half-year period.

** 5% return before expenses.

6

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.46%
Communication Services - 3.42%
Entertainment - 0.56%
Electronic Arts, Inc.		3,436		$	435,753
Warner Bros Discovery, Inc.A		24,999			183,993
					619,746
Interactive Media & Services - 1.35%
Alphabet, Inc., Class AA		9,186			1,495,297
Media - 1.51%
Comcast Corp., Class A		36,852			1,404,430
Omnicom Group, Inc.		1,786			165,812
Paramount Global, Class B		8,500			96,815
					1,667,057
Total Communication Services					3,782,100
Consumer Discretionary - 4.93%
Automobile Components - 1.11%
Adient PLCA		3,332			99,527
Aptiv PLCA		13,529			960,559
BorgWarner, Inc.		5,000			163,850
					1,223,936
Automobiles - 0.93%
General Motors Co.		23,042			1,026,060
Hotels, Restaurants & Leisure - 2.30%
Aramark		27,414			863,815
Booking Holdings, Inc.		48			165,698
Las Vegas Sands Corp.		19,658			872,029
Wynn Resorts Ltd.		7,102			650,898
					2,552,440
Specialty Retail - 0.59%
Lithia Motors, Inc.		2,562			651,721
Total Consumer Discretionary					5,454,157
Consumer Staples - 1.68%
Beverages - 0.62%
Keurig Dr Pepper, Inc.		20,319			684,750
Food Products - 0.24%
Conagra Brands, Inc.		8,700			267,786
Tobacco - 0.82%
Philip Morris International, Inc.		9,560			907,627
Total Consumer Staples					1,860,163
Energy - 5.95%
Energy Equipment & Services - 1.65%
Baker Hughes Co.		7,200			234,864
Halliburton Co.		24,477			917,153
NOV, Inc.		30,300			560,247
Schlumberger NV		2,500			118,700
					1,830,964

See accompanying notes

7

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.46% (continued)
Energy - 5.95% (continued)
Oil, Gas & Consumable Fuels - 4.30%
APA Corp.		32,114		$	1,009,664
Hess Corp.		5,092			801,939
Marathon Oil Corp.		25,931			696,248
Murphy Oil Corp.		3,500			156,240
Ovintiv, Inc.		7,500			384,900
Phillips 66		5,308			760,159
Pioneer Natural Resources Co.		3,516			946,929
					4,756,079
Total Energy					6,587,043
Financials - 12.46%
Banks - 5.36%
Bank of America Corp.		6,700			247,967
Citigroup, Inc.		20,357			1,248,495
Citizens Financial Group, Inc.		21,168			722,040
First Citizens BancShares, Inc., Class A		105			177,110
M&T Bank Corp.		2,484			358,665
Truist Financial Corp.		6,700			251,585
U.S. Bancorp		28,350			1,151,860
Wells Fargo & Co.		29,906			1,774,024
					5,931,746
Capital Markets - 1.53%
Bank of New York Mellon Corp.		9,715			548,800
Goldman Sachs Group, Inc.		1,567			668,655
State Street Corp.		6,576			476,694
					1,694,149
Consumer Finance - 0.87%
American Express Co.		2,461			575,948
Capital One Financial Corp.		1,200			172,116
Discover Financial Services		1,700			215,441
					963,505
Financial Services - 1.81%
Corebridge Financial, Inc.		11,900			316,064
Fidelity National Information Services, Inc.		24,780			1,683,058
					1,999,122
Insurance - 2.89%
Allstate Corp.		4,116			699,967
American International Group, Inc.		17,479			1,316,344
Hartford Financial Services Group, Inc.		7,700			746,053
Willis Towers Watson PLC		1,752			439,997
					3,202,361
Total Financials					13,790,883
Health Care - 8.32%
Health Care Equipment & Supplies - 1.72%
GE HealthCare Technologies, Inc.A		6,787			517,441
Medtronic PLC		14,920			1,197,181
Zimmer Biomet Holdings, Inc.		1,572			189,080
					1,903,702
Health Care Providers & Services - 4.52%
Centene Corp.A		5,460			398,908

See accompanying notes

8

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.46% (continued)
Health Care - 8.32% (continued)
Health Care Providers & Services - 4.52% (continued)
Cigna Group		1,000		$	357,040
CVS Health Corp.		9,330			631,734
Elevance Health, Inc.		3,977			2,102,163
HCA Healthcare, Inc.		1,230			381,079
Humana, Inc.		800			241,672
Laboratory Corp. of America Holdings		800			161,096
UnitedHealth Group, Inc.		1,508			729,419
					5,003,111
Life Sciences Tools & Services - 0.59%
Avantor, Inc.A		27,163			658,159
Pharmaceuticals - 1.49%
GSK PLC, ADRB		3,854			159,710
Merck & Co., Inc.		6,620			855,437
Sanofi SA, ADR		12,858			632,999
					1,648,146
Total Health Care					9,213,118
Industrials - 6.17%
Aerospace & Defense - 0.93%
Boeing Co.A		2,100			352,464
General Dynamics Corp.		600			172,254
RTX Corp.		5,000			507,600
					1,032,318
Air Freight & Logistics - 0.53%
FedEx Corp.		2,230			583,769
Building Products - 0.31%
Johnson Controls International PLC		5,324			346,433
Construction & Engineering - 0.41%
AECOM		3,432			316,980
Fluor Corp.A		3,300			133,089
					450,069
Electrical Equipment - 1.07%
Vertiv Holdings Co.		12,765			1,187,145
Ground Transportation - 0.48%
JB Hunt Transport Services, Inc.		3,245			527,540
Industrial Conglomerates - 0.36%
General Electric Co.		2,442			395,164
Machinery - 1.47%
CNH Industrial NVA		28,880			329,232
Cummins, Inc.		1,752			494,923
PACCAR, Inc.		2,458			260,818
Stanley Black & Decker, Inc.		4,146			378,944
Timken Co.		1,900			169,518
					1,633,435
Professional Services - 0.61%
Jacobs Solutions, Inc.		4,672			670,572
Total Industrials					6,826,445

See accompanying notes

9

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.46% (continued)
Information Technology - 5.68%
Communications Equipment - 0.79%
F5, Inc.A		5,300		$	876,143
Electronic Equipment, Instruments & Components - 0.57%
Corning, Inc.		9,035			301,588
TE Connectivity Ltd.		2,308			326,536
					628,124
IT Services - 0.43%
Cognizant Technology Solutions Corp., Class A		7,339			482,025
Semiconductors & Semiconductor Equipment - 2.76%
Broadcom, Inc.		1,035			1,345,780
Micron Technology, Inc.		2,000			225,920
QUALCOMM, Inc.		6,451			1,069,898
Skyworks Solutions, Inc.		3,863			411,757
					3,053,355
Software - 1.13%
Microsoft Corp.		590			229,705
Oracle Corp.		8,968			1,020,110
					1,249,815
Total Information Technology					6,289,462
Materials - 3.07%
Chemicals - 2.18%
Air Products & Chemicals, Inc.		4,330			1,023,352
Axalta Coating Systems Ltd.A		21,588			678,727
DuPont de Nemours, Inc.		4,104			297,540
Olin Corp.		7,900			413,012
					2,412,631
Construction Materials - 0.81%
CRH PLC		11,586			896,988
Containers & Packaging - 0.08%
International Paper Co.		2,525			88,223
Total Materials					3,397,842
Real Estate - 1.15%
Specialized REITs - 1.15%
Public Storage		1,846			478,945
VICI Properties, Inc.		27,955			798,115
					1,277,060
Total Real Estate					1,277,060
Utilities - 1.63%
Electric Utilities - 1.63%
Entergy Corp.		5,858			624,873
Pinnacle West Capital Corp.		7,387			544,052
PPL Corp.		23,347			641,109
					1,810,034
Total Utilities					1,810,034
Total Common Stocks (Cost $42,128,744)					60,288,307

See accompanying notes

10

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares			Fair Value
FOREIGN COMMON STOCKS - 4.21%
Communication Services - 0.43%
Wireless Telecommunication Services - 0.20%
Vodafone Group PLC, ADR			25,932		$	218,088
Media - 0.23%
WPP PLC, ADRB			5,100			256,785
Total Communication Services						474,873
Consumer Discretionary - 0.48%
Automobile Components - 0.48%
Magna International, Inc.B			11,204			535,551
Consumer Staples - 0.87%
Beverages - 0.23%
Anheuser-Busch InBev SA, ADRB			4,200			250,572
Personal Products - 0.64%
Unilever PLC, ADR			13,740			712,419
Total Consumer Staples						962,991
Energy - 1.58%
Oil, Gas & Consumable Fuels - 1.58%
Cenovus Energy, Inc.			11,400			234,384
Enbridge, Inc.B			24,741			879,295
Shell PLC, ADR			8,835			633,116
						1,746,795
Total Energy						1,746,795
Information Technology - 0.85%
Communications Equipment - 0.85%
Telefonaktiebolaget LM Ericsson, ADRB			188,020			943,861
Total Foreign Common Stocks (Cost $4,394,284)						4,664,071
	Principal Amount
CORPORATE OBLIGATIONS - 11.71%
Basic Materials - 0.05%
Chemicals - 0.05%
EIDP, Inc., 1.700%, Due 7/15/2025		$	55,000		$	52,477
Communications - 1.17%
Internet - 0.42%
Amazon.com, Inc.,
1.200%, Due 6/3/2027			250,000			222,452
4.650%, Due 12/1/2029			250,000			245,958
						468,410
Media - 0.45%
Charter Communications Operating LLC/Charter Communications Operating Capital,
6.484%, Due 10/23/2045			250,000			221,192
5.750%, Due 4/1/2048			50,000			40,272
Comcast Corp., 6.550%, Due 7/1/2039			217,000			231,197
						492,661

See accompanying notes

11

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 11.71% (continued)
Communications - 1.17% (continued)
Telecommunications - 0.30%
AT&T, Inc.,
3.800%, Due 12/1/2057		$	70,000		$	47,306
3.650%, Due 9/15/2059			175,000			113,526
Verizon Communications, Inc., 4.329%, Due 9/21/2028			180,000			172,478
						333,310
Total Communications						1,294,381
Consumer, Cyclical - 0.96%
Airlines - 0.05%
American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, 2019 1 Series AA			66,555			58,616
Entertainment - 0.11%
Warnermedia Holdings, Inc., 5.050%, Due 3/15/2042			150,000			120,253
Home Furnishings - 0.10%
Whirlpool Corp., 5.150%, Due 3/1/2043			125,000			106,487
Retail - 0.70%
Home Depot, Inc., 2.950%, Due 6/15/2029			500,000			450,352
Walmart, Inc.,
2.375%, Due 9/24/2029			150,000			132,059
7.550%, Due 2/15/2030			169,000			192,662
						775,073
Total Consumer, Cyclical						1,060,429
Consumer, Non-Cyclical - 0.79%
Beverages - 0.27%
PepsiCo, Inc., 4.450%, Due 5/15/2028			300,000			294,481
Commercial Services - 0.06%
Moody’s Corp., 2.550%, Due 8/18/2060			50,000			25,521
Quanta Services, Inc., 3.050%, Due 10/1/2041			70,000			47,412
						72,933
Pharmaceuticals - 0.46%
Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029			560,000			513,325
Total Consumer, Non-Cyclical						880,739
Energy - 0.34%
Pipelines - 0.34%
Energy Transfer LP,
7.500%, Due 7/1/2038			90,000			99,197
5.150%, Due 3/15/2045			55,000			47,224
6.125%, Due 12/15/2045			65,000			62,384
6.000%, Due 6/15/2048			105,000			99,498
Kinder Morgan Energy Partners LP, 5.400%, Due 9/1/2044			30,000			26,837
ONEOK Partners LP, 6.850%, Due 10/15/2037			45,000			47,230
						382,370
Total Energy						382,370
Financial - 3.49%
Banks - 2.03%
Bank of America Corp.,
1.734%, Due 7/22/2027, (Secured Overnight Financing Rate + 0.960%)C			350,000			321,002

See accompanying notes

12

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 11.71% (continued)
Financial - 3.49% (continued)
Banks - 2.03% (continued)
Bank of America Corp., (continued)
6.110%, Due 1/29/2037		$	176,000		$	179,003
Citigroup, Inc.,
1.281%, Due 11/3/2025, (Secured Overnight Financing Rate + 0.528%)C			40,000			39,034
3.400%, Due 5/1/2026			350,000			335,822
5.875%, Due 1/30/2042			145,000			146,316
Fifth Third Bank NA, 2.250%, Due 2/1/2027			250,000			229,237
JPMorgan Chase & Co.,
1.561%, Due 12/10/2025, (Secured Overnight Financing Rate + 0.605%)C			35,000			34,091
5.500%, Due 10/15/2040			313,000			308,183
Morgan Stanley,
0.864%, Due 10/21/2025, Series I, (Secured Overnight Financing Rate + 0.745%)C			90,000			87,822
2.484%, Due 9/16/2036, (Secured Overnight Financing Rate + 1.360%)C			60,000			46,286
PNC Financial Services Group, Inc., 2.550%, Due 1/22/2030			500,000			426,709
State Street Corp., 2.354%, Due 11/1/2025, (Secured Overnight Financing Rate + 0.940%)C			100,000			98,067
						2,251,572
Insurance - 0.99%
Berkshire Hathaway Finance Corp., 2.300%, Due 3/15/2027			300,000			279,043
Fidelity National Financial, Inc., 3.200%, Due 9/17/2051			55,000			33,478
Markel Group, Inc.,
5.000%, Due 5/20/2049			100,000			86,350
3.450%, Due 5/7/2052			125,000			81,617
MetLife, Inc.,
6.375%, Due 6/15/2034			169,000			179,185
4.721%, Due 12/15/2044			193,000			165,626
Prudential Financial, Inc., 4.600%, Due 5/15/2044			313,000			265,357
						1,090,656
REITS - 0.47%
Alexandria Real Estate Equities, Inc., 1.875%, Due 2/1/2033			50,000			36,719
Crown Castle, Inc., 1.050%, Due 7/15/2026			190,000			171,892
Simon Property Group LP, 3.375%, Due 10/1/2024			313,000			309,936
						518,547
Total Financial						3,860,775
Industrial - 1.23%
Aerospace/Defense - 0.20%
RTX Corp., 6.125%, Due 7/15/2038			217,000			221,275
Machinery - Construction & Mining - 0.32%
Caterpillar Financial Services Corp., 4.900%, Due 1/17/2025			350,000			348,562
Machinery - Diversified - 0.39%
John Deere Capital Corp., 2.450%, Due 1/9/2030			500,000			433,454
Transportation - 0.32%
Burlington Northern Santa Fe LLC, 5.750%, Due 5/1/2040			202,000			203,958
CSX Corp., 5.500%, Due 4/15/2041			157,000			153,055
						357,013
Total Industrial						1,360,304
Technology - 1.68%
Computers - 1.22%
Apple, Inc.,
1.400%, Due 8/5/2028			200,000			172,591

See accompanying notes

13

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 11.71% (continued)
Technology - 1.68% (continued)
Computers - 1.22% (continued)
Apple, Inc., (continued)
2.200%, Due 9/11/2029		$	300,000		$	260,590
Dell International LLC/EMC Corp., 3.450%, Due 12/15/2051			26,000			17,112
Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045			500,000			507,923
International Business Machines Corp., 4.250%, Due 5/15/2049			500,000			397,388
						1,355,604
Semiconductors - 0.46%
Entegris, Inc., 4.750%, Due 4/15/2029D			70,000			66,013
NVIDIA Corp., 1.550%, Due 6/15/2028			500,000			437,810
						503,823
Total Technology						1,859,427
Utilities - 2.00%
Electric - 1.84%
Appalachian Power Co., 4.500%, Due 3/1/2049, Series Y			210,000			162,517
Arizona Public Service Co., 2.650%, Due 9/15/2050			30,000			16,913
Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036			235,000			240,432
Consolidated Edison Co. of New York, Inc., 5.500%, Due 12/1/2039, Series 09 C			169,000			162,946
Consumers Energy Co., 2.500%, Due 5/1/2060			32,000			16,934
DTE Energy Co.,
1.050%, Due 6/1/2025, Series F			75,000			71,274
5.850%, Due 6/1/2034			125,000			124,397
Duke Energy Carolinas LLC,
6.000%, Due 1/15/2038			40,000			40,377
6.050%, Due 4/15/2038			115,000			116,938
3.200%, Due 8/15/2049			45,000			29,608
Duke Energy Progress LLC, 4.150%, Due 12/1/2044			75,000			59,195
Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, Series A 2			265,000			207,397
Entergy Arkansas LLC, 3.350%, Due 6/15/2052			55,000			35,940
Entergy Corp., 2.800%, Due 6/15/2030			30,000			25,576
Entergy Louisiana LLC, 4.000%, Due 3/15/2033			47,000			41,830
Florida Power & Light Co., 3.950%, Due 3/1/2048			50,000			38,630
Kentucky Utilities Co., 3.300%, Due 6/1/2050			55,000			36,403
MidAmerican Energy Co., 3.650%, Due 8/1/2048			40,000			29,128
National Rural Utilities Cooperative Finance Corp.,
1.000%, Due 10/18/2024, Series D			50,000			48,811
5.450%, Due 10/30/2025			70,000			69,883
Pacific Gas & Electric Co., 5.550%, Due 5/15/2029			40,000			39,560
PacifiCorp,
4.150%, Due 2/15/2050			125,000			93,132
5.500%, Due 5/15/2054			155,000			138,510
Sempra, 3.300%, Due 4/1/2025			85,000			83,098
Vistra Operations Co. LLC, 5.125%, Due 5/13/2025D			110,000			108,324
						2,037,753
Gas - 0.16%
National Fuel Gas Co.,
3.950%, Due 9/15/2027			50,000			47,056
2.950%, Due 3/1/2031			95,000			78,186
Sempra Global, 3.250%, Due 1/15/2032D			65,000			52,351
						177,593
Total Utilities						2,215,346
Total Corporate Obligations (Cost $14,019,203)						12,966,248

See accompanying notes

14

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 4.93%
Communications - 0.83%
Internet - 0.28%
Alibaba Group Holding Ltd., 3.600%, Due 11/28/2024		$	313,000		$	309,167
Media - 0.17%
Thomson Reuters Corp., 3.850%, Due 9/29/2024			193,000			190,986
Telecommunications - 0.38%
America Movil SAB de CV, 6.375%, Due 3/1/2035			169,000			177,393
Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042D			150,000			132,969
Rogers Communications, Inc., 4.300%, Due 2/15/2048			140,000			107,607
						417,969
Total Communications						918,122
Consumer, Cyclical - 0.31%
Auto Manufacturers - 0.31%
Mercedes-Benz Finance North America LLC, 5.250%, Due 11/29/2027D			350,000			348,756
Consumer, Non-Cyclical - 1.19%
Agriculture - 0.24%
BAT Capital Corp.,
6.000%, Due 2/20/2034			35,000			34,790
4.540%, Due 8/15/2047			260,000			194,390
Reynolds American, Inc., 5.700%, Due 8/15/2035			35,000			33,602
						262,782
Beverages - 0.44%
Anheuser-Busch InBev Worldwide, Inc., 5.450%, Due 1/23/2039			500,000			491,403
Pharmaceuticals - 0.51%
Bayer U.S. Finance LLC,
6.125%, Due 11/21/2026D			200,000			200,261
6.500%, Due 11/21/2033D			200,000			199,269
Bayer U.S. Finance II LLC, 3.950%, Due 4/15/2045D			245,000			164,421
						563,951
Total Consumer, Non-Cyclical						1,318,136
Energy - 0.57%
Oil & Gas - 0.50%
BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)C E			150,000			151,356
Saudi Arabian Oil Co., 4.375%, Due 4/16/2049D			500,000			395,143
						546,499
Pipelines - 0.07%
TransCanada PipeLines Ltd., 6.100%, Due 6/1/2040			82,000			80,638
Total Energy						627,137
Financial - 1.53%
Banks - 1.17%
Barclays PLC,
2.894%, Due 11/24/2032, (1 yr. CMT + 1.300%)C			280,000			226,953
7.119%, Due 6/27/2034, (Secured Overnight Financing Rate + 3.570%)C			200,000			206,301
Deutsche Bank AG, 7.146%, Due 7/13/2027, (Secured Overnight Financing Rate + 2.520%)C			230,000			234,773
Macquarie Group Ltd., 2.871%, Due 1/14/2033, (Secured Overnight Financing Rate + 1.532%)C D			125,000			101,121
Mitsubishi UFJ Financial Group, Inc., 2.193%, Due 2/25/2025			75,000			72,879
NatWest Group PLC, 3.754%, Due 11/1/2029, (5 yr. CMT + 2.100%)C			225,000			221,990
Royal Bank of Canada, 1.200%, Due 4/27/2026			250,000			230,021
						1,294,038
Diversified Financial Services - 0.23%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
3.300%, Due 1/30/2032			165,000			137,805

See accompanying notes

15

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 4.93% (continued)
Financial - 1.53% (continued)
Diversified Financial Services - 0.23% (continued)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, (continued)
3.400%, Due 10/29/2033		$	150,000		$	122,111
						259,916
Insurance - 0.13%
Fairfax Financial Holdings Ltd., 6.350%, Due 3/22/2054D			140,000			138,326
Total Financial						1,692,280
Industrial - 0.28%
Aerospace/Defense - 0.28%
BAE Systems Holdings, Inc., 3.800%, Due 10/7/2024D			313,000			310,314
Utilities - 0.22%
Electric - 0.22%
National Grid PLC, 5.809%, Due 6/12/2033			245,000			243,596
Total Foreign Corporate Obligations (Cost $5,594,588)						5,458,341
FOREIGN SOVEREIGN OBLIGATIONS - 0.42%
Israel Government International Bonds, 5.500%, Due 3/12/2034			200,000			189,290
Mexico Government International Bonds, 6.400%, Due 5/7/2054			290,000			273,025
Total Foreign Sovereign Obligations (Cost $473,815)						462,315
ASSET-BACKED OBLIGATIONS - 1.19%
Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022 1 A3			80,218			79,142
AmeriCredit Automobile Receivables Trust,
5.840%, Due 10/19/2026, 2023 1 A2A			63,669			63,676
0.340%, Due 12/18/2026, 2021 2 A3			2,410			2,404
4.380%, Due 4/18/2028, 2022 2 A3			90,000			89,223
BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022 A A3			40,480			39,887
CNH Equipment Trust, 0.400%, Due 12/15/2025, 2021 A A3			23,917			23,604
Ford Credit Auto Lease Trust, 3.230%, Due 5/15/2025, 2022 A A3			9,819			9,810
Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021 2 AD			110,000			99,781
GM Financial Automobile Leasing Trust,
1.900%, Due 3/20/2025, 2022 1 A3			415			414
4.010%, Due 9/22/2025, 2022 3 A3			51,548			51,373
GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021 1 AD			90,000			81,358
Honda Auto Receivables Owner Trust,
1.880%, Due 5/15/2026, 2022 1 A3			88,046			86,080
4.930%, Due 11/15/2027, 2023 2 A3			100,000			99,118
John Deere Owner Trust,
2.320%, Due 9/15/2026, 2022 A A3			61,649			60,425
3.740%, Due 2/16/2027, 2022 B A3			100,000			98,475
New Economy Assets Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021 1 A1D			125,000			108,883
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021 1A A2IID			98,250			83,467
Toyota Auto Loan Extended Note Trust, 1.350%, Due 5/25/2033, 2020 1A AD			135,000			129,003
Toyota Auto Receivables Owner Trust, 1.230%, Due 6/15/2026, 2022 A A3			57,812			56,496
Volkswagen Auto Loan Enhanced Trust, 1.020%, Due 6/22/2026, 2021 1 A3			51,396			50,301
Total Asset-Backed Obligations (Cost $1,377,364)						1,312,920
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.23%
BX Commercial Mortgage Trust, 6.136%, Due 9/15/2036, 2021 VOLT A, (1 mo. USD Term SOFR + 0.814%)C D			140,000			138,600
Cold Storage Trust, 6.334%, Due 11/15/2037, 2020 ICE5 A, (1 mo. USD Term SOFR + 1.014%)C D			113,044			112,797
Total Commercial Mortgage-Backed Obligations (Cost $253,044)						251,397
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.30%
Federal Home Loan Mortgage Corp.,
3.500%, Due 9/1/2028			8,886			8,554

See accompanying notes

16

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount			Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.30% (continued)
Federal Home Loan Mortgage Corp., (continued)
3.000%, Due 11/1/2032		$	39,292		$	36,652
5.000%, Due 8/1/2033			14,462			14,139
5.500%, Due 2/1/2034			14,355			14,310
2.500%, Due 6/1/2035			61,958			55,415
2.000%, Due 3/1/2036			177,717			154,400
4.000%, Due 1/1/2041			42,573			39,165
4.500%, Due 2/1/2041			30,964			29,497
2.500%, Due 9/1/2041			138,696			116,637
3.500%, Due 5/1/2042			135,349			120,636
3.500%, Due 6/1/2042			138,963			124,895
3.000%, Due 4/1/2047			118,553			98,831
3.000%, Due 8/1/2048			112,621			95,339
2.500%, Due 7/1/2050			76,112			60,685
2.500%, Due 12/1/2050			68,598			55,172
2.500%, Due 11/1/2051			135,562			109,075
2.000%, Due 2/1/2052			248,353			189,469
2.000%, Due 3/1/2052			219,578			166,150
2.500%, Due 5/1/2052			111,114			89,203
6.000%, Due 3/1/2053			72,287			72,308
4.500%, Due 5/1/2053			107,611			99,303
5.500%, Due 9/1/2053			111,829			109,387
5.500%, Due 2/1/2054			328,170			319,078
5.500%, Due 4/1/2054			314,468			305,623
6.000%, Due 4/1/2054			160,000			159,806
						2,643,729
Federal National Mortgage Association,
3.500%, Due 1/1/2028F			8,003			7,749
5.000%, Due 3/1/2034F			15,788			15,414
4.500%, Due 4/1/2034			26,383			25,556
3.000%, Due 10/1/2034			3,737			3,421
2.000%, Due 11/1/2035F			124,900			108,861
2.000%, Due 12/1/2035F			55,518			48,302
3.500%, Due 6/1/2037			79,995			73,721
5.500%, Due 6/1/2038			3,422			3,398
4.500%, Due 1/1/2040			31,195			29,620
5.000%, Due 5/1/2040			50,451			48,931
5.000%, Due 6/1/2040			40,313			39,105
4.000%, Due 9/1/2040			28,462			26,148
4.000%, Due 1/1/2041			58,397			53,648
2.500%, Due 11/1/2041			110,938			92,849
3.000%, Due 6/1/2043			269,687			231,667
3.000%, Due 8/1/2043			243,672			209,319
4.000%, Due 11/1/2044F			37,062			33,970
4.000%, Due 7/1/2045			58,904			53,966
3.500%, Due 8/1/2045			26,893			23,740
3.500%, Due 11/1/2045			262,594			231,604
3.500%, Due 1/1/2046			103,630			91,767
3.500%, Due 5/1/2046			26,739			23,535
4.000%, Due 7/1/2046			56,293			51,585
3.000%, Due 10/1/2046			21,341			18,108
3.000%, Due 11/1/2046			128,001			108,701
3.500%, Due 3/1/2047			29,956			26,366
4.500%, Due 7/1/2047			14,401			13,556
4.500%, Due 8/1/2047			24,873			23,438
3.500%, Due 9/1/2047			39,326			34,762
4.000%, Due 3/1/2048			42,218			38,520

See accompanying notes

17

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount			Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.30% (continued)
Federal National Mortgage Association, (continued)
4.500%, Due 4/1/2048		$	11,423		$	10,682
4.500%, Due 7/1/2048F			28,913			27,320
4.500%, Due 7/1/2048			39,939			37,524
4.500%, Due 10/1/2049			86,618			80,950
4.000%, Due 11/1/2049			156,872			141,841
2.500%, Due 8/1/2050F			155,560			125,346
2.500%, Due 8/1/2050			174,811			139,553
3.000%, Due 8/1/2050			95,777			80,246
2.500%, Due 9/1/2050			110,503			88,229
2.500%, Due 10/1/2050F			49,964			39,858
3.000%, Due 10/1/2050F			103,932			87,186
2.000%, Due 3/1/2051F			161,597			124,652
2.000%, Due 4/1/2051F			367,423			281,878
3.000%, Due 5/1/2051F			116,003			97,243
3.000%, Due 6/1/2051			118,955			98,950
3.500%, Due 6/1/2051F			133,318			115,684
2.000%, Due 7/1/2051F			255,588			194,755
3.500%, Due 7/1/2051F			119,985			105,228
3.000%, Due 11/1/2051F			87,578			72,502
2.000%, Due 1/1/2052F			390,826			299,108
2.500%, Due 2/1/2052			542,217			432,715
3.500%, Due 5/1/2052			151,899			131,214
4.000%, Due 6/1/2052			187,035			168,049
5.000%, Due 6/1/2052			286,885			275,846
3.000%, Due 7/1/2052F			119,754			100,263
4.000%, Due 9/1/2052F			191,927			172,056
4.500%, Due 10/1/2052F			175,457			162,930
5.000%, Due 12/1/2052			132,421			125,705
5.000%, Due 4/1/2053F			92,766			88,713
4.500%, Due 6/1/2053F			111,892			104,548
5.500%, Due 10/1/2053			208,433			202,517
5.500%, Due 1/1/2054			210,624			204,465
6.000%, Due 1/1/2054F			232,675			231,399
5.500%, Due 2/1/2054			217,506			211,889
						6,652,371
Government National Mortgage Association,
6.500%, Due 8/15/2027			4,985			5,054
6.500%, Due 11/15/2027			5,635			5,726
7.500%, Due 12/15/2028			6,957			7,092
5.500%, Due 7/15/2033			14,800			14,899
6.000%, Due 12/15/2033			20,681			20,832
5.500%, Due 2/20/2034			21,210			21,482
5.000%, Due 10/15/2039			40,313			39,725
3.500%, Due 9/15/2041			77,470			70,126
3.500%, Due 8/20/2047			14,763			13,179
3.500%, Due 10/20/2047			13,564			12,101
4.000%, Due 1/20/2048			67,519			62,020
5.000%, Due 1/20/2050			32,244			31,319
4.500%, Due 2/20/2050			29,658			27,999
5.000%, Due 2/20/2050			16,136			15,700
2.500%, Due 4/20/2050			143,198			117,966
2.500%, Due 6/20/2051			143,336			117,737
3.000%, Due 6/20/2051			61,970			52,820
2.500%, Due 7/20/2051			225,182			184,884
3.000%, Due 8/20/2051			140,921			121,531
2.500%, Due 11/20/2051			114,436			93,926
3.000%, Due 12/20/2051			276,365			235,437

See accompanying notes

18

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount			Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.30% (continued)
Government National Mortgage Association, (continued)
3.500%, Due 1/20/2052		$	100,941		$	89,106
4.000%, Due 3/20/2052			106,416			96,474
2.500%, Due 4/20/2052			64,801			53,150
4.500%, Due 9/20/2052			137,289			127,987
5.000%, Due 4/20/2053			267,177			255,892
5.500%, Due 7/20/2053			222,210			218,115
						2,112,279
Total U.S. Agency Mortgage-Backed Obligations (Cost $12,785,049)						11,408,379
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.79%
Federal Farm Credit Banks Funding Corp.,
4.375%, Due 10/24/2029			250,000			245,228
3.750%, Due 1/25/2030			300,000			283,127
Federal Home Loan Banks, 4.500%, Due 12/14/2029			350,000			343,918
Total U.S. Government Agency Obligations (Cost $905,485)						872,273
U.S. TREASURY OBLIGATIONS - 8.71%
U.S. Treasury Bonds,
6.875%, Due 8/15/2025			279,000			285,822
5.250%, Due 11/15/2028			217,000			221,221
4.750%, Due 2/15/2037			304,000			308,358
4.500%, Due 8/15/2039			241,000			234,034
2.750%, Due 8/15/2042			250,000			184,863
3.875%, Due 2/15/2043			30,000			26,184
2.875%, Due 5/15/2049			500,000			355,000
3.625%, Due 2/15/2053			110,000			89,800
						1,705,282
U.S. Treasury Notes,
4.250%, Due 9/30/2024			250,000			248,821
1.125%, Due 1/15/2025			250,000			242,778
1.125%, Due 2/28/2025			430,000			415,563
4.250%, Due 10/15/2025			250,000			246,777
2.000%, Due 11/15/2026			500,000			465,156
1.500%, Due 1/31/2027			175,000			159,783
2.500%, Due 3/31/2027			250,000			233,975
4.125%, Due 10/31/2027			250,000			244,190
2.875%, Due 5/15/2028			200,000			186,016
3.625%, Due 5/31/2028			65,000			62,210
2.875%, Due 8/15/2028			300,000			278,004
2.625%, Due 2/15/2029			450,000			409,289
2.875%, Due 4/30/2029			300,000			275,215
2.375%, Due 5/15/2029			450,000			402,768
1.625%, Due 8/15/2029			350,000			300,029
1.750%, Due 11/15/2029			850,000			730,469
3.500%, Due 1/31/2030			350,000			328,453
1.500%, Due 2/15/2030			800,000			670,563
4.000%, Due 2/28/2030			250,000			240,742
4.125%, Due 11/15/2032			250,000			239,951
3.500%, Due 2/15/2033			1,495,000			1,366,815
4.000%, Due 2/15/2034			200,000			189,313
						7,936,880
Total U.S. Treasury Obligations (Cost $10,438,777)						9,642,162

See accompanying notes

19

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
SHORT-TERM INVESTMENTS - 2.53% (Cost $2,804,247)
Investment Companies - 2.53%
American Beacon U.S. Government Money Market Select Fund, 5.20%G H		2,804,247		$	2,804,247
SECURITIES LENDING COLLATERAL - 1.32% (Cost $1,465,551)
Investment Companies - 1.32%
American Beacon U.S. Government Money Market Select Fund, 5.20%G H		1,465,551			1,465,551
TOTAL INVESTMENTS - 100.80% (Cost $96,640,151)					111,596,211
LIABILITIES, NET OF OTHER ASSETS - (0.80%)					(883,688	)
TOTAL NET ASSETS - 100.00%				$	110,712,523
Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at April 30, 2024 (Note 9).

^C 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, LIBOR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on April 30, 2024.

^D Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $2,971,157 or 2.68% of net assets. The Fund has no right to demand registration of these securities.

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

^F Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

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

^H 7-day yield.

ADR - American Depositary Receipt.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LIBOR - London Interbank Offered Rate.

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.

SOFR - Secured Overnight Financing Rate.

Long Futures Contracts Open on April 30, 2024:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini Standard & Poor’s 500 Index Futures	12	June 2024	$	3,154,615	$	3,040,200	$	(114,415	)
			$	3,154,615	$	3,040,200	$	(114,415	)

Index Abbreviations:
CME	Chicago Mercantile Exchange.

See accompanying notes

20

American Beacon Balanced Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2024, the investments were classified as described below:

Balanced Fund	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	60,288,307		$	-	$	-	$	60,288,307
Foreign Common Stocks		4,664,071			-		-		4,664,071
Corporate Obligations		-			12,966,248		-		12,966,248
Foreign Corporate Obligations		-			5,458,341		-		5,458,341
Foreign Sovereign Obligations		-			462,315		-		462,315
Asset - Backed Obligations		-			1,312,920		-		1,312,920
Commercial Mortgage - Backed Obligations		-			251,397		-		251,397
U.S. Agency Mortgage - Backed Obligations		-			11,408,379		-		11,408,379
U.S. Government Agency Obligations		-			872,273		-		872,273
U.S. Treasury Obligations		-			9,642,162		-		9,642,162
Short-Term Investments		2,804,247			-		-		2,804,247
Securities Lending Collateral		1,465,551			-		-		1,465,551
Total Investments in Securities - Assets	$	69,222,176		$	42,374,035	$	-	$	111,596,211
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(114,415	)	$	-	$	-	$	(114,415	)
Total Financial Derivative Instruments - Liabilities	$	(114,415	)	$	-	$	-	$	(114,415	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

21

American Beacon Balanced Fund^SM

Statement of Assets and Liabilities

April 30, 2024 (Unaudited)

Assets:
Investments in unaffiliated securities, at fair value† §	$	107,326,413
Investments in affiliated securities, at fair value‡		4,269,798
Cash collateral held at broker for futures contracts		191,000
Dividends and interest receivable		414,686
Deposits with broker for futures contracts		68,410
Receivable for investments sold		311,290
Receivable for fund shares sold		17,412
Receivable for tax reclaims		1,969
Prepaid expenses		62,334
Total assets		112,663,312
Liabilities:
Payable for investments purchased		124,835
Payable for fund shares redeemed		88,462
Management and sub-advisory fees payable (Note 2)		85,364
Service fees payable (Note 2)		9,968
Transfer agent fees payable (Note 2)		7,616
Payable upon return of securities loaned (Note 9)§		1,465,551
Custody and fund accounting fees payable		5,710
Professional fees payable		41,359
Trustee fees payable (Note 2)		498
Payable for prospectus and shareholder reports		3,807
Payable for variation margin from open futures contracts (Note 5)		114,422
Other liabilities		3,197
Total liabilities		1,950,789
Commitments and contingent liabilities (Note 2)
Net assets	$	110,712,523
Analysis of net assets:
Paid-in-capital	$	90,693,192
Total distributable earnings (deficits)A		20,019,331
Net assets	$	110,712,523
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		754,623
Y Class		1,812,794
Investor Class		3,877,642
Advisor Class		79,258
A Class		1,403,185
C Class		702,512
Net assets:
R5 Class	$	11,095,588
Y Class	$	26,932,976
Investor Class	$	46,395,920
Advisor Class	$	1,053,440
A Class	$	16,711,899
C Class	$	8,522,700
Net asset value, offering and redemption price per share:
R5 Class	$	14.70
Y Class	$	14.86
Investor Class	$	11.96
Advisor Class	$	13.29
A Class	$	11.91
A Class (offering price)	$	12.64
C Class	$	12.13
† Cost of investments in unaffiliated securities	$	92,370,353
‡ Cost of investments in affiliated securities	$	4,269,798
§ Fair value of securities on loan	$	2,847,154
A The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at period end.

See accompanying notes

22

American Beacon Balanced Fund^SM

Statement of Operations

For the period ended April 30, 2024 (Unaudited)

	Balanced Fund
Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	772,942
Dividend income from affiliated securities (Note 2)		78,171
Interest income		878,180
Income derived from securities lending (Note 9)		4,210
Total investment income		1,733,503
Expenses:
Management and sub-advisory fees (Note 2)		296,128
Transfer agent fees:
R5 Class (Note 2)		1,791
Y Class (Note 2)		13,199
Investor Class		5,053
Advisor Class		65
A Class		456
C Class		412
Custody and fund accounting fees		28,669
Professional fees		37,655
Registration fees and expenses		42,869
Service fees (Note 2):
Investor Class		64,631
Advisor Class		1,255
A Class		5,875
C Class		4,758
Distribution fees (Note 2):
Advisor Class		1,301
A Class		18,187
C Class		56,049
Prospectus and shareholder report expenses		12,750
Trustee fees (Note 2)		5,318
Loan expense (Note 10)		480
Other expenses		14,209
Total expenses		611,110
Net investment income		1,122,393
Realized and unrealized gain (loss) from investments:
Net realized gain from:
Investments in unaffiliated securitiesA		4,888,489
Foreign currency transactions		189
Futures contracts		499,988
Change in net unrealized appreciation (depreciation) of:
Investments in unaffiliated securitiesB		8,334,814
Futures contracts		(41,629	)
Net gain from investments		13,681,851
Net increase in net assets resulting from operations	$	14,804,244
† Foreign taxes	$	8,727
A The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities.
B The Fund’s investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end.

See accompanying notes

23

American Beacon Balanced Fund^SM

Statement of Changes in Net Assets

	Six Months Ended April 30, 2024			Year Ended October 31, 2023
	(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	1,122,393		$	2,423,611
Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts		5,388,666			1,330,651
Change in net unrealized appreciation of investments in unaffiliated securities and futures contracts		8,293,185			381,669
Net increase in net assets resulting from operations		14,804,244			4,135,931
Distributions to shareholders:
Total retained earnings:
R5 Class		(156,606	)		(1,266,660	)
Y Class		(345,932	)		(4,232,877	)
Investor Class		(727,507	)		(6,394,827	)
Advisor Class		(13,000	)		(117,843	)
A Class		(216,514	)		(1,592,314	)
C Class		(118,806	)		(1,686,923	)
Net distributions to shareholders		(1,578,365	)		(15,291,444	)
Capital share transactions (Note 11):
Proceeds from sales of shares		8,456,903			35,647,313
Reinvestment of dividends and distributions		1,530,836			13,509,118
Cost of shares redeemed		(19,225,694	)		(59,755,583	)
Net (decrease) in net assets from capital share transactions		(9,237,955	)		(10,599,152	)
Net increase (decrease) in net assets		3,987,924			(21,754,665	)
Net assets:
Beginning of period		106,724,599			128,479,264
End of period	$	110,712,523		$	106,724,599

See accompanying notes

24

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (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, 2024, the Trust consists of twenty-four active series, one of which is presented in this filing: American Beacon Balanced Fund (the “Fund”). The remaining twenty-three 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.

Effective December 29, 2023, the Manager underwent a change of control, which resulted in the termination of the Fund’s previous management and investment advisory agreements. The Board of Trustees (the “Board”) approved a new Management Agreement with the Manager and new Investment Advisory Agreements among the Manager, the sub-advisors and the Trust, on behalf of the Fund, that were effective on December 29, 2023. The new Management Agreement required approval by shareholders of the Fund, and shareholders approved the new Management Agreement at a shareholder meeting held on November 17, 2023.

Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Inter-bank Offered Rate (“LIBOR”) or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which updates and clarifies ASU No. 2020-04. The amendments in this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Management expects these ASUs will not have a material impact on the Fund’s financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Management has concluded that the ASU will not have a material impact on the Fund’s financial statements.

25

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Class Disclosure

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

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

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

Significant Accounting Policies

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

Security Transactions and Investment Income

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

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

26

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (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

27

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

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

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

The 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, 2024 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	196,470
Sub-Advisory Fees		0.17	%		99,658
Total		0.52	%	$	296,128

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, 2024, the Manager received securities lending fees of $581 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

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April 30, 2024 (Unaudited)

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, 2024, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statement of Operations, were as follows:

Fund	Sub-Transfer Agent Fees
Balanced	$	13,916

As of April 30, 2024, the Fund owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statement of Assets and Liabilities:

Fund	Reimbursement Sub-Transfer Agent Fees
Balanced	$	4,118

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, 2024 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund		April 30, 2024 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		April 30, 2024 Fair Value
U.S. Government Money Market Select	Direct		Balanced	$	2,804,247	$	-	$	-	$	78,171	$	2,804,247
U.S. Government Money Market Select	Securities Lending		Balanced		1,465,551		-		-		N/A		1,465,551

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, 2024, the Manager earned fees on the Fund’s direct investments and securities lending collateral investments in the USG Select Fund as shown below:

Fund	Direct Investments in USG Select Fund		Securities Lending Collateral Investments in USG Select Fund		Total
Balanced	$	1,498	$	384	$	1,882

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Notes to Financial Statements

April 30, 2024 (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, 2024, 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, 2024 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, 2024, RID collected $2,820 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, 2024, 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, 2024, CDSC fees of $150 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 $140,000; (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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Notes to Financial Statements

April 30, 2024 (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 her service as Board Chair, Ms. Cline receives an additional annual retainer of $50,000. Although she attends several committee meetings at each quarterly Board meeting, she receives only a single $2,500 fee each quarter for her 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

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

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

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

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

Valuation Inputs

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

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

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

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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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Notes to Financial Statements

April 30, 2024 (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.

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

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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.

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

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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, 2024 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.

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

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Notes to Financial Statements

April 30, 2024 (Unaudited)

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

Privately Issued Mortgage-Backed Securities

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

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

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

Real Estate Investment Trusts (“REITs”)

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

U.S. Government Agency Securities

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

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2024, 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 quarterly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each quarter end.

Average Futures Contracts Outstanding
Fund	Period Ended April 30, 2024
Balanced		13

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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

Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2024:
	Derivatives not accounted for as hedging instruments
Liabilities:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Payable for variation margin from open futures contracts(2)		$	–		$	–		$	–		$	–		$	(114,415	)		$	(114,415	)
The effect of financial derivative instruments on the Statement of Operations as of April 30, 2024:
	Derivatives not accounted for as hedging instruments
Realized gain (loss) from derivatives recognized as a result of operations	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	–		$	–		$	–		$	–		$	499,988			$	499,988
Net change in unrealized appreciation (depreciation) of derivatives recognized as a result from operations:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	–		$	–		$	–		$	–		$	(41,629	)		$	(41,629	)

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

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

Offsetting Assets and Liabilities

The Fund is a party to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Fund employs multiple money managers and counterparties and has elected not to offset qualifying financial and derivative instruments on the Statement of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, April 30, 2024.

Offsetting of Financial and Derivative Assets as of April 30, 2024:
	Assets		Liabilities
Futures Contracts(1)	$	-	$	(114,415	)
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	-	$	(114,415	)
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	-	$	114,415

	Remaining Contractual Maturity of the Agreements As of April 30, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,465,551	$	-		-	$	-		$1,465,551
Total Borrowings	$	1,465,551	$	-	$	-	$	-		$1,465,551
Gross amount of recognized liabilities for securities lending transactions										$1,465,551

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

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

6. Principal Risks

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

Asset-Backed and Mortgage Related Securities Risk

Investments in asset-backed and mortgage related securities are subject to market risks for fixed-income securities which include, but are not limited to, interest rate risk, prepayment risk and extension risk. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS and ABS securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Because prepayments increase when interest rates fall, the prices of MBS and ABS do not increase as much as other fixed-income securities when interest rates fall. When interest rates rise, borrowers are less likely to prepay their mortgage and other loans. A decreased rate of prepayments lengthens the expected maturity of MBS and ABS. Therefore, the prices of MBS and ABS may decrease more than prices of other fixed-income securities when interest rates rise. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates. Rising interest rates also may increase the risk of default by borrowers. As a result, in a period of rising interest rates, the Fund that holds these types of securities, may experience additional volatility and losses. A decline in the credit quality of and defaults by the issuers of asset-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. In addition, certain asset-backed and mortgage related securities may include securities backed by pools of loans made to “subprime” borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

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.

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, real estate investment trusts (“REITs”), depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S.

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 Investing 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 Fund invests 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.

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).

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,

41

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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

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

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 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.

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. For example, the Fund’s investments in money market funds are subject to interest rate risk, credit risk, and market risk. The Fund must rely on the investment company

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

in which it invests to achieve its investment objective. If the investment company fails to achieve its investment objective, the value of the Fund’s investment will decline, adversely affecting the Fund’s performance. 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

When interest rates fall, borrowers will generally repay the loans that underlie certain debt securities, especially mortgage-related and other types of ABS, more quickly than expected, causing the issuer of the security to repay the principal prior to the security’s expected maturity date. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income. Securities subject to prepayment risk generally offer less potential for gains when prevailing interest rates fall. If the Fund buys those securities at a premium, accelerated prepayments on those securities could cause the Fund to lose a portion of its principal investment. The impact of prepayments on the price of a security may be difficult to predict and may increase the security’s price volatility. 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 and delayed payment, heighten interest rate risk and increase the potential for a decline in its price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to a Fund for investment would be reduced.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in the Fund may be increased. Deteriorating economic fundamentals may increase the risk of default or insolvency of particular issuers, negatively impact market value, increase market volatility, cause credit spreads to widen, reduce bank balance sheets and cause unexpected changes in interest rates. Any of these could cause an increase in market volatility, reduce liquidity across various sectors or markets or decrease confidence in the markets. Historical patterns of correlation among asset classes may break down in unanticipated ways during times of high volatility, disrupting investment programs and potentially causing losses.

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; risks associated with a trade agreement between the United Kingdom and the European

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American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Union; the risks associated with ongoing trade negotiations with China; and 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.

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.

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

45

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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.”

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 interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Additionally, circumstances could arise that would prevent the payment of interest or principal. This could result in losses to the Fund. Investments in government-sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. Government. These obligations vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association (‘‘Ginnie Mae’’); (ii) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal Home Loan Bank and the Federal Farm Credit Banks; (iii) supported by the discretionary authority of the U.S. Government to purchase the agency obligations, such as those of Fannie Mae and Freddie Mac or (iv) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The U.S. Government may choose not to provide financial support to U.S. Government-sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer defaulted, to the extent the Fund held securities of such issuers, it might not be able to recover its investment from the U.S. Government. 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.

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, 2023 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.

46

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2024, the tax cost for the Fund and its respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Balanced	$	98,998,907	$	17,911,689	$	(5,314,385	)	$	12,597,304

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, 2023, the Fund had the following 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, 2024 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Purchases of U.S. Government Securities		Sales (non-U.S. Government Securities)		Sales of U.S. Government Securities
Balanced	$	13,417,926	$	5,609,754	$	21,889,591	$	6,063,642

A summary of the Fund’s transactions in the USG Select Fund for the period ended April 30, 2024 were as follows:

Fund	Type of Transaction	October  31, 2023 Shares/Fair Value		Purchases		Sales		April 30, 2024 Shares/Fair Value
Balanced	Direct	$	2,210,473	$	23,819,171	$	23,225,397	$	2,804,247
Balanced	Securities Lending		870,903		7,573,102		6,978,454		1,465,551

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.

47

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2024, the value of outstanding securities on loan and the value of collateral were as follows:

Fund	Fair Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Balanced	$	2,847,154	$	1,465,551	$	1,546,824	$	3,012,375

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 10, 2023 (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 8, 2024, 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 9, 2023.

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

48

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 8, 2024, 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 9, 2023.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Loan 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, 2024, the Fund did not utilize these facilities.

11. Capital Share Transactions

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

	R5 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		18,951		$	271,531			114,738		$	1,572,317
Reinvestment of dividends		10,583			155,038			95,464			1,256,702
Shares redeemed		(105,574	)		(1,516,321	)		(301,917	)		(4,114,926	)
Net (decrease) in shares outstanding		(76,040	)	$	(1,089,752	)		(91,715	)	$	(1,285,907	)
	Y Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		217,002		$	3,155,122			1,683,854		$	23,540,169
Reinvestment of dividends		22,488			333,078			206,059			2,741,669
Shares redeemed		(272,354	)		(3,962,491	)		(2,176,175	)		(29,436,634	)
Net (decrease) in shares outstanding		(32,864	)	$	(474,291	)		(286,262	)	$	(3,154,796	)
	Investor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		91,743		$	1,083,758			609,884		$	6,849,318
Reinvestment of dividends		59,291			706,912			578,977			6,243,097
Shares redeemed		(601,673	)		(7,055,147	)		(1,500,258	)		(16,655,877	)
Net (decrease) in shares outstanding		(450,639	)	$	(5,264,477	)		(311,397	)	$	(3,563,462	)
	Advisor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		1,403		$	18,209			10,764		$	132,209
Reinvestment of dividends		981			13,000			9,879			117,843
Shares redeemed		(4,525	)		(59,128	)		(26,647	)		(318,598	)
Net (decrease) in shares outstanding		(2,141	)	$	(27,919	)		(6,004	)	$	(68,546	)

49

American Beacon Balanced Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

	A Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		323,556		$	3,814,948			253,745		$	2,817,904
Reinvestment of dividends		17,190			204,296			137,291			1,473,679
Shares redeemed		(157,315	)		(1,845,602	)		(324,640	)		(3,594,051	)
Net increase in shares outstanding		183,431		$	2,173,642			66,396		$	697,532
	C Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		9,410		$	113,335			64,838		$	735,396
Reinvestment of dividends		9,825			118,512			153,620			1,676,128
Shares redeemed		(399,614	)		(4,787,005	)		(498,554	)		(5,635,497	)
Net (decrease) in shares outstanding		(380,379	)	$	(4,555,158	)		(280,096	)	$	(3,223,973	)

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.

50

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020B			2019
	(unaudited)
Net asset value, beginning of period	$	13.04		$	14.07		$	16.93		$	14.35		$	16.36		$	16.20
Income (loss) from investment operations:
Net investment income		0.12			0.24			0.11			0.19			0.20			0.31
Net gains (losses) on investments (both realized and unrealized)		1.73			0.15			(1.56	)		4.34			(0.80	)		1.23
Total income (loss) from investment operations		1.85			0.39			(1.45	)		4.53			(0.60	)		1.54
Less distributions:
Dividends from net investment income		(0.13	)		(0.26	)		(0.23	)		(0.30	)		(0.24	)		(0.26	)
Distributions from net realized gains		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)		(1.12	)
Total distributions		(0.19	)		(1.42	)		(1.41	)		(1.95	)		(1.41	)		(1.38	)
Net asset value, end of period	$	14.70		$	13.04		$	14.07		$	16.93		$	14.35		$	16.36
Total returnC		14.25	%D		2.80	%		(9.20	)%		33.80	%		(4.14	)%		10.89	%
Ratios and supplemental data:
Net assets, end of period	$	11,095,588		$	10,827,923		$	12,977,305		$	22,687,613		$	22,476,942		$	46,593,155
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.81	%E		0.78	%		0.72	%		0.70	%		0.88	%		0.66	%
Expenses, net of reimbursements and/or recoupments		0.81	%E		0.78	%		0.72	%		0.70	%		0.88	%		0.66	%
Net investment income, before expense reimbursements and/or recoupments		2.29	%E		2.10	%		1.51	%		1.37	%		1.82	%		2.24	%
Net investment income, net of reimbursements and/or recoupments		2.29	%E		2.10	%		1.51	%		1.37	%		1.82	%		2.24	%
Portfolio turnover rate		18	%D		48	%		30	%		37	%		82	%		68	%

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

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

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

51

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	13.17		$	14.20		$	17.07		$	14.46		$	16.47		$	16.31
Income (loss) from investment operations:
Net investment income		0.16			0.29			0.21			0.20			0.25			0.33
Net gains (losses) on investments (both realized and unrealized)		1.72			0.08			(1.68	)		4.35			(0.86	)		1.20
Total income (loss) from investment operations		1.88			0.37			(1.47	)		4.55			(0.61	)		1.53
Less distributions:
Dividends from net investment income		(0.13	)		(0.24	)		(0.22	)		(0.29	)		(0.23	)		(0.25	)
Distributions from net realized gains		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)		(1.12	)
Total distributions		(0.19	)		(1.40	)		(1.40	)		(1.94	)		(1.40	)		(1.37	)
Net asset value, end of period	$	14.86		$	13.17		$	14.20		$	17.07		$	14.46		$	16.47
Total returnB		14.29	%C		2.68	%		(9.25	)%		33.66	%		(4.17	)%		10.75	%
Ratios and supplemental data:
Net assets, end of period	$	26,932,976		$	24,304,867		$	30,273,662		$	40,858,765		$	43,550,846		$	62,956,422
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.88	%D		0.84	%		0.80	%		0.77	%		0.96	%		0.74	%
Expenses, net of reimbursements and/or recoupments		0.88	%D		0.84	%		0.80	%		0.77	%		0.96	%		0.74	%
Net investment income, before expense reimbursements and/or recoupments		2.21	%D		2.01	%		1.46	%		1.31	%		1.71	%		2.15	%
Net investment income, net of reimbursements and/or recoupments		2.21	%D		2.01	%		1.46	%		1.31	%		1.71	%		2.15	%
Portfolio turnover rate		18	%C		48	%		30	%		37	%		82	%		68	%

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

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

52

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	10.64		$	11.74		$	14.35		$	12.43		$	14.36		$	14.41
Income (loss) from investment operations:
Net investment income		0.12	B		0.11			0.15	B		0.22			0.03			0.18
Net gains (losses) on investments (both realized and unrealized)		1.38			0.17			(1.39	)		3.61			(0.58	)		1.11
Total income (loss) from investment operations		1.50			0.28			(1.24	)		3.83			(0.55	)		1.29
Less distributions:
Dividends from net investment income		(0.12	)		(0.22	)		(0.19	)		(0.26	)		(0.21	)		(0.22	)
Distributions from net realized gains		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)		(1.12	)
Total distributions		(0.18	)		(1.38	)		(1.37	)		(1.91	)		(1.38	)		(1.34	)
Net asset value, end of period	$	11.96		$	10.64		$	11.74		$	14.35		$	12.43		$	14.36
Total returnC		14.10	%D		2.46	%		(9.40	)%		33.32	%		(4.41	)%		10.50	%
Ratios and supplemental data:
Net assets, end of period	$	46,395,920		$	46,044,377		$	54,447,528		$	85,251,213		$	68,284,615		$	96,065,263
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.08	%E		1.04	%		1.03	%		0.99	%		1.20	%		0.97	%
Expenses, net of reimbursements and/or recoupments		1.08	%E		1.04	%		1.03	%		0.99	%		1.20	%		0.97	%
Net investment income, before expense reimbursements and/or recoupments		2.02	%E		1.84	%		1.22	%		1.07	%		1.47	%		1.92	%
Net investment income, net of reimbursements and/or recoupments		2.02	%E		1.84	%		1.22	%		1.07	%		1.47	%		1.92	%
Portfolio turnover rate		18	%D		48	%		30	%		37	%		82	%		68	%

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

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

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

53

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	11.80		$	12.86		$	15.59		$	13.35		$	15.34		$	15.29
Income (loss) from investment operations:
Net investment income		0.10			0.15			0.15	B		0.15			0.18	B		0.26
Net gains (losses) on investments (both realized and unrealized)		1.55			0.15			(1.54	)		3.97			(0.81	)		1.11
Total income (loss) from investment operations		1.65			0.30			(1.39	)		4.12			(0.63	)		1.37
Less distributions:
Dividends from net investment income		(0.10	)		(0.20	)		(0.16	)		(0.23	)		(0.19	)		(0.20	)
Distributions from net realized gains		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)		(1.12	)
Total distributions		(0.16	)		(1.36	)		(1.34	)		(1.88	)		(1.36	)		(1.32	)
Net asset value, end of period	$	13.29		$	11.80		$	12.86		$	15.59		$	13.35		$	15.34
Total returnC		14.02	%D		2.35	%		(9.62	)%		33.17	%		(4.65	)%		10.41	%
Ratios and supplemental data:
Net assets, end of period	$	1,053,440		$	960,288		$	1,124,266		$	2,120,450		$	1,760,622		$	6,039,168
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.29	%E		1.24	%		1.19	%		1.16	%		1.36	%		1.14	%
Expenses, net of reimbursements and/or recoupments		1.29	%E		1.24	%		1.19	%		1.16	%		1.36	%		1.14	%
Net investment income, before expense reimbursements and/or recoupments		1.81	%E		1.66	%		1.05	%		0.91	%		1.29	%		1.76	%
Net investment income, net of reimbursements and/or recoupments		1.81	%E		1.66	%		1.05	%		0.91	%		1.29	%		1.76	%
Portfolio turnover rate		18	%D		48	%		30	%		37	%		82	%		68	%

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

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

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

54

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	10.59		$	11.69		$	14.31		$	12.39		$	14.33		$	14.38
Income (loss) from investment operations:
Net investment income		0.19			0.23			0.25			0.11			0.15			0.22
Net gains (losses) on investments (both realized and unrealized)		1.30			0.05			(1.50	)		3.71			(0.71	)		1.07
Total income (loss) from investment operations		1.49			0.28			(1.25	)		3.82			(0.56	)		1.29
Less distributions:
Dividends from net investment income		(0.11	)		(0.22	)		(0.19	)		(0.25	)		(0.21	)		(0.22	)
Distributions from net realized gains		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)		(1.12	)
Total distributions		(0.17	)		(1.38	)		(1.37	)		(1.90	)		(1.38	)		(1.34	)
Net asset value, end of period	$	11.91		$	10.59		$	11.69		$	14.31		$	12.39		$	14.33
Total returnB		14.15	%C		2.44	%		(9.49	)%		33.39	%		(4.49	)%		10.54	%
Ratios and supplemental data:
Net assets, end of period	$	16,711,899		$	12,917,238		$	13,482,666		$	13,922,687		$	12,863,938		$	16,228,685
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.12	%D		1.09	%		1.04	%		1.02	%		1.21	%		1.01	%
Expenses, net of reimbursements and/or recoupments		1.12	%D		1.09	%		1.04	%		1.02	%		1.21	%		1.01	%E
Net investment income, before expense reimbursements and/or recoupments		1.97	%D		1.80	%		1.22	%		1.04	%		1.46	%		1.88	%
Net investment income, net of reimbursements and/or recoupments		1.97	%D		1.80	%		1.22	%		1.04	%		1.46	%		1.88	%
Portfolio turnover rate		18	%C		48	%		30	%		37	%		82	%		68	%

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

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

^C  Not annualized.

^D  Annualized.

^E  This ratio does not include a voluntary reimbursement of service fees as included in the prior year.

See accompanying notes

55

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	10.78		$	11.87		$	14.49		$	12.53		$	14.48		$	14.55
Income (loss) from investment operations:
Net investment income		0.07	B		0.12	B		0.06	B		0.04	B		0.05			0.10
Net gains (losses) on investments (both realized and unrealized)		1.40			0.08			(1.41	)		3.72			(0.70	)		1.09
Total income (loss) from investment operations		1.47			0.20			(1.35	)		3.76			(0.65	)		1.19
Less distributions:
Dividends from net investment income		(0.06	)		(0.13	)		(0.09	)		(0.15	)		(0.13	)		(0.14	)
Distributions from net realized gains		(0.06	)		(1.16	)		(1.18	)		(1.65	)		(1.17	)		(1.12	)
Total distributions		(0.12	)		(1.29	)		(1.27	)		(1.80	)		(1.30	)		(1.26	)
Net asset value, end of period	$	12.13		$	10.78		$	11.87		$	14.49		$	12.53		$	14.48
Total returnC		13.66	%D		1.68	%		(10.11	)%		32.32	%		(5.09	)%		9.63	%
Ratios and supplemental data:
Net assets, end of period	$	8,522,700		$	11,669,906		$	16,173,837		$	23,737,711		$	23,951,798		$	30,848,500
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.87	%E		1.83	%		1.78	%		1.75	%		1.95	%		1.76	%
Expenses, net of reimbursements and/or recoupments		1.87	%E		1.83	%		1.78	%		1.75	%		1.95	%		1.76	%F
Net investment income, before expense reimbursements and/or recoupments		1.23	%E		1.04	%		0.47	%		0.32	%		0.72	%		1.13	%
Net investment income, net of reimbursements and/or recoupments		1.23	%E		1.04	%		0.47	%		0.32	%		0.72	%		1.13	%
Portfolio turnover rate		18	%D		48	%		30	%		37	%		82	%		68	%

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

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

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

^D  Not annualized.

^E  Annualized.

^F  This ratio does not include a voluntary reimbursement of service fees as included in the prior year.

See accompanying notes

56

Delivery of Documents

Shareholder reports are available online at www.americanbeaconfunds.com/reports. Please be advised that reports are no longer sent by mail. Instead, the reports are made available online, and you will be notified by mail each time a report is posted online. You will be provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. You can request to continue receiving paper copies by calling 1-866-345-5954, or you may directly inform your financial intermediary. Detailed instructions are also included in your report notifications.

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 and Semi-Annual Report, 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.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643
Availability of Quarterly Portfolio Schedules	Availability of Proxy Voting Policy and Records
In addition to the Schedule of Investments provided in each semi-annual and annual report, the Fund files a complete schedule of its portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-PORT as of the end of each fiscal quarter. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. The Forms N-PORT may also be reviewed and copied at the SEC’s Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-2736. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling (800)-SEC-0330. A complete schedule of the Fund’s portfolio holdings is also available at www.americanbeaconfunds.com approximately twenty days after the end of each month.	A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available in the Fund’s Statement of Additional Information, is available free of charge on the Fund’s website www.americanbeaconfunds.com and by calling 1-800-967-9009 or by accessing the SEC’s website at www.sec.gov. The Fund’s proxy voting record for the most recent year ended June 30 is filed annually with the SEC on Form N-PX. The Fund’s Forms N-PX are available on the SEC’s website at www.sec.gov. The Fund’s proxy voting record may also be obtained by calling 1-800-967-9009.

Fund Service Providers:

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

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

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

SAR 04/24

About American Beacon Advisors

Since 1986, American Beacon Advisors, Inc. has offered a variety of products and investment advisory services to numerous institutional and retail clients, including a variety of mutual funds, corporate cash management, and separate account management.

Our clients include defined benefit plans, defined contribution plans, foundations, endowments, corporations, financial planners, and other institutional investors. With American Beacon Advisors, you can put the experience of a multi-billion dollar asset management firm to work for your company.

EAM INTERNATIONAL SMALL CAP FUND

Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. To the extent the Fund invests more heavily in a particular country or geographic region, its performance will be sensitive to factors affecting that country or region. The Fund may have high portfolio turnover risk, which could increase the Fund’s transaction costs and possibly have a negative impact on performance. Geopolitical and other events have led to market disruptions causing adverse changes in the value of investments broadly. Changes in value may be temporary or may last for extended periods. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund participates in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

INTERNATIONAL EQUITY FUND

Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors. Financial sector companies are heavily regulated and particularly sensitive to interest rate fluctuations. The Fund’s incorporation of environmental, social and/or governance (ESG) considerations in its investment strategy may cause it to underperform funds that do not incorporate these considerations. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund participates in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Any opinions herein, including forecasts, reflect our judgment as of the end of the reporting period and are subject to change. Each advisor’s strategies and each Fund’s portfolio composition will change depending on economic and market conditions. This report is not a complete analysis of market conditions, and, therefore, should not be relied upon as investment advice. Although economic and market 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.

American Beacon Funds April 30, 2024

Contents

President’s Message	1
Performance Overview	2
Expense Examples	7
Schedules of Investments:
American Beacon EAM International Small Cap Fund	9
American Beacon International Equity Fund	15
Financial Statements	21
Notes to Financial Statements	25
Financial Highlights:
American Beacon EAM International Small Cap Fund	51
American Beacon International Equity Fund	54

Additional Fund Information Back Cover

President’s Message

Dear Shareholders,   Will Rogers, the noted American humorist, actor, writer and cowboy, once said, “Even though you are on the right track – you will get run over if you just sit there.”   Just as roadmaps and timetables are important tools for choosing the best route when you travel, having a carefully considered investment plan may increase your likelihood of staying on track as you seek to preserve and grow your personal savings – and help ensure your risk exposure remains diversified across the global marketplace. With trusted financial professionals helping you make prudent adjustments to your investment portfolio, you may be

better positioned to withstand the many obstacles you’re likely to encounter along life’s journey – especially during trying periods like today’s geopolitical turmoil and economic uncertainty.

At American Beacon, we endeavor to provide a broad range of disciplined investment strategies so that you may potentially reach your desired destination over the fullness of time. We are diligent in our oversight of the investment managers who serve as sub-advisors to our investment products. Since our firm’s inception as a pension fiduciary in 1986 and the launch of our first sub-advised, multi-manager mutual funds in 1987, we have continued expanding our innovative product offerings. And we are committed to applying a solutions-based, risk-managed approach in our pursuit of institutional wisdom while striving to generate earned alpha and enduring value.

Thank you for entrusting your financial future with American Beacon. For more information about our investment products or to access your account information, please visit our website at www.americanbeaconfunds.com.

Best Regards,

Gregory Stumm, CFA^®, CAIA^®

President

American Beacon Funds

1

American Beacon EAM International Small Cap Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

The Investor Class of the EAM International Small Cap Fund (the “Fund”) returned 16.88% for the six months ended April 30, 2024, which underperformed the MSCI ACWI Ex USA Small Cap Index (the “Index”) return of 17.37% for the same period.

Total Returns for the Period ended April 30, 2024
	Ticker	6 Mo*			1 Year			3 Years			5 Years			10 Years
R5 Class (1,3,4,5)	TOVIX		17.12	%		13.70	%		(1.08	)%		4.11	%		3.73	%
Y Class (1,2,4,5)	TOVYX		16.90	%		13.19	%		(1.30	)%		3.94	%		3.64	%
Investor Class (1,4,5)	TIVFX		16.88	%		12.97	%		(1.48	)%		3.74	%		3.53	%
MSCI® ACWI ex USA Small Cap Index (4)			18.63	%		9.28	%		2.86	%		6.18	%		4.38	%
MSCI® EAFE Index (Net) (4)			17.37	%		9.54	%		(1.60	)%		5.47	%		4.61	%

* Not Annualized.

** Reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

1. Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is calculated based on the published end of day net asset values as of date indicated and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit www.americanbeaconfunds.com or call 1-800-967-9009. Fund performance in the table above does not reflect the deduction of taxes a shareholder would pay on distributions or the redemption of shares. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only; and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights. A portion of fees charged to the Investor Class of the Fund was waived from Fund inception through 2019 and in 2024. Performance prior to waiving fees was lower than the actual returns shown for that period. Please note that the recent performance of the securities market has helped produce short-term returns that are not typical and may not continue in the future.

2. Fund performance for the five-year and ten-year periods represents the total returns achieved by the Investor Class from 4/30/2014 up to 1/18/2019, the inception date of the Y Class. Expenses of the Y Class are lower than those of the Investor Class. As a result, total returns shown may be lower than they would have been had the Y Class been in existence since 4/30/2014. A portion of fees charged to the Y Class of the Fund was waived in 2024. Performance prior to waiving fees was lower than the actual returns shown for that period.

3. Fund performance for the ten-year period represents the total returns achieved by the Investor Class from 4/30/2014 up to 1/18/2019, the inception date of the R5 Class. Expenses of the R5 Class are lower than those of the Investor Class. As a result, total returns shown may be lower than they would have been had the R5 Class been in existence since 4/30/2014. A portion of fees charged to the R5 Class of the Fund was waived from Class inception through 2024. Performance prior to waiving fees was lower than actual returns shown for periods when waivers were in effect.

4. Prior to January 21, 2023, the Fund was named the American Beacon Tocqueville International Value Fund. Effective January 21, 2023, EAM Global Investors LLC began serving as sub-advisor to the Fund, and implemented a policy to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities of small-market capitalization companies that are economically tied to countries outside of the United States, including developed and emerging market countries. The Fund’s benchmark index was changed from the MSCI EAFE Index to the MSCI ACWI ex USA Small Cap Index. Performance through January 20, 2023, reflects the Fund’s performance under the management and strategy of its prior sub-advisor. The MSCI EAFE Index (Net) is a market capitalization weighted index of international stock performance composed of equities from developed markets excluding the U.S. and Canada. The MSCI ACWI (All Country World Index) ex USA Small Cap Index is a market-capitalization weighted index designed to measure the investable equity market performance for global investors of small-cap stocks in developed and emerging markets, excluding the U.S. One cannot directly invest in an index. The MSCI information contained herein: (1) is provided “as is,” (2) is proprietary to MSCI and/or its content providers, (3) may not be used to create any financial instruments or products or any indexes and (4) may not be copied or distributed without MSCI’s express written consent. MSCI disclaims all warranties with respect to the information. Neither MSCI nor its content providers are responsible for any damages or losses arising from any use of this information.

5. The Total Annual Fund Operating Expense ratios set forth in the most recent Fund prospectus for the R5, Y and Investor Class shares were 1.22%, 1.27% and 1.47%, respectively. The expense ratios above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

The Fund underperformed the Index over the period due to country allocation while security selection mildly detracted. From a country allocation perspective, underweight allocations to Sweden and Egypt and an overweight allocation to Japan detracted from the Fund’s performance relative to the Index. On the other hand, an overweight allocation to Taiwan and an underweight allocation to India contributed to performance during the period. Security selection within Taiwan, Norway and India detracted from the Fund’s performance relative to the Index. Conversely, security selection in Japan and Korea contributed positively to relative returns.

2

American Beacon EAM International Small Cap Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

The Fund’s strategy remains consistent, systematically investing in companies that exhibit momentum combined with fundamental rationale in a risk-aware approach with efficient implementation.

Top Ten Holdings (% Net Assets)
Aegis Logistics Ltd.		1.0
Qualitas Controladora SAB de CV		1.0
Iljin Electric Co. Ltd.		0.9
Supreme Electronics Co. Ltd.		0.9
Radiant Opto-Electronics Corp.		0.9
Horiba Ltd.		0.9
Takasago Thermal Engineering Co. Ltd.		0.9
Maire Tecnimont SpA		0.9
Hanwha Aerospace Co. Ltd.		0.9
Ionos SE		0.9
Total Fund Holdings	168
Sector Allocation (% Equities)
Industrials		30.6
Information Technology		26.0
Consumer Discretionary		13.5
Materials		7.3
Financials		6.4
Energy		5.6
Consumer Staples		3.6
Health Care		3.2
Real Estate		1.6
Communication Services		1.5
Utilities		0.7
Country Allocation (% Equities)
Japan		22.8
India		11.1
Taiwan		10.8
Australia		7.8
Republic of Korea		7.4
Canada		5.2
Italy		4.3
Germany		4.0
Sweden		3.0
United Kingdom		2.4
Switzerland		2.3
Israel		2.1
China/Hong Kong		2.0
Finland		1.9
Mexico		1.8
Denmark		1.7
Brazil		1.7
United States		1.6
France		1.3
Poland		0.9
Netherlands		0.9
Belgium		0.8
South Africa		0.7
Indonesia		0.7
Malaysia		0.8

3

American Beacon International Equity Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

The Investor Class of the American Beacon International Equity Fund (the “Fund”) returned 17.01% for the six months ended April 30, 2024. The Fund underperformed the MSCI EAFE Index (Net) (the “Index”) return of 18.63%.

Total Returns for the Period ended April 30, 2024
	Ticker	6 Mo*			1 Year			3 Years			5 Years			10 Years
R5 Class (1,5)	AAIEX		17.20	%		8.50	%		4.07	%		5.51	%		3.38	%
Y Class (1,5)	ABEYX		17.17	%		8.42	%		4.00	%		5.43	%		3.30	%
Investor Class (1,5)	AAIPX		17.01	%		8.12	%		3.72	%		5.16	%		3.02	%
Advisor Class (1,5)	AAISX		16.96	%		7.99	%		3.58	%		5.02	%		2.90	%
A Class without sales charge (1,2,5)	AIEAX		16.98	%		8.07	%		3.65	%		5.08	%		2.97	%
A Class with sales Charge (1,2,5)	AIEAX		10.23	%		1.85	%		1.63	%		3.85	%		2.36	%
C Class without sales charge (1,2,5)	AILCX		16.49	%		7.20	%		2.86	%		4.29	%		2.36	%
C Class with sales charge (1,2,5)	AILCX		15.49	%		6.20	%		2.86	%		4.29	%		2.36	%
R6 Class (1,3,5)	AAERX		17.26	%		8.59	%		4.15	%		5.59	%		3.43	%
MSCI® EAFE Index (Net) (4)			18.63	%		9.28	%		2.86	%		6.18	%		4.38	%
MSCI® EAFE Value Index (Net)(4)			17.06	%		12.49	%		5.56	%		5.68	%		3.16	%

* Not Annualized.

** Reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

1. Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is calculated based on the published end of day net asset values as of date indicated and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit www.americanbeaconfunds.com or call 1-800-967-9009. Fund performance in the table above does not reflect the deduction of taxes a shareholder would pay on distributions or the redemption of shares. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only; and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights. A portion of the fees charged to the R5 Class of the Fund was waived from 2013 through 2015. Performance prior to waiving fees was lower than actual returns shown for 2013 through 2015. Please note that the recent performance of the securities market has helped produce short-term returns that are not typical and may not continue in the future.

2. The maximum sales charge for A Class is 5.75%. The maximum contingent deferred sales charge for C Class is 1.00% for shares redeemed within one year of the date of purchase.

3. Fund performance for the ten-year period represents the returns achieved by the R5 Class from 4/30/2014 through 2/28/2017, the inception date of the R6 Class, and the returns of the R6 Class since its inception. Expenses of the R6 Class are lower than those of the R5 Class. As a result, total returns shown may be lower than they would have been had the R6 Class been in existence since 4/30/2014. A portion of the fees charged to the R6 Class of the Fund has been waived since Class inception. Performance prior to waiving fees was lower than the actual returns shown since inception.

4. The MSCI EAFE Index (Net) is a market capitalization weighted index of international stock performance composed of equities from developed markets excluding the U.S. and Canada. The MSCI EAFE Value Index (Net) is an unmanaged index of those stocks in the MSCI EAFE Index with lower price-to- book ratios and lower forecasted growth values. One cannot directly invest in an index. The MSCI information contained herein: (1) is provided “as is,” (2) (2) is proprietary to MSCI and/or content providers, (3) may not be used to create any financial instruments or products or any indexes and (4) may not be copied or distributed without MSCI’s express written consent. MSCI disclaims all warranties with respect to the information. Neither MSCI nor its content providers are responsible for any damages or losses arising from any use of this information.

5. The Total Annual Fund Operating Expense ratios set forth in the most recent Fund prospectus for the R5, Y, Investor, Advisor, A, C, and R6 Class shares were 0.80%, 0.87%, 1.13%, 1.28%, 1.20%, 1.97%, and 0.78%, respectively. The expense ratios above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

4

American Beacon International Equity Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

The Fund underperformed the Index over the six-month period due to security selection, while country allocation helped relative performance.

Security selections within France and the Netherlands detracted from the Fund’s relative performance over the six-month period, despite some contribution from selections in the United Kingdom. Selections within France, Sanofi SA (up 8.0%) and Kering SA (down 12.4%), detracted from relative returns. Investments in the Netherlands, Akzo Nobel NV (down 0.6%) and Signify NV (up 6.1%), also detracted from relative returns. Conversely, investments in the United Kingdom, including Rolls-Royce Holdings PLC (up 96.9%) and Barclays PLC (up 61.5%) contributed to returns.

The Fund’s relative performance benefitted from country allocation, particularly by its overweight allocation to Ireland (up 32.8%) and underweight allocation to Switzerland (up 9.8%). An underweight allocation to Denmark (up 28.2%) detracted from the Fund’s relative performance during the period.

Although economic and market conditions vary from period to period, the Fund’s primary strategy of investing in undervalued companies with above-average earnings growth expectations remains consistent.

5

American Beacon International Equity Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

Top Ten Holdings (% Net Assets)
Roche Holding AG		2.9
GSK PLC		2.4
Samsung Electronics Co. Ltd.		2.4
Barclays PLC		2.1
ING Groep NV		2.0
Sanofi SA		2.0
Reckitt Benckiser Group PLC		2.0
British American Tobacco PLC		2.0
BP PLC		1.7
Rolls-Royce Holdings PLC		1.6
Total Fund Holdings	172
Sector Allocation (% Equities)
Industrials		19.5
Financials		14.7
Health Care		14.6
Consumer Discretionary		13.4
Consumer Staples		10.8
Information Technology		10.7
Materials		6.7
Energy		3.5
Communication Services		3.0
Utilities		2.5
Real Estate		0.6
Country Allocation (% Equities)
United Kingdom		24.0
France		13.6
United States		11.1
Japan		10.7
Germany		9.4
Netherlands		6.4
Republic of Korea		4.9
Italy		3.2
Switzerland		2.7
Canada		2.2
China/Hong Kong		2.0
Belgium		1.9
Spain		1.6
Ireland		1.3
Sweden		1.3
Singapore		1.3
Finland		0.8
Australia		0.5
Brazil		0.5
Denmark		0.3
Israel		0.3

6

American Beacon Funds^SM

Expense Examples

April 30, 2024 (Unaudited)

Fund Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees, if applicable, and (2) ongoing costs, including management fees, distribution (12b-1) fees, sub-transfer agent fees, and other Fund expenses. The Examples are intended to help you understand the ongoing cost (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples are based on an investment of $1,000 invested at the beginning of the period in each Class and held for the entire period from November 1, 2023 through April 30, 2024.

Actual Expenses

The “Actual” lines of the tables provide information about actual account values and actual expenses. You may use the information on this page, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Shareholders of the Investor and R5 Classes that invest in the Fund through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

Hypothetical Example for Comparison Purposes

The “Hypothetical” lines of the tables provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed 5% per year rate of return before expenses (not the Fund’s actual return). You may compare the ongoing costs of investing in the Fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Shareholders of the Investor and R5 Classes that invest in the Funds through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs charged by the Fund, such as sales charges (loads) or redemption fees, as applicable. Similarly, the expense examples for other funds do not reflect any transaction costs charged by those funds, such as sales charges (loads), redemption fees or exchange fees. Therefore, the “Hypothetical” lines of the tables are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If you were subject to any transaction costs during the period, your costs would have been higher.

7

American Beacon Funds^SM

Expense Examples

April 30, 2024 (Unaudited)

American Beacon EAM International Small Cap Fund
	Beginning Account Value 11/1/2023		Ending Account Value 4/30/2024		Expenses Paid During Period 11/1/2023-4/30/2024*
R5 Class
Actual		$1,000.00		$1,171.20		$4.80
Hypothetical**		$1,000.00		$1,020.44		$4.47
Y Class
Actual		$1,000.00		$1,169.80		$6.26
Hypothetical**		$1,000.00		$1,019.10		$5.82
Investor Class
Actual		$1,000.00		$1,168.80		$7.33
Hypothetical**		$1,000.00		$1,018.10		$6.82

* Expenses are equal to the Fund’s annualized expense ratios for the six-month period of 0.89%, 1.16%, and 1.36% for the R5, Y, and Investor Classes, respectively, multiplied by the average account value over the period, multiplied by the number derived by dividing the number of days in the most recent fiscal half-year (182) by days in the year (366) to reflect the half-year period.

** 5% return before expenses.

American Beacon International Equity Fund
	Beginning Account Value 11/1/2023		Ending Account Value 4/30/2024		Expenses Paid  During Period 11/1/2023-4/30/2024*
R5 Class
Actual		$1,000.00		$1,172.00		$4.05
Hypothetical**		$1,000.00		$1,021.13		$3.77
Y Class
Actual		$1,000.00		$1,171.70		$4.37
Hypothetical**		$1,000.00		$1,020.84		$4.07
Investor Class
Actual		$1,000.00		$1,170.10		$5.72
Hypothetical**		$1,000.00		$1,019.59		$5.32
Advisor Class
Actual		$1,000.00		$1,169.60		$6.58
Hypothetical**		$1,000.00		$1,018.80		$6.12
A Class
Actual		$1,000.00		$1,169.80		$6.15
Hypothetical**		$1,000.00		$1,019.20		$5.72
C Class
Actual		$1,000.00		$1,164.90		$10.44
Hypothetical**		$1,000.00		$1,015.22		$9.72
R6 Class
Actual		$1,000.00		$1,172.00		$3.73
Hypothetical**		$1,000.00		$1,021.43		$3.47

* Expenses are equal to the Fund’s annualized expense ratios for the six-month period of 0.75%, 0.81%, 1.06%, 1.22%, 1.14%, 1.94%, and 0.69% for the R5, Y, Investor, Advisor, A, C, and R6 Classes, respectively, multiplied by the average account value over the period, multiplied by the number derived by dividing the number of days in the most recent fiscal half-year (182) by days in the year (366) to reflect the half-year period.

** 5% return before expenses.

8

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
Australia - 7.35%
Foreign Common Stocks - 7.34%
Audinate Group Ltd.A B		70,313		$	839,187
Boral Ltd.B C		293,342			1,082,464
HUB24 Ltd.B		40,093			1,033,464
JB Hi-Fi Ltd.B C		24,828			970,974
Lovisa Holdings Ltd.B C		52,225			1,051,234
NEXTDC Ltd.A B		92,291			984,940
Seven Group Holdings Ltd.B C		38,318			935,319
Telix Pharmaceuticals Ltd.A B		109,375			1,060,587
Ventia Services Group Pty. Ltd.B		418,090			972,175
Webjet Ltd.A B C		180,643			952,189
Total Foreign Common Stocks					9,882,533
Rights - 0.01%
NEXTDC Ltd.A D		15,381			12,853
Total Australia (Cost $9,519,801)					9,895,386
Belgium - 0.75% (Cost $792,255)
Foreign Common Stocks - 0.75%
Lotus Bakeries NVB C		100			1,006,070
Brazil - 1.61%
Foreign Common Stocks - 1.61%
Embraer SAA		161,448			1,036,916
Santos Brasil Participacoes SA		434,083			1,135,240
Total Foreign Common Stocks					2,172,156
Total Brazil (Cost $1,912,952)					2,172,156
Canada - 4.93%
Foreign Common Stocks - 4.93%
Celestica, Inc.A C		20,301			879,049
Denison Mines Corp.A C		467,876			926,394
goeasy Ltd.C		7,679			981,957
Hudbay Minerals, Inc.		108,520			913,629
NexGen Energy Ltd.A C		119,632			910,720
Secure Energy Services, Inc.		120,192			1,018,007
SNC-Lavalin Group, Inc.		26,468			1,016,307
Total Foreign Common Stocks					6,646,063
Total Canada (Cost $5,881,513)					6,646,063
China/Hong Kong - 1.92%
Foreign Common Stocks - 1.92%
ASMPT Ltd.B		75,309			938,567
Sinotrans Ltd., Class HB		1,331,222			641,171
United Laboratories International Holdings Ltd.B		854,905			1,010,386
Total Foreign Common Stocks					2,590,124
Total China/Hong Kong (Cost $2,793,772)					2,590,124
Denmark - 1.65%
Foreign Common Stocks - 1.65%
NKT ASA B		13,323			1,104,845
Zealand Pharma ASA B		12,448			1,119,902
Total Foreign Common Stocks					2,224,747
Total Denmark (Cost $1,381,515)					2,224,747

See accompanying notes

9

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
Finland - 1.84%
Foreign Common Stocks - 1.84%
Cargotec OYJ, Class BA B		12,937		$	1,020,756
Kemira OYJ		27,370			596,161
Konecranes OYJB		16,484			862,004
Total Foreign Common Stocks					2,478,921
Total Finland (Cost $2,276,355)					2,478,921
France - 1.27%
Foreign Common Stocks - 1.27%
Gaztransport Et Technigaz SAB		5,962			830,659
Sopra Steria GroupB		4,039			884,022
Total Foreign Common Stocks					1,714,681
Total France (Cost $1,907,232)					1,714,681
Germany - 3.76%
Foreign Common Stocks - 3.76%
CTS Eventim AG & Co. KGaAB		11,048			981,039
Hensoldt AGB		23,739			934,736
Ionos SEA B		47,047			1,207,921
Nemetschek SEB		10,562			941,315
SUESS MicroTec SEB		20,075			999,108
Total Foreign Common Stocks					5,064,119
Total Germany (Cost $4,969,118)					5,064,119
India - 10.48%
Foreign Common Stocks - 10.48%
Aegis Logistics Ltd.B		165,302			1,348,337
BSE Ltd.B		25,579			850,555
eMudhra Ltd.B		123,303			1,114,252
GMR Airports Infrastructure Ltd.A B		767,524			777,143
KEI Industries Ltd.B		19,026			901,667
Linde India Ltd.B		10,727			1,056,700
Minda Corp. Ltd.B		198,848			965,130
MOIL Ltd.B		198,442			955,933
NCC Ltd.B		308,583			882,420
Phoenix Mills Ltd.B		27,595			1,042,083
Solar Industries India Ltd.B		9,352			999,173
Thermax Ltd.B		18,490			1,034,370
Trent Ltd.B		19,370			1,018,895
Zomato Ltd.A B		513,432			1,179,285
Total Foreign Common Stocks					14,125,943
Total India (Cost $13,877,525)					14,125,943
Indonesia - 0.67% (Cost $1,029,799)
Foreign Common Stocks - 0.67%
Bank Syariah Indonesia Tbk. PTB		5,573,668			899,097
Israel - 2.03%
Foreign Common Stocks - 2.03%
Camtek Ltd.C		11,422			924,839
Nova Ltd.A C		5,630			956,537
Wix.com Ltd.A		7,174			852,774
Total Foreign Common Stocks					2,734,150
Total Israel (Cost $2,059,395)					2,734,150

See accompanying notes

10

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
Italy - 4.04%
Foreign Common Stocks - 3.26%
Banca Popolare di Sondrio SpAB C		135,942		$	1,137,065
Buzzi SpAB		28,213			1,018,129
Leonardo SpAB		44,382			1,022,009
Maire Tecnimont SpAB C		146,382			1,214,329
Total Foreign Common Stocks					4,391,532
Foreign Preferred Stocks - 0.78%
Danieli & C Officine Meccaniche SpA, 1.369%B E		40,716			1,044,293
Total Italy (Cost $4,164,592)					5,435,825
Japan - 21.55%
Foreign Common Stocks - 21.55%
Aiful Corp.B		280,522			816,513
Daiwa Securities Group, Inc.B		143,640			1,051,696
Dexerials Corp.B		24,203			907,034
Ebara Corp.B		11,983			985,760
Fuji Electric Co. Ltd.B		15,867			988,147
Horiba Ltd.B		12,562			1,223,290
Isetan Mitsukoshi Holdings Ltd.B C		58,559			818,363
Kandenko Co. Ltd.B		86,180			959,126
Kinden Corp.B		49,025			934,153
Kokusai Electric Corp.B		33,582			892,831
Kura Sushi, Inc.B C		28,882			894,540
Kyoritsu Maintenance Co. Ltd.B C		39,496			842,132
Micronics Japan Co. Ltd.B		20,198			840,217
Modec, Inc.B		54,150			1,064,967
NHK Spring Co. Ltd.B		99,569			1,009,457
Niterra Co. Ltd.B		33,428			1,092,191
Nomura Micro Science Co. Ltd.B C		32,794			1,053,331
PKSHA Technology, Inc.A B C		1,837			50,739
Rorze Corp.B		6,325			1,089,735
SCREEN Holdings Co. Ltd.B		7,925			822,270
SWCC Corp.B		45,778			1,206,753
Takasago Thermal Engineering Co. Ltd.B C		36,464			1,218,601
Tamron Co. Ltd.B		23,068			1,071,820
Tokyo Electron Device Ltd.B C		18,372			660,863
Tokyo Ohka Kogyo Co. Ltd.B		29,013			769,437
Tokyo Seimitsu Co. Ltd.B		13,942			903,054
Tosei Corp.B		61,969			966,835
Toyo Suisan Kaisha Ltd.B		15,950			994,430
Ulvac, Inc.B		16,060			963,685
Yamazaki Baking Co. Ltd.B		39,104			941,929
Yokohama Rubber Co. Ltd.B		38,406			1,004,869
Total Foreign Common Stocks					29,038,768
Total Japan (Cost $24,703,573)					29,038,768
Malaysia - 0.64% (Cost $436,442)
Foreign Common Stocks - 0.64%
YTL Power International Bhd.B		899,770			862,402
Mexico - 1.74%
Foreign Common Stocks - 1.74%
Grupo Aeroportuario del Sureste SAB de CV, ADR		2,915			1,004,217
Qualitas Controladora SAB de CV		102,632			1,342,006
Total Foreign Common Stocks					2,346,223
Total Mexico (Cost $1,871,374)					2,346,223

See accompanying notes

11

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
Netherlands - 0.82% (Cost $1,080,070)
Foreign Common Stocks - 0.82%
Fugro NVB		45,759		$	1,110,739
Poland - 0.83% (Cost $956,842)
Foreign Common Stocks - 0.83%
InPost SAA B		69,188			1,115,206
Republic of Korea - 7.04%
Foreign Common Stocks - 7.04%
Hankook Tire & Technology Co. Ltd.B		25,355			1,080,870
Hanwha Aerospace Co. Ltd.B		7,947			1,212,311
HD Hyundai Electric Co. Ltd.B		6,381			1,131,928
Hyundai Rotem Co. Ltd.B		31,764			856,029
Iljin Electric Co. Ltd.B		80,228			1,269,434
Jusung Engineering Co. Ltd.B		34,500			848,905
LIG Nex1 Co. Ltd.B		9,197			1,067,160
Poongsan Corp.B		21,893			1,027,096
TechWing, Inc.B		40,447			989,341
Total Foreign Common Stocks					9,483,074
Total Republic of Korea (Cost $8,033,133)					9,483,074
South Africa - 0.68% (Cost $1,008,919)
Foreign Common Stocks - 0.68%
Harmony Gold Mining Co. Ltd.B		105,973			918,700
Sweden - 2.87%
Foreign Common Stocks - 2.87%
AAK AB		24,967			642,190
Hemnet Group ABB		34,400			900,730
Munters Group ABB F		58,790			1,177,016
Saab AB, Class BB C		14,470			1,149,519
Total Foreign Common Stocks					3,869,455
Total Sweden (Cost $3,579,360)					3,869,455
Switzerland - 2.19%
Foreign Common Stocks - 2.19%
DocMorris AGA B C		11,211			999,664
Sulzer AGB		8,478			1,028,632
Ypsomed Holding AGB		2,598			924,280
Total Foreign Common Stocks					2,952,576
Total Switzerland (Cost $2,619,320)					2,952,576
Taiwan - 10.18%
Foreign Common Stocks - 10.18%
AURAS Technology Co. Ltd.B		39,872			970,769
Chicony Electronics Co. Ltd.B		120,191			745,386
China Motor Corp.B		239,165			1,049,440
Compeq Manufacturing Co. Ltd.A B		364,629			854,375
Jentech Precision Industrial Co. Ltd.B		33,786			1,000,881
King Slide Works Co. Ltd.B		23,515			885,476
Phison Electronics Corp.B		52,432			1,115,146
Powertech Technology, Inc.B		186,435			986,927
Radiant Opto-Electronics Corp.B		202,088			1,234,283
Simplo Technology Co. Ltd.B		65,154			869,706
Supreme Electronics Co. Ltd.B		464,155			1,254,105
Tong Yang Industry Co. Ltd.B		295,510			1,077,784

See accompanying notes

12

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
Taiwan - 10.18% (continued)
Foreign Common Stocks - 10.18% (continued)
Wistron NeWeb Corp.B		175,219		$	809,206
Wiwynn Corp.B		12,029			868,735
Total Foreign Common Stocks					13,722,219
Total Taiwan (Cost $11,711,287)					13,722,219
United Kingdom - 2.31%
Foreign Common Stocks - 2.31%
Melrose Industries PLCB		125,469			982,713
Subsea 7 SAA B		62,965			1,017,220
Vistry Group PLCA B		75,228			1,116,144
Total Foreign Common Stocks					3,116,077
Total United Kingdom (Cost $2,755,015)					3,116,077
United States - 1.47%
Common Stocks - 1.47%
CyberArk Software Ltd.A		4,197			1,004,132
Reliance Worldwide Corp. Ltd.B		294,003			973,937
Total Common Stocks					1,978,069
Total United States (Cost $1,860,131)					1,978,069
SHORT-TERM INVESTMENTS - 3.41% (Cost $4,591,538)
Investment Companies - 3.41%
American Beacon U.S. Government Money Market Select Fund , 5.20%G H		4,591,538			4,591,538
SECURITIES LENDING COLLATERAL - 2.14% (Cost $2,878,145)
Investment Companies - 2.14%
American Beacon U.S. Government Money Market Select Fund, 5.20%G H		2,878,145			2,878,145
TOTAL INVESTMENTS - 100.17% (Cost $120,650,973)					134,970,473
LIABILITIES, NET OF OTHER ASSETS - (0.17%)					(228,089	)
TOTAL NET ASSETS - 100.00%				$	134,742,384
Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B Security has been fair valued pursuant to the Manager’s procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security’s true market value. At period end, the value of these securities amounted to $111,346,862 or 82.64% of net assets.

^C All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at April 30, 2024 (Note 9).

^D Value was determined using significant unobservable inputs.

^E A type of Preferred Stock that has no maturity date.

^F 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 $1,177,016 or 0.87% of net assets. The Fund has no right to demand registration of these securities.

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

^H 7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

See accompanying notes

13

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2024, the investments were classified as described below:

EAM International Small Cap Fund	Level 1		Level 2		Level 3		Total
Assets
Foreign Common Stocks
Australia	$	-	$	9,882,533	$	-	$	9,882,533
Belgium		-		1,006,070		-		1,006,070
Brazil		2,172,156		-		-		2,172,156
Canada		6,646,063		-		-		6,646,063
China/Hong Kong		-		2,590,124		-		2,590,124
Denmark		-		2,224,747		-		2,224,747
Finland		596,161		1,882,760		-		2,478,921
France		-		1,714,681		-		1,714,681
Germany		-		5,064,119		-		5,064,119
India		-		14,125,943		-		14,125,943
Indonesia		-		899,097		-		899,097
Israel		2,734,150		-		-		2,734,150
Italy		-		4,391,532		-		4,391,532
Japan		-		29,038,768		-		29,038,768
Malaysia		-		862,402		-		862,402
Mexico		2,346,223		-		-		2,346,223
Netherlands		-		1,110,739		-		1,110,739
Poland		-		1,115,206		-		1,115,206
Republic of Korea		-		9,483,074		-		9,483,074
South Africa		-		918,700		-		918,700
Sweden		642,190		3,227,265		-		3,869,455
Switzerland		-		2,952,576		-		2,952,576
Taiwan		-		13,722,219		-		13,722,219
United Kingdom		-		3,116,077		-		3,116,077
Foreign Rights
Australia		12,853		-		-		12,853
Foreign Preferred Stocks
Italy		-		1,044,293		-		1,044,293
Common Stocks
United States		1,004,132		973,937		-		1,978,069
Short-Term Investments		4,591,538		-		-		4,591,538
Securities Lending Collateral		2,878,145		-		-		2,878,145
Total Investments in Securities - Assets	$	23,623,611	$	111,346,862	$	-	$	134,970,473

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

14

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
Australia - 0.51% (Cost $4,361,063)
Foreign Common Stocks - 0.51%
Rio Tinto PLCA		64,262		$	4,379,347
Belgium - 1.84%
Foreign Common Stocks - 1.84%
Anheuser-Busch InBev SAA		84,483			5,058,739
KBC Group NVA		62,414			4,635,240
UCB SAA B		45,102			5,977,187
Total Foreign Common Stocks					15,671,166
Total Belgium (Cost $12,967,757)					15,671,166
Brazil - 0.44% (Cost $2,440,719)
Foreign Common Stocks - 0.44%
ERO Copper Corp.B C		185,771			3,787,885
Canada - 2.11%
Foreign Common Stocks - 2.11%
Canadian Pacific Kansas City Ltd.B		55,796			4,377,269
Gildan Activewear, Inc.		115,282			3,996,119
Linamar Corp.B		97,458			4,589,549
Suncor Energy, Inc.		132,780			5,066,599
Total Foreign Common Stocks					18,029,536
Total Canada (Cost $16,456,995)					18,029,536
China/Hong Kong - 1.91%
Foreign Common Stocks - 1.91%
AIA Group Ltd.A		398,200			2,919,997
ESR Group Ltd.A D		1,331,600			1,458,054
Link REITA		336,400			1,449,902
Prudential PLCA		799,559			6,957,607
Techtronic Industries Co. Ltd.A		254,500			3,538,051
Total Foreign Common Stocks					16,323,611
Total China/Hong Kong (Cost $21,420,826)					16,323,611
Denmark - 0.30% (Cost $2,436,864)
Foreign Common Stocks - 0.30%
Carlsberg AS, Class BA		19,082			2,572,648
Finland - 0.79%
Foreign Common Stocks - 0.79%
Fortum OYJA B		211,055			2,779,607
Nordea Bank AbpA		336,896			3,921,270
Total Foreign Common Stocks					6,700,877
Total Finland (Cost $6,350,413)					6,700,877
France - 12.94%
Foreign Common Stocks - 12.94%
Air Liquide SAA		51,084			10,000,905
Airbus SEA		28,518			4,686,601
Alstom SAA B		438,231			6,926,358
Arkema SAA		35,679			3,681,234
AXA SAA		94,431			3,251,441
BNP Paribas SAA		95,338			6,818,043

See accompanying notes

15

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
France - 12.94% (continued)
Foreign Common Stocks - 12.94% (continued)
Bureau Veritas SAA		150,593		$	4,370,530
Capgemini SEA		19,414			4,078,802
Carrefour SAA B		164,762			2,775,301
Cie de Saint-Gobain SAA		25,751			2,030,729
Danone SAA		65,490			4,095,376
Eiffage SAA		88,215			9,414,980
Engie SAA		287,437			4,991,589
Kering SAA		18,373			6,340,534
Orange SAA		342,515			3,808,794
Pernod Ricard SAA		25,137			3,795,827
Rexel SAA		278,145			7,195,747
Teleperformance SEA C		96,742			9,558,315
Thales SAA		25,500			4,288,921
Valeo SEA		15,824			200,712
Verallia SAA D		122,639			4,723,126
Vinci SAA		21,566			2,524,076
Worldline SAA C D		80,536			833,791
Total Foreign Common Stocks					110,391,732
Total France (Cost $104,895,924)					110,391,732
Germany - 8.95%
Foreign Common Stocks - 8.45%
Allianz SEA		7,298			2,072,668
Bayerische Motoren Werke AGA		78,626			8,577,216
Continental AGA		123,358			8,005,883
Deutsche Telekom AGA		271,084			6,204,308
Infineon Technologies AGA		123,391			4,306,313
Lanxess AGA		115,887			3,279,111
Mercedes-Benz Group AGA		116,103			8,772,456
Merck KGaAA		29,539			4,694,735
MTU Aero Engines AGA		12,867			3,110,809
Rheinmetall AGA		5,002			2,759,582
RWE AGA		99,888			3,470,765
SAP SEA		56,695			10,265,151
Siemens AGA		11,869			2,226,454
Siemens Healthineers AGA D		77,677			4,318,818
Total Foreign Common Stocks					72,064,269
Foreign Preferred Stocks - 0.50%
Henkel AG & Co. KgaAA E		53,198			4,225,550
Total Germany (Cost $71,770,276)					76,289,819
Ireland - 1.21% (Cost $8,889,224)
Foreign Common Stocks - 1.21%
Smurfit Kappa Group PLCA		237,983			10,312,009
Israel - 0.28% (Cost $2,535,982)
Foreign Common Stocks - 0.28%
Wix.com Ltd.C		20,336			2,417,340
Italy - 3.07%
Foreign Common Stocks - 3.07%
Enel SpAA		1,066,089			7,021,188
Ryanair Holdings PLC, ADR		71,137			9,688,860

See accompanying notes

16

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
Italy - 3.07% (continued)
Foreign Common Stocks - 3.07% (continued)
UniCredit SpAA B		257,134		$	9,459,718
Total Foreign Common Stocks					26,169,766
Total Italy (Cost $18,094,577)					26,169,766
Japan - 10.10%
Foreign Common Stocks - 10.10%
Asics Corp.A		63,800			2,715,683
Bandai Namco Holdings, Inc.A		115,600			2,170,067
BayCurrent Consulting, Inc.A		103,500			2,205,596
Digital Garage, Inc.A		56,700			998,089
FANUC Corp.A		232,000			6,789,889
Fujitsu Ltd.A		159,500			2,451,616
Hitachi Ltd.A		58,700			5,405,188
Kokusai Electric Corp.A		101,500			2,698,541
MatsukiyoCocokara & Co.A		281,800			4,004,945
Murata Manufacturing Co. Ltd.A		272,200			4,952,950
Nippon Sanso Holdings Corp.A		127,600			3,782,630
Nitori Holdings Co. Ltd.A		25,900			3,462,651
Renesas Electronics Corp.A		551,933			9,094,234
Seven & i Holdings Co. Ltd.A		310,200			4,005,117
Shimadzu Corp.A		95,200			2,589,894
SUMCO Corp.A		853,100			12,786,567
Suzuki Motor Corp.A		428,700			4,987,372
Takeda Pharmaceutical Co. Ltd.A		132,500			3,491,173
Tokyo Electron Ltd.A		26,900			5,906,870
ZOZO, Inc.A		77,300			1,663,869
Total Foreign Common Stocks					86,162,941
Total Japan (Cost $80,846,086)					86,162,941
Netherlands - 6.05%
Foreign Common Stocks - 6.05%
Akzo Nobel NVA		84,646			5,597,154
Heineken NVA		14,775			1,438,488
ING Groep NVA		1,091,905			17,195,766
Koninklijke Philips NVA		297,394			7,939,236
NN Group NVA		226,930			10,462,254
Shell PLCA		253,275			9,024,125
Total Foreign Common Stocks					51,657,023
Total Netherlands (Cost $45,670,515)					51,657,023
Republic of Korea - 4.69%
Foreign Common Stocks - 4.69%
BGF retail Co. Ltd.A		15,944			1,504,730
Hana Financial Group, Inc.A		102,314			4,306,496
Hyundai Mobis Co. Ltd.A		34,978			5,745,201
LG Corp.A		64,437			3,652,824
LG Uplus Corp.A		433,287			3,077,636
Samsung Electronics Co. Ltd.A		368,889			20,417,305
SK Hynix, Inc.A		10,408			1,273,862
Total Foreign Common Stocks					39,978,054
Total Republic of Korea (Cost $34,231,169)					39,978,054

See accompanying notes

17

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
Singapore - 1.18%
Foreign Common Stocks - 1.18%
DBS Group Holdings Ltd.A		183,351		$	4,688,847
STMicroelectronics NVA B		57,192			2,260,520
United Overseas Bank Ltd.A		141,900			3,145,924
Total Foreign Common Stocks					10,095,291
Total Singapore (Cost $8,140,501)					10,095,291
Spain - 1.54%
Foreign Common Stocks - 1.54%
Aena SME SAA D		21,296			3,892,210
Amadeus IT Group SAA		46,562			2,954,321
Iberdrola SAA		178,318			2,190,770
Industria de Diseno Textil SAA		90,383			4,105,060
Total Foreign Common Stocks					13,142,361
Total Spain (Cost $10,571,050)					13,142,361
Sweden - 1.20%
Foreign Common Stocks - 1.20%
Assa Abloy AB, Class BA		48,195			1,283,409
Sandvik ABA B		252,490			5,068,596
Volvo Car AB, Class BA B C		1,230,970			3,867,569
Total Foreign Common Stocks					10,219,574
Total Sweden (Cost $11,097,937)					10,219,574
Switzerland - 2.60%
Foreign Common Stocks - 2.60%
ABB Ltd.A		108,422			5,257,705
Adecco Group AGA		246,228			8,598,557
Cie Financiere Richemont SA, Class AA		25,191			3,485,992
Julius Baer Group Ltd.A		27,717			1,492,575
Novartis AGA		34,753			3,356,825
Total Foreign Common Stocks					22,191,654
Total Switzerland (Cost $18,666,807)					22,191,654
United Kingdom - 22.76%
Foreign Common Stocks - 22.76%
3i Group PLCA		125,135			4,460,087
AstraZeneca PLCA		74,109			11,158,136
AstraZeneca PLC, ADR		130,642			9,913,115
Barclays PLCA		7,130,048			17,928,771
Barratt Developments PLCA		609,882			3,435,923
Berkeley Group Holdings PLCA		27,708			1,619,986
BP PLCA		2,221,500			14,370,395
British American Tobacco PLCA		568,339			16,657,316
Coca-Cola Europacific Partners PLCA		60,393			4,320,952
Compass Group PLCA		231,997			6,446,938
Diageo PLCA		187,652			6,470,893
JD Sports Fashion PLCA		976,282			1,390,743
Kingfisher PLCA		3,104,959			9,560,139
Legal & General Group PLCA		974,214			2,857,641
NatWest Group PLCA		654,457			2,464,901
Nomad Foods Ltd.		139,442			2,518,323
Reckitt Benckiser Group PLCA		300,580			16,767,272
RELX PLCA		68,806			2,830,596

See accompanying notes

18

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
United Kingdom - 22.76% (continued)
Foreign Common Stocks - 22.76% (continued)
RELX PLCA		262,704		$	10,797,524
Rentokil Initial PLCA		516,677			2,618,109
Rolls-Royce Holdings PLCA C		2,637,562			13,564,856
Segro PLCA		190,889			2,003,912
Standard Chartered PLCA		159,560			1,373,527
Taylor Wimpey PLCA		3,709,458			6,053,678
Unilever PLCA		145,574			7,525,374
WH Smith PLCA		171,511			2,357,515
Whitbread PLCA		48,279			1,895,244
WPP PLCA		1,081,314			10,870,749
Total Foreign Common Stocks					194,232,615
Total United Kingdom (Cost $176,753,012)					194,232,615
United States - 10.55%
Common Stocks - 10.55%
Aon PLC, Class A		17,380			4,901,334
Chubb Ltd.		13,364			3,322,825
Constellium SEC		70,103			1,380,328
CRH PLC		42,257			3,271,537
Experian PLCA		78,888			3,182,491
GSK PLCA		996,253			20,651,075
ICON PLCC		19,634			5,848,576
Roche Holding AGA		101,853			24,367,245
Sanofi SAA		172,322			16,990,341
Signify NVA D		222,088			6,090,518
Total Common Stocks					90,006,270
Total United States (Cost $97,855,526)					90,006,270
SHORT-TERM INVESTMENTS - 4.12% (Cost $35,120,984)
Investment Companies - 4.12%
American Beacon U.S. Government Money Market Select Fund, 5.20%F G		35,120,984			35,120,984
SECURITIES LENDING COLLATERAL - 1.41% (Cost $12,020,173)
Investment Companies - 1.41%
American Beacon U.S. Government Money Market Select Fund, 5.20%F G		12,020,173			12,020,173
TOTAL INVESTMENTS - 100.55% (Cost $803,594,380)					857,872,676
LIABILITIES, NET OF OTHER ASSETS - (0.55%)					(4,668,273	)
TOTAL NET ASSETS - 100.00%				$	853,204,403
Percentages are stated as a percent of net assets.

^A Security has been fair valued pursuant to the Manager’s procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security’s true market value. At period end, the value of these securities amounted to $745,651,860 or 87.39% of net assets.

^B All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at April 30, 2024 (Note 9).

^C Non-income producing security.

^D 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 $21,316,517 or 2.50% of net assets. The Fund has no right to demand registration of these securities.

^E A type of Preferred Stock that has no maturity date.

^F 7-day yield.

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

See accompanying notes

19

American Beacon International Equity Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REIT - Real Estate Investment Trusts.

Long Futures Contracts Open on April 30, 2024:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
ICE U.S. mini MSCI EAFE Index Futures	345	June 2024	$	39,528,029	$	39,114,375	$	(413,654	)
			$	39,528,029	$	39,114,375	$	(413,654	)

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

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2024, the investments were classified as described below:

International Equity Fund	Level 1			Level 2		Level 3		Total
Assets
Foreign Common Stocks
Australia	$	—		$	4,379,347	$	—	$	4,379,347
Belgium		—			15,671,166		—		15,671,166
Brazil		3,787,885			—		—		3,787,885
Canada		18,029,536			—		—		18,029,536
China/Hong Kong		—			16,323,611		—		16,323,611
Denmark		—			2,572,648		—		2,572,648
Finland		—			6,700,877		—		6,700,877
France		—			110,391,732		—		110,391,732
Germany		—			72,064,269		—		72,064,269
Ireland		—			10,312,009		—		10,312,009
Israel		2,417,340			—		—		2,417,340
Italy		9,688,860			16,480,906		—		26,169,766
Japan		—			86,162,941		—		86,162,941
Netherlands		—			51,657,023		—		51,657,023
Republic of Korea		—			39,978,054		—		39,978,054
Singapore		—			10,095,291		—		10,095,291
Spain		—			13,142,361		—		13,142,361
Sweden		—			10,219,574		—		10,219,574
Switzerland		—			22,191,654		—		22,191,654
United Kingdom		12,431,438			181,801,177		—		194,232,615
Foreign Preferred Stocks
Germany		—			4,225,550		—		4,225,550
Common Stocks
United States		18,724,600			71,281,670		—		90,006,270
Short-Term Investments		35,120,984			—		—		35,120,984
Securities Lending Collateral		12,020,173			—		—		12,020,173
Total Investments in Securities - Assets	$	112,220,816		$	745,651,860	$	—	$	857,872,676
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(413,654	)	$	—	$	—	$	(413,654	)
Total Financial Derivative Instruments - Liabilities	$	(413,654	)	$	—	$	—	$	(413,654	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

20

American Beacon Funds^SM

Statements of Assets and Liabilities

April 30, 2024 (Unaudited)

	EAM International Small Cap Fund		International Equity Fund
Assets:
Investments in unaffiliated securities, at fair value†§	$	127,500,790	$	810,731,519
Investments in affiliated securities, at fair value‡		7,469,683		47,141,157
Foreign currency, at fair value^		177,733		67,362
Cash collateral held at broker for futures contracts		-		1,641,000
Dividends and interest receivable		301,465		4,071,476
Receivable for investments sold		3,441,238		211,007
Receivable for fund shares sold		16,505		639,653
Receivable for tax reclaims		1,286,310		5,248,096
Receivable for expense reimbursement (Note 2)		5,052		20,859
Prepaid expenses		40,641		104,699
Total assets		140,239,417		869,876,828
Liabilities:
Payable for investments purchased		2,308,847		2,138,511
Payable for fund shares redeemed		61,063		597,747
Cash due to broker for futures contracts		-		160,264
Management and sub-advisory fees payable (Note 2)		59,760		937,204
Service fees payable (Note 2)		-		28,092
Transfer agent fees payable (Note 2)		8,104		55,513
Payable upon return of securities loaned (Note 9)§		2,878,145		12,020,173
Custody and fund accounting fees payable		57,037		89,204
Professional fees payable		55,239		139,485
Trustee fees payable (Note 2)		494		5,837
Payable for prospectus and shareholder reports		16,540		62,800
Payable for variation margin from open futures contracts (Note 5)		-		412,891
Other liabilities		51,804		24,704
Total liabilities		5,497,033		16,672,425
Commitments and contingent liabilities (Note 2)
Net assets	$	134,742,384	$	853,204,403
Analysis of net assets:
Paid-in-capital	$	114,573,680	$	748,092,846
Total distributable earnings (deficits)A		20,168,704		105,111,557
Net assets	$	134,742,384	$	853,204,403
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		402,893		18,777,110
Y Class		3,809,604		4,610,384
Investor Class		3,463,342		2,926,218
Advisor Class		N/A		711,102
A Class		N/A		587,248
C Class		N/A		154,946
R6 Class		N/A		17,839,895
Net assets:
R5 Class	$	7,078,951	$	349,039,473
Y Class	$	66,644,076	$	90,447,116
Investor Class	$	61,019,357	$	54,002,770
Advisor Class	$	N/A	$	13,573,092
A Class	$	N/A	$	10,783,486
C Class	$	N/A	$	2,734,939
R6 Class	$	N/A	$	332,623,527
Net asset value, offering and redemption price per share:
R5 Class	$	17.57	$	18.59
Y Class	$	17.49	$	19.62
Investor Class	$	17.62	$	18.45
Advisor Class	$	N/A	$	19.09
A Class	$	N/A	$	18.36

See accompanying notes

21

American Beacon Funds^SM

Statements of Assets and Liabilities

April 30, 2024 (Unaudited)

	EAM International Small Cap Fund		International Equity Fund
A Class (offering price)	$	N/A	$	19.48
C Class	$	N/A	$	17.65
R6 Class	$	N/A	$	18.64
† Cost of investments in unaffiliated securities	$	113,181,290	$	756,453,223
‡ Cost of investments in affiliated securities	$	7,469,683	$	47,141,157
§ Fair value of securities on loan	$	16,403,763	$	31,544,540
^ Cost of foreign currency	$	178,464	$	68,270

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

See accompanying notes

22

American Beacon Funds^SM

Statements of Operations

For the period ended April 30, 2024 (Unaudited)

	EAM International Small Cap Fund			International Equity Fund
Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	1,417,629		$	12,048,008
Dividend income from affiliated securities (Note 2)		223,194			890,473
Interest income		-			29,206
Income derived from securities lending (Note 9)		17,733			63,016
Other income		137			229
Total investment income		1,658,693			13,030,932
Expenses:
Management and sub-advisory fees (Note 2)		512,360			2,642,754
Transfer agent fees:
R5 Class (Note 2)		1,635			77,439
Y Class (Note 2)		34,535			49,357
Investor Class		3,048			4,571
Advisor Class		-			901
A Class		-			2,277
C Class		-			1,701
R6 Class		-			19,969
Custody and fund accounting fees		98,041			168,641
Professional fees		50,399			98,889
Registration fees and expenses		26,871			57,605
Service fees (Note 2):
Investor Class		96,121			100,401
Advisor Class		-			17,013
A Class		-			7,432
C Class		-			1,549
Distribution fees (Note 2):
Advisor Class		-			16,970
A Class		-			13,014
C Class		-			13,855
Prospectus and shareholder report expenses		17,286			42,183
Trustee fees (Note 2)		6,402			44,281
Loan expense (Note 10)		585			3,829
Other expenses		11,073			121,958
Total expenses		858,356			3,506,589
Net fees waived and expenses (reimbursed) (Note 2)		(15,100	)		(104,061	)
Net expenses		843,256			3,402,528
Net investment income		815,437			9,628,404
Realized and unrealized gain (loss) from investments:
Net realized gain (loss) from:
Investments in unaffiliated securitiesA		8,068,036			60,026,828
Commission recapture (Note 1)		-			(4	)
Foreign currency transactions		(240,801	)		(154,386	)
Futures contracts		-			4,742,936
Change in net unrealized appreciation (depreciation) of:
Investments in unaffiliated securitiesB		12,632,109			67,983,987
Foreign currency transactions		4,122			(18,020	)
Futures contracts		-			120,235
Net gain from investments		20,463,466			132,701,576
Net increase in net assets resulting from operations	$	21,278,903		$	142,329,980
† Foreign taxes	$	227,652		$	1,184,221

^A  The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities.

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

See accompanying notes

23

American Beacon Funds^SM

Statements of Changes in Net Assets

	EAM International Small Cap Fund						International Equity Fund
	Six Months Ended April 30, 2024			Year Ended October 31, 2023			Six Months Ended April 30, 2024			Year Ended October 31, 2023
	(unaudited)						(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	815,437		$	1,893,150			9,628,404		$	26,845,048
Net realized gain (loss) from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts		7,827,235			13,910,493			64,615,374			62,266,166
Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities, foreign currency transactions, and futures contracts		12,636,231			13,890,740			68,086,202			182,309,583
Net increase in net assets resulting from operations		21,278,903			29,694,383			142,329,980			271,420,797
Distributions to shareholders:
Total retained earnings:
R5 Class		(138,937	)		(284,205	)		(20,300,284	)		(19,840,233	)
Y Class		(1,243,708	)		(1,719,644	)		(4,658,524	)		(2,512,663	)
Investor Class		(1,067,041	)		(1,056,156	)		(3,138,410	)		(2,090,798	)
Advisor Class		-			-			(617,707	)		(304,447	)
A Class		-			-			(525,588	)		(188,613	)
C Class		-			-			(119,521	)		(48,919	)
R6 Class		-			-			(17,067,264	)		(8,756,091	)
Net distributions to shareholders		(2,449,686	)		(3,060,005	)		(46,427,298	)		(33,741,764	)
Capital share transactions (Note 11):
Proceeds from sales of shares		9,114,620			31,413,470			67,577,932			291,643,278
Reinvestment of dividends and distributions		1,985,343			2,681,566			45,531,550			32,494,086
Cost of shares redeemed		(25,009,987	)		(113,325,777	)		(235,331,360	)		(1,070,787,931	)
Net (decrease) in net assets from capital share transactions		(13,910,024	)		(79,230,741	)		(122,221,878	)		(746,650,567	)
Net increase (decrease) in net assets		4,919,193			(52,596,363	)		(26,319,196	)		(508,971,534	)
Net assets:
Beginning of period		129,823,191			182,419,554			879,523,599			1,388,495,133
End of period	$	134,742,384		$	129,823,191		$	853,204,403		$	879,523,599

See accompanying notes

24

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (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, 2024, the Trust consists of twenty-four active series, two of which are presented in this filing: American Beacon EAM International Small Cap Fund and American Beacon International Equity Fund (collectively, the “Funds” and each individually a “Fund”). The remaining twenty-two 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.

Effective December 29, 2023, the Manager underwent a change of control, which resulted in the termination of the Funds’ previous management and investment advisory agreements. The Board of Trustees (the “Board”) approved a new Management Agreement with the Manager and new Investment Advisory Agreements among the Manager, the sub-advisors and the Trust, on behalf of the Funds, that were effective on December 29, 2023. The new Management Agreement required approval by shareholders of the Funds, and shareholders approved the new Management Agreement at shareholder meetings held on November 17, 2023 for the EAM International Small Cap Fund and December 8, 2023 for the International Equity Fund.

Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Inter-bank Offered Rate (“LIBOR”) or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which updates and clarifies ASU No. 2020-04. The amendments in this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Management expects these ASUs will not have a material impact on the Funds’ financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Management has concluded that the ASU will not have a material impact on the Funds’ financial statements.

25

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Class Disclosure

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

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

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

Significant Accounting Policies

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

Security Transactions and Investment Income

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

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

26

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Central Securities Depositories Regulation (“CSDR”)

Effective February 1, 2022, the CSDR introduced new measures for the authorization and supervision of European Union Central Security Depositories and sets out to create a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The Funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. At this time, management believes the adoption of CSDR will not have a material impact to the financial statements.

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.

27

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 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:

EAM International Small Cap Fund

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

International Equity Fund

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

The Trust, on behalf of the American Beacon International Equity Fund, and the Manager have entered into Investment Advisory Agreements with Causeway Capital Management LLC; Lazard Asset Management LLC; and American Century Investment Management Inc. 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 EAM International Small Cap Fund, and the Manager have entered into an Investment Advisory Agreement with EAM Global Investors, LLC. pursuant to which the Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily according to the following schedule:

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

28

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

The Management and Sub-Advisory Fees paid by the Funds for the period ended April 30, 2024 were as follows:

EAM International Small Cap Fund

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	240,151
Sub-Advisory Fees		0.40	%		272,209
Total		0.75	%	$	512,360

International Equity Fund

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	1,550,873
Sub-Advisory Fees		0.25	%		1,091,881
Total		0.60	%	$	2,642,754

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statements of Operations. During the period ended April 30, 2024, the Manager received securities lending fees of $2,441 and $7,465 for the securities lending activities of EAM 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’

29

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2024, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statements of Operations, were as follows:

Fund	Sub-Transfer Agent Fees
EAM International Small Cap	$	34,162
International Equity		111,166

As of April 30, 2024, the Funds owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statements of Assets and Liabilities:

Fund	Reimbursement Sub-Transfer Agent Fees
EAM International Small Cap	$	5,736
International Equity		33,619

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, 2024 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund	April 30, 2024 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		April 30, 2024 Fair Value
U.S. Government Money Market Select	Direct	EAM International Small Cap	$	4,591,538	$	-	$	-	$	223,194	$	4,591,538
U.S. Government Money Market Select	Securities Lending	EAM International Small Cap		2,878,145		-		-		N/A		2,878,145
U.S. Government Money Market Select	Direct	International Equity		35,120,984		-		-		890,473		35,120,984
U.S. Government Money Market Select	Securities Lending	International Equity		12,020,173		-		-		N/A		12,020,173

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, 2024, the Manager earned fees on the Funds’ direct investments and securities lending collateral investments in the USG Select Fund as shown below:

Fund	Direct Investments in USG Select Fund		Securities Lending Collateral Investments in USG Select Fund		Total
EAM International Small Cap	$	4,273	$	1,103	$	5,376
International Equity		17,051		1,300		18,351

30

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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. When a 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, 2024, 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 EAM International Small Cap Fund and R6 Class of the International Equity Fund, through December 31, 2025, 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 Funds’ expense cap. During the period ended April 30, 2024, the Manager waived and/or reimbursed expenses as follows:

		Expense Cap											Expiration of Reimbursed Expenses
Fund	Class	11/1/2023 - 2/29/2024			3/1/2024 – 4/30/2024			Reimbursed Expenses		(Recouped) Expenses
EAM International Small Cap	R5		0.89	%		0.89	%	$	7,570	$	-			2026-2027
EAM International Small Cap	Y		N/A			1.10	%		3,565		-			2026-2027
EAM International Small Cap	Investor		N/A			1.30	%		3,965		-			2026-2027
International Equity	R6		0.69	%		0.69	%		104,061		(57,314	)*		2026-2027

* This amount represents Recouped Expenses from prior fiscal years and is reflected in Other expenses on the Statements of Operations.

Of the above amounts, $5,052 and $20,859 were disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at April 30, 2024 for the EAM 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 2026 and 2027. The Funds did not record a liability for potential contingent reimbursements

31

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

due to the current assessment that reimbursements are uncertain. The carryover of excess expenses potentially reimbursable to the Manager, but not recorded as a liability are as follows:

Fund	Recouped Expenses		Excess Expense Carryover		Expired Expense Carryover		Expiration of Reimbursed Expenses
EAM International Small Cap	$	-	$	2,181	$	604		2023-2024
EAM International Small Cap		-		1,783		-		2024-2025
EAM International Small Cap		-		23,655		-		2025-2026
International Equity		54,858		-		-		2023-2024
International Equity		2,456		67,664		-		2024-2025
International Equity		-		241,021		-		2025-2026

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, 2024, RID collected $333 for International Equity Fund from the sale of A Class Shares. The EAM 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, 2024, 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 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, 2024, there were no CDSC fees collected for the C Class Shares of International Equity Fund. The EAM 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 $140,000; (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 her service as Board Chair, Ms. Cline receives an additional annual retainer of $50,000. Although she attends several committee meetings at each quarterly Board meeting, she receives only a single $2,500 fee each quarter for her 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.

32

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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.

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. 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.

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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 the Funds.

Valuation Inputs

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

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

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

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

With respect to a Fund’s investments that do not have readily available market quotations, the Board has designated the Adviser as its valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). If market prices are not readily available or are deemed unreliable, the Valuation Designee

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Notes to Financial Statements

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

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.

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

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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 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

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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, 2024 are disclosed in the Notes to the Schedules of Investments.

Other Investment Company Securities and Exchange-Traded Products

The Funds 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 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 money market funds under the Act, to provide liquidity or for defensive purposes. The Funds could invest in money market funds rather than purchasing individual short-term investments. If the Funds invest in money market funds, shareholders will bear their proportionate share of the expenses, including for example, advisory and administrative fees, of the 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.

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Notes to Financial Statements

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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, 2024, the International Equity Fund entered into forward foreign currency contracts primarily for hedging foreign currency fluctuations.

Futures Contracts

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

During the period ended April 30, 2024, 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 quarterly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each quarter end.

Average Futures Contracts Outstanding
Fund	Period Ended April 30, 2024
International Equity		373

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

International Equity Fund

Fair values of financial instruments on the Statements of Assets and Liabilities as of April 30, 2024:
	Derivatives not accounted for as hedging instruments
Liabilities:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Payable for variation margin from open futures contracts		$	-		$	-		$	-		$	-		$	(413,654	)		$	(413,654	)

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Notes to Financial Statements

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The effect of financial derivative instruments on the Statements of Operations as of April 30, 2024:
	Derivatives not accounted for as hedging instruments
Realized gain (loss) from derivatives recognized as a result of operations	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts			Total
Futures contracts		$	-		$	-		$	-		$	-		$	4,742,936		$	4,742,936
Net change in unrealized appreciation (depreciation) of derivatives recognized as a result from operations:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts			Total
Futures contracts		$	-		$	-		$	-		$	-		$	120,235		$	120,235

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

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

Master Agreements

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as delayed 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, 2024.

EAM International Small Cap Fund

	Remaining Contractual Maturity of the Agreements As of April 30, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,878,145	$	-	$	-	$	-	$	2,878,145
Total Borrowings	$	2,878,145	$	-	$	-	$	-	$	2,878,145
Gross amount of recognized liabilities for securities lending transactions									$	2,878,145

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

International Equity Fund

Offsetting of Financial and Derivative Assets as of April 30, 2024:
	Assets		Liabilities
Futures Contracts(1)	$	-	$	413,654
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	-	$	413,654
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	-	$	(413,654	)

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Notes to Financial Statements

April 30, 2024 (Unaudited)

	Remaining Contractual Maturity of the Agreements As of April 30, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	12,020,173	$	-	$	-	$	-	$	12,020,173
Total Borrowings	$	12,020,173	$	-	$	-	$	-	$	12,020,173
Gross amount of recognized liabilities for securities lending transactions									$	12,020,173

6. Principal Risks

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

Counterparty Risk

The Funds are subject to the risk that a party or participant to a transaction, such as a broker or derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Funds. As a result the Fund may obtain no recovery of its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

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

Credit Risk

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

Currency Risk

The Funds may have exposure to foreign currencies by making direct investments in non-U.S. currencies or in securities denominated in non-U.S. currencies, or by purchasing or selling forward currency exchange contracts in non-U.S. currencies. Foreign currencies may decline in value relative to the U.S. dollar, or, in the case of

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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.

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, real 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

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

Forward Foreign Currency Contracts Risk

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

Futures Contracts Risk

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

Market Risk

The Funds are subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect a 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.

42

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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

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

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

Market Timing Risk

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

Multiple Sub-Advisor Risk

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

43

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (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. Deteriorating economic fundamentals may increase the risk of default or insolvency of particular issuers, negatively impact market value, increase market volatility, cause credit spreads to widen, reduce bank balance sheets and cause unexpected changes in interest rates. Any of these could cause an increase in market volatility, reduce liquidity across various sectors or markets or decrease confidence in the markets. Historical patterns of correlation among asset classes may break down in unanticipated ways during times of high volatility, disrupting investment programs and potentially causing losses.

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; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and 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.

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 companies in addition to a Fund’s direct fees and expenses. If a Fund invests in other investment companies, a

44

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 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.

45

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2023 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, 2024, the tax cost for each Fund and their respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
EAM International Small Cap	$	120,871,020	$	16,654,608	$	(2,634,037	)	$	14,020,571
International Equity		820,610,726		91,183,485		(54,118,611	)		37,064,874

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, 2023, the Funds had the following capital loss carryforwards:

Fund	Short-Term Capital Loss Carryforwards		Long-Term Capital Loss Carryforwards
EAM International Small Cap	$	1,874,352	$	-
International Equity		-		-

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, 2024 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Sales (non-U.S. Government Securities)
EAM International Small Cap	$	183,106,221	$	189,322,754
International Equity		185,529,538		328,710,244

A summary of the Funds’ transactions in the USG Select Fund for the period ended April 30, 2024 were as follows:

Fund	Type of Transaction	October 31, 2023 Shares/Fair Value		Purchases		Sales		April 30, 2024 Shares/Fair Value
EAM International Small Cap	Direct	$	13,732,959	$	51,685,051	$	60,826,472	$	4,591,538
EAM International Small Cap	Securities Lending		258,291		19,068,217		16,448,363		2,878,145
International Equity	Direct		38,723,902		271,259,540		274,862,458		35,120,984
International Equity	Securities Lending		171,336		28,793,406		16,944,569		12,020,173

46

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (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, 2024, the value of outstanding securities on loan and the value of collateral were as follows:

Fund	Fair Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
EAM International Small Cap	$	16,403,763	$	2,878,145	$	14,683,959	$	17,562,104
International Equity		31,544,540		12,020,173		21,681,662		33,701,835

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.

47

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

10. Borrowing Arrangements

Effective November 10, 2023 (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 8, 2024, 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 9, 2023.

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 8, 2024, 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 9, 2023.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Loan 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, 2024, the Funds did not utilize these facilities.

11. Capital Share Transactions

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

	R5 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
EAM International Small Cap Fund	Shares			Amount			Shares			Amount
Shares sold		8,686		$	150,383			312,073		$	5,144,248
Reinvestment of dividends		8,451			138,937			19,386			284,204
Shares redeemed		(26,868	)		(473,972	)		(955,306	)		(15,218,036	)
Net (decrease) in shares outstanding		(9,731	)	$	(184,652	)		(623,847	)	$	(9,789,584	)
	Y Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
EAM International Small Cap Fund	Shares			Amount			Shares			Amount
Shares sold		299,228		$	5,101,427			1,240,162		$	19,805,259
Reinvestment of dividends		55,611			911,458			98,686			1,446,738
Shares redeemed		(646,544	)		(10,827,397	)		(4,391,009	)		(69,078,198	)
Net (decrease) in shares outstanding		(291,705	)	$	(4,814,512	)		(3,052,161	)	$	(47,826,201	)

48

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

	Investor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
EAM International Small Cap Fund	Shares			Amount			Shares			Amount
Shares sold		223,460		$	3,862,810			401,029		$	6,463,963
Reinvestment of dividends		56,629			934,948			64,362			950,624
Shares redeemed		(795,224	)		(13,708,618	)		(1,829,605	)		(29,029,543	)
Net (decrease) in shares outstanding		(515,135	)	$	(8,910,860	)		(1,364,214	)	$	(21,614,956	)
	R5 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		763,058		$	13,893,078			6,600,545		$	113,441,066
Reinvestment of dividends		1,101,966			19,912,533			1,212,447			18,950,544
Shares redeemed		(7,820,436	)		(141,398,337	)		(45,330,087	)		(757,798,935	)
Net (decrease) in shares outstanding		(5,955,412	)	$	(107,592,726	)		(37,517,095	)	$	(625,407,325	)
	Y Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		373,994		$	7,248,281			764,908		$	14,044,424
Reinvestment of dividends		240,580			4,587,877			150,746			2,481,284
Shares redeemed		(986,175	)		(19,057,347	)		(2,296,912	)		(41,098,087	)
Net (decrease) in shares outstanding		(371,601	)	$	(7,221,189	)		(1,381,258	)	$	(24,572,379	)
	Investor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		85,126		$	1,536,523			3,836,876		$	66,690,147
Reinvestment of dividends		172,001			3,089,134			130,163			2,018,825
Shares redeemed		(1,191,263	)		(21,375,032	)		(5,876,228	)		(104,841,162	)
Net (decrease) in shares outstanding		(934,136	)	$	(16,749,375	)		(1,909,189	)	$	(36,132,190	)
	Advisor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		30,680		$	574,006			144,782		$	2,579,144
Reinvestment of dividends		33,225			617,326			18,959			304,294
Shares redeemed		(69,879	)		(1,316,345	)		(384,344	)		(6,715,366	)
Net (decrease) in shares outstanding		(5,974	)	$	(125,013	)		(220,603	)	$	(3,831,928	)
	A Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		106,917		$	1,935,468			284,959		$	4,947,007
Reinvestment of dividends		29,150			520,904			12,062			186,717
Shares redeemed		(92,783	)		(1,676,764	)		(263,000	)		(4,512,860	)
Net increase in shares outstanding		43,284		$	779,608			34,021		$	620,864

49

American Beacon Funds^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

	C Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		15,029		$	261,853			33,973		$	556,596
Reinvestment of dividends		6,898			118,845			3,264			48,699
Shares redeemed		(32,067	)		(553,960	)		(82,219	)		(1,373,591	)
Net (decrease) in shares outstanding		(10,140	)	$	(173,262	)		(44,982	)	$	(768,296	)
	R6 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		2,298,175		$	42,128,723			5,124,430		$	89,384,894
Reinvestment of dividends		920,802			16,684,931			543,022			8,503,723
Shares redeemed		(2,713,610	)		(49,953,575	)		(8,993,730	)		(154,447,930	)
Net increase (decrease) in shares outstanding		505,367		$	8,860,079			(3,326,278	)	$	(56,559,313	)

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.

50

American Beacon EAM International Small Cap Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30, 2024			Year Ended October 31,												January 22, 2019C to October 31, 2019
				2023B			2022			2021			2020
	(unaudited)
Net asset value, beginning of period	$	15.31		$	13.47		$	19.56		$	15.58		$	15.65		$	14.78
Income (loss) from investment operations:
Net investment income		0.10			0.15	DE		0.20			0.60	F		0.03			0.21
Net gains (losses) on investments (both realized and unrealized)		2.50			1.96			(5.53	)		3.50			0.29			0.66
Total income (loss) from investment operations		2.60			2.11			(5.33	)		4.10			0.32			0.87
Less distributions:
Dividends from net investment income		(0.34	)		(0.27	)		(0.76	)		(0.12	)		(0.39	)		–
Distributions from net realized gains		–			–			–			–			–			–
Total distributions		(0.34	)		(0.27	)		(0.76	)		(0.12	)		(0.39	)		–
Net asset value, end of period	$	17.57		$	15.31		$	13.47		$	19.56		$	15.58		$	15.65
Total returnG		17.12	%H		15.75	%		(28.31	)%		26.38	%		1.94	%		5.89	%H
Ratios and supplemental data:
Net assets, end of period	$	7,078,951		$	6,316,496		$	13,963,043		$	20,907,091		$	20,327,704		$	37,138,368
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.11	%I		1.21	%		0.90	%		0.92	%		0.91	%		0.93	%I
Expenses, net of reimbursements and/or recoupments		0.89	%I		0.89	%		0.89	%		0.91	%J		0.89	%		0.89	%I
Net investment income, before expense reimbursements and/or recoupments		1.33	%I		0.63	%E		1.30	%		3.14	%F		0.84	%		2.18	%I
Net investment income, net of reimbursements and/or recoupments		1.55	%I		0.95	%E		1.31	%		3.15	%F		0.86	%		2.22	%I
Portfolio turnover rate		146	%H		292	%		21	%		34	%		28	%		35	%K

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

^B  On January 20, 2023 Tocqueville Asset Management LP was terminated and ceased managing assets of the Fund. On January 21, 2023, EAM Global Investors, LLC began managing assets of the Fund.

^C  Commencement of operations.

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

^E  Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0312.

^F  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3366.

^G  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.

^H  Not annualized.

^I  Annualized.

^J  Expense ratios may exceed stated expense caps in Note 2 in the Annual Shareholder report due to security lending expenses.

^K  Portfolio turnover rate is for the period from January 22, 2019 through October 31, 2019 and is not annualized.

See accompanying notes

51

American Beacon EAM International Small Cap Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30, 2024			Year Ended October 31,												January 22, 2019B to October 31, 2019
				2023A			2022			2021			2020
	(unaudited)
Net asset value, beginning of period	$	15.24		$	13.46		$	19.54		$	15.56		$	15.64		$	14.78
Income (loss) from investment operations:
Net investment income		0.04			0.20	CD		0.04			0.59	E		0.05			0.23
Net gains (losses) on investments (both realized and unrealized)		2.53			1.84			(5.36	)		3.49			0.25			0.63
Total income (loss) from investment operations		2.57			2.04			(5.32	)		4.08			0.30			0.86
Less distributions:
Dividends from net investment income		(0.32	)		(0.26	)		(0.76	)		(0.10	)		(0.38	)		–
Distributions from net realized gains		–			–			–			–			–			–
Total distributions		(0.32	)		(0.26	)		(0.76	)		(0.10	)		(0.38	)		–
Net asset value, end of period	$	17.49		$	15.24		$	13.46		$	19.54		$	15.56		$	15.64
Total returnF		16.98	%G		15.21	%		(28.31	)%		26.25	%		1.84	%		5.82	%G
Ratios and supplemental data:
Net assets, end of period	$	66,644,076		$	62,512,548		$	96,269,149		$	160,793,226		$	136,563,697		$	229,275,205
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.17	%H		1.26	%		0.95	%		0.98	%		0.99	%		0.98	%H
Expenses, net of reimbursements and/or recoupments		1.16	%HJ		1.26	%		0.95	%		0.98	%		0.99	%		0.98	%H
Net investment income, before expense reimbursements and/or recoupments		1.27	%H		1.24	%D		1.21	%		3.40	%E		0.78	%		2.10	%H
Net investment income, net of reimbursements and/or recoupments		1.28	%H		1.24	%D		1.21	%		3.40	%E		0.78	%		2.10	%H
Portfolio turnover rate		146	%G		292	%		21	%		34	%		28	%		35	%I

^A  On January 20, 2023 Tocqueville Asset Management LP was terminated and ceased managing assets of the Fund. On January 21, 2023, EAM Global Investors, LLC began managing assets of the Fund.

^B  Commencement of operations.

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

^D  Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0439.

^E  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3834.

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

^G  Not annualized.

^H  Annualized.

^I  Portfolio turnover rate is for the period from January 22, 2019 through October 31, 2019 and is not annualized.

^J  Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on February 29, 2024.

See accompanying notes

52

American Beacon EAM International Small Cap Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023A			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	15.33		$	13.51		$	19.59		$	15.60		$	15.61		$	15.06
Income (loss) from investment operations:
Net investment income		0.26			0.48	B		0.65			0.76	C		0.25			0.40	D
Net gains (losses) on investments (both realized and unrealized)		2.31			1.55			(6.04	)		3.29			0.01			0.34
Total income (loss) from investment operations		2.57			2.03			(5.39	)		4.05			0.26			0.74
Less distributions:
Dividends from net investment income		(0.28	)		(0.21	)		(0.69	)		(0.06	)		(0.27	)		(0.19	)
Distributions from net realized gains		–			–			–			–			–			–
Total distributions		(0.28	)		(0.21	)		(0.69	)		(0.06	)		(0.27	)		(0.19	)
Net asset value, end of period	$	17.62		$	15.33		$	13.51		$	19.59		$	15.60		$	15.61
Total returnE		16.88	%F		15.06	%		(28.49	)%		26.01	%		1.63	%		5.03	%
Ratios and supplemental data:
Net assets, end of period	$	61,019,357		$	60,994,147		$	72,187,362		$	180,324,267		$	198,905,986		$	355,423,059
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.38	%G		1.46	%		1.18	%		1.20	%		1.18	%		1.29	%
Expenses, net of reimbursements and/or recoupments		1.36	%GH		1.46	%		1.18	%		1.20	%		1.18	%		1.18	%
Net investment income, before expense reimbursements and/or recoupments		1.05	%G		1.10	%B		1.03	%		2.81	%C		0.63	%		1.42	%
Net investment income, net of reimbursements and/or recoupments		1.07	%G		1.10	%B		1.03	%		2.81	%C		0.63	%		1.53	%
Portfolio turnover rate		146	%F		292	%		21	%		34	%		28	%		35	%

^A  On January 20, 2023 Tocqueville Asset Management LP was terminated and ceased managing assets of the Fund. On January 21, 2023, EAM Global Investors, LLC began managing assets of the Fund.

^B  Net investment income includes a significant dividend payment from Keppel Corp, Ltd. amounting to $0.0406.

^C  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.3074.

^D  Net investment income per share is calculated using the ending balance prior to consideration or adjustment for permanent book-to-tax differences.

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

^F  Not annualized.

^G  Annualized.

^H  Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on February 29, 2024.

See accompanying notes

53

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020B			2019
	(unaudited)
Net asset value, beginning of period	$	16.72		$	14.31		$	20.31		$	14.73		$	18.06		$	18.71
Income (loss) from investment operations:
Net investment income		0.27			0.56			0.39			0.45	C		0.36			0.55
Net gains (losses) on investments (both realized and unrealized)		2.58			2.28			(4.40	)		5.43			(3.15	)		0.34
Total income (loss) from investment operations		2.85			2.84			(4.01	)		5.88			(2.79	)		0.89
Less distributions:
Dividends from net investment income		(0.61	)		(0.43	)		(0.65	)		(0.30	)		(0.54	)		(0.40	)
Distributions from net realized gains		(0.37	)		–			(1.34	)		–			–			(1.14	)
Total distributions		(0.98	)		(0.43	)		(1.99	)		(0.30	)		(0.54	)		(1.54	)
Net asset value, end of period	$	18.59		$	16.72		$	14.31		$	20.31		$	14.73		$	18.06
Total returnD		17.20	%E		20.09	%		(21.69	)%		40.18	%		(16.04	)%		5.94	%
Ratios and supplemental data:
Net assets, end of period	$	349,039,473		$	413,488,011		$	891,001,265		$	1,329,626,349		$	968,859,543		$	1,499,867,401
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.75	%F		0.79	%		0.72	%		0.73	%		0.72	%		0.73	%
Expenses, net of reimbursements and/or recoupments		0.75	%F		0.79	%		0.72	%		0.73	%		0.72	%		0.73	%
Net investment income, before expense reimbursements and/or recoupments		2.15	%F		2.30	%		2.17	%		2.31	%C		1.83	%		2.93	%
Net investment income, net of reimbursements and/or recoupments		2.15	%F		2.30	%		2.17	%		2.31	%C		1.83	%		2.93	%
Portfolio turnover rate		22	%E		46	%		38	%		41	%		77	%		36	%

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

^B  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^C  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0746.

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

^E  Not annualized.

^F  Annualized.

See accompanying notes

54

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	17.59		$	15.03		$	21.18		$	15.36		$	18.81		$	19.42
Income (loss) from investment operations:
Net investment income		0.49			1.22			1.53			1.83	B		0.36			0.54
Net gains (losses) on investments (both realized and unrealized)		2.50			1.76			(5.74	)		4.27			(3.28	)		0.37
Total income (loss) from investment operations		2.99			2.98			(4.21	)		6.10			(2.92	)		0.91
Less distributions:
Dividends from net investment income		(0.59	)		(0.42	)		(0.60	)		(0.28	)		(0.53	)		(0.38	)
Distributions from net realized gains		(0.37	)		–			(1.34	)		–			–			(1.14	)
Total distributions		(0.96	)		(0.42	)		(1.94	)		(0.28	)		(0.53	)		(1.52	)
Net asset value, end of period	$	19.62		$	17.59		$	15.03		$	21.18		$	15.36		$	18.81
Total returnC		17.17	%D		20.01	%		(21.71	)%		39.99	%		(16.09	)%		5.83	%
Ratios and supplemental data:
Net assets, end of period	$	90,447,116		$	87,634,823		$	95,663,172		$	233,692,916		$	659,159,857		$	896,442,437
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.81	%E		0.86	%		0.81	%		0.79	%		0.80	%		0.80	%
Expenses, net of reimbursements and/or recoupments		0.81	%E		0.86	%		0.81	%		0.79	%		0.80	%		0.80	%
Net investment income, before expense reimbursements and/or recoupments		2.18	%E		2.43	%		2.03	%		2.01	%B		1.77	%		2.87	%
Net investment income, net of reimbursements and/or recoupments		2.18	%E		2.43	%		2.03	%		2.01	%B		1.77	%		2.87	%
Portfolio turnover rate		22	%D		46	%		38	%		41	%		77	%		36	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0243.

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

55

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	16.54		$	14.16		$	20.11		$	14.57		$	17.87		$	18.52
Income (loss) from investment operations:
Net investment income		0.31			0.72			0.35			0.38	B		0.40			0.49
Net gains (losses) on investments (both realized and unrealized)		2.48			2.04			(4.37	)		5.38			(3.22	)		0.33
Total income (loss) from investment operations		2.79			2.76			(4.02	)		5.76			(2.82	)		0.82
Less distributions:
Dividends from net investment income		(0.51	)		(0.38	)		(0.59	)		(0.22	)		(0.48	)		(0.33	)
Distributions from net realized gains		(0.37	)		–			(1.34	)		–			–			(1.14	)
Total distributions		(0.88	)		(0.38	)		(1.93	)		(0.22	)		(0.48	)		(1.47	)
Net asset value, end of period	$	18.45		$	16.54		$	14.16		$	20.11		$	14.57		$	17.87
Total returnC		17.01	%D		19.64	%		(21.93	)%		39.72	%		(16.33	)%		5.55	%
Ratios and supplemental data:
Net assets, end of period	$	54,002,770		$	63,864,486		$	81,694,109		$	126,691,864		$	92,817,287		$	221,043,036
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.06	%E		1.12	%		1.07	%		1.06	%		1.07	%		1.05	%
Expenses, net of reimbursements and/or recoupments		1.06	%E		1.12	%		1.07	%		1.06	%		1.07	%		1.05	%
Net investment income, before expense reimbursements and/or recoupments		1.79	%E		2.61	%		1.84	%		1.98	%B		1.35	%		2.59	%
Net investment income, net of reimbursements and/or recoupments		1.79	%E		2.61	%		1.84	%		1.98	%B		1.35	%		2.59	%
Portfolio turnover rate		22	%D		46	%		38	%		41	%		77	%		36	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0785.

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

56

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	17.09		$	14.62		$	20.68		$	14.94		$	18.31		$	18.93
Income (loss) from investment operations:
Net investment income		0.18			0.43			0.29			0.41	B		0.37			0.43
Net gains (losses) on investments (both realized and unrealized)		2.70			2.39			(4.46	)		5.48			(3.29	)		0.39
Total income (loss) from investment operations		2.88			2.82			(4.17	)		5.89			(2.92	)		0.82
Less distributions:
Dividends from net investment income		(0.51	)		(0.35	)		(0.55	)		(0.15	)		(0.45	)		(0.30	)
Distributions from net realized gains		(0.37	)		–			(1.34	)		–			–			(1.14	)
Total distributions		(0.88	)		(0.35	)		(1.89	)		(0.15	)		(0.45	)		(1.44	)
Net asset value, end of period	$	19.09		$	17.09		$	14.62		$	20.68		$	14.94		$	18.31
Total returnC		16.96	%D		19.45	%		(22.01	)%		39.53	%		(16.43	)%		5.38	%
Ratios and supplemental data:
Net assets, end of period	$	13,573,092		$	12,257,174		$	13,706,977		$	18,745,607		$	16,387,094		$	45,797,068
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.22	%E		1.27	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses, net of reimbursements and/or recoupments		1.22	%E		1.27	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income, before expense reimbursements and/or recoupments		1.80	%E		2.08	%		1.67	%		1.79	%B		1.34	%		2.40	%
Net investment income, net of reimbursements and/or recoupments		1.80	%E		2.08	%		1.67	%		1.79	%B		1.34	%		2.40	%
Portfolio turnover rate		22	%D		46	%		38	%		41	%		77	%		36	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0709.

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

57

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	16.50		$	14.13		$	20.06		$	14.55		$	17.85		$	18.50
Income (loss) from investment operations:
Net investment income		0.18			0.34			0.33			0.36	B		0.21			0.45
Net gains (losses) on investments (both realized and unrealized)		2.60			2.40			(4.36	)		5.38			(3.04	)		0.36
Total income (loss) from investment operations		2.78			2.74			(4.03	)		5.74			(2.83	)		0.81
Less distributions:
Dividends from net investment income		(0.55	)		(0.37	)		(0.56	)		(0.23	)		(0.47	)		(0.32	)
Distributions from net realized gains		(0.37	)		–			(1.34	)		–			–			(1.14	)
Total distributions		(0.92	)		(0.37	)		(1.90	)		(0.23	)		(0.47	)		(1.46	)
Net asset value, end of period	$	18.36		$	16.50		$	14.13		$	20.06		$	14.55		$	17.85
Total returnC		16.98	%D		19.55	%		(22.00	)%		39.65	%		(16.37	)%		5.46	%
Ratios and supplemental data:
Net assets, end of period	$	10,783,486		$	8,977,482		$	7,205,251		$	10,017,801		$	9,512,972		$	13,973,709
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.14	%E		1.19	%		1.14	%		1.13	%		1.13	%		1.15	%
Expenses, net of reimbursements and/or recoupments		1.14	%E		1.19	%		1.14	%		1.13	%		1.13	%		1.15	%
Net investment income, before expense reimbursements and/or recoupments		1.89	%E		2.15	%		1.80	%		1.83	%B		1.35	%		2.50	%
Net investment income, net of reimbursements and/or recoupments		1.89	%E		2.15	%		1.80	%		1.83	%B		1.35	%		2.50	%
Portfolio turnover rate		22	%D		46	%		38	%		41	%		77	%		36	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0643.

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

58

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	15.80		$	13.53		$	19.27		$	13.99		$	17.18		$	17.84
Income (loss) from investment operations:
Net investment income		0.04			0.10			0.16			0.19	B		0.01			0.29
Net gains (losses) on investments (both realized and unrealized)		2.55			2.41			(4.14	)		5.19			(2.86	)		0.37
Total income (loss) from investment operations		2.59			2.51			(3.98	)		5.38			(2.85	)		0.66
Less distributions:
Dividends from net investment income		(0.37	)		(0.24	)		(0.42	)		(0.10	)		(0.34	)		(0.18	)
Distributions from net realized gains		(0.37	)		–			(1.34	)		–			–			(1.14	)
Total distributions		(0.74	)		(0.24	)		(1.76	)		(0.10	)		(0.34	)		(1.32	)
Net asset value, end of period	$	17.65		$	15.80		$	13.53		$	19.27		$	13.99		$	17.18
Total returnC		16.49	%D		18.66	%		(22.55	)%		38.56	%		(16.98	)%		4.69	%
Ratios and supplemental data:
Net assets, end of period	$	2,734,939		$	2,608,270		$	2,842,235		$	4,317,179		$	3,431,934		$	6,174,460
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.94	%E		1.96	%		1.89	%		1.86	%		1.86	%		1.87	%
Expenses, net of reimbursements and/or recoupments		1.94	%E		1.96	%		1.89	%		1.86	%		1.86	%		1.87	%
Net investment income, before expense reimbursements and/or recoupments		1.04	%E		1.41	%		1.08	%		1.14	%B		0.61	%		1.73	%
Net investment income, net of reimbursements and/or recoupments		1.04	%E		1.41	%		1.08	%		1.14	%B		0.61	%		1.73	%
Portfolio turnover rate		22	%D		46	%		38	%		41	%		77	%		36	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0667.

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

59

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	16.77		$	14.35		$	20.35		$	14.76		$	18.08		$	18.73
Income (loss) from investment operations:
Net investment income		0.23			0.40			0.41			0.45	B		0.39			0.51
Net gains (losses) on investments (both realized and unrealized)		2.63			2.46			(4.41	)		5.44			(3.16	)		0.39
Total income (loss) from investment operations		2.86			2.86			(4.00	)		5.89			(2.77	)		0.90
Less distributions:
Dividends from net investment income		(0.62	)		(0.44	)		(0.66	)		(0.30	)		(0.55	)		(0.41	)
Distributions from net realized gains		(0.37	)		–			(1.34	)		–			–			(1.14	)
Total distributions		(0.99	)		(0.44	)		(2.00	)		(0.30	)		(0.55	)		(1.55	)
Net asset value, end of period	$	18.64		$	16.77		$	14.35		$	20.35		$	14.76		$	18.08
Total returnC		17.20	%D		20.15	%		(21.62	)%		40.20	%		(15.93	)%		5.98	%
Ratios and supplemental data:
Net assets, end of period	$	332,623,527		$	290,693,353		$	296,382,124		$	397,732,934		$	294,708,893		$	179,802,437
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.76	%E		0.77	%		0.71	%		0.71	%		0.72	%		0.70	%
Expenses, net of reimbursements and/or recoupments		0.69	%E		0.69	%		0.69	%		0.70	%F		0.69	%		0.66	%
Net investment income, before expense reimbursements and/or recoupments		2.26	%E		2.54	%		2.22	%		2.30	%B		1.88	%		3.09	%
Net investment income, net of reimbursements and/or recoupments		2.33	%E		2.62	%		2.24	%		2.31	%B		1.91	%		3.13	%
Portfolio turnover rate		22	%D		46	%		38	%		41	%		77	%		36	%

^A  On January 29, 2020, Templeton Investment Counsel, LLC, was terminated and ceased managing assets of the Fund. On January 30, 2020, American Century Investment Management, Inc. began managing assets of the Fund.

^B  Net investment income includes a significant dividend payment from Vivendi SE amounting to $0.0738.

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

^D  Not annualized.

^E  Annualized.

^F  Expense ratios may exceed stated expense caps in Note 2 in the Annual Shareholder report due to security lending expenses.

See accompanying notes

60

Delivery of Documents

Shareholder reports are available online at www.americanbeaconfunds.com/reports. Please be advised that reports are no longer sent by mail. Instead, the reports are made available online, and you will be notified by mail each time a report is posted online. You will be provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. You can request to continue receiving paper copies by calling 1-866-345-5954, or you may directly inform your financial intermediary. Detailed instructions are also included in your report notifications.

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 and Semi-Annual Report, 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.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643
Availability of Quarterly Portfolio Schedules	Availability of Proxy Voting Policy and Records
In addition to the Schedule of Investments provided in each semi-annual and annual report, the Fund files a complete schedule of its portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-PORT as of the end of each fiscal quarter. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. The Forms N-PORT may also be reviewed and copied at the SEC’s Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-2736. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling (800)-SEC-0330. A complete schedule of the Fund’s portfolio holdings is also available at www.americanbeaconfunds.com approximately twenty days after the end of each month.	A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available in the Fund’s Statement of Additional Information, is available free of charge on the Fund’s website www.americanbeaconfunds.com and by calling 1-800-967-9009 or by accessing the SEC’s website at www.sec.gov. The Fund’s proxy voting record for the most recent year ended June 30 is filed annually with the SEC on Form N-PX. The Fund’s Forms N-PX are available on the SEC’s website at www.sec.gov. The Fund’s proxy voting record may also be obtained by calling 1-800-967-9009.

Fund Service Providers:

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

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

American Beacon Funds, American Beacon EAM International Small Cap Fund and American Beacon International Equity Fund are service marks of American Beacon Advisors, Inc.

SAR 04/24

About American Beacon Advisors

Since 1986, American Beacon Advisors, Inc. has offered a variety of products and investment advisory services to numerous institutional and retail clients, including a variety of mutual funds, corporate cash management, and separate account management.

Our clients include defined benefit plans, defined contribution plans, foundations, endowments, corporations, financial planners, and other institutional investors. With American Beacon Advisors, you can put the experience of a multi-billion dollar asset management firm to work for your company.

GARCIA HAMILTON QUALITY BOND FUND

The use of fixed-income securities entails interest rate and credit risks. Interest rate risk is the risk that debt securities will decrease in value with increases in market interest rates. Credit risk is the risk that the issuer of a bond will fail to make timely payment of interest or principal; and the decline in an issuer’s credit rating can cause the price of its bonds to go down. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors. Financial sector companies are heavily regulated and particularly sensitive to interest rate fluctuations. The Fund’s incorporation of environmental, social and/or governance (ESG) considerations in its investment strategy may cause it to underperform funds that do not incorporate these considerations. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

This report may contain information obtained from third parties, including ratings from credit rating agencies such as Standard & Poor’s. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD-PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD-PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS.

Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes and should not be relied on as investment advice.

Any opinions herein, including forecasts, reflect our judgment as of the end of the reporting period and are subject to change. Each advisor’s strategies and the Fund’s portfolio composition will change depending on economic and market conditions. This report is not a complete analysis of market conditions and therefore, should not be relied upon as investment advice. Although economic and market 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.

American Beacon Funds  April 30, 2024

Contents

President’s Message	1
Performance Overview	2
Expense Examples	4
Schedule of Investments:
American Beacon Garcia Hamilton Quality Bond Fund	6
Financial Statements	8
Notes to Financial Statements	11
Financial Highlights:
American Beacon Garcia Hamilton Quality Bond Fund	28

  Additional Fund Information Back Cover

President’s Message

Dear Shareholders,   Will Rogers, the noted American humorist, actor, writer and cowboy, once said, “Even though you are on the right track – you will get run over if you just sit there.”   Just as roadmaps and timetables are important tools for choosing the best route when you travel, having a carefully considered investment plan may increase your likelihood of staying on track as you seek to preserve and grow your personal savings – and help ensure your risk exposure remains diversified across the global marketplace. With trusted financial professionals helping you make prudent adjustments to your investment portfolio, you may be

better positioned to withstand the many obstacles you’re likely to encounter along life’s journey – especially during trying periods like today’s geopolitical turmoil and economic uncertainty.

At American Beacon, we endeavor to provide a broad range of disciplined investment strategies so that you may potentially reach your desired destination over the fullness of time. We are diligent in our oversight of the investment managers who serve as sub-advisors to our investment products. Since our firm’s inception as a pension fiduciary in 1986 and the launch of our first sub-advised, multi-manager mutual funds in 1987, we have continued expanding our innovative product offerings. And we are committed to applying a solutions-based, risk-managed approach in our pursuit of institutional wisdom while striving to generate earned alpha and enduring value.

Thank you for entrusting your financial future with American Beacon. For more information about our investment products or to access your account information, please visit our website at www.americanbeaconfunds.com.

Best Regards,

Gregory Stumm, CFA^®, CAIA^®

President

American Beacon Funds

1

American Beacon Garcia Hamilton Quality Bond Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

The Investor Class of the American Beacon Garcia Hamilton Quality Bond Fund (the “Fund”) returned 5.38% for the six months ended April 30, 2024, outperforming the Bloomberg US Aggregate Bond Index (the “Index”) return of 4.97% for the same period.

Total Returns for the Period ended April 30, 2024
	Ticker	6 Mo*			1 Year			3 Year			5 Year			Since Inception (04/04/2016)
R5 Class (1,4)	GHQIX		5.16	%		(3.84	)%		(3.44	)%		(0.88	)%		0.00	%
Y Class (1,4)	GHQYX		5.26	%		(3.90	)%		(3.52	)%		(0.97	)%		(0.09	)%
Investor Class (1,4)	GHQPX		5.38	%		(4.06	)%		(3.72	)%		(1.20	)%		(0.34	)%
R6 Class (1,3,4)	GHQRX		5.18	%		(4.03	)%		(3.48	)%		(0.89	)%		0.00	%
Bloomberg US Aggregate Bond Index (2)			4.97	%		(1.47	)%		(3.54	)%		(0.16	)%		0.65	%

* Not Annualized.

1. Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is calculated based on the published end of day net asset values as of the date indicated and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit www.americanbeaconfunds.com or call 1-800-967-9009. Fund performance in the table above does not reflect the deduction of taxes a shareholder would pay on distributions or the redemption of shares. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only; and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights. A portion of the fees charged to each Class of the Fund has been waived since Fund inception. Performance prior to waiving fees was lower than the actual returns shown since inception.

2. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”). Bloomberg or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith. One cannot directly invest in an index.

3. Fund performance for the since inception period represent the returns achieved by the R5 Class from 4/4/16 through 2/28/19, the inception date of the R6 Class, and the returns of the R6 Class since its inception. Expenses of the R6 Class are lower than the R5 Class. As a result, total returns shown may be lower than they would have been had the R6 Class been in existence since 4/4/16.

4. The Total Annual Fund Operating Expense ratios set forth in the most recent Fund prospectus for the R5, Y, Investor, and R6 Class shares were 0.69%, 0.75%, 1.17%, and 0.65%, respectively. The expense ratios above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

2

American Beacon Garcia Hamilton Quality Bond Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

The Fund outperformed during the period due primarily to its long duration as interest rates declined across the longer end of the yield curve. The Fund began the period with a duration of 6.6 years and ended at 7.5 years, as compared to 6.2 years for the Index. Within the Index, the 1-3 year maturity segment returned 2.5%, 5-7 year maturities returned 4.4% and 10+ year maturities returned 7.5% for the period.

Nearly all segments of the U.S. bond market, as reflected in the Index, reported positive results, with corporates producing the highest returns at 7.3%, agency mortgages at 5.3% and U.S. Treasuries at 3.5%.

The Fund maintained an underweight allocation to corporate bonds during the period as credit spreads approached the lower end of their historical range and did not appear to offer attractive relative value. Offsetting this underweight was an overweight position in agency-backed mortgages to take advantage of their attractive carry, low dollar prices and high quality. The Fund’s allocation to Treasuries was essentially neutral during the period. The corporate underweight detracted from performance as they produced the highest returns during the period.

Within credit quality, the lowest-rated issues in the Index produced the highest returns, with triple-A rated issues returning 3.8%, double-A at 4.2%, single-A at 6.8%, and triple-B at 7.9%. The Fund, however, maintained a higher quality (minimum of single-A rating), causing it to lag as its investment strategy focuses on protecting against adverse credit environments.

The primary components of the Fund’s strategy are to actively manage duration, sector allocation and yield-curve exposures based on top-down views of interest rates and other macroeconomic variables. The Fund invests in high-quality, low-volatility securities that provide the benefit of fixed income investing when investors need it most. No derivatives, leverage, foreign currency, or high-yield bonds are used in the strategy.

Top Ten Holdings (% Net Assets)
U.S. Treasury Notes, 3.500%, Due 2/15/2033		12.6
U.S. Treasury Notes, 1.875%, Due 2/15/2032		9.9
U.S. Treasury Bonds, 2.500%, Due 2/15/2045		6.5
U.S. Treasury Notes, 1.125%, Due 2/15/2031		4.6
Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052		4.2
Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052		4.1
Federal Home Loan Mortgage Corp., 4.000%, Due 10/1/2052		4.1
Federal Home Loan Mortgage Corp., 2.500%, Due 9/1/2042		4.0
Federal Home Loan Mortgage Corp., 2.500%, Due 3/1/2052		4.0
Federal National Mortgage Association, 3.000%, Due 5/1/2052		3.9
Total Fund Holdings	28
Sector Allocation (% Investments)
U.S. Agency Mortgage-Backed Obligations		49.2
U.S. Treasury Obligations		40.5
Financial		5.2
Communications		3.4
Technology		1.7

3

American Beacon Garcia Hamilton Quality Bond Fund^SM

Expense Examples

April 30, 2024 (Unaudited)

Fund Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees, if applicable, and (2) ongoing costs, including management fees, distribution (12b-1) fees, sub-transfer agent fees, and other Fund expenses. The Examples are intended to help you understand the ongoing cost (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples are based on an investment of $1,000 invested at the beginning of the period in each Class and held for the entire period from November 1, 2023 through April 30, 2024.

Actual Expenses

The “Actual” lines of the tables provide information about actual account values and actual expenses. You may use the information on this page, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Shareholders of the Investor and R5 Classes that invest in the Fund through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

Hypothetical Example for Comparison Purposes

The “Hypothetical” lines of the tables provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed 5% per year rate of return before expenses (not the Fund’s actual return). You may compare the ongoing costs of investing in the Fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Shareholders of the Investor and R5 Classes that invest in the Fund through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs charged by the Fund, such as sales charges (loads) or redemption fees, as applicable. Similarly, the expense examples for other funds do not reflect any transaction costs charged by those funds, such as sales charges (loads), redemption fees or exchange fees. Therefore, the “Hypothetical” lines of the tables are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If you were subject to any transaction costs during the period, your costs would have been higher.

4

American Beacon Garcia Hamilton Quality Bond Fund^SM

Expense Examples

April 30, 2024 (Unaudited)

American Beacon Garcia Hamilton Quality Bond Fund
	Beginning Account Value 11/1/2023		Ending Account Value 4/30/2024		Expenses Paid During Period 11/1/2023-4/30/2024*
R5 Class
Actual		$1,000.00		$1,051.60		$2.30
Hypothetical**		$1,000.00		$1,022.63		$2.26
Y Class
Actual		$1,000.00		$1,052.60		$2.60
Hypothetical**		$1,000.00		$1,022.33		$2.56
Investor Class
Actual		$1,000.00		$1,053.80		$4.24
Hypothetical**		$1,000.00		$1,020.74		$4.17
R6 Class
Actual		$1,000.00		$1,051.80		$2.09
Hypothetical**		$1,000.00		$1,022.83		$2.06

* Expenses are equal to the Fund’s annualized expense ratios for the six-month period of 0.45%, 0.51%, 0.83%, and 0.41% for the R5, Y, Investor, and R6 Classes, respectively, multiplied by the average account value over the period, multiplied by the number derived by dividing the number of days in the most recent fiscal half-year (182) by days in the year (366) to reflect the half-year period.

** 5% return before expenses.

5

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 10.19%
Communications - 3.34%
Media - 3.34%
Walt Disney Co., 3.800%, Due 3/22/2030		$	8,950,000		$	8,306,171
Financial - 5.20%
Banks - 5.20%
Bank of America Corp., 3.974%, Due 2/7/2030, (3 mo. USD Term SOFR + 1.472%)A			2,746,000			2,551,608
Citigroup, Inc., 3.980%, Due 3/20/2030, (3 mo. USD Term SOFR + 1.600%)A			2,585,000			2,393,692
JPMorgan Chase & Co., 2.739%, Due 10/15/2030, (3 mo. USD Term SOFR + 1.510%)A			4,885,000			4,234,251
Wells Fargo & Co., 4.478%, Due 4/4/2031, (3 mo. USD Term SOFR + 4.032%)A			4,030,000			3,784,324
						12,963,875
Total Financial						12,963,875
Technology - 1.65%
Computers - 1.65%
International Business Machines Corp., 3.500%, Due 5/15/2029			4,464,000			4,107,928
Total Corporate Obligations (Cost $28,191,014)						25,377,974
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 48.79%
Federal Home Loan Mortgage Corp.,  4.000%, Due 2/1/2039			3,875,663			3,635,670
2.500%, Due 9/1/2042			11,885,763			9,926,553
2.500%, Due 3/1/2052			12,649,234			10,034,849
2.500%, Due 4/1/2052			12,975,909			10,288,649
3.000%, Due 5/1/2052			11,537,821			9,546,843
4.000%, Due 10/1/2052			11,485,803			10,280,008
4.000%, Due 11/1/2052			11,622,102			10,401,999
						64,114,571
Federal National Mortgage Association,  3.500%, Due 10/1/2039			5,091,618			4,599,723
3.000%, Due 7/1/2040B			6,408,424			5,570,284
3.000%, Due 8/1/2040B			4,200,737			3,665,836
4.000%, Due 6/1/2049B			6,730,683			6,103,499
2.500%, Due 11/1/2050			6,348,052			5,036,236
2.500%, Due 5/1/2051			8,054,481			6,380,132
3.000%, Due 5/1/2052			20,065,785			16,606,076
3.500%, Due 10/1/2052			10,999,920			9,500,757
						57,462,543
Total U.S. Agency Mortgage-Backed Obligations (Cost $130,769,049)						121,577,114
U.S. TREASURY OBLIGATIONS - 40.18%
U.S. Treasury Bonds,
3.750%, Due 8/15/2041			7,760,000			6,749,988
2.500%, Due 2/15/2045			23,500,000			16,112,187
2.500%, Due 5/15/2046			14,025,000			9,473,997
U.S. Treasury Notes,
1.125%, Due 2/15/2031			14,480,000			11,529,700
1.875%, Due 2/15/2032			30,330,000			24,780,558
3.500%, Due 2/15/2033			34,415,000			31,464,183
Total U.S. Treasury Obligations (Cost $108,892,924)						100,110,613
TOTAL INVESTMENTS - 99.16% (Cost $267,852,987)						247,065,701
OTHER ASSETS, NET OF LIABILITIES - 0.84%						2,092,034
TOTAL NET ASSETS - 100.00%					$	249,157,735

See accompanying notes

6

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

Percentages are stated as a percent of net assets.

^A Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR, LIBOR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on April 30, 2024.

^B Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

LIBOR - London Interbank Offered Rate.

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, 2024, the investments were classified as described below:

Garcia Hamilton Quality Bond Fund	Level 1		Level 2		Level 3		Total
Assets
Corporate Obligations	$	-	$	25,377,974	$	-	$	25,377,974
U.S. Agency Mortgage-Backed Obligations		-		121,577,114		-		121,577,114
U.S. Treasury Obligations		-		100,110,613		-		100,110,613
Total Investments in Securities - Assets	$	-	$	247,065,701	$	-	$	247,065,701

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

7

American Beacon Garcia Hamilton Quality Bond Fund^SM

Statement of Assets and Liabilities

April 30, 2024 (Unaudited)

Assets:
Investments in unaffiliated securities, at fair value†	$	247,065,701
Cash		1,497,561
Interest receivable		1,287,715
Receivable for fund shares sold		294,305
Receivable for expense reimbursement (Note 2)		52,540
Prepaid expenses		69,301
Total assets		250,267,123
Liabilities:
Payable for investments purchased		908,886
Payable for fund shares redeemed		21,057
Dividends payable		1,232
Management and sub-advisory fees payable (Note 2)		112,780
Service fees payable (Note 2)		908
Transfer agent fees payable (Note 2)		4,646
Custody and fund accounting fees payable		7,995
Professional fees payable		43,550
Trustee fees payable (Note 2)		1,737
Payable for prospectus and shareholder reports		5,841
Other liabilities		756
Total liabilities		1,109,388
Commitments and contingent liabilities (Note 2)
Net assets	$	249,157,735
Analysis of net assets:
Paid-in-capital	$	320,049,153
Total distributable earnings (deficits)A		(70,891,418	)
Net assets	$	249,157,735
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		1,180,723
Y Class		1,967,936
Investor Class		353,805
R6 Class		26,751,670
Net assets:
R5 Class	$	9,746,692
Y Class	$	16,207,255
Investor Class	$	2,922,948
R6 Class	$	220,280,840
Net asset value, offering and redemption price per share:
R5 Class	$	8.25
Y Class	$	8.24
Investor Class	$	8.26
R6 Class	$	8.23
† Cost of investments in unaffiliated securities	$	267,852,987
A The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at period end.

See accompanying notes

8

American Beacon Garcia Hamilton Quality Bond Fund^SM

Statement of Operations

For the period ended April 30, 2024 (Unaudited)

Investment income:
Interest income	$	5,391,494
Total investment income		5,391,494
Expenses:
Management and sub-advisory fees (Note 2)		712,047
Transfer agent fees:
R5 Class (Note 2)		495
Y Class (Note 2)		17,847
Investor Class		690
R6 Class		3,881
Custody and fund accounting fees		29,144
Professional fees		40,613
Registration fees and expenses		34,345
Service fees (Note 2):
Investor Class		3,327
Prospectus and shareholder report expenses		9,330
Trustee fees (Note 2)		13,031
Loan expense (Note 8)		3,437
Other expenses		18,102
Total expenses		886,289
Net fees waived and expenses (reimbursed) (Note 2)		(333,074	)
Net expenses		553,215
Net investment income		4,838,279
Realized and unrealized gain (loss) from investments:
Net realized (loss) from:
Investments in unaffiliated securitiesA		(3,790,496	)
Change in net unrealized appreciation of:
Investments in unaffiliated securitiesB		13,418,871
Net gain from investments		9,628,375
Net increase in net assets resulting from operations	$	14,466,654
A The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities.
B The Fund’s investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end.

See accompanying notes

9

American Beacon Garcia Hamilton Quality Bond Fund^SM

Statement of Changes in Net Assets

	Six Months Ended April 30, 2024			Year Ended October 31, 2023
	(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	4,838,279		$	10,907,666
Net realized (loss) from investments in unaffiliated securities		(3,790,496	)		(13,497,511	)
Change in net unrealized appreciation of investments in unaffiliated securities		13,418,871			2,948,027
Net increase in net assets resulting from operations		14,466,654			358,182
Distributions to shareholders:
Total retained earnings:
R5 Class		(192,104	)		(1,870,733	)
Y Class		(758,450	)		(1,567,482	)
Investor Class		(30,736	)		(25,683	)
R6 Class		(4,535,954	)		(6,783,410	)
Net distributions to shareholders		(5,517,244	)		(10,247,308	)
Capital share transactions (Note 9):
Proceeds from sales of shares		26,080,631			82,037,288
Reinvestment of dividends and distributions		5,498,156			9,615,714
Cost of shares redeemed		(56,381,669	)		(173,589,366	)
Net (decrease) in net assets from capital share transactions		(24,802,882	)		(81,936,364	)
Net (decrease) in net assets		(15,853,472	)		(91,825,490	)
Net assets:
Beginning of period		265,011,207			356,836,697
End of period	$	249,157,735		$	265,011,207

See accompanying notes

10

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (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, 2024, the Trust consists of twenty-four active series, one of which is presented in this filing: American Beacon Garcia Hamilton Quality Bond Fund (the “Fund”). The remaining twenty-three 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.

Effective December 29, 2023, the Manager underwent a change of control, which resulted in the termination of the Fund’s previous management and investment advisory agreements. The Board of Trustees (the “Board”) approved a new Management Agreement with the Manager and a new Investment Advisory Agreement among the Manager, the sub-advisor and the Trust, on behalf of the Fund, that were effective on December 29, 2023. The new Management Agreement required approval by shareholders of the Fund, and shareholders approved the new Management Agreement at a shareholder meeting held on October 27, 2023.

Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Inter-bank Offered Rate (“LIBOR”) or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which updates and clarifies ASU No. 2020-04. The amendments in this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Management expects these ASUs will not have a material impact on the Fund’s financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Management has concluded that the ASU will not have a material impact on the Fund’s financial statements.

11

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Class Disclosure

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

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

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

Significant Accounting Policies

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

Security Transactions and Investment Income

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

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Fund. 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.

Distributions to Shareholders

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

12

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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

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

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

The Management and Sub-Advisory Fees paid by the Fund for the period ended April 30, 2024 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	453,121
Sub-Advisory Fees		0.20	%		258,926
Total		0.55	%	$	712,047

13

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 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, 2024, 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	$	16,797

As of April 30, 2024, the Fund owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statement of Assets and Liabilities:

Fund	Reimbursement Sub- Transfer Agent Fees
Garcia Hamilton Quality Bond	$	1,524

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.

14

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2024, the Fund borrowed $13,717,885 for 1 day at an interest rate of 6.14% with interest charges of $2,308. These amounts are recorded as “Other expenses” in the Statement of Operations.

Expense Reimbursement Plan

The Manager contractually agreed to reduce fees and/or reimburse expenses for the classes of the Fund, through December 31, 2025, 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, 2024, the Manager waived and/or reimbursed expenses as follows:

		Expense Cap										Expiration of Reimbursed Expenses
Fund	Class	11/1/2023 - 2/29/2024			3/1/2024 - 4/30/2024			Reimbursed Expenses		(Recouped) Expenses
Garcia Hamilton Quality Bond	R5		0.45	%		0.45	%	$	10,520	$	-		2026-2027
Garcia Hamilton Quality Bond	Y		0.51	%		0.51	%		43,809		-		2026-2027
Garcia Hamilton Quality Bond	Investor		0.83	%		0.83	%		2,547		-		2026-2027
Garcia Hamilton Quality Bond	R6		0.41	%		0.41	%		276,198		-		2026-2027

Of the above amounts, $52,540 was disclosed as a Receivable for expense reimbursement on the Statement of Assets and Liabilities at April 30, 2024.

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 2026 and 2027. The Fund did not record a liability for potential contingent reimbursements due to the current assessment that reimbursements are uncertain. The carryover of excess expenses potentially reimbursable to the Manager, but not recorded as a liability are as follows:

Fund	Recouped Expenses		Excess Expense Carryover		Expired Expense Carryover		Expiration of Reimbursed Expenses
Garcia Hamilton Quality Bond	$	-	$	440,822	$	373,552		2023-2024
Garcia Hamilton Quality Bond		-		876,814		-		2024-2025
Garcia Hamilton Quality Bond		-		753,949		-		2025-2026

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 $140,000; (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

15

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 her service as Board Chair, Ms. Cline receives an additional annual retainer of $50,000. Although she attends several committee meetings at each quarterly Board meeting, she receives only a single $2,500 fee each quarter for her attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. Security Valuation and Fair Value Measurements

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

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

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

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

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

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.

16

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Valuation Inputs

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

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

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

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

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

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 MBS and ABS, may be prepaid by their issuers thereby reducing the amount of interest payments. This may result in the Fund having to reinvest its proceeds in lower yielding securities. Securities underlying MBS and ABS, which may include subprime mortgages, also may be subject to a higher degree of credit risk, valuation risk, and liquidity risk.

Mortgage-Backed Securities

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

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

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

Mortgage-Related and Other Asset-Backed Securities

The Fund may invest in mortgage or other ABS. These securities may include mortgage instruments issued by U.S. government agencies (“agency mortgages”) or those issued by private entities (“non-agency mortgages”). Specific types of instruments may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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.

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.

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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.

Environmental, Social, and/or Governance Investing Risk

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

Floating Rate Securities Risk

The coupons on certain fixed income securities in which the Fund may invest are not fixed and may fluctuate based upon changes in market rates. The coupon on a floating rate security is generally based on an interest rate such as a money-market index, LIBOR, 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

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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.

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.

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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.

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. For example, the Fund’s investments in money market funds are subject to interest rate risk, credit risk, and market risk. The 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 the Fund’s investment will decline, adversely affecting the Fund’s performance. 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

When interest rates fall, borrowers will generally repay the loans that underlie certain debt securities, especially mortgage-related and other types of ABS, more quickly than expected, causing the issuer of the security to repay the principal prior to the security’s expected maturity date. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income. Securities subject to prepayment risk generally offer less potential for gains when prevailing interest rates fall. If the Fund buys those securities at a premium, accelerated prepayments on those securities could cause the Fund to lose a portion of its principal investment. The impact of prepayments on the price of a security may be difficult to predict and may increase the security’s price volatility. Variable and floating rate securities may be less sensitive to prepayment risk. 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, heighten interest rate risk and increase the potential for a decline in its price.

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (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 the Fund may be increased.

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

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

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and 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.

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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

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

A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Additionally, circumstances could arise that would prevent the payment of interest or principal. This could result in losses to the Fund. Investments in government-sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. Government. These obligations vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association (‘‘Ginnie Mae’’); (ii) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal Home Loan Bank and the Federal Farm Credit Banks; (iii) supported by the discretionary authority of the U.S. Government to purchase the agency obligations, such as those of Fannie Mae and Freddie Mac or (iv) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The U.S. Government may choose not to provide financial support to U.S. Government-sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer defaulted, to the extent the Fund held securities of such issuers, it might not be able to recover its investment from the U.S. Government. 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.

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

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American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2023 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, 2024, the tax cost for the Fund and its respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax Cost			Unrealized Appreciation			Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)
Garcia Hamilton Quality Bond		$	269,867,706		$	-		$	(22,802,005	)		$	(22,802,005	)

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, 2023, the Fund had $27,179,271 short-term and $17,226,251 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, 2024 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Purchases of U.S. Government Securities		Sales (non-U.S. Government Securities)		Sales of U.S. Government Securities
Garcia Hamilton Quality Bond	$	-	$	49,952,332	$	8,851,464	$	63,436,803

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Notes to Financial Statements

April 30, 2024 (Unaudited)

8. Borrowing Arrangements

Effective November 10, 2023 (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 8, 2024, 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 9, 2023.

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 8, 2024, 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 9, 2023.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Loan 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, 2024, the Fund did not utilize these facilities.

9. Capital Share Transactions

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

	R5 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		325,102		$	2,773,375			2,557,082		$	22,072,236
Reinvestment of dividends		20,206			173,018			142,894			1,246,251
Shares redeemed		(1,051,381	)		(8,667,529	)		(16,884,928	)		(146,350,750	)
Net (decrease) in shares outstanding		(706,073	)	$	(5,721,136	)		(14,184,952	)	$	(123,032,263	)
	Y Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		556,179		$	4,746,384			4,151,066		$	36,683,765
Reinvestment of dividends		88,168			758,449			182,068			1,567,034
Shares redeemed		(4,766,602	)		(40,985,304	)		(1,769,579	)		(14,889,312	)
Net increase (decrease) in shares outstanding		(4,122,255	)	$	(35,480,471	)		2,563,555		$	23,361,487

26

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

	Investor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		262,461		$	2,254,600			18,623		$	161,268
Reinvestment of dividends		3,610			30,735			2,973			25,683
Shares redeemed		(4,934	)		(41,753	)		(31,030	)		(267,389	)
Net increase (decrease) in shares outstanding		261,137		$	2,243,582			(9,434	)	$	(80,438	)
	R6 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		1,925,015		$	16,306,272			2,709,351		$	23,120,019
Reinvestment of dividends		529,888			4,535,954			785,921			6,776,746
Shares redeemed		(783,789	)		(6,687,083	)		(1,381,439	)		(12,081,915	)
Net increase in shares outstanding		1,671,114		$	14,155,143			2,113,833		$	17,814,850

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.

27

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	8.01		$	8.37		$	9.85		$	10.27		$	10.05		$	9.79
Income (loss) from investment operations:
Net investment income (loss)		0.16	B		0.30	B		0.06			(0.01	)B		0.11			0.24
Net gains (losses) on investments (both realized and unrealized)		0.26			(0.37	)		(1.33	)		(0.08	)		0.28			0.26
Total income (loss) from investment operations		0.42			(0.07	)		(1.27	)		(0.09	)		0.39			0.50
Less distributions:
Dividends from net investment income		(0.18	)		(0.29	)		(0.21	)		(0.14	)		(0.17	)		(0.24	)
Distributions from net realized gains		-			-			-			(0.19	)		-			-
Total distributions		(0.18	)		(0.29	)		(0.21	)		(0.33	)		(0.17	)		(0.24	)
Redemption fees added to beneficial interests		-			-			-			-			-			-
Net asset value, end of period	$	8.25		$	8.01		$	8.37		$	9.85		$	10.27		$	10.05
Total returnC		5.16	%D		(1.08	)%		(13.04	)%		(0.84	)%		3.93	%		5.20	%
Ratios and supplemental data:
Net assets, end of period	$	9,746,692		$	15,104,966		$	134,519,084		$	192,774,622		$	172,774,140		$	316,582,604
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.67	%E		0.69	%		0.66	%		0.67	%		0.68	%		0.66%
Expenses, net of reimbursements and/or recoupments		0.45	%E		0.45	%		0.45	%		0.45	%		0.45	%		0.45%
Net investment income (loss), before expense reimbursements and/or recoupments		3.49	%E		3.20	%		1.06	%		(0.32	)%		1.15	%		2.18%
Net investment income (loss), net of reimbursements and/or recoupments		3.71	%E		3.44	%		1.27	%		(0.10	)%		1.38	%		2.39%
Portfolio turnover rate		19	%D		72	%		158	%		71	%		122	%		58%

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

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

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

28

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	7.99		$	8.36		$	9.86		$	10.27		$	10.05		$	9.79
Income (loss) from investment operations:
Net investment income		0.15	A		0.37			0.22			(0.00	)B		0.13			0.24
Net gains (losses) on investments (both realized and unrealized)		0.28			(0.46	)		(1.51	)		(0.08	)		0.25			0.25
Total income (loss) from investment operations		0.43			(0.09	)		(1.29	)		(0.08	)		0.38			0.49
Less distributions:
Dividends from net investment income		(0.18	)		(0.28	)		(0.21	)		(0.14	)		(0.16	)		(0.23	)
Distributions from net realized gains		-			-			-			(0.19	)		-			-
Total distributions		(0.18	)		(0.28	)		(0.21	)		(0.33	)		(0.16	)		(0.23	)
Redemption fees added to beneficial interests		-			-			-			-			-			-
Net asset value, end of period	$	8.24		$	7.99		$	8.36		$	9.86		$	10.27		$	10.05
Total returnC		5.26	%D		(1.27	)%		(13.24	)%		(0.81	)%		3.83	%		5.09	%
Ratios and supplemental data:
Net assets, end of period	$	16,207,255		$	48,666,569		$	29,473,503		$	21,340,613		$	18,928,869		$	17,927,537
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.77	%E		0.75	%		0.73	%		0.74	%		0.74	%		0.73%
Expenses, net of reimbursements and/or recoupments		0.51	%E		0.51	%		0.51	%		0.52	%F		0.55	%		0.55%
Net investment income (loss), before expense reimbursements and/or recoupments		3.36	%E		3.23	%		1.10	%		(0.38	)%		1.03	%		2.14%
Net investment income (loss), net of reimbursements and/or recoupments		3.62	%E		3.47	%		1.32	%		(0.16	)%		1.22	%		2.32%
Portfolio turnover rate		19	%D		72	%		158	%		71	%		122	%		58%

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

^B  Amount represents less than $0.01 per share.

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

^D  Not annualized.

^E  Annualized.

^F  Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on July 1, 2018.

See accompanying notes

29

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	7.99		$	8.36		$	9.85		$	10.26		$	10.05		$	9.79
Income (loss) from investment operations:
Net investment income (loss)		0.66			0.21			0.09			(0.04	)A		0.13	A		0.21
Net gains (losses) on investments (both realized and unrealized)		(0.23	)		(0.33	)		(1.40	)		(0.07	)		0.22			0.26
Total income (loss) from investment operations		0.43			(0.12	)		(1.31	)		(0.11	)		0.35			0.47
Less distributions:
Dividends from net investment income		(0.16	)		(0.25	)		(0.18	)		(0.11	)		(0.14	)		(0.21	)
Distributions from net realized gains		-			-			-			(0.19	)		-			-
Total distributions		(0.16	)		(0.25	)		(0.18	)		(0.30	)		(0.14	)		(0.21	)
Redemption fees added to beneficial interests		-			-			-			-			-			-
Net asset value, end of period	$	8.26		$	7.99		$	8.36		$	9.85		$	10.26		$	10.05
Total returnB		5.38	%C		(1.59	)%		(13.47	)%		(1.11	)%		3.54	%		4.80	%
Ratios and supplemental data:
Net assets, end of period	$	2,922,948		$	740,628		$	853,503		$	991,788		$	365,190		$	14,904,591
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.12	%D		1.17	%		1.13	%		1.29	%		1.20	%		1.04%
Expenses, net of reimbursements and/or recoupments		0.83	%D		0.83	%		0.83	%		0.83	%		0.83	%		0.83%
Net investment income (loss), before expense reimbursements and/or recoupments		3.11	%D		2.78	%		0.63	%		(0.91	)%		0.90	%		1.81%
Net investment income (loss), net of reimbursements and/or recoupments		3.40	%D		3.12	%		0.93	%		(0.45	)%		1.27	%		2.02%
Portfolio turnover rate		19	%C		72	%		158	%		71	%		122	%		58%

^A  Based on average shares outstanding for the period.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

30

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	7.99		$	8.36		$	9.85		$	10.26		$	10.04		$	9.87
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.32			0.17			(0.01	)B		0.14			0.17
Net gains (losses) on investments (both realized and unrealized)		0.25			(0.40	)		(1.44	)		(0.06	)		0.25			0.17
Total income (loss) from investment operations		0.42			(0.08	)		(1.27	)		(0.07	)		0.39			0.34
Less distributions:
Dividends from net investment income		(0.18	)		(0.29	)		(0.22	)		(0.15	)		(0.17	)		(0.17	)
Distributions from net realized gains		-			-			-			(0.19	)		-			-
Total distributions		(0.18	)		(0.29	)		(0.22	)		(0.34	)		(0.17	)		(0.17	)
Net asset value, end of period	$	8.23		$	7.99		$	8.36		$	9.85		$	10.26		$	10.04
Total returnC		5.18	%D		(1.17	)%		(13.11	)%		(0.70	)%		3.97	%		3.44	%D
Ratios and supplemental data:
Net assets, end of period	$	220,280,840		$	200,499,044		$	191,990,607		$	166,304,291		$	141,893,384		$	130,208,195
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.67	%E		0.65	%		0.63	%		0.64	%		0.64	%		0.66	%E
Expenses, net of reimbursements and/or recoupments		0.41	%E		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%E
Net investment income (loss), before expense reimbursements and/or recoupments		3.50	%E		3.31	%		1.14	%		(0.28	)%		1.13	%		1.90	%E
Net investment income (loss), net of reimbursements and/or recoupments		3.76	%E		3.55	%		1.36	%		(0.05	)%		1.36	%		2.15	%E
Portfolio turnover rate		19	%D		72	%		158	%		71	%		122	%		58	%F

^A  Commencement of operations.

^B  Based on average shares outstanding for the period.

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

^D  Not annualized.

^E  Annualized.

^F  Portfolio turnover rate is for the period from February 28, 2019 through October 31, 2019 and is not annualized.

See accompanying notes

31

Delivery of Documents

Shareholder reports are available online at www.americanbeaconfunds.com/reports. Please be advised that reports are no longer sent by mail. Instead, the reports are made available online, and you will be notified by mail each time a report is posted online. You will be provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. You can request to continue receiving paper copies by calling 1-866-345-5954, or you may directly inform your financial intermediary. Detailed instructions are also included in your report notifications.

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 and Semi-Annual Report, by e-mail. If you are interested in this option, please go to www.icsdelivery.comand search for your financial institution’s name or contact your financial institution directly.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121—9643
Availability of Quarterly Portfolio Schedules	Availability of Proxy Voting Policy and Records
In addition to the Schedule of Investments provided in each semi-annual and annual report, the Fund files a complete schedule of its portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-PORT as of the end of each fiscal quarter. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. The Forms N-PORT may also be reviewed and copied at the SEC’s Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-2736. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling (800)-SEC-0330. A complete schedule of the Fund’s portfolio holdings is also available at www.americanbeaconfunds.com approximately twenty days after the end of each month.	A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available in the Fund’s Statement of Additional Information, is available free of charge on the Fund’s website www.americanbeaconfunds.com and by calling 1-800-967-9009 or by accessing the SEC’s website at www.sec.gov. The Fund’s proxy voting record for the most recent year ended June 30 is filed annually with the SEC on Form N-PX. The Fund’s Forms N-PX are available on the SEC’s website at www.sec.gov. The Fund’s proxy voting record may also be obtained by calling 1-800-967-9009.

Fund Service Providers:

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

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

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

SAR 04/24

About American Beacon Advisors

Since 1986, American Beacon Advisors, Inc. has offered a variety of products and investment advisory services to numerous institutional and retail clients, including a variety of mutual funds, corporate cash management, and separate account management.

Our clients include defined benefit plans, defined contribution plans, foundations, endowments, corporations, financial planners, and other institutional investors. With American Beacon Advisors, you can put the experience of a multi-billion dollar asset management firm to work for your company.

LARGE CAP VALUE FUND

Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors. Financial sector companies are heavily regulated and particularly sensitive to interest rate fluctuations. The Fund’s incorporation of environmental, social and/or governance (ESG) considerations in its investment strategy may cause it to underperform funds that do not incorporate these considerations. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund participates in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Any opinions herein, including forecasts, reflect our judgment as of the end of the reporting period and are subject to change. Each advisor’s strategies and the Fund’s portfolio composition will change depending on economic and market conditions. This report is not a complete analysis of market conditions and therefore, should not be relied upon as investment advice. Although economic and market 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.

American Beacon Funds April 30, 2024

Contents

President’s Message	1
Performance Overview	2
Expense Examples	4
Schedule of Investments:
American Beacon Large Cap Value Fund	6
Financial Statements	14
Notes to Financial Statements	17
Financial Highlights:
American Beacon Large Cap Value Fund	37
Disclosure Regarding the Approval of Interim Management and Investment Advisory Agreements	44
Results of Shareholder Meeting	46

Additional Fund Information Back Cover

President’s Message

Dear Shareholders,   Will Rogers, the noted American humorist, actor, writer and cowboy, once said, “Even though you are on the right track – you will get run over if you just sit there.”   Just as roadmaps and timetables are important tools for choosing the best route when you travel, having a carefully considered investment plan may increase your likelihood of staying on track as you seek to preserve and grow your personal savings – and help ensure your risk exposure remains diversified across the global marketplace. With trusted financial professionals helping you make prudent adjustments to your investment portfolio, you may be

better positioned to withstand the many obstacles you’re likely to encounter along life’s journey – especially during trying periods like today’s geopolitical turmoil and economic uncertainty.

At American Beacon, we endeavor to provide a broad range of disciplined investment strategies so that you may potentially reach your desired destination over the fullness of time. We are diligent in our oversight of the investment managers who serve as sub-advisors to our investment products. Since our firm’s inception as a pension fiduciary in 1986 and the launch of our first sub-advised, multi-manager mutual funds in 1987, we have continued expanding our innovative product offerings. And we are committed to applying a solutions-based, risk-managed approach in our pursuit of institutional wisdom while striving to generate earned alpha and enduring value.

Thank you for entrusting your financial future with American Beacon. For more information about our investment products or to access your account information, please visit our website at www.americanbeaconfunds.com.

Best Regards,

Gregory Stumm, CFA^®, CAIA^®

President

American Beacon Funds

1

American Beacon Large Cap Value Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

The Investor Class of the American Beacon Large Cap Value Fund (the “Fund”) returned 19.13% for the six months ended April 30, 2024, outperforming the Russell 1000^® Value Index (the “Index”) return of 18.42% for the same period.

Total Returns for the Period ended April 30, 2024
	Ticker	6 Months*			1 Year			3 Years			5 Years			10 Years
R5 Class (1,6)	AADEX		19.37	%		17.70	%		6.85	%		10.28	%		8.80	%
Y Class (1,6)	ABLYX		19.32	%		17.57	%		6.77	%		10.20	%		8.72	%
Investor Class (1,6)	AAGPX		19.13	%		17.28	%		6.50	%		9.92	%		8.44	%
Advisor Class (1,6)	AVASX		19.09	%		17.09	%		6.34	%		9.76	%		8.28	%
A Class without sales charge (1,2,6)	ALVAX		19.16	%		17.27	%		6.53	%		9.91	%		8.42	%
A Class with sales charge (1,2,6)	ALVAX		12.31	%		10.53	%		4.45	%		8.62	%		7.78	%
C Class without sales charge (1,3,6)	ALVCX		18.68	%		16.43	%		5.72	%		9.12	%		7.79	%
C Class with sales charge (1,3,6)	ALVCX		17.68	%		15.43	%		5.72	%		9.12	%		7.79	%
R6 Class (1,4,6)	AALRX		19.37	%		17.70	%		6.87	%		10.32	%		8.82	%
Russell 1000® Value Index (5)			18.42	%		13.42	%		5.17	%		8.60	%		8.43	%

* Not Annualized.

1. Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is calculated based on the published end of day net asset values as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit www.americanbeaconfunds.com or call 1-800-967-9009. Fund performance in the table above does not reflect the deduction of taxes a shareholder would pay on distributions or the redemption of shares. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only; and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights. Please note that the recent performance of the securities market has helped produce short-term returns that are not typical and may not continue in the future.

2. A Class shares have a maximum sales charge of 5.75%.

3. A portion of the fees charged to the C Class was waived in 2018. Performance prior to waiving fees was lower than the actual returns shown for 2018. C Class shares have a maximum contingent deferred sales charge of 1.00% for shares redeemed within one year of the date of purchase.

4. Fund performance for the ten-year period represents the returns achieved by the R5 Class prior to 2/28/2017, the inception date of the R6 Class, and the returns of the R6 Class since its inception. Expenses of the R6 Class are lower than those of the R5 Class. As a result, total returns shown may be lower than they would have been had the R6 Class been in existence since 4/30/2014. A portion of the fees charged to the R6 Class of the Fund were waived from Class inception to 2020. Performance prior to waiving fees was lower than the actual returns shown for 2017 to 2020.

5. The Russell 1000^® Value Index is an unmanaged index of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. Russell 1000 Value Index and Russell 1000 Index are registered trademarks of Frank Russell Company. American Beacon Funds is not promoted, sponsored or endorsed by, nor in any way affiliated with the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. LSE Group is not responsible for and has not reviewed the American Beacon Large Cap Value Fund nor any associated literature or publications and LSE Group makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise. All rights in the Russell 1000 Value Index (the “ Index”) vest in the relevant LSE Group company which owns the Index. Russell 1000^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by the Manager. One cannot directly invest in an index.

6. The Total Annual Fund Operating Expense ratios set forth in the most recent Fund prospectus for the R5, Y, Investor, Advisor, A, C, and R6 Class shares were 0.64%, 0.71%, 0.94%, 1.11%, 1.00%, 1.70%, and 0.61%, respectively. The expense ratios above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

The Fund outperformed the Index due to security selection and sector allocation for the six-month period.

The Fund’s security selections in the Financials and Information Technology sectors contributed positively to relative performance. Within the Financials sector, positions in Citigroup, Inc. (up 59.1%) and Fidelity National Information Services, Inc. (up 40.4%) boosted relative performance. In the Information Technology sector, positions

2

American Beacon Large Cap Value Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

in Broadcom, Inc. (up 56.5%) and Qualcomm, Inc. (up 53.1%) contributed to relative returns. In contrast, security selections in the Consumer Discretionary sector detracted from relative performance. Within the Consumer Discretionary sector, positions in Aptiv PLC (down 18.3%) and Las Vegas Sands Corp. (down 5.9) hurt relative performance.

Sector allocation contributed to relative performance, led by an underweight allocation to the Consumer Staples sector (up 10.7%) and an overweight allocation to the Financials sector (up 28.7%). However, the Fund’s overweight allocation to the Energy sector (up 11.4%) detracted from relative performance during the period.

The sub-advisors continue to invest in a broadly diversified portfolio of companies that they believe have attractive valuations and above-average earnings growth potential. This approach should allow the Fund to benefit over the longer term.

Top Ten Holdings (% Net Assets)
Elevance Health, Inc.		2.5
Citigroup, Inc.		1.8
Comcast Corp., Class A		1.8
Fidelity National Information Services, Inc.		1.7
Wells Fargo & Co.		1.7
JPMorgan Chase & Co.		1.6
Pioneer Natural Resources Co.		1.5
Alphabet, Inc., Class A		1.4
Cigna Group		1.4
American International Group, Inc.		1.3
Total Fund Holdings	167
Sector Allocation (% Equities)
Financials		23.3
Health Care		14.6
Industrials		12.8
Energy		10.9
Information Technology		10.1
Consumer Discretionary		7.1
Consumer Staples		5.8
Communication Services		4.7
Materials		4.5
Utilities		4.4
Real Estate		1.8

3

American Beacon Large Cap Value Fund^SM

Expense Examples

April 30, 2024 (Unaudited)

Fund Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees, if applicable, and (2) ongoing costs, including management fees, distribution (12b-1) fees, sub-transfer agent fees, and other Fund expenses. The Examples are intended to help you understand the ongoing cost (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples are based on an investment of $1,000 invested at the beginning of the period in each Class and held for the entire period from November 1, 2023 through April 30, 2024.

Actual Expenses

The “Actual” lines of the tables provide information about actual account values and actual expenses. You may use the information on this page, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Shareholders of the Investor and R5 Classes that invest in the Fund through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

Hypothetical Example for Comparison Purposes

The “Hypothetical” lines of the tables provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed 5% per year rate of return before expenses (not the Fund’s actual return). You may compare the ongoing costs of investing in the Fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Shareholders of the Investor and R5 Classes that invest in the Fund through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs charged by the Fund, such as sales charges (loads) or redemption fees, as applicable. Similarly, the expense examples for other funds do not reflect any transaction costs charged by those funds, such as sales charges (loads), redemption fees or exchange fees. Therefore, the “Hypothetical” lines of the tables are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If you were subject to any transaction costs during the period, your costs would have been higher.

4

American Beacon Large Cap Value Fund^SM

Expense Examples

April 30, 2024 (Unaudited)

American Beacon Large Cap Value Fund
	Beginning Account Value 11/1/2023		Ending Account Value 4/30/2024		Expenses Paid  During Period 11/1/2023-4/30/2024*
R5 Class
Actual		$1,000.00		$1,193.70		$3.55
Hypothetical**		$1,000.00		$1,021.63		$3.27
Y Class
Actual		$1,000.00		$1,193.20		$3.87
Hypothetical**		$1,000.00		$1,021.33		$3.57
Investor Class
Actual		$1,000.00		$1,191.30		$5.12
Hypothetical**		$1,000.00		$1,020.19		$4.72
Advisor Class
Actual		$1,000.00		$1,190.30		$6.10
Hypothetical**		$1,000.00		$1,019.29		$5.62
A Class
Actual		$1,000.00		$1,191.60		$5.34
Hypothetical**		$1,000.00		$1,019.99		$4.92
C Class
Actual		$1,000.00		$1,186.80		$9.30
Hypothetical**		$1,000.00		$1,016.36		$8.57
R6 Class
Actual		$1,000.00		$1,193.70		$3.33
Hypothetical**		$1,000.00		$1,021.83		$3.07

* Expenses are equal to the Fund’s annualized expense ratios for the six-month period of 0.65%, 0.71%, 0.94%, 1.12%, 0.98%, 1.71%, and 0.61% for the R5, Y, Investor, Advisor, A, C, and R6 Classes, respectively, multiplied by the average account value over the period, multiplied by the number derived by dividing the number of days in the most recent fiscal half-year (182) by days in the year (366) to reflect the half-year period.

** 5% return before expenses.

5

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.34%
Communication Services - 4.07%
Entertainment - 0.62%
Electronic Arts, Inc.		115,546		$	14,653,544
Warner Bros Discovery, Inc.A		871,500			6,414,240
					21,067,784
Interactive Media & Services - 1.39%
Alphabet, Inc., Class AA		291,849			47,507,180
Media - 2.06%
Comcast Corp., Class A		1,592,034			60,672,416
Omnicom Group, Inc.		64,578			5,995,421
Paramount Global, Class B		337,400			3,842,986
					70,510,823
Total Communication Services					139,085,787
Consumer Discretionary - 6.26%
Automobile Components - 1.17%
Adient PLCA		116,798			3,488,756
Aptiv PLCA		439,421			31,198,891
BorgWarner, Inc.		160,000			5,243,200
					39,930,847
Automobiles - 1.04%
General Motors Co.		800,932			35,665,502
Hotels, Restaurants & Leisure - 2.73%
Aramark		806,208			25,403,614
Booking Holdings, Inc.		1,580			5,454,207
Las Vegas Sands Corp.		613,436			27,212,021
Marriott International, Inc., Class A		62,213			14,690,356
Wynn Resorts Ltd.		221,387			20,290,119
					93,050,317
Specialty Retail - 1.32%
Lithia Motors, Inc.		86,398			21,977,923
Lowe’s Cos., Inc.		100,988			23,024,254
					45,002,177
Total Consumer Discretionary					213,648,843
Consumer Staples - 4.04%
Beverages - 1.12%
Keurig Dr Pepper, Inc.		674,479			22,729,942
PepsiCo, Inc.		89,016			15,658,805
					38,388,747
Consumer Staples Distribution & Retail - 0.48%
Target Corp.		101,826			16,391,949
Food Products - 1.03%
Conagra Brands, Inc.		301,800			9,289,404
Mondelez International, Inc., Class A		160,469			11,544,140
Nestle SA, ADR		143,417			14,427,750
					35,261,294

See accompanying notes

6

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.34% (continued)
Consumer Staples - 4.04% (continued)
Household Products - 0.25%
Kimberly-Clark Corp.		62,066		$	8,473,871
Personal Products - 0.32%
Kenvue, Inc.		571,124			10,748,554
Tobacco - 0.84%
Philip Morris International, Inc.		301,608			28,634,664
Total Consumer Staples					137,899,079
Energy - 8.89%
Energy Equipment & Services - 1.87%
Baker Hughes Co.		251,100			8,190,882
Halliburton Co.		828,163			31,031,268
NOV, Inc.		1,105,400			20,438,846
Schlumberger NV		85,800			4,073,784
					63,734,780
Oil, Gas & Consumable Fuels - 7.02%
APA Corp.		1,088,500			34,222,440
Chevron Corp.		107,030			17,260,728
ConocoPhillips		249,889			31,391,056
EOG Resources, Inc.		79,703			10,531,157
Hess Corp.		173,781			27,368,770
Marathon Oil Corp.		904,786			24,293,504
Murphy Oil Corp.		122,670			5,475,989
Ovintiv, Inc.		246,900			12,670,908
Phillips 66		176,199			25,233,459
Pioneer Natural Resources Co.		190,404			51,279,605
					239,727,616
Total Energy					303,462,396
Financials - 22.41%
Banks - 8.30%
Bank of America Corp.		236,200			8,741,762
Citigroup, Inc.		974,812			59,785,220
Citizens Financial Group, Inc.		725,853			24,758,846
First Citizens BancShares, Inc., Class A		3,706			6,251,133
JPMorgan Chase & Co.		278,320			53,365,077
M&T Bank Corp.		80,416			11,611,266
PNC Financial Services Group, Inc.		78,117			11,972,211
Truist Financial Corp.		233,900			8,782,945
U.S. Bancorp		957,440			38,900,787
Wells Fargo & Co.		997,860			59,193,055
					283,362,302
Capital Markets - 3.45%
Bank of New York Mellon Corp.		334,700			18,907,203
BlackRock, Inc.		15,342			11,577,687
Goldman Sachs Group, Inc.		54,853			23,406,324
KKR & Co., Inc.		113,256			10,540,736
Morgan Stanley		226,929			20,614,230
Nasdaq, Inc.		275,798			16,506,510
State Street Corp.		223,580			16,207,314
					117,760,004

See accompanying notes

7

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.34% (continued)
Financials - 22.41% (continued)
Consumer Finance - 1.67%
American Express Co.		187,322		$	43,838,968
Capital One Financial Corp.		44,000			6,310,920
Discover Financial Services		55,300			7,008,169
					57,158,057
Financial Services - 1.98%
Corebridge Financial, Inc.		415,100			11,025,056
Fidelity National Information Services, Inc.		835,484			56,746,073
					67,771,129
Insurance - 7.01%
Allstate Corp.		137,184			23,329,511
American International Group, Inc.		610,071			45,944,447
Aon PLC, Class A		84,883			23,937,855
Chubb Ltd.		81,841			20,348,946
Hartford Financial Services Group, Inc.		258,800			25,075,132
Marsh & McLennan Cos., Inc.		131,086			26,142,481
Progressive Corp.		188,642			39,284,697
Travelers Cos., Inc.		91,930			19,503,869
Willis Towers Watson PLC		63,001			15,822,071
					239,389,009
Total Financials					765,440,501
Health Care - 13.97%
Biotechnology - 0.39%
AbbVie, Inc.		82,491			13,416,336
Health Care Equipment & Supplies - 2.43%
Abbott Laboratories		101,442			10,749,809
Boston Scientific Corp.A		50,620			3,638,059
GE HealthCare Technologies, Inc.		239,220			18,238,133
Medtronic PLC		546,818			43,876,676
Zimmer Biomet Holdings, Inc.		52,567			6,322,759
					82,825,436
Health Care Providers & Services - 7.25%
Centene Corp.A		183,900			13,435,734
Cigna Group		136,247			48,645,629
CVS Health Corp.		325,400			22,032,834
Elevance Health, Inc.		158,647			83,857,631
HCA Healthcare, Inc.		42,100			13,043,422
Humana, Inc.		28,400			8,579,356
Laboratory Corp. of America Holdings		27,400			5,517,538
McKesson Corp.		52,422			28,161,623
UnitedHealth Group, Inc.		50,294			24,327,208
					247,600,975
Life Sciences Tools & Services - 0.64%
Avantor, Inc.A		902,874			21,876,637
Pharmaceuticals - 3.26%
GSK PLC, ADRB		137,227			5,686,687
Johnson & Johnson		152,894			22,106,943
Merck & Co., Inc.		353,561			45,687,152
Pfizer, Inc.		603,579			15,463,694

See accompanying notes

8

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.34% (continued)
Health Care - 13.97% (continued)
Pharmaceuticals - 3.26% (continued)
Roche Holding AG, ADR		90,367		$	2,694,744
Sanofi SA, ADRB		402,960			19,837,721
					111,476,941
Total Health Care					477,196,325
Industrials - 12.16%
Aerospace & Defense - 3.41%
Boeing Co.A		171,242			28,741,257
General Dynamics Corp.		100,983			28,991,209
Northrop Grumman Corp.		44,783			21,721,099
RTX Corp.		364,840			37,038,557
					116,492,122
Air Freight & Logistics - 0.60%
FedEx Corp.		78,790			20,625,646
Building Products - 0.82%
Johnson Controls International PLC		276,105			17,966,152
Trane Technologies PLC		31,628			10,036,830
					28,002,982
Commercial Services & Supplies - 0.02%
Veralto Corp.		6,682			625,970
Construction & Engineering - 0.43%
AECOM		110,906			10,243,278
Fluor Corp.A		109,600			4,420,168
					14,663,446
Electrical Equipment - 1.62%
Eaton Corp. PLC		50,274			16,000,203
Vertiv Holdings Co.		422,502			39,292,686
					55,292,889
Ground Transportation - 1.16%
JB Hunt Transport Services, Inc.		104,969			17,064,811
Union Pacific Corp.		94,789			22,480,159
					39,544,970
Industrial Conglomerates - 0.91%
General Electric Co.		84,262			13,635,277
Honeywell International, Inc.		91,051			17,548,259
					31,183,536
Machinery - 2.29%
CNH Industrial NVA		963,039			10,978,645
Cummins, Inc.		60,297			17,033,299
Illinois Tool Works, Inc.		47,005			11,474,390
Otis Worldwide Corp.		39,907			3,639,518
PACCAR, Inc.		156,470			16,603,032
Stanley Black & Decker, Inc.		136,674			12,492,004
Timken Co.		66,700			5,950,974
					78,171,862

See accompanying notes

9

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.34% (continued)
Industrials - 12.16% (continued)
Professional Services - 0.90%
Equifax, Inc.		40,747		$	8,972,082
Jacobs Solutions, Inc.		151,264			21,710,922
					30,683,004
Total Industrials					415,286,427
Information Technology - 8.29%
Communications Equipment - 0.86%
F5, Inc.A		178,000			29,425,180
Electronic Equipment, Instruments & Components - 0.63%
Corning, Inc.		319,640			10,669,583
TE Connectivity Ltd.		76,800			10,865,664
					21,535,247
IT Services - 1.03%
Accenture PLC, Class A		64,042			19,270,878
Cognizant Technology Solutions Corp., Class A		243,241			15,976,069
					35,246,947
Semiconductors & Semiconductor Equipment - 4.60%
Analog Devices, Inc.		108,238			21,713,625
Broadcom, Inc.		35,161			45,718,793
KLA Corp.		25,048			17,265,336
Micron Technology, Inc.		69,500			7,850,720
QUALCOMM, Inc.		208,720			34,616,212
Skyworks Solutions, Inc.		126,128			13,443,984
Texas Instruments, Inc.		92,923			16,393,476
					157,002,146
Software - 1.17%
Microsoft Corp.		20,108			7,828,648
Oracle Corp.		282,002			32,077,727
					39,906,375
Total Information Technology					283,115,895
Materials - 4.29%
Chemicals - 3.34%
Air Products & Chemicals, Inc.		143,373			33,884,775
Axalta Coating Systems Ltd.A		746,515			23,470,432
Corteva, Inc.		111,510			6,036,036
DuPont de Nemours, Inc.		333,155			24,153,738
Olin Corp.		280,800			14,680,224
PPG Industries, Inc.		54,384			7,015,536
Sherwin-Williams Co.		15,658			4,691,293
					113,932,034
Construction Materials - 0.85%
CRH PLC		374,887			29,023,751
Containers & Packaging - 0.10%
International Paper Co.		97,686			3,413,149
Total Materials					146,368,934

See accompanying notes

10

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 90.34% (continued)
Real Estate - 1.75%
Industrial REITs - 0.45%
Prologis, Inc.		151,316		$	15,441,798
Specialized REITs - 1.30%
Public Storage		69,388			18,002,717
VICI Properties, Inc.		923,544			26,367,181
					44,369,898
Total Real Estate					59,811,696
Utilities - 4.21%
Electric Utilities - 3.71%
American Electric Power Co., Inc.		54,254			4,667,472
Duke Energy Corp.		198,680			19,522,297
Entergy Corp.		186,616			19,906,329
Exelon Corp.		213,126			8,009,275
PG&E Corp.		654,374			11,196,339
Pinnacle West Capital Corp.		193,696			14,265,710
PPL Corp.		798,454			21,925,547
Southern Co.		274,581			20,181,704
Xcel Energy, Inc.		131,943			7,089,297
					126,763,970
Multi-Utilities - 0.50%
Dominion Energy, Inc.		335,576			17,107,664
Total Utilities					143,871,634
Total Common Stocks (Cost $2,072,885,940)					3,085,187,517
FOREIGN COMMON STOCKS - 5.71%
Communication Services - 0.48%
Wireless Telecommunication Services - 0.23%
Vodafone Group PLC, ADR		929,850			7,820,039
Media - 0.25%
WPP PLC, ADRB		171,900			8,655,165
Total Communication Services					16,475,204
Consumer Discretionary - 0.55%
Automobile Components - 0.55%
Magna International, Inc.B		392,000			18,737,600
Consumer Staples - 1.52%
Beverages - 0.64%
Anheuser-Busch InBev SA, ADRB		146,300			8,728,258
Diageo PLC, ADRB		94,506			13,056,949
					21,785,207
Household Products - 0.18%
Reckitt Benckiser Group PLC, ADR		567,326			6,399,437
Personal Products - 0.70%
Unilever PLC, ADR		459,520			23,826,112
Total Consumer Staples					52,010,756

See accompanying notes

11

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
FOREIGN COMMON STOCKS - 5.71% (continued)
Energy - 1.62%
Oil, Gas & Consumable Fuels - 1.62%
Cenovus Energy, Inc.		372,100		$	7,650,376
Enbridge, Inc.B		735,452			26,137,964
Shell PLC, ADR		299,422			21,456,581
					55,244,921
Total Energy					55,244,921
Industrials - 0.17%
Ground Transportation - 0.17%
Canadian National Railway Co.B		49,021			5,953,110
Information Technology - 1.37%
Communications Equipment - 0.95%
Telefonaktiebolaget LM Ericsson, ADRB		6,446,720			32,362,534
Semiconductors & Semiconductor Equipment - 0.42%
NXP Semiconductors NV		56,036			14,355,863
Total Information Technology					46,718,397
Total Foreign Common Stocks (Cost $176,104,689)					195,139,988
SHORT-TERM INVESTMENTS - 3.74% (Cost $127,581,536)
Investment Companies - 3.74%
American Beacon U.S. Government Money Market Select Fund, 5.20%C D		127,581,536			127,581,536
SECURITIES LENDING COLLATERAL - 0.74% (Cost $25,445,042)
Investment Companies - 0.74%
American Beacon U.S. Government Money Market Select Fund, 5.20%C D		25,445,042			25,445,042
TOTAL INVESTMENTS - 100.53% (Cost $2,402,017,207)					3,433,354,083
LIABILITIES, NET OF OTHER ASSETS - (0.53%)					(18,217,708	)
TOTAL NET ASSETS - 100.00%				$	3,415,136,375

Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at April 30, 2024 (Note 9).

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

^D 7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REIT - Real Estate Investment Trusts.

Long Futures Contracts Open on April 30, 2024:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini Standard & Poor’s 500 Index Futures	537	June 2024	$	139,409,854	$	136,048,950	$	(3,360,904	)
			$	139,409,854	$	136,048,950	$	(3,360,904	)

Index Abbreviations:
CME	Chicago Mercantile Exchange.

See accompanying notes

12

American Beacon Large Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2024, the investments were classified as described below:

Large Cap Value Fund	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	3,085,187,517		$	-	$	-	$	3,085,187,517
Foreign Common Stocks		195,139,988			-		-		195,139,988
Short-Term Investments		127,581,536			-		-		127,581,536
Securities Lending Collateral		25,445,042			-		-		25,445,042
Total Investments in Securities - Assets	$	3,433,354,083		$	-	$	-	$	3,433,354,083
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(3,360,904	)	$	-	$	-	$	(3,360,904	)
Total Financial Derivative Instruments - Liabilities	$	(3,360,904	)	$	-	$	-	$	(3,360,904	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

13

American Beacon Large Cap Value Fund^SM

Statement of Assets and Liabilities

April 30, 2024 (Unaudited)

Assets:
Investments in unaffiliated securities, at fair value†§	$	3,280,327,505
Investments in affiliated securities, at fair value‡		153,026,578
Cash collateral held at broker for futures contracts		7,088,000
Dividends and interest receivable		3,798,864
Deposits with broker for futures contracts		1,242,090
Receivable for investments sold		3,298,768
Receivable for fund shares sold		1,847,040
Receivable for tax reclaims		667,760
Prepaid expenses		65,519
Total assets		3,451,362,124
Liabilities:
Payable for investments purchased		1,542,619
Payable for fund shares redeemed		2,082,295
Management and sub-advisory fees payable (Note 2)		3,270,715
Service fees payable (Note 2)		219,558
Transfer agent fees payable (Note 2)		78,576
Payable upon return of securities loaned (Note 9)§		25,445,042
Custody and fund accounting fees payable		77,642
Professional fees payable		53,191
Trustee fees payable (Note 2)		5,198
Payable for prospectus and shareholder reports		47,573
Payable for variation margin from open futures contracts (Note 5)		3,359,750
Other liabilities		43,590
Total liabilities		36,225,749
Commitments and contingent liabilities (Note 2)
Net assets	$	3,415,136,375
Analysis of net assets:
Paid-in-capital	$	2,255,844,559
Total distributable earnings (deficits)A		1,159,291,816
Net assets	$	3,415,136,375
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		44,085,183
Y Class		6,973,472
Investor Class		21,387,006
Advisor Class		1,846,472
A Class		1,539,151
C Class		139,958
R6 Class		53,388,122
Net assets:
R5 Class	$	1,195,076,021
Y Class	$	186,691,445
Investor Class	$	505,231,367
Advisor Class	$	42,527,449
A Class	$	35,460,514
C Class	$	3,201,231
R6 Class	$	1,446,948,348
Net asset value, offering and redemption price per share:
R5 Class	$	27.11
Y Class	$	26.77
Investor Class	$	23.62
Advisor Class	$	23.03
A Class	$	23.04
A Class (offering price)	$	24.45
C Class	$	22.87
R6 Class	$	27.10
† Cost of investments in unaffiliated securities	$	2,248,990,629
‡ Cost of investments in affiliated securities	$	153,026,578
§ Fair value of securities on loan	$	78,193,166
A The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at period end.

See accompanying notes

14

American Beacon Large Cap Value Fund^SM

Statement of Operations

For the period ended April 30, 2024 (Unaudited)

Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	37,782,438
Dividend income from affiliated securities (Note 2)		2,916,474
Interest income		125,477
Income derived from securities lending (Note 9)		121,711
Total investment income		40,946,100
Expenses:
Management and sub-advisory fees (Note 2)		9,263,536
Transfer agent fees:
R5 Class (Note 2)		218,141
Y Class (Note 2)		97,954
Investor Class		14,796
Advisor Class		1,548
A Class		449
C Class		191
R6 Class		23,920
Custody and fund accounting fees		175,395
Professional fees		118,855
Registration fees and expenses		52,031
Service fees (Note 2):
Investor Class		858,958
Advisor Class		55,513
A Class		12,804
C Class		1,701
Distribution fees (Note 2):
Advisor Class		55,134
A Class		27,626
C Class		18,885
Prospectus and shareholder report expenses		71,478
Trustee fees (Note 2)		144,042
Loan expense (Note 10)		13,816
Other expenses		169,086
Total expenses		11,395,859
Net investment income		29,550,241
Realized and unrealized gain (loss) from investments:
Net realized gain from:
Investments in unaffiliated securitiesA		149,392,143
Commission recapture (Note 1)		702
Foreign currency transactions		5,738
Futures contracts		16,090,262
Change in net unrealized appreciation (depreciation) of:
Investments in unaffiliated securitiesB		371,261,628
Futures contracts		(411,774	)
Net gain from investments		536,338,699
Net increase in net assets resulting from operations	$	565,888,940
† Foreign taxes	$	397,196
A The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities.
B The Fund’s investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end.

See accompanying notes

15

American Beacon Large Cap Value Fund^SM

Statement of Changes in Net Assets

	Six Months Ended April 30, 2024			Year Ended October 31, 2023
	(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	29,550,241		$	54,546,788
Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts		165,488,845			155,702,010
Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts		370,849,854			(135,956,251	)
Net increase in net assets resulting from operations		565,888,940			74,292,547
Distributions to shareholders:
Total retained earnings:
R5 Class		(58,861,421	)		(129,502,402	)
Y Class		(9,951,947	)		(19,889,700	)
Investor Class		(31,275,863	)		(74,955,616	)
Advisor Class		(2,492,026	)		(5,569,451	)
A Class		(714,235	)		(1,797,418	)
C Class		(185,530	)		(612,572	)
R6 Class		(65,153,531	)		(118,844,908	)
Net distributions to shareholders		(168,634,553	)		(351,172,067	)
Capital share transactions (Note 11):
Proceeds from sales of shares		388,708,009			500,807,392
Reinvestment of dividends and distributions		149,512,377			311,461,669
Cost of shares redeemed		(467,493,398	)		(808,500,555	)
Net increase in net assets from capital share transactions		70,726,988			3,768,506
Net increase (decrease) in net assets		467,981,375			(273,111,014	)
Net assets:
Beginning of period		2,947,155,000			3,220,266,014
End of period	$	3,415,136,375		$	2,947,155,000

See accompanying notes

16

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (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, 2024, the Trust consists of twenty-four active series, one of which is presented in this filing: American Beacon Large Cap Value Fund (the “Fund”). The remaining twenty-three 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.

Effective December 29, 2023, the Manager underwent a change of control, which resulted in the termination of the Fund’s previous management and investment advisory agreements. The Board of Trustees (the “Board”) approved a new Management Agreement with the Manager and new Investment Advisory Agreements among the Manager, the sub-advisors and the Trust, on behalf of the Fund, that were effective on December 29, 2023. The new Management Agreement required approval by shareholders of the Fund, and a shareholder meeting was held for the Fund. Please see the sections titled Disclosure Regarding the Approval of Interim Management and Investment Advisory Agreements and Results of Shareholder Meeting for more information.

Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Inter-bank Offered Rate (“LIBOR”) or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which updates and clarifies ASU No. 2020-04. The amendments in this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Management expects these ASUs will not have a material impact on the Fund’s financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Management has concluded that the ASU will not have a material impact on the Fund’s financial statements.

17

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Class Disclosure

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

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

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

Significant Accounting Policies

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

Security Transactions and Investment Income

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

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

18

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Distributions to Shareholders

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

Commission Recapture

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

Allocation of Income, Trust Expenses, Gains, and Losses

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

Use of Estimates

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

Other

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

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

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

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

19

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (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, 2024 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	5,769,925
Sub-Advisory Fees		0.21	%		3,493,611
Total		0.56	%	$	9,263,536

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, 2024, the Manager received securities lending fees of $17,606 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 Advisor, A, and C Classes, and up to 0.375% of the average daily net assets of the Investor Class of the Fund.

Sub-Transfer Agent Fees

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

20

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

annual basis. During the period ended April 30, 2024, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statement of Operations, were as follows:

Fund	Sub-Transfer Agent Fees
Large Cap Value	$	288,462

As of April 30, 2024, the Fund owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statement of Assets and Liabilities:

Fund	Reimbursement Sub-Transfer Agent Fees
Large Cap Value	$	46,437

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, 2024 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund	April 30, 2024 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		April 30, 2024 Fair Value
U.S. Government Money Market Select	Direct	Large Cap Value	$	127,581,536	$	-	$	-	$	2,916,474	$	127,581,536
U.S. Government Money Market Select	Securities Lending	Large Cap Value		25,445,042		-		-		N/A		25,445,042

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, 2024, the Manager earned fees on the Fund’s direct investments and securities lending collateral investments in the USG Select Fund as shown below:

Fund	Direct Investments in USG Select Fund		Securities Lending Collateral Investments in USG Select Fund		Total
Large Cap Value	$	55,866	$	17,635	$	73,501

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

21

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended April 30, 2024, the Fund participated as a lender by loaning $19,045,997 for 1 day at an interest rate of 6.14% with interest charges earned of $3,204. This amount is included in “Interest income” on the Statement of Operations. During the period ended April 30, 2024, the Fund did not borrow from the credit facility.

Expense Reimbursement Plan

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

Fund	Recouped Expenses		Excess Expense Carryover		Expired Expense Carryover		Expiration of Reimbursed Expenses
Large Cap Value	$	-	$	-	$	18,227	2023-2024

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, 2024, RID collected $1,946 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, 2024, 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, 2024, CDSC fees of $484 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 $140,000; (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 her service as Board Chair, Ms. Cline receives an additional annual retainer of $50,000. Although she attends several committee meetings at each quarterly Board meeting, she receives only a single $2,500 fee each quarter for her attendance at

22

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. Security Valuation and Fair Value Measurements

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

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

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

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

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

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

23

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

they are more thinly traded and less liquid than the securities of larger-capitalization companies. The Fund may fair value securities as a result of significant events occurring after the close of the foreign markets in which the Fund invests as described below. In addition, the Fund may invest in illiquid securities requiring these procedures.

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

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

Valuation Inputs

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

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

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.

24

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (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 represent an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

Other Investment Company Securities and 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

25

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (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 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, 2024, 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 quarterly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each quarter end.

Average Futures Contracts Outstanding
Fund	Period Ended April 30, 2024
Large Cap Value		408

26

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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

Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2024:
	Derivatives not accounted for as hedging instruments
Liabilities:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Payable for variation margin from open futures contracts(2)		$	-		$	-		$	-		$	-		$	(3,360,904	)		$	(3,360,904	)
The effect of financial derivative instruments on the Statement of Operations as of April 30, 2024:
	Derivatives not accounted for as hedging instruments
Realized gain (loss) from derivatives recognized as a result of operations	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	-		$	-		$	-		$	-		$	16,090,262			$	16,090,262
Net change in unrealized appreciation (depreciation) of derivatives recognized as a result from operations:	Credit contracts			Foreign exchange contracts			Commodity contracts			Interest rate contracts			Equity contracts				Total
Futures contracts		$	-		$	-		$	-		$	-		$	(411,774	)		$	(411,774	)

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

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

Offsetting Assets and Liabilities

The Fund is a party to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Fund employs multiple money managers and counterparties and has elected not to offset qualifying financial and derivative instruments on the Statement of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, April 30, 2024.

Offsetting of Financial and Derivative Assets as of April 30, 2024:
	Assets		Liabilities
Futures Contracts(1)	$	-	$	3,360,904
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	-	$	3,360,904
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	-	$	(3,360,904	)

	Remaining Contractual Maturity of the Agreements As of April 30, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	25,445,042	$	-	$	-	$	-	$	25,445,042
Total Borrowings	$	25,445,042	$	-	$	-	$	-	$	25,445,042
Gross amount of recognized liabilities for securities lending transactions									$	25,445,042

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

27

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

6. Principal Risks

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

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 Investing 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 Fund invests 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.

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

28

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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).

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 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

29

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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.

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. For example, the Fund’s investments in money market funds are subject to interest rate risk, credit risk, and market risk. The 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 the Fund’s investment will decline, adversely affecting the Fund’s performance. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject.

Recent Market Events Risk

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

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

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

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and the possibility of changes to some

30

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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

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

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

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

Sector Risk

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

To the extent the Fund invests significantly in the financial services sector, the value of the Fund’s shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation and price competition. The value of the Fund’s shares could experience significantly greater volatility than investment companies investing more broadly.

Securities Lending Risk

The Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of the Fund’s securities provide collateral either in the form of cash, which the Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. The Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. The Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or “rebate” for the use of that cash collateral in connection with the loan. The Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability to enforce its rights in its collateral. 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

31

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2023 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, 2024, the tax cost for the Fund and its respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Large Cap Value	$	2,458,402,528	$	1,053,966,777	$	(79,015,222	)	$	974,951,555

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, 2023, 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, 2024 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Sales (non-U.S. Government Securities)
Large Cap Value	$	394,901,100	$	524,305,795

32

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

A summary of the Fund’s transactions in the USG Select Fund for the period ended April 30, 2024 were as follows:

Fund	Type of Transaction	October 31, 2023 Shares/Fair Value		Purchases		Sales		April 30, 2024 Shares/Fair Value
Large Cap Value	Direct	$	54,678,380	$	649,572,362	$	576,669,206	$	127,581,536
Large Cap Value	Securities Lending		28,712,080		249,571,404		252,838,442		25,445,042

Affiliated Trades

Cross trades for the period ended April 30, 2024, 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, 2024, cross trades by the Fund under Rule 17a-7 were as follows:

Fund	Purchases		Sales		Net Realized Gain (Loss)
Large Cap Value	$	385,837	$	-	$	-

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

33

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2024, the value of outstanding securities on loan and the value of collateral were as follows:

Fund	Fair Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Large Cap Value	$	78,193,166	$	25,445,042	$	56,966,370	$	82,411,412

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 10, 2023 (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 8, 2024, 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 9, 2023.

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 8, 2024, 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 9, 2023.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Loan 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, 2024, the Fund did not utilize these facilities.

34

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

11. Capital Share Transactions

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

	R5 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		3,948,190		$	102,704,305			5,030,633		$	125,011,196
Reinvestment of dividends		1,914,495			48,857,904			4,651,691			109,872,932
Shares redeemed		(5,268,150	)		(138,114,555	)		(12,695,441	)		(315,457,120	)
Net increase (decrease) in shares outstanding		594,535		$	13,447,654			(3,013,117	)	$	(80,572,992	)
	Y Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		587,275		$	15,126,109			1,520,418		$	37,053,578
Reinvestment of dividends		381,833			9,626,029			822,067			19,195,272
Shares redeemed		(1,675,132	)		(43,043,883	)		(1,920,702	)		(47,489,945	)
Net increase (decrease) in shares outstanding		(706,024	)	$	(18,291,745	)		421,783		$	8,758,905
	Investor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		1,023,576		$	23,547,653			1,953,809		$	42,458,307
Reinvestment of dividends		1,368,028			30,452,306			3,564,808			73,969,773
Shares redeemed		(6,048,330	)		(136,989,633	)		(8,345,996	)		(180,334,525	)
Net (decrease) in shares outstanding		(3,656,726	)	$	(82,989,674	)		(2,827,379	)	$	(63,906,445	)
	Advisor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		40,210		$	904,498			112,111		$	2,376,104
Reinvestment of dividends		114,268			2,481,915			273,640			5,549,426
Shares redeemed		(326,513	)		(7,352,656	)		(437,149	)		(9,075,373	)
Net (decrease) in shares outstanding		(172,035	)	$	(3,966,243	)		(51,398	)	$	(1,149,843	)
	A Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		1,079,051		$	23,814,727			191,336		$	4,086,931
Reinvestment of dividends		30,925			671,373			84,266			1,708,076
Shares redeemed		(156,408	)		(3,475,177	)		(431,729	)		(9,293,236	)
Net increase (decrease) in shares outstanding		953,568		$	21,010,923			(156,127	)	$	(3,498,229	)
	C Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		13,030		$	291,999			23,936		$	497,121
Reinvestment of dividends		8,424			182,049			29,998			603,851
Shares redeemed		(71,666	)		(1,588,881	)		(108,342	)		(2,280,316	)
Net (decrease) in shares outstanding		(50,212	)	$	(1,114,833	)		(54,408	)	$	(1,179,344	)

35

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

	R6 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		8,548,085		$	222,318,718			11,725,900		$	289,324,155
Reinvestment of dividends		2,243,858			57,240,801			4,259,311			100,562,339
Shares redeemed		(5,182,016	)		(136,928,613	)		(9,944,862	)		(244,570,040	)
Net increase in shares outstanding		5,609,927		$	142,630,906			6,040,349		$	145,316,454

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.

36

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020B			2019
	(unaudited)
Net asset value, beginning of period	$	23.92		$	26.21		$	30.99		$	23.36		$	28.32		$	28.41
Income (loss) from investment operations:
Net investment income		0.24			0.51			0.50			0.59			0.65			0.63
Net gains (losses) on investments (both realized and unrealized)		4.31			0.02			(2.11	)		10.64			(2.89	)		1.69
Total income (loss) from investment operations		4.55			0.53			(1.61	)		11.23			(2.24	)		2.32
Less distributions:
Dividends from net investment income		(0.46	)		(0.43	)		(0.39	)		(0.49	)		(0.62	)		(0.55	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)		(1.86	)
Total distributions		(1.36	)		(2.82	)		(3.17	)		(3.60	)		(2.72	)		(2.41	)
Net asset value, end of period	$	27.11		$	23.92		$	26.21		$	30.99		$	23.36		$	28.32
Total returnC		19.37	%D		2.16	%		(5.75	)%		52.60	%		(9.29	)%		10.14	%
Ratios and supplemental data:
Net assets, end of period	$	1,195,076,021		$	1,040,466,568		$	1,218,988,715		$	1,682,465,233		$	1,807,587,315		$	3,137,789,485
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.65	%E		0.64	%		0.63	%		0.63	%		0.63	%		0.63	%
Expenses, net of reimbursements and/or recoupments		0.65	%E		0.64	%		0.63	%		0.63	%		0.63	%		0.63	%
Net investment income, before expense reimbursements and/or recoupments		1.85	%E		1.78	%		1.45	%		1.30	%		1.90	%		2.07	%
Net investment income, net of reimbursements and/or recoupments		1.85	%E		1.78	%		1.45	%		1.30	%		1.90	%		2.07	%
Portfolio turnover rate		12	%D		25	%		25	%		23	%		67	%		23	%

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

^B  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

37

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	23.63		$	25.92		$	30.68		$	23.16		$	28.10		$	28.20
Income (loss) from investment operations:
Net investment income		0.22			0.45			0.37			0.38			0.39			0.56
Net gains (losses) on investments (both realized and unrealized)		4.26			0.06			(1.98	)		10.73			(2.63	)		1.72
Total income (loss) from investment operations		4.48			0.51			(1.61	)		11.11			(2.24	)		2.28
Less distributions:
Dividends from net investment income		(0.44	)		(0.41	)		(0.37	)		(0.48	)		(0.60	)		(0.52	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)		(1.86	)
Total distributions		(1.34	)		(2.80	)		(3.15	)		(3.59	)		(2.70	)		(2.38	)
Net asset value, end of period	$	26.77		$	23.63		$	25.92		$	30.68		$	23.16		$	28.10
Total returnB		19.32	%C		2.09	%		(5.81	)%		52.47	%		(9.35	)%		10.05	%
Ratios and supplemental data:
Net assets, end of period	$	186,691,445		$	181,490,071		$	188,140,776		$	258,183,363		$	178,065,442		$	301,457,382
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.71	%D		0.71	%		0.70	%		0.69	%		0.70	%		0.70	%
Expenses, net of reimbursements and/or recoupments		0.71	%D		0.71	%		0.70	%		0.69	%		0.70	%		0.70	%
Net investment income, before expense reimbursements and/or recoupments		1.79	%D		1.70	%		1.38	%		1.21	%		1.84	%		1.98	%
Net investment income, net of reimbursements and/or recoupments		1.79	%D		1.70	%		1.38	%		1.21	%		1.84	%		1.98	%
Portfolio turnover rate		12	%C		25	%		25	%		23	%		67	%		23	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

38

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	20.97		$	23.30		$	27.88		$	21.32		$	26.06		$	26.33
Income (loss) from investment operations:
Net investment income		0.05			0.27			0.25			0.20			0.29			0.41
Net gains (losses) on investments (both realized and unrealized)		3.88			0.14			(1.76	)		9.88			(2.41	)		1.63
Total income (loss) from investment operations		3.93			0.41			(1.51	)		10.08			(2.12	)		2.04
Less distributions:
Dividends from net investment income		(0.38	)		(0.35	)		(0.29	)		(0.41	)		(0.52	)		(0.45	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)		(1.86	)
Total distributions		(1.28	)		(2.74	)		(3.07	)		(3.52	)		(2.62	)		(2.31	)
Net asset value, end of period	$	23.62		$	20.97		$	23.30		$	27.88		$	21.32		$	26.06
Total returnB		19.13	%C		1.88	%		(6.04	)%		52.04	%		(9.59	)%		9.77	%
Ratios and supplemental data:
Net assets, end of period	$	505,231,367		$	525,063,555		$	649,409,067		$	821,099,597		$	707,970,431		$	1,124,625,846
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.94	%D		0.94	%		0.95	%		0.98	%		0.96	%		0.96	%
Expenses, net of reimbursements and/or recoupments		0.94	%D		0.94	%		0.95	%		0.98	%		0.96	%		0.96	%
Net investment income, before expense reimbursements and/or recoupments		1.57	%D		1.48	%		1.13	%		0.93	%		1.57	%		1.74	%
Net investment income, net of reimbursements and/or recoupments		1.57	%D		1.48	%		1.13	%		0.93	%		1.57	%		1.74	%
Portfolio turnover rate		12	%C		25	%C		25	%C		23	%C		67	%C		23	%C

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

39

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	20.46		$	22.80		$	27.36		$	20.97		$	25.68		$	25.95
Income (loss) from investment operations:
Net investment income		0.05			0.26			0.14			0.26			0.24			0.47
Net gains (losses) on investments (both realized and unrealized)		3.77			0.10			(1.65	)		9.62			(2.36	)		1.52
Total income (loss) from investment operations		3.82			0.36			(1.51	)		9.88			(2.12	)		1.99
Less distributions:
Dividends from net investment income		(0.35	)		(0.31	)		(0.27	)		(0.38	)		(0.49	)		(0.40	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)		(1.86	)
Total distributions		(1.25	)		(2.70	)		(3.05	)		(3.49	)		(2.59	)		(2.26	)
Net asset value, end of period	$	23.03		$	20.46		$	22.80		$	27.36		$	20.97		$	25.68
Total returnB		19.03	%C		1.69	%		(6.17	)%		51.89	%		(9.73	)%		9.64	%
Ratios and supplemental data:
Net assets, end of period	$	42,527,449		$	41,289,229		$	47,185,316		$	63,521,926		$	46,049,690		$	66,077,449
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.12	%D		1.11	%		1.10	%		1.10	%		1.10	%		1.10	%
Expenses, net of reimbursements and/or recoupments		1.12	%D		1.11	%		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income, before expense reimbursements and/or recoupments		1.38	%D		1.31	%		0.98	%		0.81	%		1.42	%		1.58	%
Net investment income, net of reimbursements and/or recoupments		1.38	%D		1.31	%		0.98	%		0.81	%		1.42	%		1.58	%
Portfolio turnover rate		12	%C		25	%		25	%		23	%		67	%		23	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

40

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	20.47		$	22.86		$	27.37		$	20.96		$	25.66		$	26.00
Income (loss) from investment operations:
Net investment income		1.35			0.30	B		1.05			0.24	B		0.20			0.40
Net gains (losses) on investments (both realized and unrealized)		2.49			0.08			(2.51	)		9.68			(2.29	)		1.59
Total income (loss) from investment operations		3.84			0.38			(1.46	)		9.92			(2.09	)		1.99
Less distributions:
Dividends from net investment income		(0.37	)		(0.38	)		(0.27	)		(0.40	)		(0.51	)		(0.47	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)		(1.86	)
Total distributions		(1.27	)		(2.77	)		(3.05	)		(3.51	)		(2.61	)		(2.33	)
Net asset value, end of period	$	23.04		$	20.47		$	22.86		$	27.37		$	20.96		$	25.66
Total returnC		19.16	%D		1.79	%		(5.96	)%		52.15	%		(9.65	)%		9.72	%
Ratios and supplemental data:
Net assets, end of period	$	35,460,514		$	11,986,577		$	16,953,764		$	12,661,833		$	25,792,400		$	39,157,098
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.98	%E		1.00	%		0.89	%		0.96	%		1.00	%		1.01	%
Expenses, net of reimbursements and/or recoupments		0.98	%E		1.00	%		0.89	%		0.96	%		1.00	%		1.01	%
Net investment income, before expense reimbursements and/or recoupments		1.55	%E		1.42	%		1.24	%		0.98	%		1.52	%		1.68	%
Net investment income, net of reimbursements and/or recoupments		1.55	%E		1.42	%		1.24	%		0.98	%		1.52	%		1.68	%
Portfolio turnover rate		12	%D		25	%		25	%		23	%		67	%		23	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

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

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

41

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	20.21		$	22.52		$	27.07		$	20.74		$	25.43		$	25.71
Income (loss) from investment operations:
Net investment income		0.09	B		0.15	B		0.07			0.16			0.08			0.26
Net gains (losses) on investments (both realized and unrealized)		3.62			0.09			(1.71	)		9.49			(2.32	)		1.57
Total income (loss) from investment operations		3.71			0.24			(1.64	)		9.65			(2.24	)		1.83
Less distributions:
Dividends from net investment income		(0.15	)		(0.16	)		(0.13	)		(0.21	)		(0.35	)		(0.25	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)		(1.86	)
Total distributions		(1.05	)		(2.55	)		(2.91	)		(3.32	)		(2.45	)		(2.11	)
Net asset value, end of period	$	22.87		$	20.21		$	22.52		$	27.07		$	20.74		$	25.43
Total returnC		18.68	%D		1.11	%		(6.74	)%		51.05	%		(10.26	)%		8.94	%
Ratios and supplemental data:
Net assets, end of period	$	3,201,231		$	3,842,593		$	5,508,217		$	6,898,120		$	4,687,004		$	6,811,169
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.71	%E		1.70	%		1.69	%		1.68	%		1.68	%		1.70	%
Expenses, net of reimbursements and/or recoupments		1.71	%E		1.70	%		1.69	%		1.68	%		1.68	%		1.70	%F
Net investment income, before expense reimbursements and/or recoupments		0.80	%E		0.71	%		0.40	%		0.22	%		0.84	%		0.99	%
Net investment income, net of reimbursements and/or recoupments		0.80	%E		0.71	%		0.40	%		0.22	%		0.84	%		0.99	%
Portfolio turnover rate		12	%D		25	%		25	%		23	%		67	%		23	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

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

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

^D  Not annualized.

^E  Annualized.

^F  This ratio does not include a voluntary reimbursement of service fees as included in the prior year.

See accompanying notes

42

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022			2021			2020A			2019
	(unaudited)
Net asset value, beginning of period	$	23.92		$	26.21		$	30.99		$	23.36		$	28.31		$	28.41
Income (loss) from investment operations:
Net investment income		0.28			0.48			0.45			0.36			0.56			0.61
Net gains (losses) on investments (both realized and unrealized)		4.27			0.05			(2.05	)		10.88			(2.78	)		1.71
Total income (loss) from investment operations		4.55			0.53			(1.60	)		11.24			(2.22	)		2.32
Less distributions:
Dividends from net investment income		(0.47	)		(0.43	)		(0.40	)		(0.50	)		(0.63	)		(0.56	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)		(1.86	)
Total distributions		(1.37	)		(2.82	)		(3.18	)		(3.61	)		(2.73	)		(2.42	)
Net asset value, end of period	$	27.10		$	23.92		$	26.21		$	30.99		$	23.36		$	28.31
Total returnB		19.37	%C		2.19	%		(5.72	)%		52.65	%		(9.23	)%		10.15	%
Ratios and supplemental data:
Net assets, end of period	$	1,446,948,348		$	1,143,016,407		$	1,094,080,159		$	1,242,662,760		$	1,008,088,807		$	739,517,062
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.61	%D		0.61	%		0.60	%		0.60	%		0.62	%		0.60	%
Expenses, net of reimbursements and/or recoupments		0.61	%D		0.61	%		0.60	%		0.60	%		0.59	%		0.58	%
Net investment income, before expense reimbursements and/or recoupments		1.86	%D		1.80	%		1.49	%		1.31	%		1.90	%		2.07	%
Net investment income, net of reimbursements and/or recoupments		1.86	%D		1.80	%		1.49	%		1.31	%		1.93	%		2.09	%
Portfolio turnover rate		12	%C		25	%		25	%		23	%		67	%		23	%

^A  On January 17, 2020, Brandywine Global Investment Management, LLC was terminated and ceased managing assets of the Fund.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

43

Disclosure Regarding the Approval of Interim Management and Investment

Advisory Agreements (Unaudited)

On December 29, 2023, Resolute Investment Managers, Inc. (“RIM”), the parent company of American Beacon Advisors, Inc. (“Manager”), and certain of its affiliates (collectively, “Resolute”), and their equity owners completed a transaction (“Transaction”) with certain creditors of RIM to strengthen Resolute’s capital structure (the “Closing”). In connection with the Closing, (i) Resolute Investment Holdings, LLC (“RIH”), Resolute Topco, Inc. (“Topco”), which was a wholly-owned subsidiary of RIH prior to the Closing, RIM, and certain of their affiliates, and (ii) the prior owners of approximately 93% of RIH, entered into an exchange agreement with certain creditors of RIM (the “New Ownership Group”) pursuant to which, among other things, new equity interests in Topco were issued to members of the New Ownership Group and the then-existing equity interests in RIH were retired and canceled.

Upon the Closing, the Manager became wholly owned indirectly by the New Ownership Group. This change in control was deemed to constitute an “assignment” under the Investment Company Act of 1940, as amended (“1940 Act”), of the (i) existing management agreement (“Prior Management Agreement”) between the Manager and American Beacon Funds (“Trust”) with respect to the American Beacon Large Cap Value Fund (the “Fund”) and the other series of the Trust (“Other Funds”), and (ii) existing investment advisory agreements (“Prior Investment Advisory Agreement”) among the Manager, each of Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow”), Hotchkis and Wiley Capital Management, LLC (“Hotchkis”) and Massachusetts Financial Services Company (“MFS”), and the Trust on behalf of the Fund. Barrow, Hotchkis and MFS are each referred to herein as a “Sub-Advisor.” As required by the 1940 Act, the Prior Management Agreement and Prior Investment Advisory Agreements (collectively, the “Prior Agreements”) provided for their automatic termination in the event of an assignment.

The Board of Trustees (“Trustees” or “Board”) of the Trust met by videoconference on July 7, 2023, and in-person on July 12, 2023 (“July Meetings”), to, among other matters, consider and approve with respect to the Fund and the Other Funds a new Management Agreement (“New Management Agreement”) and new Investment Advisory Agreements (each, a “New Investment Advisory Agreement”). The Trustees were advised that, following the approval of the New Management Agreement by the Fund’s shareholders, the New Management Agreement and New Investment Advisory Agreement with respect to the Fund (collectively, the “New Agreements”) would replace the Prior Agreements.

As of the Closing, shareholders of the Fund had not yet reached a quorum at their shareholder meeting to take action on the approval of the New Management Agreement. Accordingly, to provide for continuity of management and allow additional time for the Fund to achieve a quorum, at a meeting held by videoconference on December 13, 2023 (“December Meeting”), the Board approved the termination of the Prior Agreements and approved an interim Management Agreement (“Interim Management Agreement”) and interim Investment Advisory Agreements (collectively, with the Interim Management Agreement, the “Interim Agreements”) for the Fund pursuant to Rule 15a-4 under the 1940 Act. Each Interim Agreement became effective upon the Closing and continued in effect until the earlier of (1) May 27, 2024, or (2) approval of the New Management Agreement by the Fund’s shareholders, which was received at a shareholder meeting held on March 14, 2024.

In advance of the December Meeting, the Board requested and received detailed information from the Manager regarding the Transaction, the solicitation of the shareholders of the Fund and the Interim Agreements. At the December Meeting, the Board reviewed materials furnished by the Manager and met with senior representatives of the Manager and the Manager’s proxy solicitation firm. At that time, representatives of the Manager indicated their belief that the shareholders of the Fund would benefit from the Interim Agreements and that those agreements would not adversely affect the continued operation of the Fund, the capabilities of the key personnel of the Manager who currently manage the Fund to continue to provide services to the Fund at the current levels, or the capabilities of each Sub-Advisor to provide the same level of services to the Fund.

In evaluating the Interim Agreements, the Trustees considered that they generally have been satisfied with the nature and quality of the services provided to the Fund by the Manager and each Sub-Advisor, including investment advisory and administrative services, and that the Fund would be best served by an arrangement that appeared likely to maintain the continuity and stability of these services. The Trustees also considered the

44

Disclosure Regarding the Approval of Interim Management and Investment

Advisory Agreements (Unaudited)

Manager’s representation that there had been no material changes or developments relating to information provided by the Manager or each Sub-Advisor in connection with the Board’s most recent annual review of the Prior Agreements that had not previously been provided to the Board. The Trustees considered that the terms of each Interim Agreement are substantially identical to the corresponding Prior Agreement, and otherwise meet the requirements of Rule 15a-4. The Trustees further considered that, under the Interim Agreements, there have not been and will not be any changes to the Fund’s investment objectives, policies, principal investment strategies, fee rate schedules or portfolio management by the Manager or a Sub-Advisor.

In light of the process followed by the Board in connection with its consideration of the renewal of the Prior Agreements at meetings held on May 16, 2023 and June 6 and 7, 2023, and the approval of the New Agreements at the July Meetings, the Trustees determined that it was not necessary to repeat certain aspects of those reviews. Based on the considerations described above and the processes undertaken and the considerations weighed by the Board with respect to the renewal of the Prior Agreements and approval of the New Agreements, the Board approved the Interim Agreements at the December Meeting. The factors considered by the Board in connection with the renewal of the Prior Agreements and the Approval of the New Agreements are described in the sections of the Fund’s Annual Report dated October 31, 2023, titled “Disclosure Regarding the Renewal and Approval of Current Management and Investment Advisory Agreements,” and “Disclosure Regarding the Approval of New Management and Investment Advisory Agreements.”

45

American Beacon Funds^SM

Results of Shareholder Meeting (Unaudited)

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the “Trust”) was held on October 27, 2023. The shareholders of the American Beacon Large Cap Value Fund (the “Fund”), a portfolio of the Trust, failed to approve a new management agreement between American Beacon Advisors, Inc. (“American Beacon”) and the Trust, with respect to the Fund. This proposal required a majority of the shareholders of the Fund to achieve a quorum: however, a quorum was not present for the Fund and therefore not enough votes in favor of the proposal. The meeting was adjourned to November 17, 2023, December 8, 2023, January 26, 2024, February 27, 2024, and once again to March 14, 2024. At the meeting on March 14, 2024, a quorum was achieved for the Fund, and the shareholders of the Fund approved a new management agreement between American Beacon and the Trust, with respect to the Fund, that became effective on the same date as a result of the change in control of American Beacon on December 29, 2023. Approval of these proposals required a majority of the outstanding voting securities of the Fund.

The following are the results of the shareholder votes for the proposals:

Fund	For		Against		Abstain		Non-Voting
American Beacon Large Cap Value Fund		51,166,674.43		1,785,151.88		11,746,192.08		64,297,002.21

46

Delivery of Documents

Shareholder reports are available online at www.americanbeaconfunds.com/reports. Please be advised that reports are no longer sent by mail. Instead, the reports are made available online, and you will be notified by mail each time a report is posted online. You will be provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. You can request to continue receiving paper copies by calling 1-866-345-5954, or you may directly inform your financial intermediary. Detailed instructions are also included in your report notifications.

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 and Semi-Annual Report, 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.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643
Availability of Quarterly Portfolio Schedules	Availability of Proxy Voting Policy and Records
In addition to the Schedule of Investments provided in each semi-annual and annual report, the Fund files a complete schedule of its portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-PORT as of the end of each fiscal quarter. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. The Forms N-PORT may also be reviewed and copied at the SEC’s Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling (800)-SEC-0330. A complete schedule of the Fund’s portfolio holdings is also available at www.americanbeaconfunds.com approximately twenty days after the end of each month.	A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available in the Fund’s Statement of Additional Information, is available free of charge on the Fund’s website www.americanbeaconfunds.com and by calling 1-800-967-9009 or by accessing the SEC’s website at www.sec.gov. The Fund’s proxy voting record for the most recent year ended June 30 is filed annually with the SEC on Form N-PX. The Fund’s Forms N-PX are available on the SEC’s website at www.sec.gov. The Fund’s proxy voting record may also be obtained by calling 1-800-967-9009.

Fund Service Providers:

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

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

American Beacon Funds and American Beacon Large Cap Value Fund are service marks of American Beacon Advisors, Inc.

SAR 04/24

About American Beacon Advisors

Since 1986, American Beacon Advisors, Inc. has offered a variety of products and investment advisory services to numerous institutional and retail clients, including a variety of mutual funds, corporate cash management, and separate account management.

Our clients include defined benefit plans, defined contribution plans, foundations, endowments, corporations, financial planners, and other institutional investors. With American Beacon Advisors, you can put the experience of a multi-billion dollar asset management firm to work for your company.

SMALL CAP VALUE FUND

Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors. Financial sector companies are heavily regulated and particularly sensitive to interest rate fluctuations. The Fund’s incorporation of environmental, social and/or governance (ESG) considerations in its investment strategy may cause it to underperform funds that do not incorporate these considerations. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund participates in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Any opinions herein, including forecasts, reflect our judgment as of the end of the reporting period and are subject to change. Each advisor’s strategies and the Fund’s portfolio composition will change depending on economic and market conditions. This report is not a complete analysis of market conditions and therefore, should not be relied upon as investment advice. Although economic and market 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.

American Beacon Funds April 30, 2024

Contents

President’s Message	1
Performance Overviews	2
Expense Examples	4
Schedule of Investments:
American Beacon Small Cap Value Fund	6
Financial Statements	20
Notes to Financial Statements	23
Financial Highlights:
American Beacon Small Cap Value Fund	43
Disclosure Regarding the Approval of Interim Management and Investment Advisory Agreements	50
Results of Shareholder Meeting	52

Additional Fund Information Back Cover

President’s Message

Dear Shareholders,   Will Rogers, the noted American humorist, actor, writer and cowboy, once said, “Even though you are on the right track – you will get run over if you just sit there.”   Just as roadmaps and timetables are important tools for choosing the best route when you travel, having a carefully considered investment plan may increase your likelihood of staying on track as you seek to preserve and grow your personal savings – and help ensure your risk exposure remains diversified across the global marketplace. With trusted financial professionals helping you make prudent adjustments to your investment portfolio, you may be

better positioned to withstand the many obstacles you’re likely to encounter along life’s journey – especially during trying periods like today’s geopolitical turmoil and economic uncertainty.

At American Beacon, we endeavor to provide a broad range of disciplined investment strategies so that you may potentially reach your desired destination over the fullness of time. We are diligent in our oversight of the investment managers who serve as sub-advisors to our investment products. Since our firm’s inception as a pension fiduciary in 1986 and the launch of our first sub-advised, multi-manager mutual funds in 1987, we have continued expanding our innovative product offerings. And we are committed to applying a solutions-based, risk-managed approach in our pursuit of institutional wisdom while striving to generate earned alpha and enduring value.

Thank you for entrusting your financial future with American Beacon. For more information about our investment products or to access your account information, please visit our website at www.americanbeaconfunds.com.

Best Regards,

Gregory Stumm, CFA^®, CAIA^®

President

American Beacon Funds

1

American Beacon Small Cap Value Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

The Investor Class of the American Beacon Small Cap Value Fund (the “Fund”) returned 18.17% for the six months ended April 30, 2024, slightly outperforming the Russell 2000^® Value Index (the “Index”) return of 18.09% for the same period.

Total Returns for the Period ended April 30, 2024
	Ticker	6 Months*			1 Year			3 Years			5 Years			10 Years
R5 Class (1,6)	AVFIX		18.35	%		16.06	%		3.61	%		8.13	%		7.36	%
Y Class (1,6)	ABSYX		18.34	%		16.01	%		3.53	%		8.05	%		7.28	%
Investor Class (1,6)	AVPAX		18.17	%		15.69	%		3.26	%		7.77	%		7.01	%
Advisor Class (1,6)	AASSX		18.07	%		15.50	%		3.10	%		7.62	%		6.84	%
A without Sales Charge (1,2,6)	ABSAX		18.15	%		15.60	%		3.18	%		7.68	%		6.92	%
A with Sales Charge (1,2,6)	ABSAX		11.35	%		8.93	%		1.17	%		6.41	%		6.29	%
C without Sales Charge (1,3,6)	ASVCX		17.72	%		14.79	%		2.43	%		6.91	%		6.32	%
C with Sales Charge (1,3,6)	ASVCX		16.72	%		13.79	%		2.43	%		6.91	%		6.32	%
R6 Class (1,4,6)	AASRX		18.39	%		16.10	%		3.65	%		8.17	%		7.39	%
Russell 2000® Value Index (5)			18.09	%		14.03	%		(0.67	)%		5.96	%		6.45	%

* Not Annualized.

1. Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is calculated based on the published end of day net asset values as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit www.americanbeaconfunds.com or call 1-800-967-9009. Fund performance in the table above does not reflect the deduction of taxes a shareholder would pay on distributions or the redemption of shares. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only; and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights. Please note that the recent performance of the securities market has helped produce short-term returns that are not typical and may not continue in the future.

2. A portion of the fees charged to the A Class of the Fund was waived in 2014 and fully recovered in 2015. Performance prior to waiving fees was lower than the actual returns shown for 2014. The maximum sales charge for A Class is 5.75%.

3. A portion of the fees charged to the C Class of the Fund was waived in 2018. Performance prior to waiving fees was lower than the actual returns shown in 2018. The maximum contingent deferred sales charge for C Class is 1.00% for shares redeemed within one year of the date of purchase.

4. Fund performance for the five-year and ten-year periods represents the returns achieved by the R5 Class from 4/30/2014 through 2/28/2020, the inception date of the R6 Class, and the returns of the R6 Class since its inception. Expenses of the R6 Class are lower than those of the R5 Class. As a result, total returns shown may be lower than they would have been had the R6 Class been in existence since 4/30/2014.

5. The Russell 2000^® Value Index is an unmanaged index of those stocks in the Russell 2000 Index with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Index is an unmanaged index comprised of approximately 2,000 smaller-capitalization stocks. Russell 2000 Value Index and Russell 2000 Index are registered trademarks of Frank Russell Company. American Beacon Funds is not promoted, sponsored or endorsed by, nor in any way affiliated with the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. LSE Group is not responsible for and has not reviewed the American Beacon Small Cap Value Fund nor any associated literature or publications and LSE Group makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise. All rights in the Russell 2000 Index and the Russell 2000 Value Index (the “Indexes”) vest in the relevant LSE Group company which owns the Indexes. Russell 2000^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Indexes or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Indexes for the purpose to which it is being put by the Manager. One cannot directly invest in an index.

6. The Total Annual Fund Operating Expense ratios set forth in the most recent Fund prospectus for the R5, Y, Investor, Advisor, A, C, and R6 Class shares were 0.80%, 0.87%, 1.14%, 1.29%, 1.22%, 1.94%, and 0.77%, respectively. The expense ratios above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

The Fund slightly outperformed the Index due to positive sector allocation, which was partially offset by security selection during the period.

2

American Beacon Small Cap Value Fund^SM

Performance Overview

April 30, 2024 (Unaudited)

From a sector allocation perspective, overweight allocations to the Industrials and Materials sectors contributed positively to relative performance. Conversely, an underweight allocation to the Health Care sector and overweight allocation to the Consumer Staples sector detracted from relative performance.

From a stock selection standpoint, the Fund’s investments in the Financials and Communication Services sectors contributed to relative performance. In the Financials sector, contributors included SLM Corp. (up 65.3%) and Popular, Inc. (up 33.9%). The top contributor in the Communication Services sector was Stagwell, Inc. (up 44.4%). The aforementioned performance was offset by negative stock selection in the Consumer Discretionary and Health Care sectors. Within the Consumer Discretionary sector, Adient PLC (down 11.2%) and not owning Index position Carvana Co. (up 207.1%) detracted. Detractors from relative performance in the Health Care sector included Modivcare, Inc. (down 43.7%) and not owning index position Iovance Biotherapeutics, Inc. (up 208.4%).

The sub-advisors continue to focus on uncovering investment opportunities through stock selection that should benefit the Fund’s performance over the long term.

Top Ten Holdings (% Net Assets)
Adient PLC		1.1
Greenbrier Cos., Inc.		1.1
Arrow Electronics, Inc.		1.0
Fluor Corp.		1.0
Kaiser Aluminum Corp.		1.0
Coherent Corp.		0.9
Enerpac Tool Group Corp.		0.9
F5, Inc.		0.9
Flowserve Corp.		0.9
Texas Capital Bancshares, Inc.		0.9
Total Fund Holdings	475
Sector Allocation (% Equities)
Financials		23.1
Industrials		19.6
Consumer Discretionary		13.2
Information Technology		10.1
Materials		9.2
Energy		8.7
Real Estate		4.0
Utilities		3.5
Health Care		3.3
Consumer Staples		2.9
Communication Services		2.3
Exchange-Traded Instruments		0.1

3

American Beacon Small Cap Value Fund^SM

Expense Examples

April 30, 2024 (Unaudited)

Fund Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees, if applicable, and (2) ongoing costs, including management fees, distribution (12b-1) fees, sub-transfer agent fees, and other Fund expenses. The Examples are intended to help you understand the ongoing cost (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples are based on an investment of $1,000 invested at the beginning of the period in each Class and held for the entire period from November 1, 2023 through April 30, 2024.

Actual Expenses

The “Actual” lines of the tables provide information about actual account values and actual expenses. You may use the information on this page, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Shareholders of the Investor and R5 Classes that invest in the Fund through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

Hypothetical Example for Comparison Purposes

The “Hypothetical” lines of the tables provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed 5% per year rate of return before expenses (not the Fund’s actual return). You may compare the ongoing costs of investing in the Fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Shareholders of the Investor and R5 Classes that invest in the Fund through an IRA or Roth IRA may be subject to a custodial IRA fee of $15 that is typically deducted each December. If your account was subject to a custodial IRA fee during the period, your costs would have been $15 higher.

You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs charged by the Fund, such as sales charges (loads) or redemption fees, as applicable. Similarly, the expense examples for other funds do not reflect any transaction costs charged by those funds, such as sales charges (loads), redemption fees or exchange fees. Therefore, the “Hypothetical” lines of the tables are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If you were subject to any transaction costs during the period, your costs would have been higher.

4

American Beacon Small Cap Value Fund^SM

Expense Examples

April 30, 2024 (Unaudited)

American Beacon Small Cap Value Fund
	Beginning Account Value 11/1/2023		Ending Account Value 4/30/2024		Expenses Paid During Period 11/1/2023-4/30/2024*
R5 Class
Actual		$1,000.00		$1,183.50		$4.29
Hypothetical**		$1,000.00		$1,020.94		$3.97
Y Class
Actual		$1,000.00		$1,183.40		$4.67
Hypothetical**		$1,000.00		$1,020.59		$4.32
Investor Class
Actual		$1,000.00		$1,181.70		$6.13
Hypothetical**		$1,000.00		$1,019.24		$5.67
Advisor Class
Actual		$1,000.00		$1,180.70		$6.94
Hypothetical**		$1,000.00		$1,018.50		$6.42
A Class
Actual		$1,000.00		$1,181.50		$6.56
Hypothetical**		$1,000.00		$1,018.85		$6.07
C Class
Actual		$1,000.00		$1,177.20		$10.45
Hypothetical**		$1,000.00		$1,015.27		$9.67
R6 Class
Actual		$1,000.00		$1,183.90		$4.13
Hypothetical**		$1,000.00		$1,021.08		$3.82

* Expenses are equal to the Fund’s annualized expense ratios for the six-month period of 0.79%, 0.86%, 1.13%, 1.28%, 1.21%, 1.93%, and 0.76% for the R5, Y, Investor, Advisor, A, C, and R6 Classes, respectively, multiplied by the average account value over the period, multiplied by the number derived by dividing the number of days in the most recent fiscal half-year (182) by days in the year (366) to reflect the half-year period.

** 5% return before expenses.

5

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46%
Communication Services - 2.24%
Diversified Telecommunication Services - 0.01%
ATN International, Inc.		25,490		$	486,349
Entertainment - 0.39%
IMAX Corp.A		127,742			2,045,149
Lions Gate Entertainment Corp., Class AA		755,307			7,621,048
Lions Gate Entertainment Corp., Class BA		806,744			7,607,596
Marcus Corp.		46,557			607,103
					17,880,896
Interactive Media & Services - 0.33%
IAC, Inc.A		184,102			8,755,891
Shutterstock, Inc.		105,467			4,504,496
Ziff Davis, Inc.A		30,279			1,517,281
					14,777,668
Media - 1.51%
AMC Networks, Inc., Class AA		76,228			809,541
John Wiley & Sons, Inc., Class A		203,094			7,630,242
Magnite, Inc.A		515,015			4,547,582
National CineMedia, Inc.A		1,925,900			8,242,852
Scholastic Corp.		160,621			5,721,320
Stagwell, Inc.A B		5,526,749			32,884,157
TEGNA, Inc.		622,719			8,493,887
					68,329,581
Total Communication Services					101,474,494
Consumer Discretionary - 12.62%
Automobile Components - 2.52%
Adient PLCA		1,602,590			47,869,363
American Axle & Manufacturing Holdings, Inc.A		2,555,188			18,755,080
Gentherm, Inc.A		551,403			27,884,450
Goodyear Tire & Rubber Co.A		651,850			7,796,126
Patrick Industries, Inc.		41,494			4,335,708
Standard Motor Products, Inc.		31,828			1,021,679
Visteon Corp.A		59,949			6,632,158
					114,294,564
Automobiles - 0.08%
Winnebago Industries, Inc.		57,204			3,522,622
Broadline Retail - 0.62%
Kohl’s Corp.		263,237			6,301,894
Macy’s, Inc.		815,627			15,032,005
Nordstrom, Inc.		348,918			6,632,931
					27,966,830
Diversified Consumer Services - 0.31%
Graham Holdings Co., Class B		8,267			5,798,226
Perdoceo Education Corp.		156,122			2,857,032
Strategic Education, Inc.		45,669			5,244,628
					13,899,886
Hotels, Restaurants & Leisure - 2.16%
Bloomin’ Brands, Inc.		199,579			5,147,142
Chuy’s Holdings, Inc.A		68,720			2,024,491

See accompanying notes

6

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Consumer Discretionary - 12.62% (continued)
Hotels, Restaurants & Leisure - 2.16% (continued)
Dave & Buster’s Entertainment, Inc.A		343,817		$	18,359,828
International Game Technology PLC		998,280			19,706,047
Marriott Vacations Worldwide Corp.		245,300			23,575,783
Papa John’s International, Inc.		202,850			12,513,817
Travel & Leisure Co.		385,424			16,781,361
					98,108,469
Household Durables - 2.38%
Beazer Homes USA, Inc.A		74,997			2,102,166
Cavco Industries, Inc.A		14,364			5,231,512
Century Communities, Inc.		72,409			5,743,482
Dream Finders Homes, Inc., Class AA		48,850			1,734,175
Ethan Allen Interiors, Inc.		58,424			1,649,894
Green Brick Partners, Inc.A		104,359			5,648,953
KB Home		181,203			11,734,706
La-Z-Boy, Inc.		80,415			2,640,829
Landsea Homes Corp.A		22,745			262,705
Legacy Housing Corp.A		39,441			803,413
Lovesac Co.A		180,712			4,008,192
M/I Homes, Inc.A		67,660			7,863,445
Meritage Homes Corp.		34,286			5,682,562
Newell Brands, Inc.		2,590,057			20,565,052
Sonos, Inc.A		241,024			4,073,306
Tri Pointe Homes, Inc.A		308,617			11,372,536
Whirlpool Corp.		106,778			10,128,961
Worthington Enterprises, Inc.		114,936			6,569,742
					107,815,631
Leisure Products - 0.07%
YETI Holdings, Inc.A		86,558			3,091,852
Specialty Retail - 3.27%
1-800-Flowers.com, Inc., Class AA		69,977			634,691
Academy Sports & Outdoors, Inc.		169,551			9,884,823
American Eagle Outfitters, Inc.		489,349			11,871,607
Arhaus, Inc.		511,760			6,478,882
Asbury Automotive Group, Inc.A		40,037			8,417,379
Buckle, Inc.		119,970			4,485,678
Build-A-Bear Workshop, Inc.		30,739			927,088
Caleres, Inc.		187,478			6,904,815
Designer Brands, Inc., Class A		95,447			886,703
Group 1 Automotive, Inc.		37,750			11,099,255
Guess?, Inc.B		127,665			3,418,869
Haverty Furniture Cos., Inc.		35,356			1,088,965
Leslie’s, Inc.A		106,006			416,604
MarineMax, Inc.A		51,271			1,264,855
Monro, Inc.		294,223			8,017,577
ODP Corp.A		512,915			26,112,503
OneWater Marine, Inc., Class AA B		3,484			72,154
Sally Beauty Holdings, Inc.A		249,344			2,705,382
Shoe Carnival, Inc.		62,408			2,086,923
Signet Jewelers Ltd.		105,357			10,328,147
Sonic Automotive, Inc., Class A		325,178			18,808,295
Urban Outfitters, Inc.A		243,654			9,492,760
Victoria’s Secret & Co.A		184,070			3,243,313
					148,647,268

See accompanying notes

7

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Consumer Discretionary - 12.62% (continued)
Textiles, Apparel & Luxury Goods - 1.21%
Carter’s, Inc.		184,037		$	12,589,971
Columbia Sportswear Co.		97,296			7,747,680
Figs, Inc., Class AA		716,775			3,662,720
G-III Apparel Group Ltd.A		108,763			3,061,678
Levi Strauss & Co., Class A		388,358			8,240,957
Movado Group, Inc.		35,616			907,140
Oxford Industries, Inc.		42,184			4,546,592
PVH Corp.		24,304			2,644,275
VF Corp.		942,745			11,746,603
					55,147,616
Total Consumer Discretionary					572,494,738
Consumer Staples - 2.42%
Beverages - 0.86%
Boston Beer Co., Inc., Class AA		24,612			6,852,227
Primo Water Corp.		1,703,250			32,140,327
					38,992,554
Consumer Staples Distribution & Retail - 0.09%
Ingles Markets, Inc., Class A		33,603			2,411,015
SpartanNash Co.		82,286			1,570,840
					3,981,855
Food Products - 1.36%
Darling Ingredients, Inc.A		593,866			25,162,103
Fresh Del Monte Produce, Inc.		108,500			2,774,345
Hain Celestial Group, Inc.A		2,477,048			15,209,075
J & J Snack Foods Corp.		131,900			18,108,551
Seneca Foods Corp., Class AA		12,593			731,527
					61,985,601
Personal Products - 0.04%
Herbalife Ltd.A		227,655			1,969,216
Tobacco - 0.07%
Universal Corp.		58,442			3,005,672
Total Consumer Staples					109,934,898
Energy - 7.72%
Energy Equipment & Services - 3.55%
Atlas Energy Solutions, Inc.B		1,172,104			26,032,430
Bristow Group, Inc.A		67,335			1,771,584
Cactus, Inc., Class A		158,120			7,849,077
Dril-Quip, Inc.A		104,958			1,908,136
Expro Group Holdings NVA		857,513			16,086,944
Helix Energy Solutions Group, Inc.A		362,344			3,891,575
Helmerich & Payne, Inc.		564,436			22,199,268
Liberty Energy, Inc.		776,743			17,088,346
NOV, Inc.		1,736,000			32,098,640
Patterson-UTI Energy, Inc.		2,087,451			22,586,220
ProPetro Holding Corp.A		253,441			2,210,005
RPC, Inc.		512,225			3,426,785
Select Water Solutions, Inc.		238,912			2,207,547
Transocean Ltd.A B		366,405			1,912,634
					161,269,191

See accompanying notes

8

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Energy - 7.72% (continued)
Oil, Gas & Consumable Fuels - 4.17%
Antero Resources Corp.A		367,465		$	12,497,485
APA Corp.		346,839			10,904,618
Berry Corp.		1,756,645			14,913,916
California Resources Corp.		267,491			14,139,574
Centrus Energy Corp., Class AA		35,552			1,526,247
CNX Resources Corp.A		862,304			20,281,390
Comstock Resources, Inc.B		801,369			8,061,772
CONSOL Energy, Inc.		71,313			5,901,864
Crescent Energy Co., Class A		350,900			3,733,576
Delek U.S. Holdings, Inc.		146,972			4,016,745
International Seaways, Inc.		116,301			6,430,282
Kinetik Holdings, Inc.		58,387			2,238,558
Magnolia Oil & Gas Corp., Class AB		345,736			8,667,602
NextDecade Corp.A B		561,460			3,604,573
Northern Oil & Gas, Inc.		239,732			9,778,668
Overseas Shipholding Group, Inc., Class A		168,728			1,025,866
Par Pacific Holdings, Inc.A		141,608			4,361,526
PBF Energy, Inc., Class A		163,282			8,698,032
Peabody Energy Corp.		305,184			6,695,737
Range Resources Corp.		97,506			3,501,440
SilverBow Resources, Inc.A		42,023			1,290,947
Sitio Royalties Corp., Class A		887,333			20,621,619
Viper Energy, Inc.		375,749			14,338,582
World Kinect Corp.		82,917			1,951,278
					189,181,897
Total Energy					350,451,088
Financials - 20.24%
Banks - 11.03%
Amalgamated Financial Corp.		46,345			1,137,306
Ameris Bancorp		125,294			5,948,959
Associated Banc-Corp.		344,641			7,261,586
Atlantic Union Bankshares Corp.		135,858			4,316,209
Axos Financial, Inc.A		113,538			5,746,158
Bank OZK		208,518			9,310,329
BankUnited, Inc.		42,338			1,131,695
Bar Harbor Bankshares		25,984			651,679
Business First Bancshares, Inc.		36,893			744,870
Byline Bancorp, Inc.		82,669			1,791,437
Cadence Bank		333,995			9,241,642
Cathay General Bancorp		135,009			4,649,710
Central Pacific Financial Corp.		14,162			282,390
Columbia Banking System, Inc.		1,812,599			34,094,987
Community Trust Bancorp, Inc.		33,591			1,411,158
CrossFirst Bankshares, Inc.A		89,286			1,078,575
Cullen/Frost Bankers, Inc.		128,655			13,423,863
Customers Bancorp, Inc.A		59,252			2,706,039
Eastern Bankshares, Inc.		98,232			1,233,794
Enterprise Financial Services Corp.		60,335			2,293,333
Farmers National Banc Corp.		69,597			823,333
FB Financial Corp.		84,767			3,106,711
First Bancshares, Inc.		56,046			1,341,741
First Busey Corp.		102,610			2,292,307
First Commonwealth Financial Corp.		193,757			2,555,655
First Financial Bancorp		172,370			3,811,101

See accompanying notes

9

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Financials - 20.24% (continued)
Banks - 11.03% (continued)
First Hawaiian, Inc.		1,490,960		$	31,444,346
First Horizon Corp.		1,359,390			20,282,099
First Interstate BancSystem, Inc., Class A		59,158			1,579,519
First Merchants Corp.		33,737			1,127,491
FNB Corp.		649,992			8,670,893
Fulton Financial Corp.		298,486			4,939,943
Glacier Bancorp, Inc.		541,147			19,578,699
Great Southern Bancorp, Inc.		21,986			1,130,080
Hancock Whitney Corp.		72,761			3,302,622
Heritage Financial Corp.		231,047			4,098,774
Hilltop Holdings, Inc.		295,946			8,659,380
HomeTrust Bancshares, Inc.		32,872			844,810
Independent Bank Corp.		41,740			1,641,057
Independent Bank Group, Inc.		12,425			462,707
International Bancshares Corp.		117,417			6,534,256
Lakeland Bancorp, Inc.		33,355			406,598
Live Oak Bancshares, Inc.		672,006			21,719,234
Mercantile Bank Corp.		30,293			1,092,971
Midland States Bancorp, Inc.		39,469			864,371
National Bank Holdings Corp., Class A		558,435			18,277,578
NBT Bancorp, Inc.		343,424			12,023,274
Nicolet Bankshares, Inc.		14,136			1,081,828
Northwest Bancshares, Inc.		191,434			2,029,200
Old National Bancorp		556,656			9,207,090
Old Second Bancorp, Inc.		82,964			1,136,607
Origin Bancorp, Inc.		24,796			736,441
Pacific Premier Bancorp, Inc.		54,571			1,173,277
Pathward Financial, Inc.		47,351			2,385,070
Peoples Bancorp, Inc.		66,964			1,944,635
Pinnacle Financial Partners, Inc.		165,339			12,681,501
Preferred Bank		28,214			2,135,518
Prosperity Bancshares, Inc.		271,804			16,843,694
Provident Financial Services, Inc.		109,602			1,608,957
QCR Holdings, Inc.		31,666			1,740,363
Renasant Corp.		16,820			488,789
S&T Bancorp, Inc.		69,300			2,089,395
Seacoast Banking Corp. of Florida		1,119,248			25,821,051
Simmons First National Corp., Class A		155,844			2,663,374
SmartFinancial, Inc.		20,138			413,836
Southern Missouri Bancorp, Inc.		20,847			835,965
SouthState Corp.		80,519			6,095,288
Synovus Financial Corp.		187,500			6,710,625
Texas Capital Bancshares, Inc.A		673,372			38,651,553
Triumph Financial, Inc.A		382,887			26,939,929
TrustCo Bank Corp.		30,813			820,242
Trustmark Corp.		18,350			543,160
UMB Financial Corp.		151,799			12,092,308
United Bankshares, Inc.		75,668			2,456,183
United Community Banks, Inc.		244,379			6,165,682
Valley National Bancorp		152,530			1,069,235
WaFd, Inc.		182,718			4,949,831
Webster Financial Corp.		222,483			9,751,430
WesBanco, Inc.		33,317			899,559
Westamerica BanCorp		48,768			2,270,150
WSFS Financial Corp.		72,057			3,078,996
					500,578,031

See accompanying notes

10

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Financials - 20.24% (continued)
Capital Markets - 1.58%
Cohen & Steers, Inc.		84,153		$	5,788,043
Evercore, Inc., Class A		23,359			4,239,659
Federated Hermes, Inc.		198,609			6,524,306
Janus Henderson Group PLC		300,049			9,367,530
Oppenheimer Holdings, Inc., Class A		20,305			813,215
Perella Weinberg Partners		328,791			4,905,562
StepStone Group, Inc., Class A		230,484			8,313,558
Stifel Financial Corp.		133,297			10,653,096
StoneX Group, Inc.A		59,118			4,291,967
Victory Capital Holdings, Inc., Class A		124,497			6,331,917
Virtus Investment Partners, Inc.		11,051			2,423,705
WisdomTree, Inc.B		896,248			7,976,607
					71,629,165
Consumer Finance - 1.24%
Bread Financial Holdings, Inc.		95,118			3,510,806
Encore Capital Group, Inc.A		44,443			1,826,163
Enova International, Inc.A		58,277			3,527,507
EZCORP, Inc., Class AA		98,649			1,083,166
Navient Corp.		254,268			3,819,105
Nelnet, Inc., Class A		33,094			3,116,793
PRA Group, Inc.A		326,976			7,778,759
SLM Corp.		1,499,980			31,784,576
					56,446,875
Financial Services - 2.24%
Acacia Research Corp.A		184,811			900,030
Burford Capital Ltd.		1,328,385			20,311,007
Cannae Holdings, Inc.A		369,490			7,186,580
Essent Group Ltd.		282,820			14,980,975
Euronet Worldwide, Inc.A		43,422			4,458,571
Jackson Financial, Inc., Class A		155,018			10,590,830
Merchants Bancorp		51,401			2,073,002
MGIC Investment Corp.		479,845			9,731,257
NMI Holdings, Inc., Class AA		155,757			4,806,661
PennyMac Financial Services, Inc.		94,438			8,087,670
Radian Group, Inc.		297,911			8,898,602
Repay Holdings Corp.A		481,254			4,894,353
WEX, Inc.A		23,643			4,994,820
					101,914,358
Insurance - 3.67%
Ambac Financial Group, Inc.A		84,206			1,216,777
Assured Guaranty Ltd.		110,927			8,508,101
Axis Capital Holdings Ltd.		158,178			9,701,057
Brighthouse Financial, Inc.A		124,180			5,991,685
CNO Financial Group, Inc.		356,073			9,375,402
Donegal Group, Inc., Class A		50,771			682,362
Employers Holdings, Inc.		49,874			2,124,134
Enstar Group Ltd.A		131,540			38,195,270
First American Financial Corp.		244,734			13,110,400
Genworth Financial, Inc., Class AA		887,583			5,263,367
Global Indemnity Group LLC, Class A		335,812			10,541,139
Horace Mann Educators Corp.		659,313			24,302,277
Kemper Corp.		400,555			23,356,362
Lincoln National Corp.		50,939			1,389,106

See accompanying notes

11

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Financials - 20.24% (continued)
Insurance - 3.67% (continued)
Selective Insurance Group, Inc.		62,494		$	6,352,515
White Mountains Insurance Group Ltd.		3,544			6,301,728
					166,411,682
IT Services - 0.06%
Western Union Co.		191,899			2,579,122
Mortgage Real Estate Investment Trusts (REITs) - 0.42%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.B		756,773			18,926,893
Total Financials					918,486,126
Health Care - 3.15%
Biotechnology - 0.19%
Alkermes PLCA		350,650			8,604,951
Health Care Equipment & Supplies - 0.50%
Globus Medical, Inc., Class AA		231,714			11,537,040
Integer Holdings Corp.A		44,198			4,933,823
Omnicell, Inc.A		197,876			5,305,055
OraSure Technologies, Inc.A		138,964			735,120
					22,511,038
Health Care Providers & Services - 0.84%
Acadia Healthcare Co., Inc.A		106,924			7,905,961
Encompass Health Corp.		163,755			13,653,892
Ensign Group, Inc.		30,288			3,584,888
ModivCare, Inc.A		296,933			6,969,017
R1 RCM, Inc.A		507,928			6,242,435
					38,356,193
Health Care Technology - 0.33%
Evolent Health, Inc., Class AA		435,116			12,070,118
Health Catalyst, Inc.A		446,793			2,779,052
					14,849,170
Life Sciences Tools & Services - 0.14%
Azenta, Inc.A		121,080			6,351,857
Pharmaceuticals - 1.15%
Organon & Co.		838,195			15,598,809
Perrigo Co. PLC		1,127,090			36,810,759
					52,409,568
Total Health Care					143,082,777
Industrials - 18.87%
Aerospace & Defense - 0.80%
AeroVironment, Inc.A		25,923			4,142,236
BWX Technologies, Inc.		212,581			20,358,882
Ducommun, Inc.A		27,629			1,494,453
Kratos Defense & Security Solutions, Inc.A		377,055			6,719,120
Mercury Systems, Inc.A		132,567			3,738,390
					36,453,081

See accompanying notes

12

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Industrials - 18.87% (continued)
Air Freight & Logistics - 0.32%
Air Transport Services Group, Inc.A		1,140,848		$	14,625,671
Building Products - 0.74%
AZEK Co., Inc.A		9,543			435,542
Gibraltar Industries, Inc.A		459,895			32,864,097
Zurn Elkay Water Solutions Corp.		15,339			479,804
					33,779,443
Commercial Services & Supplies - 2.03%
ACCO Brands Corp.		225,723			1,087,985
Aris Water Solutions, Inc., Class A		546,270			7,664,168
Brink’s Co.		148,520			12,989,559
CoreCivic, Inc.A		267,753			3,989,520
Deluxe Corp.		765,145			15,111,614
Enviri Corp.A		2,320,767			18,055,567
GEO Group, Inc.A		289,997			4,309,355
Interface, Inc.		1,258,059			19,235,722
MillerKnoll, Inc.		288,341			7,332,512
Quad/Graphics, Inc.		481,638			2,162,555
					91,938,557
Construction & Engineering - 2.29%
Centuri Holdings, Inc.A		47,964			1,187,109
EMCOR Group, Inc.		19,512			6,969,101
Fluor Corp.A		1,110,184			44,773,721
Granite Construction, Inc.		444,528			24,671,304
Matrix Service Co.A		206,719			2,327,656
Tutor Perini Corp.A		119,625			1,989,364
WillScot Mobile Mini Holdings Corp.A		593,866			21,949,287
					103,867,542
Electrical Equipment - 0.81%
Encore Wire Corp.		1,046			292,211
EnerSys		305,627			27,643,962
GrafTech International Ltd.		566,968			975,185
Sensata Technologies Holding PLC		210,094			8,048,701
					36,960,059
Ground Transportation - 1.10%
Covenant Logistics Group, Inc.		19,638			887,441
Ryder System, Inc.		86,293			10,514,802
Schneider National, Inc., Class B		232,053			4,798,856
U-Haul Holding Co., NVDR		245,200			15,035,664
Universal Logistics Holdings, Inc.		34,617			1,546,688
Werner Enterprises, Inc.		495,092			16,932,146
					49,715,597
Machinery - 6.36%
Allison Transmission Holdings, Inc.		103,782			7,633,166
Astec Industries, Inc.		80,089			3,347,720
Atmus Filtration Technologies, Inc.A		360,800			10,928,632
Barnes Group, Inc.		420,007			14,582,643
Columbus McKinnon Corp.		189,906			7,837,421
Enerpac Tool Group Corp.		1,106,559			39,426,697
Enpro Industries, Inc.		44,331			6,655,413

See accompanying notes

13

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Industrials - 18.87% (continued)
Machinery - 6.36% (continued)
Flowserve Corp.		843,460		$	39,777,574
Greenbrier Cos., Inc.		1,008,626			49,816,038
Helios Technologies, Inc.		386,641			17,437,509
Hyster-Yale Materials Handling, Inc.		33,312			1,951,084
Kennametal, Inc.		890,799			20,960,500
Lindsay Corp.		51,622			5,995,895
Miller Industries, Inc.		145,698			7,096,950
Proto Labs, Inc.A		166,251			5,067,330
Standex International Corp.		109,396			18,912,381
Terex Corp.		159,273			8,927,252
Timken Co.		201,900			18,013,518
Titan International, Inc.A		165,299			1,821,595
Wabash National Corp.		105,971			2,448,990
					288,638,308
Marine Transportation - 0.84%
Genco Shipping & Trading Ltd.		101,604			2,168,229
Kirby Corp.A		328,189			35,815,266
					37,983,495
Passenger Airlines - 0.09%
SkyWest, Inc.A		57,252			4,181,113
Professional Services - 1.82%
CSG Systems International, Inc.		153,171			7,235,798
Heidrick & Struggles International, Inc.		46,216			1,362,448
Hudson Global, Inc.A		57,162			928,882
KBR, Inc.		230,654			14,978,671
Kelly Services, Inc., Class A		76,050			1,744,587
Korn Ferry		350,845			21,303,308
Legalzoom.com, Inc.A		175,820			2,101,049
ManpowerGroup, Inc.		433,624			32,716,931
					82,371,674
Trading Companies & Distributors - 1.67%
Air Lease Corp.		255,278			12,825,167
BlueLinx Holdings, Inc.A		17,072			1,872,286
Boise Cascade Co.		111,965			14,809,611
DNOW, Inc.A		1,609,690			22,712,726
DXP Enterprises, Inc.A		37,200			1,813,872
GMS, Inc.A		76,815			7,106,924
Hudson Technologies, Inc.A		103,647			1,028,178
MRC Global, Inc.A		193,769			2,176,026
MSC Industrial Direct Co., Inc., Class A		47,960			4,375,870
Rush Enterprises, Inc., Class A		160,387			7,044,197
					75,764,857
Total Industrials					856,279,397
Information Technology - 8.45%
Communications Equipment - 2.27%
Calix, Inc.A		90,091			2,498,223
Ciena Corp.A		586,052			27,093,184
F5, Inc.A		252,924			41,810,867
Infinera Corp.A B		3,977,342			19,170,789
Lumentum Holdings, Inc.A		163,599			7,159,092

See accompanying notes

14

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Information Technology - 8.45% (continued)
Communications Equipment - 2.27% (continued)
NETGEAR, Inc.A		70,531		$	1,042,448
Viavi Solutions, Inc.A		532,871			4,209,681
					102,984,284
Electronic Equipment, Instruments & Components - 4.06%
Advanced Energy Industries, Inc.		33,695			3,229,329
Arrow Electronics, Inc.A		352,641			45,021,677
Avnet, Inc.		214,893			10,501,821
Bel Fuse, Inc., Class B		25,203			1,479,920
Belden, Inc.		262,398			21,325,086
Benchmark Electronics, Inc.		85,089			2,570,539
Coherent Corp.A		773,589			42,261,167
Daktronics, Inc.A		109,834			1,037,931
Itron, Inc.A		8,952			824,658
Kimball Electronics, Inc.A		57,082			1,194,726
nLight, Inc.A		438,702			4,996,816
Plexus Corp.A		167,833			16,952,811
ScanSource, Inc.A		59,893			2,492,747
TTM Technologies, Inc.A		242,282			3,617,270
Vishay Intertechnology, Inc.		1,146,638			26,533,203
					184,039,701
Professional Services - 0.10%
ASGN, Inc.A		49,500			4,774,275
Semiconductors & Semiconductor Equipment - 1.32%
Cohu, Inc.A		122,145			3,703,436
Diodes, Inc.A		408,510			29,825,315
MaxLinear, Inc.A		407,779			8,477,726
MKS Instruments, Inc.		93,596			11,136,052
Synaptics, Inc.A		74,100			6,666,036
					59,808,565
Software - 0.51%
A10 Networks, Inc.		1,009,248			13,180,779
Adeia, Inc.		255,412			2,513,254
Zuora, Inc., Class AA		761,897			7,512,304
					23,206,337
Technology Hardware, Storage & Peripherals - 0.19%
Corsair Gaming, Inc.A		426,656			4,735,882
Xerox Holdings Corp.		297,405			3,952,512
					8,688,394
Total Information Technology					383,501,556
Materials - 8.45%
Chemicals - 3.27%
Ashland, Inc.		224,240			21,376,799
Avient Corp.		328,029			13,914,990
Cabot Corp.		336,003			30,653,554
Ecovyst, Inc.A		2,330,816			21,979,595
Koppers Holdings, Inc.		38,724			1,985,767
Olin Corp.		439,975			23,001,893
Scotts Miracle-Gro Co.B		260,048			17,823,690

See accompanying notes

15

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Materials - 8.45% (continued)
Chemicals - 3.27% (continued)
Stepan Co.		152,784		$	12,679,544
Tronox Holdings PLC		296,798			5,042,598
					148,458,430
Construction Materials - 0.17%
Knife River Corp.A		95,162			7,440,717
Containers & Packaging - 0.94%
Greif, Inc., Class A		58,569			3,589,108
Sealed Air Corp.		458,999			14,449,288
Silgan Holdings, Inc.		186,639			8,708,576
Sonoco Products Co.		282,996			15,861,926
					42,608,898
Metals & Mining - 3.90%
Alcoa Corp.		98,593			3,464,558
Alpha Metallurgical Resources, Inc.		26,885			8,794,621
Arch Resources, Inc.		43,615			6,925,190
ATI, Inc.A		593,866			35,453,800
Carpenter Technology Corp.		103,863			8,901,059
Elah Holdings, Inc.A		3,209			83,434
Ferroglobe PLC		2,922,448			15,342,852
Kaiser Aluminum Corp.		516,303			46,720,258
Materion Corp.		233,944			26,889,523
Metallus, Inc.A		73,493			1,511,016
MP Materials Corp.A B		347,754			5,564,064
Olympic Steel, Inc.		21,054			1,338,403
Radius Recycling, Inc.		236,194			4,114,500
Ryerson Holding Corp.		62,259			1,777,494
SunCoke Energy, Inc.		155,493			1,603,133
Warrior Met Coal, Inc.		124,374			8,500,963
					176,984,868
Paper & Forest Products - 0.17%
Clearwater Paper Corp.A		38,080			1,715,123
Sylvamo Corp.		97,986			6,124,125
					7,839,248
Total Materials					383,332,161
Real Estate - 3.89%
Diversified REITs - 0.30%
Americold Realty Trust, Inc.		609,243			13,385,069
Health Care REITs - 0.21%
CareTrust REIT, Inc.		135,316			3,345,011
Healthpeak Properties, Inc.		343,075			6,384,626
					9,729,637
Hotel & Resort REITs - 0.17%
Sunstone Hotel Investors, Inc.		757,038			7,721,788
Industrial REITs - 0.53%
First Industrial Realty Trust, Inc.		348,564			15,831,777
STAG Industrial, Inc.		121,814			4,189,184
Terreno Realty Corp.		71,067			3,862,491
					23,883,452

See accompanying notes

16

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 91.46% (continued)
Real Estate - 3.89% (continued)
Office REITs - 0.16%
Douglas Emmett, Inc.		276,925		$	3,796,641
Highwoods Properties, Inc.		140,659			3,685,266
					7,481,907
Real Estate Management & Development - 1.23%
Douglas Elliman, Inc.A		628,648			854,961
Howard Hughes Holdings, Inc.A		90,690			5,909,360
Jones Lang LaSalle, Inc.A		133,500			24,123,450
Newmark Group, Inc., Class A		542,859			5,195,161
RMR Group, Inc., Class A		358,673			8,507,724
Seritage Growth Properties, Class AA B		1,108,139			10,350,018
Tejon Ranch Co.A		50,597			849,018
					55,789,692
Retail REITs - 0.79%
Agree Realty Corp.		393,643			22,524,252
NETSTREIT Corp.		572,429			9,645,429
Urban Edge Properties		222,152			3,716,603
					35,886,284
Specialized REITs - 0.50%
PotlatchDeltic Corp.		561,797			22,477,498
Total Real Estate					176,355,327
Utilities - 3.41%
Electric Utilities - 1.43%
ALLETE, Inc.		269,181			15,940,899
Genie Energy Ltd., Class B		58,776			898,685
IDACORP, Inc.		174,258			16,516,173
PNM Resources, Inc.		198,628			7,361,154
Portland General Electric Co.		560,028			24,210,010
					64,926,921
Gas Utilities - 0.72%
Chesapeake Utilities Corp.		73,045			7,733,274
Southwest Gas Holdings, Inc.		109,366			8,160,891
Spire, Inc.		19,788			1,222,701
UGI Corp.		605,257			15,470,369
					32,587,235
Multi-Utilities - 0.97%
Avista Corp.		870,109			31,306,522
Black Hills Corp.		152,163			8,353,749
Northwestern Energy Group, Inc.		89,797			4,529,360
					44,189,631
Water Utilities - 0.29%
California Water Service Group		265,999			13,065,871
Total Utilities					154,769,658
Total Common Stocks (Cost $3,572,387,170)					4,150,162,220

See accompanying notes

17

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
EXCHANGE-TRADED INSTRUMENTS - 0.12% (Cost $5,268,919)
Exchange-Traded Funds - 0.12%
iShares Russell 2000 Value ETF		34,802		$	5,186,890
FOREIGN COMMON STOCKS - 4.81%
Consumer Discretionary - 0.13%
Hotels, Restaurants & Leisure - 0.13%
Genius Sports Ltd.A		1,194,557			6,020,567
Consumer Staples - 0.32%
Food Products - 0.32%
SunOpta, Inc.A		2,203,557			14,433,298
Energy - 0.69%
Oil, Gas & Consumable Fuels - 0.69%
Kosmos Energy Ltd.A		4,257,931			24,142,469
Baytex Energy Corp.		1,958,742			7,266,933
Total Energy					31,409,402
Financials - 1.98%
Banks - 1.90%
Bank of NT Butterfield & Son Ltd.		487,186			16,564,324
First BanCorp		156,820			2,705,145
Popular, Inc.		396,447			33,694,030
OFG Bancorp		925,316			33,413,161
					86,376,660
Insurance - 0.08%
SiriusPoint Ltd.A		311,306			3,667,185
Total Financials					90,043,845
Information Technology - 1.32%
Semiconductors & Semiconductor Equipment - 0.99%
Kulicke & Soffa Industries, Inc.		367,223			16,995,081
Tower Semiconductor Ltd.A		851,729			27,996,332
					44,991,413
Communications Equipment - 0.33%
Telefonaktiebolaget LM Ericsson, ADRB		2,957,500			14,846,650
Total Information Technology					59,838,063
Materials - 0.37%
Metals & Mining - 0.26%
Alamos Gold, Inc., Class A		781,044			11,489,157
Chemicals - 0.11%
Arcadium Lithium PLCA		1,163,904			5,121,178
Total Materials					16,610,335
Total Foreign Common Stocks (Cost $155,258,801)					218,355,510

See accompanying notes

18

American Beacon Small Cap Value Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Shares		Fair Value
SHORT-TERM INVESTMENTS - 3.52% (Cost $159,576,117)
Investment Companies - 3.52%
American Beacon U.S. Government Money Market Select Fund, 5.20%C D		159,576,117		$	159,576,117
SECURITIES LENDING COLLATERAL - 0.26% (Cost $11,943,415)
Investment Companies - 0.26%
American Beacon U.S. Government Money Market Select Fund, 5.20%C D		11,943,415			11,943,415
TOTAL INVESTMENTS - 100.17% (Cost $3,904,434,422)					4,545,224,152
LIABILITIES, NET OF OTHER ASSETS - (0.17%)					(7,633,877	)
TOTAL NET ASSETS - 100.00%				$	4,537,590,275
Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at April 30, 2024 (Note 8).

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

^D 7-day yield.

ADR - American Depositary Receipt.

ETF - Exchange-Traded Fund.

LLC - Limited Liability Company.

NVDR - Non Voting Depositary Receipt.

PLC - Public Limited Company.

REIT - Real Estate Investment Trusts.

Long Futures Contracts Open on April 30, 2024:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini Russell 2000 Index Futures	1,722	June 2024	$	179,112,071	$	170,960,160	$	(8,151,911	)
			$	179,112,071	$	170,960,160	$	(8,151,911	)

Index 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, 2024, the investments were classified as described below:

Small Cap Value Fund	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	4,150,162,220		$	-	$	-	$	4,150,162,220
Exchange-Traded Instruments		5,186,890			-		-		5,186,890
Foreign Common Stocks		218,355,510			-		-		218,355,510
Short-Term Investments		159,576,117			-		-		159,576,117
Securities Lending Collateral		11,943,415			-		-		11,943,415
Total Investments in Securities - Assets	$	4,545,224,152		$	-	$	-	$	4,545,224,152
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(8,151,911	)	$	-	$	-	$	(8,151,911	)
Total Financial Derivative Instruments - Liabilities	$	(8,151,911	)	$	-	$	-	$	(8,151,911	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

19

American Beacon Small Cap Value Fund^SM

Statement of Assets and Liabilities

April 30, 2024 (Unaudited)

Assets:
Investments in unaffiliated securities, at fair value†§	$	4,373,704,620
Investments in affiliated securities, at fair value‡		171,519,532
Cash collateral held at broker for futures contracts		12,838,000
Dividends and interest receivable		2,632,280
Deposits with broker for futures contracts		4,590,722
Receivable for investments sold		15,508,557
Receivable for fund shares sold		1,996,839
Prepaid expenses		68,854
Total assets		4,582,859,404
Liabilities:
Payable for investments purchased		10,839,407
Payable for fund shares redeemed		10,805,586
Management and sub-advisory fees payable (Note 2)		2,748,222
Service fees payable (Note 2)		73,535
Transfer agent fees payable (Note 2)		94,651
Payable upon return of securities loaned (Note 9)§		11,943,415
Custody and fund accounting fees payable		114,883
Professional fees payable		119,536
Trustee fees payable (Note 2)		11,277
Payable for prospectus and shareholder reports		292,758
Payable for variation margin from open futures contracts (Note 5)		8,148,713
Other liabilities		77,146
Total liabilities		45,269,129
Commitments and contingent liabilities (Note 2)
Net assets	$	4,537,590,275
Analysis of net assets:
Paid-in-capital	$	3,831,707,364
Total distributable earnings (deficits)A		705,882,911
Net assets	$	4,537,590,275
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		81,005,082
Y Class		17,121,587
Investor Class		10,856,737
Advisor Class		1,009,026
A Class		2,146,197
C Class		318,947
R6 Class		73,126,046
Net assets:
R5 Class	$	1,995,376,720
Y Class	$	412,293,184
Investor Class	$	251,675,216
Advisor Class	$	22,977,871
A Class	$	48,262,527
C Class	$	6,622,967
R6 Class	$	1,800,381,790
Net asset value, offering and redemption price per share:
R5 Class	$	24.63
Y Class	$	24.08
Investor Class	$	23.18
Advisor Class	$	22.77
A Class	$	22.49
A Class (offering price)	$	23.86
C Class	$	20.77
R6 Class	$	24.62
† Cost of investments in unaffiliated securities	$	3,732,914,890
‡ Cost of investments in affiliated securities	$	171,519,532
§ Fair value of securities on loan	$	96,343,801
A The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at period end.

See accompanying notes

20

American Beacon Small Cap Value Fund^SM

Statement of Operations

For the period ended April 30, 2024 (Unaudited)

Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	44,564,648
Dividend income from affiliated securities (Note 2)		4,211,757
Interest income		322,142
Income derived from securities lending (Note 9)		844,660
Total investment income		49,943,207
Expenses:
Management and sub-advisory fees (Note 2)		16,194,293
Transfer agent fees:
R5 Class (Note 2)		358,509
Y Class (Note 2)		213,828
Investor Class		13,805
Advisor Class		2,801
A Class		2,914
C Class		2,178
R6 Class		38,674
Custody and fund accounting fees		248,212
Professional fees		175,546
Registration fees and expenses		63,685
Service fees (Note 2):
Investor Class		469,801
Advisor Class		32,174
A Class		41,623
C Class		4,028
Distribution fees (Note 2):
Advisor Class		32,081
A Class		55,971
C Class		35,625
Prospectus and shareholder report expenses		246,755
Trustee fees (Note 2)		207,103
Loan expense (Note 10)		19,514
Other expenses		267,442
Total expenses		18,726,562
Net investment income		31,216,645
Realized and unrealized gain from investments:
Net realized gain from:
Investments in unaffiliated securitiesA		132,233,324
Commission recapture (Note 1)		31,750
Foreign currency transactions		110
Futures contracts		13,518,843
Change in net unrealized appreciation of:
Investments in unaffiliated securitiesB		566,663,897
Foreign currency transactions		347
Futures contracts		6,964,305
Net gain from investments		719,412,576
Net increase in net assets resulting from operations	$	750,629,221
† Foreign taxes	$	216,049
A The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities.
B The Fund’s investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end.

See accompanying notes

21

American Beacon Small Cap Value Fund^SM

Statement of Changes in Net Assets

	Six Months Ended April 30, 2024			Year Ended October 31, 2023
	(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	31,216,645		$	54,335,079
Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts		145,784,027			193,095,666
Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities, foreign currency transactions, and futures contracts		573,628,549			(434,310,131	)
Net increase (decrease) in net assets resulting from operations		750,629,221			(186,879,386	)
Distributions to shareholders:
Total retained earnings:
R5 Class		(101,939,743	)		(326,083,778	)
Y Class		(20,112,285	)		(63,996,701	)
Investor Class		(12,666,624	)		(42,913,279	)
Advisor Class		(1,368,388	)		(4,957,456	)
A Class		(2,079,077	)		(6,416,908	)
C Class		(332,571	)		(1,424,006	)
R6 Class		(88,614,196	)		(231,084,710	)
Net distributions to shareholders		(227,112,884	)		(676,876,838	)
Capital share transactions (Note 11):
Proceeds from sales of shares		470,220,021			1,240,960,045
Reinvestment of dividends and distributions		214,480,906			639,145,734
Cost of shares redeemed		(783,194,589	)		(1,448,856,561	)
Net increase (decrease) in net assets from capital share transactions		(98,493,662	)		431,249,218
Net increase (decrease) in net assets		425,022,675			(432,507,006	)
Net assets:
Beginning of period		4,112,567,600			4,545,074,606
End of period	$	4,537,590,275		$	4,112,567,600

See accompanying notes

22

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (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, 2024, the Trust consists of twenty-four active series, one of which is presented in this filing: American Beacon Small Cap Value Fund (the “Fund”). The remaining twenty-three 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.

Effective December 29, 2023, the Manager underwent a change of control, which resulted in the termination of the Fund’s previous management and investment advisory agreements. The Board of Trustees (the "Board") approved a new Management Agreement with the Manager and a new Investment Advisory Agreement among the Manager, the sub-advisor and the Trust, on behalf of the Fund, that were effective on December 29, 2023. The new Management Agreement required approval by shareholders of the Fund, and a shareholder meeting was held for the Fund. Please see the sections titled Disclosure Regarding the Approval of Interim Management and Investment Advisory Agreements and Results of Shareholder Meeting for more information.

Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Interbank Offered Rate (“LIBOR”) or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which updates and clarifies ASU No. 2020-04. The amendments in this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Management expects these ASUs will not have a material impact on the Fund’s financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Management has concluded that the ASU will not have a material impact on the Fund’s financial statements.

23

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Class Disclosure

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

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

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

Significant Accounting Policies

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

Security Transactions and Investment Income

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

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Fund. Tax reclaim accruals are automatically generated on accounting and custody systems at the time of the income event based on the tax databases maintained by the Fund’s custodian. 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.

24

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Distributions to Shareholders

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

Commission Recapture

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

Allocation of Income, Trust Expenses, Gains, and Losses

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

Use of Estimates

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

Other

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

2.  Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

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

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

25

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 Newton Investment Management North America, LLC (“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, 2024 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	8,144,066
Sub-Advisory Fees		0.35	%		8,050,227
Total		0.70	%	$	16,194,293

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, 2024, the Manager received securities lending fees of 95,798 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

26

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

annual basis. During the period ended April 30, 2024, 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	$	516,216

As of April 30, 2024, the Fund owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in “Transfer agent fees payable” on the Statement of Assets and Liabilities:

Fund	Reimbursement Sub-Transfer Agent Fees
Small Cap Value	$	39,868

Brokerage Commissions

Affiliated entities of a sub-advisor to the Fund received commissions on purchases and sales of the Fund’s portfolio securities totaling $104,080 for the period ended April 30, 2024.

Investments in Affiliated Funds

The Fund may invest in the American Beacon U.S. Government Money Market Select Fund (the “USG Select Fund”). The Fund listed below held the following shares with an April 30, 2024 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund	April 30, 2024 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		April 30, 2024 Fair Value
U.S. Government Money Market Select	Direct	Small Cap Value	$	159,576,117	$	-	$	-	$	4,211,757	$	159,576,117
U.S. Government Money Market Select	Securities Lending	Small Cap Value		11,943,415		-		-		N/A		11,943,415

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, 2024, the Manager earned fees on the Fund’s direct investments and securities lending collateral investments in the USG Select Fund as shown below:

Fund	Direct Investments in USG Select Fund		Securities Lending Collateral Investments in USG Select Fund		Total
Small Cap Value	$	80,618	$	16,264	$	96,882

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

27

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2024, the Fund participated as a lender by loaning an average amount of $6,499,287 for 29 days at an average interest rate of 6.17% with interest charges earned of $31,699. This amount is included in “Interest income” on the Statement of Operations. During the period ended April 30, 2024, the Fund did not borrow from the credit facility.

Expense Reimbursement Plan

The Fund has adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Fund for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Fund’s annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or time of recoupment. During the period ended April 30, 2024 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, 2024, RID collected $1,783 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, 2024, 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, 2024, CDSC fees of $127 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 $140,000; (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 her service as Board Chair, Ms. Cline receives an additional annual retainer of $50,000. Although she attends several committee meetings at each quarterly Board meeting, she receives only a single $2,500 fee each quarter for her attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and

28

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. Security Valuation and Fair Value Measurements

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

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

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

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

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

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

29

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

they are more thinly traded and less liquid than the securities of larger-capitalization companies. The Fund may fair value securities as a result of significant events occurring after the close of the foreign markets in which the Fund invests as described below. In addition, the Fund may invest in illiquid securities requiring these procedures.

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

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

Valuation Inputs

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

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

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.

30

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (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 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 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

31

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

non-managing members (who are like limited partners)). The Fund invests in an MLP as a limited partner and normally would not be liable for the debts of an MLP beyond the amount the Fund has invested therein, but it would not be shielded to the same extent that a shareholder of a corporation would be. In certain instances, creditors of an MLP would have the right to seek a return of capital that had been distributed to a limited partner. The right of an MLP’s creditors would continue even after the Fund had sold its investment in the partnership. MLPs typically invest in real estate and oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

Real Estate Investment Trusts (“REITs”)

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

5. Financial Derivative Instruments

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

Futures Contracts

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

During the period ended April 30, 2024, 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 quarterly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each quarter end.

Average Futures Contracts Outstanding
Fund	Period Ended April 30, 2024
Small Cap Value		1,895

32

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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

Fair values of financial instruments on the Statement of Assets and Liabilities as of April 30, 2024:

Derivatives not accounted for as hedging instruments

Liabilities:

Credit contracts

Foreign exchange contracts

Commodity contracts

Interest rate contracts

Equity contracts

Total

Payable for variation margin from open futures contracts(2)

$

–

$

–

$

–

$

–

$

(8,151,911

)

$

(8,151,911

)

The effect of financial derivative instruments on the Statement of Operations as of April 30, 2024:

Derivatives not accounted for as hedging instruments

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

Credit contracts

Foreign exchange contracts

Commodity contracts

Interest rate contracts

Equity contracts

Total

Futures contracts

$

–

$

–

$

–

$

–

$

13,518,843

$

13,518,843

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

Credit contracts

Foreign exchange contracts

Commodity contracts

Interest rate contracts

Equity contracts

Total

Futures contracts

$

–

$

–

$

–

$

–

$

6,964,305

$

6,964,305

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

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

Offsetting Assets and Liabilities

The Fund is a party to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Fund employs multiple money managers and counterparties and has elected not to offset qualifying financial and derivative instruments on the Statement of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, April 30, 2024.

Offsetting of Financial and Derivative Assets as of April 30, 2024:
	Assets		Liabilities
Futures Contracts(1)	$	-	$	8,151,911
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	-	$	8,151,911
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	-	$	(8,151,911	)

	Remaining Contractual Maturity of the Agreements As of April 30, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	11,943,415	$	-	$	-	$	-	$	11,943,415
Total Borrowings	$	11,943,415	$	-	$	-	$	-	$	11,943,415
Gross amount of recognized liabilities for securities lending transactions									$	11,943,415

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

33

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

6. Principal Risks

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

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 Investing 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 Fund invests 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.

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

34

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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).

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 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

35

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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.

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. For example, the Fund’s investments in money market funds are subject to interest rate risk, credit risk, and market risk. The 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 the Fund’s investment may decline, adversely affecting the Fund’s performance. ETFs are subject to the following risks that do not apply to conventional funds: (1) the market price of an ETF’s shares may trade at a discount or premium to its NAV; (2) an active trading market for an ETF’s shares may not develop or be maintained; or (3) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. An ETF that tracks an index may not precisely replicate the returns of its benchmark index. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. ETFs have expenses associated with their operation, typically including advisory fees.

Recent Market Events Risk

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

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

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.

36

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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

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

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

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

Sector Risk

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

To the extent the Fund invests significantly in the financial services sector, the value of the Fund’s shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation and price competition. The value of the Fund’s shares could experience significantly greater volatility than investment companies investing more broadly.

Securities Lending Risk

The Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of the Fund’s securities provide collateral either in the form of cash, which the Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. The Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. The Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or “rebate” for the use of that cash collateral in connection with the loan. The Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability to enforce its rights in its collateral.

37

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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, 2023 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, 2024, the tax cost for the Fund and its respective gross unrealized appreciation (depreciation) were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Small Cap Value	$	4,012,706,933	$	797,058,118	$	(264,540,899	)	$	532,517,219

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, 2023, 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, 2024 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Sales (non-U.S. Government Securities)
Small Cap Value	$	1,164,058,918	$	1,403,355,180

38

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

A summary of the Fund’s transactions in the USG Select Fund for the period ended April 30, 2024 were as follows:

Fund	Type of Transaction	October 31, 2023 Shares/Fair Value		Purchases		Sales		April 30, 2024 Shares/Fair Value
Small Cap Value	Direct	$	204,763,294	$	1,070,670,391	$	1,115,857,568	$	159,576,117
Small Cap Value	Securities Lending		23,784,921		190,790,044		202,631,550		11,943,415

9. Securities Lending

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

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

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

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

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

As of April 30, 2024, the value of outstanding securities on loan and the value of collateral were as follows:

Fund	Fair Value of Securities on Loan	Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Small Cap Value	$96,343,801	$	11,943,415	$	90,679,994	$	102,623,409

39

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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 10, 2023 (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 8, 2024, 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 9, 2023.

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 8, 2024, 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 9, 2023.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Loan 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, 2024, the Fund did not utilize these facilities.

11. Capital Share Transactions

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

	R5 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		5,176,253		$	126,480,898			16,023,370		$	382,297,679
Reinvestment of dividends		3,852,667			95,546,135			13,677,213			303,497,363
Shares redeemed		(12,821,950	)		(314,859,171	)		(28,074,996	)		(665,420,420	)
Net increase (decrease) in shares outstanding		(3,793,030	)	$	(92,832,138	)		1,625,587		$	20,374,622

40

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

	Y Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		2,461,471		$	57,962,029			4,130,995		$	96,442,821
Reinvestment of dividends		795,993			19,302,824			2,834,617			61,567,884
Shares redeemed		(2,760,868	)		(65,906,756	)		(6,565,174	)		(150,252,529	)
Net increase in shares outstanding		496,596		$	11,358,097			400,438		$	7,758,176
	Investor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		927,223		$	21,359,331			2,539,215		$	56,904,858
Reinvestment of dividends		523,772			12,240,547			1,985,940			41,625,307
Shares redeemed		(2,861,615	)		(64,844,608	)		(3,423,498	)		(76,432,322	)
Net increase (decrease) in shares outstanding		(1,410,620	)	$	(31,244,730	)		1,101,657		$	22,097,843
	Advisor Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		126,027		$	2,862,601			431,436		$	9,772,480
Reinvestment of dividends		59,573			1,368,388			240,420			4,957,456
Shares redeemed		(442,284	)		(9,946,032	)		(705,870	)		(15,796,260	)
Net (decrease) in shares outstanding		(256,684	)	$	(5,715,043	)		(34,014	)	$	(1,066,324	)
	A Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		467,059		$	10,400,478			574,753		$	12,701,046
Reinvestment of dividends		90,779			2,058,860			311,738			6,353,229
Shares redeemed		(285,478	)		(6,353,900	)		(963,167	)		(21,926,330	)
Net increase (decrease) in shares outstanding		272,360		$	6,105,438			(76,676	)	$	(2,872,055	)
	C Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		27,140		$	560,472			55,288		$	1,159,689
Reinvestment of dividends		15,624			328,099			74,042			1,401,614
Shares redeemed		(97,121	)		(1,994,002	)		(136,832	)		(2,733,032	)
Net (decrease) in shares outstanding		(54,357	)	$	(1,105,431	)		(7,502	)	$	(171,729	)
	R6 Class
	Six Months Ended April 30, 2024						Year Ended October 31, 2023
	(unaudited)
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		10,193,570		$	250,594,212			28,669,350		$	681,681,472
Reinvestment of dividends		3,373,782			83,636,053			9,907,253			219,742,881
Shares redeemed		(12,969,434	)		(319,290,120	)		(22,261,110	)		(516,295,668	)
Net increase in shares outstanding		597,918		$	14,940,145			16,315,493		$	385,128,685

41

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

April 30, 2024 (Unaudited)

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.

42

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022B			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	21.84		$	26.85		$	31.19		$	19.76		$	23.13		$	26.14
Income (loss) from investment operations:
Net investment income		0.18			0.31			0.31			0.25			0.26			0.26
Net gains (losses) on investments (both realized and unrealized)		3.84			(1.35	)		(1.25	)		11.40			(3.18	)		(0.25	)
Total income (loss) from investment operations		4.02			(1.04	)		(0.94	)		11.65			(2.92	)		0.01
Less distributions:
Dividends from net investment income		(0.38	)		(0.40	)		(0.24	)		(0.22	)		(0.29	)		(0.18	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)		(2.84	)
Total distributions		(1.23	)		(3.97	)		(3.40	)		(0.22	)		(0.45	)		(3.02	)
Net asset value, end of period	$	24.63		$	21.84		$	26.85		$	31.19		$	19.76		$	23.13
Total returnC		18.35	%D		(4.09	)%		(3.49	)%		59.26	%		(13.00	)%		2.01	%
Ratios and supplemental data:
Net assets, end of period	$	1,995,376,720		$	1,851,818,875		$	2,233,390,067		$	3,380,005,813		$	2,799,722,660		$	4,073,332,655
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.79	%E		0.79	%		0.79	%		0.81	%		0.82	%		0.83	%
Expenses, net of reimbursements and/or recoupments		0.79	%E		0.79	%		0.79	%		0.81	%		0.82	%		0.83	%
Net investment income, before expense reimbursements and/or recoupments		1.38	%E		1.23	%		0.84	%		0.65	%		1.04	%		1.07	%
Net investment income, net of reimbursements and/or recoupments		1.38	%E		1.23	%		0.84	%		0.65	%		1.04	%		1.07	%
Portfolio turnover rate		26	%D		52	%		72	%		48	%		61	%		48	%

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

^B  On February 8, 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

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

^D  Not annualized.

^E  Annualized.

See accompanying notes

43

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022A			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	21.36		$	26.36		$	30.68		$	19.44		$	22.76		$	25.77
Income (loss) from investment operations:
Net investment income		0.16			0.30			0.22			0.16			0.22			0.26
Net gains (losses) on investments (both realized and unrealized)		3.77			(1.34	)		(1.16	)		11.28			(3.11	)		(0.27	)
Total income (loss) from investment operations		3.93			(1.04	)		(0.94	)		11.44			(2.89	)		(0.01	)
Less distributions:
Dividends from net investment income		(0.36	)		(0.39	)		(0.22	)		(0.20	)		(0.27	)		(0.16	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)		(2.84	)
Total distributions		(1.21	)		(3.96	)		(3.38	)		(0.20	)		(0.43	)		(3.00	)
Net asset value, end of period	$	24.08		$	21.36		$	26.36		$	30.68		$	19.44		$	22.76
Total returnB		18.34	%C		(4.19	)%		(3.55	)%		59.15	%		(13.06	)%		1.93	%
Ratios and supplemental data:
Net assets, end of period	$	412,293,184		$	355,150,002		$	427,638,978		$	255,837,301		$	170,726,299		$	254,599,477
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.86	%D		0.86	%		0.86	%		0.89	%		0.89	%		0.90	%
Expenses, net of reimbursements and/or recoupments		0.86	%D		0.86	%		0.86	%		0.89	%		0.89	%		0.90	%
Net investment income, before expense reimbursements and/or recoupments		1.31	%D		1.15	%		0.79	%		0.56	%		0.96	%		1.00	%
Net investment income, net of reimbursements and/or recoupments		1.31	%D		1.15	%		0.79	%		0.56	%		0.96	%		1.00	%
Portfolio turnover rate		26	%C		52	%		72	%		48	%		61	%		48	%

^A  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.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

44

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022A			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	20.57		$	25.51		$	29.78		$	18.88		$	22.12		$	25.12
Income (loss) from investment operations:
Net investment income		0.17			0.18			0.19			0.20			0.21			0.22
Net gains (losses) on investments (both realized and unrealized)		3.58			(1.24	)		(1.17	)		10.85			(3.08	)		(0.29	)
Total income (loss) from investment operations		3.75			(1.06	)		(0.98	)		11.05			(2.87	)		(0.07	)
Less distributions:
Dividends from net investment income		(0.29	)		(0.31	)		(0.13	)		(0.15	)		(0.21	)		(0.09	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)		(2.84	)
Total distributions		(1.14	)		(3.88	)		(3.29	)		(0.15	)		(0.37	)		(2.93	)
Net asset value, end of period	$	23.18		$	20.57		$	25.51		$	29.78		$	18.88		$	22.12
Total returnB		18.17	%C		(4.41	)%		(3.81	)%		58.74	%		(13.30	)%		1.67	%
Ratios and supplemental data:
Net assets, end of period	$	251,675,216		$	252,350,988		$	284,880,016		$	367,726,622		$	302,626,954		$	424,569,237
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.13	%D		1.13	%		1.12	%		1.15	%		1.15	%		1.14	%
Expenses, net of reimbursements and/or recoupments		1.13	%D		1.13	%		1.12	%		1.15	%		1.15	%		1.14	%
Net investment income, before expense reimbursements and/or recoupments		1.05	%D		0.89	%		0.50	%		0.32	%		0.70	%		0.76	%
Net investment income, net of reimbursements and/or recoupments		1.05	%D		0.89	%		0.50	%		0.32	%		0.70	%		0.76	%
Portfolio turnover rate		26	%C		52	%		72	%		48	%		61	%		48	%

^A  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.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

45

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022A			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	20.21		$	25.13		$	29.34		$	18.60		$	21.79		$	24.77
Income (loss) from investment operations:
Net investment income		0.10			0.18			0.06			0.17			0.15			0.14
Net gains (losses) on investments (both realized and unrealized)		3.56			(1.25	)		(1.07	)		10.69			(3.01	)		(0.25	)
Total income (loss) from investment operations		3.66			(1.07	)		(1.01	)		10.86			(2.86	)		(0.11	)
Less distributions:
Dividends from net investment income		(0.25	)		(0.28	)		(0.04	)		(0.12	)		(0.17	)		(0.03	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)		(2.84	)
Total distributions		(1.10	)		(3.85	)		(3.20	)		(0.12	)		(0.33	)		(2.87	)
Net asset value, end of period	$	22.77		$	20.21		$	25.13		$	29.34		$	18.60		$	21.79
Total returnB		18.07	%C		(4.57	)%		(3.96	)%		58.56	%		(13.40	)%		1.48	%
Ratios and supplemental data:
Net assets, end of period	$	22,977,871		$	25,580,739		$	32,662,818		$	32,801,309		$	42,987,242		$	61,618,406
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.28	%D		1.28	%		1.28	%		1.29	%		1.25	%		1.34	%
Expenses, net of reimbursements and/or recoupments		1.28	%D		1.28	%		1.28	%		1.29	%		1.25	%		1.34	%
Net investment income, before expense reimbursements and/or recoupments		0.90	%D		0.75	%		0.36	%		0.20	%		0.60	%		0.56	%
Net investment income, net of reimbursements and/or recoupments		0.90	%D		0.75	%		0.36	%		0.20	%		0.60	%		0.56	%
Portfolio turnover rate		26	%C		52	%		72	%		48	%		61	%		48	%

^A  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.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

46

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022A			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	19.98		$	24.87		$	29.12		$	18.47		$	21.64		$	24.65
Income (loss) from investment operations:
Net investment income		0.15			0.21			0.10			0.06			0.12			0.14
Net gains (losses) on investments (both realized and unrealized)		3.49			(1.26	)		(1.07	)		10.72			(2.95	)		(0.24	)
Total income (loss) from investment operations		3.64			(1.05	)		(0.97	)		10.78			(2.83	)		(0.10	)
Less distributions:
Dividends from net investment income		(0.28	)		(0.27	)		(0.12	)		(0.13	)		(0.18	)		(0.07	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)		(2.84	)
Total distributions		(1.13	)		(3.84	)		(3.28	)		(0.13	)		(0.34	)		(2.91	)
Net asset value, end of period	$	22.49		$	19.98		$	24.87		$	29.12		$	18.47		$	21.64
Total returnB		18.15	%C		(4.50	)%		(3.88	)%		58.57	%		(13.38	)%		1.56	%
Ratios and supplemental data:
Net assets, end of period	$	48,262,527		$	37,440,788		$	48,515,547		$	63,024,594		$	46,067,043		$	63,246,155
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.21	%D		1.21	%		1.21	%		1.24	%		1.26	%		1.26	%
Expenses, net of reimbursements and/or recoupments		1.21	%D		1.21	%		1.21	%		1.24	%		1.26	%		1.26	%
Net investment income, before expense reimbursements and/or recoupments		0.95	%D		0.81	%		0.42	%		0.21	%		0.59	%		0.64	%
Net investment income, net of reimbursements and/or recoupments		0.95	%D		0.81	%		0.42	%		0.21	%		0.59	%		0.64	%
Portfolio turnover rate		26	%C		52	%		72	%		48	%		61	%		48	%

^A  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.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

47

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022A			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	18.44		$	23.27		$	27.51		$	17.47		$	20.51		$	23.60
Income (loss) from investment operations:
Net investment income (loss)		0.03	B		0.02			(0.14	)		(0.22	)		(0.17	)		(0.01	)B
Net gains (losses) on investments (both realized and unrealized)		3.25			(1.14	)		(0.94	)		10.26			(2.66	)		(0.24	)
Total income (loss) from investment operations		3.28			(1.12	)		(1.08	)		10.04			(2.83	)		(0.25	)
Less distributions:
Dividends from net investment income		(0.10	)		(0.14	)		-			-			(0.05	)		-
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)		(2.84	)
Total distributions		(0.95	)		(3.71	)		(3.16	)		-			(0.21	)		(2.84	)
Net asset value, end of period	$	20.77		$	18.44		$	23.27		$	27.51		$	17.47		$	20.51
Total returnC		17.72	%D		(5.23	)%		(4.54	)%		57.47	%		(14.00	)%		0.85	%
Ratios and supplemental data:
Net assets, end of period	$	6,622,967		$	6,883,174		$	8,859,738		$	11,261,210		$	8,057,935		$	12,619,613
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.93	%E		1.93	%		1.93	%		1.95	%		1.96	%		1.95	%
Expenses, net of reimbursements and/or recoupments		1.93	%E		1.93	%		1.93	%		1.95	%		1.96	%		1.95	%F
Net investment income (loss), before expense reimbursements and/or recoupments		0.26	%E		0.09	%		(0.29	)%		(0.50	)%		(0.10	)%		(0.06	)%
Net investment income (loss), net of reimbursements and/or recoupments		0.26	%E		0.09	%		(0.29	)%		(0.50	)%		(0.10	)%		(0.06	)%
Portfolio turnover rate		26	%D		52	%		72	%		48	%		61	%		48	%

^A  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.

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

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

^D  Not annualized.

^E  Annualized.

^F  This ratio does not include a voluntary reimbursement of service fees as included in the prior year.

See accompanying notes

48

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Six Months Ended April 30, 2024			Year Ended October 31,
				2023			2022A			2021			2020			2019
	(unaudited)
Net asset value, beginning of period	$	21.83		$	26.85		$	31.19		$	19.75		$	23.12		$	26.14
Income (loss) from investment operations:
Net investment income		0.18			0.36			0.25			0.19			0.22			0.26
Net gains (losses) on investments (both realized and unrealized)		3.84			(1.40	)		(1.18	)		11.48			(3.14	)		(0.25	)
Total income (loss) from investment operations		4.02			(1.04	)		(0.93	)		11.67			(2.92	)		0.01
Less distributions:
Dividends from net investment income		(0.38	)		(0.41	)		(0.25	)		(0.23	)		(0.29	)		(0.19	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)		(2.84	)
Total distributions		(1.23	)		(3.98	)		(3.41	)		(0.23	)		(0.45	)		(3.03	)
Net asset value, end of period	$	24.62		$	21.83		$	26.85		$	31.19		$	19.75		$	23.12
Total returnB		18.39	%C		(4.09	)%		(3.45	)%		59.38	%		(12.98	)%		2.01	%
Ratios and supplemental data:
Net assets, end of period	$	1,800,381,790		$	1,583,343,034		$	1,509,127,442		$	1,830,192,124		$	1,187,578,766		$	1,308,284,613
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.76	%D		0.76	%		0.77	%		0.79	%		0.79	%		0.80	%
Expenses, net of reimbursements and/or recoupments		0.76	%D		0.76	%		0.77	%		0.79	%		0.79	%		0.80	%
Net investment income, before expense reimbursements and/or recoupments		1.41	%D		1.25	%		0.86	%		0.66	%		1.06	%		1.08	%
Net investment income, net of reimbursements and/or recoupments		1.41	%D		1.25	%		0.86	%		0.66	%		1.06	%		1.08	%
Portfolio turnover rate		26	%C		52	%		72	%		48	%		61	%		48	%

^A  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.

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

^C  Not annualized.

^D  Annualized.

See accompanying notes

49

Disclosure Regarding the Approval of Interim Management and Investment Advisory Agreements (Unaudited)

On December 29, 2023, Resolute Investment Managers, Inc. (“RIM”), the parent company of American Beacon Advisors, Inc. (“Manager”), and certain of its affiliates (collectively, “Resolute”), and their equity owners completed a transaction (“Transaction”) with certain creditors of RIM to strengthen Resolute’s capital structure (the “Closing”). In connection with the Closing, (i) Resolute Investment Holdings, LLC (“RIH”), Resolute Topco, Inc. (“Topco”), which was a wholly-owned subsidiary of RIH prior to the Closing, RIM, and certain of their affiliates, and (ii) the prior owners of approximately 93% of RIH, entered into an exchange agreement with certain creditors of RIM (the “New Ownership Group”) pursuant to which, among other things, new equity interests in Topco were issued to members of the New Ownership Group and the then-existing equity interests in RIH were retired and canceled.

Upon the Closing, the Manager became wholly owned indirectly by the New Ownership Group. This change in control was deemed to constitute an “assignment” under the Investment Company Act of 1940, as amended (“1940 Act”), of the (i) existing management agreement (“Prior Management Agreement”) between the Manager and American Beacon Funds (“Trust”) with respect to the American Beacon Small Cap Value Fund (the “Fund”) and the other series of the Trust (“Other Funds”), and (ii) existing investment advisory agreements (“Prior Investment Advisory Agreement”) among the Manager, each of Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow”), Brandywine Global Investment Management, LLC (“Brandywine”), DePrince, Race, and Zollo, Inc. (“DRZ”), Hotchkis and Wiley Capital Management, LLC (“Hotchkis”) and Newton Investment Management North America, LLC (“Newton”), and the Trust on behalf of the Fund. Barrow, Brandywine, DRZ, Hotchkis and Newton are each referred to herein as a “Sub-Advisor.” As required by the 1940 Act, the Prior Management Agreement and Prior Investment Advisory Agreements (collectively, the “Prior Agreements”) provided for their automatic termination in the event of an assignment.

The Board of Trustees (“Trustees” or “Board”) of the Trust met by videoconference on July 7, 2023, and in-person on July 12, 2023 (“July Meetings”), to, among other matters, consider and approve with respect to the Fund and the Other Funds a new Management Agreement (“New Management Agreement”) and new Investment Advisory Agreements (each, a “New Investment Advisory Agreement”). The Trustees were advised that, following the approval of the New Management Agreement by the Fund’s shareholders, the New Management Agreement and New Investment Advisory Agreement with respect to the Fund (collectively, the “New Agreements”) would replace the Prior Agreements.

As of the Closing, shareholders of the Fund had not yet reached a quorum at their shareholder meeting to take action on the approval of the New Management Agreement. Accordingly, to provide for continuity of management and allow additional time for the Fund to achieve a quorum, at a meeting held by videoconference on December 13, 2023 (“December Meeting”), the Board approved the termination of the Prior Agreements and approved an interim Management Agreement (“Interim Management Agreement”) and interim Investment Advisory Agreements (collectively, with the Interim Management Agreement, the “Interim Agreements”) for the Fund pursuant to Rule 15a-4 under the 1940 Act. Each Interim Agreement became effective upon the Closing and continued in effect until the earlier of (1) May 27, 2024, or (2) approval of the New Management Agreement by the Fund’s shareholders, which was received at a shareholder meeting held on March 14, 2024.

In advance of the December Meeting, the Board requested and received detailed information from the Manager regarding the Transaction, the solicitation of the shareholders of the Fund and the Interim Agreements. At the December Meeting, the Board reviewed materials furnished by the Manager and met with senior representatives of the Manager and the Manager’s proxy solicitation firm. At that time, representatives of the Manager indicated their belief that the shareholders of the Fund would benefit from the Interim Agreements and that those agreements would not adversely affect the continued operation of the Fund, the capabilities of the key personnel of the Manager who currently manage the Fund to continue to provide services to the Fund at the current levels, or the capabilities of each Sub-Advisor to provide the same level of services to the Fund.

In evaluating the Interim Agreements, the Trustees considered that they generally have been satisfied with the nature and quality of the services provided to the Fund by the Manager and each Sub-Advisor, including investment advisory and administrative services, and that the Fund would be best served by an arrangement that

50

Disclosure Regarding the Approval of Interim Management and Investment Advisory Agreements (Unaudited)

appeared likely to maintain the continuity and stability of these services. The Trustees also considered the Manager’s representation that there had been no material changes or developments relating to information provided by the Manager or each Sub-Advisor in connection with the Board’s most recent annual review of the Prior Agreements that had not previously been provided to the Board. The Trustees considered that the terms of each Interim Agreement are substantially identical to the corresponding Prior Agreement, and otherwise meet the requirements of Rule 15a-4. The Trustees further considered that, under the Interim Agreements, there have not been and will not be any changes to the Fund’s investment objectives, policies, principal investment strategies, fee rate schedules or portfolio management by the Manager or a Sub-Advisor.

In light of the process followed by the Board in connection with its consideration of the renewal of the Prior Agreements at meetings held on May 16, 2023 and June 6 and 7, 2023, and the approval of the New Agreements at the July Meetings, the Trustees determined that it was not necessary to repeat certain aspects of those reviews. Based on the considerations described above and the processes undertaken and the considerations weighed by the Board with respect to the renewal of the Prior Agreements and approval of the New Agreements, the Board approved the Interim Agreements at the December Meeting. The factors considered by the Board in connection with the renewal of the Prior Agreements and the Approval of the New Agreements are described in the sections of the Fund’s Annual Report dated October 31, 2023, titled “Disclosure Regarding the Renewal and Approval of Current Management and Investment Advisory Agreements,” and “Disclosure Regarding the Approval of New Management and Investment Advisory Agreements.”

51

American Beacon Funds^SM

Results of Shareholder Meeting (Unaudited)

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the “Trust”) was held on October 27, 2023. The shareholders of the American Beacon Small Cap Value Fund (the “Fund”), a portfolio of the Trust, failed to approve a new management agreement between American Beacon Advisors, Inc. (“American Beacon”) and the Trust, with respect to the Fund. This proposal required a majority of the shareholders of the Fund to achieve a quorum: however, a quorum was not present for the Fund and therefore not enough votes in favor of the proposal. The meeting was adjourned to November 17, 2023, December 8, 2023, January 26, 2024, February 27, 2024, and once again to March 14, 2024. At the meeting on March 14, 2024, a quorum was achieved for the Fund, and the shareholders of the Fund approved a new management agreement between American Beacon and the Trust, with respect to the Fund, that became effective on the same date as a result of the change in control of American Beacon on December 29, 2023. Approval of these proposals required a majority of the outstanding voting securities of the Fund.

The following are the results of the shareholder votes for the proposals:

Fund	For		Against		Abstain		Non-Voting
American Beacon Small Cap Value Fund		76,699,636.85		2,392,069.87		14,305,194.90		97,290,772.33

52

Delivery of Documents

Shareholder reports are available online at www.americanbeaconfunds.com/reports. Please be advised that reports are no longer sent by mail. Instead, the reports are made available online, and you will be notified by mail each time a report is posted online. You will be provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. You can request to continue receiving paper copies by calling 1-866-345-5954, or you may directly inform your financial intermediary. Detailed instructions are also included in your report notifications.

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 and Semi-Annual Report, 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.

To obtain more information about the Fund:

By E-mail:	On the Internet:
american_beacon.funds@ambeacon.com	Visit our website at www.americanbeaconfunds.com
By Telephone: Call (800) 658-5811	By Mail: American Beacon Funds P.O. Box 219643 Kansas City, MO 64121-9643
Availability of Quarterly Portfolio Schedules	Availability of Proxy Voting Policy and Records
In addition to the Schedule of Investments provided in each semi-annual and annual report, the Fund files a complete schedule of its portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-PORT as of the end of each fiscal quarter. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. The Forms N-PORT may also be reviewed and copied at the SEC’s Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling (800)-SEC-0330. A complete schedule of the Fund’s portfolio holdings is also available at www.americanbeaconfunds.com approximately twenty days after the end of each month.	A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available in the Fund’s Statement of Additional Information, is available free of charge on the Fund’s website www.americanbeaconfunds.com and by calling 1-800-967-9009 or by accessing the SEC’s website at www.sec.gov. The Fund’s proxy voting record for the most recent year ended June 30 is filed annually with the SEC on Form N-PX. The Fund’s Forms N-PX are available on the SEC’s website at www.sec.gov. The Fund’s proxy voting record may also be obtained by calling 1-800-967-9009.

Fund Service Providers:

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

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

American Beacon Funds and American Beacon Small Cap Value Fund are service marks of American Beacon Advisors, Inc.

SAR 04/24

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. SCHEDULE OF INVESTMENTS.

(a) The schedules of investments for each series of the Trust are included in the shareholder reports presented in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not Applicable.

ITEM 10. 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 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing of this report as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based upon their review, such officers have concluded that the registrant’s disclosure controls and procedures are effective in ensuring that information required to be disclosed in the report is appropriately recorded, processed, summarized and reported and made know to them by others within the registrant and by the registrant’s service provider.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12 DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 13. EXHIBITS.

(a)(1) Not Applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): American Beacon Funds

By	/s/ Gregory Stumm
	Gregory Stumm
	President
	American Beacon Funds
	Date: July 2, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Gregory Stumm	By	/s/ Sonia L. Bates
	Gregory Stumm		Sonia L. Bates
	President		Chief Accounting Officer and Treasurer
	American Beacon Funds		American Beacon Funds
	Date: July 2, 2024		July 2, 2024