American Beacon Balanced Fund R5 Class (AADBX) N-CSR Certified annual shareholder report (management investment company)

0000809593americanbeacon:BalancedCompositeIndex40BloombergUSAggregateBondIndex60Russell1000ValueIndex6728AdditionalIndexMember2021-07-310000809593americanbeacon:BalancedCompositeIndex40BloombergUSAggregateBondIndex60Russell1000ValueIndex6730AdditionalIndexMember2017-05-310000809593americanbeacon:AMERICANBEACONINDEXRUSSELL1000VALUEINDEX6731AdditionalIndexMember2024-05-310000809593americanbeacon:AMERICANBEACONINDEXRUSSELL1000VALUEINDEX6737AdditionalIndexMember2023-08-310000809593americanbeacon:AMERICANBEACONINDEXSP500TR6763BroadBasedIndexMember2020-08-310000809593americanbeacon:C000004786Member2015-04-300000809593americanbeacon:C000185593Member2016-11-300000809593americanbeacon:C000211731Memberamericanbeacon:AssetUSTreasuryObligationsCTIMember2024-10-310000809593americanbeacon:AMERICANBEACONINDEXMSCIEAFEIndexNet11900BroadBasedIndexMember2023-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4984

AMERICAN BEACON FUNDS

(Exact name of registrant as specified in charter)

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

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

GREGORY J. STUMM, 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: October 31, 2024

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

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

Item 1. Reports to Shareholders

American Beacon

Balanced Fund

Class R5: AADBX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$94	0.84%

How did the Fund perform and what affected its performance?

The R5 Class of the Fund returned 24.37% for the twelve months ended October 31, 2024, compared to the S&P 500 Index return of 38.02%, the Bloomberg U.S. Aggregate Bond Index return of 10.55% and the Balanced Composite Index return of 22.49%.

• Broad market performance rallied during the twelve-month period as central banks cut rates globally and the probability of a soft landing increased.

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

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period. The Fund’s fixed-income holdings contributed negatively to performance during the twelve-month period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R5	S&P 500® Index TR	Bloomberg US Aggregate Bond Index	Balanced Composite Index	Russell 1000® Value Index
10/2014	$250,000	$250,000	$250,000	$250,000	$250,000
11/2014	$253,871	$256,724	$251,773	$253,781	$255,119
12/2014	$253,678	$256,077	$252,009	$254,810	$256,684
01/2015	$250,246	$248,389	$257,293	$250,836	$246,423
02/2015	$258,983	$262,665	$254,874	$257,175	$258,348
03/2015	$256,955	$258,511	$256,058	$255,552	$254,831
04/2015	$259,847	$260,991	$255,139	$256,619	$257,213
05/2015	$260,631	$264,347	$254,525	$258,222	$260,304
06/2015	$255,146	$259,230	$251,749	$254,002	$255,107
07/2015	$256,181	$264,661	$253,499	$255,377	$256,225
08/2015	$245,316	$248,693	$253,135	$246,104	$240,965
09/2015	$238,703	$242,539	$254,847	$242,312	$233,691
10/2015	$249,830	$262,999	$254,890	$253,298	$251,323
11/2015	$250,147	$263,781	$254,216	$253,612	$252,285
12/2015	$243,245	$259,620	$253,395	$250,012	$246,860
01/2016	$235,414	$246,737	$256,882	$243,637	$234,104
02/2016	$234,248	$246,404	$258,704	$244,291	$234,045
03/2016	$245,910	$263,120	$261,078	$255,746	$250,904
04/2016	$250,706	$264,140	$262,080	$259,362	$256,175
05/2016	$250,874	$268,883	$262,147	$261,806	$260,154
06/2016	$249,534	$269,580	$266,857	$265,046	$262,403
07/2016	$256,935	$279,519	$268,545	$270,334	$270,022
08/2016	$260,471	$279,912	$268,237	$271,461	$272,104
09/2016	$260,471	$279,964	$268,080	$271,058	$271,537
10/2016	$258,062	$274,857	$266,030	$267,711	$267,335
11/2016	$270,238	$285,037	$259,737	$274,353	$282,603
12/2016	$273,750	$290,671	$260,103	$278,621	$289,666
01/2017	$275,280	$296,184	$260,614	$280,031	$291,730
02/2017	$281,227	$307,944	$262,365	$286,821	$302,213
03/2017	$280,887	$308,303	$262,228	$285,008	$299,134
04/2017	$282,032	$311,470	$264,251	$285,567	$298,573
05/2017	$282,716	$315,853	$266,285	$286,278	$298,280
06/2017	$287,169	$317,824	$266,017	$288,971	$303,156
07/2017	$289,243	$324,360	$267,162	$291,773	$307,185
08/2017	$287,522	$325,353	$269,559	$290,780	$303,607
09/2017	$296,126	$332,064	$268,275	$295,394	$312,599
10/2017	$298,883	$339,813	$268,430	$296,749	$314,869
11/2017	$302,684	$350,235	$268,086	$302,049	$324,511
12/2017	$307,949	$354,129	$269,316	$305,249	$329,248
01/2018	$318,403	$374,404	$266,214	$310,923	$341,977
02/2018	$305,381	$360,605	$263,691	$300,836	$325,647
03/2018	$301,713	$351,441	$265,382	$298,433	$319,919
04/2018	$304,226	$352,789	$263,408	$298,136	$320,975
05/2018	$306,437	$361,285	$265,288	$300,049	$322,880
06/2018	$307,358	$363,509	$264,962	$300,347	$323,680
07/2018	$316,675	$377,036	$265,025	$307,508	$336,491
08/2018	$318,342	$389,322	$266,730	$311,027	$341,464
09/2018	$318,342	$391,538	$265,012	$310,596	$342,142
10/2018	$301,406	$364,776	$262,918	$299,964	$324,425
11/2018	$303,267	$372,210	$264,488	$306,054	$334,111
12/2018	$283,226	$338,603	$269,347	$290,670	$302,028
01/2019	$304,533	$365,737	$272,207	$305,479	$325,536
02/2019	$310,362	$377,480	$272,049	$311,264	$335,937
03/2019	$312,171	$384,815	$277,273	$314,842	$338,073
04/2019	$321,575	$400,396	$277,344	$321,575	$350,065
05/2019	$307,831	$374,952	$282,267	$311,453	$327,557
06/2019	$324,405	$401,377	$285,812	$326,432	$351,070
07/2019	$326,188	$407,146	$286,441	$328,343	$353,980
08/2019	$322,936	$400,696	$293,863	$325,953	$343,572
09/2019	$329,440	$408,193	$292,298	$332,236	$355,829
10/2019	$334,221	$417,035	$293,178	$335,423	$360,803
11/2019	$340,963	$432,173	$293,029	$341,576	$371,958
12/2019	$347,106	$445,216	$292,825	$347,119	$382,190
01/2020	$340,085	$445,042	$298,460	$345,310	$373,968
02/2020	$321,435	$408,406	$303,832	$327,731	$337,751
03/2020	$279,089	$357,963	$302,044	$293,355	$280,031
04/2020	$300,616	$403,852	$307,413	$315,229	$311,512
05/2020	$309,665	$423,086	$308,844	$322,297	$322,187
06/2020	$312,755	$431,500	$310,790	$321,826	$320,049
07/2020	$320,410	$455,830	$315,432	$331,382	$332,702
08/2020	$327,275	$488,596	$312,886	$338,534	$346,459
09/2020	$319,967	$470,031	$312,714	$333,471	$337,949
10/2020	$320,381	$457,531	$311,318	$330,245	$333,507
11/2020	$357,219	$507,614	$314,373	$358,195	$378,368
12/2020	$369,224	$527,131	$314,806	$366,632	$392,875
01/2021	$366,979	$521,809	$312,549	$363,566	$389,277
02/2021	$386,937	$536,198	$308,035	$374,649	$412,802
03/2021	$400,658	$559,681	$304,189	$386,005	$437,093
04/2021	$412,834	$589,551	$306,592	$396,487	$454,573
05/2021	$420,846	$593,668	$307,594	$402,559	$465,185
06/2021	$418,092	$607,527	$309,755	$400,924	$459,857
07/2021	$417,097	$621,959	$313,218	$404,640	$463,533
08/2021	$421,115	$640,870	$312,622	$409,146	$472,725
09/2021	$413,079	$611,063	$309,915	$399,185	$456,271
10/2021	$428,673	$653,876	$309,830	$411,302	$479,439
11/2021	$416,266	$649,345	$310,747	$403,092	$462,544
12/2021	$430,792	$678,446	$309,951	$417,938	$491,724
01/2022	$428,607	$643,338	$303,274	$408,495	$480,270
02/2022	$424,236	$624,076	$299,890	$403,828	$474,696
03/2022	$423,690	$647,248	$291,559	$406,180	$488,097
04/2022	$399,821	$590,806	$280,495	$386,268	$460,566
05/2022	$412,700	$591,890	$282,303	$391,770	$469,519
06/2022	$383,652	$543,033	$277,875	$368,774	$428,496
07/2022	$404,279	$593,104	$284,664	$387,051	$456,911
08/2022	$394,096	$568,916	$276,621	$375,756	$443,297
09/2022	$362,447	$516,519	$264,669	$349,493	$404,426
10/2022	$389,254	$558,337	$261,241	$369,182	$445,892
11/2022	$409,174	$589,540	$270,848	$388,456	$473,756
12/2022	$398,463	$555,574	$269,626	$378,359	$454,658
01/2023	$420,835	$590,482	$277,921	$394,779	$478,219
02/2023	$407,533	$576,075	$270,735	$382,345	$461,357
03/2023	$404,510	$597,225	$277,613	$385,173	$459,233
04/2023	$409,112	$606,547	$279,295	$389,589	$466,152
05/2023	$398,786	$609,184	$276,254	$378,877	$448,173
06/2023	$416,705	$649,436	$275,269	$393,437	$477,944
07/2023	$431,063	$670,299	$275,077	$401,628	$494,751
08/2023	$423,430	$659,627	$273,320	$394,097	$481,395
09/2023	$410,303	$628,177	$266,374	$380,966	$462,818
10/2023	$400,141	$614,969	$262,171	$370,496	$446,489
11/2023	$425,303	$671,131	$274,043	$393,980	$480,176
12/2023	$447,630	$701,621	$284,534	$413,107	$506,774
01/2024	$449,178	$713,411	$283,752	$412,910	$507,299
02/2024	$455,370	$751,504	$279,743	$419,715	$526,013
03/2024	$474,253	$775,683	$282,326	$433,856	$552,311
04/2024	$457,167	$744,001	$275,195	$418,353	$528,719
05/2024	$470,540	$780,892	$279,861	$429,147	$545,479
06/2024	$470,540	$808,912	$282,510	$428,350	$540,348
07/2024	$486,820	$818,758	$289,109	$445,491	$567,972
08/2024	$495,575	$838,619	$293,263	$455,222	$583,208
09/2024	$501,828	$856,529	$297,190	$461,451	$591,302
10/2024	$497,640	$848,762	$289,820	$453,826	$584,795

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class R5Footnote Reference1	24.37%	8.29%	7.13%
S&P 500® Index TR	38.02%	15.27%	13.00%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.49%
Balanced Composite Index	22.49%	6.23%	6.14%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR and Bloomberg US Aggregate Bond Index are replacing the Balanced Composite Index and the Russell 1000^® Value Index as the broad-based securities market indices to comply with a new regulatory requirement. The Balanced Composite Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$114,132,015
# of Portfolio Holdings	398
Portfolio Turnover Rate	38%
Total Management Fees Paid	$585,364

Asset Allocation - % Investments

Value	Value
Common Stocks	55.4
Corporate Obligations	11.6
U.S. Agency Mortgage-Backed Obligations	10.1
U.S. Treasury Obligations	9.8
Foreign Common Stocks	4.4
Foreign Corporate Obligations	3.6
Investment Companies	2.1
Asset-Backed Obligations	1.0
U.S. Government Agency Obligations	0.8
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Fidelity National Information Services, Inc.	1.6
Comcast Corp., Class A	1.4
Wells Fargo & Co.	1.3
Entergy Corp.	1.2
Bank of America Corp.	1.2
Citigroup, Inc.	1.2
F5, Inc.	1.2
Carnival Corp.	1.2
Elevance Health, Inc.	1.1
Air Products & Chemicals, Inc.	1.1

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.1
Consumer Staples	4.9
Materials	5.0
Communication Services	6.0
Utilities	6.1
Consumer Discretionary	9.8
Industrials	10.2
Information Technology	10.7
Energy	11.8
Health Care	13.1
Financials	20.3

Top Ten Industry Allocations - % Fixed Income

Value	Value
Beverages	1.9
U.S. Government Agency Obligations	2.1
Pharmaceuticals	2.6
Asset-Backed Obligations	2.6
Insurance	3.0
Computers	3.3
Banks	5.4
Electric	5.8
U.S. Treasury Obligations	26.0
U.S. Agency Mortgage-Backed Obligations	26.8

Additional Information 

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

Householding

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

Balanced Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Bal_R5 1024

Class R5: AADBX

American Beacon

Balanced Fund

Investor Class: AABPX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$131	1.17%

How did the Fund perform and what affected its performance?

The Investor Class of the Fund returned 24.01% for the twelve months ended October 31, 2024, compared to the S&P 500 Index return of 38.02%, the Bloomberg U.S. Aggregate Bond Index return of 10.55% and the Balanced Composite Index return of 22.49%.

• Broad market performance rallied during the twelve-month period as central banks cut rates globally and the probability of a soft landing increased.

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

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period. The Fund’s fixed-income holdings contributed negatively to performance during the twelve-month period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Investor	S&P 500® Index TR	Bloomberg US Aggregate Bond Index	Balanced Composite Index	Russell 1000® Value Index
10/2014	$10,000	$10,000	$10,000	$10,000	$10,000
11/2014	$10,157	$10,269	$10,071	$10,151	$10,205
12/2014	$10,142	$10,243	$10,080	$10,192	$10,267
01/2015	$10,004	$9,936	$10,292	$10,033	$9,857
02/2015	$10,348	$10,507	$10,195	$10,287	$10,334
03/2015	$10,266	$10,340	$10,242	$10,222	$10,193
04/2015	$10,378	$10,440	$10,206	$10,265	$10,289
05/2015	$10,405	$10,574	$10,181	$10,329	$10,412
06/2015	$10,178	$10,369	$10,070	$10,160	$10,204
07/2015	$10,223	$10,586	$10,140	$10,215	$10,249
08/2015	$9,786	$9,948	$10,125	$9,844	$9,639
09/2015	$9,522	$9,702	$10,194	$9,692	$9,348
10/2015	$9,965	$10,520	$10,196	$10,132	$10,053
11/2015	$9,972	$10,551	$10,169	$10,144	$10,091
12/2015	$9,694	$10,385	$10,136	$10,000	$9,874
01/2016	$9,377	$9,869	$10,275	$9,745	$9,364
02/2016	$9,326	$9,856	$10,348	$9,772	$9,362
03/2016	$9,790	$10,525	$10,443	$10,230	$10,036
04/2016	$9,980	$10,566	$10,483	$10,374	$10,247
05/2016	$9,980	$10,755	$10,486	$10,472	$10,406
06/2016	$9,929	$10,783	$10,674	$10,602	$10,496
07/2016	$10,215	$11,181	$10,742	$10,813	$10,801
08/2016	$10,349	$11,196	$10,729	$10,858	$10,884
09/2016	$10,341	$11,199	$10,723	$10,842	$10,861
10/2016	$10,248	$10,994	$10,641	$10,708	$10,693
11/2016	$10,727	$11,401	$10,389	$10,974	$11,304
12/2016	$10,859	$11,627	$10,404	$11,145	$11,587
01/2017	$10,926	$11,847	$10,425	$11,201	$11,669
02/2017	$11,152	$12,318	$10,495	$11,473	$12,089
03/2017	$11,137	$12,332	$10,489	$11,400	$11,965
04/2017	$11,179	$12,459	$10,570	$11,423	$11,943
05/2017	$11,202	$12,634	$10,651	$11,451	$11,931
06/2017	$11,376	$12,713	$10,641	$11,559	$12,126
07/2017	$11,459	$12,974	$10,686	$11,671	$12,287
08/2017	$11,383	$13,014	$10,782	$11,631	$12,144
09/2017	$11,725	$13,283	$10,731	$11,816	$12,504
10/2017	$11,839	$13,593	$10,737	$11,870	$12,595
11/2017	$11,984	$14,009	$10,723	$12,082	$12,980
12/2017	$12,185	$14,165	$10,773	$12,210	$13,170
01/2018	$12,601	$14,976	$10,649	$12,437	$13,679
02/2018	$12,079	$14,424	$10,548	$12,033	$13,026
03/2018	$11,932	$14,058	$10,615	$11,937	$12,797
04/2018	$12,027	$14,112	$10,536	$11,925	$12,839
05/2018	$12,117	$14,451	$10,612	$12,002	$12,915
06/2018	$12,142	$14,540	$10,598	$12,014	$12,947
07/2018	$12,511	$15,081	$10,601	$12,300	$13,460
08/2018	$12,585	$15,573	$10,669	$12,441	$13,659
09/2018	$12,585	$15,662	$10,600	$12,424	$13,686
10/2018	$11,913	$14,591	$10,517	$11,999	$12,977
11/2018	$11,987	$14,888	$10,580	$12,242	$13,364
12/2018	$11,187	$13,544	$10,774	$11,627	$12,081
01/2019	$12,026	$14,629	$10,888	$12,219	$13,021
02/2019	$12,252	$15,099	$10,882	$12,451	$13,437
03/2019	$12,324	$15,393	$11,091	$12,594	$13,523
04/2019	$12,691	$16,016	$11,094	$12,863	$14,003
05/2019	$12,147	$14,998	$11,291	$12,458	$13,102
06/2019	$12,800	$16,055	$11,432	$13,057	$14,043
07/2019	$12,860	$16,286	$11,458	$13,134	$14,159
08/2019	$12,723	$16,028	$11,755	$13,038	$13,743
09/2019	$12,988	$16,328	$11,692	$13,289	$14,233
10/2019	$13,164	$16,681	$11,727	$13,417	$14,432
11/2019	$13,430	$17,287	$11,721	$13,663	$14,878
12/2019	$13,659	$17,809	$11,713	$13,885	$15,288
01/2020	$13,380	$17,802	$11,938	$13,812	$14,959
02/2020	$12,654	$16,336	$12,153	$13,109	$13,510
03/2020	$10,983	$14,319	$12,082	$11,734	$11,201
04/2020	$11,827	$16,154	$12,297	$12,609	$12,460
05/2020	$12,168	$16,923	$12,354	$12,892	$12,887
06/2020	$12,298	$17,260	$12,432	$12,873	$12,802
07/2020	$12,595	$18,233	$12,617	$13,255	$13,308
08/2020	$12,866	$19,544	$12,515	$13,541	$13,858
09/2020	$12,565	$18,801	$12,509	$13,339	$13,518
10/2020	$12,583	$18,301	$12,453	$13,210	$13,340
11/2020	$14,021	$20,305	$12,575	$14,328	$15,135
12/2020	$14,494	$21,085	$12,592	$14,665	$15,715
01/2021	$14,391	$20,872	$12,502	$14,543	$15,571
02/2021	$15,174	$21,448	$12,321	$14,986	$16,512
03/2021	$15,715	$22,387	$12,168	$15,440	$17,484
04/2021	$16,185	$23,582	$12,264	$15,859	$18,183
05/2021	$16,497	$23,747	$12,304	$16,102	$18,607
06/2021	$16,393	$24,301	$12,390	$16,037	$18,394
07/2021	$16,347	$24,878	$12,529	$16,186	$18,541
08/2021	$16,498	$25,635	$12,505	$16,366	$18,909
09/2021	$16,173	$24,443	$12,397	$15,967	$18,251
10/2021	$16,776	$26,155	$12,393	$16,452	$19,178
11/2021	$16,297	$25,974	$12,430	$16,124	$18,502
12/2021	$16,862	$27,138	$12,398	$16,718	$19,669
01/2022	$16,772	$25,734	$12,131	$16,340	$19,211
02/2022	$16,593	$24,963	$11,996	$16,153	$18,988
03/2022	$16,568	$25,890	$11,662	$16,247	$19,524
04/2022	$15,630	$23,632	$11,220	$15,451	$18,423
05/2022	$16,130	$23,676	$11,292	$15,671	$18,781
06/2022	$14,989	$21,721	$11,115	$14,751	$17,140
07/2022	$15,786	$23,724	$11,387	$15,482	$18,276
08/2022	$15,400	$22,757	$11,065	$15,030	$17,732
09/2022	$14,151	$20,661	$10,587	$13,980	$16,177
10/2022	$15,199	$22,333	$10,450	$14,767	$17,836
11/2022	$15,976	$23,582	$10,834	$15,538	$18,950
12/2022	$15,540	$22,223	$10,785	$15,134	$18,186
01/2023	$16,419	$23,619	$11,117	$15,791	$19,129
02/2023	$15,886	$23,043	$10,829	$15,294	$18,454
03/2023	$15,771	$23,889	$11,105	$15,407	$18,369
04/2023	$15,950	$24,262	$11,172	$15,584	$18,646
05/2023	$15,544	$24,367	$11,050	$15,155	$17,927
06/2023	$16,239	$25,977	$11,011	$15,737	$19,118
07/2023	$16,783	$26,812	$11,003	$16,065	$19,790
08/2023	$16,492	$26,385	$10,933	$15,764	$19,256
09/2023	$15,968	$25,127	$10,655	$15,239	$18,513
10/2023	$15,574	$24,599	$10,487	$14,820	$17,860
11/2023	$16,555	$26,845	$10,962	$15,759	$19,207
12/2023	$17,415	$28,065	$11,381	$16,524	$20,271
01/2024	$17,474	$28,536	$11,350	$16,516	$20,292
02/2024	$17,711	$30,060	$11,190	$16,789	$21,041
03/2024	$18,435	$31,027	$11,293	$17,354	$22,092
04/2024	$17,770	$29,760	$11,008	$16,734	$21,149
05/2024	$18,290	$31,236	$11,194	$17,166	$21,819
06/2024	$18,290	$32,356	$11,300	$17,134	$21,614
07/2024	$18,922	$32,750	$11,564	$17,820	$22,719
08/2024	$19,251	$33,545	$11,731	$18,209	$23,328
09/2024	$19,475	$34,261	$11,888	$18,458	$23,652
10/2024	$19,314	$33,950	$11,593	$18,153	$23,392

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Investor ClassFootnote Reference1	24.01%	7.97%	6.80%
S&P 500® Index TR	38.02%	15.27%	13.00%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.49%
Balanced Composite Index	22.49%	6.23%	6.14%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR and Bloomberg US Aggregate Bond Index are replacing the Balanced Composite Index and the Russell 1000^® Value Index as the broad-based securities market indices to comply with a new regulatory requirement. The Balanced Composite Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$114,132,015
# of Portfolio Holdings	398
Portfolio Turnover Rate	38%
Total Management Fees Paid	$585,364

Asset Allocation - % Investments

Value	Value
Common Stocks	55.4
Corporate Obligations	11.6
U.S. Agency Mortgage-Backed Obligations	10.1
U.S. Treasury Obligations	9.8
Foreign Common Stocks	4.4
Foreign Corporate Obligations	3.6
Investment Companies	2.1
Asset-Backed Obligations	1.0
U.S. Government Agency Obligations	0.8
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Fidelity National Information Services, Inc.	1.6
Comcast Corp., Class A	1.4
Wells Fargo & Co.	1.3
Entergy Corp.	1.2
Bank of America Corp.	1.2
Citigroup, Inc.	1.2
F5, Inc.	1.2
Carnival Corp.	1.2
Elevance Health, Inc.	1.1
Air Products & Chemicals, Inc.	1.1

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.1
Consumer Staples	4.9
Materials	5.0
Communication Services	6.0
Utilities	6.1
Consumer Discretionary	9.8
Industrials	10.2
Information Technology	10.7
Energy	11.8
Health Care	13.1
Financials	20.3

Top Ten Industry Allocations - % Fixed Income

Value	Value
Beverages	1.9
U.S. Government Agency Obligations	2.1
Pharmaceuticals	2.6
Asset-Backed Obligations	2.6
Insurance	3.0
Computers	3.3
Banks	5.4
Electric	5.8
U.S. Treasury Obligations	26.0
U.S. Agency Mortgage-Backed Obligations	26.8

Additional Information 

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

Householding

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

Balanced Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Bal_Investor 1024

Investor Class: AABPX

American Beacon

Balanced Fund

Class Advisor: ABLSX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$151	1.35%

How did the Fund perform and what affected its performance?

The Advisor Class of the Fund returned 23.74% for the twelve months ended October 31, 2024, compared to the S&P 500 Index return of 38.02%, the Bloomberg U.S. Aggregate Bond Index return of 10.55% and the Balanced Composite Index return of 22.49%.

• Broad market performance rallied during the twelve-month period as central banks cut rates globally and the probability of a soft landing increased.

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

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period. The Fund’s fixed-income holdings contributed negatively to performance during the twelve-month period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Advisor	S&P 500® Index TR	Bloomberg US Aggregate Bond Index	Balanced Composite Index	Russell 1000® Value Index
10/2014	$10,000	$10,000	$10,000	$10,000	$10,000
11/2014	$10,150	$10,269	$10,071	$10,151	$10,205
12/2014	$10,142	$10,243	$10,080	$10,192	$10,267
01/2015	$9,998	$9,936	$10,292	$10,033	$9,857
02/2015	$10,345	$10,507	$10,195	$10,287	$10,334
03/2015	$10,260	$10,340	$10,242	$10,222	$10,193
04/2015	$10,369	$10,440	$10,206	$10,265	$10,289
05/2015	$10,395	$10,574	$10,181	$10,329	$10,412
06/2015	$10,172	$10,369	$10,070	$10,160	$10,204
07/2015	$10,209	$10,586	$10,140	$10,215	$10,249
08/2015	$9,774	$9,948	$10,125	$9,844	$9,639
09/2015	$9,510	$9,702	$10,194	$9,692	$9,348
10/2015	$9,942	$10,520	$10,196	$10,132	$10,053
11/2015	$9,955	$10,551	$10,169	$10,144	$10,091
12/2015	$9,674	$10,385	$10,136	$10,000	$9,874
01/2016	$9,360	$9,869	$10,275	$9,745	$9,364
02/2016	$9,304	$9,856	$10,348	$9,772	$9,362
03/2016	$9,764	$10,525	$10,443	$10,230	$10,036
04/2016	$9,954	$10,566	$10,483	$10,374	$10,247
05/2016	$9,954	$10,755	$10,486	$10,472	$10,406
06/2016	$9,898	$10,783	$10,674	$10,602	$10,496
07/2016	$10,184	$11,181	$10,742	$10,813	$10,801
08/2016	$10,318	$11,196	$10,729	$10,858	$10,884
09/2016	$10,311	$11,199	$10,723	$10,842	$10,861
10/2016	$10,211	$10,994	$10,641	$10,708	$10,693
11/2016	$10,692	$11,401	$10,389	$10,974	$11,304
12/2016	$10,825	$11,627	$10,404	$11,145	$11,587
01/2017	$10,882	$11,847	$10,425	$11,201	$11,669
02/2017	$11,109	$12,318	$10,495	$11,473	$12,089
03/2017	$11,094	$12,332	$10,489	$11,400	$11,965
04/2017	$11,129	$12,459	$10,570	$11,423	$11,943
05/2017	$11,150	$12,634	$10,651	$11,451	$11,931
06/2017	$11,322	$12,713	$10,641	$11,559	$12,126
07/2017	$11,402	$12,974	$10,686	$11,671	$12,287
08/2017	$11,330	$13,014	$10,782	$11,631	$12,144
09/2017	$11,667	$13,283	$10,731	$11,816	$12,504
10/2017	$11,775	$13,593	$10,737	$11,870	$12,595
11/2017	$11,919	$14,009	$10,723	$12,082	$12,980
12/2017	$12,116	$14,165	$10,773	$12,210	$13,170
01/2018	$12,529	$14,976	$10,649	$12,437	$13,679
02/2018	$12,009	$14,424	$10,548	$12,033	$13,026
03/2018	$11,856	$14,058	$10,615	$11,937	$12,797
04/2018	$11,956	$14,112	$10,536	$11,925	$12,839
05/2018	$12,041	$14,451	$10,612	$12,002	$12,915
06/2018	$12,071	$14,540	$10,598	$12,014	$12,947
07/2018	$12,429	$15,081	$10,601	$12,300	$13,460
08/2018	$12,506	$15,573	$10,669	$12,441	$13,659
09/2018	$12,498	$15,662	$10,600	$12,424	$13,686
10/2018	$11,833	$14,591	$10,517	$11,999	$12,977
11/2018	$11,902	$14,888	$10,580	$12,242	$13,364
12/2018	$11,108	$13,544	$10,774	$11,627	$12,081
01/2019	$11,939	$14,629	$10,888	$12,219	$13,021
02/2019	$12,166	$15,099	$10,882	$12,451	$13,437
03/2019	$12,233	$15,393	$11,091	$12,594	$13,523
04/2019	$12,594	$16,016	$11,094	$12,863	$14,003
05/2019	$12,046	$14,998	$11,291	$12,458	$13,102
06/2019	$12,695	$16,055	$11,432	$13,057	$14,043
07/2019	$12,763	$16,286	$11,458	$13,134	$14,159
08/2019	$12,619	$16,028	$11,755	$13,038	$13,743
09/2019	$12,873	$16,328	$11,692	$13,289	$14,233
10/2019	$13,056	$16,681	$11,727	$13,417	$14,432
11/2019	$13,311	$17,287	$11,721	$13,663	$14,878
12/2019	$13,541	$17,809	$11,713	$13,885	$15,288
01/2020	$13,256	$17,802	$11,938	$13,812	$14,959
02/2020	$12,531	$16,336	$12,153	$13,109	$13,510
03/2020	$10,877	$14,319	$12,082	$11,734	$11,201
04/2020	$11,715	$16,154	$12,297	$12,609	$12,460
05/2020	$12,047	$16,923	$12,354	$12,892	$12,887
06/2020	$12,177	$17,260	$12,432	$12,873	$12,802
07/2020	$12,464	$18,233	$12,617	$13,255	$13,308
08/2020	$12,732	$19,544	$12,515	$13,541	$13,858
09/2020	$12,436	$18,801	$12,509	$13,339	$13,518
10/2020	$12,448	$18,301	$12,453	$13,210	$13,340
11/2020	$13,875	$20,305	$12,575	$14,328	$15,135
12/2020	$14,332	$21,085	$12,592	$14,665	$15,715
01/2021	$14,237	$20,872	$12,502	$14,543	$15,571
02/2021	$15,014	$21,448	$12,321	$14,986	$16,512
03/2021	$15,539	$22,387	$12,168	$15,440	$17,484
04/2021	$16,002	$23,582	$12,264	$15,859	$18,183
05/2021	$16,307	$23,747	$12,304	$16,102	$18,607
06/2021	$16,202	$24,301	$12,390	$16,037	$18,394
07/2021	$16,152	$24,878	$12,529	$16,186	$18,541
08/2021	$16,300	$25,635	$12,505	$16,366	$18,909
09/2021	$15,983	$24,443	$12,397	$15,967	$18,251
10/2021	$16,577	$26,155	$12,393	$16,452	$19,178
11/2021	$16,098	$25,974	$12,430	$16,124	$18,502
12/2021	$16,655	$27,138	$12,398	$16,718	$19,669
01/2022	$16,563	$25,734	$12,131	$16,340	$19,211
02/2022	$16,378	$24,963	$11,996	$16,153	$18,988
03/2022	$16,355	$25,890	$11,662	$16,247	$19,524
04/2022	$15,432	$23,632	$11,220	$15,451	$18,423
05/2022	$15,917	$23,676	$11,292	$15,671	$18,781
06/2022	$14,796	$21,721	$11,115	$14,751	$17,140
07/2022	$15,578	$23,724	$11,387	$15,482	$18,276
08/2022	$15,183	$22,757	$11,065	$15,030	$17,732
09/2022	$13,965	$20,661	$10,587	$13,980	$16,177
10/2022	$14,982	$22,333	$10,450	$14,767	$17,836
11/2022	$15,751	$23,582	$10,834	$15,538	$18,950
12/2022	$15,328	$22,223	$10,785	$15,134	$18,186
01/2023	$16,187	$23,619	$11,117	$15,791	$19,129
02/2023	$15,661	$23,043	$10,829	$15,294	$18,454
03/2023	$15,546	$23,889	$11,105	$15,407	$18,369
04/2023	$15,710	$24,262	$11,172	$15,584	$18,646
05/2023	$15,311	$24,367	$11,050	$15,155	$17,927
06/2023	$15,993	$25,977	$11,011	$15,737	$19,118
07/2023	$16,532	$26,812	$11,003	$16,065	$19,790
08/2023	$16,248	$26,385	$10,933	$15,764	$19,256
09/2023	$15,730	$25,127	$10,655	$15,239	$18,513
10/2023	$15,334	$24,599	$10,487	$14,820	$17,860
11/2023	$16,295	$26,845	$10,962	$15,759	$19,207
12/2023	$17,151	$28,065	$11,381	$16,524	$20,271
01/2024	$17,204	$28,536	$11,350	$16,516	$20,292
02/2024	$17,426	$30,060	$11,190	$16,789	$21,041
03/2024	$18,134	$31,027	$11,293	$17,354	$22,092
04/2024	$17,483	$29,760	$11,008	$16,734	$21,149
05/2024	$17,983	$31,236	$11,194	$17,166	$21,819
06/2024	$17,983	$32,356	$11,300	$17,134	$21,614
07/2024	$18,596	$32,750	$11,564	$17,820	$22,719
08/2024	$18,914	$33,545	$11,731	$18,209	$23,328
09/2024	$19,138	$34,261	$11,888	$18,458	$23,652
10/2024	$18,974	$33,950	$11,593	$18,153	$23,392

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Advisor ClassFootnote Reference1	23.74%	7.76%	6.61%
S&P 500® Index TR	38.02%	15.27%	13.00%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.49%
Balanced Composite Index	22.49%	6.23%	6.14%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR and Bloomberg US Aggregate Bond Index are replacing the Balanced Composite Index and the Russell 1000^® Value Index as the broad-based securities market indices to comply with a new regulatory requirement. The Balanced Composite Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$114,132,015
# of Portfolio Holdings	398
Portfolio Turnover Rate	38%
Total Management Fees Paid	$585,364

Asset Allocation - % Investments

Value	Value
Common Stocks	55.4
Corporate Obligations	11.6
U.S. Agency Mortgage-Backed Obligations	10.1
U.S. Treasury Obligations	9.8
Foreign Common Stocks	4.4
Foreign Corporate Obligations	3.6
Investment Companies	2.1
Asset-Backed Obligations	1.0
U.S. Government Agency Obligations	0.8
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Fidelity National Information Services, Inc.	1.6
Comcast Corp., Class A	1.4
Wells Fargo & Co.	1.3
Entergy Corp.	1.2
Bank of America Corp.	1.2
Citigroup, Inc.	1.2
F5, Inc.	1.2
Carnival Corp.	1.2
Elevance Health, Inc.	1.1
Air Products & Chemicals, Inc.	1.1

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.1
Consumer Staples	4.9
Materials	5.0
Communication Services	6.0
Utilities	6.1
Consumer Discretionary	9.8
Industrials	10.2
Information Technology	10.7
Energy	11.8
Health Care	13.1
Financials	20.3

Top Ten Industry Allocations - % Fixed Income

Value	Value
Beverages	1.9
U.S. Government Agency Obligations	2.1
Pharmaceuticals	2.6
Asset-Backed Obligations	2.6
Insurance	3.0
Computers	3.3
Banks	5.4
Electric	5.8
U.S. Treasury Obligations	26.0
U.S. Agency Mortgage-Backed Obligations	26.8

Additional Information 

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

Householding

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

Balanced Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Bal_Advisor 1024

Class Advisor: ABLSX

American Beacon

Balanced Fund

Class Y: ACBYX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$104	0.93%

How did the Fund perform and what affected its performance?

The Y Class of the Fund returned 24.33% for the twelve months ended October 31, 2024, compared to the S&P 500 Index return of 38.02%, the Bloomberg U.S. Aggregate Bond Index return of 10.55% and the Balanced Composite Index return of 22.49%.

• Broad market performance rallied during the twelve-month period as central banks cut rates globally and the probability of a soft landing increased.

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

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period. The Fund’s fixed-income holdings contributed negatively to performance during the twelve-month period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')	Y	S&P 500® Index TR	Bloomberg US Aggregate Bond Index	Balanced Composite Index	Russell 1000® Value Index
10/2014	$100,000	$100,000	$100,000	$100,000	$100,000
11/2014	$101,604	$102,689	$100,709	$101,512	$102,048
12/2014	$101,468	$102,431	$100,804	$101,924	$102,674
01/2015	$100,161	$99,356	$102,917	$100,334	$98,569
02/2015	$103,584	$105,066	$101,950	$102,870	$103,339
03/2015	$102,775	$103,404	$102,423	$102,221	$101,932
04/2015	$103,971	$104,396	$102,056	$102,648	$102,885
05/2015	$104,221	$105,739	$101,810	$103,289	$104,122
06/2015	$102,033	$103,692	$100,700	$101,601	$102,043
07/2015	$102,423	$105,864	$101,400	$102,151	$102,490
08/2015	$98,090	$99,477	$101,254	$98,442	$96,386
09/2015	$95,452	$97,016	$101,939	$96,925	$93,476
10/2015	$99,924	$105,199	$101,956	$101,319	$100,529
11/2015	$99,987	$105,512	$101,687	$101,445	$100,914
12/2015	$97,267	$103,848	$101,358	$100,005	$98,744
01/2016	$94,080	$98,695	$102,753	$97,455	$93,642
02/2016	$93,615	$98,562	$103,482	$97,717	$93,618
03/2016	$98,263	$105,248	$104,431	$102,299	$100,362
04/2016	$100,201	$105,656	$104,832	$103,745	$102,470
05/2016	$100,267	$107,553	$104,859	$104,722	$104,061
06/2016	$99,667	$107,832	$106,743	$106,018	$104,961
07/2016	$102,619	$111,808	$107,418	$108,134	$108,009
08/2016	$103,959	$111,965	$107,295	$108,584	$108,842
09/2016	$103,959	$111,986	$107,232	$108,423	$108,615
10/2016	$102,978	$109,943	$106,412	$107,085	$106,934
11/2016	$107,824	$114,015	$103,895	$109,741	$113,041
12/2016	$109,474	$116,268	$104,041	$111,449	$115,867
01/2017	$110,082	$118,473	$104,246	$112,012	$116,692
02/2017	$112,449	$123,178	$104,946	$114,729	$120,885
03/2017	$112,314	$123,321	$104,891	$114,003	$119,654
04/2017	$112,747	$124,588	$105,701	$114,227	$119,429
05/2017	$112,951	$126,341	$106,514	$114,511	$119,312
06/2017	$114,722	$127,130	$106,407	$115,588	$121,263
07/2017	$115,622	$129,744	$106,865	$116,709	$122,874
08/2017	$114,869	$130,141	$107,823	$116,312	$121,443
09/2017	$118,360	$132,826	$107,310	$118,158	$125,040
10/2017	$119,506	$135,925	$107,372	$118,700	$125,948
11/2017	$121,018	$140,094	$107,234	$120,820	$129,804
12/2017	$123,084	$141,652	$107,726	$122,100	$131,699
01/2018	$127,240	$149,762	$106,486	$124,369	$136,791
02/2018	$121,990	$144,242	$105,476	$120,335	$130,259
03/2018	$120,532	$140,576	$106,153	$119,373	$127,968
04/2018	$121,582	$141,116	$105,363	$119,254	$128,390
05/2018	$122,461	$144,514	$106,115	$120,020	$129,152
06/2018	$122,827	$145,403	$105,985	$120,139	$129,472
07/2018	$126,508	$150,814	$106,010	$123,003	$134,596
08/2018	$127,318	$155,729	$106,692	$124,411	$136,586
09/2018	$127,318	$156,615	$106,005	$124,238	$136,857
10/2018	$120,563	$145,910	$105,167	$119,986	$129,770
11/2018	$121,303	$148,884	$105,795	$122,422	$133,644
12/2018	$113,266	$135,441	$107,739	$116,268	$120,811
01/2019	$121,727	$146,295	$108,883	$122,191	$130,214
02/2019	$124,121	$150,992	$108,820	$124,506	$134,375
03/2019	$124,840	$153,926	$110,909	$125,937	$135,229
04/2019	$128,629	$160,158	$110,938	$128,630	$140,026
05/2019	$123,092	$149,981	$112,907	$124,581	$131,023
06/2019	$129,752	$160,551	$114,325	$130,573	$140,428
07/2019	$130,435	$162,858	$114,576	$131,337	$141,592
08/2019	$129,064	$160,278	$117,545	$130,381	$137,429
09/2019	$131,726	$163,277	$116,919	$132,894	$142,332
10/2019	$133,520	$166,814	$117,271	$134,169	$144,321
11/2019	$136,276	$172,869	$117,212	$136,630	$148,783
12/2019	$138,627	$178,087	$117,130	$138,848	$152,876
01/2020	$135,842	$178,017	$119,384	$138,124	$149,587
02/2020	$128,445	$163,363	$121,533	$131,092	$135,100
03/2020	$111,476	$143,185	$120,818	$117,342	$112,012
04/2020	$120,159	$161,541	$122,965	$126,092	$124,605
05/2020	$123,659	$169,235	$123,538	$128,919	$128,875
06/2020	$124,972	$172,600	$124,316	$128,730	$128,020
07/2020	$127,983	$182,332	$126,173	$132,553	$133,081
08/2020	$130,704	$195,438	$125,154	$135,414	$138,583
09/2020	$127,720	$188,012	$125,086	$133,388	$135,179
10/2020	$127,948	$183,012	$124,527	$132,098	$133,403
11/2020	$142,636	$203,046	$125,749	$143,278	$151,347
12/2020	$147,370	$210,852	$125,922	$146,653	$157,150
01/2021	$146,481	$208,724	$125,020	$145,427	$155,711
02/2021	$154,482	$214,479	$123,214	$149,860	$165,121
03/2021	$159,915	$223,872	$121,676	$154,402	$174,837
04/2021	$164,799	$235,820	$122,637	$158,595	$181,829
05/2021	$167,970	$237,467	$123,038	$161,024	$186,074
06/2021	$166,880	$243,011	$123,902	$160,370	$183,943
07/2021	$166,460	$248,784	$125,287	$161,856	$185,413
08/2021	$168,050	$256,348	$125,049	$163,659	$189,090
09/2021	$164,771	$244,425	$123,966	$159,674	$182,508
10/2021	$171,009	$261,550	$123,932	$164,521	$191,776
11/2021	$166,100	$259,738	$124,299	$161,237	$185,017
12/2021	$171,918	$271,378	$123,981	$167,175	$196,689
01/2022	$171,054	$257,335	$121,310	$163,398	$192,108
02/2022	$169,218	$249,630	$119,956	$161,531	$189,879
03/2022	$169,002	$258,899	$116,624	$162,472	$195,239
04/2022	$159,534	$236,323	$112,198	$154,507	$184,226
05/2022	$164,516	$236,756	$112,921	$156,708	$187,808
06/2022	$153,036	$217,213	$111,150	$147,509	$171,399
07/2022	$161,153	$237,241	$113,866	$154,820	$182,764
08/2022	$157,238	$227,566	$110,648	$150,303	$177,319
09/2022	$144,515	$206,608	$105,868	$139,797	$161,770
10/2022	$155,185	$223,335	$104,496	$147,673	$178,357
11/2022	$163,162	$235,816	$108,339	$155,382	$189,502
12/2022	$158,784	$222,229	$107,851	$151,344	$181,863
01/2023	$167,731	$236,193	$111,168	$157,912	$191,288
02/2023	$162,363	$230,430	$108,294	$152,938	$184,543
03/2023	$161,289	$238,890	$111,045	$154,069	$183,693
04/2023	$163,074	$242,619	$111,718	$155,836	$186,461
05/2023	$158,881	$243,673	$110,502	$151,551	$179,269
06/2023	$166,070	$259,774	$110,108	$157,375	$191,178
07/2023	$171,693	$268,119	$110,031	$160,651	$197,900
08/2023	$168,683	$263,851	$109,328	$157,639	$192,558
09/2023	$163,385	$251,271	$106,550	$152,386	$185,127
10/2023	$159,345	$245,987	$104,868	$148,199	$178,595
11/2023	$169,387	$268,452	$109,617	$157,592	$192,070
12/2023	$178,270	$280,648	$113,813	$165,243	$202,710
01/2024	$179,002	$285,364	$113,501	$165,164	$202,920
02/2024	$181,320	$300,602	$111,897	$167,886	$210,405
03/2024	$188,764	$310,273	$112,931	$173,542	$220,924
04/2024	$182,120	$297,600	$110,078	$167,341	$211,488
05/2024	$187,389	$312,357	$111,944	$171,659	$218,192
06/2024	$187,389	$323,565	$113,004	$171,340	$216,139
07/2024	$193,894	$327,503	$115,644	$178,196	$227,189
08/2024	$197,220	$335,447	$117,305	$182,089	$233,283
09/2024	$199,684	$342,612	$118,876	$184,580	$236,521
10/2024	$198,112	$339,505	$115,928	$181,530	$233,918

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class YFootnote Reference1	24.33%	8.21%	7.08%
S&P 500® Index TR	38.02%	15.27%	13.00%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.49%
Balanced Composite Index	22.49%	6.23%	6.14%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR and Bloomberg US Aggregate Bond Index are replacing the Balanced Composite Index and the Russell 1000^® Value Index as the broad-based securities market indices to comply with a new regulatory requirement. The Balanced Composite Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$114,132,015
# of Portfolio Holdings	398
Portfolio Turnover Rate	38%
Total Management Fees Paid	$585,364

Asset Allocation - % Investments

Value	Value
Common Stocks	55.4
Corporate Obligations	11.6
U.S. Agency Mortgage-Backed Obligations	10.1
U.S. Treasury Obligations	9.8
Foreign Common Stocks	4.4
Foreign Corporate Obligations	3.6
Investment Companies	2.1
Asset-Backed Obligations	1.0
U.S. Government Agency Obligations	0.8
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Fidelity National Information Services, Inc.	1.6
Comcast Corp., Class A	1.4
Wells Fargo & Co.	1.3
Entergy Corp.	1.2
Bank of America Corp.	1.2
Citigroup, Inc.	1.2
F5, Inc.	1.2
Carnival Corp.	1.2
Elevance Health, Inc.	1.1
Air Products & Chemicals, Inc.	1.1

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.1
Consumer Staples	4.9
Materials	5.0
Communication Services	6.0
Utilities	6.1
Consumer Discretionary	9.8
Industrials	10.2
Information Technology	10.7
Energy	11.8
Health Care	13.1
Financials	20.3

Top Ten Industry Allocations - % Fixed Income

Value	Value
Beverages	1.9
U.S. Government Agency Obligations	2.1
Pharmaceuticals	2.6
Asset-Backed Obligations	2.6
Insurance	3.0
Computers	3.3
Banks	5.4
Electric	5.8
U.S. Treasury Obligations	26.0
U.S. Agency Mortgage-Backed Obligations	26.8

Additional Information 

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

Householding

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

Balanced Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Bal_Y 1024

Class Y: ACBYX

American Beacon

Balanced Fund

Class A: ABFAX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$131	1.17%

How did the Fund perform and what affected its performance?

The A Class of the Fund returned 16.86% (with sales charges) and 24.03% (without sales charges) for the twelve months ended October 31, 2024, compared to the S&P 500 Index return of 38.02%, the Bloomberg U.S. Aggregate Bond Index return of 10.55% and the Balanced Composite Index return of 22.49%.

• Broad market performance rallied during the twelve-month period as central banks cut rates globally and the probability of a soft landing increased.

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

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period. The Fund’s fixed-income holdings contributed negatively to performance during the twelve-month period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	A with Sales Charge	S&P 500® Index TR	Bloomberg US Aggregate Bond Index	Balanced Composite Index	Russell 1000® Value Index
10/2014	$9,427	$10,000	$10,000	$10,000	$10,000
11/2014	$9,568	$10,269	$10,071	$10,151	$10,205
12/2014	$9,561	$10,243	$10,080	$10,192	$10,267
01/2015	$9,424	$9,936	$10,292	$10,033	$9,857
02/2015	$9,749	$10,507	$10,195	$10,287	$10,334
03/2015	$9,671	$10,340	$10,242	$10,222	$10,193
04/2015	$9,777	$10,440	$10,206	$10,265	$10,289
05/2015	$9,803	$10,574	$10,181	$10,329	$10,412
06/2015	$9,588	$10,369	$10,070	$10,160	$10,204
07/2015	$9,630	$10,586	$10,140	$10,215	$10,249
08/2015	$9,217	$9,948	$10,125	$9,844	$9,639
09/2015	$8,968	$9,702	$10,194	$9,692	$9,348
10/2015	$9,381	$10,520	$10,196	$10,132	$10,053
11/2015	$9,388	$10,551	$10,169	$10,144	$10,091
12/2015	$9,130	$10,385	$10,136	$10,000	$9,874
01/2016	$8,831	$9,869	$10,275	$9,745	$9,364
02/2016	$8,783	$9,856	$10,348	$9,772	$9,362
03/2016	$9,221	$10,525	$10,443	$10,230	$10,036
04/2016	$9,399	$10,566	$10,483	$10,374	$10,247
05/2016	$9,399	$10,755	$10,486	$10,472	$10,406
06/2016	$9,343	$10,783	$10,674	$10,602	$10,496
07/2016	$9,618	$11,181	$10,742	$10,813	$10,801
08/2016	$9,745	$11,196	$10,729	$10,858	$10,884
09/2016	$9,738	$11,199	$10,723	$10,842	$10,861
10/2016	$9,648	$10,994	$10,641	$10,708	$10,693
11/2016	$10,099	$11,401	$10,389	$10,974	$11,304
12/2016	$10,221	$11,627	$10,404	$11,145	$11,587
01/2017	$10,278	$11,847	$10,425	$11,201	$11,669
02/2017	$10,497	$12,318	$10,495	$11,473	$12,089
03/2017	$10,476	$12,332	$10,489	$11,400	$11,965
04/2017	$10,521	$12,459	$10,570	$11,423	$11,943
05/2017	$10,535	$12,634	$10,651	$11,451	$11,931
06/2017	$10,699	$12,713	$10,641	$11,559	$12,126
07/2017	$10,782	$12,974	$10,686	$11,671	$12,287
08/2017	$10,711	$13,014	$10,782	$11,631	$12,144
09/2017	$11,026	$13,283	$10,731	$11,816	$12,504
10/2017	$11,130	$13,593	$10,737	$11,870	$12,595
11/2017	$11,267	$14,009	$10,723	$12,082	$12,980
12/2017	$11,470	$14,165	$10,773	$12,210	$13,170
01/2018	$11,862	$14,976	$10,649	$12,437	$13,679
02/2018	$11,370	$14,424	$10,548	$12,033	$13,026
03/2018	$11,231	$14,058	$10,615	$11,937	$12,797
04/2018	$11,321	$14,112	$10,536	$11,925	$12,839
05/2018	$11,406	$14,451	$10,612	$12,002	$12,915
06/2018	$11,437	$14,540	$10,598	$12,014	$12,947
07/2018	$11,775	$15,081	$10,601	$12,300	$13,460
08/2018	$11,853	$15,573	$10,669	$12,441	$13,659
09/2018	$11,845	$15,662	$10,600	$12,424	$13,686
10/2018	$11,212	$14,591	$10,517	$11,999	$12,977
11/2018	$11,282	$14,888	$10,580	$12,242	$13,364
12/2018	$10,536	$13,544	$10,774	$11,627	$12,081
01/2019	$11,319	$14,629	$10,888	$12,219	$13,021
02/2019	$11,531	$15,099	$10,882	$12,451	$13,437
03/2019	$11,600	$15,393	$11,091	$12,594	$13,523
04/2019	$11,946	$16,016	$11,094	$12,863	$14,003
05/2019	$11,433	$14,998	$11,291	$12,458	$13,102
06/2019	$12,049	$16,055	$11,432	$13,057	$14,043
07/2019	$12,106	$16,286	$11,458	$13,134	$14,159
08/2019	$11,977	$16,028	$11,755	$13,038	$13,743
09/2019	$12,218	$16,328	$11,692	$13,289	$14,233
10/2019	$12,393	$16,681	$11,727	$13,417	$14,432
11/2019	$12,644	$17,287	$11,721	$13,663	$14,878
12/2019	$12,861	$17,809	$11,713	$13,885	$15,288
01/2020	$12,598	$17,802	$11,938	$13,812	$14,959
02/2020	$11,903	$16,336	$12,153	$13,109	$13,510
03/2020	$10,335	$14,319	$12,082	$11,734	$11,201
04/2020	$11,133	$16,154	$12,297	$12,609	$12,460
05/2020	$11,454	$16,923	$12,354	$12,892	$12,887
06/2020	$11,576	$17,260	$12,432	$12,873	$12,802
07/2020	$11,857	$18,233	$12,617	$13,255	$13,308
08/2020	$12,103	$19,544	$12,515	$13,541	$13,858
09/2020	$11,829	$18,801	$12,509	$13,339	$13,518
10/2020	$11,836	$18,301	$12,453	$13,210	$13,340
11/2020	$13,202	$20,305	$12,575	$14,328	$15,135
12/2020	$13,638	$21,085	$12,592	$14,665	$15,715
01/2021	$13,551	$20,872	$12,502	$14,543	$15,571
02/2021	$14,279	$21,448	$12,321	$14,986	$16,512
03/2021	$14,789	$22,387	$12,168	$15,440	$17,484
04/2021	$15,232	$23,582	$12,264	$15,859	$18,183
05/2021	$15,515	$23,747	$12,304	$16,102	$18,607
06/2021	$15,417	$24,301	$12,390	$16,037	$18,394
07/2021	$15,374	$24,878	$12,529	$16,186	$18,541
08/2021	$15,516	$25,635	$12,505	$16,366	$18,909
09/2021	$15,220	$24,443	$12,397	$15,967	$18,251
10/2021	$15,789	$26,155	$12,393	$16,452	$19,178
11/2021	$15,336	$25,974	$12,430	$16,124	$18,502
12/2021	$15,857	$27,138	$12,398	$16,718	$19,669
01/2022	$15,773	$25,734	$12,131	$16,340	$19,211
02/2022	$15,604	$24,963	$11,996	$16,153	$18,988
03/2022	$15,592	$25,890	$11,662	$16,247	$19,524
04/2022	$14,707	$23,632	$11,220	$15,451	$18,423
05/2022	$15,167	$23,676	$11,292	$15,671	$18,781
06/2022	$14,102	$21,721	$11,115	$14,751	$17,140
07/2022	$14,856	$23,724	$11,387	$15,482	$18,276
08/2022	$14,480	$22,757	$11,065	$15,030	$17,732
09/2022	$13,312	$20,661	$10,587	$13,980	$16,177
10/2022	$14,291	$22,333	$10,450	$14,767	$17,836
11/2022	$15,024	$23,582	$10,834	$15,538	$18,950
12/2022	$14,612	$22,223	$10,785	$15,134	$18,186
01/2023	$15,441	$23,619	$11,117	$15,791	$19,129
02/2023	$14,938	$23,043	$10,829	$15,294	$18,454
03/2023	$14,829	$23,889	$11,105	$15,407	$18,369
04/2023	$14,998	$24,262	$11,172	$15,584	$18,646
05/2023	$14,615	$24,367	$11,050	$15,155	$17,927
06/2023	$15,271	$25,977	$11,011	$15,737	$19,118
07/2023	$15,783	$26,812	$11,003	$16,065	$19,790
08/2023	$15,508	$26,385	$10,933	$15,764	$19,256
09/2023	$15,013	$25,127	$10,655	$15,239	$18,513
10/2023	$14,640	$24,599	$10,487	$14,820	$17,860
11/2023	$15,552	$26,845	$10,962	$15,759	$19,207
12/2023	$16,376	$28,065	$11,381	$16,524	$20,271
01/2024	$16,432	$28,536	$11,350	$16,516	$20,292
02/2024	$16,642	$30,060	$11,190	$16,789	$21,041
03/2024	$17,326	$31,027	$11,293	$17,354	$22,092
04/2024	$16,711	$29,760	$11,008	$16,734	$21,149
05/2024	$17,188	$31,236	$11,194	$17,166	$21,819
06/2024	$17,188	$32,356	$11,300	$17,134	$21,614
07/2024	$17,783	$32,750	$11,564	$17,820	$22,719
08/2024	$18,079	$33,545	$11,731	$18,209	$23,328
09/2024	$18,305	$34,261	$11,888	$18,458	$23,652
10/2024	$18,158	$33,950	$11,593	$18,153	$23,392

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class A without Sales ChargeFootnote Reference1	24.03%	7.94%	6.78%
Class A with Maximum Sales Charge - 5.75%Footnote Reference1	16.86%	6.67%	6.15%
S&P 500® Index TR	38.02%	15.27%	13.00%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.49%
Balanced Composite Index	22.49%	6.23%	6.14%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR and Bloomberg US Aggregate Bond Index are replacing the Balanced Composite Index and the Russell 1000^® Value Index as the broad-based securities market indices to comply with a new regulatory requirement. The Balanced Composite Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$114,132,015
# of Portfolio Holdings	398
Portfolio Turnover Rate	38%
Total Management Fees Paid	$585,364

Asset Allocation - % Investments

Value	Value
Common Stocks	55.4
Corporate Obligations	11.6
U.S. Agency Mortgage-Backed Obligations	10.1
U.S. Treasury Obligations	9.8
Foreign Common Stocks	4.4
Foreign Corporate Obligations	3.6
Investment Companies	2.1
Asset-Backed Obligations	1.0
U.S. Government Agency Obligations	0.8
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Fidelity National Information Services, Inc.	1.6
Comcast Corp., Class A	1.4
Wells Fargo & Co.	1.3
Entergy Corp.	1.2
Bank of America Corp.	1.2
Citigroup, Inc.	1.2
F5, Inc.	1.2
Carnival Corp.	1.2
Elevance Health, Inc.	1.1
Air Products & Chemicals, Inc.	1.1

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.1
Consumer Staples	4.9
Materials	5.0
Communication Services	6.0
Utilities	6.1
Consumer Discretionary	9.8
Industrials	10.2
Information Technology	10.7
Energy	11.8
Health Care	13.1
Financials	20.3

Top Ten Industry Allocations - % Fixed Income

Value	Value
Beverages	1.9
U.S. Government Agency Obligations	2.1
Pharmaceuticals	2.6
Asset-Backed Obligations	2.6
Insurance	3.0
Computers	3.3
Banks	5.4
Electric	5.8
U.S. Treasury Obligations	26.0
U.S. Agency Mortgage-Backed Obligations	26.8

Additional Information 

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

Householding

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

Balanced Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Bal_A 1024

Class A: ABFAX

American Beacon

Balanced Fund

Class C: ABCCX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$216	1.94%

How did the Fund perform and what affected its performance?

The C Class of the Fund returned 22.03% (with sales charges) and 23.03% (without sales charges) for the twelve months ended October 31, 2024, compared to the S&P 500 Index return of 38.02%, the Bloomberg U.S. Aggregate Bond Index return of 10.55% and the Balanced Composite Index return of 22.49%.

• Broad market performance rallied during the twelve-month period as central banks cut rates globally and the probability of a soft landing increased.

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

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period. The Fund’s fixed-income holdings contributed negatively to performance during the twelve-month period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	C with Sales Charge	S&P 500® Index TR	Bloomberg US Aggregate Bond Index	Balanced Composite Index	Russell 1000® Value Index
10/2014	$10,000	$10,000	$10,000	$10,000	$10,000
11/2014	$10,149	$10,269	$10,071	$10,151	$10,205
12/2014	$10,134	$10,243	$10,080	$10,192	$10,267
01/2015	$9,984	$9,936	$10,292	$10,033	$9,857
02/2015	$10,324	$10,507	$10,195	$10,287	$10,334
03/2015	$10,236	$10,340	$10,242	$10,222	$10,193
04/2015	$10,343	$10,440	$10,206	$10,265	$10,289
05/2015	$10,363	$10,574	$10,181	$10,329	$10,412
06/2015	$10,131	$10,369	$10,070	$10,160	$10,204
07/2015	$10,163	$10,586	$10,140	$10,215	$10,249
08/2015	$9,719	$9,948	$10,125	$9,844	$9,639
09/2015	$9,452	$9,702	$10,194	$9,692	$9,348
10/2015	$9,885	$10,520	$10,196	$10,132	$10,053
11/2015	$9,885	$10,551	$10,169	$10,144	$10,091
12/2015	$9,605	$10,385	$10,136	$10,000	$9,874
01/2016	$9,286	$9,869	$10,275	$9,745	$9,364
02/2016	$9,228	$9,856	$10,348	$9,772	$9,362
03/2016	$9,684	$10,525	$10,443	$10,230	$10,036
04/2016	$9,866	$10,566	$10,483	$10,374	$10,247
05/2016	$9,859	$10,755	$10,486	$10,472	$10,406
06/2016	$9,793	$10,783	$10,674	$10,602	$10,496
07/2016	$10,074	$11,181	$10,742	$10,813	$10,801
08/2016	$10,198	$11,196	$10,729	$10,858	$10,884
09/2016	$10,184	$11,199	$10,723	$10,842	$10,861
10/2016	$10,087	$10,994	$10,641	$10,708	$10,693
11/2016	$10,553	$11,401	$10,389	$10,974	$11,304
12/2016	$10,675	$11,627	$10,404	$11,145	$11,587
01/2017	$10,726	$11,847	$10,425	$11,201	$11,669
02/2017	$10,945	$12,318	$10,495	$11,473	$12,089
03/2017	$10,923	$12,332	$10,489	$11,400	$11,965
04/2017	$10,957	$12,459	$10,570	$11,423	$11,943
05/2017	$10,971	$12,634	$10,651	$11,451	$11,931
06/2017	$11,133	$12,713	$10,641	$11,559	$12,126
07/2017	$11,205	$12,974	$10,686	$11,671	$12,287
08/2017	$11,124	$13,014	$10,782	$11,631	$12,144
09/2017	$11,448	$13,283	$10,731	$11,816	$12,504
10/2017	$11,549	$13,593	$10,737	$11,870	$12,595
11/2017	$11,682	$14,009	$10,723	$12,082	$12,980
12/2017	$11,885	$14,165	$10,773	$12,210	$13,170
01/2018	$12,286	$14,976	$10,649	$12,437	$13,679
02/2018	$11,767	$14,424	$10,548	$12,033	$13,026
03/2018	$11,617	$14,058	$10,615	$11,937	$12,797
04/2018	$11,702	$14,112	$10,536	$11,925	$12,839
05/2018	$11,781	$14,451	$10,612	$12,002	$12,915
06/2018	$11,813	$14,540	$10,598	$12,014	$12,947
07/2018	$12,159	$15,081	$10,601	$12,300	$13,460
08/2018	$12,223	$15,573	$10,669	$12,441	$13,659
09/2018	$12,207	$15,662	$10,600	$12,424	$13,686
10/2018	$11,554	$14,591	$10,517	$11,999	$12,977
11/2018	$11,618	$14,888	$10,580	$12,242	$13,364
12/2018	$10,842	$13,544	$10,774	$11,627	$12,081
01/2019	$11,638	$14,629	$10,888	$12,219	$13,021
02/2019	$11,855	$15,099	$10,882	$12,451	$13,437
03/2019	$11,915	$15,393	$11,091	$12,594	$13,523
04/2019	$12,262	$16,016	$11,094	$12,863	$14,003
05/2019	$11,723	$14,998	$11,291	$12,458	$13,102
06/2019	$12,349	$16,055	$11,432	$13,057	$14,043
07/2019	$12,401	$16,286	$11,458	$13,134	$14,159
08/2019	$12,261	$16,028	$11,755	$13,038	$13,743
09/2019	$12,505	$16,328	$11,692	$13,289	$14,233
10/2019	$12,667	$16,681	$11,727	$13,417	$14,432
11/2019	$12,921	$17,287	$11,721	$13,663	$14,878
12/2019	$13,130	$17,809	$11,713	$13,885	$15,288
01/2020	$12,855	$17,802	$11,938	$13,812	$14,959
02/2020	$12,143	$16,336	$12,153	$13,109	$13,510
03/2020	$10,531	$14,319	$12,082	$11,734	$11,201
04/2020	$11,339	$16,154	$12,297	$12,609	$12,460
05/2020	$11,662	$16,923	$12,354	$12,892	$12,887
06/2020	$11,777	$17,260	$12,432	$12,873	$12,802
07/2020	$12,057	$18,233	$12,617	$13,255	$13,308
08/2020	$12,304	$19,544	$12,515	$13,541	$13,858
09/2020	$12,009	$18,801	$12,509	$13,339	$13,518
10/2020	$12,022	$18,301	$12,453	$13,210	$13,340
11/2020	$13,394	$20,305	$12,575	$14,328	$15,135
12/2020	$13,826	$21,085	$12,592	$14,665	$15,715
01/2021	$13,728	$20,872	$12,502	$14,543	$15,571
02/2021	$14,468	$21,448	$12,321	$14,986	$16,512
03/2021	$14,968	$22,387	$12,168	$15,440	$17,484
04/2021	$15,405	$23,582	$12,264	$15,859	$18,183
05/2021	$15,688	$23,747	$12,304	$16,102	$18,607
06/2021	$15,579	$24,301	$12,390	$16,037	$18,394
07/2021	$15,525	$24,878	$12,529	$16,186	$18,541
08/2021	$15,656	$25,635	$12,505	$16,366	$18,909
09/2021	$15,340	$24,443	$12,397	$15,967	$18,251
10/2021	$15,907	$26,155	$12,393	$16,452	$19,178
11/2021	$15,446	$25,974	$12,430	$16,124	$18,502
12/2021	$15,967	$27,138	$12,398	$16,718	$19,669
01/2022	$15,871	$25,734	$12,131	$16,340	$19,211
02/2022	$15,691	$24,963	$11,996	$16,153	$18,988
03/2022	$15,655	$25,890	$11,662	$16,247	$19,524
04/2022	$14,760	$23,632	$11,220	$15,451	$18,423
05/2022	$15,215	$23,676	$11,292	$15,671	$18,781
06/2022	$14,137	$21,721	$11,115	$14,751	$17,140
07/2022	$14,889	$23,724	$11,387	$15,482	$18,276
08/2022	$14,505	$22,757	$11,065	$15,030	$17,732
09/2022	$13,328	$20,661	$10,587	$13,980	$16,177
10/2022	$14,299	$22,333	$10,450	$14,767	$17,836
11/2022	$15,022	$23,582	$10,834	$15,538	$18,950
12/2022	$14,599	$22,223	$10,785	$15,134	$18,186
01/2023	$15,414	$23,619	$11,117	$15,791	$19,129
02/2023	$14,906	$23,043	$10,829	$15,294	$18,454
03/2023	$14,799	$23,889	$11,105	$15,407	$18,369
04/2023	$14,948	$24,262	$11,172	$15,584	$18,646
05/2023	$14,560	$24,367	$11,050	$15,155	$17,927
06/2023	$15,203	$25,977	$11,011	$15,737	$19,118
07/2023	$15,701	$26,812	$11,003	$16,065	$19,790
08/2023	$15,419	$26,385	$10,933	$15,764	$19,256
09/2023	$14,921	$25,127	$10,655	$15,239	$18,513
10/2023	$14,539	$24,599	$10,487	$14,820	$17,860
11/2023	$15,443	$26,845	$10,962	$15,759	$19,207
12/2023	$16,233	$28,065	$11,381	$16,524	$20,271
01/2024	$16,287	$28,536	$11,350	$16,516	$20,292
02/2024	$16,491	$30,060	$11,190	$16,789	$21,041
03/2024	$17,157	$31,027	$11,293	$17,354	$22,092
04/2024	$16,526	$29,760	$11,008	$16,734	$21,149
05/2024	$16,989	$31,236	$11,194	$17,166	$21,819
06/2024	$16,975	$32,356	$11,300	$17,134	$21,614
07/2024	$17,554	$32,750	$11,564	$17,820	$22,719
08/2024	$17,841	$33,545	$11,731	$18,209	$23,328
09/2024	$18,046	$34,261	$11,888	$18,458	$23,652
10/2024	$17,887	$33,950	$11,593	$18,153	$23,392

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class C without Deferred Sales ChargeFootnote Reference1	23.03%	7.15%	5.99%
Class C with Maximum Deferred Sales Charge -1.00%Footnote Reference1	22.03%	7.15%	5.99%
S&P 500® Index TR	38.02%	15.27%	13.00%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.49%
Balanced Composite Index	22.49%	6.23%	6.14%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR and Bloomberg US Aggregate Bond Index are replacing the Balanced Composite Index and the Russell 1000^® Value Index as the broad-based securities market indices to comply with a new regulatory requirement. The Balanced Composite Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$114,132,015
# of Portfolio Holdings	398
Portfolio Turnover Rate	38%
Total Management Fees Paid	$585,364

Asset Allocation - % Investments

Value	Value
Common Stocks	55.4
Corporate Obligations	11.6
U.S. Agency Mortgage-Backed Obligations	10.1
U.S. Treasury Obligations	9.8
Foreign Common Stocks	4.4
Foreign Corporate Obligations	3.6
Investment Companies	2.1
Asset-Backed Obligations	1.0
U.S. Government Agency Obligations	0.8
Foreign Sovereign Obligations	0.6
Securities Lending Collateral	0.3
Commercial Mortgage-Backed Obligations	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Fidelity National Information Services, Inc.	1.6
Comcast Corp., Class A	1.4
Wells Fargo & Co.	1.3
Entergy Corp.	1.2
Bank of America Corp.	1.2
Citigroup, Inc.	1.2
F5, Inc.	1.2
Carnival Corp.	1.2
Elevance Health, Inc.	1.1
Air Products & Chemicals, Inc.	1.1

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	2.1
Consumer Staples	4.9
Materials	5.0
Communication Services	6.0
Utilities	6.1
Consumer Discretionary	9.8
Industrials	10.2
Information Technology	10.7
Energy	11.8
Health Care	13.1
Financials	20.3

Top Ten Industry Allocations - % Fixed Income

Value	Value
Beverages	1.9
U.S. Government Agency Obligations	2.1
Pharmaceuticals	2.6
Asset-Backed Obligations	2.6
Insurance	3.0
Computers	3.3
Banks	5.4
Electric	5.8
U.S. Treasury Obligations	26.0
U.S. Agency Mortgage-Backed Obligations	26.8

Additional Information 

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

Householding

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

Balanced Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Bal_C 1024

Class C: ABCCX

American Beacon

Large Cap Value Fund

Class R5: AADEX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$75	0.65%

How did the Fund perform and what affected its performance?

The R5 Class of the Fund returned 31.97% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 1000^® Value Index return of 30.98%. 

• Broad market performance during the twelve-month period benefited from the loosening of monetary policy as inflation eased, coinciding with the increased prospect of a soft landing.

• The Fund’s strategy of selecting undervalued securities through a bottom-up approach provided strong returns during the period.

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R5	S&P 500® Index TR	Russell 1000® Value Index
10/2014	$250,000	$250,000	$250,000
11/2014	$255,207	$256,724	$255,119
12/2014	$254,587	$256,077	$256,684
01/2015	$244,008	$248,389	$246,423
02/2015	$259,920	$262,665	$258,348
03/2015	$256,073	$258,511	$254,831
04/2015	$261,756	$260,991	$257,213
05/2015	$264,116	$264,347	$260,304
06/2015	$257,821	$259,230	$255,107
07/2015	$258,521	$264,661	$256,225
08/2015	$240,686	$248,693	$240,965
09/2015	$229,932	$242,539	$233,691
10/2015	$248,117	$262,999	$251,323
11/2015	$248,991	$263,781	$252,285
12/2015	$239,208	$259,620	$246,860
01/2016	$224,539	$246,737	$234,104
02/2016	$221,507	$246,404	$234,045
03/2016	$237,545	$263,120	$250,904
04/2016	$244,293	$264,140	$256,175
05/2016	$245,076	$268,883	$260,154
06/2016	$241,359	$269,580	$262,403
07/2016	$250,748	$279,519	$270,022
08/2016	$255,735	$279,912	$272,104
09/2016	$255,246	$279,964	$271,537
10/2016	$252,313	$274,857	$267,335
11/2016	$272,458	$285,037	$282,603
12/2016	$277,432	$290,671	$289,666
01/2017	$279,646	$296,184	$291,730
02/2017	$288,303	$307,944	$302,213
03/2017	$287,599	$308,303	$299,134
04/2017	$288,505	$311,470	$298,573
05/2017	$288,907	$315,853	$298,280
06/2017	$295,853	$317,824	$303,156
07/2017	$298,370	$324,360	$307,185
08/2017	$295,350	$325,353	$303,607
09/2017	$308,134	$332,064	$312,599
10/2017	$311,859	$339,813	$314,869
11/2017	$318,301	$350,235	$324,511
12/2017	$324,808	$354,129	$329,248
01/2018	$342,191	$374,404	$341,977
02/2018	$322,914	$360,605	$325,647
03/2018	$315,782	$351,441	$319,919
04/2018	$319,014	$352,789	$320,975
05/2018	$321,131	$361,285	$322,880
06/2018	$322,802	$363,509	$323,680
07/2018	$337,511	$377,036	$336,491
08/2018	$339,628	$389,322	$341,464
09/2018	$340,296	$391,538	$342,142
10/2018	$316,562	$364,776	$324,425
11/2018	$321,020	$372,210	$334,111
12/2018	$285,874	$338,603	$302,028
01/2019	$314,930	$365,737	$325,536
02/2019	$324,656	$377,480	$335,937
03/2019	$324,533	$384,815	$338,073
04/2019	$340,045	$400,396	$350,065
05/2019	$314,437	$374,952	$327,557
06/2019	$338,445	$401,377	$351,070
07/2019	$341,769	$407,146	$353,980
08/2019	$330,442	$400,696	$343,572
09/2019	$342,384	$408,193	$355,829
10/2019	$348,786	$417,035	$360,803
11/2019	$360,359	$432,173	$371,958
12/2019	$370,683	$445,216	$382,190
01/2020	$357,280	$445,042	$373,968
02/2020	$321,809	$408,406	$337,751
03/2020	$258,855	$357,963	$280,031
04/2020	$289,723	$403,852	$311,512
05/2020	$302,855	$423,086	$322,187
06/2020	$304,345	$431,500	$320,049
07/2020	$314,499	$455,830	$332,702
08/2020	$327,225	$488,596	$346,459
09/2020	$317,206	$470,031	$337,949
10/2020	$316,259	$457,531	$333,507
11/2020	$366,757	$507,614	$378,368
12/2020	$382,783	$527,131	$392,875
01/2021	$379,202	$521,809	$389,277
02/2021	$409,569	$536,198	$412,802
03/2021	$435,420	$559,681	$437,093
04/2021	$454,731	$589,551	$454,573
05/2021	$467,656	$593,668	$465,185
06/2021	$460,648	$607,527	$459,857
07/2021	$460,804	$621,959	$463,533
08/2021	$469,992	$640,870	$472,725
09/2021	$455,509	$611,063	$456,271
10/2021	$482,606	$653,876	$479,439
11/2021	$462,673	$649,345	$462,544
12/2021	$489,891	$678,446	$491,724
01/2022	$486,073	$643,338	$480,270
02/2022	$477,917	$624,076	$474,696
03/2022	$486,767	$647,248	$488,097
04/2022	$455,010	$590,806	$460,566
05/2022	$474,099	$591,890	$469,519
06/2022	$428,633	$543,033	$428,496
07/2022	$458,828	$593,104	$456,911
08/2022	$447,895	$568,916	$443,297
09/2022	$405,379	$516,519	$404,426
10/2022	$454,837	$558,337	$445,892
11/2022	$483,296	$589,540	$473,756
12/2022	$464,060	$555,574	$454,658
01/2023	$492,227	$590,482	$478,219
02/2023	$473,773	$576,075	$461,357
03/2023	$464,060	$597,225	$459,233
04/2023	$471,248	$606,547	$466,152
05/2023	$453,960	$609,184	$448,173
06/2023	$485,234	$649,436	$477,944
07/2023	$507,184	$670,299	$494,751
08/2023	$494,752	$659,627	$481,395
09/2023	$477,464	$628,177	$462,818
10/2023	$464,643	$614,969	$446,489
11/2023	$497,666	$671,131	$480,176
12/2023	$526,422	$701,621	$506,774
01/2024	$529,900	$713,411	$507,299
02/2024	$547,700	$751,504	$526,013
03/2024	$578,184	$775,683	$552,311
04/2024	$554,656	$744,001	$528,719
05/2024	$574,092	$780,892	$545,479
06/2024	$569,387	$808,912	$540,348
07/2024	$596,598	$818,758	$567,972
08/2024	$610,306	$838,619	$583,208
09/2024	$615,216	$856,529	$591,302
10/2024	$613,170	$848,762	$584,795

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class R5Footnote Reference1	31.97%	11.94%	9.39%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 1000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 1000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$3,483,740,480
# of Portfolio Holdings	170
Portfolio Turnover Rate	26%
Total Management Fees Paid	$18,952,178

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Citigroup, Inc.	1.8
Fidelity National Information Services, Inc.	1.8
Comcast Corp., Class A	1.8
Elevance Health, Inc.	1.6
JPMorgan Chase & Co.	1.5
Exxon Mobil Corp.	1.5
Wells Fargo & Co.	1.4
American Express Co.	1.3
Entergy Corp.	1.3
F5, Inc.	1.3

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	89.8
Foreign Common Stocks	6.2
Investment Companies	3.9
Securities Lending Collateral	0.1

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

Sector Allocation - % Equities

Value	Value
Real Estate	2.0
Materials	4.1
Communication Services	4.3
Consumer Staples	6.0
Utilities	6.9
Consumer Discretionary	7.6
Information Technology	9.8
Energy	9.9
Industrials	12.4
Health Care	13.6
Financials	23.4

Additional Information 

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

Householding

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

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

LCV_R5 1024

Class R5: AADEX

American Beacon

Large Cap Value Fund

Investor Class: AAGPX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$109	0.94%

How did the Fund perform and what affected its performance?

The Investor Class of the Fund returned 31.54% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 1000^® Value Index return of 30.98%. 

• Broad market performance during the twelve-month period benefited from the loosening of monetary policy as inflation eased, coinciding with the increased prospect of a soft landing.

• The Fund’s strategy of selecting undervalued securities through a bottom-up approach provided strong returns during the period.

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Investor	S&P 500® Index TR	Russell 1000® Value Index
10/2014	$10,000	$10,000	$10,000
11/2014	$10,203	$10,269	$10,205
12/2014	$10,178	$10,243	$10,267
01/2015	$9,752	$9,936	$9,857
02/2015	$10,386	$10,507	$10,334
03/2015	$10,227	$10,340	$10,193
04/2015	$10,453	$10,440	$10,289
05/2015	$10,542	$10,574	$10,412
06/2015	$10,290	$10,369	$10,204
07/2015	$10,316	$10,586	$10,249
08/2015	$9,600	$9,948	$9,639
09/2015	$9,171	$9,702	$9,348
10/2015	$9,893	$10,520	$10,053
11/2015	$9,923	$10,551	$10,091
12/2015	$9,530	$10,385	$9,874
01/2016	$8,944	$9,869	$9,364
02/2016	$8,820	$9,856	$9,362
03/2016	$9,455	$10,525	$10,036
04/2016	$9,725	$10,566	$10,247
05/2016	$9,750	$10,755	$10,406
06/2016	$9,601	$10,783	$10,496
07/2016	$9,970	$11,181	$10,801
08/2016	$10,166	$11,196	$10,884
09/2016	$10,141	$11,199	$10,861
10/2016	$10,024	$10,994	$10,693
11/2016	$10,822	$11,401	$11,304
12/2016	$11,018	$11,627	$11,587
01/2017	$11,099	$11,847	$11,669
02/2017	$11,441	$12,318	$12,089
03/2017	$11,411	$12,332	$11,965
04/2017	$11,445	$12,459	$11,943
05/2017	$11,458	$12,634	$11,931
06/2017	$11,731	$12,713	$12,126
07/2017	$11,829	$12,974	$12,287
08/2017	$11,701	$13,014	$12,144
09/2017	$12,205	$13,283	$12,504
10/2017	$12,350	$13,593	$12,595
11/2017	$12,602	$14,009	$12,980
12/2017	$12,856	$14,165	$13,170
01/2018	$13,540	$14,976	$13,679
02/2018	$12,776	$14,424	$13,026
03/2018	$12,491	$14,058	$12,797
04/2018	$12,614	$14,112	$12,839
05/2018	$12,690	$14,451	$12,915
06/2018	$12,757	$14,540	$12,947
07/2018	$13,331	$15,081	$13,460
08/2018	$13,412	$15,573	$13,659
09/2018	$13,435	$15,662	$13,686
10/2018	$12,496	$14,591	$12,977
11/2018	$12,666	$14,888	$13,364
12/2018	$11,280	$13,544	$12,081
01/2019	$12,417	$14,629	$13,021
02/2019	$12,801	$15,099	$13,437
03/2019	$12,790	$15,393	$13,523
04/2019	$13,401	$16,016	$14,003
05/2019	$12,385	$14,998	$13,102
06/2019	$13,327	$16,055	$14,043
07/2019	$13,454	$16,286	$14,159
08/2019	$13,006	$16,028	$13,743
09/2019	$13,469	$16,328	$14,233
10/2019	$13,722	$16,681	$14,432
11/2019	$14,169	$17,287	$14,878
12/2019	$14,571	$17,809	$15,288
01/2020	$14,041	$17,802	$14,959
02/2020	$12,645	$16,336	$13,510
03/2020	$10,173	$14,319	$11,201
04/2020	$11,383	$16,154	$12,460
05/2020	$11,889	$16,923	$12,887
06/2020	$11,947	$17,260	$12,802
07/2020	$12,337	$18,233	$13,308
08/2020	$12,837	$19,544	$13,858
09/2020	$12,442	$18,801	$13,518
10/2020	$12,401	$18,301	$13,340
11/2020	$14,379	$20,305	$15,135
12/2020	$14,999	$21,085	$15,715
01/2021	$14,851	$20,872	$15,571
02/2021	$16,041	$21,448	$16,512
03/2021	$17,049	$22,387	$17,484
04/2021	$17,799	$23,582	$18,183
05/2021	$18,300	$23,747	$18,607
06/2021	$18,022	$24,301	$18,394
07/2021	$18,029	$24,878	$18,541
08/2021	$18,381	$25,635	$18,909
09/2021	$17,806	$24,443	$18,251
10/2021	$18,854	$26,155	$19,178
11/2021	$18,070	$25,974	$18,502
12/2021	$19,130	$27,138	$19,669
01/2022	$18,978	$25,734	$19,211
02/2022	$18,651	$24,963	$18,988
03/2022	$18,993	$25,890	$19,524
04/2022	$17,754	$23,632	$18,423
05/2022	$18,491	$23,676	$18,781
06/2022	$16,712	$21,721	$17,140
07/2022	$17,883	$23,724	$18,276
08/2022	$17,450	$22,757	$17,732
09/2022	$15,792	$20,661	$16,177
10/2022	$17,716	$22,333	$17,836
11/2022	$18,818	$23,582	$18,950
12/2022	$18,066	$22,223	$18,186
01/2023	$19,159	$23,619	$19,129
02/2023	$18,436	$23,043	$18,454
03/2023	$18,049	$23,889	$18,369
04/2023	$18,333	$24,262	$18,646
05/2023	$17,653	$24,367	$17,927
06/2023	$18,858	$25,977	$19,118
07/2023	$19,710	$26,812	$19,790
08/2023	$19,220	$26,385	$19,256
09/2023	$18,548	$25,127	$18,513
10/2023	$18,049	$24,599	$17,860
11/2023	$19,323	$26,845	$19,207
12/2023	$20,427	$28,065	$20,271
01/2024	$20,564	$28,536	$20,292
02/2024	$21,247	$30,060	$21,041
03/2024	$22,430	$31,027	$22,092
04/2024	$21,501	$29,760	$21,149
05/2024	$22,248	$31,236	$21,819
06/2024	$22,066	$32,356	$21,614
07/2024	$23,122	$32,750	$22,719
08/2024	$23,641	$33,545	$23,328
09/2024	$23,823	$34,261	$23,652
10/2024	$23,741	$33,950	$23,392

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Investor ClassFootnote Reference1	31.54%	11.59%	9.03%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 1000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 1000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$3,483,740,480
# of Portfolio Holdings	170
Portfolio Turnover Rate	26%
Total Management Fees Paid	$18,952,178

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Citigroup, Inc.	1.8
Fidelity National Information Services, Inc.	1.8
Comcast Corp., Class A	1.8
Elevance Health, Inc.	1.6
JPMorgan Chase & Co.	1.5
Exxon Mobil Corp.	1.5
Wells Fargo & Co.	1.4
American Express Co.	1.3
Entergy Corp.	1.3
F5, Inc.	1.3

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	89.8
Foreign Common Stocks	6.2
Investment Companies	3.9
Securities Lending Collateral	0.1

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

Sector Allocation - % Equities

Value	Value
Real Estate	2.0
Materials	4.1
Communication Services	4.3
Consumer Staples	6.0
Utilities	6.9
Consumer Discretionary	7.6
Information Technology	9.8
Energy	9.9
Industrials	12.4
Health Care	13.6
Financials	23.4

Additional Information 

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

Householding

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

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

LCV_Investor 1024

Investor Class: AAGPX

American Beacon

Large Cap Value Fund

Class Advisor: AVASX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$128	1.11%

How did the Fund perform and what affected its performance?

The Advisor Class of the Fund returned 31.28% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 1000^® Value Index return of 30.98%. 

• Broad market performance during the twelve-month period benefited from the loosening of monetary policy as inflation eased, coinciding with the increased prospect of a soft landing.

• The Fund’s strategy of selecting undervalued securities through a bottom-up approach provided strong returns during the period.

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Advisor	S&P 500® Index TR	Russell 1000® Value Index
10/2014	$10,000	$10,000	$10,000
11/2014	$10,202	$10,269	$10,205
12/2014	$10,177	$10,243	$10,267
01/2015	$9,746	$9,936	$9,857
02/2015	$10,382	$10,507	$10,334
03/2015	$10,222	$10,340	$10,193
04/2015	$10,442	$10,440	$10,289
05/2015	$10,532	$10,574	$10,412
06/2015	$10,278	$10,369	$10,204
07/2015	$10,304	$10,586	$10,249
08/2015	$9,589	$9,948	$9,639
09/2015	$9,155	$9,702	$9,348
10/2015	$9,877	$10,520	$10,053
11/2015	$9,904	$10,551	$10,091
12/2015	$9,515	$10,385	$9,874
01/2016	$8,927	$9,869	$9,364
02/2016	$8,805	$9,856	$9,362
03/2016	$9,435	$10,525	$10,036
04/2016	$9,704	$10,566	$10,247
05/2016	$9,729	$10,755	$10,406
06/2016	$9,578	$10,783	$10,496
07/2016	$9,947	$11,181	$10,801
08/2016	$10,140	$11,196	$10,884
09/2016	$10,115	$11,199	$10,861
10/2016	$9,997	$10,994	$10,693
11/2016	$10,791	$11,401	$11,304
12/2016	$10,983	$11,627	$11,587
01/2017	$11,065	$11,847	$11,669
02/2017	$11,401	$12,318	$12,089
03/2017	$11,371	$12,332	$11,965
04/2017	$11,401	$12,459	$11,943
05/2017	$11,414	$12,634	$11,931
06/2017	$11,685	$12,713	$12,126
07/2017	$11,780	$12,974	$12,287
08/2017	$11,651	$13,014	$12,144
09/2017	$12,155	$13,283	$12,504
10/2017	$12,297	$13,593	$12,595
11/2017	$12,543	$14,009	$12,980
12/2017	$12,798	$14,165	$13,170
01/2018	$13,473	$14,976	$13,679
02/2018	$12,712	$14,424	$13,026
03/2018	$12,425	$14,058	$12,797
04/2018	$12,549	$14,112	$12,839
05/2018	$12,626	$14,451	$12,915
06/2018	$12,688	$14,540	$12,947
07/2018	$13,258	$15,081	$13,460
08/2018	$13,334	$15,573	$13,659
09/2018	$13,358	$15,662	$13,686
10/2018	$12,425	$14,591	$12,977
11/2018	$12,593	$14,888	$13,364
12/2018	$11,210	$13,544	$12,081
01/2019	$12,340	$14,629	$13,021
02/2019	$12,722	$15,099	$13,437
03/2019	$12,706	$15,393	$13,523
04/2019	$13,310	$16,016	$14,003
05/2019	$12,303	$14,998	$13,102
06/2019	$13,241	$16,055	$14,043
07/2019	$13,363	$16,286	$14,159
08/2019	$12,913	$16,028	$13,743
09/2019	$13,374	$16,328	$14,233
10/2019	$13,612	$16,681	$14,432
11/2019	$14,069	$17,287	$14,878
12/2019	$14,462	$17,809	$15,288
01/2020	$13,935	$17,802	$14,959
02/2020	$12,551	$16,336	$13,510
03/2020	$10,089	$14,319	$11,201
04/2020	$11,291	$16,154	$12,460
05/2020	$11,795	$16,923	$12,887
06/2020	$11,853	$17,260	$12,802
07/2020	$12,234	$18,233	$13,308
08/2020	$12,727	$19,544	$13,858
09/2020	$12,334	$18,801	$13,518
10/2020	$12,293	$18,301	$13,340
11/2020	$14,251	$20,305	$15,135
12/2020	$14,871	$21,085	$15,715
01/2021	$14,721	$20,872	$15,571
02/2021	$15,894	$21,448	$16,512
03/2021	$16,891	$22,387	$17,484
04/2021	$17,635	$23,582	$18,183
05/2021	$18,126	$23,747	$18,607
06/2021	$17,853	$24,301	$18,394
07/2021	$17,853	$24,878	$18,541
08/2021	$18,201	$25,635	$18,909
09/2021	$17,628	$24,443	$18,251
10/2021	$18,672	$26,155	$19,178
11/2021	$17,894	$25,974	$18,502
12/2021	$18,942	$27,138	$19,669
01/2022	$18,780	$25,734	$19,211
02/2022	$18,465	$24,963	$18,988
03/2022	$18,796	$25,890	$19,524
04/2022	$17,566	$23,632	$18,423
05/2022	$18,296	$23,676	$18,781
06/2022	$16,529	$21,721	$17,140
07/2022	$17,689	$23,724	$18,276
08/2022	$17,259	$22,757	$17,732
09/2022	$15,614	$20,661	$16,177
10/2022	$17,520	$22,333	$17,836
11/2022	$18,603	$23,582	$18,950
12/2022	$17,859	$22,223	$18,186
01/2023	$18,939	$23,619	$19,129
02/2023	$18,216	$23,043	$18,454
03/2023	$17,833	$23,889	$18,369
04/2023	$18,112	$24,262	$18,646
05/2023	$17,433	$24,367	$17,927
06/2023	$18,626	$25,977	$19,118
07/2023	$19,462	$26,812	$19,790
08/2023	$18,974	$26,385	$19,256
09/2023	$18,312	$25,127	$18,513
10/2023	$17,816	$24,599	$17,860
11/2023	$19,070	$26,845	$19,207
12/2023	$20,157	$28,065	$20,271
01/2024	$20,286	$28,536	$20,292
02/2024	$20,967	$30,060	$21,041
03/2024	$22,118	$31,027	$22,092
04/2024	$21,207	$29,760	$21,149
05/2024	$21,944	$31,236	$21,819
06/2024	$21,759	$32,356	$21,614
07/2024	$22,791	$32,750	$22,719
08/2024	$23,306	$33,545	$23,328
09/2024	$23,481	$34,261	$23,652
10/2024	$23,389	$33,950	$23,392

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Advisor ClassFootnote Reference1	31.28%	11.43%	8.87%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 1000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 1000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$3,483,740,480
# of Portfolio Holdings	170
Portfolio Turnover Rate	26%
Total Management Fees Paid	$18,952,178

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Citigroup, Inc.	1.8
Fidelity National Information Services, Inc.	1.8
Comcast Corp., Class A	1.8
Elevance Health, Inc.	1.6
JPMorgan Chase & Co.	1.5
Exxon Mobil Corp.	1.5
Wells Fargo & Co.	1.4
American Express Co.	1.3
Entergy Corp.	1.3
F5, Inc.	1.3

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	89.8
Foreign Common Stocks	6.2
Investment Companies	3.9
Securities Lending Collateral	0.1

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

Sector Allocation - % Equities

Value	Value
Real Estate	2.0
Materials	4.1
Communication Services	4.3
Consumer Staples	6.0
Utilities	6.9
Consumer Discretionary	7.6
Information Technology	9.8
Energy	9.9
Industrials	12.4
Health Care	13.6
Financials	23.4

Additional Information 

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

Householding

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

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

LCV_Advisor 1024

Class Advisor: AVASX

American Beacon

Large Cap Value Fund

Class Y: ABLYX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$83	0.72%

How did the Fund perform and what affected its performance?

The Y Class of the Fund returned 31.84% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 1000^® Value Index return of 30.98%. 

• Broad market performance during the twelve-month period benefited from the loosening of monetary policy as inflation eased, coinciding with the increased prospect of a soft landing.

• The Fund’s strategy of selecting undervalued securities through a bottom-up approach provided strong returns during the period.

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')	Y	S&P 500® Index TR	Russell 1000® Value Index
10/2014	$100,000	$100,000	$100,000
11/2014	$102,094	$102,689	$102,048
12/2014	$101,836	$102,431	$102,674
01/2015	$97,616	$99,356	$98,569
02/2015	$103,981	$105,066	$103,339
03/2015	$102,399	$103,404	$101,932
04/2015	$104,684	$104,396	$102,885
05/2015	$105,599	$105,739	$104,122
06/2015	$103,067	$103,692	$102,043
07/2015	$103,348	$105,864	$102,490
08/2015	$96,245	$99,477	$96,386
09/2015	$91,920	$97,016	$93,476
10/2015	$99,199	$105,199	$100,529
11/2015	$99,515	$105,512	$100,914
12/2015	$95,610	$103,848	$98,744
01/2016	$89,753	$98,695	$93,642
02/2016	$88,534	$98,562	$93,618
03/2016	$94,903	$105,248	$100,362
04/2016	$97,615	$105,656	$102,470
05/2016	$97,930	$107,553	$104,061
06/2016	$96,436	$107,832	$104,961
07/2016	$100,171	$111,808	$108,009
08/2016	$102,176	$111,965	$108,842
09/2016	$101,940	$111,986	$108,615
10/2016	$100,800	$109,943	$106,934
11/2016	$108,820	$114,015	$113,041
12/2016	$110,824	$116,268	$115,867
01/2017	$111,674	$118,473	$116,692
02/2017	$115,152	$123,178	$120,885
03/2017	$114,869	$123,321	$119,654
04/2017	$115,192	$124,588	$119,429
05/2017	$115,354	$126,341	$119,312
06/2017	$118,145	$127,130	$121,263
07/2017	$119,156	$129,744	$122,874
08/2017	$117,902	$130,141	$121,443
09/2017	$122,958	$132,826	$125,040
10/2017	$124,495	$135,925	$125,948
11/2017	$127,043	$140,094	$129,804
12/2017	$129,671	$141,652	$131,699
01/2018	$136,566	$149,762	$136,791
02/2018	$128,865	$144,242	$130,259
03/2018	$126,044	$140,576	$127,968
04/2018	$127,343	$141,116	$128,390
05/2018	$128,149	$144,514	$129,152
06/2018	$128,820	$145,403	$129,472
07/2018	$134,641	$150,814	$134,596
08/2018	$135,492	$155,729	$136,586
09/2018	$135,760	$156,615	$136,857
10/2018	$126,268	$145,910	$129,770
11/2018	$128,059	$148,884	$133,644
12/2018	$113,988	$135,441	$120,811
01/2019	$125,560	$146,295	$130,214
02/2019	$129,466	$150,992	$134,375
03/2019	$129,368	$153,926	$135,229
04/2019	$135,599	$160,158	$140,026
05/2019	$125,362	$149,981	$131,023
06/2019	$134,906	$160,551	$140,428
07/2019	$136,241	$162,858	$141,592
08/2019	$131,692	$160,278	$137,429
09/2019	$136,439	$163,277	$142,332
10/2019	$138,961	$166,814	$144,321
11/2019	$143,610	$172,869	$148,783
12/2019	$147,724	$178,087	$152,876
01/2020	$142,394	$178,017	$149,587
02/2020	$128,253	$163,363	$135,100
03/2020	$103,179	$143,185	$112,012
04/2020	$115,471	$161,541	$124,605
05/2020	$120,638	$169,235	$128,875
06/2020	$121,291	$172,600	$128,020
07/2020	$125,261	$182,332	$133,081
08/2020	$130,319	$195,438	$138,583
09/2020	$126,349	$188,012	$135,179
10/2020	$125,968	$183,012	$133,403
11/2020	$146,038	$203,046	$151,347
12/2020	$152,435	$210,852	$157,150
01/2021	$150,996	$208,724	$155,711
02/2021	$163,078	$214,479	$165,121
03/2021	$173,344	$223,872	$174,837
04/2021	$181,045	$235,820	$181,829
05/2021	$186,178	$237,467	$186,074
06/2021	$183,423	$243,011	$183,943
07/2021	$183,486	$248,784	$185,413
08/2021	$187,117	$256,348	$189,090
09/2021	$181,295	$244,425	$182,508
10/2021	$192,062	$261,550	$191,776
11/2021	$184,112	$259,738	$185,017
12/2021	$194,938	$271,378	$196,689
01/2022	$193,403	$257,335	$192,108
02/2022	$190,192	$249,630	$189,879
03/2022	$193,682	$258,899	$195,239
04/2022	$181,049	$236,323	$184,226
05/2022	$188,656	$236,756	$187,808
06/2022	$170,510	$217,213	$171,399
07/2022	$182,515	$237,241	$182,764
08/2022	$178,117	$227,566	$177,319
09/2022	$161,227	$206,608	$161,770
10/2022	$180,909	$223,335	$178,357
11/2022	$192,216	$235,816	$189,502
12/2022	$184,539	$222,229	$181,863
01/2023	$195,794	$236,193	$191,288
02/2023	$188,369	$230,430	$184,543
03/2023	$184,539	$238,890	$183,693
04/2023	$187,431	$242,619	$186,461
05/2023	$180,475	$243,673	$179,269
06/2023	$192,902	$259,774	$191,178
07/2023	$201,656	$268,119	$197,900
08/2023	$196,654	$263,851	$192,558
09/2023	$189,776	$251,271	$185,127
10/2023	$184,695	$245,987	$178,595
11/2023	$197,826	$268,452	$192,070
12/2023	$209,174	$280,648	$202,710
01/2024	$210,574	$285,364	$202,920
02/2024	$217,653	$300,602	$210,405
03/2024	$229,754	$310,273	$220,924
04/2024	$220,370	$297,600	$211,488
05/2024	$228,108	$312,357	$218,192
06/2024	$226,214	$323,565	$216,139
07/2024	$237,081	$327,503	$227,189
08/2024	$242,514	$335,447	$233,283
09/2024	$244,407	$342,612	$236,521
10/2024	$243,502	$339,505	$233,918

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class YFootnote Reference1	31.84%	11.87%	9.31%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 1000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 1000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$3,483,740,480
# of Portfolio Holdings	170
Portfolio Turnover Rate	26%
Total Management Fees Paid	$18,952,178

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Citigroup, Inc.	1.8
Fidelity National Information Services, Inc.	1.8
Comcast Corp., Class A	1.8
Elevance Health, Inc.	1.6
JPMorgan Chase & Co.	1.5
Exxon Mobil Corp.	1.5
Wells Fargo & Co.	1.4
American Express Co.	1.3
Entergy Corp.	1.3
F5, Inc.	1.3

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	89.8
Foreign Common Stocks	6.2
Investment Companies	3.9
Securities Lending Collateral	0.1

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

Sector Allocation - % Equities

Value	Value
Real Estate	2.0
Materials	4.1
Communication Services	4.3
Consumer Staples	6.0
Utilities	6.9
Consumer Discretionary	7.6
Information Technology	9.8
Energy	9.9
Industrials	12.4
Health Care	13.6
Financials	23.4

Additional Information 

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

Householding

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

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

LCV_Y 1024

Class Y: ABLYX

American Beacon

Large Cap Value Fund

Class A: ALVAX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$116	1.00%

How did the Fund perform and what affected its performance?

The A Class of the Fund returned 23.96% (with sales charges) and 31.53% (without sales charges) for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 1000^® Value Index return of 30.98%. 

• Broad market performance during the twelve-month period benefited from the loosening of monetary policy as inflation eased, coinciding with the increased prospect of a soft landing.

• The Fund’s strategy of selecting undervalued securities through a bottom-up approach provided strong returns during the period.

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	A with Sales Charge	S&P 500® Index TR	Russell 1000® Value Index
10/2014	$9,426	$10,000	$10,000
11/2014	$9,618	$10,269	$10,205
12/2014	$9,592	$10,243	$10,267
01/2015	$9,192	$9,936	$9,857
02/2015	$9,789	$10,507	$10,334
03/2015	$9,638	$10,340	$10,193
04/2015	$9,849	$10,440	$10,289
05/2015	$9,933	$10,574	$10,412
06/2015	$9,694	$10,369	$10,204
07/2015	$9,719	$10,586	$10,249
08/2015	$9,044	$9,948	$9,639
09/2015	$8,640	$9,702	$9,348
10/2015	$9,318	$10,520	$10,053
11/2015	$9,346	$10,551	$10,091
12/2015	$8,976	$10,385	$9,874
01/2016	$8,423	$9,869	$9,364
02/2016	$8,309	$9,856	$9,362
03/2016	$8,905	$10,525	$10,036
04/2016	$9,158	$10,566	$10,247
05/2016	$9,182	$10,755	$10,406
06/2016	$9,043	$10,783	$10,496
07/2016	$9,391	$11,181	$10,801
08/2016	$9,573	$11,196	$10,884
09/2016	$9,553	$11,199	$10,861
10/2016	$9,442	$10,994	$10,693
11/2016	$10,189	$11,401	$11,304
12/2016	$10,375	$11,627	$11,587
01/2017	$10,452	$11,847	$11,669
02/2017	$10,773	$12,318	$12,089
03/2017	$10,745	$12,332	$11,965
04/2017	$10,773	$12,459	$11,943
05/2017	$10,785	$12,634	$11,931
06/2017	$11,041	$12,713	$12,126
07/2017	$11,135	$12,974	$12,287
08/2017	$11,013	$13,014	$12,144
09/2017	$11,488	$13,283	$12,504
10/2017	$11,622	$13,593	$12,595
11/2017	$11,858	$14,009	$12,980
12/2017	$12,104	$14,165	$13,170
01/2018	$12,746	$14,976	$13,679
02/2018	$12,027	$14,424	$13,026
03/2018	$11,755	$14,058	$12,797
04/2018	$11,873	$14,112	$12,839
05/2018	$11,945	$14,451	$12,915
06/2018	$12,009	$14,540	$12,947
07/2018	$12,551	$15,081	$13,460
08/2018	$12,624	$15,573	$13,659
09/2018	$12,646	$15,662	$13,686
10/2018	$11,764	$14,591	$12,977
11/2018	$11,923	$14,888	$13,364
12/2018	$10,615	$13,544	$12,081
01/2019	$11,691	$14,629	$13,021
02/2019	$12,048	$15,099	$13,437
03/2019	$12,038	$15,393	$13,523
04/2019	$12,611	$16,016	$14,003
05/2019	$11,656	$14,998	$13,102
06/2019	$12,546	$16,055	$14,043
07/2019	$12,661	$16,286	$14,159
08/2019	$12,239	$16,028	$13,743
09/2019	$12,676	$16,328	$14,233
10/2019	$12,903	$16,681	$14,432
11/2019	$13,330	$17,287	$14,878
12/2019	$13,710	$17,809	$15,288
01/2020	$13,210	$17,802	$14,959
02/2020	$11,897	$16,336	$13,510
03/2020	$9,567	$14,319	$11,201
04/2020	$10,701	$16,154	$12,460
05/2020	$11,185	$16,923	$12,887
06/2020	$11,235	$17,260	$12,802
07/2020	$11,602	$18,233	$13,308
08/2020	$12,070	$19,544	$13,858
09/2020	$11,697	$18,801	$13,518
10/2020	$11,658	$18,301	$13,340
11/2020	$13,516	$20,305	$15,135
12/2020	$14,108	$21,085	$15,715
01/2021	$13,966	$20,872	$15,571
02/2021	$15,087	$21,448	$16,512
03/2021	$16,026	$22,387	$17,484
04/2021	$16,733	$23,582	$18,183
05/2021	$17,199	$23,747	$18,607
06/2021	$16,947	$24,301	$18,394
07/2021	$16,947	$24,878	$18,541
08/2021	$17,277	$25,635	$18,909
09/2021	$16,746	$24,443	$18,251
10/2021	$17,737	$26,155	$19,178
11/2021	$17,005	$25,974	$18,502
12/2021	$18,000	$27,138	$19,669
01/2022	$17,854	$25,734	$19,211
02/2022	$17,547	$24,963	$18,988
03/2022	$17,876	$25,890	$19,524
04/2022	$16,708	$23,632	$18,423
05/2022	$17,402	$23,676	$18,781
06/2022	$15,723	$21,721	$17,140
07/2022	$16,832	$23,724	$18,276
08/2022	$16,424	$22,757	$17,732
09/2022	$14,870	$20,661	$16,177
10/2022	$16,679	$22,333	$17,836
11/2022	$17,715	$23,582	$18,950
12/2022	$17,003	$22,223	$18,186
01/2023	$18,031	$23,619	$19,129
02/2023	$17,351	$23,043	$18,454
03/2023	$16,986	$23,889	$18,369
04/2023	$17,252	$24,262	$18,646
05/2023	$16,605	$24,367	$17,927
06/2023	$17,741	$25,977	$19,118
07/2023	$18,546	$26,812	$19,790
08/2023	$18,081	$26,385	$19,256
09/2023	$17,451	$25,127	$18,513
10/2023	$16,978	$24,599	$17,860
11/2023	$18,181	$26,845	$19,207
12/2023	$19,222	$28,065	$20,271
01/2024	$19,345	$28,536	$20,292
02/2024	$19,995	$30,060	$21,041
03/2024	$21,101	$31,027	$22,092
04/2024	$20,232	$29,760	$21,149
05/2024	$20,934	$31,236	$21,819
06/2024	$20,759	$32,356	$21,614
07/2024	$21,751	$32,750	$22,719
08/2024	$22,243	$33,545	$23,328
09/2024	$22,410	$34,261	$23,652
10/2024	$22,330	$33,950	$23,392

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class A without Sales ChargeFootnote Reference1	31.53%	11.59%	9.01%
Class A with Maximum Sales Charge - 5.75%Footnote Reference1	23.96%	10.28%	8.37%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 1000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 1000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$3,483,740,480
# of Portfolio Holdings	170
Portfolio Turnover Rate	26%
Total Management Fees Paid	$18,952,178

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Citigroup, Inc.	1.8
Fidelity National Information Services, Inc.	1.8
Comcast Corp., Class A	1.8
Elevance Health, Inc.	1.6
JPMorgan Chase & Co.	1.5
Exxon Mobil Corp.	1.5
Wells Fargo & Co.	1.4
American Express Co.	1.3
Entergy Corp.	1.3
F5, Inc.	1.3

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	89.8
Foreign Common Stocks	6.2
Investment Companies	3.9
Securities Lending Collateral	0.1

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

Sector Allocation - % Equities

Value	Value
Real Estate	2.0
Materials	4.1
Communication Services	4.3
Consumer Staples	6.0
Utilities	6.9
Consumer Discretionary	7.6
Information Technology	9.8
Energy	9.9
Industrials	12.4
Health Care	13.6
Financials	23.4

Additional Information 

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

Householding

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

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

LCV_A 1024

Class A: ALVAX

American Beacon

Large Cap Value Fund

Class C: ALVCX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$198	1.72%

How did the Fund perform and what affected its performance?

The C Class of the Fund returned 29.51% (with sales charges) and 30.51% (without sales charges) for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 1000^® Value Index return of 30.98%. 

• Broad market performance during the twelve-month period benefited from the loosening of monetary policy as inflation eased, coinciding with the increased prospect of a soft landing.

• The Fund’s strategy of selecting undervalued securities through a bottom-up approach provided strong returns during the period.

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	C with Sales Charge	S&P 500® Index TR	Russell 1000® Value Index
10/2014	$10,000	$10,000	$10,000
11/2014	$10,200	$10,269	$10,205
12/2014	$10,166	$10,243	$10,267
01/2015	$9,735	$9,936	$9,857
02/2015	$10,361	$10,507	$10,334
03/2015	$10,196	$10,340	$10,193
04/2015	$10,414	$10,440	$10,289
05/2015	$10,496	$10,574	$10,412
06/2015	$10,238	$10,369	$10,204
07/2015	$10,256	$10,586	$10,249
08/2015	$9,540	$9,948	$9,639
09/2015	$9,105	$9,702	$9,348
10/2015	$9,817	$10,520	$10,053
11/2015	$9,840	$10,551	$10,091
12/2015	$9,444	$10,385	$9,874
01/2016	$8,858	$9,869	$9,364
02/2016	$8,733	$9,856	$9,362
03/2016	$9,352	$10,525	$10,036
04/2016	$9,612	$10,566	$10,247
05/2016	$9,629	$10,755	$10,406
06/2016	$9,478	$10,783	$10,496
07/2016	$9,838	$11,181	$10,801
08/2016	$10,022	$11,196	$10,884
09/2016	$9,993	$11,199	$10,861
10/2016	$9,867	$10,994	$10,693
11/2016	$10,646	$11,401	$11,304
12/2016	$10,831	$11,627	$11,587
01/2017	$10,908	$11,847	$11,669
02/2017	$11,232	$12,318	$12,089
03/2017	$11,198	$12,332	$11,965
04/2017	$11,219	$12,459	$11,943
05/2017	$11,228	$12,634	$11,931
06/2017	$11,484	$12,713	$12,126
07/2017	$11,573	$12,974	$12,287
08/2017	$11,445	$13,014	$12,144
09/2017	$11,932	$13,283	$12,504
10/2017	$12,064	$13,593	$12,595
11/2017	$12,299	$14,009	$12,980
12/2017	$12,553	$14,165	$13,170
01/2018	$13,213	$14,976	$13,679
02/2018	$12,458	$14,424	$13,026
03/2018	$12,175	$14,058	$12,797
04/2018	$12,288	$14,112	$12,839
05/2018	$12,359	$14,451	$12,915
06/2018	$12,416	$14,540	$12,947
07/2018	$12,968	$15,081	$13,460
08/2018	$13,034	$15,573	$13,659
09/2018	$13,053	$15,662	$13,686
10/2018	$12,133	$14,591	$12,977
11/2018	$12,288	$14,888	$13,364
12/2018	$10,936	$13,544	$12,081
01/2019	$12,032	$14,629	$13,021
02/2019	$12,396	$15,099	$13,437
03/2019	$12,375	$15,393	$13,523
04/2019	$12,963	$16,016	$14,003
05/2019	$11,975	$14,998	$13,102
06/2019	$12,874	$16,055	$14,043
07/2019	$12,994	$16,286	$14,159
08/2019	$12,547	$16,028	$13,743
09/2019	$12,989	$16,328	$14,233
10/2019	$13,217	$16,681	$14,432
11/2019	$13,649	$17,287	$14,878
12/2019	$14,029	$17,809	$15,288
01/2020	$13,509	$17,802	$14,959
02/2020	$12,159	$16,336	$13,510
03/2020	$9,774	$14,319	$11,201
04/2020	$10,929	$16,154	$12,460
05/2020	$11,410	$16,923	$12,887
06/2020	$11,461	$17,260	$12,802
07/2020	$11,827	$18,233	$13,308
08/2020	$12,296	$19,544	$13,858
09/2020	$11,913	$18,801	$13,518
10/2020	$11,862	$18,301	$13,340
11/2020	$13,749	$20,305	$15,135
12/2020	$14,336	$21,085	$15,715
01/2021	$14,184	$20,872	$15,571
02/2021	$15,316	$21,448	$16,512
03/2021	$16,262	$22,387	$17,484
04/2021	$16,971	$23,582	$18,183
05/2021	$17,434	$23,747	$18,607
06/2021	$17,163	$24,301	$18,394
07/2021	$17,156	$24,878	$18,541
08/2021	$17,480	$25,635	$18,909
09/2021	$16,924	$24,443	$18,251
10/2021	$17,917	$26,155	$19,178
11/2021	$17,163	$25,974	$18,502
12/2021	$18,156	$27,138	$19,669
01/2022	$17,993	$25,734	$19,211
02/2022	$17,681	$24,963	$18,988
03/2022	$17,993	$25,890	$19,524
04/2022	$16,806	$23,632	$18,423
05/2022	$17,496	$23,676	$18,781
06/2022	$15,797	$21,721	$17,140
07/2022	$16,895	$23,724	$18,276
08/2022	$16,479	$22,757	$17,732
09/2022	$14,906	$20,661	$16,177
10/2022	$16,709	$22,333	$17,836
11/2022	$17,741	$23,582	$18,950
12/2022	$17,021	$22,223	$18,186
01/2023	$18,040	$23,619	$19,129
02/2023	$17,347	$23,043	$18,454
03/2023	$16,970	$23,889	$18,369
04/2023	$17,221	$24,262	$18,646
05/2023	$16,577	$24,367	$17,927
06/2023	$17,698	$25,977	$19,118
07/2023	$18,492	$26,812	$19,790
08/2023	$18,015	$26,385	$19,256
09/2023	$17,372	$25,127	$18,513
10/2023	$16,895	$24,599	$17,860
11/2023	$18,074	$26,845	$19,207
12/2023	$19,096	$28,065	$20,271
01/2024	$19,210	$28,536	$20,292
02/2024	$19,841	$30,060	$21,041
03/2024	$20,928	$31,027	$22,092
04/2024	$20,051	$29,760	$21,149
05/2024	$20,735	$31,236	$21,819
06/2024	$20,551	$32,356	$21,614
07/2024	$21,515	$32,750	$22,719
08/2024	$21,989	$33,545	$23,328
09/2024	$22,138	$34,261	$23,652
10/2024	$22,050	$33,950	$23,392

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class C without Deferred Sales ChargeFootnote Reference1	30.51%	10.78%	8.23%
Class C with Maximum Deferred Sales Charge -1.00%Footnote Reference1	29.51%	10.78%	8.23%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 1000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 1000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$3,483,740,480
# of Portfolio Holdings	170
Portfolio Turnover Rate	26%
Total Management Fees Paid	$18,952,178

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Citigroup, Inc.	1.8
Fidelity National Information Services, Inc.	1.8
Comcast Corp., Class A	1.8
Elevance Health, Inc.	1.6
JPMorgan Chase & Co.	1.5
Exxon Mobil Corp.	1.5
Wells Fargo & Co.	1.4
American Express Co.	1.3
Entergy Corp.	1.3
F5, Inc.	1.3

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	89.8
Foreign Common Stocks	6.2
Investment Companies	3.9
Securities Lending Collateral	0.1

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

Sector Allocation - % Equities

Value	Value
Real Estate	2.0
Materials	4.1
Communication Services	4.3
Consumer Staples	6.0
Utilities	6.9
Consumer Discretionary	7.6
Information Technology	9.8
Energy	9.9
Industrials	12.4
Health Care	13.6
Financials	23.4

Additional Information 

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

Householding

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

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

LCV_C 1024

Class C: ALVCX

American Beacon

Large Cap Value Fund

Class R6: AALRX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Large Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$71	0.61%

How did the Fund perform and what affected its performance?

The R6 Class of the Fund returned 32.02% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 1000^® Value Index return of 30.98%. 

• Broad market performance during the twelve-month period benefited from the loosening of monetary policy as inflation eased, coinciding with the increased prospect of a soft landing.

• The Fund’s strategy of selecting undervalued securities through a bottom-up approach provided strong returns during the period.

• The Fund's holdings in the Information Technology and Financials sectors contributed materially to the Fund's performance, while holdings in the Energy sector detracted from the Fund’s performance over the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R6	S&P 500® Index TR	Russell 1000® Value Index
10/2014	$10,000	$10,000	$10,000
11/2014	$10,208	$10,269	$10,205
12/2014	$10,183	$10,243	$10,267
01/2015	$9,760	$9,936	$9,857
02/2015	$10,397	$10,507	$10,334
03/2015	$10,243	$10,340	$10,193
04/2015	$10,470	$10,440	$10,289
05/2015	$10,565	$10,574	$10,412
06/2015	$10,313	$10,369	$10,204
07/2015	$10,341	$10,586	$10,249
08/2015	$9,627	$9,948	$9,639
09/2015	$9,197	$9,702	$9,348
10/2015	$9,925	$10,520	$10,053
11/2015	$9,960	$10,551	$10,091
12/2015	$9,568	$10,385	$9,874
01/2016	$8,982	$9,869	$9,364
02/2016	$8,860	$9,856	$9,362
03/2016	$9,502	$10,525	$10,036
04/2016	$9,772	$10,566	$10,247
05/2016	$9,803	$10,755	$10,406
06/2016	$9,654	$10,783	$10,496
07/2016	$10,030	$11,181	$10,801
08/2016	$10,229	$11,196	$10,884
09/2016	$10,210	$11,199	$10,861
10/2016	$10,092	$10,994	$10,693
11/2016	$10,898	$11,401	$11,304
12/2016	$11,097	$11,627	$11,587
01/2017	$11,186	$11,847	$11,669
02/2017	$11,532	$12,318	$12,089
03/2017	$11,504	$12,332	$11,965
04/2017	$11,536	$12,459	$11,943
05/2017	$11,556	$12,634	$11,931
06/2017	$11,834	$12,713	$12,126
07/2017	$11,935	$12,974	$12,287
08/2017	$11,810	$13,014	$12,144
09/2017	$12,325	$13,283	$12,504
10/2017	$12,474	$13,593	$12,595
11/2017	$12,732	$14,009	$12,980
12/2017	$12,992	$14,165	$13,170
01/2018	$13,688	$14,976	$13,679
02/2018	$12,917	$14,424	$13,026
03/2018	$12,631	$14,058	$12,797
04/2018	$12,765	$14,112	$12,839
05/2018	$12,845	$14,451	$12,915
06/2018	$12,912	$14,540	$12,947
07/2018	$13,501	$15,081	$13,460
08/2018	$13,585	$15,573	$13,659
09/2018	$13,617	$15,662	$13,686
10/2018	$12,667	$14,591	$12,977
11/2018	$12,845	$14,888	$13,364
12/2018	$11,439	$13,544	$12,081
01/2019	$12,602	$14,629	$13,021
02/2019	$12,992	$15,099	$13,437
03/2019	$12,987	$15,393	$13,523
04/2019	$13,608	$16,016	$14,003
05/2019	$12,578	$14,998	$13,102
06/2019	$13,544	$16,055	$14,043
07/2019	$13,677	$16,286	$14,159
08/2019	$13,218	$16,028	$13,743
09/2019	$13,696	$16,328	$14,233
10/2019	$13,953	$16,681	$14,432
11/2019	$14,416	$17,287	$14,878
12/2019	$14,833	$17,809	$15,288
01/2020	$14,297	$17,802	$14,959
02/2020	$12,882	$16,336	$13,510
03/2020	$10,361	$14,319	$11,201
04/2020	$11,602	$16,154	$12,460
05/2020	$12,128	$16,923	$12,887
06/2020	$12,193	$17,260	$12,802
07/2020	$12,594	$18,233	$13,308
08/2020	$13,104	$19,544	$13,858
09/2020	$12,708	$18,801	$13,518
10/2020	$12,665	$18,301	$13,340
11/2020	$14,687	$20,305	$15,135
12/2020	$15,334	$21,085	$15,715
01/2021	$15,184	$20,872	$15,571
02/2021	$16,407	$21,448	$16,512
03/2021	$17,436	$22,387	$17,484
04/2021	$18,216	$23,582	$18,183
05/2021	$18,728	$23,747	$18,607
06/2021	$18,453	$24,301	$18,394
07/2021	$18,460	$24,878	$18,541
08/2021	$18,828	$25,635	$18,909
09/2021	$18,247	$24,443	$18,251
10/2021	$19,333	$26,155	$19,178
11/2021	$18,534	$25,974	$18,502
12/2021	$19,625	$27,138	$19,669
01/2022	$19,472	$25,734	$19,211
02/2022	$19,152	$24,963	$18,988
03/2022	$19,499	$25,890	$19,524
04/2022	$18,234	$23,632	$18,423
05/2022	$18,999	$23,676	$18,781
06/2022	$17,170	$21,721	$17,140
07/2022	$18,380	$23,724	$18,276
08/2022	$17,942	$22,757	$17,732
09/2022	$16,245	$20,661	$16,177
10/2022	$18,227	$22,333	$17,836
11/2022	$19,367	$23,582	$18,950
12/2022	$18,596	$22,223	$18,186
01/2023	$19,733	$23,619	$19,129
02/2023	$18,985	$23,043	$18,454
03/2023	$18,596	$23,889	$18,369
04/2023	$18,892	$24,262	$18,646
05/2023	$18,198	$24,367	$17,927
06/2023	$19,444	$25,977	$19,118
07/2023	$20,332	$26,812	$19,790
08/2023	$19,834	$26,385	$19,256
09/2023	$19,141	$25,127	$18,513
10/2023	$18,627	$24,599	$17,860
11/2023	$19,951	$26,845	$19,207
12/2023	$21,103	$28,065	$20,271
01/2024	$21,243	$28,536	$20,292
02/2024	$21,965	$30,060	$21,041
03/2024	$23,187	$31,027	$22,092
04/2024	$22,235	$29,760	$21,149
05/2024	$23,015	$31,236	$21,819
06/2024	$22,834	$32,356	$21,614
07/2024	$23,926	$32,750	$22,719
08/2024	$24,475	$33,545	$23,328
09/2024	$24,672	$34,261	$23,652
10/2024	$24,590	$33,950	$23,392

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
R6 ClassFootnote Reference1	32.02%	12.00%	9.41%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 1000® Value Index	30.98%	10.14%	8.87%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 1000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 1000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$3,483,740,480
# of Portfolio Holdings	170
Portfolio Turnover Rate	26%
Total Management Fees Paid	$18,952,178

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Citigroup, Inc.	1.8
Fidelity National Information Services, Inc.	1.8
Comcast Corp., Class A	1.8
Elevance Health, Inc.	1.6
JPMorgan Chase & Co.	1.5
Exxon Mobil Corp.	1.5
Wells Fargo & Co.	1.4
American Express Co.	1.3
Entergy Corp.	1.3
F5, Inc.	1.3

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	89.8
Foreign Common Stocks	6.2
Investment Companies	3.9
Securities Lending Collateral	0.1

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

Sector Allocation - % Equities

Value	Value
Real Estate	2.0
Materials	4.1
Communication Services	4.3
Consumer Staples	6.0
Utilities	6.9
Consumer Discretionary	7.6
Information Technology	9.8
Energy	9.9
Industrials	12.4
Health Care	13.6
Financials	23.4

Additional Information 

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

Householding

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

Large Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

LCV_R6 1024

Class R6: AALRX

American Beacon

Small Cap Value Fund

Class R5: AVFIX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$90	0.79%

How did the Fund perform and what affected its performance?

The R5 Class of the Fund returned 28.05% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 2000^® Value Index return of 31.77%.

• Broad market performance during the period was primarily driven by a 50-basis point interest rate cut, the first since the pandemic and increasing optimism that the U.S. economy could avoid a recession.

• The Fund’s focus is on finding undervalued, high-quality companies with above average earnings growth.

• The Fund's performance was positive in ten of the eleven sectors where it invested, except for the Energy sector. The Fund's holdings in the Information Technology, Industrials and Financials sectors were the top contributors to the Fund's positive relative performance, while holdings in the Consumer Discretionary, Materials and Health Care sectors detracted from relative returns.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R5	S&P 500® Index TR	Russell 2000® Value Index
10/2014	$250,000	$250,000	$250,000
11/2014	$250,450	$256,724	$248,838
12/2014	$256,061	$256,077	$255,637
01/2015	$244,928	$248,389	$244,997
02/2015	$260,453	$262,665	$256,374
03/2015	$264,028	$258,511	$260,700
04/2015	$259,330	$260,991	$255,132
05/2015	$262,700	$264,347	$257,246
06/2015	$263,517	$259,230	$257,582
07/2015	$258,002	$264,661	$250,477
08/2015	$246,052	$248,693	$238,176
09/2015	$238,289	$242,539	$229,931
10/2015	$252,180	$262,999	$242,805
11/2015	$257,491	$263,781	$249,708
12/2015	$243,165	$259,620	$236,544
01/2016	$226,925	$246,737	$220,653
02/2016	$229,740	$246,404	$222,158
03/2016	$249,120	$263,120	$240,572
04/2016	$251,177	$264,140	$245,668
05/2016	$255,508	$268,883	$250,171
06/2016	$252,043	$269,580	$250,932
07/2016	$264,818	$279,519	$264,471
08/2016	$269,474	$279,912	$271,043
09/2016	$270,881	$279,964	$273,179
10/2016	$263,628	$274,857	$264,201
11/2016	$298,922	$285,037	$299,267
12/2016	$308,170	$290,671	$311,626
01/2017	$309,508	$296,184	$309,401
02/2017	$312,631	$307,944	$313,878
03/2017	$311,404	$308,303	$311,221
04/2017	$311,739	$311,470	$312,446
05/2017	$300,697	$315,853	$302,716
06/2017	$310,066	$317,824	$313,306
07/2017	$311,739	$324,360	$315,288
08/2017	$303,039	$325,353	$307,539
09/2017	$324,677	$332,064	$329,314
10/2017	$329,138	$339,813	$329,746
11/2017	$337,950	$350,235	$339,288
12/2017	$334,907	$354,129	$336,050
01/2018	$341,994	$374,404	$340,191
02/2018	$325,255	$360,605	$323,182
03/2018	$328,187	$351,441	$327,179
04/2018	$331,242	$352,789	$332,850
05/2018	$347,248	$361,285	$352,214
06/2018	$349,447	$363,509	$354,347
07/2018	$355,434	$377,036	$360,603
08/2018	$365,820	$389,322	$369,193
09/2018	$357,023	$391,538	$360,033
10/2018	$319,390	$364,776	$327,797
11/2018	$324,277	$372,210	$333,082
12/2018	$282,568	$338,603	$292,821
01/2019	$316,375	$365,737	$324,849
02/2019	$330,743	$377,480	$337,475
03/2019	$317,220	$384,815	$327,745
04/2019	$334,546	$400,396	$340,139
05/2019	$299,472	$374,952	$312,357
06/2019	$322,855	$401,377	$332,252
07/2019	$326,095	$407,146	$332,786
08/2019	$302,712	$400,696	$314,214
09/2019	$319,333	$408,193	$330,348
10/2019	$325,813	$417,035	$338,350
11/2019	$336,518	$432,173	$346,272
12/2019	$349,008	$445,216	$358,395
01/2020	$330,073	$445,042	$339,064
02/2020	$294,928	$408,406	$306,116
03/2020	$214,884	$357,963	$230,590
04/2020	$245,582	$403,852	$259,035
05/2020	$257,919	$423,086	$266,469
06/2020	$262,652	$431,500	$274,184
07/2020	$271,976	$455,830	$279,840
08/2020	$284,600	$488,596	$294,915
09/2020	$271,259	$470,031	$281,192
10/2020	$283,452	$457,531	$291,249
11/2020	$335,811	$507,614	$347,479
12/2020	$363,131	$527,131	$375,004
01/2021	$370,223	$521,809	$394,734
02/2021	$411,037	$536,198	$431,819
03/2021	$434,339	$559,681	$454,385
04/2021	$444,615	$589,551	$463,576
05/2021	$456,628	$593,668	$478,002
06/2021	$445,049	$607,527	$475,105
07/2021	$435,063	$621,959	$458,099
08/2021	$441,431	$640,870	$470,365
09/2021	$435,786	$611,063	$460,942
10/2021	$451,417	$653,876	$478,517
11/2021	$440,273	$649,345	$462,172
12/2021	$465,369	$678,446	$481,020
01/2022	$444,762	$643,338	$452,974
02/2022	$456,769	$624,076	$460,469
03/2022	$461,637	$647,248	$469,479
04/2022	$427,400	$590,806	$433,045
05/2022	$442,166	$591,890	$441,356
06/2022	$394,136	$543,033	$397,756
07/2022	$433,566	$593,104	$436,265
08/2022	$422,207	$568,916	$422,470
09/2022	$377,423	$516,519	$379,419
10/2022	$435,675	$558,337	$427,185
11/2022	$457,418	$589,540	$440,236
12/2022	$429,162	$555,574	$411,352
01/2023	$470,681	$590,482	$450,606
02/2023	$466,281	$576,075	$440,217
03/2023	$437,389	$597,225	$408,650
04/2023	$426,101	$606,547	$398,459
05/2023	$415,577	$609,184	$390,621
06/2023	$456,331	$649,436	$421,651
07/2023	$486,945	$670,299	$453,470
08/2023	$468,194	$659,627	$431,656
09/2023	$448,104	$628,177	$409,174
10/2023	$417,873	$614,969	$384,767
11/2023	$450,591	$671,131	$419,401
12/2023	$500,761	$701,621	$471,601
01/2024	$481,887	$713,411	$450,178
02/2024	$497,549	$751,504	$464,906
03/2024	$523,249	$775,683	$485,281
04/2024	$494,537	$744,001	$454,360
05/2024	$518,230	$780,892	$475,609
06/2024	$501,966	$808,912	$467,593
07/2024	$550,757	$818,758	$524,580
08/2024	$540,316	$838,619	$514,733
09/2024	$542,123	$856,529	$515,062
10/2024	$535,096	$848,762	$507,005

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class R5Footnote Reference1	28.05%	10.43%	7.91%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 2000® Value Index	31.77%	8.42%	7.33%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 2000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 2000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$4,602,724,944
# of Portfolio Holdings	454
Portfolio Turnover Rate	52%
Total Management Fees Paid	$32,443,065

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.3
Columbia Banking System, Inc.	1.3
NOV, Inc.	1.2
Greenbrier Cos., Inc.	1.1
Avnet, Inc.	1.1
Texas Capital Bancshares, Inc.	1.0
Coherent Corp.	1.0
HA Sustainable Infrastructure Capital, Inc.	0.9
Enerpac Tool Group Corp.	0.9
Fluor Corp.	0.9

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	91.0
Investment Companies	4.5
Foreign Common Stocks	4.1
Securities Lending Collateral	0.4

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

Sector Allocation - % Equities

Value	Value
Consumer Staples	2.3
Communication Services	2.4
Utilities	2.7
Health Care	3.4
Real Estate	5.5
Materials	7.2
Energy	7.3
Information Technology	10.6
Consumer Discretionary	12.6
Industrials	20.7
Financials	25.3

Additional Information 

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

Householding

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

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

SCV_R5 1024

Class R5: AVFIX

American Beacon

Small Cap Value Fund

Investor Class: AVPAX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$130	1.14%

How did the Fund perform and what affected its performance?

The Investor Class of the Fund returned 27.60% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 2000^® Value Index return of 31.77%.

• Broad market performance during the period was primarily driven by a 50-basis point interest rate cut, the first since the pandemic and increasing optimism that the U.S. economy could avoid a recession.

• The Fund’s focus is on finding undervalued, high-quality companies with above average earnings growth.

• The Fund's performance was positive in ten of the eleven sectors where it invested, except for the Energy sector. The Fund's holdings in the Information Technology, Industrials and Financials sectors were the top contributors to the Fund's positive relative performance, while holdings in the Consumer Discretionary, Materials and Health Care sectors detracted from relative returns.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Investor	S&P 500® Index TR	Russell 2000® Value Index
10/2014	$10,000	$10,000	$10,000
11/2014	$10,015	$10,269	$9,954
12/2014	$10,235	$10,243	$10,225
01/2015	$9,789	$9,936	$9,800
02/2015	$10,404	$10,507	$10,255
03/2015	$10,547	$10,340	$10,428
04/2015	$10,353	$10,440	$10,205
05/2015	$10,484	$10,574	$10,290
06/2015	$10,513	$10,369	$10,303
07/2015	$10,290	$10,586	$10,019
08/2015	$9,814	$9,948	$9,527
09/2015	$9,498	$9,702	$9,197
10/2015	$10,050	$10,520	$9,712
11/2015	$10,261	$10,551	$9,988
12/2015	$9,686	$10,385	$9,462
01/2016	$9,036	$9,869	$8,826
02/2016	$9,152	$9,856	$8,886
03/2016	$9,918	$10,525	$9,623
04/2016	$9,998	$10,566	$9,827
05/2016	$10,168	$10,755	$10,007
06/2016	$10,025	$10,783	$10,037
07/2016	$10,533	$11,181	$10,579
08/2016	$10,711	$11,196	$10,842
09/2016	$10,765	$11,199	$10,927
10/2016	$10,480	$10,994	$10,568
11/2016	$11,874	$11,401	$11,971
12/2016	$12,238	$11,627	$12,465
01/2017	$12,289	$11,847	$12,376
02/2017	$12,412	$12,318	$12,555
03/2017	$12,357	$12,332	$12,449
04/2017	$12,367	$12,459	$12,498
05/2017	$11,927	$12,634	$12,109
06/2017	$12,298	$12,713	$12,532
07/2017	$12,357	$12,974	$12,612
08/2017	$12,009	$13,014	$12,302
09/2017	$12,866	$13,283	$13,173
10/2017	$13,040	$13,593	$13,190
11/2017	$13,384	$14,009	$13,572
12/2017	$13,260	$14,165	$13,442
01/2018	$13,542	$14,976	$13,608
02/2018	$12,869	$14,424	$12,927
03/2018	$12,984	$14,058	$13,087
04/2018	$13,100	$14,112	$13,314
05/2018	$13,732	$14,451	$14,089
06/2018	$13,813	$14,540	$14,174
07/2018	$14,044	$15,081	$14,424
08/2018	$14,455	$15,573	$14,768
09/2018	$14,104	$15,662	$14,401
10/2018	$12,613	$14,591	$13,112
11/2018	$12,803	$14,888	$13,323
12/2018	$11,153	$13,544	$11,713
01/2019	$12,487	$14,629	$12,994
02/2019	$13,049	$15,099	$13,499
03/2019	$12,510	$15,393	$13,110
04/2019	$13,188	$16,016	$13,606
05/2019	$11,803	$14,998	$12,494
06/2019	$12,719	$16,055	$13,290
07/2019	$12,846	$16,286	$13,311
08/2019	$11,924	$16,028	$12,569
09/2019	$12,568	$16,328	$13,214
10/2019	$12,823	$16,681	$13,534
11/2019	$13,240	$17,287	$13,851
12/2019	$13,727	$17,809	$14,336
01/2020	$12,979	$17,802	$13,563
02/2020	$11,595	$16,336	$12,245
03/2020	$8,444	$14,319	$9,224
04/2020	$9,652	$16,154	$10,361
05/2020	$10,129	$16,923	$10,659
06/2020	$10,317	$17,260	$10,967
07/2020	$10,682	$18,233	$11,194
08/2020	$11,171	$19,544	$11,797
09/2020	$10,641	$18,801	$11,248
10/2020	$11,118	$18,301	$11,650
11/2020	$13,173	$20,305	$13,899
12/2020	$14,235	$21,085	$15,000
01/2021	$14,513	$20,872	$15,789
02/2021	$16,107	$21,448	$17,273
03/2021	$17,014	$22,387	$18,175
04/2021	$17,417	$23,582	$18,543
05/2021	$17,879	$23,747	$19,120
06/2021	$17,417	$24,301	$19,004
07/2021	$17,026	$24,878	$18,324
08/2021	$17,269	$25,635	$18,815
09/2021	$17,044	$24,443	$18,438
10/2021	$17,648	$26,155	$19,141
11/2021	$17,204	$25,974	$18,487
12/2021	$18,181	$27,138	$19,241
01/2022	$17,376	$25,734	$18,119
02/2022	$17,842	$24,963	$18,419
03/2022	$18,028	$25,890	$18,779
04/2022	$16,684	$23,632	$17,322
05/2022	$17,256	$23,676	$17,654
06/2022	$15,379	$21,721	$15,910
07/2022	$16,910	$23,724	$17,451
08/2022	$16,464	$22,757	$16,899
09/2022	$14,707	$20,661	$15,177
10/2022	$16,976	$22,333	$17,087
11/2022	$17,822	$23,582	$17,609
12/2022	$16,716	$22,223	$16,454
01/2023	$18,326	$23,619	$18,024
02/2023	$18,152	$23,043	$17,609
03/2023	$17,016	$23,889	$16,346
04/2023	$16,574	$24,262	$15,938
05/2023	$16,164	$24,367	$15,625
06/2023	$17,742	$25,977	$16,866
07/2023	$18,933	$26,812	$18,139
08/2023	$18,199	$26,385	$17,266
09/2023	$17,411	$25,127	$16,367
10/2023	$16,227	$24,599	$15,391
11/2023	$17,489	$26,845	$16,776
12/2023	$19,440	$28,065	$18,864
01/2024	$18,696	$28,536	$18,007
02/2024	$19,300	$30,060	$18,596
03/2024	$20,301	$31,027	$19,411
04/2024	$19,176	$29,760	$18,174
05/2024	$20,086	$31,236	$19,024
06/2024	$19,449	$32,356	$18,704
07/2024	$21,335	$32,750	$20,983
08/2024	$20,929	$33,545	$20,589
09/2024	$20,987	$34,261	$20,602
10/2024	$20,706	$33,950	$20,280

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Investor ClassFootnote Reference1	27.60%	10.06%	7.55%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 2000® Value Index	31.77%	8.42%	7.33%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 2000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 2000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$4,602,724,944
# of Portfolio Holdings	454
Portfolio Turnover Rate	52%
Total Management Fees Paid	$32,443,065

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.3
Columbia Banking System, Inc.	1.3
NOV, Inc.	1.2
Greenbrier Cos., Inc.	1.1
Avnet, Inc.	1.1
Texas Capital Bancshares, Inc.	1.0
Coherent Corp.	1.0
HA Sustainable Infrastructure Capital, Inc.	0.9
Enerpac Tool Group Corp.	0.9
Fluor Corp.	0.9

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	91.0
Investment Companies	4.5
Foreign Common Stocks	4.1
Securities Lending Collateral	0.4

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

Sector Allocation - % Equities

Value	Value
Consumer Staples	2.3
Communication Services	2.4
Utilities	2.7
Health Care	3.4
Real Estate	5.5
Materials	7.2
Energy	7.3
Information Technology	10.6
Consumer Discretionary	12.6
Industrials	20.7
Financials	25.3

Additional Information 

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

Householding

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

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

SCV_Investor 1024

Investor Class: AVPAX

American Beacon

Small Cap Value Fund

Class Advisor: AASSX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$147	1.29%

How did the Fund perform and what affected its performance?

The Advisor Class of the Fund returned 27.40% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 2000^® Value Index return of 31.77%.

• Broad market performance during the period was primarily driven by a 50-basis point interest rate cut, the first since the pandemic and increasing optimism that the U.S. economy could avoid a recession.

• The Fund’s focus is on finding undervalued, high-quality companies with above average earnings growth.

• The Fund's performance was positive in ten of the eleven sectors where it invested, except for the Energy sector. The Fund's holdings in the Information Technology, Industrials and Financials sectors were the top contributors to the Fund's positive relative performance, while holdings in the Consumer Discretionary, Materials and Health Care sectors detracted from relative returns.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Advisor	S&P 500® Index TR	Russell 2000® Value Index
10/2014	$10,000	$10,000	$10,000
11/2014	$10,015	$10,269	$9,954
12/2014	$10,232	$10,243	$10,225
01/2015	$9,790	$9,936	$9,800
02/2015	$10,402	$10,507	$10,255
03/2015	$10,543	$10,340	$10,428
04/2015	$10,347	$10,440	$10,205
05/2015	$10,479	$10,574	$10,290
06/2015	$10,509	$10,369	$10,303
07/2015	$10,283	$10,586	$10,019
08/2015	$9,802	$9,948	$9,527
09/2015	$9,488	$9,702	$9,197
10/2015	$10,041	$10,520	$9,712
11/2015	$10,249	$10,551	$9,988
12/2015	$9,670	$10,385	$9,462
01/2016	$9,023	$9,869	$8,826
02/2016	$9,135	$9,856	$8,886
03/2016	$9,900	$10,525	$9,623
04/2016	$9,976	$10,566	$9,827
05/2016	$10,142	$10,755	$10,007
06/2016	$9,999	$10,783	$10,037
07/2016	$10,502	$11,181	$10,579
08/2016	$10,682	$11,196	$10,842
09/2016	$10,732	$11,199	$10,927
10/2016	$10,444	$10,994	$10,568
11/2016	$11,838	$11,401	$11,971
12/2016	$12,197	$11,627	$12,465
01/2017	$12,248	$11,847	$12,376
02/2017	$12,368	$12,318	$12,555
03/2017	$12,313	$12,332	$12,449
04/2017	$12,322	$12,459	$12,498
05/2017	$11,878	$12,634	$12,109
06/2017	$12,243	$12,713	$12,532
07/2017	$12,303	$12,974	$12,612
08/2017	$11,957	$13,014	$12,302
09/2017	$12,807	$13,283	$13,173
10/2017	$12,978	$13,593	$13,190
11/2017	$13,315	$14,009	$13,572
12/2017	$13,194	$14,165	$13,442
01/2018	$13,467	$14,976	$13,608
02/2018	$12,800	$14,424	$12,927
03/2018	$12,911	$14,058	$13,087
04/2018	$13,027	$14,112	$13,314
05/2018	$13,650	$14,451	$14,089
06/2018	$13,731	$14,540	$14,174
07/2018	$13,963	$15,081	$14,424
08/2018	$14,368	$15,573	$14,768
09/2018	$14,014	$15,662	$14,401
10/2018	$12,532	$14,591	$13,112
11/2018	$12,719	$14,888	$13,323
12/2018	$11,077	$13,544	$11,713
01/2019	$12,396	$14,629	$12,994
02/2019	$12,956	$15,099	$13,499
03/2019	$12,419	$15,393	$13,110
04/2019	$13,090	$16,016	$13,606
05/2019	$11,713	$14,998	$12,494
06/2019	$12,624	$16,055	$13,290
07/2019	$12,740	$16,286	$13,311
08/2019	$11,824	$16,028	$12,569
09/2019	$12,466	$16,328	$13,214
10/2019	$12,717	$16,681	$13,534
11/2019	$13,131	$17,287	$13,851
12/2019	$13,617	$17,809	$14,336
01/2020	$12,871	$17,802	$13,563
02/2020	$11,498	$16,336	$12,245
03/2020	$8,378	$14,319	$9,224
04/2020	$9,568	$16,154	$10,361
05/2020	$10,047	$16,923	$10,659
06/2020	$10,225	$17,260	$10,967
07/2020	$10,586	$18,233	$11,194
08/2020	$11,071	$19,544	$11,797
09/2020	$10,545	$18,801	$11,248
10/2020	$11,012	$18,301	$11,650
11/2020	$13,049	$20,305	$13,899
12/2020	$14,098	$21,085	$15,000
01/2021	$14,372	$20,872	$15,789
02/2021	$15,949	$21,448	$17,273
03/2021	$16,842	$22,387	$18,175
04/2021	$17,240	$23,582	$18,543
05/2021	$17,693	$23,747	$19,120
06/2021	$17,240	$24,301	$19,004
07/2021	$16,848	$24,878	$18,324
08/2021	$17,086	$25,635	$18,815
09/2021	$16,860	$24,443	$18,438
10/2021	$17,461	$26,155	$19,141
11/2021	$17,014	$25,974	$18,487
12/2021	$17,983	$27,138	$19,241
01/2022	$17,176	$25,734	$18,119
02/2022	$17,636	$24,963	$18,419
03/2022	$17,816	$25,890	$18,779
04/2022	$16,488	$23,632	$17,322
05/2022	$17,056	$23,676	$17,654
06/2022	$15,194	$21,721	$15,910
07/2022	$16,709	$23,724	$17,451
08/2022	$16,262	$22,757	$16,899
09/2022	$14,527	$20,661	$15,177
10/2022	$16,769	$22,333	$17,087
11/2022	$17,603	$23,582	$17,609
12/2022	$16,501	$22,223	$16,454
01/2023	$18,093	$23,619	$18,024
02/2023	$17,919	$23,043	$17,609
03/2023	$16,794	$23,889	$16,346
04/2023	$16,359	$24,262	$15,938
05/2023	$15,947	$24,367	$15,625
06/2023	$17,507	$25,977	$16,866
07/2023	$18,679	$26,812	$18,139
08/2023	$17,950	$26,385	$17,266
09/2023	$17,167	$25,127	$16,367
10/2023	$16,003	$24,599	$15,391
11/2023	$17,246	$26,845	$16,776
12/2023	$19,160	$28,065	$18,864
01/2024	$18,430	$28,536	$18,007
02/2024	$19,027	$30,060	$18,596
03/2024	$20,006	$31,027	$19,411
04/2024	$18,894	$29,760	$18,174
05/2024	$19,791	$31,236	$19,024
06/2024	$19,160	$32,356	$18,704
07/2024	$21,010	$32,750	$20,983
08/2024	$20,612	$33,545	$20,589
09/2024	$20,670	$34,261	$20,602
10/2024	$20,388	$33,950	$20,280

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Advisor ClassFootnote Reference1	27.40%	9.90%	7.38%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 2000® Value Index	31.77%	8.42%	7.33%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 2000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 2000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$4,602,724,944
# of Portfolio Holdings	454
Portfolio Turnover Rate	52%
Total Management Fees Paid	$32,443,065

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.3
Columbia Banking System, Inc.	1.3
NOV, Inc.	1.2
Greenbrier Cos., Inc.	1.1
Avnet, Inc.	1.1
Texas Capital Bancshares, Inc.	1.0
Coherent Corp.	1.0
HA Sustainable Infrastructure Capital, Inc.	0.9
Enerpac Tool Group Corp.	0.9
Fluor Corp.	0.9

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	91.0
Investment Companies	4.5
Foreign Common Stocks	4.1
Securities Lending Collateral	0.4

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

Sector Allocation - % Equities

Value	Value
Consumer Staples	2.3
Communication Services	2.4
Utilities	2.7
Health Care	3.4
Real Estate	5.5
Materials	7.2
Energy	7.3
Information Technology	10.6
Consumer Discretionary	12.6
Industrials	20.7
Financials	25.3

Additional Information 

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

Householding

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

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

SCV_Advisor 1024

Class Advisor: AASSX

American Beacon

Small Cap Value Fund

Class Y: ABSYX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$98	0.86%

How did the Fund perform and what affected its performance?

The Y Class of the Fund returned 27.97% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 2000^® Value Index return of 31.77%.

• Broad market performance during the period was primarily driven by a 50-basis point interest rate cut, the first since the pandemic and increasing optimism that the U.S. economy could avoid a recession.

• The Fund’s focus is on finding undervalued, high-quality companies with above average earnings growth.

• The Fund's performance was positive in ten of the eleven sectors where it invested, except for the Energy sector. The Fund's holdings in the Information Technology, Industrials and Financials sectors were the top contributors to the Fund's positive relative performance, while holdings in the Consumer Discretionary, Materials and Health Care sectors detracted from relative returns.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')	Y	S&P 500® Index TR	Russell 2000® Value Index
10/2014	$100,000	$100,000	$100,000
11/2014	$100,182	$102,689	$99,535
12/2014	$102,405	$102,431	$102,255
01/2015	$97,987	$99,356	$97,999
02/2015	$104,139	$105,066	$102,550
03/2015	$105,585	$103,404	$104,280
04/2015	$103,685	$104,396	$102,053
05/2015	$105,048	$105,739	$102,899
06/2015	$105,337	$103,692	$103,033
07/2015	$103,148	$105,864	$100,191
08/2015	$98,358	$99,477	$95,271
09/2015	$95,220	$97,016	$91,973
10/2015	$100,795	$105,199	$97,122
11/2015	$102,901	$105,512	$99,883
12/2015	$97,181	$103,848	$94,618
01/2016	$90,659	$98,695	$88,261
02/2016	$91,797	$98,562	$88,863
03/2016	$99,545	$105,248	$96,229
04/2016	$100,377	$105,656	$98,267
05/2016	$102,084	$107,553	$100,069
06/2016	$100,683	$107,832	$100,373
07/2016	$105,761	$111,808	$105,788
08/2016	$107,643	$111,965	$108,417
09/2016	$108,169	$111,986	$109,272
10/2016	$105,323	$109,943	$105,680
11/2016	$119,375	$114,015	$119,707
12/2016	$123,045	$116,268	$124,650
01/2017	$123,586	$118,473	$123,761
02/2017	$124,848	$123,178	$125,551
03/2017	$124,352	$123,321	$124,488
04/2017	$124,443	$124,588	$124,978
05/2017	$120,069	$126,341	$121,086
06/2017	$123,766	$127,130	$125,322
07/2017	$124,443	$129,744	$126,115
08/2017	$120,926	$130,141	$123,016
09/2017	$129,583	$132,826	$131,726
10/2017	$131,341	$135,925	$131,898
11/2017	$134,858	$140,094	$135,715
12/2017	$133,684	$141,652	$134,420
01/2018	$136,501	$149,762	$136,076
02/2018	$129,780	$144,242	$129,273
03/2018	$130,966	$140,576	$130,872
04/2018	$132,152	$141,116	$133,140
05/2018	$138,527	$144,514	$140,886
06/2018	$139,417	$145,403	$141,739
07/2018	$141,740	$150,814	$144,241
08/2018	$145,940	$155,729	$147,677
09/2018	$142,431	$156,615	$144,013
10/2018	$127,358	$145,910	$131,119
11/2018	$129,335	$148,884	$133,233
12/2018	$112,701	$135,441	$117,128
01/2019	$126,161	$146,295	$129,940
02/2019	$131,865	$150,992	$134,990
03/2019	$126,503	$153,926	$131,098
04/2019	$133,348	$160,158	$136,056
05/2019	$119,374	$149,981	$124,943
06/2019	$128,671	$160,551	$132,901
07/2019	$129,983	$162,858	$133,115
08/2019	$120,629	$160,278	$125,686
09/2019	$127,245	$163,277	$132,139
10/2019	$129,812	$166,814	$135,340
11/2019	$134,089	$172,869	$138,509
12/2019	$139,036	$178,087	$143,358
01/2020	$131,489	$178,017	$135,626
02/2020	$117,499	$163,363	$122,446
03/2020	$85,628	$143,185	$92,236
04/2020	$97,819	$161,541	$103,614
05/2020	$102,695	$169,235	$106,588
06/2020	$104,611	$172,600	$109,674
07/2020	$108,326	$182,332	$111,936
08/2020	$113,319	$195,438	$117,966
09/2020	$107,978	$188,012	$112,477
10/2020	$112,854	$183,012	$116,500
11/2020	$133,695	$203,046	$138,992
12/2020	$144,537	$210,852	$150,002
01/2021	$147,347	$208,724	$157,894
02/2021	$163,563	$214,479	$172,727
03/2021	$172,871	$223,872	$181,754
04/2021	$176,969	$235,820	$185,430
05/2021	$181,710	$237,467	$191,201
06/2021	$177,086	$243,011	$190,042
07/2021	$173,105	$248,784	$183,240
08/2021	$175,622	$256,348	$188,146
09/2021	$173,398	$244,425	$184,377
10/2021	$179,603	$261,550	$191,407
11/2021	$175,095	$259,738	$184,869
12/2021	$185,116	$271,378	$192,408
01/2022	$176,901	$257,335	$181,190
02/2022	$181,633	$249,630	$184,188
03/2022	$183,604	$258,899	$187,792
04/2022	$170,002	$236,323	$173,218
05/2022	$175,850	$236,756	$176,542
06/2022	$156,727	$217,213	$159,102
07/2022	$172,367	$237,241	$174,506
08/2022	$167,833	$227,566	$168,988
09/2022	$150,025	$206,608	$151,768
10/2022	$173,222	$223,335	$170,874
11/2022	$181,830	$235,816	$176,095
12/2022	$170,622	$222,229	$164,541
01/2023	$187,094	$236,193	$180,242
02/2023	$185,385	$230,430	$176,087
03/2023	$173,808	$238,890	$163,460
04/2023	$169,301	$242,619	$159,384
05/2023	$165,106	$243,673	$156,249
06/2023	$181,267	$259,774	$168,660
07/2023	$193,465	$268,119	$181,388
08/2023	$186,006	$263,851	$172,662
09/2023	$178,004	$251,271	$163,670
10/2023	$165,961	$245,987	$153,907
11/2023	$178,936	$268,452	$167,761
12/2023	$198,927	$280,648	$188,640
01/2024	$191,342	$285,364	$180,071
02/2024	$197,622	$300,602	$185,962
03/2024	$207,817	$310,273	$194,112
04/2024	$196,399	$297,600	$181,744
05/2024	$205,778	$312,357	$190,244
06/2024	$199,335	$323,565	$187,037
07/2024	$218,665	$327,503	$209,832
08/2024	$214,505	$335,447	$205,893
09/2024	$215,239	$342,612	$206,025
10/2024	$212,385	$339,505	$202,802

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class YFootnote Reference1	27.97%	10.35%	7.82%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 2000® Value Index	31.77%	8.42%	7.33%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 2000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 2000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$4,602,724,944
# of Portfolio Holdings	454
Portfolio Turnover Rate	52%
Total Management Fees Paid	$32,443,065

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.3
Columbia Banking System, Inc.	1.3
NOV, Inc.	1.2
Greenbrier Cos., Inc.	1.1
Avnet, Inc.	1.1
Texas Capital Bancshares, Inc.	1.0
Coherent Corp.	1.0
HA Sustainable Infrastructure Capital, Inc.	0.9
Enerpac Tool Group Corp.	0.9
Fluor Corp.	0.9

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	91.0
Investment Companies	4.5
Foreign Common Stocks	4.1
Securities Lending Collateral	0.4

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

Sector Allocation - % Equities

Value	Value
Consumer Staples	2.3
Communication Services	2.4
Utilities	2.7
Health Care	3.4
Real Estate	5.5
Materials	7.2
Energy	7.3
Information Technology	10.6
Consumer Discretionary	12.6
Industrials	20.7
Financials	25.3

Additional Information 

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

Householding

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

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

SCV_Y 1024

Class Y: ABSYX

American Beacon

Small Cap Value Fund

Class A: ABSAX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$138	1.21%

How did the Fund perform and what affected its performance?

The A Class of the Fund returned 20.16% (with sales charges) and 27.50% (without sales charges) for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 2000^® Value Index return of 31.77%.

• Broad market performance during the period was primarily driven by a 50-basis point interest rate cut, the first since the pandemic and increasing optimism that the U.S. economy could avoid a recession.

• The Fund’s focus is on finding undervalued, high-quality companies with above average earnings growth.

• The Fund's performance was positive in ten of the eleven sectors where it invested, except for the Energy sector. The Fund's holdings in the Information Technology, Industrials and Financials sectors were the top contributors to the Fund's positive relative performance, while holdings in the Consumer Discretionary, Materials and Health Care sectors detracted from relative returns.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	A with Sales Charge	S&P 500® Index TR	Russell 2000® Value Index
10/2014	$9,427	$10,000	$10,000
11/2014	$9,441	$10,269	$9,954
12/2014	$9,645	$10,243	$10,225
01/2015	$9,227	$9,936	$9,800
02/2015	$9,806	$10,507	$10,255
03/2015	$9,939	$10,340	$10,428
04/2015	$9,758	$10,440	$10,205
05/2015	$9,879	$10,574	$10,290
06/2015	$9,907	$10,369	$10,303
07/2015	$9,698	$10,586	$10,019
08/2015	$9,247	$9,948	$9,527
09/2015	$8,950	$9,702	$9,197
10/2015	$9,468	$10,520	$9,712
11/2015	$9,666	$10,551	$9,988
12/2015	$9,122	$10,385	$9,462
01/2016	$8,512	$9,869	$8,826
02/2016	$8,619	$9,856	$8,886
03/2016	$9,339	$10,525	$9,623
04/2016	$9,416	$10,566	$9,827
05/2016	$9,573	$10,755	$10,007
06/2016	$9,441	$10,783	$10,037
07/2016	$9,914	$11,181	$10,579
08/2016	$10,085	$11,196	$10,842
09/2016	$10,136	$11,199	$10,927
10/2016	$9,863	$10,994	$10,568
11/2016	$11,180	$11,401	$11,971
12/2016	$11,521	$11,627	$12,465
01/2017	$11,565	$11,847	$12,376
02/2017	$11,683	$12,318	$12,555
03/2017	$11,631	$12,332	$12,449
04/2017	$11,639	$12,459	$12,498
05/2017	$11,223	$12,634	$12,109
06/2017	$11,569	$12,713	$12,532
07/2017	$11,626	$12,974	$12,612
08/2017	$11,298	$13,014	$12,302
09/2017	$12,104	$13,283	$13,173
10/2017	$12,266	$13,593	$13,190
11/2017	$12,586	$14,009	$13,572
12/2017	$12,473	$14,165	$13,442
01/2018	$12,733	$14,976	$13,608
02/2018	$12,103	$14,424	$12,927
03/2018	$12,213	$14,058	$13,087
04/2018	$12,319	$14,112	$13,314
05/2018	$12,911	$14,451	$14,089
06/2018	$12,987	$14,540	$14,174
07/2018	$13,204	$15,081	$14,424
08/2018	$13,589	$15,573	$14,768
09/2018	$13,257	$15,662	$14,401
10/2018	$11,853	$14,591	$13,112
11/2018	$12,031	$14,888	$13,323
12/2018	$10,480	$13,544	$11,713
01/2019	$11,732	$14,629	$12,994
02/2019	$12,261	$15,099	$13,499
03/2019	$11,754	$15,393	$13,110
04/2019	$12,389	$16,016	$13,606
05/2019	$11,087	$14,998	$12,494
06/2019	$11,949	$16,055	$13,290
07/2019	$12,066	$16,286	$13,311
08/2019	$11,198	$16,028	$12,569
09/2019	$11,804	$16,328	$13,214
10/2019	$12,038	$16,681	$13,534
11/2019	$12,427	$17,287	$13,851
12/2019	$12,890	$17,809	$14,336
01/2020	$12,184	$17,802	$13,563
02/2020	$10,880	$16,336	$12,245
03/2020	$7,927	$14,319	$9,224
04/2020	$9,056	$16,154	$10,361
05/2020	$9,508	$16,923	$10,659
06/2020	$9,677	$17,260	$10,967
07/2020	$10,021	$18,233	$11,194
08/2020	$10,479	$19,544	$11,797
09/2020	$9,982	$18,801	$11,248
10/2020	$10,428	$18,301	$11,650
11/2020	$12,353	$20,305	$13,899
12/2020	$13,350	$21,085	$15,000
01/2021	$13,605	$20,872	$15,789
02/2021	$15,099	$21,448	$17,273
03/2021	$15,950	$22,387	$18,175
04/2021	$16,325	$23,582	$18,543
05/2021	$16,757	$23,747	$19,120
06/2021	$16,325	$24,301	$19,004
07/2021	$15,956	$24,878	$18,324
08/2021	$16,183	$25,635	$18,815
09/2021	$15,973	$24,443	$18,438
10/2021	$16,535	$26,155	$19,141
11/2021	$16,121	$25,974	$18,487
12/2021	$17,037	$27,138	$19,241
01/2022	$16,277	$25,734	$18,119
02/2022	$16,711	$24,963	$18,419
03/2022	$16,884	$25,890	$18,779
04/2022	$15,625	$23,632	$17,322
05/2022	$16,162	$23,676	$17,654
06/2022	$14,398	$21,721	$15,910
07/2022	$15,836	$23,724	$17,451
08/2022	$15,414	$22,757	$16,899
09/2022	$13,772	$20,661	$15,177
10/2022	$15,893	$22,333	$17,087
11/2022	$16,686	$23,582	$17,609
12/2022	$15,649	$22,223	$16,454
01/2023	$17,153	$23,619	$18,024
02/2023	$16,994	$23,043	$17,609
03/2023	$15,922	$23,889	$16,346
04/2023	$15,512	$24,262	$15,938
05/2023	$15,125	$24,367	$15,625
06/2023	$16,598	$25,977	$16,866
07/2023	$17,708	$26,812	$18,139
08/2023	$17,024	$26,385	$17,266
09/2023	$16,287	$25,127	$16,367
10/2023	$15,178	$24,599	$15,391
11/2023	$16,363	$26,845	$16,776
12/2023	$18,179	$28,065	$18,864
01/2024	$17,486	$28,536	$18,007
02/2024	$18,052	$30,060	$18,596
03/2024	$18,977	$31,027	$19,411
04/2024	$17,932	$29,760	$18,174
05/2024	$18,777	$31,236	$19,024
06/2024	$18,187	$32,356	$18,704
07/2024	$19,941	$32,750	$20,983
08/2024	$19,559	$33,545	$20,589
09/2024	$19,622	$34,261	$20,602
10/2024	$19,351	$33,950	$20,280

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class A without Sales ChargeFootnote Reference1	27.50%	9.96%	7.46%
Class A with Maximum Sales Charge - 5.75%Footnote Reference1	20.16%	8.66%	6.82%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 2000® Value Index	31.77%	8.42%	7.33%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 2000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 2000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$4,602,724,944
# of Portfolio Holdings	454
Portfolio Turnover Rate	52%
Total Management Fees Paid	$32,443,065

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.3
Columbia Banking System, Inc.	1.3
NOV, Inc.	1.2
Greenbrier Cos., Inc.	1.1
Avnet, Inc.	1.1
Texas Capital Bancshares, Inc.	1.0
Coherent Corp.	1.0
HA Sustainable Infrastructure Capital, Inc.	0.9
Enerpac Tool Group Corp.	0.9
Fluor Corp.	0.9

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	91.0
Investment Companies	4.5
Foreign Common Stocks	4.1
Securities Lending Collateral	0.4

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

Sector Allocation - % Equities

Value	Value
Consumer Staples	2.3
Communication Services	2.4
Utilities	2.7
Health Care	3.4
Real Estate	5.5
Materials	7.2
Energy	7.3
Information Technology	10.6
Consumer Discretionary	12.6
Industrials	20.7
Financials	25.3

Additional Information 

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

Householding

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

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

SCV_A 1024

Class A: ABSAX

American Beacon

Small Cap Value Fund

Class C: ASVCX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$221	1.95%

How did the Fund perform and what affected its performance?

The C Class of the Fund returned 25.56% (with sales charges) and 26.56% (without sales charges) for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 2000^® Value Index return of 31.77%.

• Broad market performance during the period was primarily driven by a 50-basis point interest rate cut, the first since the pandemic and increasing optimism that the U.S. economy could avoid a recession.

• The Fund’s focus is on finding undervalued, high-quality companies with above average earnings growth.

• The Fund's performance was positive in ten of the eleven sectors where it invested, except for the Energy sector. The Fund's holdings in the Information Technology, Industrials and Financials sectors were the top contributors to the Fund's positive relative performance, while holdings in the Consumer Discretionary, Materials and Health Care sectors detracted from relative returns.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	C with Sales Charge	S&P 500® Index TR	Russell 2000® Value Index
10/2014	$10,000	$10,000	$10,000
11/2014	$10,008	$10,269	$9,954
12/2014	$10,222	$10,243	$10,225
01/2015	$9,768	$9,936	$9,800
02/2015	$10,375	$10,507	$10,255
03/2015	$10,510	$10,340	$10,428
04/2015	$10,314	$10,440	$10,205
05/2015	$10,436	$10,574	$10,290
06/2015	$10,458	$10,369	$10,303
07/2015	$10,231	$10,586	$10,019
08/2015	$9,747	$9,948	$9,527
09/2015	$9,428	$9,702	$9,197
10/2015	$9,969	$10,520	$9,712
11/2015	$10,170	$10,551	$9,988
12/2015	$9,596	$10,385	$9,462
01/2016	$8,947	$9,869	$8,826
02/2016	$9,048	$9,856	$8,886
03/2016	$9,804	$10,525	$9,623
04/2016	$9,877	$10,566	$9,827
05/2016	$10,034	$10,755	$10,007
06/2016	$9,891	$10,783	$10,037
07/2016	$10,379	$11,181	$10,579
08/2016	$10,554	$11,196	$10,842
09/2016	$10,600	$11,199	$10,927
10/2016	$10,305	$10,994	$10,568
11/2016	$11,673	$11,401	$11,971
12/2016	$12,023	$11,627	$12,465
01/2017	$12,066	$11,847	$12,376
02/2017	$12,179	$12,318	$12,555
03/2017	$12,118	$12,332	$12,449
04/2017	$12,118	$12,459	$12,498
05/2017	$11,679	$12,634	$12,109
06/2017	$12,033	$12,713	$12,532
07/2017	$12,085	$12,974	$12,612
08/2017	$11,736	$13,014	$12,302
09/2017	$12,561	$13,283	$13,173
10/2017	$12,721	$13,593	$13,190
11/2017	$13,046	$14,009	$13,572
12/2017	$12,936	$14,165	$13,442
01/2018	$13,200	$14,976	$13,608
02/2018	$12,537	$14,424	$12,927
03/2018	$12,640	$14,058	$13,087
04/2018	$12,749	$14,112	$13,314
05/2018	$13,355	$14,451	$14,089
06/2018	$13,428	$14,540	$14,174
07/2018	$13,645	$15,081	$14,424
08/2018	$14,029	$15,573	$14,768
09/2018	$13,682	$15,662	$14,401
10/2018	$12,226	$14,591	$13,112
11/2018	$12,402	$14,888	$13,323
12/2018	$10,797	$13,544	$11,713
01/2019	$12,078	$14,629	$12,994
02/2019	$12,613	$15,099	$13,499
03/2019	$12,090	$15,393	$13,110
04/2019	$12,733	$16,016	$13,606
05/2019	$11,386	$14,998	$12,494
06/2019	$12,264	$16,055	$13,290
07/2019	$12,378	$16,286	$13,311
08/2019	$11,483	$16,028	$12,569
09/2019	$12,096	$16,328	$13,214
10/2019	$12,330	$16,681	$13,534
11/2019	$12,721	$17,287	$13,851
12/2019	$13,184	$17,809	$14,336
01/2020	$12,456	$17,802	$13,563
02/2020	$11,120	$16,336	$12,245
03/2020	$8,097	$14,319	$9,224
04/2020	$9,245	$16,154	$10,361
05/2020	$9,694	$16,923	$10,659
06/2020	$9,864	$17,260	$10,967
07/2020	$10,210	$18,233	$11,194
08/2020	$10,671	$19,544	$11,797
09/2020	$10,161	$18,801	$11,248
10/2020	$10,604	$18,301	$11,650
11/2020	$12,553	$20,305	$13,899
12/2020	$13,560	$21,085	$15,000
01/2021	$13,815	$20,872	$15,789
02/2021	$15,321	$21,448	$17,273
03/2021	$16,170	$22,387	$18,175
04/2021	$16,547	$23,582	$18,543
05/2021	$16,972	$23,747	$19,120
06/2021	$16,529	$24,301	$19,004
07/2021	$16,140	$24,878	$18,324
08/2021	$16,359	$25,635	$18,815
09/2021	$16,140	$24,443	$18,438
10/2021	$16,699	$26,155	$19,141
11/2021	$16,268	$25,974	$18,487
12/2021	$17,180	$27,138	$19,241
01/2022	$16,406	$25,734	$18,119
02/2022	$16,837	$24,963	$18,419
03/2022	$17,002	$25,890	$18,779
04/2022	$15,728	$23,632	$17,322
05/2022	$16,248	$23,676	$17,654
06/2022	$14,474	$21,721	$15,910
07/2022	$15,906	$23,724	$17,451
08/2022	$15,474	$22,757	$16,899
09/2022	$13,817	$20,661	$15,177
10/2022	$15,940	$22,333	$17,087
11/2022	$16,721	$23,582	$17,609
12/2022	$15,672	$22,223	$16,454
01/2023	$17,171	$23,619	$18,024
02/2023	$16,999	$23,043	$17,609
03/2023	$15,918	$23,889	$16,346
04/2023	$15,492	$24,262	$15,938
05/2023	$15,090	$24,367	$15,625
06/2023	$16,557	$25,977	$16,866
07/2023	$17,655	$26,812	$18,139
08/2023	$16,958	$26,385	$17,266
09/2023	$16,213	$25,127	$16,367
10/2023	$15,107	$24,599	$15,391
11/2023	$16,270	$26,845	$16,776
12/2023	$18,066	$28,065	$18,864
01/2024	$17,373	$28,536	$18,007
02/2024	$17,921	$30,060	$18,596
03/2024	$18,828	$31,027	$19,411
04/2024	$17,784	$29,760	$18,174
05/2024	$18,614	$31,236	$19,024
06/2024	$18,006	$32,356	$18,704
07/2024	$19,736	$32,750	$20,983
08/2024	$19,351	$33,545	$20,589
09/2024	$19,393	$34,261	$20,602
10/2024	$19,120	$33,950	$20,280

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class C without Deferred Sales ChargeFootnote Reference1	26.56%	9.17%	6.70%
Class C with Maximum Deferred Sales Charge -1.00%Footnote Reference1	25.56%	9.17%	6.70%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 2000® Value Index	31.77%	8.42%	7.33%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 2000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 2000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$4,602,724,944
# of Portfolio Holdings	454
Portfolio Turnover Rate	52%
Total Management Fees Paid	$32,443,065

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.3
Columbia Banking System, Inc.	1.3
NOV, Inc.	1.2
Greenbrier Cos., Inc.	1.1
Avnet, Inc.	1.1
Texas Capital Bancshares, Inc.	1.0
Coherent Corp.	1.0
HA Sustainable Infrastructure Capital, Inc.	0.9
Enerpac Tool Group Corp.	0.9
Fluor Corp.	0.9

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	91.0
Investment Companies	4.5
Foreign Common Stocks	4.1
Securities Lending Collateral	0.4

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

Sector Allocation - % Equities

Value	Value
Consumer Staples	2.3
Communication Services	2.4
Utilities	2.7
Health Care	3.4
Real Estate	5.5
Materials	7.2
Energy	7.3
Information Technology	10.6
Consumer Discretionary	12.6
Industrials	20.7
Financials	25.3

Additional Information 

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

Householding

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

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

SCV_C 1024

Class C: ASVCX

American Beacon

Small Cap Value Fund

Class R6: AASRX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Small Cap Value Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$87	0.76%

How did the Fund perform and what affected its performance?

The R6 Class of the Fund returned 28.10% for the twelve months ended October 31, 2024, compared to the S&P 500^® Index TR return of 38.02% and the Russell 2000^® Value Index return of 31.77%.

• Broad market performance during the period was primarily driven by a 50-basis point interest rate cut, the first since the pandemic and increasing optimism that the U.S. economy could avoid a recession.

• The Fund’s focus is on finding undervalued, high-quality companies with above average earnings growth.

• The Fund's performance was positive in ten of the eleven sectors where it invested, except for the Energy sector. The Fund's holdings in the Information Technology, Industrials and Financials sectors were the top contributors to the Fund's positive relative performance, while holdings in the Consumer Discretionary, Materials and Health Care sectors detracted from relative returns.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R6	S&P 500® Index TR	Russell 2000® Value Index
10/2014	$10,000	$10,000	$10,000
11/2014	$10,018	$10,269	$9,954
12/2014	$10,242	$10,243	$10,225
01/2015	$9,797	$9,936	$9,800
02/2015	$10,418	$10,507	$10,255
03/2015	$10,561	$10,340	$10,428
04/2015	$10,373	$10,440	$10,205
05/2015	$10,508	$10,574	$10,290
06/2015	$10,541	$10,369	$10,303
07/2015	$10,320	$10,586	$10,019
08/2015	$9,842	$9,948	$9,527
09/2015	$9,532	$9,702	$9,197
10/2015	$10,087	$10,520	$9,712
11/2015	$10,300	$10,551	$9,988
12/2015	$9,727	$10,385	$9,462
01/2016	$9,077	$9,869	$8,826
02/2016	$9,190	$9,856	$8,886
03/2016	$9,965	$10,525	$9,623
04/2016	$10,047	$10,566	$9,827
05/2016	$10,220	$10,755	$10,007
06/2016	$10,082	$10,783	$10,037
07/2016	$10,593	$11,181	$10,579
08/2016	$10,779	$11,196	$10,842
09/2016	$10,835	$11,199	$10,927
10/2016	$10,545	$10,994	$10,568
11/2016	$11,957	$11,401	$11,971
12/2016	$12,327	$11,627	$12,465
01/2017	$12,380	$11,847	$12,376
02/2017	$12,505	$12,318	$12,555
03/2017	$12,456	$12,332	$12,449
04/2017	$12,470	$12,459	$12,498
05/2017	$12,028	$12,634	$12,109
06/2017	$12,398	$12,713	$12,532
07/2017	$12,465	$12,974	$12,612
08/2017	$12,117	$13,014	$12,302
09/2017	$12,987	$13,283	$13,173
10/2017	$13,166	$13,593	$13,190
11/2017	$13,518	$14,009	$13,572
12/2017	$13,401	$14,165	$13,442
01/2018	$13,684	$14,976	$13,608
02/2018	$13,010	$14,424	$12,927
03/2018	$13,132	$14,058	$13,087
04/2018	$13,249	$14,112	$13,314
05/2018	$13,894	$14,451	$14,089
06/2018	$13,982	$14,540	$14,174
07/2018	$14,217	$15,081	$14,424
08/2018	$14,638	$15,573	$14,768
09/2018	$14,286	$15,662	$14,401
10/2018	$12,780	$14,591	$13,112
11/2018	$12,975	$14,888	$13,323
12/2018	$11,311	$13,544	$11,713
01/2019	$12,659	$14,629	$12,994
02/2019	$13,234	$15,099	$13,499
03/2019	$12,693	$15,393	$13,110
04/2019	$13,386	$16,016	$13,606
05/2019	$11,982	$14,998	$12,494
06/2019	$12,918	$16,055	$13,290
07/2019	$13,048	$16,286	$13,311
08/2019	$12,118	$16,028	$12,569
09/2019	$12,777	$16,328	$13,214
10/2019	$13,037	$16,681	$13,534
11/2019	$13,465	$17,287	$13,851
12/2019	$13,969	$17,809	$14,336
01/2020	$13,211	$17,802	$13,563
02/2020	$11,804	$16,336	$12,245
03/2020	$8,604	$14,319	$9,224
04/2020	$9,828	$16,154	$10,361
05/2020	$10,322	$16,923	$10,659
06/2020	$10,511	$17,260	$10,967
07/2020	$10,890	$18,233	$11,194
08/2020	$11,390	$19,544	$11,797
09/2020	$10,856	$18,801	$11,248
10/2020	$11,344	$18,301	$11,650
11/2020	$13,446	$20,305	$13,899
12/2020	$14,532	$21,085	$15,000
01/2021	$14,822	$20,872	$15,789
02/2021	$16,457	$21,448	$17,273
03/2021	$17,390	$22,387	$18,175
04/2021	$17,802	$23,582	$18,543
05/2021	$18,283	$23,747	$19,120
06/2021	$17,819	$24,301	$19,004
07/2021	$17,425	$24,878	$18,324
08/2021	$17,674	$25,635	$18,815
09/2021	$17,454	$24,443	$18,438
10/2021	$18,080	$26,155	$19,141
11/2021	$17,628	$25,974	$18,487
12/2021	$18,632	$27,138	$19,241
01/2022	$17,813	$25,734	$18,119
02/2022	$18,294	$24,963	$18,419
03/2022	$18,489	$25,890	$18,779
04/2022	$17,118	$23,632	$17,322
05/2022	$17,709	$23,676	$17,654
06/2022	$15,785	$21,721	$15,910
07/2022	$17,365	$23,724	$17,451
08/2022	$16,910	$22,757	$16,899
09/2022	$15,115	$20,661	$15,177
10/2022	$17,456	$22,333	$17,087
11/2022	$18,327	$23,582	$17,609
12/2022	$17,194	$22,223	$16,454
01/2023	$18,858	$23,619	$18,024
02/2023	$18,682	$23,043	$17,609
03/2023	$17,516	$23,889	$16,346
04/2023	$17,071	$24,262	$15,938
05/2023	$16,649	$24,367	$15,625
06/2023	$18,283	$25,977	$16,866
07/2023	$19,510	$26,812	$18,139
08/2023	$18,758	$26,385	$17,266
09/2023	$17,953	$25,127	$16,367
10/2023	$16,741	$24,599	$15,391
11/2023	$18,053	$26,845	$16,776
12/2023	$20,062	$28,065	$18,864
01/2024	$19,305	$28,536	$18,007
02/2024	$19,933	$30,060	$18,596
03/2024	$20,972	$31,027	$19,411
04/2024	$19,820	$29,760	$18,174
05/2024	$20,770	$31,236	$19,024
06/2024	$20,118	$32,356	$18,704
07/2024	$22,074	$32,750	$20,983
08/2024	$21,656	$33,545	$20,589
09/2024	$21,728	$34,261	$20,602
10/2024	$21,446	$33,950	$20,280

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
R6 ClassFootnote Reference1	28.10%	10.47%	7.93%
S&P 500® Index TR	38.02%	15.27%	13.00%
Russell 2000® Value Index	31.77%	8.42%	7.33%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The S&P 500 Index TR is replacing the Russell 2000 Value Index as the broad-based securities market index to comply with a new regulatory requirement. The Russell 2000 Value Index reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$4,602,724,944
# of Portfolio Holdings	454
Portfolio Turnover Rate	52%
Total Management Fees Paid	$32,443,065

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

F5, Inc.	1.3
Columbia Banking System, Inc.	1.3
NOV, Inc.	1.2
Greenbrier Cos., Inc.	1.1
Avnet, Inc.	1.1
Texas Capital Bancshares, Inc.	1.0
Coherent Corp.	1.0
HA Sustainable Infrastructure Capital, Inc.	0.9
Enerpac Tool Group Corp.	0.9
Fluor Corp.	0.9

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
Common Stocks	91.0
Investment Companies	4.5
Foreign Common Stocks	4.1
Securities Lending Collateral	0.4

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

Sector Allocation - % Equities

Value	Value
Consumer Staples	2.3
Communication Services	2.4
Utilities	2.7
Health Care	3.4
Real Estate	5.5
Materials	7.2
Energy	7.3
Information Technology	10.6
Consumer Discretionary	12.6
Industrials	20.7
Financials	25.3

Additional Information 

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

Householding

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

Small Cap Value Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

SCV_R6 1024

Class R6: AASRX

American Beacon

International Equity Fund

Class R5: AAIEX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$85	0.77%

How did the Fund perform and what affected its performance?

The R5 Class of the Fund returned 22.05% for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97%.

• Broad market performance during the last twelve months benefited from many developed nations loosening monetary policy as inflation eased and the increased prospect of a soft landing even as an interest rate hike by the Bank of Japan in late July caused some market turmoil.

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

• The Fund's holdings in the Industrials and Financials sectors contributed to the Fund's performance, while holdings in the Information Technology sector detracted from performance.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R5	MSCI® EAFE Index (Net)
10/2014	$250,000	$250,000
11/2014	$252,691	$253,400
12/2014	$242,385	$244,622
01/2015	$243,439	$245,818
02/2015	$257,666	$260,513
03/2015	$255,163	$256,556
04/2015	$266,492	$267,031
05/2015	$265,569	$265,664
06/2015	$258,851	$258,137
07/2015	$262,276	$263,497
08/2015	$244,229	$244,113
09/2015	$231,978	$231,718
10/2015	$247,522	$249,831
11/2015	$244,756	$245,945
12/2015	$238,069	$242,631
01/2016	$223,223	$225,085
02/2016	$215,666	$220,961
03/2016	$230,646	$235,339
04/2016	$237,124	$242,152
05/2016	$236,585	$239,952
06/2016	$226,732	$231,898
07/2016	$234,830	$243,651
08/2016	$237,124	$243,823
09/2016	$240,093	$246,819
10/2016	$234,965	$241,770
11/2016	$232,671	$236,955
12/2016	$238,792	$245,057
01/2017	$245,571	$252,166
02/2017	$246,263	$255,772
03/2017	$255,394	$262,813
04/2017	$262,035	$269,500
05/2017	$270,612	$279,392
06/2017	$270,197	$278,898
07/2017	$278,360	$286,943
08/2017	$276,423	$286,835
09/2017	$285,001	$293,971
10/2017	$288,874	$298,435
11/2017	$293,025	$301,566
12/2017	$298,031	$306,406
01/2018	$311,448	$321,775
02/2018	$293,606	$307,252
03/2018	$292,465	$301,714
04/2018	$297,603	$308,603
05/2018	$292,179	$301,666
06/2018	$287,754	$297,980
07/2018	$294,035	$305,315
08/2018	$286,184	$299,419
09/2018	$290,038	$302,017
10/2018	$267,058	$277,979
11/2018	$265,488	$277,629
12/2018	$249,235	$264,152
01/2019	$266,623	$281,512
02/2019	$274,926	$288,688
03/2019	$273,359	$290,508
04/2019	$280,722	$298,676
05/2019	$263,647	$284,332
06/2019	$279,312	$301,200
07/2019	$271,636	$297,376
08/2019	$262,707	$289,672
09/2019	$273,046	$297,973
10/2019	$282,915	$308,679
11/2019	$286,518	$312,159
12/2019	$297,699	$322,304
01/2020	$282,540	$315,571
02/2020	$256,898	$287,044
03/2020	$208,518	$248,733
04/2020	$222,710	$264,802
05/2020	$232,547	$276,333
06/2020	$240,772	$285,742
07/2020	$244,965	$292,402
08/2020	$260,124	$307,435
09/2020	$249,158	$299,446
10/2020	$237,546	$287,490
11/2020	$288,346	$332,055
12/2020	$300,863	$347,494
01/2021	$294,633	$343,792
02/2021	$309,717	$351,503
03/2021	$320,210	$359,585
04/2021	$325,621	$370,405
05/2021	$339,065	$382,484
06/2021	$329,228	$378,180
07/2021	$325,949	$381,027
08/2021	$331,195	$387,748
09/2021	$325,621	$376,495
10/2021	$332,999	$385,755
11/2021	$312,504	$367,801
12/2021	$329,841	$386,634
01/2022	$331,299	$367,950
02/2022	$320,911	$361,444
03/2022	$309,431	$363,767
04/2022	$294,488	$340,233
05/2022	$306,515	$342,784
06/2022	$278,633	$310,978
07/2022	$288,110	$326,474
08/2022	$268,064	$310,968
09/2022	$243,463	$281,878
10/2022	$260,775	$297,036
11/2022	$294,852	$330,493
12/2022	$294,051	$330,758
01/2023	$325,517	$357,542
02/2023	$321,396	$350,082
03/2023	$330,012	$358,758
04/2023	$338,252	$368,887
05/2023	$323,269	$353,276
06/2023	$341,811	$369,354
07/2023	$353,236	$381,305
08/2023	$342,748	$366,696
09/2023	$328,513	$354,170
10/2023	$313,155	$339,812
11/2023	$342,373	$371,352
12/2023	$360,096	$391,082
01/2024	$353,582	$393,333
02/2024	$364,242	$400,532
03/2024	$377,864	$413,706
04/2024	$367,006	$403,111
05/2024	$388,130	$418,726
06/2024	$375,100	$411,966
07/2024	$392,276	$424,051
08/2024	$403,529	$437,840
09/2024	$405,108	$441,883
10/2024	$382,208	$417,853

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class R5Footnote Reference1	22.05%	6.20%	4.34%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$598,097,805
# of Portfolio Holdings	162
Portfolio Turnover Rate	43%
Total Management Fees Paid	$4,713,132

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	82.8
Common Stocks	13.2
Investment Companies	3.3
Securities Lending Collateral	0.4
Foreign Preferred Stocks	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Roche Holding AG	3.2
Reckitt Benckiser Group PLC	2.4
British American Tobacco PLC	2.4
Samsung Electronics Co. Ltd.	2.2
GSK PLC	2.2
Barclays PLC	2.1
Sanofi SA	2.1
Orange SA	1.6
RELX PLC	1.6
ING Groep NV	1.6

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	1.0
Utilities	2.2
Energy	2.7
Communication Services	3.6
Materials	6.8
Information Technology	10.5
Consumer Staples	12.1
Health Care	12.4
Consumer Discretionary	13.6
Financials	15.2
Industrials	19.9

Top Ten Country Exposure - % Equities

Value	Value
Italy	2.7
Canada	3.2
China	3.5
Netherlands	4.7
Republic Of Korea	4.9
Germany	9.4
Japan	11.6
United States	13.2
France	14.2
United Kingdom	20.1

Additional Information 

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

Householding

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

International Equity Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

IE_R5 1024

Class R5: AAIEX

American Beacon

International Equity Fund

Investor Class: AAIPX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$122	1.10%

How did the Fund perform and what affected its performance?

The Investor Class of the Fund returned 21.71% for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97%.

• Broad market performance during the last twelve months benefited from many developed nations loosening monetary policy as inflation eased and the increased prospect of a soft landing even as an interest rate hike by the Bank of Japan in late July caused some market turmoil.

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

• The Fund's holdings in the Industrials and Financials sectors contributed to the Fund's performance, while holdings in the Information Technology sector detracted from performance.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Investor	MSCI® EAFE Index (Net)
10/2014	$10,000	$10,000
11/2014	$10,104	$10,136
12/2014	$9,685	$9,785
01/2015	$9,728	$9,833
02/2015	$10,290	$10,421
03/2015	$10,194	$10,262
04/2015	$10,640	$10,681
05/2015	$10,603	$10,627
06/2015	$10,332	$10,325
07/2015	$10,465	$10,540
08/2015	$9,743	$9,765
09/2015	$9,250	$9,269
10/2015	$9,865	$9,993
11/2015	$9,754	$9,838
12/2015	$9,486	$9,705
01/2016	$8,891	$9,003
02/2016	$8,588	$8,838
03/2016	$9,178	$9,414
04/2016	$9,438	$9,686
05/2016	$9,411	$9,598
06/2016	$9,015	$9,276
07/2016	$9,340	$9,746
08/2016	$9,421	$9,753
09/2016	$9,535	$9,873
10/2016	$9,335	$9,671
11/2016	$9,237	$9,478
12/2016	$9,477	$9,802
01/2017	$9,748	$10,087
02/2017	$9,770	$10,231
03/2017	$10,130	$10,513
04/2017	$10,390	$10,780
05/2017	$10,727	$11,176
06/2017	$10,705	$11,156
07/2017	$11,026	$11,478
08/2017	$10,949	$11,473
09/2017	$11,286	$11,759
10/2017	$11,435	$11,937
11/2017	$11,596	$12,063
12/2017	$11,788	$12,256
01/2018	$12,317	$12,871
02/2018	$11,612	$12,290
03/2018	$11,561	$12,069
04/2018	$11,760	$12,344
05/2018	$11,538	$12,067
06/2018	$11,367	$11,919
07/2018	$11,606	$12,213
08/2018	$11,293	$11,977
09/2018	$11,441	$12,081
10/2018	$10,537	$11,119
11/2018	$10,468	$11,105
12/2018	$9,827	$10,566
01/2019	$10,511	$11,260
02/2019	$10,835	$11,548
03/2019	$10,766	$11,620
04/2019	$11,053	$11,947
05/2019	$10,380	$11,373
06/2019	$10,990	$12,048
07/2019	$10,685	$11,895
08/2019	$10,337	$11,587
09/2019	$10,735	$11,919
10/2019	$11,121	$12,347
11/2019	$11,258	$12,486
12/2019	$11,694	$12,892
01/2020	$11,100	$12,623
02/2020	$10,084	$11,482
03/2020	$8,188	$9,949
04/2020	$8,737	$10,592
05/2020	$9,127	$11,053
06/2020	$9,446	$11,430
07/2020	$9,612	$11,696
08/2020	$10,199	$12,297
09/2020	$9,765	$11,978
10/2020	$9,305	$11,500
11/2020	$11,292	$13,282
12/2020	$11,780	$13,900
01/2021	$11,534	$13,752
02/2021	$12,122	$14,060
03/2021	$12,530	$14,383
04/2021	$12,737	$14,816
05/2021	$13,260	$15,299
06/2021	$12,866	$15,127
07/2021	$12,737	$15,241
08/2021	$12,937	$15,510
09/2021	$12,717	$15,060
10/2021	$13,002	$15,430
11/2021	$12,200	$14,712
12/2021	$12,875	$15,465
01/2022	$12,925	$14,718
02/2022	$12,517	$14,458
03/2022	$12,065	$14,551
04/2022	$11,484	$13,609
05/2022	$11,943	$13,711
06/2022	$10,854	$12,439
07/2022	$11,219	$13,059
08/2022	$10,438	$12,439
09/2022	$9,477	$11,275
10/2022	$10,151	$11,881
11/2022	$11,470	$13,220
12/2022	$11,439	$13,230
01/2023	$12,658	$14,302
02/2023	$12,497	$14,003
03/2023	$12,827	$14,350
04/2023	$13,143	$14,755
05/2023	$12,556	$14,131
06/2023	$13,275	$14,774
07/2023	$13,716	$15,252
08/2023	$13,304	$14,668
09/2023	$12,739	$14,167
10/2023	$12,144	$13,592
11/2023	$13,282	$14,854
12/2023	$13,964	$15,643
01/2024	$13,710	$15,733
02/2024	$14,111	$16,021
03/2024	$14,642	$16,548
04/2024	$14,211	$16,124
05/2024	$15,035	$16,749
06/2024	$14,526	$16,479
07/2024	$15,181	$16,962
08/2024	$15,612	$17,514
09/2024	$15,666	$17,675
10/2024	$14,781	$16,714

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Investor ClassFootnote Reference1	21.71%	5.85%	3.98%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$598,097,805
# of Portfolio Holdings	162
Portfolio Turnover Rate	43%
Total Management Fees Paid	$4,713,132

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	82.8
Common Stocks	13.2
Investment Companies	3.3
Securities Lending Collateral	0.4
Foreign Preferred Stocks	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Roche Holding AG	3.2
Reckitt Benckiser Group PLC	2.4
British American Tobacco PLC	2.4
Samsung Electronics Co. Ltd.	2.2
GSK PLC	2.2
Barclays PLC	2.1
Sanofi SA	2.1
Orange SA	1.6
RELX PLC	1.6
ING Groep NV	1.6

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	1.0
Utilities	2.2
Energy	2.7
Communication Services	3.6
Materials	6.8
Information Technology	10.5
Consumer Staples	12.1
Health Care	12.4
Consumer Discretionary	13.6
Financials	15.2
Industrials	19.9

Top Ten Country Exposure - % Equities

Value	Value
Italy	2.7
Canada	3.2
China	3.5
Netherlands	4.7
Republic Of Korea	4.9
Germany	9.4
Japan	11.6
United States	13.2
France	14.2
United Kingdom	20.1

Additional Information 

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

Householding

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

International Equity Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

IE_Investor 1024

Investor Class: AAIPX

American Beacon

International Equity Fund

Class Advisor: AAISX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$138	1.25%

How did the Fund perform and what affected its performance?

The Advisor Class of the Fund returned 21.50% for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97%.

• Broad market performance during the last twelve months benefited from many developed nations loosening monetary policy as inflation eased and the increased prospect of a soft landing even as an interest rate hike by the Bank of Japan in late July caused some market turmoil.

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

• The Fund's holdings in the Industrials and Financials sectors contributed to the Fund's performance, while holdings in the Information Technology sector detracted from performance.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Advisor	MSCI® EAFE Index (Net)
10/2014	$10,000	$10,000
11/2014	$10,101	$10,136
12/2014	$9,684	$9,785
01/2015	$9,725	$9,833
02/2015	$10,285	$10,421
03/2015	$10,186	$10,262
04/2015	$10,632	$10,681
05/2015	$10,591	$10,627
06/2015	$10,321	$10,325
07/2015	$10,451	$10,540
08/2015	$9,730	$9,765
09/2015	$9,238	$9,269
10/2015	$9,850	$9,993
11/2015	$9,736	$9,838
12/2015	$9,471	$9,705
01/2016	$8,879	$9,003
02/2016	$8,572	$8,838
03/2016	$9,159	$9,414
04/2016	$9,418	$9,686
05/2016	$9,392	$9,598
06/2016	$9,006	$9,276
07/2016	$9,323	$9,746
08/2016	$9,407	$9,753
09/2016	$9,518	$9,873
10/2016	$9,318	$9,671
11/2016	$9,217	$9,478
12/2016	$9,456	$9,802
01/2017	$9,726	$10,087
02/2017	$9,748	$10,231
03/2017	$10,103	$10,513
04/2017	$10,362	$10,780
05/2017	$10,696	$11,176
06/2017	$10,675	$11,156
07/2017	$10,998	$11,478
08/2017	$10,912	$11,473
09/2017	$11,252	$11,759
10/2017	$11,403	$11,937
11/2017	$11,559	$12,063
12/2017	$11,755	$12,256
01/2018	$12,276	$12,871
02/2018	$11,572	$12,290
03/2018	$11,522	$12,069
04/2018	$11,716	$12,344
05/2018	$11,495	$12,067
06/2018	$11,323	$11,919
07/2018	$11,561	$12,213
08/2018	$11,245	$11,977
09/2018	$11,395	$12,081
10/2018	$10,492	$11,119
11/2018	$10,420	$11,105
12/2018	$9,782	$10,566
01/2019	$10,459	$11,260
02/2019	$10,785	$11,548
03/2019	$10,712	$11,620
04/2019	$10,996	$11,947
05/2019	$10,326	$11,373
06/2019	$10,936	$12,048
07/2019	$10,628	$11,895
08/2019	$10,278	$11,587
09/2019	$10,676	$11,919
10/2019	$11,056	$12,347
11/2019	$11,195	$12,486
12/2019	$11,628	$12,892
01/2020	$11,034	$12,623
02/2020	$10,026	$11,482
03/2020	$8,133	$9,949
04/2020	$8,684	$10,592
05/2020	$9,067	$11,053
06/2020	$9,383	$11,430
07/2020	$9,543	$11,696
08/2020	$10,131	$12,297
09/2020	$9,698	$11,978
10/2020	$9,240	$11,500
11/2020	$11,213	$13,282
12/2020	$11,696	$13,900
01/2021	$11,453	$13,752
02/2021	$12,039	$14,060
03/2021	$12,438	$14,383
04/2021	$12,643	$14,816
05/2021	$13,161	$15,299
06/2021	$12,768	$15,127
07/2021	$12,637	$15,241
08/2021	$12,837	$15,510
09/2021	$12,618	$15,060
10/2021	$12,893	$15,430
11/2021	$12,101	$14,712
12/2021	$12,765	$15,465
01/2022	$12,814	$14,718
02/2022	$12,408	$14,458
03/2022	$11,961	$14,551
04/2022	$11,383	$13,609
05/2022	$11,837	$13,711
06/2022	$10,757	$12,439
07/2022	$11,115	$13,059
08/2022	$10,344	$12,439
09/2022	$9,388	$11,275
10/2022	$10,056	$11,881
11/2022	$11,362	$13,220
12/2022	$11,323	$13,230
01/2023	$12,532	$14,302
02/2023	$12,370	$14,003
03/2023	$12,700	$14,350
04/2023	$13,010	$14,755
05/2023	$12,426	$14,131
06/2023	$13,136	$14,774
07/2023	$13,572	$15,252
08/2023	$13,157	$14,668
09/2023	$12,609	$14,167
10/2023	$12,012	$13,592
11/2023	$13,129	$14,854
12/2023	$13,806	$15,643
01/2024	$13,549	$15,733
02/2024	$13,953	$16,021
03/2024	$14,469	$16,548
04/2024	$14,049	$16,124
05/2024	$14,851	$16,749
06/2024	$14,351	$16,479
07/2024	$14,998	$16,962
08/2024	$15,425	$17,514
09/2024	$15,477	$17,675
10/2024	$14,594	$16,714

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Advisor ClassFootnote Reference1	21.50%	5.71%	3.85%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$598,097,805
# of Portfolio Holdings	162
Portfolio Turnover Rate	43%
Total Management Fees Paid	$4,713,132

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	82.8
Common Stocks	13.2
Investment Companies	3.3
Securities Lending Collateral	0.4
Foreign Preferred Stocks	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Roche Holding AG	3.2
Reckitt Benckiser Group PLC	2.4
British American Tobacco PLC	2.4
Samsung Electronics Co. Ltd.	2.2
GSK PLC	2.2
Barclays PLC	2.1
Sanofi SA	2.1
Orange SA	1.6
RELX PLC	1.6
ING Groep NV	1.6

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	1.0
Utilities	2.2
Energy	2.7
Communication Services	3.6
Materials	6.8
Information Technology	10.5
Consumer Staples	12.1
Health Care	12.4
Consumer Discretionary	13.6
Financials	15.2
Industrials	19.9

Top Ten Country Exposure - % Equities

Value	Value
Italy	2.7
Canada	3.2
China	3.5
Netherlands	4.7
Republic Of Korea	4.9
Germany	9.4
Japan	11.6
United States	13.2
France	14.2
United Kingdom	20.1

Additional Information 

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

Householding

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

International Equity Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

IE_Advisor 1024

Class Advisor: AAISX

American Beacon

International Equity Fund

Class Y: ABEYX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$93	0.84%

How did the Fund perform and what affected its performance?

The Y Class of the Fund returned 22.01% for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97%.

• Broad market performance during the last twelve months benefited from many developed nations loosening monetary policy as inflation eased and the increased prospect of a soft landing even as an interest rate hike by the Bank of Japan in late July caused some market turmoil.

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

• The Fund's holdings in the Industrials and Financials sectors contributed to the Fund's performance, while holdings in the Information Technology sector detracted from performance.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')	Y	MSCI® EAFE Index (Net)
10/2014	$100,000	$100,000
11/2014	$101,089	$101,360
12/2014	$96,904	$97,849
01/2015	$97,361	$98,327
02/2015	$103,005	$104,205
03/2015	$102,039	$102,622
04/2015	$106,564	$106,812
05/2015	$106,157	$106,266
06/2015	$103,462	$103,255
07/2015	$104,835	$105,399
08/2015	$97,667	$97,645
09/2015	$92,735	$92,687
10/2015	$98,938	$99,932
11/2015	$97,819	$98,378
12/2015	$95,155	$97,052
01/2016	$89,221	$90,034
02/2016	$86,202	$88,385
03/2016	$92,136	$94,136
04/2016	$94,739	$96,861
05/2016	$94,531	$95,981
06/2016	$90,574	$92,759
07/2016	$93,854	$97,460
08/2016	$94,739	$97,529
09/2016	$95,884	$98,727
10/2016	$93,854	$96,708
11/2016	$92,917	$94,782
12/2016	$95,368	$98,023
01/2017	$98,085	$100,866
02/2017	$98,352	$102,309
03/2017	$101,975	$105,125
04/2017	$104,639	$107,800
05/2017	$108,048	$111,757
06/2017	$107,889	$111,559
07/2017	$111,139	$114,777
08/2017	$110,339	$114,734
09/2017	$113,802	$117,589
10/2017	$115,294	$119,374
11/2017	$116,999	$120,626
12/2017	$118,961	$122,562
01/2018	$124,284	$128,710
02/2018	$117,205	$122,901
03/2018	$116,712	$120,686
04/2018	$118,742	$123,441
05/2018	$116,547	$120,666
06/2018	$114,791	$119,192
07/2018	$117,315	$122,126
08/2018	$114,133	$119,768
09/2018	$115,669	$120,807
10/2018	$106,560	$111,192
11/2018	$105,847	$111,052
12/2018	$99,400	$105,661
01/2019	$106,295	$112,605
02/2019	$109,652	$115,475
03/2019	$108,992	$116,203
04/2019	$111,930	$119,470
05/2019	$105,095	$113,733
06/2019	$111,330	$120,480
07/2019	$108,273	$118,950
08/2019	$104,736	$115,869
09/2019	$108,812	$119,189
10/2019	$112,769	$123,471
11/2019	$114,148	$124,863
12/2019	$118,583	$128,921
01/2020	$112,607	$126,229
02/2020	$102,381	$114,818
03/2020	$83,100	$99,493
04/2020	$88,706	$105,921
05/2020	$92,710	$110,533
06/2020	$95,975	$114,297
07/2020	$97,638	$116,961
08/2020	$103,675	$122,974
09/2020	$99,240	$119,779
10/2020	$94,620	$114,996
11/2020	$114,825	$132,822
12/2020	$119,828	$138,998
01/2021	$117,326	$137,517
02/2021	$123,392	$140,601
03/2021	$127,520	$143,834
04/2021	$129,646	$148,162
05/2021	$135,025	$152,994
06/2021	$131,085	$151,272
07/2021	$129,709	$152,411
08/2021	$131,835	$155,099
09/2021	$129,584	$150,598
10/2021	$132,461	$154,302
11/2021	$124,393	$147,120
12/2021	$131,227	$154,653
01/2022	$131,779	$147,180
02/2022	$127,640	$144,578
03/2022	$123,086	$145,507
04/2022	$117,152	$136,093
05/2022	$121,913	$137,114
06/2022	$110,805	$124,391
07/2022	$114,531	$130,590
08/2022	$106,665	$124,387
09/2022	$96,868	$112,751
10/2022	$103,699	$118,814
11/2022	$117,221	$132,197
12/2022	$116,947	$132,303
01/2023	$129,399	$143,017
02/2023	$127,772	$140,033
03/2023	$131,239	$143,503
04/2023	$134,493	$147,555
05/2023	$128,479	$141,310
06/2023	$135,908	$147,741
07/2023	$140,436	$152,522
08/2023	$136,262	$146,678
09/2023	$130,531	$141,668
10/2023	$124,447	$135,925
11/2023	$136,050	$148,541
12/2023	$143,144	$156,433
01/2024	$140,543	$157,333
02/2024	$144,705	$160,213
03/2024	$150,130	$165,482
04/2024	$145,820	$161,244
05/2024	$154,218	$167,490
06/2024	$149,016	$164,786
07/2024	$155,853	$169,621
08/2024	$160,313	$175,136
09/2024	$160,907	$176,753
10/2024	$151,840	$167,141

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class YFootnote Reference1	22.01%	6.13%	4.27%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$598,097,805
# of Portfolio Holdings	162
Portfolio Turnover Rate	43%
Total Management Fees Paid	$4,713,132

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	82.8
Common Stocks	13.2
Investment Companies	3.3
Securities Lending Collateral	0.4
Foreign Preferred Stocks	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Roche Holding AG	3.2
Reckitt Benckiser Group PLC	2.4
British American Tobacco PLC	2.4
Samsung Electronics Co. Ltd.	2.2
GSK PLC	2.2
Barclays PLC	2.1
Sanofi SA	2.1
Orange SA	1.6
RELX PLC	1.6
ING Groep NV	1.6

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	1.0
Utilities	2.2
Energy	2.7
Communication Services	3.6
Materials	6.8
Information Technology	10.5
Consumer Staples	12.1
Health Care	12.4
Consumer Discretionary	13.6
Financials	15.2
Industrials	19.9

Top Ten Country Exposure - % Equities

Value	Value
Italy	2.7
Canada	3.2
China	3.5
Netherlands	4.7
Republic Of Korea	4.9
Germany	9.4
Japan	11.6
United States	13.2
France	14.2
United Kingdom	20.1

Additional Information 

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

Householding

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

International Equity Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

IE_Y 1024

Class Y: ABEYX

American Beacon

International Equity Fund

Class A: AIEAX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$131	1.18%

How did the Fund perform and what affected its performance?

The A Class of the Fund returned 14.61% (with sales charges) and 21.63% (without sales charges) for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97%.

• Broad market performance during the last twelve months benefited from many developed nations loosening monetary policy as inflation eased and the increased prospect of a soft landing even as an interest rate hike by the Bank of Japan in late July caused some market turmoil.

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

• The Fund's holdings in the Industrials and Financials sectors contributed to the Fund's performance, while holdings in the Information Technology sector detracted from performance.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	A with Sales Charge	MSCI® EAFE Index (Net)
10/2014	$9,424	$10,000
11/2014	$9,522	$10,136
12/2014	$9,131	$9,785
01/2015	$9,166	$9,833
02/2015	$9,700	$10,421
03/2015	$9,606	$10,262
04/2015	$10,025	$10,681
05/2015	$9,990	$10,627
06/2015	$9,730	$10,325
07/2015	$9,855	$10,540
08/2015	$9,181	$9,765
09/2015	$8,716	$9,269
10/2015	$9,291	$9,993
11/2015	$9,186	$9,838
12/2015	$8,937	$9,705
01/2016	$8,376	$9,003
02/2016	$8,090	$8,838
03/2016	$8,646	$9,414
04/2016	$8,891	$9,686
05/2016	$8,866	$9,598
06/2016	$8,493	$9,276
07/2016	$8,794	$9,746
08/2016	$8,876	$9,753
09/2016	$8,983	$9,873
10/2016	$8,794	$9,671
11/2016	$8,702	$9,478
12/2016	$8,924	$9,802
01/2017	$9,180	$10,087
02/2017	$9,201	$10,231
03/2017	$9,540	$10,513
04/2017	$9,785	$10,780
05/2017	$10,104	$11,176
06/2017	$10,083	$11,156
07/2017	$10,385	$11,478
08/2017	$10,307	$11,473
09/2017	$10,626	$11,759
10/2017	$10,766	$11,937
11/2017	$10,918	$12,063
12/2017	$11,102	$12,256
01/2018	$11,595	$12,871
02/2018	$10,930	$12,290
03/2018	$10,882	$12,069
04/2018	$11,070	$12,344
05/2018	$10,866	$12,067
06/2018	$10,700	$11,919
07/2018	$10,930	$12,213
08/2018	$10,630	$11,977
09/2018	$10,769	$12,081
10/2018	$9,917	$11,119
11/2018	$9,853	$11,105
12/2018	$9,245	$10,566
01/2019	$9,890	$11,260
02/2019	$10,194	$11,548
03/2019	$10,130	$11,620
04/2019	$10,400	$11,947
05/2019	$9,767	$11,373
06/2019	$10,341	$12,048
07/2019	$10,054	$11,895
08/2019	$9,720	$11,587
09/2019	$10,101	$11,919
10/2019	$10,464	$12,347
11/2019	$10,587	$12,486
12/2019	$11,000	$12,892
01/2020	$10,441	$12,623
02/2020	$9,485	$11,482
03/2020	$7,700	$9,949
04/2020	$8,217	$10,592
05/2020	$8,583	$11,053
06/2020	$8,884	$11,430
07/2020	$9,034	$11,696
08/2020	$9,587	$12,297
09/2020	$9,179	$11,978
10/2020	$8,746	$11,500
11/2020	$10,615	$13,282
12/2020	$11,069	$13,900
01/2021	$10,844	$13,752
02/2021	$11,392	$14,060
03/2021	$11,775	$14,383
04/2021	$11,964	$14,816
05/2021	$12,457	$15,299
06/2021	$12,092	$15,127
07/2021	$11,964	$15,241
08/2021	$12,159	$15,510
09/2021	$11,946	$15,060
10/2021	$12,214	$15,430
11/2021	$11,459	$14,712
12/2021	$12,089	$15,465
01/2022	$12,137	$14,718
02/2022	$11,752	$14,458
03/2022	$11,327	$14,551
04/2022	$10,781	$13,609
05/2022	$11,213	$13,711
06/2022	$10,195	$12,439
07/2022	$10,532	$13,059
08/2022	$9,804	$12,439
09/2022	$8,900	$11,275
10/2022	$9,527	$11,881
11/2022	$10,768	$13,220
12/2022	$10,734	$13,230
01/2023	$11,880	$14,302
02/2023	$11,721	$14,003
03/2023	$12,039	$14,350
04/2023	$12,329	$14,755
05/2023	$11,777	$14,131
06/2023	$12,453	$14,774
07/2023	$12,867	$15,252
08/2023	$12,481	$14,668
09/2023	$11,956	$14,167
10/2023	$11,390	$13,592
11/2023	$12,453	$14,854
12/2023	$13,092	$15,643
01/2024	$12,852	$15,733
02/2024	$13,237	$16,021
03/2024	$13,730	$16,548
04/2024	$13,324	$16,124
05/2024	$14,093	$16,749
06/2024	$13,614	$16,479
07/2024	$14,231	$16,962
08/2024	$14,638	$17,514
09/2024	$14,681	$17,675
10/2024	$13,854	$16,714

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class A without Sales ChargeFootnote Reference1	21.63%	5.77%	3.93%
Class A with Maximum Sales Charge - 5.75%Footnote Reference1	14.61%	4.53%	3.31%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$598,097,805
# of Portfolio Holdings	162
Portfolio Turnover Rate	43%
Total Management Fees Paid	$4,713,132

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	82.8
Common Stocks	13.2
Investment Companies	3.3
Securities Lending Collateral	0.4
Foreign Preferred Stocks	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Roche Holding AG	3.2
Reckitt Benckiser Group PLC	2.4
British American Tobacco PLC	2.4
Samsung Electronics Co. Ltd.	2.2
GSK PLC	2.2
Barclays PLC	2.1
Sanofi SA	2.1
Orange SA	1.6
RELX PLC	1.6
ING Groep NV	1.6

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	1.0
Utilities	2.2
Energy	2.7
Communication Services	3.6
Materials	6.8
Information Technology	10.5
Consumer Staples	12.1
Health Care	12.4
Consumer Discretionary	13.6
Financials	15.2
Industrials	19.9

Top Ten Country Exposure - % Equities

Value	Value
Italy	2.7
Canada	3.2
China	3.5
Netherlands	4.7
Republic Of Korea	4.9
Germany	9.4
Japan	11.6
United States	13.2
France	14.2
United Kingdom	20.1

Additional Information 

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

Householding

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

International Equity Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

IE_A 1024

Class A: AIEAX

American Beacon

International Equity Fund

Class C: AILCX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$218	1.98%

How did the Fund perform and what affected its performance?

The C Class of the Fund returned 19.59% (with sales charges) and 20.59% (without sales charges) for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97%.

• Broad market performance during the last twelve months benefited from many developed nations loosening monetary policy as inflation eased and the increased prospect of a soft landing even as an interest rate hike by the Bank of Japan in late July caused some market turmoil.

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

• The Fund's holdings in the Industrials and Financials sectors contributed to the Fund's performance, while holdings in the Information Technology sector detracted from performance.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	C with Sales Charge	MSCI® EAFE Index (Net)
10/2014	$10,000	$10,000
11/2014	$10,096	$10,136
12/2014	$9,675	$9,785
01/2015	$9,707	$9,833
02/2015	$10,264	$10,421
03/2015	$10,156	$10,262
04/2015	$10,600	$10,681
05/2015	$10,551	$10,627
06/2015	$10,275	$10,325
07/2015	$10,400	$10,540
08/2015	$9,680	$9,765
09/2015	$9,182	$9,269
10/2015	$9,788	$9,993
11/2015	$9,669	$9,838
12/2015	$9,397	$9,705
01/2016	$8,804	$9,003
02/2016	$8,497	$8,838
03/2016	$9,073	$9,414
04/2016	$9,326	$9,686
05/2016	$9,293	$9,598
06/2016	$8,898	$9,276
07/2016	$9,211	$9,746
08/2016	$9,288	$9,753
09/2016	$9,392	$9,873
10/2016	$9,189	$9,671
11/2016	$9,084	$9,478
12/2016	$9,316	$9,802
01/2017	$9,573	$10,087
02/2017	$9,590	$10,231
03/2017	$9,937	$10,513
04/2017	$10,190	$10,780
05/2017	$10,509	$11,176
06/2017	$10,486	$11,156
07/2017	$10,789	$11,478
08/2017	$10,705	$11,473
09/2017	$11,030	$11,759
10/2017	$11,164	$11,937
11/2017	$11,316	$12,063
12/2017	$11,502	$12,256
01/2018	$12,006	$12,871
02/2018	$11,313	$12,290
03/2018	$11,256	$12,069
04/2018	$11,439	$12,344
05/2018	$11,221	$12,067
06/2018	$11,044	$11,919
07/2018	$11,273	$12,213
08/2018	$10,964	$11,977
09/2018	$11,101	$12,081
10/2018	$10,214	$11,119
11/2018	$10,139	$11,105
12/2018	$9,510	$10,566
01/2019	$10,163	$11,260
02/2019	$10,474	$11,548
03/2019	$10,400	$11,620
04/2019	$10,674	$11,947
05/2019	$10,014	$11,373
06/2019	$10,599	$12,048
07/2019	$10,294	$11,895
08/2019	$9,952	$11,587
09/2019	$10,331	$11,919
10/2019	$10,692	$12,347
11/2019	$10,817	$12,486
12/2019	$11,230	$12,892
01/2020	$10,653	$12,623
02/2020	$9,676	$11,482
03/2020	$7,849	$9,949
04/2020	$8,369	$10,592
05/2020	$8,737	$11,053
06/2020	$9,035	$11,430
07/2020	$9,187	$11,696
08/2020	$9,746	$12,297
09/2020	$9,321	$11,978
10/2020	$8,876	$11,500
11/2020	$10,767	$13,282
12/2020	$11,220	$13,900
01/2021	$10,978	$13,752
02/2021	$11,533	$14,060
03/2021	$11,910	$14,383
04/2021	$12,101	$14,816
05/2021	$12,593	$15,299
06/2021	$12,210	$15,127
07/2021	$12,076	$15,241
08/2021	$12,261	$15,510
09/2021	$12,044	$15,060
10/2021	$12,299	$15,430
11/2021	$11,540	$14,712
12/2021	$12,165	$15,465
01/2022	$12,201	$14,718
02/2022	$11,813	$14,458
03/2022	$11,377	$14,551
04/2022	$10,821	$13,609
05/2022	$11,250	$13,711
06/2022	$10,215	$12,439
07/2022	$10,553	$13,059
08/2022	$9,814	$12,439
09/2022	$8,906	$11,275
10/2022	$9,525	$11,881
11/2022	$10,757	$13,220
12/2022	$10,717	$13,230
01/2023	$11,854	$14,302
02/2023	$11,689	$14,003
03/2023	$11,997	$14,350
04/2023	$12,283	$14,755
05/2023	$11,725	$14,131
06/2023	$12,391	$14,774
07/2023	$12,791	$15,252
08/2023	$12,398	$14,668
09/2023	$11,868	$14,167
10/2023	$11,303	$13,592
11/2023	$12,348	$14,854
12/2023	$12,974	$15,643
01/2024	$12,727	$15,733
02/2024	$13,093	$16,021
03/2024	$13,570	$16,548
04/2024	$13,168	$16,124
05/2024	$13,914	$16,749
06/2024	$13,436	$16,479
07/2024	$14,033	$16,962
08/2024	$14,421	$17,514
09/2024	$14,458	$17,675
10/2024	$13,630	$16,714

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class C without Deferred Sales ChargeFootnote Reference1	20.59%	4.98%	3.15%
Class C with Maximum Deferred Sales Charge -1.00%Footnote Reference1	19.59%	4.98%	3.15%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$598,097,805
# of Portfolio Holdings	162
Portfolio Turnover Rate	43%
Total Management Fees Paid	$4,713,132

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	82.8
Common Stocks	13.2
Investment Companies	3.3
Securities Lending Collateral	0.4
Foreign Preferred Stocks	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Roche Holding AG	3.2
Reckitt Benckiser Group PLC	2.4
British American Tobacco PLC	2.4
Samsung Electronics Co. Ltd.	2.2
GSK PLC	2.2
Barclays PLC	2.1
Sanofi SA	2.1
Orange SA	1.6
RELX PLC	1.6
ING Groep NV	1.6

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	1.0
Utilities	2.2
Energy	2.7
Communication Services	3.6
Materials	6.8
Information Technology	10.5
Consumer Staples	12.1
Health Care	12.4
Consumer Discretionary	13.6
Financials	15.2
Industrials	19.9

Top Ten Country Exposure - % Equities

Value	Value
Italy	2.7
Canada	3.2
China	3.5
Netherlands	4.7
Republic Of Korea	4.9
Germany	9.4
Japan	11.6
United States	13.2
France	14.2
United Kingdom	20.1

Additional Information 

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

Householding

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

International Equity Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

IE_C 1024

Class C: AILCX

American Beacon

International Equity Fund

Class R6: AAERX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$77	0.69%

How did the Fund perform and what affected its performance?

The R6 Class of the Fund returned 22.17% for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97%.

• Broad market performance during the last twelve months benefited from many developed nations loosening monetary policy as inflation eased and the increased prospect of a soft landing even as an interest rate hike by the Bank of Japan in late July caused some market turmoil.

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

• The Fund's holdings in the Industrials and Financials sectors contributed to the Fund's performance, while holdings in the Information Technology sector detracted from performance.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R6	MSCI® EAFE Index (Net)
10/2014	$10,000	$10,000
11/2014	$10,108	$10,136
12/2014	$9,695	$9,785
01/2015	$9,738	$9,833
02/2015	$10,307	$10,421
03/2015	$10,207	$10,262
04/2015	$10,660	$10,681
05/2015	$10,623	$10,627
06/2015	$10,354	$10,325
07/2015	$10,491	$10,540
08/2015	$9,769	$9,765
09/2015	$9,279	$9,269
10/2015	$9,901	$9,993
11/2015	$9,790	$9,838
12/2015	$9,523	$9,705
01/2016	$8,929	$9,003
02/2016	$8,627	$8,838
03/2016	$9,226	$9,414
04/2016	$9,485	$9,686
05/2016	$9,463	$9,598
06/2016	$9,069	$9,276
07/2016	$9,393	$9,746
08/2016	$9,485	$9,753
09/2016	$9,604	$9,873
10/2016	$9,399	$9,671
11/2016	$9,307	$9,478
12/2016	$9,552	$9,802
01/2017	$9,823	$10,087
02/2017	$9,851	$10,231
03/2017	$10,216	$10,513
04/2017	$10,481	$10,780
05/2017	$10,824	$11,176
06/2017	$10,808	$11,156
07/2017	$11,134	$11,478
08/2017	$11,057	$11,473
09/2017	$11,406	$11,759
10/2017	$11,561	$11,937
11/2017	$11,732	$12,063
12/2017	$11,930	$12,256
01/2018	$12,467	$12,871
02/2018	$11,753	$12,290
03/2018	$11,713	$12,069
04/2018	$11,913	$12,344
05/2018	$11,696	$12,067
06/2018	$11,525	$11,919
07/2018	$11,776	$12,213
08/2018	$11,462	$11,977
09/2018	$11,616	$12,081
10/2018	$10,697	$11,119
11/2018	$10,634	$11,105
12/2018	$9,982	$10,566
01/2019	$10,678	$11,260
02/2019	$11,017	$11,548
03/2019	$10,948	$11,620
04/2019	$11,243	$11,947
05/2019	$10,559	$11,373
06/2019	$11,192	$12,048
07/2019	$10,879	$11,895
08/2019	$10,528	$11,587
09/2019	$10,942	$11,919
10/2019	$11,337	$12,347
11/2019	$11,481	$12,486
12/2019	$11,932	$12,892
01/2020	$11,325	$12,623
02/2020	$10,299	$11,482
03/2020	$8,362	$9,949
04/2020	$8,930	$10,592
05/2020	$9,330	$11,053
06/2020	$9,659	$11,430
07/2020	$9,827	$11,696
08/2020	$10,441	$12,297
09/2020	$9,995	$11,978
10/2020	$9,530	$11,500
11/2020	$11,564	$13,282
12/2020	$12,068	$13,900
01/2021	$11,819	$13,752
02/2021	$12,430	$14,060
03/2021	$12,850	$14,383
04/2021	$13,060	$14,816
05/2021	$13,605	$15,299
06/2021	$13,204	$15,127
07/2021	$13,073	$15,241
08/2021	$13,290	$15,510
09/2021	$13,060	$15,060
10/2021	$13,362	$15,430
11/2021	$12,541	$14,712
12/2021	$13,239	$15,465
01/2022	$13,298	$14,718
02/2022	$12,882	$14,458
03/2022	$12,422	$14,551
04/2022	$11,823	$13,609
05/2022	$12,305	$13,711
06/2022	$11,181	$12,439
07/2022	$11,561	$13,059
08/2022	$10,765	$12,439
09/2022	$9,773	$11,275
10/2022	$10,473	$11,881
11/2022	$11,838	$13,220
12/2022	$11,803	$13,230
01/2023	$13,071	$14,302
02/2023	$12,906	$14,003
03/2023	$13,251	$14,350
04/2023	$13,589	$14,755
05/2023	$12,981	$14,131
06/2023	$13,731	$14,774
07/2023	$14,189	$15,252
08/2023	$13,769	$14,668
09/2023	$13,198	$14,167
10/2023	$12,583	$13,592
11/2023	$13,761	$14,854
12/2023	$14,478	$15,643
01/2024	$14,217	$15,733
02/2024	$14,637	$16,021
03/2024	$15,190	$16,548
04/2024	$14,747	$16,124
05/2024	$15,602	$16,749
06/2024	$15,080	$16,479
07/2024	$15,768	$16,962
08/2024	$16,227	$17,514
09/2024	$16,290	$17,675
10/2024	$15,372	$16,714

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
R6 ClassFootnote Reference1	22.17%	6.28%	4.39%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$598,097,805
# of Portfolio Holdings	162
Portfolio Turnover Rate	43%
Total Management Fees Paid	$4,713,132

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	82.8
Common Stocks	13.2
Investment Companies	3.3
Securities Lending Collateral	0.4
Foreign Preferred Stocks	0.3

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Roche Holding AG	3.2
Reckitt Benckiser Group PLC	2.4
British American Tobacco PLC	2.4
Samsung Electronics Co. Ltd.	2.2
GSK PLC	2.2
Barclays PLC	2.1
Sanofi SA	2.1
Orange SA	1.6
RELX PLC	1.6
ING Groep NV	1.6

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Real Estate	1.0
Utilities	2.2
Energy	2.7
Communication Services	3.6
Materials	6.8
Information Technology	10.5
Consumer Staples	12.1
Health Care	12.4
Consumer Discretionary	13.6
Financials	15.2
Industrials	19.9

Top Ten Country Exposure - % Equities

Value	Value
Italy	2.7
Canada	3.2
China	3.5
Netherlands	4.7
Republic Of Korea	4.9
Germany	9.4
Japan	11.6
United States	13.2
France	14.2
United Kingdom	20.1

Additional Information 

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

Householding

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

International Equity Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

IE_R6 1024

Class R6: AAERX

American Beacon

Garcia Hamilton Quality Bond Fund

Class R5: GHQIX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$48	0.45%

How did the Fund perform and what affected its performance?

The R5 Class of the Fund returned 11.40% for the twelve months ended October 31, 2024, compared to the Bloomberg U.S. Aggregate Bond Index return of 10.55%.

• The Federal Reserve cut the Federal Funds Rate by 0.50% in September 2024.

• In anticipation of a slower economy, the Fund ended the period with a longer duration of 7.5 years compared to 6.1 years for the Index, which led to outperformance.

• The Fund was underweight in Corporates due to narrow credit spreads. This detracted from performance as Corporates were the best performing sector in the Index, returning 13.6%. Lower-quality Corporate bonds outperformed, while the Fund holds only higher-quality bonds.

• The Fund’s overweighting of Agency Mortgages performed well, although returns were in line with duration-equivalent Treasury bonds.

Cumulative Performance from April 4, 2016 through October 31, 2024

The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R5	Bloomberg US Aggregate Bond Index
04/2016	$250,000	$250,000
04/2016	$248,686	$250,846
05/2016	$249,135	$250,910
06/2016	$252,291	$255,418
07/2016	$253,991	$257,033
08/2016	$254,185	$256,739
09/2016	$253,133	$256,589
10/2016	$250,858	$254,626
11/2016	$246,090	$248,603
12/2016	$246,318	$248,954
01/2017	$246,905	$249,442
02/2017	$249,001	$251,119
03/2017	$248,612	$250,987
04/2017	$250,205	$252,924
05/2017	$251,535	$254,871
06/2017	$251,845	$254,614
07/2017	$251,663	$255,710
08/2017	$253,771	$258,004
09/2017	$252,814	$256,775
10/2017	$253,140	$256,924
11/2017	$253,459	$256,594
12/2017	$254,811	$257,772
01/2018	$253,618	$254,803
02/2018	$252,671	$252,387
03/2018	$254,124	$254,006
04/2018	$253,770	$252,117
05/2018	$255,794	$253,916
06/2018	$256,000	$253,604
07/2018	$255,935	$253,664
08/2018	$256,902	$255,296
09/2018	$256,575	$253,652
10/2018	$255,015	$251,648
11/2018	$256,031	$253,150
12/2018	$257,055	$257,801
01/2019	$258,908	$260,539
02/2019	$259,179	$260,388
03/2019	$261,084	$265,387
04/2019	$261,386	$265,455
05/2019	$263,541	$270,168
06/2019	$264,354	$273,560
07/2019	$264,907	$274,162
08/2019	$268,086	$281,266
09/2019	$267,765	$279,768
10/2019	$268,267	$280,611
11/2019	$268,472	$280,468
12/2019	$268,408	$280,273
01/2020	$270,737	$285,666
02/2020	$272,510	$290,808
03/2020	$265,165	$289,096
04/2020	$272,331	$294,236
05/2020	$274,873	$295,605
06/2020	$277,376	$297,468
07/2020	$280,423	$301,911
08/2020	$279,638	$299,474
09/2020	$279,367	$299,310
10/2020	$278,815	$297,973
11/2020	$280,683	$300,897
12/2020	$281,023	$301,312
01/2021	$279,582	$299,151
02/2021	$278,452	$294,831
03/2021	$277,123	$291,150
04/2021	$277,779	$293,450
05/2021	$277,049	$294,409
06/2021	$276,884	$296,477
07/2021	$277,553	$299,792
08/2021	$277,385	$299,221
09/2021	$277,213	$296,631
10/2021	$276,469	$296,549
11/2021	$275,977	$297,426
12/2021	$275,779	$296,665
01/2022	$273,627	$290,274
02/2022	$271,482	$287,035
03/2022	$267,677	$279,061
04/2022	$260,301	$268,471
05/2022	$262,315	$270,202
06/2022	$259,495	$265,963
07/2022	$266,635	$272,462
08/2022	$257,818	$264,763
09/2022	$244,974	$253,324
10/2022	$240,419	$250,043
11/2022	$250,842	$259,238
12/2022	$249,214	$258,069
01/2023	$259,708	$266,008
02/2023	$251,692	$259,130
03/2023	$259,069	$265,713
04/2023	$260,073	$267,323
05/2023	$257,273	$264,412
06/2023	$256,508	$263,469
07/2023	$255,165	$263,286
08/2023	$252,642	$261,604
09/2023	$243,315	$254,956
10/2023	$237,824	$250,933
11/2023	$251,009	$262,296
12/2023	$263,112	$272,337
01/2024	$261,449	$271,589
02/2024	$256,154	$267,752
03/2024	$259,013	$270,224
04/2024	$250,088	$263,399
05/2024	$255,095	$267,864
06/2024	$259,495	$270,400
07/2024	$265,442	$276,716
08/2024	$270,850	$280,692
09/2024	$274,318	$284,451
10/2024	$264,940	$277,397

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	Since Inception (4/4/16)
Class R5Footnote Reference1	11.40%	(0.25)%	0.68%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.22%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$264,850,242
# of Portfolio Holdings	27
Portfolio Turnover Rate	34%
Total Management Fees Paid	$759,409

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 3.500%, Due 2/15/2033	12.7
U.S. Treasury Notes, 1.875%, Due 2/15/2032	10.6
U.S. Treasury Notes, 4.000%, Due 2/15/2034	7.9
U.S. Treasury Bonds, 2.500%, Due 2/15/2045	6.4
Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 3/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052	3.9
Federal Home Loan Mortgage Corp., 4.000%, Due 10/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 9/1/2042	3.7
Federal National Mortgage Association, 3.000%, Due 5/1/2052	3.7

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
U.S. Agency Mortgage-Backed Obligations	47.1
U.S. Treasury Obligations	44.8
Corporate Obligations	8.1

Industry Allocation - % Investments

Value	Value
Electric	2.3
Banks	2.5
Media	3.3
U.S. Treasury Obligations	44.8
U.S. Agency Mortgage-Backed Obligations	47.1

Excludes cash.

Additional Information 

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

Householding

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

Garcia Hamilton Quality Bond Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Garcia_R5 1024

Class R5: GHQIX

American Beacon

Garcia Hamilton Quality Bond Fund

Investor Class: GHQPX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$88	0.83%

How did the Fund perform and what affected its performance?

The Investor Class of the Fund returned 11.29% for the twelve months ended October 31, 2024, compared to the Bloomberg U.S. Aggregate Bond Index return of 10.55%.

• The Federal Reserve cut the Federal Funds Rate by 0.50% in September 2024.

• In anticipation of a slower economy, the Fund ended the period with a longer duration of 7.5 years compared to 6.1 years for the Index, which led to outperformance.

• The Fund was underweight in Corporates due to narrow credit spreads. This detracted from performance as Corporates were the best performing sector in the Index, returning 13.6%. Lower-quality Corporate bonds outperformed, while the Fund holds only higher-quality bonds.

• The Fund’s overweighting of Agency Mortgages performed well, although returns were in line with duration-equivalent Treasury bonds.

Cumulative Performance from April 4, 2016 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Investor	Bloomberg US Aggregate Bond Index
04/2016	$10,000	$10,000
04/2016	$9,947	$10,034
05/2016	$9,951	$10,036
06/2016	$10,083	$10,217
07/2016	$10,148	$10,281
08/2016	$10,153	$10,270
09/2016	$10,108	$10,264
10/2016	$10,024	$10,185
11/2016	$9,820	$9,944
12/2016	$9,836	$9,958
01/2017	$9,856	$9,978
02/2017	$9,927	$10,045
03/2017	$9,908	$10,039
04/2017	$9,969	$10,117
05/2017	$10,018	$10,195
06/2017	$10,028	$10,185
07/2017	$10,017	$10,228
08/2017	$10,098	$10,320
09/2017	$10,057	$10,271
10/2017	$10,066	$10,277
11/2017	$10,086	$10,264
12/2017	$10,126	$10,311
01/2018	$10,076	$10,192
02/2018	$10,035	$10,095
03/2018	$10,090	$10,160
04/2018	$10,083	$10,085
05/2018	$10,150	$10,157
06/2018	$10,155	$10,144
07/2018	$10,149	$10,147
08/2018	$10,184	$10,212
09/2018	$10,168	$10,146
10/2018	$10,103	$10,066
11/2018	$10,140	$10,126
12/2018	$10,177	$10,312
01/2019	$10,247	$10,422
02/2019	$10,255	$10,416
03/2019	$10,327	$10,615
04/2019	$10,336	$10,618
05/2019	$10,417	$10,807
06/2019	$10,446	$10,942
07/2019	$10,465	$10,966
08/2019	$10,587	$11,251
09/2019	$10,571	$11,191
10/2019	$10,587	$11,224
11/2019	$10,603	$11,219
12/2019	$10,586	$11,211
01/2020	$10,674	$11,427
02/2020	$10,741	$11,632
03/2020	$10,447	$11,564
04/2020	$10,717	$11,769
05/2020	$10,825	$11,824
06/2020	$10,920	$11,899
07/2020	$11,037	$12,076
08/2020	$11,002	$11,979
09/2020	$10,977	$11,972
10/2020	$10,963	$11,919
11/2020	$11,033	$12,036
12/2020	$11,043	$12,052
01/2021	$10,982	$11,966
02/2021	$10,935	$11,793
03/2021	$10,868	$11,646
04/2021	$10,901	$11,738
05/2021	$10,869	$11,776
06/2021	$10,859	$11,859
07/2021	$10,882	$11,992
08/2021	$10,872	$11,969
09/2021	$10,862	$11,865
10/2021	$10,841	$11,862
11/2021	$10,807	$11,897
12/2021	$10,796	$11,867
01/2022	$10,708	$11,611
02/2022	$10,632	$11,481
03/2022	$10,468	$11,162
04/2022	$10,176	$10,739
05/2022	$10,252	$10,808
06/2022	$10,138	$10,639
07/2022	$10,414	$10,898
08/2022	$10,066	$10,591
09/2022	$9,550	$10,133
10/2022	$9,380	$10,002
11/2022	$9,784	$10,370
12/2022	$9,729	$10,323
01/2023	$10,135	$10,640
02/2023	$9,820	$10,365
03/2023	$10,093	$10,629
04/2023	$10,139	$10,693
05/2023	$10,027	$10,576
06/2023	$9,983	$10,539
07/2023	$9,927	$10,531
08/2023	$9,826	$10,464
09/2023	$9,448	$10,198
10/2023	$9,231	$10,037
11/2023	$9,753	$10,492
12/2023	$10,220	$10,893
01/2024	$10,164	$10,864
02/2024	$9,993	$10,710
03/2024	$10,090	$10,809
04/2024	$9,728	$10,536
05/2024	$9,919	$10,715
06/2024	$10,075	$10,816
07/2024	$10,303	$11,069
08/2024	$10,521	$11,228
09/2024	$10,653	$11,378
10/2024	$10,274	$11,096

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	Since Inception (4/4/16)
Investor ClassFootnote Reference1	11.29%	(0.60)%	0.32%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.22%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$264,850,242
# of Portfolio Holdings	27
Portfolio Turnover Rate	34%
Total Management Fees Paid	$759,409

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 3.500%, Due 2/15/2033	12.7
U.S. Treasury Notes, 1.875%, Due 2/15/2032	10.6
U.S. Treasury Notes, 4.000%, Due 2/15/2034	7.9
U.S. Treasury Bonds, 2.500%, Due 2/15/2045	6.4
Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 3/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052	3.9
Federal Home Loan Mortgage Corp., 4.000%, Due 10/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 9/1/2042	3.7
Federal National Mortgage Association, 3.000%, Due 5/1/2052	3.7

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
U.S. Agency Mortgage-Backed Obligations	47.1
U.S. Treasury Obligations	44.8
Corporate Obligations	8.1

Industry Allocation - % Investments

Value	Value
Electric	2.3
Banks	2.5
Media	3.3
U.S. Treasury Obligations	44.8
U.S. Agency Mortgage-Backed Obligations	47.1

Excludes cash.

Additional Information 

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

Householding

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

Garcia Hamilton Quality Bond Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Garcia_Investor 1024

Investor Class: GHQPX

American Beacon

Garcia Hamilton Quality Bond Fund

Class Y: GHQYX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$54	0.51%

How did the Fund perform and what affected its performance?

The Y Class of the Fund returned 11.22% for the twelve months ended October 31, 2024, compared to the Bloomberg U.S. Aggregate Bond Index return of 10.55%.

• The Federal Reserve cut the Federal Funds Rate by 0.50% in September 2024.

• In anticipation of a slower economy, the Fund ended the period with a longer duration of 7.5 years compared to 6.1 years for the Index, which led to outperformance.

• The Fund was underweight in Corporates due to narrow credit spreads. This detracted from performance as Corporates were the best performing sector in the Index, returning 13.6%. Lower-quality Corporate bonds outperformed, while the Fund holds only higher-quality bonds.

• The Fund’s overweighting of Agency Mortgages performed well, although returns were in line with duration-equivalent Treasury bonds.

Cumulative Performance from April 4, 2016 through October 31, 2024

The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')	Y	Bloomberg US Aggregate Bond Index
04/2016	$100,000	$100,000
04/2016	$99,450	$100,338
05/2016	$99,642	$100,364
06/2016	$100,896	$102,167
07/2016	$101,567	$102,813
08/2016	$101,535	$102,696
09/2016	$101,108	$102,636
10/2016	$100,290	$101,850
11/2016	$98,375	$99,441
12/2016	$98,457	$99,582
01/2017	$98,683	$99,777
02/2017	$99,513	$100,448
03/2017	$99,350	$100,395
04/2017	$99,877	$101,170
05/2017	$100,399	$101,948
06/2017	$100,616	$101,846
07/2017	$100,535	$102,284
08/2017	$101,369	$103,201
09/2017	$100,876	$102,710
10/2017	$100,998	$102,769
11/2017	$101,219	$102,638
12/2017	$101,648	$103,109
01/2018	$101,163	$101,921
02/2018	$100,777	$100,955
03/2018	$101,451	$101,602
04/2018	$101,301	$100,847
05/2018	$101,998	$101,566
06/2018	$102,072	$101,442
07/2018	$102,037	$101,466
08/2018	$102,414	$102,119
09/2018	$102,275	$101,461
10/2018	$101,748	$100,659
11/2018	$102,145	$101,260
12/2018	$102,544	$103,120
01/2019	$103,170	$104,215
02/2019	$103,375	$104,155
03/2019	$104,126	$106,155
04/2019	$104,238	$106,182
05/2019	$104,983	$108,067
06/2019	$105,404	$109,424
07/2019	$105,615	$109,665
08/2019	$106,873	$112,506
09/2019	$106,736	$111,907
10/2019	$106,927	$112,244
11/2019	$107,001	$112,187
12/2019	$106,966	$112,109
01/2020	$107,885	$114,266
02/2020	$108,584	$116,323
03/2020	$105,649	$115,639
04/2020	$108,493	$117,694
05/2020	$109,496	$118,242
06/2020	$110,483	$118,987
07/2020	$111,687	$120,764
08/2020	$111,366	$119,790
09/2020	$111,249	$119,724
10/2020	$111,020	$119,189
11/2020	$111,755	$120,359
12/2020	$111,881	$120,525
01/2021	$111,299	$119,660
02/2021	$110,841	$117,933
03/2021	$110,307	$116,460
04/2021	$110,563	$117,380
05/2021	$110,267	$117,763
06/2021	$110,306	$118,591
07/2021	$110,567	$119,917
08/2021	$110,383	$119,689
09/2021	$110,309	$118,652
10/2021	$110,119	$118,620
11/2021	$109,918	$118,970
12/2021	$109,721	$118,666
01/2022	$108,859	$116,110
02/2022	$108,114	$114,814
03/2022	$106,483	$111,624
04/2022	$103,544	$107,388
05/2022	$104,450	$108,081
06/2022	$103,210	$106,385
07/2022	$105,983	$108,985
08/2022	$102,469	$105,905
09/2022	$97,240	$101,329
10/2022	$95,536	$100,017
11/2022	$99,677	$103,695
12/2022	$99,138	$103,227
01/2023	$103,314	$106,403
02/2023	$100,122	$103,652
03/2023	$102,936	$106,285
04/2023	$103,323	$106,929
05/2023	$102,321	$105,765
06/2023	$101,779	$105,388
07/2023	$101,356	$105,314
08/2023	$100,348	$104,642
09/2023	$96,516	$101,982
10/2023	$94,328	$100,373
11/2023	$99,685	$104,919
12/2023	$104,490	$108,935
01/2024	$103,942	$108,636
02/2024	$101,832	$107,101
03/2024	$102,843	$108,090
04/2024	$99,288	$105,360
05/2024	$101,153	$107,146
06/2024	$102,896	$108,160
07/2024	$105,253	$110,686
08/2024	$107,277	$112,277
09/2024	$108,649	$113,780
10/2024	$104,916	$110,959

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	Since Inception (4/4/16)
Class YFootnote Reference1	11.22%	(0.38)%	0.56%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.22%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$264,850,242
# of Portfolio Holdings	27
Portfolio Turnover Rate	34%
Total Management Fees Paid	$759,409

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 3.500%, Due 2/15/2033	12.7
U.S. Treasury Notes, 1.875%, Due 2/15/2032	10.6
U.S. Treasury Notes, 4.000%, Due 2/15/2034	7.9
U.S. Treasury Bonds, 2.500%, Due 2/15/2045	6.4
Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 3/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052	3.9
Federal Home Loan Mortgage Corp., 4.000%, Due 10/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 9/1/2042	3.7
Federal National Mortgage Association, 3.000%, Due 5/1/2052	3.7

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
U.S. Agency Mortgage-Backed Obligations	47.1
U.S. Treasury Obligations	44.8
Corporate Obligations	8.1

Industry Allocation - % Investments

Value	Value
Electric	2.3
Banks	2.5
Media	3.3
U.S. Treasury Obligations	44.8
U.S. Agency Mortgage-Backed Obligations	47.1

Excludes cash.

Additional Information 

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

Householding

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

Garcia Hamilton Quality Bond Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Garcia_Y 1024

Class Y: GHQYX

American Beacon

Garcia Hamilton Quality Bond Fund

Class R6: GHQRX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon Garcia Hamilton Quality Bond Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$43	0.41%

How did the Fund perform and what affected its performance?

The R6 Class of the Fund returned 11.46% for the twelve months ended October 31, 2024, compared to the Bloomberg U.S. Aggregate Bond Index return of 10.55%.

• The Federal Reserve cut the Federal Funds Rate by 0.50% in September 2024.

• In anticipation of a slower economy, the Fund ended the period with a longer duration of 7.5 years compared to 6.1 years for the Index, which led to outperformance.

• The Fund was underweight in Corporates due to narrow credit spreads. This detracted from performance as Corporates were the best performing sector in the Index, returning 13.6%. Lower-quality Corporate bonds outperformed, while the Fund holds only higher-quality bonds.

• The Fund’s overweighting of Agency Mortgages performed well, although returns were in line with duration-equivalent Treasury bonds.

Cumulative Performance from April 4, 2016 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R6	Bloomberg US Aggregate Bond Index
04/2016	$10,000	$10,000
04/2016	$9,947	$10,034
05/2016	$9,965	$10,036
06/2016	$10,092	$10,217
07/2016	$10,160	$10,281
08/2016	$10,167	$10,270
09/2016	$10,125	$10,264
10/2016	$10,034	$10,185
11/2016	$9,844	$9,944
12/2016	$9,853	$9,958
01/2017	$9,876	$9,978
02/2017	$9,960	$10,045
03/2017	$9,944	$10,039
04/2017	$10,008	$10,117
05/2017	$10,061	$10,195
06/2017	$10,074	$10,185
07/2017	$10,067	$10,228
08/2017	$10,151	$10,320
09/2017	$10,113	$10,271
10/2017	$10,126	$10,277
11/2017	$10,138	$10,264
12/2017	$10,192	$10,311
01/2018	$10,145	$10,192
02/2018	$10,107	$10,095
03/2018	$10,165	$10,160
04/2018	$10,151	$10,085
05/2018	$10,232	$10,157
06/2018	$10,240	$10,144
07/2018	$10,237	$10,147
08/2018	$10,276	$10,212
09/2018	$10,263	$10,146
10/2018	$10,201	$10,066
11/2018	$10,241	$10,126
12/2018	$10,282	$10,312
01/2019	$10,356	$10,422
02/2019	$10,367	$10,416
03/2019	$10,444	$10,615
04/2019	$10,456	$10,618
05/2019	$10,532	$10,807
06/2019	$10,576	$10,942
07/2019	$10,598	$10,966
08/2019	$10,715	$11,251
09/2019	$10,704	$11,191
10/2019	$10,724	$11,224
11/2019	$10,743	$11,219
12/2019	$10,730	$11,211
01/2020	$10,824	$11,427
02/2020	$10,895	$11,632
03/2020	$10,612	$11,564
04/2020	$10,889	$11,769
05/2020	$11,001	$11,824
06/2020	$11,091	$11,899
07/2020	$11,213	$12,076
08/2020	$11,182	$11,979
09/2020	$11,172	$11,972
10/2020	$11,150	$11,919
11/2020	$11,225	$12,036
12/2020	$11,250	$12,052
01/2021	$11,193	$11,966
02/2021	$11,137	$11,793
03/2021	$11,084	$11,646
04/2021	$11,122	$11,738
05/2021	$11,093	$11,776
06/2021	$11,087	$11,859
07/2021	$11,114	$11,992
08/2021	$11,107	$11,969
09/2021	$11,090	$11,865
10/2021	$11,071	$11,862
11/2021	$11,053	$11,897
12/2021	$11,034	$11,867
01/2022	$10,948	$11,611
02/2022	$10,874	$11,481
03/2022	$10,710	$11,162
04/2022	$10,427	$10,739
05/2022	$10,496	$10,808
06/2022	$10,384	$10,639
07/2022	$10,670	$10,898
08/2022	$10,317	$10,591
09/2022	$9,803	$10,133
10/2022	$9,621	$10,002
11/2022	$10,038	$10,370
12/2022	$9,985	$10,323
01/2023	$10,406	$10,640
02/2023	$10,085	$10,365
03/2023	$10,369	$10,629
04/2023	$10,421	$10,693
05/2023	$10,309	$10,576
06/2023	$10,267	$10,539
07/2023	$10,214	$10,531
08/2023	$10,113	$10,464
09/2023	$9,727	$10,198
10/2023	$9,508	$10,037
11/2023	$10,048	$10,492
12/2023	$10,534	$10,893
01/2024	$10,479	$10,864
02/2024	$10,267	$10,710
03/2024	$10,370	$10,809
04/2024	$10,001	$10,536
05/2024	$10,202	$10,715
06/2024	$10,378	$10,816
07/2024	$10,605	$11,069
08/2024	$10,834	$11,228
09/2024	$10,973	$11,378
10/2024	$10,598	$11,096

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	Since Inception (4/4/16)
R6 ClassFootnote Reference1	11.46%	(0.24)%	0.68%
Bloomberg US Aggregate Bond Index	10.55%	(0.23)%	1.22%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

Key Fund Statistics

Total Net Assets	$264,850,242
# of Portfolio Holdings	27
Portfolio Turnover Rate	34%
Total Management Fees Paid	$759,409

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

U.S. Treasury Notes, 3.500%, Due 2/15/2033	12.7
U.S. Treasury Notes, 1.875%, Due 2/15/2032	10.6
U.S. Treasury Notes, 4.000%, Due 2/15/2034	7.9
U.S. Treasury Bonds, 2.500%, Due 2/15/2045	6.4
Federal Home Loan Mortgage Corp., 4.000%, Due 11/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 3/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 4/1/2052	3.9
Federal Home Loan Mortgage Corp., 4.000%, Due 10/1/2052	3.9
Federal Home Loan Mortgage Corp., 2.500%, Due 9/1/2042	3.7
Federal National Mortgage Association, 3.000%, Due 5/1/2052	3.7

Excludes cash equivalents. 

Asset Allocation - % Investments

Value	Value
U.S. Agency Mortgage-Backed Obligations	47.1
U.S. Treasury Obligations	44.8
Corporate Obligations	8.1

Industry Allocation - % Investments

Value	Value
Electric	2.3
Banks	2.5
Media	3.3
U.S. Treasury Obligations	44.8
U.S. Agency Mortgage-Backed Obligations	47.1

Excludes cash.

Additional Information 

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

Householding

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

Garcia Hamilton Quality Bond Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

Garcia_R6 1024

Class R6: GHQRX

American Beacon

EAM International Small Cap Fund

Class R5: TOVIX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon EAM International Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$97	0.89%

How did the Fund perform and what affected its performance?

The R5 Class of the Fund returned 18.52% for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97% and the MSCI^® ACWI ex USA Small Cap Index (Net) return of 23.73%.

• The Fund’s strategy of informed momentum investing struggled as investors rotated into lower momentum and weaker quality stocks in the latter part of the twelve-month period with the loosening of global monetary policy and the prospect of a soft landing among international markets.

• The Fund's holdings in the Financials, Consumer Discretionary, and Materials sectors detracted from the Fund's performance. Conversely, holdings in the Information Technology and Health Care sectors contributed to performance. The Fund’s holdings in Taiwan detracted from performance, while holdings in Korea contributed positively to performance during the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	R5	MSCI® EAFE Index (Net)	MSCI® ACWI ex USA Small Cap Index (Net)
10/2014	$250,000	$250,000	$250,000
11/2014	$253,626	$253,400	$248,950
12/2014	$247,670	$244,622	$245,858
01/2015	$254,279	$245,818	$244,956
02/2015	$269,334	$260,513	$258,322
03/2015	$269,150	$256,556	$255,524
04/2015	$279,064	$267,031	$270,792
05/2015	$282,920	$265,664	$272,305
06/2015	$276,127	$258,137	$266,303
07/2015	$280,166	$263,497	$261,228
08/2015	$263,275	$244,113	$246,655
09/2015	$251,709	$231,718	$239,612
10/2015	$267,865	$249,831	$253,815
11/2015	$268,967	$245,945	$252,000
12/2015	$265,667	$242,631	$252,257
01/2016	$249,394	$225,085	$232,914
02/2016	$246,935	$220,961	$233,704
03/2016	$266,614	$235,339	$253,980
04/2016	$274,372	$242,152	$261,082
05/2016	$273,993	$239,952	$259,364
06/2016	$269,263	$231,898	$251,758
07/2016	$280,427	$243,651	$265,768
08/2016	$280,805	$243,823	$265,131
09/2016	$284,211	$246,819	$271,675
10/2016	$273,236	$241,770	$264,522
11/2016	$268,884	$236,955	$256,668
12/2016	$274,866	$245,057	$262,116
01/2017	$287,744	$252,166	$272,161
02/2017	$289,858	$255,772	$279,330
03/2017	$298,508	$262,813	$285,121
04/2017	$308,311	$269,500	$293,674
05/2017	$316,768	$279,392	$301,639
06/2017	$314,077	$278,898	$302,906
07/2017	$325,418	$286,943	$313,607
08/2017	$322,727	$286,835	$317,005
09/2017	$334,260	$293,971	$323,814
10/2017	$337,912	$298,435	$329,860
11/2017	$336,758	$301,566	$334,773
12/2017	$341,328	$306,406	$345,064
01/2018	$358,852	$321,775	$362,027
02/2018	$341,328	$307,252	$347,785
03/2018	$338,991	$301,714	$343,844
04/2018	$338,796	$308,603	$347,820
05/2018	$331,397	$301,666	$344,299
06/2018	$324,972	$297,980	$334,916
07/2018	$328,671	$305,315	$337,250
08/2018	$320,104	$299,419	$333,968
09/2018	$319,715	$302,017	$329,847
10/2018	$293,234	$277,979	$297,764
11/2018	$290,898	$277,629	$298,505
12/2018	$273,445	$264,152	$282,264
01/2019	$292,582	$281,512	$304,371
02/2019	$300,671	$288,688	$310,755
03/2019	$302,644	$290,508	$311,228
04/2019	$316,060	$298,676	$318,111
05/2019	$296,331	$284,332	$301,695
06/2019	$310,536	$301,200	$315,007
07/2019	$305,801	$297,376	$312,903
08/2019	$297,120	$289,672	$303,885
09/2019	$302,447	$297,973	$311,268
10/2019	$308,760	$308,679	$323,865
11/2019	$315,073	$312,159	$329,302
12/2019	$327,474	$322,304	$345,544
01/2020	$314,747	$315,571	$334,757
02/2020	$288,282	$287,044	$303,969
03/2020	$250,908	$248,733	$245,318
04/2020	$267,676	$264,802	$275,134
05/2020	$282,625	$276,333	$291,815
06/2020	$291,110	$285,742	$301,324
07/2020	$303,838	$292,402	$316,395
08/2020	$320,201	$307,435	$337,206
09/2020	$323,231	$299,446	$332,935
10/2020	$314,747	$287,490	$324,107
11/2020	$352,322	$332,055	$368,956
12/2020	$369,713	$347,494	$394,757
01/2021	$367,882	$343,792	$394,063
02/2021	$379,474	$351,503	$408,320
03/2021	$386,795	$359,585	$416,596
04/2021	$399,404	$370,405	$435,728
05/2021	$410,792	$382,484	$445,825
06/2021	$406,114	$378,180	$443,060
07/2021	$406,928	$381,027	$446,615
08/2021	$410,385	$387,748	$456,933
09/2021	$394,319	$376,495	$443,040
10/2021	$397,777	$385,755	$449,967
11/2021	$382,118	$367,801	$427,690
12/2021	$398,448	$386,634	$445,773
01/2022	$374,948	$367,950	$417,946
02/2022	$362,245	$361,444	$412,534
03/2022	$354,835	$363,767	$416,733
04/2022	$330,699	$340,233	$389,832
05/2022	$340,226	$342,784	$386,240
06/2022	$304,235	$310,978	$343,604
07/2022	$316,091	$326,474	$363,458
08/2022	$296,613	$310,968	$353,925
09/2022	$269,090	$281,878	$314,853
10/2022	$285,180	$297,036	$325,085
11/2022	$323,501	$330,493	$356,152
12/2022	$317,604	$330,758	$356,748
01/2023	$345,419	$357,542	$382,430
02/2023	$338,735	$350,082	$372,659
03/2023	$344,341	$358,758	$373,502
04/2023	$340,029	$368,887	$379,003
05/2023	$337,010	$353,276	$368,495
06/2023	$358,356	$369,354	$381,154
07/2023	$371,940	$381,305	$400,511
08/2023	$364,178	$366,696	$389,346
09/2023	$345,635	$354,170	$374,692
10/2023	$330,110	$339,812	$353,742
11/2023	$356,631	$371,352	$387,972
12/2023	$368,804	$391,082	$412,609
01/2024	$363,083	$393,333	$405,530
02/2024	$391,030	$400,532	$409,592
03/2024	$401,372	$413,706	$421,310
04/2024	$386,629	$403,111	$415,177
05/2024	$405,113	$418,726	$428,628
06/2024	$405,333	$411,966	$424,083
07/2024	$404,453	$424,051	$440,232
08/2024	$409,734	$437,840	$448,341
09/2024	$409,514	$441,883	$461,820
10/2024	$391,250	$417,853	$437,686

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class R5Footnote Reference1	18.52%	4.85%	4.58%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%
MSCI® ACWI ex USA Small Cap Index (Net)	23.73%	6.21%	5.76%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The MSCI^® EAFE Index (Net) is replacing the MSCI^® ACWI ex USA Small Cap Index (Net) as the broad-based securities market index to comply with a new regulatory requirement. The MSCI^® ACWI ex USA Small Cap Index (Net) reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$126,424,066
# of Portfolio Holdings	137
Portfolio Turnover Rate	260%
Total Management Fees Paid	$813,252

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	94.7
Investment Companies	2.9
Common Stocks	1.5
Foreign Preferred Stocks	0.8
Securities Lending Collateral	0.1

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Hanwha Aerospace Co. Ltd.	1.1
Telix Pharmaceuticals Ltd.	1.0
Jentech Precision Industrial Co. Ltd.	1.0
HUB24 Ltd.	1.0
Lotus Bakeries NV	1.0
Yangzijiang Shipbuilding Holdings Ltd.	0.9
Van Lanschot Kempen NV	0.9
LIG Nex1 Co. Ltd.	0.9
Qifu Technology, Inc., ADR	0.9
InPost SA	0.9

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Communication Services	1.4
Utilities	1.4
Real Estate	1.7
Energy	1.9
Consumer Staples	6.1
Materials	8.8
Health Care	9.7
Information Technology	10.8
Consumer Discretionary	13.3
Financials	13.6
Industrials	31.3

Top Ten Country Exposure - % Equities

Value	Value
Sweden	3.6
Switzerland	4.9
China	5.8
United Kingdom	5.8
Taiwan	7.7
Republic Of Korea	8.0
Canada	9.4
Australia	9.4
India	11.6
Japan	13.2

Additional Information 

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

Householding

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

EAM International Small Cap Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

EAM_R5 1024

Class R5: TOVIX

American Beacon

EAM International Small Cap Fund

Investor Class: TIVFX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon EAM International Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$146	1.34%

How did the Fund perform and what affected its performance?

The Investor Class of the Fund returned 18.07% for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97% and the MSCI^® ACWI ex USA Small Cap Index (Net) return of 23.73%.

• The Fund’s strategy of informed momentum investing struggled as investors rotated into lower momentum and weaker quality stocks in the latter part of the twelve-month period with the loosening of global monetary policy and the prospect of a soft landing among international markets.

• The Fund's holdings in the Financials, Consumer Discretionary, and Materials sectors detracted from the Fund's performance. Conversely, holdings in the Information Technology and Health Care sectors contributed to performance. The Fund’s holdings in Taiwan detracted from performance, while holdings in Korea contributed positively to performance during the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

	Investor	MSCI® EAFE Index (Net)	MSCI® ACWI ex USA Small Cap Index (Net)
10/2014	$10,000	$10,000	$10,000
11/2014	$10,145	$10,136	$9,958
12/2014	$9,907	$9,785	$9,834
01/2015	$10,171	$9,833	$9,798
02/2015	$10,773	$10,421	$10,333
03/2015	$10,766	$10,262	$10,221
04/2015	$11,163	$10,681	$10,832
05/2015	$11,317	$10,627	$10,892
06/2015	$11,045	$10,325	$10,652
07/2015	$11,207	$10,540	$10,449
08/2015	$10,531	$9,765	$9,866
09/2015	$10,068	$9,269	$9,584
10/2015	$10,715	$9,993	$10,153
11/2015	$10,759	$9,838	$10,080
12/2015	$10,627	$9,705	$10,090
01/2016	$9,976	$9,003	$9,317
02/2016	$9,877	$8,838	$9,348
03/2016	$10,665	$9,414	$10,159
04/2016	$10,975	$9,686	$10,443
05/2016	$10,960	$9,598	$10,375
06/2016	$10,771	$9,276	$10,070
07/2016	$11,217	$9,746	$10,631
08/2016	$11,232	$9,753	$10,605
09/2016	$11,368	$9,873	$10,867
10/2016	$10,929	$9,671	$10,581
11/2016	$10,755	$9,478	$10,267
12/2016	$10,995	$9,802	$10,485
01/2017	$11,510	$10,087	$10,886
02/2017	$11,594	$10,231	$11,173
03/2017	$11,940	$10,513	$11,405
04/2017	$12,332	$10,780	$11,747
05/2017	$12,671	$11,176	$12,066
06/2017	$12,563	$11,156	$12,116
07/2017	$13,017	$11,478	$12,544
08/2017	$12,909	$11,473	$12,680
09/2017	$13,370	$11,759	$12,953
10/2017	$13,516	$11,937	$13,194
11/2017	$13,470	$12,063	$13,391
12/2017	$13,653	$12,256	$13,803
01/2018	$14,354	$12,871	$14,481
02/2018	$13,653	$12,290	$13,911
03/2018	$13,560	$12,069	$13,754
04/2018	$13,552	$12,344	$13,913
05/2018	$13,256	$12,067	$13,772
06/2018	$12,999	$11,919	$13,397
07/2018	$13,147	$12,213	$13,490
08/2018	$12,804	$11,977	$13,359
09/2018	$12,789	$12,081	$13,194
10/2018	$11,729	$11,119	$11,911
11/2018	$11,636	$11,105	$11,940
12/2018	$10,938	$10,566	$11,291
01/2019	$11,703	$11,260	$12,175
02/2019	$12,019	$11,548	$12,430
03/2019	$12,090	$11,620	$12,449
04/2019	$12,627	$11,947	$12,724
05/2019	$11,837	$11,373	$12,068
06/2019	$12,398	$12,048	$12,600
07/2019	$12,200	$11,895	$12,516
08/2019	$11,861	$11,587	$12,155
09/2019	$12,074	$11,919	$12,451
10/2019	$12,319	$12,347	$12,955
11/2019	$12,571	$12,486	$13,172
12/2019	$13,058	$12,892	$13,822
01/2020	$12,552	$12,623	$13,390
02/2020	$11,493	$11,482	$12,159
03/2020	$10,000	$9,949	$9,813
04/2020	$10,666	$10,592	$11,005
05/2020	$11,252	$11,053	$11,673
06/2020	$11,597	$11,430	$12,053
07/2020	$12,095	$11,696	$12,656
08/2020	$12,745	$12,297	$13,488
09/2020	$12,857	$11,978	$13,317
10/2020	$12,520	$11,500	$12,964
11/2020	$14,013	$13,282	$14,758
12/2020	$14,705	$13,900	$15,790
01/2021	$14,625	$13,752	$15,763
02/2021	$15,084	$14,060	$16,333
03/2021	$15,374	$14,383	$16,664
04/2021	$15,865	$14,816	$17,429
05/2021	$16,316	$15,299	$17,833
06/2021	$16,123	$15,127	$17,722
07/2021	$16,163	$15,241	$17,865
08/2021	$16,292	$15,510	$18,277
09/2021	$15,647	$15,060	$17,722
10/2021	$15,776	$15,430	$17,999
11/2021	$15,156	$14,712	$17,108
12/2021	$15,807	$15,465	$17,831
01/2022	$14,863	$14,718	$16,718
02/2022	$14,362	$14,458	$16,501
03/2022	$14,061	$14,551	$16,669
04/2022	$13,101	$13,609	$15,593
05/2022	$13,477	$13,711	$15,450
06/2022	$12,041	$12,439	$13,744
07/2022	$12,508	$13,059	$14,538
08/2022	$11,740	$12,439	$14,157
09/2022	$10,646	$11,275	$12,594
10/2022	$11,281	$11,881	$13,003
11/2022	$12,792	$13,220	$14,246
12/2022	$12,556	$13,230	$14,270
01/2023	$13,648	$14,302	$15,297
02/2023	$13,377	$14,003	$14,906
03/2023	$13,606	$14,350	$14,940
04/2023	$13,428	$14,755	$15,160
05/2023	$13,301	$14,131	$14,740
06/2023	$14,131	$14,774	$15,246
07/2023	$14,656	$15,252	$16,020
08/2023	$14,351	$14,668	$15,574
09/2023	$13,606	$14,167	$14,988
10/2023	$12,979	$13,592	$14,150
11/2023	$14,021	$14,854	$15,519
12/2023	$14,490	$15,643	$16,504
01/2024	$14,258	$15,733	$16,221
02/2024	$15,351	$16,021	$16,384
03/2024	$15,756	$16,548	$16,852
04/2024	$15,170	$16,124	$16,607
05/2024	$15,885	$16,749	$17,145
06/2024	$15,894	$16,479	$16,963
07/2024	$15,850	$16,962	$17,609
08/2024	$16,048	$17,514	$17,934
09/2024	$16,040	$17,675	$18,473
10/2024	$15,325	$16,714	$17,507

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Investor ClassFootnote Reference1	18.07%	4.46%	4.36%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%
MSCI® ACWI ex USA Small Cap Index (Net)	23.73%	6.21%	5.76%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The MSCI^® EAFE Index (Net) is replacing the MSCI^® ACWI ex USA Small Cap Index (Net) as the broad-based securities market index to comply with a new regulatory requirement. The MSCI^® ACWI ex USA Small Cap Index (Net) reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$126,424,066
# of Portfolio Holdings	137
Portfolio Turnover Rate	260%
Total Management Fees Paid	$813,252

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	94.7
Investment Companies	2.9
Common Stocks	1.5
Foreign Preferred Stocks	0.8
Securities Lending Collateral	0.1

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Hanwha Aerospace Co. Ltd.	1.1
Telix Pharmaceuticals Ltd.	1.0
Jentech Precision Industrial Co. Ltd.	1.0
HUB24 Ltd.	1.0
Lotus Bakeries NV	1.0
Yangzijiang Shipbuilding Holdings Ltd.	0.9
Van Lanschot Kempen NV	0.9
LIG Nex1 Co. Ltd.	0.9
Qifu Technology, Inc., ADR	0.9
InPost SA	0.9

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Communication Services	1.4
Utilities	1.4
Real Estate	1.7
Energy	1.9
Consumer Staples	6.1
Materials	8.8
Health Care	9.7
Information Technology	10.8
Consumer Discretionary	13.3
Financials	13.6
Industrials	31.3

Top Ten Country Exposure - % Equities

Value	Value
Sweden	3.6
Switzerland	4.9
China	5.8
United Kingdom	5.8
Taiwan	7.7
Republic Of Korea	8.0
Canada	9.4
Australia	9.4
India	11.6
Japan	13.2

Material Fund Changes 

This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2025  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

Effective March 1, 2024, the contractual expense limitation the Investor was increased from 0.00% to 1.30% (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, security lending fees, expenses associated with securities sold short, litigation and other extraordinary expenses). 

Additional Information 

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

Householding

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

EAM International Small Cap Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

EAM_Investor 1024

Investor Class: TIVFX

American Beacon

EAM International Small Cap Fund

Class Y: TOVYX

Annual Shareholder Report - October 31, 2024 

This annual shareholder report contains important information about American Beacon EAM International Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$123	1.13%

How did the Fund perform and what affected its performance?

The Y Class of the Fund returned 18.31% for the twelve months ended October 31, 2024, compared to the MSCI^® EAFE Index (Net) return of 22.97% and the MSCI^® ACWI ex USA Small Cap Index (Net) return of 23.73%.

• The Fund’s strategy of informed momentum investing struggled as investors rotated into lower momentum and weaker quality stocks in the latter part of the twelve-month period with the loosening of global monetary policy and the prospect of a soft landing among international markets.

• The Fund's holdings in the Financials, Consumer Discretionary, and Materials sectors detracted from the Fund's performance. Conversely, holdings in the Information Technology and Health Care sectors contributed to performance. The Fund’s holdings in Taiwan detracted from performance, while holdings in Korea contributed positively to performance during the period.

Cumulative Performance from October 31, 2014 through October 31, 2024

The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')	Y	MSCI® EAFE Index (Net)	MSCI® ACWI ex USA Small Cap Index (Net)
10/2014	$100,000	$100,000	$100,000
11/2014	$101,450	$101,360	$99,580
12/2014	$99,068	$97,849	$98,343
01/2015	$101,712	$98,327	$97,982
02/2015	$107,734	$104,205	$103,329
03/2015	$107,660	$102,622	$102,210
04/2015	$111,626	$106,812	$108,317
05/2015	$113,168	$106,266	$108,922
06/2015	$110,451	$103,255	$106,521
07/2015	$112,066	$105,399	$104,491
08/2015	$105,310	$97,645	$98,662
09/2015	$100,684	$92,687	$95,845
10/2015	$107,146	$99,932	$101,526
11/2015	$107,587	$98,378	$100,800
12/2015	$106,267	$97,052	$100,903
01/2016	$99,758	$90,034	$93,165
02/2016	$98,774	$88,385	$93,481
03/2016	$106,645	$94,136	$101,592
04/2016	$109,749	$96,861	$104,433
05/2016	$109,597	$95,981	$103,745
06/2016	$107,705	$92,759	$100,703
07/2016	$112,171	$97,460	$106,307
08/2016	$112,322	$97,529	$106,052
09/2016	$113,685	$98,727	$108,670
10/2016	$109,295	$96,708	$105,809
11/2016	$107,554	$94,782	$102,667
12/2016	$109,946	$98,023	$104,846
01/2017	$115,098	$100,866	$108,864
02/2017	$115,943	$102,309	$111,732
03/2017	$119,403	$105,125	$114,048
04/2017	$123,324	$107,800	$117,469
05/2017	$126,707	$111,757	$120,656
06/2017	$125,631	$111,559	$121,162
07/2017	$130,167	$114,777	$125,443
08/2017	$129,091	$114,734	$126,802
09/2017	$133,704	$117,589	$129,526
10/2017	$135,165	$119,374	$131,944
11/2017	$134,703	$120,626	$133,909
12/2017	$136,531	$122,562	$138,026
01/2018	$143,541	$128,710	$144,811
02/2018	$136,531	$122,901	$139,114
03/2018	$135,596	$120,686	$137,537
04/2018	$135,519	$123,441	$139,128
05/2018	$132,559	$120,666	$137,720
06/2018	$129,989	$119,192	$133,966
07/2018	$131,469	$122,126	$134,900
08/2018	$128,042	$119,768	$133,587
09/2018	$127,886	$120,807	$131,939
10/2018	$117,294	$111,192	$119,106
11/2018	$116,359	$111,052	$119,402
12/2018	$109,378	$105,661	$112,906
01/2019	$117,033	$112,605	$121,748
02/2019	$120,268	$115,475	$124,302
03/2019	$121,058	$116,203	$124,491
04/2019	$126,345	$119,470	$127,244
05/2019	$118,532	$113,733	$120,678
06/2019	$124,214	$120,480	$126,003
07/2019	$122,241	$118,950	$125,161
08/2019	$118,848	$115,869	$121,554
09/2019	$120,979	$119,189	$124,507
10/2019	$123,425	$123,471	$129,546
11/2019	$125,872	$124,863	$131,721
12/2019	$130,865	$128,921	$138,218
01/2020	$125,776	$126,229	$133,903
02/2020	$115,113	$114,818	$121,588
03/2020	$100,169	$99,493	$98,127
04/2020	$106,873	$105,921	$110,054
05/2020	$112,851	$110,533	$116,726
06/2020	$116,325	$114,297	$120,530
07/2020	$121,333	$116,961	$126,558
08/2020	$127,876	$122,974	$134,882
09/2020	$129,007	$119,779	$133,174
10/2020	$125,695	$114,996	$129,643
11/2020	$140,640	$132,822	$147,582
12/2020	$147,649	$138,998	$157,903
01/2021	$146,837	$137,517	$157,625
02/2021	$151,548	$140,601	$163,328
03/2021	$154,390	$143,834	$166,638
04/2021	$159,426	$148,162	$174,291
05/2021	$163,974	$152,994	$178,330
06/2021	$162,106	$151,272	$177,224
07/2021	$162,431	$152,411	$178,646
08/2021	$163,811	$155,099	$182,773
09/2021	$157,395	$150,598	$177,216
10/2021	$158,695	$154,302	$179,987
11/2021	$152,522	$147,120	$171,076
12/2021	$158,980	$154,653	$178,309
01/2022	$149,598	$147,180	$167,178
02/2022	$144,527	$144,578	$165,014
03/2022	$141,569	$145,507	$166,693
04/2022	$131,934	$136,093	$155,933
05/2022	$135,737	$137,114	$154,496
06/2022	$121,285	$124,391	$137,442
07/2022	$126,018	$130,590	$145,383
08/2022	$118,242	$124,387	$141,570
09/2022	$107,339	$112,751	$125,941
10/2022	$113,762	$118,814	$130,034
11/2022	$128,976	$132,197	$142,461
12/2022	$126,589	$132,303	$142,699
01/2023	$137,682	$143,017	$152,972
02/2023	$135,016	$140,033	$149,064
03/2023	$137,252	$143,503	$149,401
04/2023	$135,446	$147,555	$151,601
05/2023	$134,242	$141,310	$147,398
06/2023	$142,670	$147,741	$152,461
07/2023	$148,002	$152,522	$160,204
08/2023	$144,906	$146,678	$155,738
09/2023	$137,424	$141,668	$149,877
10/2023	$131,060	$135,925	$141,497
11/2023	$141,638	$148,541	$155,189
12/2023	$146,384	$156,433	$165,044
01/2024	$144,105	$157,333	$162,212
02/2024	$155,150	$160,213	$163,837
03/2024	$159,182	$165,482	$168,524
04/2024	$153,309	$161,244	$166,071
05/2024	$160,584	$167,490	$171,451
06/2024	$160,760	$164,786	$169,633
07/2024	$160,321	$169,621	$176,093
08/2024	$162,425	$175,136	$179,337
09/2024	$162,250	$176,753	$184,728
10/2024	$155,062	$167,141	$175,075

Average Annual Total Returns (%)

HEADER	1 Year	5 Years	10 Years
Class YFootnote Reference1	18.31%	4.67%	4.48%
MSCI® EAFE Index (Net)	22.97%	6.24%	5.27%
MSCI® ACWI ex USA Small Cap Index (Net)	23.73%	6.21%	5.76%

Footnote	Description
Footnote1	Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.

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

The MSCI^® EAFE Index (Net) is replacing the MSCI^® ACWI ex USA Small Cap Index (Net) as the broad-based securities market index to comply with a new regulatory requirement. The MSCI^® ACWI ex USA Small Cap Index (Net) reflects the market sectors in which the Fund invests. 

Key Fund Statistics

Total Net Assets	$126,424,066
# of Portfolio Holdings	137
Portfolio Turnover Rate	260%
Total Management Fees Paid	$813,252

Asset Allocation - % Investments

Value	Value
Foreign Common Stocks	94.7
Investment Companies	2.9
Common Stocks	1.5
Foreign Preferred Stocks	0.8
Securities Lending Collateral	0.1

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

What did the Fund invest in? 

 Top Ten Holdings - % Net Assets

Hanwha Aerospace Co. Ltd.	1.1
Telix Pharmaceuticals Ltd.	1.0
Jentech Precision Industrial Co. Ltd.	1.0
HUB24 Ltd.	1.0
Lotus Bakeries NV	1.0
Yangzijiang Shipbuilding Holdings Ltd.	0.9
Van Lanschot Kempen NV	0.9
LIG Nex1 Co. Ltd.	0.9
Qifu Technology, Inc., ADR	0.9
InPost SA	0.9

Excludes cash equivalents. 

Sector Allocation - % Equities

Value	Value
Communication Services	1.4
Utilities	1.4
Real Estate	1.7
Energy	1.9
Consumer Staples	6.1
Materials	8.8
Health Care	9.7
Information Technology	10.8
Consumer Discretionary	13.3
Financials	13.6
Industrials	31.3

Top Ten Country Exposure - % Equities

Value	Value
Sweden	3.6
Switzerland	4.9
China	5.8
United Kingdom	5.8
Taiwan	7.7
Republic Of Korea	8.0
Canada	9.4
Australia	9.4
India	11.6
Japan	13.2

Material Fund Changes 

This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2025  at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

Effective March 1, 2024, the contractual expense limitation the Y was increased from 0.00% to 1.10% (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, security lending fees, expenses associated with securities sold short, litigation and other extraordinary expenses). 

Additional Information 

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

Householding

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

EAM International Small Cap Fund

Distributed by:

Resolute Investment Distributors, Inc.

Annual Shareholder Report - October 31, 2024

EAM_Y 1024

Class Y: TOVYX

Item 2. Code of Ethics

The registrant adopted a code of ethics (the “Code”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer. The registrant amended the Code on June 14, 2024 to update the name of the Principal Executive Officer. The registrant has not granted any waivers from the provisions of the Code during the period covered by the shareholder reports presented in Item 1. The Code is filed herewith as Exhibit 99.CODE ETH.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees of the Trust has determined that Claudia Holz, a member of the Trust’s Audit and Compliance Committee, is the “audit committee financial expert” as defined in Form N-CSR. Ms. Holz is considered “independent” as defined in Item 3 of Form N-CSR.

Item 4. Principal Account Fees and Services

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” refer to all other fees category would consist of service related to internal control reviews, strategy, and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the registrant. The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees, and all other fees by the principal accountant.

(a)
Audit Fees	Fiscal Year Ended
$269,734		10/31/23
$277,657		10/31/24
(b)
Audit Related Fees	Fiscal Year Ended
$0		10/31/23
$0		10/31/24
(c)
Tax Fees(1)	Fiscal Year Ended
$128,195		10/31/23
$182,187		10/31/24
(d)
All Other Fees	Fiscal Year Ended
$0		10/31/23
$0		10/31/24

⁽¹⁾ “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, tax planning, filing assistance for EU reclaims and PFIC tax services. These fees include international, federal, state, and excise tax reviews.

(e)(1) Pursuant to its charter, the Trust’s Audit and Compliance Committee shall have the following duties and powers pertaining to pre-approval of audit and non-audit services provided by the registrant’s principal accountant:

• to approve, prior to appointment, the engagement of auditors to annually audit and provide their opinion on the Trusts’ financial statements, and, in connection therewith, reviewing and evaluating matters potentially affecting the independence and capabilities of the auditors;

• to approve, prior to appointment, the engagement of the auditors to provide non-audit services to the Trusts, an investment adviser to any series of the Trusts or any entity controlling, controlled by, or under common control with an investment adviser (“adviser affiliate”) that provides ongoing services to the Trusts, if the engagement relates directly to the operations and financial reporting of the Trusts;

• to consider whether the non-audit services provided by a Trust’s auditor to an investment adviser or any adviser affiliate that provides ongoing services to a series of the Trusts, which services were not pre-approved by the Committee, are compatible with maintaining the auditor’s independence;

• to review the arrangements for and scope of the annual audit and any special audits; and

• to review and approving the fees proposed to be charged to the Trusts by the auditors for each audit and non-audit service.

The Audit and Compliance Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services, to a subcommittee of one or more members. Any decisions of the subcommittee to grant pre-approvals shall be presented to the full audit committee at its next regularly scheduled meeting.

(e)(2) None of the fees disclosed in paragraphs (b) through (d) above were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Aggregate Non-Audit Fees for Services Rendered to the:

Registrant	Adviser	Adviser’s Affiliates Providing Ongoing Services to Registrant		Fiscal Year Ended
$128,195	$32,969		N/A		10/31/23
$182,187	$31,575		N/A		10/31/24

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

(b) Not applicable.

Financial Statements and Other Information

Name of registrant: American Beacon Funds

Date of fiscal year end: October 31, 2024

Date of reporting period: October 31, 2024

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

American Beacon Funds

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

American Beacon Funds October 31, 2024

Contents

Report of Independent Registered Public Accounting Firm	1
Schedule of Investments:
American Beacon Balanced Fund	2
Financial Statements	16
Notes to Financial Statements	20
Financial Highlights:
American Beacon Balanced Fund	46
Federal Tax Information	52

  Additional Fund Information Back Cover

American Beacon Balanced Fund^SM

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon Balanced Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of American Beacon Balanced Fund (one of the funds constituting American Beacon Funds, referred hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the three years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 27, 2024

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

1

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 55.34%
Communication Services - 3.27%
Entertainment - 0.59%
Electronic Arts, Inc.		3,077		$	464,166
Warner Bros Discovery, Inc.A		24,999			203,242
					667,408
Interactive Media & Services - 1.04%
Alphabet, Inc., Class A		6,967			1,192,123
Media -1.64%
Comcast Corp., Class A		36,666			1,601,204
Omnicom Group, Inc.		1,786			180,386
Paramount Global, Class B		8,500			92,990
					1,874,580
Total Communication Services					3,734,111
Consumer Discretionary - 5.30%
Automobile Components - 0.93%
Adient PLCA		3,332			65,074
Aptiv PLCA		14,539			826,251
BorgWarner, Inc.		5,200			174,876
					1,066,201
Automobiles - 0.91%
General Motors Co.		20,542			1,042,712
Hotels, Restaurants & Leisure - 2.76%
Aramark		9,098			344,177
Booking Holdings, Inc.		43			201,079
Carnival Corp.A		60,240			1,325,280
Las Vegas Sands Corp.		16,457			853,296
Wynn Resorts Ltd.		4,354			418,071
					3,141,903
Specialty Retail - 0.70%
Lithia Motors, Inc.		2,402			798,353
Total Consumer Discretionary					6,049,169
Consumer Staples - 2.30%
Beverages - 0.62%
Keurig Dr. Pepper, Inc.		21,327			702,725
Food Products - 0.68%
Conagra Brands, Inc.		8,400			243,096
Kraft Heinz Co.		16,100			538,706
					781,802
Tobacco - 1.00%
Philip Morris International, Inc.		8,563			1,136,310
Total Consumer Staples					2,620,837
Energy - 5.93%
Energy Equipment & Services - 1.69%
Baker Hughes Co.		14,000			533,120
Halliburton Co.		22,374			620,655
NOV, Inc.		41,200			639,012
Schlumberger NV		3,500			140,245
					1,933,032

See accompanying notes

2

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 55.34% (continued)
Energy - 5.93% (continued)
Oil, Gas & Consumable Fuels - 4.24%
APA Corp.		39,114		$	923,090
Exxon Mobil Corp.		8,451			986,908
Hess Corp.		4,278			575,306
Marathon Oil Corp.		11,531			319,409
Murphy Oil Corp.		3,500			110,180
Ovintiv, Inc.		11,400			446,880
Permian Resources Corp.		25,586			348,737
Phillips 66		3,454			420,766
Shell PLC, ADR		10,435			704,884
					4,836,160
Total Energy					6,769,192
Financials - 11.67%
Banks - 5.76%
Bank of America Corp.		33,159			1,386,709
Citigroup, Inc.		21,257			1,364,062
Citizens Financial Group, Inc.		11,868			499,880
First Citizens BancShares, Inc., Class A		85			164,675
M&T Bank Corp.		2,224			432,968
Trust Financial Corp.		5,700			245,385
U.S. Bancorp		20,750			1,002,433
Wells Fargo & Co.		22,840			1,482,773
					6,578,885
Capital Markets - 1.12%
Bank of New York Mellon Corp.		5,715			430,682
Goldman Sachs Group, Inc.		337			174,495
State Street Corp.		7,276			675,213
					1,280,390
Consumer Finance - 0.88%
American Express Co.		2,205			595,526
Capital One Financial Corp.		1,200			195,348
Discover Financial Services		1,500			222,645
					1,013,519
Financial Services - 1.96%
Corebridge Financial, Inc.		11,400			362,178
Fidelity National Information Services, Inc.		20,839			1,869,884
					2,232,062
Insurance -1.95%
American International Group, Inc.		16,499			1,251,944
Hartford Financial Services Group, Inc.		4,400			485,936
Willis Towers Watson PLC		1,570			474,438
					2,212,318
Total Financials					13,317,174
Health Care - 7.81%
Health Care Equipment & Supplies - 2.00%
GE Healthcare Technologies, Inc.		7,587			662,724
Medtronic PLC		13,537			1,208,177
Solventum Corp.A		2,500			181,450
Zimmer Biomet Holdings, Inc.		2,172			232,230
					2,284,581

See accompanying notes

3

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 55.34% (continued)
Health Care -7.81% (continued)
Health Care Providers & Services - 3.92%
Centene Corp.A		6,260		$	389,748
Cigna Group		1,000			314,810
CVS Health Corp.		13,230			746,966
Elevance Health, Inc.		3,229			1,310,199
HCA Healthcare, Inc.		630			226,006
Humana, Inc.		1,550			399,637
Labcorp Holdings, Inc.		800			182,616
UnitedHealth Group, Inc.		1,598			902,071
					4,472,053
Life Sciences Tools & Services - 0.48%
Avantor, Inc.A		24,332			544,307
Pharmaceuticals - 1.41%
GSK PLC, ADR B		3,854			141,673
Merck & Co., Inc.		5,928			606,553
Sanofi SA, ADR		16,364			865,328
					1,613,554
Total Health Care					8,914,495
Industrial - 6.11%
Aerospace & Defense - 0.85%
Boeing Co.A		2,100			313,551
General Dynamics Corp.		600			174,966
RTX Corp.		4,100			496,059
					984,576
Air Freight & Logistics - 0.63%
FedEx Corp.A		2,630			720,226
Building Products - 0.64%
Johnson Controls International PLC		9,598			725,129
Construction & Engineering - 0.42%
AECOM		3,073			328,196
Fluor Corp.A		2,800			146,384
					474,580
Electrical Equipment - 0.70%
Vertiv Holdings Co., Class A		7,317			799,675
Ground Transportation - 0.70%
JB Hunt Transport Services, Inc.		2,905			524,701
Norfolk Southern Corp.		1,100			275,473
					800,174
Machinery - 1.65%
CNH Industrial NV		31,380			352,397
Cummins, Inc.		1,652			543,475
Deere & Co.		400			161,876
PACCAR, Inc.		3,058			318,888
Stanley Black & Decker, Inc.		3,712			344,993
Timken Co.		1,900			157,700
					1,879,329
Professional Services - 0.52%
Jacobs Solutions, Inc.		4,184			588,187
Total Industrials					6,971,876

See accompanying notes

4

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 55.34% (continued)
Information Technology - 5.11%
Communications Equipment - 1.17%
F5, Inc.A		5,700		$	1,333,116
Electronic Equipment, Instruments & Component - 0.16%
Corning, Inc.		3,735			177,749
IT Services - 0.44%
Cognizant Technology Solutions Corp., Class A		6,792			506,615
Semiconductors & Semiconductor Equipment - 1.85%
Broadcom, Inc.		5,330			904,874
Micron Technology, Inc.		2,680			267,062
QUALCOMM, Inc.		5,778			940,485
					2,112,421
Software - 1.49%
Oracle Corp.		4,147			696,033
Workday, Inc., Class AA		4,300			1,005,555
					1,701,588
Total Information Technology					5,831,489
Materials - 2.97%
Chemicals - 2.09%
Air Products & Chemicals, Inc.		4,060			1,260,752
Axalta Coating Systems Ltd.A		19,338			733,297
Olin Corp.		9,500			389,785
					2,383,834
Construction Materials - 0.88%
CRH PLC		10,522			1,004,114
Total Materials					3,387,948
Real Estate - 1.26%
Specialized REITs - 1.26%
Public Storage		2,025			666,346
VICI Properties, Inc.		24,292			771,514
					1,437,860
Total Real Estate					1,437,860
Utilities - 3.61%
Electric Utilities - 3.03%
Entergy Corp.		9,053			1,401,224
Pinnacle West Capital Corp.		7,939			697,124
PPL Corp.		19,447			633,194
Xcel Energy, Inc.		10,946			731,302
					3,462,844
Multi-Utilities - 0.58%
Dominion Energy, Inc.		11,100			660,783
Total Utilities					4,123,627
Total Common Stocks (Cost $44,186,194)					63,157,778

See accompanying notes

5

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 11.61%
Basic Materials - 0.05%
Chemicals - 0.05%
EIDP, Inc., 1.700%, Due 7/15/2025		$	55,000		$	53,852
Communications - 1.32%
Internet - 0.42%
Amazon.com, Inc.,
1.200%, Due 6/3/2027			250,000			230,958
4.650%, Due 12/1/2029			250,000			252,236
						483,194
Media - 0.59%
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.550%, Due 6/1/2034			145,000			147,729
Comcast Corp., 6.550%, Due 7/1/2039			217,000			240,479
Cox Communications, Inc.,
5.450%, Due 9/1/2034C			145,000			141,341
5.950%, Due 9/1/2054C			150,000			143,114
						672,663
Telecommunications - 0.31%
AT&T, Inc.,
3.800%, Due 12/1/2057			70,000			50,315
3.650%, Due 9/15/2059			175,000			120,472
Verizon Communications, Inc., 4.780%, Due 2/15/2035c			181,000			174,376
						345,163
Total Communications						1,501,020
Consumer, Cyclical - 1.07%
Airlines - 0.05%
American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, 2019-1, AA			64,248			58,864
Apparel - 0.22%
Tapestry, Inc., 7.850%, Due 11/27/2033			250,000			255,444
Home Furnishings - 0.10%
Whirlpool Corp., 5.150%, Due 3/1/2043			125,000			111,371
Retail - 0.70%
Home Depot, Inc., 2.950%, Due 6/15/2029			500,000			466,524
Walmart, Inc.,
2.375%, Due 9/24/2029			150,000			137,465
7.550%, Due 2/15/2030			169,000			194,699
						798,688
Total Consumer, Cyclical						1,224,367
Consumer, Non-Cyclical - 0.75%
Beverages - 0.26%
PepsiCo, Inc., 4.450%, Due 5/15/2028			300,000			301,376
Commercial Services - 0.02%
Moody’s Corp., 2.550%, Due 8/18/2060			50,000			26,869
Pharmaceuticals - 0.47%
Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029			560,000			532,285
Total Consumer, Non-Cyclical						860,530

See accompanying notes

6

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 11.61% (continued)
Energy - 0.26%
Oil & Gas - 0.14%
BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)D E		$	150,000		$	156,592
Pipelines - 0.12%
Enterprise Products Operating LLC, 4.950%, Due 2/15/2035			40,000			39,350
ONEOK Partners LP, 6.850%, Due 10/15/2037			45,000			49,489
Sempra Infrastructure Partners LP, 3.250%, Due 1/15/2032c			65,000			54,073
						142,912
Total Energy						299,504
Financial - 2.84%
Banks - 1.83%
Bank of America Corp.,
1.734%, Due 7/22/2027, (1 day USD SOFR + 0.960%)D			350,000			332,221
6.110%, Due 1/29/2037			176,000			186,414
Citigroup, Inc.,
3.400%, Due 5/1/2026			350,000			343,601
5.875%, Due 1/30/2042			145,000			152,341
Fifth Third Bank NA, 2.250%, Due 2/1/2027			250,000			237,298
JPMorgan Chase & Co.,
1.561%, Due 12/10/2025, (1 day USD SOFR + 0.605%)D			35,000			34,856
5.500%, Due 10/15/2040			313,000			320,334
Morgan Stanley, 2.484%, Due 9/16/2036, (1 day USD SOFR + 1.360%)D			60,000			48,930
PNC Financial Services Group, Inc., 2.550%, Due 1/22/2030			500,000			447,169
						2,103,164
Insurance - 1.01%
Berkshire Hathaway Finance Corp., 2.300%, Due 3/15/2027			300,000			287,159
Fidelity National Financial, Inc., 3.200%, Due 9/17/2051			55,000			35,255
Markel Group, Inc.,
5.000%, Due 5/20/2049			100,000			89,808
3.450%, Due 5/7/2052			125,000			85,241
MetLife, Inc.,
6.375%, Due 6/15/2034			169,000			185,189
4.721%, Due 12/15/2044			193,000			175,176
Prudential Financial, Inc., 4.600%, Due 5/15/2044			313,000			283,093
						1,140,921
Total Financial						3,244,085
Industrial - 1.41%
Aerospace/Defense - 0.20%
RTX Corp., 6.125%, Due 7/15/2038			217,000			233,564
Machinery - Construction & Mining - 0.48%
Caterpillar Financial Services Corp.,
4.900%, Due 1/17/2025			350,000			350,008
4.375%, Due 8/16/2029			200,000			198,231
						548,239
Machinery - Diversified - 0.40%
John Deere Capital Corp., 2.450%, Due 1/9/2030			500,000			450,723
Transportation - 0.33%
Burlington Northern Santa Fe LLC, 5.750%, Due 5/1/2040			202,000			212,532
CSX Corp., 5.500%, Due 4/15/2041			157,000			160,033
						372,565
Total Industrial						1,605,091

See accompanying notes

7

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 11.61% (continued)
Technology - 1.64%
Computers - 1.24%
Apple, Inc.,
1.400%, Due 8/5/2028		$	200,000		$	179,686
2.200%, Due 9/11/2029			300,000			271,448
Dell International LLC/EMC Corp., 3.450%, Due 12/15/2051			26,000			18,192
Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045			500,000			531,858
International Business Machines Corp., 4.250%, Due 5/15/2049			500,000			415,464
						1,416,648
Semiconductors - 0.40%
NVIDIA Corp., 1.550%, Due 6/15/2028			500,000			453,908
Total Technology						1,870,556
Utilities - 2.27%
Electric - 2.16%
Appalachian Power Co., 4.500%, Due 3/1/2049, Y			210,000			176,271
Arizona Public Service Co., 2.650%, Due 9/15/2050			30,000			18,004
Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036			235,000			250,808
Consolidated Edison Co. of New York, Inc., 5.500%, Due 12/1/2039, 09-C			169,000			170,972
Consumers Energy Co., 2.500%, Due 5/1/2060			32,000			18,347
DTE Energy Co., 1.050%, Due 6/1/2025, F			75,000			73,388
Duke Energy Carolinas LLC,
6.000%, Due 1/15/2038			40,000			42,606
6.050%, Due 4/15/2038			115,000			123,365
3.200%, Due 8/15/2049			45,000			31,226
Duke Energy Corp., 5.800%, Due 6/15/2054			95,000			95,353
Duke Energy Progress LLC,
4.150%, Due 12/1/2044			75,000			62,879
4.200%, Due 8/15/2045			30,000			25,124
Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, A-2			265,000			216,345
Entergy Arkansas LLC, 3.350%, Due 6/15/2052			55,000			38,940
Entergy Corp.,
2.800%, Due 6/15/2030			30,000			26,838
7.125%, Due 12/1/2054, (5 yr. CMT + 2.670%)D			45,000			46,016
Entergy Louisiana LLC,
4.000%, Due 3/15/2033			47,000			43,646
5.350%, Due 3/15/2034			105,000			106,969
Florida Power & Light Co., 3.950%, Due 3/1/2048			50,000			40,803
Kentucky Utilities Co., 3.300%, Due 6/1/2050			55,000			38,560
National Rural Utilities Cooperative Finance Corp., 5.450%, Due 10/30/2025			70,000			70,676
Pacific Gas & Electric Co., 5.550%, Due 5/15/2029			40,000			40,768
PacifiCorp,
4.150%, Due 2/15/2050			125,000			98,340
5.350%, Due 12/1/2053			95,000			89,785
5.500%, Due 5/15/2054			155,000			149,354
Public Service Enterprise Group, Inc., 5.450%, Due 4/1/2034			45,000			45,516
Sempra,
3.300%, Due 4/1/2025			85,000			84,415
6.400%, Due 10/1/2054, (5 yr. CMT + 2.632%)D			135,000			134,600
6.875%, Due 10/1/2054, (5 yr. CMT + 2.789%)D			100,000			101,796
						2,461,710
Gas - 0.11%
National Fuel Gas Co.,
3.950%, Due 9/15/2027			50,000			48,680
2.950%, Due 3/1/2031			95,000			82,392
						131,072
Total Utilities						2,592,782
Total Corporate Obligations (Cost $13,790,649)						13,251,787

See accompanying notes

8

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 3.62%
Communications - 0.66%
Internet - 0.28%
Alibaba Group Holding Ltd., 3.600%, Due 11/28/2024		$	313,000		$	312,566
Telecommunications - 0.38%
America Movil SAB de CV, 6.375%, Due 3/1/2035			169,000			182,765
Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042C			150,000			138,519
Rogers Communications, Inc., 4.300%, Due 2/15/2048			140,000			112,993
						434,277
Total Communications						746,843
Consumer, Cyclical - 0.31%
Auto Manufacturers - 0.31%
Mercedes-Benz Finance North America LLC, 5.250%, Due 11/29/2027C			350,000			354,950
Consumer, Non-Cyclical - 1.33%
Agriculture - 0.37%
BAT Capital Corp.,
6.000%, Due 2/20/2034			35,000			36,218
4.540%, Due 8/15/2047			260,000			208,385
Reynolds American, Inc., 5.700%, Due 8/15/2035			175,000			176,645
						421,248
Beverages - 0.45%
Anheuser-Busch InBev Worldwide, Inc., 5.450%, Due 1/23/2039			500,000			509,535
Pharmaceuticals - 0.51%
Bayer U.S. Finance II LLC, 3.950%, Due 4/15/2045C			245,000			174,496
Bayer U.S. Finance LLC,
6.125%, Due 11/21/2026C			200,000			204,367
6.500%, Due 11/21/2033C			200,000			209,660
						588,523
Total Consumer, Non-Cyclical						1,519,306
Energy - 0.80%
Oil & Gas - 0.36%
Saudi Arabian Oil Co., 4.375%, Due 4/16/2049C			500,000			412,590
Pipelines - 0.44%
Enbridge, Inc.,
7.200%, Due 6/27/2054, (5 yr. CMT + 2.970%)D			115,000			118,776
7.375%, Due 3/15/2055, (5 yr. CMT + 3.122%)D			290,000			297,606
TransCanada PipeLines Ltd., 6.100%, Due 6/1/2040			82,000			85,092
						501,474
Total Energy						914,064
Financial - 0.47%
Banks - 0.21 %
Royal Bank of Canada, 1.200%, Due 4/27/2026			250,000			238,051
Diversified Financial Services - 0.13%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.950%, Due 3/10/2055, (5 yr. CMT + 2.720%)D			150,000			154,610
Insurance - 0.13%
Fairfax Financial Holdings Ltd., 6.350%, Due 3/22/2054			140,000			145,772
Total Financial						538,433

See accompanying notes

9

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 3.62% (continued)
Utilities - 0.05%
Electric - 0.05%
National Grid PLC, 5.809%, Due 6/12/2033		$	50,000		$	51,885
Total Foreign Corporate Obligations (Cost $4,138,860)						4,125,481
FOREIGN SOVEREIGN OBLIGATIONS - 0.58%
Israel Government International Bonds, 5.500%, Due 3/12/2034			200,000			194,500
Mexico Government International Bonds,
4.280%, Due 8/14/2041			250,000			192,605
3.771%, Due 5/24/2061			450,000			270,091
Total Foreign Sovereign Obligations (Cost $679,790)						657,196
ASSET-BACKED OBLIGATIONS - 0.99%
Ally Auto Receivables Trust, 3.310%, Due 11/15/2026,2022-1 A3			47,254			46,961
AmeriCredit Automobile Receivables Trust,
5.840%, Due 10/19/2026,2023-1 A2A			27,464			27,496
4.380%, Due 4/18/2028,2022-2 A3			56,592			56,470
BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022-AA3			23,132			22,996
CNH Equipment Trust,
0.400%, Due 12/15/2025, 2021-AA3			1,781			1,778
5.420%, Due 10/15/2027, 2024-B A2A			45,000			45,237
Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021-2 Ac			110.000			103,311
GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034,2021-1 Ac			90,000			84,384
Honda Auto Receivables Owner Trust,
1.880%, Due 5/15/2026,2022-1 A3			49,274			48,707
4.930%, Due 11/15/2027,2023-2 A3			100,000			100,444
John Deere Owner Trust,
2.320%, Due 9/15/2026, 2022-AA3			36,663			36,255
3.740% Due 2/16/2027, 2022-B A3			70,737			70,290
New Economy Assets Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021-1 Alc			125,000			114,213
Porsche Innovative Lease Owner Trust, 4.670%, Due 11/22/2027, 2024-1AA3C			100,000			99,914
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2IIC			98,250			86,554
Toyota Auto Loan Extended Note Trust, 1.350% Due 5/25/2033, 2020-1A Ac			135,000			132,401
Toyota Auto Receivables Owner Trust, 1.230% Due 6/15/2026, 2022-AA3			30,163			29,818
Volkswagen Auto Loan Enhanced Trust, 1.020%, Due 6/22/2026, 2021-1 A3			22,135			21,928
Total Asset-Backed Obligations (Cost $1,166,228)						1,129,157
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.21%
BX Commercial Mortgage Trust, 5.618% Due 9/15/2036, 2021- VOLT A, (1 mo. USD Term SOFR+ 0.814%)C D			140,000			139,212
NRTH Mortgage Trust, 6.445%, Due 3/15/2039, 2024-PARK A, (1 mo. USD Term SOFR + 1.641%)C D			100,000			100,081
Total Commercial Mortgage-Backed Obligations (Cost $239,754)						239,293
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.09%
Federal Home Loan Mortgage Corp.,
3.500% Due 9/1/2028			7,161			7,018
3.000% Due 11/1/2032			35,851			34,305
5.000% Due 8/1/2033			13,214			13,224
5.500% Due 2/1/2034			12,842			12,988
2.500% Due 6/1/2035			57,338			52,745
2.000% Due 3/1/2036			166,305			148,632
4.000% Due 1/1/2041			39,998			38,197
4.500% Due 2/1/2041			28,634			28,065
2.500% Due 9/1/2041			132,017			114,645
3.500% Due 5/1/2042			129,918			120,144
3.500% Due 6/1/2042			132,416			121,984
3.000%, Due 4/1/2047			116,212			100,482
3.000%, Due 8/1/2048			107,705			94,896
2.500%, Due 7/1/2050			72,310			60,498
2.500% Due 12/1/2050			66,181			55,901
2.500% Due 11/1/2051			130,661			109,808
2.000% Due 2/1/2052			120,494			96,644
2.000%, Due 3/1/2052			212,264			168,872
2.500% Due 5/1/2052			105,965			88,970

See accompanying notes

10

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Principal Amount			Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.09% (continued)
Federal Home Loan Mortgage Corp., (continued)
6.000%, Due 3/1/2053		$	68,482		$	70,101
4.500%, Due 5/1/2053			101,784			96,751
5.000%, Due 8/1/2053			205,545			199,840
5.500%, Due 9/1/2053			110,315			110,540
5.500%, Due 2/1/2054			317,980			316,168
5.500%, Due 4/1/2054			301,888			299,264
6.000%, Due 4/1/2054			154,154			156,652
6.000%, Due 8/1/2054			103,854			105,159
5.000%, Due 9/1/2054			158,394			154,714
						2,977,207
Federal National Mortgage Association,
3.500%, Due 1/1/2028			6,369			6,262
5.000%, Due 3/1/2034			14,487			14,459
4.500%, Due 4/1/2034			24,660			24,381
3.000%, Due 10/1/2034			3,369			3,175
2.000%, Due 11/1/2035			112,063			100,750
2.000%, Due 12/1/2035			52,707			47,304
3.500%, Due 6/1/2037			75,520			71,582
5.500%, Due 6/1/2038			3,131			3,152
4.500%, Due 1/1/2040			29,129			28,460
5.000%, Due 5/1/2040			48,305			48,434
5.000%, Due 6/1/2040			37,230			37,329
4.000%, Due 9/1/2040			27,580			26,305
4.000%, Due 1/1/2041			55,132			52,583
2.500%, Due 11/1/2041			105,453			91,577
3.000%, Due 6/1/2043			256,176			228,408
3.000%, Due 8/1/2043			230,791			205,778
4.000%, Due 7/1/2045			56,017			52,734
3.500%, Due 8/1/2045			25,470			23,186
3.500%, Due 11/1/2045			250,113			227,679
3.500%, Due 1/1/2046			97,256			88,784
3.500%, Due 5/1/2046			25,369			23,082
4.000%, Due 7/1/2046			54,519			51,325
3.000%, Due 10/1/2046			20,406			17,926
3.000%, Due 11/1/2046			121,583			107,652
3.500%, Due 3/1/2047			28,737			26,118
4.500%, Due 7/1/2047			13,300			12,837
4.500%, Due 8/1/2047			23,303			22,523
3.500%, Due 9/1/2047			37,895			34,493
4.500%, Due 4/1/2048			10,793			10,356
4.500%, Due 7/1/2048			64,396			61,708
4.500%, Due 10/1/2049			76,081			73,142
4.000%, Due 11/1/2049			148,386			139,133
2.500%, Due 8/1/2050			317,398			266,514
3.000%, Due 8/1/2050			91,917			80,512
2.500%, Due 9/1/2050			105,685			88,484
2.500%, Due 10/1/2050			48,390			40,526
3.000%, Due 10/1/2050			99,035			86,870
2.000%, Due 3/1/2051			153,659			124,277
2.000%, Due 4/1/2051			239,362			191,794
3.000%, Due 5/1/2051			110,972			97,037
3.000%, Due 6/1/2051			112,413			97,880
3.500%, Due 6/1/2051			126,867			114,149
2.000%, Due 7/1/2051			246,529			197,185
3.500%, Due 7/1/2051			110,782			100,564
2.500%, Due 8/1/2051			231,696			194,007
3.000%, Due 11/1/2051			85,126			73,545
2.000%, Due 1/1/2052			377,978			304,187
2.500%, Due 2/1/2052			522,617			437,465
3.500%, Due 5/1/2052			146,224			131,104
4.000%, Due 6/1/2052			175,200			162,854
5.000%, Due 6/1/2052			271,373			267,828
3.000%, Due 7/1/2052			113,812			99,265
4.500%, Due 10/1/2052			167,378			160,028
5.000%, Due 12/1/2052			127,012			123,744
5.000%, Due 4/1/2053			86,623			84,848
4.500%, Due 6/1/2053			107,263			103,182
5.500%, Due 10/1/2053			202,731			200,907
6.000%, Due 1/1/2054			227,238			230,134
5.500%, Due 2/1/2054			208,756			208,102
6.500%, Due 6/1/2054			44,329			45,741
5.500%, Due 11/1/2054			220,000			218,088
						6,493,438

See accompanying notes

11

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Principal Amount			Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.09% (continued)
Government National Mortgage Association,
6.500%, Due 8/15/2027		$	3,395		$	3,450
6.500%, Due 11/15/2027			4,070			4,140
7.500%, Due 12/15/2028			5,347			5,486
5.500%, Due 7/15/2033			13,586			13,933
6.000%, Due 12/15/2033			18,669			19,169
5.500%, Due 2/20/2034			19,224			19,727
5.000%, Due 10/15/2039			36,781			36,950
3.500%, Due 9/15/2041			72,738			67,542
3.500%, Due 8/20/2047			14,043			12,860
3.500%, Due 10/20/2047			12,855			11,749
4.000%, Due 1/20/2048			64,220			60,542
5.000%, Due 1/20/2050			30,095			29,819
4.500%, Due 2/20/2050			27,991			27,083
5.000%, Due 2/20/2050			15,421			15,305
2.500%, Due 4/20/2050			136,059			115,860
2.500%, Due 6/20/2051			136,314			115,710
3.000%, Due 6/20/2051			58,924			51,795
2.500%, Due 7/20/2051			214,095			181,690
3.000%, Due 8/20/2051			136,121			121,020
2.500%, Due 11/20/2051			109,366			92,759
3.000%, Due 12/20/2051			262,757			230,826
3.500%, Due 1/20/2052			96,206			87,121
4.000%, Due 3/20/2052			99,666			92,845
2.500%, Due 4/20/2052			61,742			52,365
4.500%, Due 9/20/2052			130,250			124,597
5.000%, Due 4/20/2053			253,418			247,969
5.500%, Due 7/20/2053			207,989			207,176
						2,049,488
Total U.S. Agency Mortgage-Backed Obligations (Cost $12,439,312)						11,520,133
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.79%
Federal Farm Credit Banks Funding Corp.,
4.375%, Due 10/24/2029			250,000			252,067
3.750%, Due 1/25/2030			300,000			293,492
Federal Home Loan Banks, 4.500%, Due 12/14/2029			350,000			354,759
						900,318
Total U.S. Government Agency Obligations (Cost $905,032)						900,318
U.S. TREASURY OBLIGATIONS - 9.78%
U.S. Treasury Bonds,
6.875%, Due 8/15/2025			279,000			285,147
5.250%, Due 11/15/2028			217,000			225,807
4.750%, Due 2/15/2037			304,000			317,371
4.500%, Due 8/15/2039			241,000			242,930
2.750%, Due 8/15/2042			250,000			194,531
4.500%, Due 2/15/2044			165,000			163,247
2.875%, Due 5/15/2049			500,000			372,519
						1,801,552
U.S. Treasury Notes,
4.500%, Due 11/30/2024			795,000			794,840
1.125%, Due 1/15/2025			250,000			248,218
1.500%, Due 2/15/2025			270,000			267,593
1.125%, Due 2/28/2025			150,000			148,330
4.250%, Due 10/15/2025			250,000			249,822
4.875%, Due 4/30/2026			860,000			867,962
2.000%, Due 11/15/2026			500,000			479,238
2.500%, Due 3/31/2027			250,000			240,752
4.125%, Due 10/31/2027			250,000			249,912
2.875%, Due 5/15/2028			200,000			191,570
2.875%, Due 8/15/2028			300,000			286,477
2.625%, Due 2/15/2029			450,000			422,930
2.875%, Due 4/30/2029			300,000			284,180
4.625%, Due 4/30/2029			330,000			336,200
2.375%, Due 5/15/2029			450,000			417,041
1.625%, Due 8/15/2029			350,000			312,170
1.750%, Due 11/15/2029			850,000			758,858
3.500%, Due 1/31/2030			350,000			338,817
4.000%, Due 2/28/2030			250,000			247,861

See accompanying notes

12

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

	Principal Amount			Fair Value
U.S. TREASURY OBLIGATIONS - 9.78% (continued)
U.S. Treasury Notes, (continued)
4.625%, Due 4/30/2031		$	445,000		$	455,065
3.625%, Due 9/30/2031			100,000			96,422
4.125%, Due 11/15/2032			250,000			248,115
3.500%, Due 2/15/2033			250,000			236,797
3.875%, Due 8/15/2033			200,000			194,195
4.000%, Due 2/15/2034			300,000			293,531
4.375%, Due 5/15/2034			405,000			407,911
3.875%, Due 8/15/2034			300,000			290,250
						9,365,057
Total U.S. Treasury Obligations (Cost $11,751,475)						11,166,609
	Shares
FOREIGN COMMON STOCKS - 4.38%
Communication Services - 0.33%
Media - 0.33%
WPP PLC, ADRB			7,200			377,928
Consumer Discretionary - 0.54%
Automobile Components - 0.54%
Magna International, Inc.B			15,604			615,890
Consumer Staples - 0.64%
Beverages - 0.22%
Anheuser-Busch InBev SA, ADR			4,200			249,354
Personal Products - 0.42%
Unilever PLC, ADR			7,840			477,534
Total Consumer Staples						726,888
Energy - 1.10%
Oil, Gas & Consumable Fuels-1.10%
Cenovus Energy, Inc.			10,700			171,949
Enbridge, Inc.			26,720			1,079,488
						1,251,437
Total Energy						1,251,437
Financials - 0.48%
Banks - 0.48%
Bank of Nova Scotia			10,606			546,103
Information Technology - 1.29%
Communications Equipment - 1.01%
Telefonaktiebolaget LM Ericsson, ADRB			137,590			1,153,004
Electronic Equipment, Instruments & Components - 0.28%
TE Connectivity PLC			2,208			325,504
Total Information Technology						1,478,508
Total Foreign Common Stocks (Cost $4,024,178)						4,996,754
SHORT-TERM INVESTMENTS - 2.10% (Cost $2,401,833)
Investment Companies - 2.10%
American Beacon U.S. Government Money Market Select Fund, 4.76% F G			2,401,833			2,401,833
SECURITIES LENDING COLLATERAL - 0.35% (Cost $398,300)
Investment Companies - 0.35%
American Beacon U.S. Government Money Market Select Fund, 4.76% F G			398,300			398,300
TOTAL INVESTMENTS - 99.84% (Cost $96,121,605)						113,944,639
OTHER ASSETS, NET OF LIABILITIES - 0.16%						187,376
TOTAL NET ASSETS - 100.00%						$114,132,015

See accompanying notes

13

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

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 October 31, 2024 (Note 9).

^c Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $2,867,556 or 2.51% of net assets. The Fund has no right to demand registration of these securities.

^D Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on October 31, 2024.

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

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

^G 7-day yield.

ADR - American Depositary Receipt.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

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

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

Long Futures Contracts Open on October 31, 2024:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 Index Futures	9	December 2024	$	2,594,834	$	2,582,325	$	(12,509	)
			$	2,594,834	$	2,582,325	$	(12,509	)

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

See accompanying notes

14

American Beacon Balanced Fund^SM

Schedule of Investments

October 31, 2024

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of October 31, 2024, the investments were classified as described below:

Balanced Fund	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	63,157,778		$	-	$	-	$	63,157,778
Corporate Obligations		-			13,251,787		-		13,251,787
Foreign Corporate Obligations		-			4,125,481		-		4,125,481
Foreign Sovereign Obligations		-			657,196		-		657,196
Asset-Backed Obligations		-			1,129,157		-		1,129,157
Commercial Mortgage-Backed Obligations		-			239,293		-		239,293
U.S. Agency Mortgage-Backed Obligations		-			11,520,133		-		11,520,133
U.S. Government Agency Obligations		-			900,318		-		900,318
U.S. Treasury Obligations		-			11,166,609		-		11,166,609
Foreign Common Stocks		4,996,754			-		-		4,996,754
Short-Term Investments		2,401,833			-		-		2,401,833
Securities Lending Collateral		398,300			-		-		398,300
Total Investments in Securities - Assets	$	70,954,665		$	42,989,974	$	-	$	113,944,639
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(12,509	)	$	-	$	-	$	(12,509	)
Total Financial Derivative Instruments - Liabilities	$	(12,509	)	$	-	$	-	$	(12,509	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2024, there were no transfers into or out of Level 3.

See accompanying notes

15

American Beacon Balanced Fund^SM

Statement of Assets and Liabilities

October 31, 2024

Assets:
Investments in unaffiliated securities, at fair value† §	$	111,144,506
Investments in affiliated securities, at fair value‡		2,800,133
Cash collateral held at broker for futures contracts		155,000
Dividends and interest receivable		433,833
Receivable for investments sold		265,000
Receivable for fund shares sold		6,858
Receivable for tax reclaims		1,969
Prepaid expenses		35,940
Total assets		114,843,239
Liabilities:
Payable for fund shares redeemed .		9,938
Cash due to broker for futures contracts . . . .		38,587
Management and sub-advisory fees payable (Note 2)		84,019
Service fees payable (Note 2)		22,082
Transfer agent fees payable (Note 2)		7,459
Payable upon return of securities loaned (Note 9)§		398,300
Custody and fund accounting fees payable		44,847
Professional fees payable		69,751
Trustee fees payable (Note 2)		837
Payable for prospectus and shareholder reports		17,884
Payable for variation margin from open futures contracts (Note 5)		12,523
Other liabilities		4,997
Total liabilities		711,224
Commitments and contingent liabilities (Note 2)
Net assets	$	114,132,015

Analysis of net assets:
Paid-in-capital	$	87,246,048
Total distributable earnings (deficits)A		26,885,967
Net assets	$	114,132,015

See accompanying notes

16

American Beacon Balanced Fund^SM

Statement of Assets and Liabilities

October 31, 2024

Shares outstanding at no par value (unlimited shares authorized):
R5 Class		736,373
Y Class		1,876,780
Investor Class		3,566,607
Advisor Class		81,182
A Class		1,568,103
C Class .		414,895
Net assets:
R5 Class	$	11,658,021
Y Class	$	30,023,632
Investor Class . .	$	45,826,006
Advisor Class	$	1,160,350
A Class	$	20,055,093
C Class	$	5,408,913
Net asset value, offering and redemption price per share:
R5 Class . .	$	15.83
Y Class . .	$	16.00
Investor Class	$	12.85
Advisor Class	$	14.29
A Class	$	12.79
A Class (offering price)	$	13.57
C Class	$	13.04
† Cost of investments in unaffiliated securities	$	93,321,472
‡ Cost of investments in affiliated securities	$	2,800,133
§ Fair value of securities on loan .	$	2,174,024

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

See accompanying notes

17

American Beacon Balanced Fund^SM

Statement of Operations

For the year ended October 31, 2024

Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	1,539,834
Dividend income from affiliated securities (Note 2)		156,335
Interest income		1,783,385
Income derived from securities lending (Note 9)		10,892
Total investment income		3,490,446
Expenses:
Management and sub-advisory fees (Note 2)		585,364
Transfer agent fees:
R5 Class (Note 2)		1,767
Y Class (Note 2)		27,328
Investor Class		17,673
Advisor Class		149
A Class		1,091
C Class		752
Custody and fund accounting fees		104,596
Professional fees		74,296
Registration fees and expenses .		86,801
Service fees (Note 2):
Investor Class		141,461
Advisor Class . . . .		2,827
A Class		13,537
C Class		8,259
Distribution fees (Note 2):
Advisor Class		2,721
A Class		42,086
C Class		92,965
Prospectus and shareholder report expenses		41,775
Trustee fees (Note 2)		11,195
Line of credit interest expense (Note 10)		1,212
Other expenses		31,032
Total expenses .		1,288,887
Net investment income		2,201,559
Realized and unrealized gain from investments:
Net realized gain from:
Investments in unaffiliated securitiesA		10,014,617
Foreign currency transactions		28
Futures contracts		697,746
Change in net unrealized appreciation of:
Investments in unaffiliated securitiesB		11,201,788
Futures contracts		60,277
Net gain from investments		21,974,456
Net increase in net assets resulting from operations	$	24,176,015
† Foreign taxes	$	23,956

^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 year end.

See accompanying notes

18

American Beacon Balanced Fund^SM

Statement of Changes in Net Assets

	Year Ended October 31, 2024			Year Ended October 31, 2023
Increase in net assets:
Operations:
Net investment income	$	2,201,559		$	2,423,611
Net realized gain from investments in unaffiliated securities, foreign currency transactions, and futures contracts		10,712,391			1,330,651
Change in net unrealized appreciation of investments in unaffiliated securities, and futures contracts		11,262,065			381,669
Net increase in net assets resulting from operations		24,176,015			4,135,931
Distributions to shareholders:
Total retained earnings:
R5 Class		(279,743	)		(1,266,660	)
Y Class		(642,271	)		(4,232,877	)
Investor Class		(1,254,933	)		(6,394,827	)
Advisor Class		(23,498	)		(117,843	)
A Class		(436,711	)		(1,592,314	)
C Class .		(167,049	)		(1,686,923	)
Net distributions to shareholders . .		(2,804,205	)		(15,291,444	)
Capital share transactions (Note 11):
Proceeds from sales of shares		17,376,789			35,647,313
Reinvestment of dividends and distributions		2,717,398			13,509,118
Cost of shares redeemed		(34,058,581	)		(59,755,583	)
Net (decrease) in net assets from capital share transactions		(13,964,394	)		(10,599,152	)
Net increase (decrease) in net assets		7,407,416			(21,754,665	)
Net assets:
Beginning of year		106,724,599			128,479,264
End of year.	$	114,132,015		$	106,724,599

See accompanying notes

19

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

1. Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of October 31, 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 a new Investment Advisory Agreement among the Manager, each sub-advisor and the Trust, on behalf of the Fund, that were effective on December 29, 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 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 has concluded that 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.

20

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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)

21

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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

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

Distributions to Shareholders

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

Commission Recapture

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

Allocation of Income, Trust Expenses, Gains, and Losses

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

Use of Estimates

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

Other

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

22

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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 year ended October 31, 2024 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	396,763
Sub-Advisory Fees		0.17	%		188,601
Total		0.52	%	$	585,364

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statement of Operations. During the year ended October 31, 2024, the Manager received securities lending fees of $1,301 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

23

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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 year ended October 31, 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	$	26,864

As of October 31, 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	$	2,680

Investments in Affiliated Funds

The Fund may invest in the American Beacon U.S. Government Money Market Select Fund (the “USG Select Fund”). Cash collateral received by the Fund in connection with securities lending may also be invested in the USG Select Fund. The Fund listed below held the following shares with an October 31, 2024 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund		October 31, 2024 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		October 31, 2024 Fair Value
U.S. Government Money Market Select	Direct		Balanced	$	2,401,833	$	-	$	-	$	156,335	$	2,401,833
U.S. Government Money Market Select	Securities Lending		Balanced		398,300		-		-		N/A		398,300

The Fund and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the year ended October 31, 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	$	3,021	$	688	$	3,709

24

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Fund, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. When the fund liquidates portfolio securities to meet redemption requests, they often do not receive payment in settlement for up to two days (or longer for certain foreign transactions). Redemption requests normally are satisfied on the next business day. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the year ended October 31, 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 year ended October 31, 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 year ended October 31, 2024, RID collected $5,161 from the sale of A Class Shares of the Fund.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the year ended October 31, 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 year ended October 31, 2024, CDSC fees of $300 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

25

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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

26

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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.

27

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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

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

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

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

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

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

4. Securities and Other Investments

Agency Mortgage-Backed Securities

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

28

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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

29

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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 Rule 144A under the Securities Act (“Section 4(a)(2) securities”) are restricted as to disposition under the federal

30

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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

Restricted securities outstanding during the year ended October 31, 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 Trust. The Fund may invest in securities of an investment company advised by the Manager or the Sub-Advisor.

31

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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 not so obligated by law. U.S. Government securities include U.S. Treasury bills, notes and bonds, Federal Home

32

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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 year ended October 31, 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 monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

Average Futures Contracts Outstanding
Fund	Year Ended October 31, 2024
Balanced		12

33

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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 October 31, 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)

$

–

$

–

$

–

$

–

$

(12,509

)

$

(12,509

)

The effect of financial derivative instruments on the Statement of Operations as of October 31, 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

$

–

$

–

$

–

$

–

$

697,746

$

697,746

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

$

–

$

–

$

–

$

–

$

60,277

$

60,277

⁽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, October 31, 2024.

Offsetting of Financial and Derivative Assets as of October 31, 2024:
	Assets		Liabilities
Futures Contracts(1)	$	-	$	12,509
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	-	$	12,509
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	-	$	(12,509	)

	Remaining Contractual Maturity of the Agreements As of October 31, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	398,300	$	-		-	$	-	$	398,300
Total Borrowings	$	398,300	$	-	$	-	$	-	$	398,300
Gross amount of recognized liabilities for securities lending transactions									$	398,300

⁽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.

34

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

6. Principal Risks

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

Asset-Backed Securities Risk

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

Credit Risk

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

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. 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

35

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock.

Foreign Exposure Risk

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

Futures Contracts Risk

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

Illiquid and Restricted Securities Risk

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

Interest Rate Risk

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

36

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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.

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,

37

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Mortgage-Backed and Mortgage Related Securities Risk

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

Multiple Sub-Advisor Risk

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

Other Investment Companies Risk

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

Prepayment and Extension Risk

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

38

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

amount of principal available to the Fund for investment would be reduced. Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either case could hurt the Fund’s performance.

Recent Market Events Risk

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

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

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.

39

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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

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

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

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

40

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

higher costs for the U.S. government to obtain new financing. It is possible that the U.S. government and government-sponsored enterprises will not have the funds to meet their payment obligations in the future.

Variable and Floating Rate Securities Risk

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

7. Federal Income and Excise Taxes

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

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

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.

41

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

As of October 31, 2024, the tax cost for the Fund and their respective gross unrealized appreciation (depreciation) were as follows:

	Year Ended October 31, 2024		Year Ended October 31, 2023
Distributions paid from:
Ordinary income*
R5 Class	$	260,888	$	221,835
Y Class		600,285		632,021
Investor Class		1,158,983		1,060,072
Advisor Class		21,658		15,766
A Class		408,600		270,624
C Class		143,432		163,337
Long-term capital gains
R5 Class		18,855		1,044,825
Y Class		41,986		3,600,856
Investor Class		95,950		5,334,755
Advisor Class		1,840		102,077
A Class		28,111		1,321,690
C Class		23,617		1,523,586
Total distributions paid	$	2,804,205	$	15,291,444

* For tax purposes, short-term capital gains are considered ordinary income distributions.

As of October 31, 2024, the components of distributable earnings (deficits) on a tax basis were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Balanced	$	98,096,110	$	19,908,346	$	(4,059,817	)	$	15,848,529

Fund	Net Unrealized Appreciation (Depreciation)		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other (Losses)		Other Temporary Differences		Distributable Earnings
Balanced	$	15,848,529	$	3,314,790	$	7,722,647	$	–	$	1	$	26,885,967

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, premium amortization and the realization for tax purposes of unrealized gains (losses) on certain derivative instruments.

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities.

Accordingly, the following amounts represent current year permanent differences derived from equalization as of October 31, 2024:

Fund	Paid-In-Capital		Distributable Earnings/(Deficits)
Balanced	$	1,279,295	$	(1,279,295	)

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.

42

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the year ended October 31, 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	$	29,006,173	$	12,278,434	$	42,242,346	$	12,029,710

A summary of the Fund’s transactions in the USG Select Fund for the year ended October 31, 2024 were as follows:

Fund	Type of Transaction	October 31, 2023 Shares/ Fair Value		Purchases		Sales		October 31, 2024 Shares/ Fair Value
Balanced	Direct	$	2,210,473	$	45,107,722	$	44,916,362	$	2,401,833
Balanced	Securities Lending		870,903		15,070,453		15,543,056		398,300

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.

43

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

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

As of October 31, 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	$2,174,024	$	398,300	$	1,883,582	$	2,281,882

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

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

10. Borrowing Arrangements

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

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

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

During the year ended October 31, 2024, the Fund did not utilize these facilities.

44

American Beacon Balanced Fund^SM

Notes to Financial Statements

October 31, 2024

11. Capital Share Transactions

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

	R5 Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		60,329		$	924,138			114,738		$	1,572,317
Reinvestment of dividends		18,468			276,820			95,464			1,256,702
Shares redeemed		(173,087	)		(2,554,177	)		(301,917	)		(4,114,926	)
Net (decrease) in shares outstanding		(94,290	)	$	(1,353,219	)		(91,715	)	$	(1,285,907	)
	Y Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		413,947		$	6,236,582			1,683,854		$	23,540,169
Reinvestment of dividends		40,750			618,183			206,059			2,741,669
Shares redeemed		(423,575	)		(6,325,862	)		(2,176,175	)		(29,436,634	)
Net increase (decrease) in shares outstanding		31,122		$	528,903			(286,262	)	$	(3,154,796	)
	Investor Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		214,763		$	2,638,751			609,884		$	6,849,318
Reinvestment of dividends		100,027			1,217,295			578,977			6,243,097
Shares redeemed		(1,076,464	)		(12,997,707	)		(1,500,258	)		(16,655,877	)
Net (decrease) in shares outstanding		(761,674	)	$	(9,141,661	)		(311,397	)	$	(3,563,462	)
	Advisor Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		3,896		$	52,880			10,764		$	132,209
Reinvestment of dividends		1,733			23,498			9,879			117,843
Shares redeemed		(5,846	)		(77,173	)		(26,647	)		(318,598	)
Net (decrease) in shares outstanding		(217	)	$	(795	)		(6,004	)	$	(68,546	)
	A Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		594,828		$	7,200,212			253,745		$	2,817,904
Reinvestment of dividends		34,038			415,050			137,291			1,473,679
Shares redeemed		(280,517	)		(3,394,424	)		(324,640	)		(3,594,051	)
Net increase in shares outstanding		348,349		$	4,220,838			66,396		$	697,532
	C Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Balanced Fund	Shares			Amount			Shares			Amount
Shares sold		25,949		$	324,226			64,838		$	735,396
Reinvestment of dividends		13,624			166,552			153,620			1,676,128
Shares redeemed		(707,569	)		(8,709,238	)		(498,554	)		(5,635,497	)
Net (decrease) in shares outstanding		(667,996	)	$	(8,218,460	)		(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.

45

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

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

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

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

See accompanying notes

46

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

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

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

See accompanying notes

47

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

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

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

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

See accompanying notes

48

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

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

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

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

See accompanying notes

49

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

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

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

See accompanying notes

50

American Beacon Balanced Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

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

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

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

See accompanying notes

51

American Beacon Balanced Fund^SM

Federal Tax Information

October 31, 2024 (Unaudited)

Certain tax information regarding the Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024.

The Funds designated the following items with regard to distributions paid during the fiscal year ended October 31, 2024. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

Corporate Dividends-Received Deduction:

Balanced 49.53 % 

Qualified Dividend Income:

Balanced 59.39 % 

Long-Term Capital Gain Distributions:

Balanced $ 1,489,654

Short-Term Capital Gain Distributions:

Balanced $ 361,781

Shareholders will receive notification in January 2025 of the applicable tax information necessary to prepare their 2024 income tax returns.

52

Delivery of Documents

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

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

To obtain more information about the Fund:

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

Fund Service Providers:

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

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

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

AR 10/24

American Beacon Funds

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

American Beacon Funds October 31, 2024

Contents

Report of Independent Registered Public Accounting Firm	1
Schedules of Investments:
American Beacon EAM International Small Cap Fund	2
American Beacon International Equity Fund	8
Financial Statements	14
Notes to Financial Statements	18
Financial Highlights:
American Beacon EAM International Small Cap Fund	44
American Beacon International Equity Fund	47
Federal Tax Information	54

  Additional Fund Information Back Cover

American Beacon Funds^SM

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon EAM International Small Cap Fund and American Beacon International Equity Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Beacon EAM International Small Cap Fund and American Beacon International Equity Fund (two of the funds constituting American Beacon Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2024, the related statements of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2024 and each of the financial highlights for the three years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 27, 2024

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

1

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
Australia - 9.44%
Foreign Common Stocks - 9.44%
AMP Ltd.A		861,587		$	805,321
Guzman y Gomez Ltd.A B		34,702			857,080
HMC Capital Ltd.A		139,180			927,814
HUB24 Ltd.A C		27,737			1,245,546
JB Hi-Fi Ltd.A		17,074			913,232
Netwealth Group Ltd.A		45,262			810,890
Pro Medicus Ltd.A		8,385			1,066,611
Resolute Mining Ltd.A B		1,822,353			975,207
Technology One Ltd.A		67,717			1,078,466
Telix Pharmaceuticals Ltd.A B C		92,377			1,252,418
West African Resources Ltd.A B		850,204			1,016,195
Westgold Resources Ltd.A C		472,050			991,224
Total Foreign Common Stocks					11,940,004
Total Australia (Cost $10,419,896)					11,940,004
Austria - 0.72% (Cost $906,661)
Foreign Common Stocks - 0.72%
BAWAG Group AGA D		11,730			906,705
Belgium - 0.96% (Cost $736,928)
Foreign Common Stocks - 0.96%
Lotus Bakeries NVA		93			1,216,237
Brazil - 2.25%
Foreign Common Stocks - 1.44%
BRF SAB		171,119			776,428
Embraer SAB		124,425			1,043,457
Total Foreign Common Stocks					1,819,885
Foreign Preferred Stocks - 0.81%
Marcopolo SAE		701,539			1,026,660
Total Brazil (Cost $2,510,843)					2,846,545
Burkina Faso - 0.72% (Cost $1,007,157)
Foreign Common Stocks - 0.72%
IAMGOLD Corp.B C		164,090			910,989
Canada - 9.40%
Foreign Common Stocks - 9.40%
Alamos Gold, Inc., Class A		49,074			991,454
Aritzia, Inc.B C		24,204			779,305
AtkinsRealis Group, Inc.C		18,985			913,560
Aya Gold & Silver, Inc.B		71,705			921,322
Calibre Mining Corp.B		434,954			790,343
Capital Power Corp.		22,761			918,143
Celestica, Inc.B C		12,294			841,291
Colliers International Group, Inc.		7,249			1,108,110
Definity Financial Corp.C		25,057			966,935
Lundin Gold, Inc.		41,183			995,893
North West Co., Inc.C		24,208			911,223
Secure Energy Services, Inc.C		74,231			826,892
TerraVest Industries, Inc.		12,806			917,257
Total Foreign Common Stocks					11,881,728
Total Canada (Cost $11,328,427)					11,881,728

See accompanying notes

2

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
China - 5.79%
Foreign Common Stocks - 5.79%
AAC Technologies Holdings, Inc.A		205,528		$	828,255
China Suntien Green Energy Corp. Ltd., Class HA		1,290,967			586,101
First Tractor Co. Ltd., Class HA		126,773			113,126
Goldwind Science & Technology Co. Ltd., Class HA		1,147,851			971,879
Pop Mart International Group Ltd.A D		125,081			1,134,049
Qifu Technology, Inc., ADR		34,646			1,136,735
Smoore International Holdings Ltd.A D		421,750			550,143
United Laboratories International Holdings Ltd.A		609,072			827,086
Yangzijiang Shipbuilding Holdings Ltd.A		603,099			1,170,665
Total Foreign Common Stocks					7,318,039
Total China (Cost $7,017,464)					7,318,039
Denmark - 1.39%
Foreign Common Stocks - 1.39%
ALK-Abello ASA B		31,468			736,728
NKT ASA B		10,941			1,025,173
Total Foreign Common Stocks					1,761,901
Total Denmark (Cost $1,540,713)					1,761,901
Finland - 1.68%
Foreign Common Stocks - 1.68%
Cargotec OYJ, Class BA		17,362			1,050,209
Konecranes OYJA		15,447			1,071,310
Total Foreign Common Stocks					2,121,519
Total Finland (Cost $1,544,244)					2,121,519
France - 0.84% (Cost $894,344)
Foreign Common Stocks - 0.84%
Nexans SAA		7,605			1,055,493
Germany - 0.75% (Cost $803,747)
Foreign Common Stocks - 0.75%
CTS Eventim AG & Co. KGaAA		9,021			946,659
India - 11.57%
Foreign Common Stocks - 11.57%
Ajanta Pharma Ltd.A		20,390			739,621
CESC Ltd.A		370,929			826,004
eMudhra Ltd.A		89,604			966,417
Epack Durable Ltd.A B		218,609			1,064,028
Firstsource Solutions Ltd.A		256,468			1,026,340
Inox Wind Ltd.A B		291,214			762,351
Ipca Laboratories Ltd.A		46,893			886,707
ITD Cementation India Ltd.A		117,837			794,763
Kfin Technologies Ltd.A		72,027			847,938
Minda Corp. Ltd.A		126,290			768,392
Nuvama Wealth Management Ltd.A		12,600			1,040,860
Radico Khaitan Ltd.A		37,487			1,056,703
Solar Industries India Ltd.A		4,726			571,969
Trent Ltd.A		10,680			904,401
Triveni Turbine Ltd.A		86,830			712,483
Voltas Ltd.A		38,530			755,679
Zomato Ltd.A B		316,300			907,326
Total Foreign Common Stocks					14,631,982
Total India (Cost $13,710,645)					14,631,982

See accompanying notes

3

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
Israel - 0.89% (Cost $753,097)
Foreign Common Stocks - 0.89%
Wix.com Ltd.B		6,724		$	1,123,715
Italy - 0.72% (Cost $953,036)
Foreign Common Stocks - 0.72%
BPER Banca SpAA		148,509			905,596
Japan - 13.19%
Foreign Common Stocks - 13.19%
Fujitec Co. Ltd.A		29,797			1,072,833
GENDA, Inc.A B		39,088			684,327
Japan Securities Finance Co. Ltd.A		73,186			957,280
Japan Steel Works Ltd.A		25,956			880,164
JVCKenwood Corp.A		98,121			775,116
Kandenko Co. Ltd.A		56,230			819,905
Kinden Corp.A		33,337			690,473
Kuraray Co. Ltd.A		67,918			919,203
Lifedrink Co., Inc.A		82,800			959,276
Nagase & Co. Ltd.A		28,387			592,065
Nichias Corp.A		22,005			795,188
NOF Corp.A		52,933			860,961
NS Solutions Corp.A		29,339			740,792
PAL GROUP Holdings Co. Ltd.A		48,600			977,412
Sankyo Co. Ltd.A		46,669			617,843
Sanrio Co. Ltd.A		38,808			1,053,030
Sumitomo Forestry Co. Ltd.A		17,089			654,552
SWCC Corp.A		29,979			1,044,959
Tamron Co. Ltd.A		32,179			902,120
Yonex Co. Ltd.A		53,914			675,534
Total Foreign Common Stocks					16,673,033
Total Japan (Cost $15,765,246)					16,673,033
Netherlands - 0.92% (Cost $1,024,084)
Foreign Common Stocks - 0.92%
Van Lanschot Kempen NVA		25,286			1,160,868
New Zealand - 0.63% (Cost $828,969)
Foreign Common Stocks - 0.63%
Infratil Ltd.A		106,765			800,608
Norway - 0.54%
Foreign Common Stocks - 0.54%
Protector Forsikring ASAA		21,462			555,937
Wallenius Wilhelmsen ASAA		12,781			125,829
Total Foreign Common Stocks					681,766
Total Norway (Cost $727,315)					681,766
Peru - 0.69% (Cost $918,839)
Foreign Common Stocks - 0.69%
Hochschild Mining PLCA B		295,717			877,468
Poland - 0.90% (Cost $805,809)
Foreign Common Stocks - 0.90%
InPost SAA B		58,248			1,136,727
Republic of Korea - 8.05%
Foreign Common Stocks - 8.05%
Classys, Inc.A		23,491			860,192
Hanwha Aerospace Co. Ltd.A		5,333			1,416,246

See accompanying notes

4

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
Republic of Korea - 8.05% (continued)
Foreign Common Stocks - 8.05% (continued)
HD Hyundai Electric Co. Ltd.A		3,560		$	818,159
Hyundai Rotem Co. Ltd.A		24,773			1,116,861
JB Financial Group Co. Ltd.A		65,515			848,419
Kyung Dong Navien Co. Ltd.A		15,617			978,379
LIG Nex1 Co. Ltd.A		6,430			1,145,132
LigaChem Biosciences, Inc.A B		11,325			1,050,066
PharmaResearch Co. Ltd.A		6,989			1,132,099
SK Biopharmaceuticals Co. Ltd.A B		9,644			814,081
Total Foreign Common Stocks					10,179,634
Total Republic of Korea (Cost $8,046,862)					10,179,634
South Africa - 0.88% (Cost $910,107)
Foreign Common Stocks - 0.88%
Truworths International Ltd.A		174,816			1,108,468
Sweden - 3.57%
Foreign Common Stocks - 3.57%
AAK ABA		34,131			977,476
Camurus ABA B		13,562			763,397
Hemnet Group ABA		24,233			757,667
Lagercrantz Group AB, Class BA		49,216			959,284
Yubico ABA B C		43,718			1,059,836
Total Foreign Common Stocks					4,517,660
Total Sweden (Cost $4,606,057)					4,517,660
Switzerland - 4.86%
Foreign Common Stocks - 4.86%
Accelleron Industries AGA		20,866			1,122,864
Belimo Holding AGA		1,477			981,937
dormakaba Holding AGA		1,448			1,106,532
Siegfried Holding AGA		757			991,332
Sulzer AGA		7,247			1,124,063
Ypsomed Holding AGA		1,827			811,635
Total Foreign Common Stocks					6,138,363
Total Switzerland (Cost $5,194,046)					6,138,363
Taiwan - 7.68%
Foreign Common Stocks - 7.68%
Acter Group Corp. Ltd.A		66,769			721,955
Chang Wah Electromaterials, Inc.A		398,616			663,586
Chroma ATE, Inc.A		90,659			1,134,576
E Ink Holdings, Inc.A		115,021			1,066,497
eMemory Technology, Inc.A		8,154			772,777
Fusheng Precision Co. Ltd.A		69,299			639,461
Gudeng Precision Industrial Co. Ltd.A		58,291			973,400
Jentech Precision Industrial Co. Ltd.A		28,343			1,246,474
King Yuan Electronics Co. Ltd.A		207,833			763,769
Lai Yih Footwear Co. Ltd.A		74,583			910,768
Voltronic Power Technology Corp.A		12,433			816,934
Total Foreign Common Stocks					9,710,197
Total Taiwan (Cost $9,012,907)					9,710,197
Thailand - 0.72% (Cost $950,663)
Foreign Common Stocks - 0.72%
WHA Corp. PCLA		5,286,638			913,928

See accompanying notes

5

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
United Kingdom - 5.82%
Foreign Common Stocks - 5.82%
Bridgepoint Group PLCA D		222,034		$	892,235
Diploma PLCA		18,306			1,012,674
Just Group PLCA		510,739			884,894
Keller Group PLCA		51,133			1,079,353
Marks & Spencer Group PLCA		217,742			1,054,518
Morgan Sindall Group PLCA		16,735			804,961
QinetiQ Group PLCA		110,254			648,636
XPS Pensions Group PLCA F		212,568			981,293
Total Foreign Common Stocks					7,358,564
Total United Kingdom (Cost $7,257,792)					7,358,564
United States - 1.55%
Common Stocks - 1.55%
MDA Space Ltd.B		69,832			1,068,281
Tecnoglass, Inc.C		13,001			890,959
Total Common Stocks					1,959,240
Total United States (Cost $1,955,690)					1,959,240
SHORT-TERM INVESTMENTS - 2.91% (Cost $3,672,653)
Investment Companies - 2.91%
American Beacon U.S. Government Money Market Select Fund, 4.76% G H		3,672,653			3,672,653
SECURITIES LENDING COLLATERAL- 0.05% (Cost $67,200)
Investment Companies - 0.05%
American Beacon U.S. Government Money Market Select Fund, 4.76% G H		67,200			67,200
TOTAL INVESTMENTS - 100.08% (Cost $115,871,441)					126,523,489
LIABILITIES, NET OF ASSETS - (0.08)%					(99,423	)
TOTAL NET ASSETS - 100.00%				$	126,424,066
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 $102,924,684 or 81.41% of net assets.

^B Non-income producing security.

^C All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at October 31, 2024 (Note 9).

^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 $3,483,132 or 2.76% 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 Reg S - Security purchased under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

^G 7-day yield.

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

ADR - American Depositary Receipt.

PCL - Public Company Limited (Thailand).

PLC - Public Limited Company.

See accompanying notes

6

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

October 31, 2024

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of October 31, 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	$	-	$	11,940,004	$	–	$	11,940,004
Austria		-		906,705		-		906,705
Belgium		-		1,216,237		-		1,216,237
Brazil		1,819,885		-		-		1,819,885
Burkina Faso		910,989		-		-		910,989
Canada		11,881,728		-		-		11,881,728
China		1,136,735		6,181,304		-		7,318,039
Denmark		-		1,761,901		-		1,761,901
Finland		-		2,121,519		-		2,121,519
France		-		1,055,493		-		1,055,493
Germany		-		946,659		-		946,659
India		-		14,631,982		-		14,631,982
Israel		1,123,715		-		-		1,123,715
Italy		-		905,596		-		905,596
Japan		-		16,673,033		-		16,673,033
Netherlands		-		1,160,868		-		1,160,868
New Zealand		-		800,608		-		800,608
Norway		-		681,766		-		681,766
Peru		-		877,468		-		877,468
Poland		-		1,136,727		-		1,136,727
Republic of Korea		-		10,179,634		-		10,179,634
South Africa		-		1,108,468		-		1,108,468
Sweden		-		4,517,660		-		4,517,660
Switzerland		-		6,138,363		-		6,138,363
Taiwan		-		9,710,197		-		9,710,197
Thailand		-		913,928		-		913,928
United Kingdom		-		7,358,564		-		7,358,564
Foreign Preferred Stocks
Brazil		1,026,660		-		-		1,026,660
Common Stocks
United States		1,959,240		-		-		1,959,240
Short-Term Investments		3,672,653		-		-		3,672,653
Securities Lending Collateral		67,200		-		-		67,200
Total Investments in Securities - Assets	$	23,598,805	$	102,924,684	$	-	$	126,523,489

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2024, there were no transfers into or out of Level 3.

See accompanying notes

7

American Beacon International Equity Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
Australia - 0.47% (Cost $2,958,929)
Foreign Common Stocks - 0.47%
Rio Tinto PLCA		43,601		$	2,820,779
Belgium - 1.09%
Foreign Common Stocks - 1.09%
Anheuser-Busch InBev SAA		60,712			3,615,041
KBC Group NVA		39,822			2,888,310
Total Foreign Common Stocks					6,503,351
Total Belgium (Cost $6,358,884)					6,503,351
Brazil - 0.15% (Cost $695,327)
Foreign Common Stocks - 0.15%
ERO Copper Corp.B C		47,192			866,664
Canada - 3.17%
Foreign Common Stocks - 3.17%
Barrick Gold Corp.		44,987			869,465
Canadian Pacific Kansas City Ltd.		41,096			3,170,267
Gildan Activewear, Inc.		88,175			4,315,183
Linamar Corp.C		66,775			2,732,195
Open Text Corp.		44,612			1,338,024
Parkland Corp.C		108,256			2,519,118
Suncor Energy, Inc.		106,982			4,038,477
Total Foreign Common Stocks					18,982,729
Total Canada (Cost $18,058,511)					18,982,729
China - 3.46%
Foreign Common Stocks - 3.46%
AIA Group Ltd.A		423,200			3,367,486
ArcelorMittal SAA		115,640			2,865,856
ESR Group Ltd.A D		905,400			1,226,601
Link REITA		244,400			1,139,426
Prudential PLCA		1,048,678			8,640,524
Techtronic Industries Co. Ltd.A		241,000			3,452,357
Total Foreign Common Stocks					20,692,250
Total China (Cost $24,692,301)					20,692,250
Finland - 0.80%
Foreign Common Stocks - 0.80%
Fortum OYJA		143,504			2,116,034
Nordea Bank AbpA		228,658			2,677,680
Total Foreign Common Stocks					4,793,714
Total Finland (Cost $4,351,959)					4,793,714
France - 14.13%
Foreign Common Stocks - 14.13%
Air Liquide SAA		33,408			5,986,548
Alstom SAA B		373,681			8,196,070
Arkema SAA		31,182			2,741,304
AXA SAA		64,416			2,414,994
BNP Paribas SAA		37,661			2,572,742
Bureau Veritas SAA		117,481			3,717,670
Capgemini SEA		18,982			3,272,376
Carrefour SAA		111,562			1,768,073
Cie de Saint-Gobain SAA		43,095			3,910,886
Danone SAA		40,077			2,863,479
Eiffage SAA		55,848			5,194,171

See accompanying notes

8

American Beacon International Equity Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
France - 14.13% (continued)
Foreign Common Stocks - 14.13% (continued)
Engie SAA		195,046		$	3,267,882
Kering SAA		25,867			6,447,026
Orange SAA		861,997			9,466,638
Pernod Ricard SAA		17,093			2,134,351
Rexel SAA		121,759			3,353,429
Sodexo SAA		14,976			1,300,133
Teleperformance SEA		70,374			7,386,919
Thales SAA		19,915			3,210,653
Verallia SAA D		148,393			4,260,294
Worldline SAA B D		148,646			1,033,130
Total Foreign Common Stocks					84,498,768
Total France (Cost $87,821,453)					84,498,768
Germany - 9.38%
Foreign Common Stocks - 9.06%
Allianz SEA		4,938			1,555,240
Bayerische Motoren Werke AGA		56,250			4,425,405
Brenntag SEA		33,604			2,189,580
Continental AGA		110,117			6,859,240
Daimler Truck Holding AGA		52,154			2,157,814
Deutsche Telekom AGA		133,156			4,032,100
Infineon Technologies AGA		115,535			3,648,448
Lanxess AGA		88,068			2,547,672
Mercedes-Benz Group AGA		78,639			4,764,539
Merck KGaAA		20,084			3,321,139
MTU Aero Engines AGA		8,598			2,812,269
Puma SEA		52,126			2,368,999
Rheinmetall AGA		3,393			1,748,180
RWE AGA		69,715			2,258,452
SAP SEA		16,928			3,956,601
Siemens AGA		14,301			2,776,068
Siemens Healthineers AGA D		52,815			2,756,038
Total Foreign Common Stocks					54,177,784
Foreign Preferred Stocks - 0.32%
Henkel AG & Co. KGaAA E		22,500			1,947,702
Total Germany (Cost $57,171,150)					56,125,486
Israel - 0.52%
Foreign Common Stocks - 0.52%
Check Point Software Technologies Ltd.B		4,653			805,946
Wix.com Ltd.B		13,863			2,316,785
Total Foreign Common Stocks					3,122,731
Total Israel (Cost $2,733,988)					3,122,731
Italy - 2.69%
Foreign Common Stocks - 2.69%
Enel SpAA		624,549			4,737,042
Eni SpAA		68,490			1,043,335
Ryanair Holdings PLC, ADR		70,797			3,133,475
UniCredit SpAA		162,437			7,196,458
Total Foreign Common Stocks					16,110,310
Total Italy (Cost $12,450,480)					16,110,310

See accompanying notes

9

American Beacon International Equity Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
Japan - 11.57%
Foreign Common Stocks - 11.57%
Asics Corp.A		114,800		$	2,019,902
Bandai Namco Holdings, Inc.A		78,700			1,648,790
FANUC Corp.A		168,800			4,464,399
Fujitsu Ltd.A		173,200			3,182,862
Hitachi Ltd.A		95,500			2,403,563
Kokusai Electric Corp.A C		58,600			1,076,775
MatsukiyoCocokara & Co.A		192,100			2,602,058
Mitsui Fudosan Co. Ltd.A		213,900			1,820,961
Mizuho Financial Group, Inc.A		161,400			3,370,310
Murata Manufacturing Co. Ltd.A		112,400			1,955,864
NEC Corp.A		38,800			3,294,518
Nintendo Co. Ltd.A		19,600			1,037,542
Nippon Sanso Holdings Corp.A		86,500			2,991,862
Nitori Holdings Co. Ltd.A		25,900			3,288,787
Otsuka Holdings Co. Ltd.A		48,600			2,932,370
Renesas Electronics Corp.A		461,833			6,197,477
Seven & i Holdings Co. Ltd.A		163,800			2,346,526
Shimadzu Corp.A		79,200			2,334,761
SMC Corp.A		5,600			2,393,699
SUMCO Corp.A C		890,600			8,521,737
Suzuki Motor Corp.A		291,200			2,871,702
Takeda Pharmaceutical Co. Ltd.A		68,700			1,913,687
Tokyo Electron Ltd.A		18,100			2,691,185
Toyo Suisan Kaisha Ltd.A		31,100			1,826,854
Total Foreign Common Stocks					69,188,191
Total Japan (Cost $72,538,629)					69,188,191
Jordan - 0.37% (Cost $2,225,019)
Foreign Common Stocks - 0.37%
Hikma Pharmaceuticals PLCA		93,419			2,233,090
Netherlands - 4.72%
Foreign Common Stocks - 4.72%
Akzo Nobel NVA		82,970			5,293,636
ASML Holding NVA		2,969			1,996,376
Heineken NVA		23,367			1,916,897
ING Groep NVA		550,869			9,350,835
Koninklijke Philips NVA B		155,099			4,071,383
NN Group NVA		113,578			5,589,841
Total Foreign Common Stocks					28,218,968
Total Netherlands (Cost $26,623,942)					28,218,968
Republic of Korea - 4.87%
Foreign Common Stocks - 4.87%
BGF retail Co. Ltd.A		23,888			1,994,434
Hyundai Mobis Co. Ltd.A		29,990			5,388,634
Kia Corp.A		13,943			920,318
KT&G Corp.A		50,288			3,981,146
LG Corp.A		45,679			2,499,348
Samsung Electronics Co. Ltd.A		317,357			13,413,224
Shinhan Financial Group Co. Ltd.A		25,237			930,634
Total Foreign Common Stocks					29,127,738
Total Republic of Korea (Cost $29,287,920)					29,127,738
Singapore - 0.84%
Foreign Common Stocks - 0.84%
DBS Group Holdings Ltd.A		103,651			2,982,993

See accompanying notes

10

American Beacon International Equity Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
Singapore - 0.84% (continued)
Foreign Common Stocks - 0.84% (continued)
United Overseas Bank Ltd.A		85,500		$	2,059,034
Total Foreign Common Stocks					5,042,027
Total Singapore (Cost $3,386,825)					5,042,027
Spain - 1.20%
Foreign Common Stocks - 1.20%
Aena SME SAA D		5,386			1,189,739
Amadeus IT Group SAA		17,918			1,300,575
Bankinter SAA		168,828			1,373,363
Industria de Diseno Textil SAA		40,934			2,332,566
Repsol SAA		80,014			996,973
Total Foreign Common Stocks					7,193,216
Total Spain (Cost $5,825,160)					7,193,216
Sweden - 0.72%
Foreign Common Stocks - 0.72%
Electrolux AB, Class BA B		29,040			243,296
Sandvik ABA		117,550			2,322,024
Volvo Car AB, Class BA B C		805,255			1,731,636
Total Foreign Common Stocks					4,296,956
Total Sweden (Cost $6,424,384)					4,296,956
Switzerland - 2.60%
Foreign Common Stocks - 2.60%
ABB Ltd.A		73,721			4,094,418
Adecco Group AGA		230,327			7,222,078
Cie Financiere Richemont SA, Class AA		17,305			2,524,467
Julius Baer Group Ltd.A		28,285			1,730,907
Total Foreign Common Stocks					15,571,870
Total Switzerland (Cost $14,248,746)					15,571,870
United Kingdom - 19.96%
Foreign Common Stocks - 19.96%
3i Group PLCA		84,934			3,476,554
AstraZeneca PLCA		43,433			6,174,956
Barclays PLCA		4,081,077			12,511,421
Barratt Redrow PLCA		411,421			2,381,720
Berkeley Group Holdings PLCA		21,974			1,259,479
British American Tobacco PLCA		408,614			14,230,222
Coca-Cola Europacific Partners PLCA		27,419			2,075,531
Compass Group PLCA		129,593			4,197,407
Croda International PLCA		28,139			1,353,551
Diageo PLCA		134,666			4,198,853
JD Sports Fashion PLCA		908,202			1,453,132
Kingfisher PLCA		449,732			1,707,107
Legal & General Group PLCA		635,673			1,791,279
National Grid PLCA		45,782			575,397
NatWest Group PLCA		250,448			1,184,977
Nomad Foods Ltd.		80,787			1,417,812
Reckitt Benckiser Group PLCA		239,169			14,444,894
RELX PLCA		203,646			9,379,752
Rolls-Royce Holdings PLCA B		1,263,337			8,768,934
RS Group PLCA		237,720			2,129,745
Segro PLC, REITA		134,828			1,370,807

See accompanying notes

11

American Beacon International Equity Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
United Kingdom - 19.96% (continued)
Foreign Common Stocks - 19.96% (continued)
Smith & Nephew PLCA		70,782		$	877,251
Standard Chartered PLCA		196,255			2,263,638
Taylor Wimpey PLCA		2,418,757			4,588,975
Unilever PLCA		98,732			6,042,655
WH Smith PLCA		118,021			2,003,272
Whitbread PLCA		41,353			1,615,613
WPP PLCA		559,453			5,892,756
Total Foreign Common Stocks					119,367,690
Total United Kingdom (Cost $104,471,485)					119,367,690
United States - 13.18%
Common Stocks - 13.18%
Aon PLC, Class A		11,798			4,328,332
BP PLCA		949,259			4,613,743
Chubb Ltd.		6,902			1,949,401
CNH Industrial NV		456,236			5,123,530
Constellium SEB		56,192			623,731
CRH PLC		27,661			2,639,689
Experian PLCA		53,625			2,619,442
GSK PLCA		725,911			13,261,536
ICON PLCB		11,045			2,453,205
Roche Holding AGA		60,722			18,858,683
Sanofi SAA		117,965			12,446,477
Shell PLCA		62,553			2,097,782
Signify NVA D		133,073			3,259,770
Smurfit WestRock PLC		66,137			3,406,055
Stellantis NVA		81,449			1,122,143
Total Common Stocks					78,803,519
Total United States (Cost $81,318,008)					78,803,519
SHORT-TERM INVESTMENTS - 3.24% (Cost $19,354,297)
Investment Companies - 3.24%
American Beacon U.S. Government Money Market Select Fund, 4.76% F G		19,354,297			19,354,297
SECURITIES LENDING COLLATERAL- 0.41% (Cost $2,442,760)
Investment Companies - 0.41%
American Beacon U.S. Government Money Market Select Fund, 4.76% F G		2,442,760			2,442,760
TOTAL INVESTMENTS - 99.54% (Cost $585,440,157)					595,357,104
OTHER ASSETS, NET OF LIABILITIES - 0.46%					2,740,701
TOTAL NET ASSETS - 100.00%				$	598,097,805
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 $525,512,693 or 87.86% of net assets.

^B Non-income producing security.

^C All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at October 31, 2024 (Note 9).

^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 $13,725,572 or 2.29% 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.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

See accompanying notes

12

American Beacon International Equity Fund^SM

Schedule of Investments

October 31, 2024

Long Futures Contracts Open on October 31, 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	215	December 2024	$	26,183,468	$	25,264,650	$	(918,818	)
			$	26,183,468	$	25,264,650	$	(918,818	)

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

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of October 31, 2024, the investments were classified as described below:

International Equity Fund	Level 1			Level 2		Level 3		Total
Assets
Foreign Common Stocks
Australia	$	-		$	2,820,779	$	-	$	2,820,779
Belgium		-			6,503,351		-		6,503,351
Brazil		866,664			-		-		866,664
Canada		18,982,729			-		-		18,982,729
China		-			20,692,250		-		20,692,250
Finland		-			4,793,714		-		4,793,714
France		-			84,498,768		-		84,498,768
Germany		-			54,177,784		-		54,177,784
Israel		3,122,731			-		-		3,122,731
Italy		3,133,475			12,976,835		-		16,110,310
Japan		-			69,188,191		-		69,188,191
Jordan		-			2,233,090		-		2,233,090
Netherlands		-			28,218,968		-		28,218,968
Republic of Korea		-			29,127,738		-		29,127,738
Singapore		-			5,042,027		-		5,042,027
Spain		-			7,193,216		-		7,193,216
Sweden		-			4,296,956		-		4,296,956
Switzerland		-			15,571,870		-		15,571,870
United Kingdom		1,417,812			117,949,878		-		119,367,690
Foreign Preferred Stocks
Germany		-			1,947,702		-		1,947,702
Common Stocks
United States		20,523,943			58,279,576		-		78,803,519
Short-Term Investments		19,354,297			-		-		19,354,297
Securities Lending Collateral		2,442,760			-		-		2,442,760
Total Investments in Securities - Assets	$	69,844,411		$	525,512,693	$	-	$	595,357,104
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(918,818	)	$	-	$	-	$	(918,818	)
Total Financial Derivative Instruments - Liabilities	$	(918,818	)	$	-	$	-	$	(918,818	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2024, there were no transfers into or out of Level 3.

See accompanying notes

13

American Beacon Funds^SM

Statements of Assets and Liabilities

October 31, 2024

	EAM International Small Cap Fund		International Equity Fund
Assets:
Investments in unaffiliated securities, at fair value† §	$	122,783,636	$	573,560,047
Investments in affiliated securities, at fair value‡		3,739,853		21,797,057
Foreign currency, at fair value^		31,203		37,165
Cash collateral held at broker for futures contracts		-		955,000
Dividends and interest receivable		168,615		1,291,928
Deposits with broker for futures contracts		-		778,592
Receivable for investments sold		1,802,158		1,662,643
Receivable for fund shares sold		8,178		225,135
Receivable for tax reclaims		1,150,391		4,392,443
Receivable for expense reimbursement (Note 2)		78,178		57,587
Prepaid expenses		15,465		43,891
Total assets		129,777,677		604,801,488
Liabilities:
Payable for investments purchased		2,611,250		700,749
Payable for fund shares redeemed		154,663		1,403,046
Management and sub-advisory fees payable (Note 2)		83,607		747,416
Service fees payable (Note 2)		14,604		27,743
Transfer agent fees payable (Note 2)		7,981		32,470
Payable upon return of securities loaned (Note 9)§		67,200		2,442,760
Custody and fund accounting fees payable		102,486		166,883
Professional fees payable		117,361		122,877
Trustee fees payable (Note 2)		1,014		6,409
Payable for prospectus and shareholder reports		20,613		98,185
Payable for variation margin from open futures contracts (Note 5)		-		918,340
Capital gains tax liability		144,404		-
Other liabilities		28,428		36,805
Total liabilities		3,353,611		6,703,683
Commitments and contingent liabilities (Note 2)
Net assets	$	126,424,066	$	598,097,805
Analysis of net assets:
Paid-in-capital	$	105,572,790	$	490,396,405
Total distributable earnings (deficits)A		20,851,276		107,701,400
Net assets	$	126,424,066	$	598,097,805
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		460,807		15,548,980
Y Class		3,527,420		4,175,149
Investor Class		3,137,417		2,712,804
Advisor Class		N/A		707,325
A Class		N/A		518,159
C Class		N/A		143,296
R6 Class		N/A		6,851,767
Net assets:
R5 Class	$	8,195,147	$	301,082,293
Y Class	$	62,393,608	$	85,292,074
Investor Class	$	55,835,311	$	52,061,716
Advisor Class		N/A	$	14,029,585
A Class		N/A	$	9,890,341
C Class		N/A	$	2,618,564
R6 Class		N/A	$	133,123,232

See accompanying notes

14

American Beacon Funds^SM

Statements of Assets and Liabilities

October 31, 2024

	EAM International Small Cap Fund		International Equity Fund
Net asset value, offering and redemption price per share:
R5 Class	$	17.78	$	19.36
Y Class	$	17.69	$	20.43
Investor Class	$	17.80	$	19.19
Advisor Class		N/A	$	19.83
A Class		N/A	$	19.09
A Class (offering price)		N/A	$	20.25
C Class		N/A	$	18.27
R6 Class		N/A	$	19.43
† Cost of investments in unaffiliated securities	$	112,131,588	$	563,643,100
‡ Cost of investments in affiliated securities	$	3,739,853	$	21,797,057
§ Fair value of securities on loan	$	5,695,370	$	12,007,072
^ Cost of foreign currency	$	31,143	$	37,120

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

See accompanying notes

15

American Beacon Funds^SM

Statements of Operations

October 31, 2024

	EAM International Small Cap Fund			International Equity Fund
Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	2,655,032		$	26,099,042
Dividend income from affiliated securities (Note 2)		305,517			1,550,970
Interest income		-			58,123
Income derived from securities lending (Note 9)		42,004			93,821
Other income		302			537
Total investment income		3,002,855			27,802,493
Expenses:
Management and sub-advisory fees (Note 2)		1,039,394			4,933,640
Transfer agent fees:
R5 Class (Note 2)		2,884			120,733
Y Class (Note 2)		70,390			96,554
Investor Class		7,131			16,806
Advisor Class		-			1,726
A Class		-			4,337
C Class		-			3,625
R6 Class		-			36,525
Custody and fund accounting fees		177,087			300,892
Professional fees		122,078			139,648
Registration fees and expenses		53,213			113,413
Service fees (Note 2):
Investor Class		202,898			191,657
Advisor Class		-			35,298
A Class		-			16,413
C Class		-			3,131
Distribution fees (Note 2):
Advisor Class		-			35,223
A Class		-			26,986
C Class		-			27,845
ICI membership dues and license expenses		134,234			-
Prospectus and shareholder report expenses		32,856			118,985
Trustee fees (Note 2)		13,646			83,923
Loan interest expense (Note 2)		973			-
Line of credit interest expense (Note 10)		1,473			9,200
Other expenses		17,736			307,837
Total expenses		1,875,993			6,624,397
Net fees waived and expenses (reimbursed) (Note 2)		(226,142	)		(220,508	)
Net expenses		1,649,851			6,403,889
Net investment income		1,353,004			21,398,604
Realized and unrealized gain (loss) from investments:
Net realized gain (loss) from:
Investments in unaffiliated securities‡ A	$	13,224,744		$	133,296,125
Commission recapture (Note 1)		-			(3	)
Foreign currency transactions		(424,251	)		(208,777	)
Futures contracts		-			5,812,603
Change in net unrealized appreciation (depreciation) of:
Investments in unaffiliated securitiesB		8,846,508			23,622,957
Foreign currency transactions		23,575			113,569
Futures contracts		-			(384,929	)
Net gain from investments		21,670,576			162,251,545
Net increase in net assets resulting from operations.	$	23,023,580		$	183,650,149
† Foreign taxes	$	382,800		$	1,940,380
‡ Net of foreign withholding taxes on capital gains	$	43,457		$	-

^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 year end.

See accompanying notes

16

American Beacon Funds^SM

Statements of Changes in Net Assets

	EAM International Small Cap Fund						International Equity Fund
	Year Ended October 31, 2024			Year Ended October 31, 2023			Year Ended October 31, 2024			Year Ended October 31, 2023
Increase in net assets:
Operations:
Net investment income	$	1,353,004		$	1,893,150		$	21,398,604		$	26,845,048
Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts		12,800,493			13,910,493			138,899,948			62,266,166
Change in net unrealized appreciation of investments in unaffiliated securities, foreign currency transactions, and futures contracts		8,870,083			13,890,740			23,351,597			182,309,583
Net increase in net assets resulting from operations		23,023,580			29,694,383			183,650,149			271,420,797
Distributions to shareholders:
Total retained earnings:
R5 Class		(138,937	)		(284,205	)		(20,300,284	)		(19,840,233	)
Y Class		(1,243,710	)		(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		(2,449,688	)		(3,060,005	)		(46,427,298	)		(33,741,764	)
Capital share transactions (Note 11):
Proceeds from sales of shares		17,327,215			31,413,470			112,495,053			291,643,278
Reinvestment of dividends and distributions		1,985,343			2,681,566			45,531,550			32,494,086
Cost of shares redeemed		(43,285,575	)		(113,325,777	)		(576,675,248	)		(1,070,787,931	)
Net (decrease) in net assets from capital share transactions		(23,973,017	)		(79,230,741	)		(418,648,645	)		(746,650,567	)
Net (decrease) in net assets		(3,399,125	)		(52,596,363	)		(281,425,794	)		(508,971,534	)
Net assets:
Beginning of year		129,823,191			182,419,554			879,523,599			1,388,495,133
End of year	$	126,424,066		$	129,823,191		$	598,097,805		$	879,523,599

See accompanying notes

17

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

1.  Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940, as amended (the “Act”), as diversified, open-end management investment companies. As of October 31, 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 a new Investment Advisory Agreement among the Manager, each sub-advisor and the Trust, on behalf of the Funds, that were effective on December 29, 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 has concluded that 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.

18

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

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.

19

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

Currency Translation

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

Distributions to Shareholders

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

Commission Recapture

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

Allocation of Income, Trust Expenses, Gains, and Losses

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

Use of Estimates

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

Other

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

20

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

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	%
Over $30 billion	0.30	%

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

The Management and Sub-Advisory Fees paid by the Funds for the year ended October 31, 2024 were as follows:

EAM International Small Cap Fund

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	494,044
Sub-Advisory Fees		0.40	%		545,350
Total		0.75	%	$	1,039,394

International Equity Fund

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	2,839,642
Sub-Advisory Fees		0.26	%		2,093,998
Total		0.61	%	$	4,933,640

21

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statements of Operations. During the year ended October 31, 2024, the Manager received securities lending fees of $4,603 and $10,454 for the securities lending activities of the 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’ accounts were maintained directly by the Funds’ transfer agent. Accordingly, the Funds, pursuant to Board approval, have agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis. During the year ended October 31, 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	$	68,993
International Equity		186,912

As of October 31, 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	$	5,678
International Equity		15,436

22

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

Investments in Affiliated Funds

The Funds may invest in the American Beacon U.S. Government Money Market Select Fund (the “USG Select Fund”). Cash collateral received by the Funds in connection with securities lending may also be invested in the USG Select Fund. The Funds listed below held the following shares with an October 31, 2024 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund	October 31, 2024 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		October 31, 2024 Fair Value
U.S. Government Money Market Select	Direct	EAM International Small Cap	$	3,672,653	$	-	$	-	$	305,517	$	3,672,653
U.S. Government Money Market Select	Securities Lending	EAM International Small Cap		67,200		-		-		N/A		67,200
U.S. Government Money Market Select	Direct	International Equity		19,354,297		-		-		1,550,970		19,354,297
U.S. Government Money Market Select	Securities Lending	International Equity		2,442,760		-		-		N/A		2,442,760

The Funds and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the year ended October 31, 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	$	5,876	$	1,310	$	7,186
International Equity		29,879		2,971		32,850

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Funds, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for a fund. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the year ended October 31, 2024, the EAM International Small Cap Fund borrowed on average $996,857 for 4 days at an average interest rate of 6.02% with interest charges of $973. This amount is recorded as “Loan interest expense” in the Statements of Operations. The International Equity Fund participated as a lender and loaned on average $268,164 for 1 day at an interest rate of 6.14% with interest charges of $45. This amount is recorded as “Interest income” in the Statements of Operations.

Expense Reimbursement Plan

The Manager contractually agreed to reduce fees and/or reimburse expenses for certain classes of the International Equity Fund and the EAM International Small Cap Fund, through December 31, 2025, to the extent

23

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

that total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and other extraordinary expenses) exceed the expense cap. During the year ended October 31, 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 - 10/31/2024			Reimbursed Expenses		(Recouped) Expenses
EAM International Small Cap	R5		0.89	%		0.89	%	$	23,323	$	-			2026-2027
EAM International Small Cap	Y		N/A			1.10	%		96,015		-			2026-2027
EAM International Small Cap	Investor		N/A			1.30	%		106,804		-			2026-2027
International Equity	R6		0.69	%		0.69	%		220,508		(68,400	)*		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, $78,178 and $57,587 were disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at October 31, 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 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	$	-	$	-	$	2,785		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		13,542		56,578		-		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 year ended October 31, 2024, RID collected $461 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 year ended October 31, 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 year ended October 31, 2024, no CDSC fees were collected for the C Class Shares of International Equity Fund. The EAM International Small Cap Fund does not offer C Class Shares.

24

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

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.

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

25

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

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.

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

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

26

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

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

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

With respect to a Fund’s investments that do not have readily available market quotations, the Board has designated the Adviser as its valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). If market prices are not readily available or are deemed unreliable, the Valuation Designee will use the fair value of the security or other instrument as determined in good faith under policies and procedures established by and under the 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

27

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

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

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

Foreign Securities

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

Illiquid and Restricted Securities

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

28

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

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

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

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

Restricted securities outstanding during the year ended October 31, 2024 are disclosed in the Notes to the Schedules of Investments.

Other Investment Company Securities and Other Exchange-Traded Products

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

The Funds can invest free cash balances in registered open-end investment companies regulated as government money market funds under the Act, to provide liquidity or for defensive purposes. The Funds could invest in government money market funds rather than purchasing individual short-term investments. If the Funds

29

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

invest in government 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.

5.  Financial Derivative Instruments

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

Forward Foreign Currency Contracts

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

During the year ended October 31, 2024, the EAM International Small Cap Fund did not enter into any forward foreign currency contracts and the International Equity Fund entered into forward foreign currency contracts primarily for hedging foreign currency fluctuations. At October 31, 2024, the International Equity Fund did not have any forward foreign currency contracts outstanding.

Futures Contracts

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

30

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

During the year ended October 31, 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 monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

Average Futures Contracts Outstanding
Fund	Year Ended October 31, 2024
International Equity		297

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 October 31, 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)	$	-	$	-	$	-	$	-	$	(918,818	)	$	(918,818	)
The effect of financial derivative instruments on the Statements of Operations as of October 31, 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	$	-	$	-	$	–	$	-	$	5,812,603		$	5,812,603
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	$	-	$	-	$	-	$	-	$	(384,929	)	$	(384,929	)

⁽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

31

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, October 31, 2024.

EAM International Small Cap Fund

	Remaining Contractual Maturity of the Agreements As of October 31, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	67,200	$	-	$	-	$	-	$	67,200
Total Borrowings	$	67,200	$	-	$	-	$	-	$	67,200
Gross amount of recognized liabilities for securities lending transactions									$	67,200

International Equity Fund

Offsetting of Financial and Derivative Assets as of October 31, 2024:
	Assets		Liabilities
Futures Contracts(1)	$	-	$	918,818
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	-	$	918,818
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	-	$	(918,818	)

	Remaining Contractual Maturity of the Agreements As of October 31, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,442,760	$	-	$	-	$	-	$	2,442,760
Total Borrowings	$	2,442,760	$	-	$	-	$	-	$	2,442,760
Gross amount of recognized liabilities for securities lending transactions									$	2,442,760

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

6.  Principal Risks

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

Counterparty Risk

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

32

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

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

Credit Risk

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

Currency Risk

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

Environmental, Social, and/or Governance Investing Risk

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

Equity Investments Risk

Equity securities are subject to investment risk and market risk. The Funds’ investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, REITs, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments

33

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

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

Foreign Investing and Emerging Markets Risk

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

34

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

futures contract that a Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of a Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract).

Market Risk

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

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

35

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

limited trading activity of some high-yield securities may result in market prices that do not reflect the true market value of these securities. If a Fund trades foreign securities, it generally prices foreign securities using their closing prices from the foreign markets in which they trade, typically prior to the Funds’ calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before the Funds price its shares. In such instances, the Funds may fair value high yield and foreign securities. However, some investors may engage in frequent short-term trading in the Funds to take advantage of any price differentials that may be reflected in the NAV of the Funds’ shares. While the Manager monitors trading in the Funds, there is no guarantee that it can detect all market timing activities.

Multiple Sub-Advisor Risk

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

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 Funds 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 Funds^SM

Notes to Financial Statements

October 31, 2024

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 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

37

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

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.

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

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

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

The tax character of distributions paid were as follows:

	EAM International Small Cap Fund				International Equity
	Year Ended October 31, 2024		Year Ended October 31, 2023		Year Ended October 31, 2024		Year Ended October 31, 2023
Distributions paid from:
Ordinary income*
R5 Class	$	138,937	$	284,205	$	20,300,284	$	19,840,233
Y Class		1,243,710		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
Total distributions paid	$	2,449,688	$	3,060,005	$	46,427,298	$	33,741,764

* For tax purposes, short-term capital gains are considered ordinary income distributions.

38

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

As of October 31, 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	$	116,366,849	$	13,453,004	$	(3,473,903	)	$	9,979,101
International Equity		595,959,576		53,943,859		(54,611,190	)		(667,331	)

Fund	Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other (Losses)		Other Temporary Differences			Distributable Earnings
EAM International Small Cap	$	9,979,101		$	8,960,327	$	1,911,848	$	-	$	-		$	20,851,276
International Equity		(667,331	)		46,551,216		61,817,516		-		(1	)		107,701,400

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, the realization for tax purposes of unrealized gains from passive foreign investment companies and the realization for tax purposes of unrealized gains (losses) on certain derivative instruments.

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statements of Assets and Liabilities.

Accordingly, the following amounts represent current year permanent differences derived from equalization as of October 31, 2024:

Fund	Paid-In-Capital		Distributable Earnings/(Deficits)
EAM International Small Cap	$	1,062,103	$	(1,062,103	)
International Equity		38,730,326		(38,730,326	)

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

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

The EAM International Small Cap Fund utilized $1,874,352 short-term capital loss carryforwards.

8.  Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the year ended October 31, 2024 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Sales (non-U.S. Government Securities)
EAM International Small Cap	$	333,148,026	$	345,603,270
International Equity		330,551,096		739,811,304

39

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

A summary of the Funds’ transactions in the USG Select Fund for the year ended October 31, 2024 were as follows:

Fund	Type of Transaction	October 31, 2023 Shares/Fair Value		Purchases		Sales		October 31, 2024 Shares/Fair Value
EAM International Small Cap	Direct	$	13,732,959	$	107,137,763	$	117,198,069	$	3,672,653
EAM International Small Cap	Securities Lending		258,291		23,845,488		24,036,579		67,200
International Equity	Direct		38,723,902		526,948,780		546,318,385		19,354,297
International Equity	Securities Lending		171,336		53,039,566		50,768,142		2,442,760

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.

40

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

As of October 31, 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	$	5,695,370	$	67,200	$	5,976,531	$	6,043,731
International Equity		12,007,072		2,442,760		10,235,842		12,678,602

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

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

10. Borrowing Arrangements

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

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

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

During the year ended October 31, 2024, the Funds did not utilize these facilities.

41

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

11. Capital Share Transactions

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

	R5 Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
EAM International Small Cap Fund	Shares			Amount			Shares			Amount
Shares sold		91,304		$	1,649,842			312,073		$	5,144,248
Reinvestment of dividends		8,451			138,937			19,386			284,204
Shares redeemed		(51,572	)		(928,768	)		(955,306	)		(15,218,036	)
Net increase (decrease) in shares outstanding		48,183		$	860,011			(623,847	)	$	(9,789,584	)
	Y Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
EAM International Small Cap Fund	Shares			Amount			Shares			Amount
Shares sold		474,289		$	8,271,875			1,240,162		$	19,805,259
Reinvestment of dividends		55,611			911,458			98,686			1,446,738
Shares redeemed		(1,103,789	)		(19,105,361	)		(4,391,009	)		(69,078,198	)
Net (decrease) in shares outstanding		(573,889	)	$	(9,922,028	)		(3,052,161	)	$	(47,826,201	)
	Investor Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
EAM International Small Cap Fund	Shares			Amount			Shares			Amount
Shares sold		416,836		$	7,405,498			401,029		$	6,463,963
Reinvestment of dividends		56,629			934,948			64,362			950,624
Shares redeemed		(1,314,525	)		(23,251,446	)		(1,829,605	)		(29,029,543	)
Net (decrease) in shares outstanding		(841,060	)	$	(14,911,000	)		(1,364,214	)	$	(21,614,956	)
	R5 Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		1,275,928		$	23,962,085			6,600,545		$	113,441,066
Reinvestment of dividends		1,101,966			19,912,534			1,212,447			18,950,544
Shares redeemed		(11,561,436	)		(214,281,949	)		(45,330,087	)		(757,798,935	)
Net (decrease) in shares outstanding		(9,183,542	)	$	(170,407,330	)		(37,517,095	)	$	(625,407,325	)
	Y Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		533,844		$	10,553,834			764,908		$	14,044,424
Reinvestment of dividends		240,581			4,587,876			150,746			2,481,284
Shares redeemed		(1,581,261	)		(31,258,707	)		(2,296,912	)		(41,098,087	)
Net (decrease) in shares outstanding		(806,836	)	$	(16,116,997	)		(1,381,258	)	$	(24,572,379	)
	Investor Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		150,953		$	2,813,915			3,836,876		$	66,690,147
Reinvestment of dividends		172,001			3,089,134			130,163			2,018,825
Shares redeemed		(1,470,504	)		(26,829,824	)		(5,876,228	)		(104,841,162	)
Net (decrease) in shares outstanding		(1,147,550	)	$	(20,926,775	)		(1,909,189	)	$	(36,132,190	)

42

American Beacon Funds^SM

Notes to Financial Statements

October 31, 2024

	Advisor Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		76,294		$	1,499,384			144,782		$	2,579,144
Reinvestment of dividends		33,225			617,326			18,959			304,294
Shares redeemed		(119,270	)		(2,322,072	)		(384,344	)		(6,715,366	)
Net (decrease) in shares outstanding		(9,751	)	$	(205,362	)		(220,603	)	$	(3,831,928	)
	A Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		159,796		$	2,963,199			284,959		$	4,947,007
Reinvestment of dividends		29,150			520,904			12,062			186,717
Shares redeemed		(214,751	)		(4,077,761	)		(263,000	)		(4,512,860	)
Net increase (decrease) in shares outstanding		(25,805	)	$	(593,658	)		34,021		$	620,864
	C Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		23,520		$	419,997			33,973		$	556,596
Reinvestment of dividends		6,898			118,845			3,264			48,699
Shares redeemed		(52,208	)		(929,371	)		(82,219	)		(1,373,591	)
Net (decrease) in shares outstanding		(21,790	)	$	(390,529	)		(44,982	)	$	(768,296	)
	R6 Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
International Equity Fund	Shares			Amount			Shares			Amount
Shares sold		3,731,057		$	70,282,639			5,124,430		$	89,384,894
Reinvestment of dividends		920,802			16,684,931			543,022			8,503,723
Shares redeemed		(15,134,620	)		(296,975,564	)		(8,993,730	)		(154,447,930	)
Net (decrease) in shares outstanding		(10,482,761	)	$	(210,007,994	)		(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.

43

American Beacon EAM International Small Cap Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Year Ended October 31,
	2024			2023B			2022			2021			2020
Net asset value, beginning of period	$	15.31		$	13.47		$	19.56		$	15.58		$	15.65
Income (loss) from investment operations:
Net investment income		0.36			0.15	C D		0.20			0.60	E		0.03
Net gains (losses) on investments (both realized and unrealized)		2.45			1.96			(5.53	)		3.50			0.29
Total income (loss) from investment operations		2.81			2.11			(5.33	)		4.10			0.32
Less distributions:
Dividends from net investment income		(0.34	)		(0.27	)		(0.76	)		(0.12	)		(0.39	)
Total distributions		(0.34	)		(0.27	)		(0.76	)		(0.12	)		(0.39	)
Net asset value, end of period	$	17.78		$	15.31		$	13.47		$	19.56		$	15.58
Total returnF		18.52	%		15.75	%		(28.31	)%		26.38	%		1.94	%
Ratios and supplemental data:
Net assets, end of period	$	8,195,147		$	6,316,496		$	13,963,043		$	20,907,091		$	20,327,704
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.21	%		1.21	%		0.90	%		0.92	%		0.91	%
Expenses, net of reimbursements and/or recoupments		0.89	%		0.89	%		0.89	%		0.91	%G		0.89	%
Net investment income, before expense reimbursements and/or recoupments		0.97	%		0.63	%D		1.30	%		3.14	%E		0.84	%
Net investment income, net of reimbursements and/or recoupments		1.29	%		0.95	%D		1.31	%		3.15	%E		0.86	%
Portfolio turnover rate		260	%		292	%		21	%		34	%		28	%

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

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

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

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

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

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

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

See accompanying notes

44

American Beacon EAM International Small Cap Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Year Ended October 31,
	2024			2023A			2022			2021			2020
Net asset value, beginning of period	$	15.24		$	13.46		$	19.54		$	15.56		$	15.64
Income (loss) from investment operations:
Net investment income		0.05			0.20	B C		0.04			0.59	D		0.05
Net gains (losses) on investments (both realized and unrealized)		2.72			1.84			(5.36	)		3.49			0.25
Total income (loss) from investment operations		2.77			2.04			(5.32	)		4.08			0.30
Less distributions:
Dividends from net investment income		(0.32	)		(0.26	)		(0.76	)		(0.10	)		(0.38	)
Total distributions		(0.32	)		(0.26	)		(0.76	)		(0.10	)		(0.38	)
Net asset value, end of period	$	17.69		$	15.24		$	13.46		$	19.54		$	15.56
Total returnE		18.31	%		15.21	%		(28.31	)%		26.25	%		1.84	%
Ratios and supplemental data:
Net assets, end of period	$	62,393,608		$	62,512,548		$	96,269,149		$	160,793,226		$	136,563,697
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.27	%		1.26	%		0.95	%		0.98	%		0.99	%
Expenses, net of reimbursements and/or recoupments		1.13	%F		1.26	%		0.95	%		0.98	%		0.99	%
Net investment income, before expense reimbursements and/or recoupments		0.93	%		1.24	%C		1.21	%		3.40	%D		0.78	%
Net investment income, net of reimbursements and/or recoupments		1.07	%		1.24	%C		1.21	%		3.40	%D		0.78	%
Portfolio turnover rate		260	%		292	%		21	%		34	%		28	%

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

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

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

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

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

^F  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

45

American Beacon EAM International Small Cap Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Year Ended October 31,
	2024			2023A			2022			2021			2020
Net asset value, beginning of period	$	15.33		$	13.51		$	19.59		$	15.60		$	15.61
Income (loss) from investment operations:
Net investment income		0.45			0.48	B		0.65			0.76	C		0.25
Net gains (losses) on investments (both realized and unrealized)		2.30			1.55			(6.04	)		3.29			0.01
Total income (loss) from investment operations		2.75			2.03			(5.39	)		4.05			0.26
Less distributions:
Dividends from net investment income		(0.28	)		(0.21	)		(0.69	)		(0.06	)		(0.27	)
Total distributions		(0.28	)		(0.21	)		(0.69	)		(0.06	)		(0.27	)
Net asset value, end of period	$	17.80		$	15.33		$	13.51		$	19.59		$	15.60
Total returnD		18.07	%		15.06	%		(28.49	)%		26.01	%		1.63	%
Ratios and supplemental data:
Net assets, end of period	$	55,835,311		$	60,994,147		$	72,187,362		$	180,324,267		$	198,905,986
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.51	%		1.46	%		1.18	%		1.20	%		1.18	%
Expenses, net of reimbursements and/or recoupments		1.34	%E		1.46	%		1.18	%		1.20	%		1.18	%
Net investment income, before expense reimbursements and/or recoupments		0.70	%		1.10	%B		1.03	%		2.81	%C		0.63	%
Net investment income, net of reimbursements and/or recoupments		0.87	%		1.10	%B		1.03	%		2.81	%C		0.63	%
Portfolio turnover rate		260	%		292	%		21	%		34	%		28	%

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

^B  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  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  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

46

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Year Ended October 31,
	2024			2023			2022			2021			2020B
Net asset value, beginning of period	$	16.72		$	14.31		$	20.31		$	14.73		$	18.06
Income (loss) from investment operations:
Net investment income		0.61			0.56			0.39			0.45	C		0.36
Net gains (losses) on investments (both realized and unrealized)		3.01			2.28			(4.40	)		5.43			(3.15	)
Total income (loss) from investment operations		3.62			2.84			(4.01	)		5.88			(2.79	)
Less distributions:
Dividends from net investment income		(0.61	)		(0.43	)		(0.65	)		(0.30	)		(0.54	)
Distributions from net realized gains		(0.37	)		-			(1.34	)		-			-
Total distributions		(0.98	)		(0.43	)		(1.99	)		(0.30	)		(0.54	)
Net asset value, end of period	$	19.36		$	16.72		$	14.31		$	20.31		$	14.73
Total returnD		22.05	%		20.09	%		(21.69	)%		40.18	%		(16.04	)%
Ratios and supplemental data:
Net assets, end of period	$	301,082,293		$	413,488,011		$	891,001,265		$	1,329,626,349		$	968,859,543
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.77	%		0.79	%		0.72	%		0.73	%		0.72	%
Expenses, net of reimbursements and/or recoupments		0.77	%		0.79	%		0.72	%		0.73	%		0.72	%
Net investment income, before expense reimbursements and/or recoupments		2.57	%		2.30	%		2.17	%		2.31	%C		1.83	%
Net investment income, net of reimbursements and/or recoupments		2.57	%		2.30	%		2.17	%		2.31	%C		1.83	%
Portfolio turnover rate		43	%		46	%		38	%		41	%		77	%

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

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

^C  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.

See accompanying notes

47

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	17.59		$	15.03		$	21.18		$	15.36		$	18.81
Income (loss) from investment operations:
Net investment income		1.18			1.22			1.53			1.83	B		0.36
Net gains (losses) on investments (both realized and unrealized)		2.62			1.76			(5.74	)		4.27			(3.28	)
Total income (loss) from investment operations		3.80			2.98			(4.21	)		6.10			(2.92	)
Less distributions:
Dividends from net investment income		(0.59	)		(0.42	)		(0.60	)		(0.28	)		(0.53	)
Distributions from net realized gains		(0.37	)		-			(1.34	)		-			-
Total distributions		(0.96	)		(0.42	)		(1.94	)		(0.28	)		(0.53	)
Net asset value, end of period	$	20.43		$	17.59		$	15.03		$	21.18		$	15.36
Total returnC		22.01	%		20.01	%		(21.71	)%		39.99	%		(16.09	)%
Ratios and supplemental data:
Net assets, end of period	$	85,292,074		$	87,634,823		$	95,663,172		$	233,692,916		$	659,159,857
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.84	%		0.86	%		0.81	%		0.79	%		0.80	%
Expenses, net of reimbursements and/or recoupments		0.84	%		0.86	%		0.81	%		0.79	%		0.80	%
Net investment income, before expense reimbursements and/or recoupments		2.51	%		2.43	%		2.03	%		2.01	%B		1.77	%
Net investment income, net of reimbursements and/or recoupments		2.51	%		2.43	%		2.03	%		2.01	%B		1.77	%
Portfolio turnover rate		43	%		46	%		38	%		41	%		77	%

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

^B  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.

See accompanying notes

48

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	16.54		$	14.16		$	20.11		$	14.57		$	17.87
Income (loss) from investment operations:
Net investment income		0.62			0.72			0.35			0.38	B		0.40
Net gains (losses) on investments (both realized and unrealized)		2.91			2.04			(4.37	)		5.38			(3.22	)
Total income (loss) from investment operations		3.53			2.76			(4.02	)		5.76			(2.82	)
Less distributions:
Dividends from net investment income		(0.51	)		(0.38	)		(0.59	)		(0.22	)		(0.48	)
Distributions from net realized gains		(0.37	)		-			(1.34	)		-			-
Total distributions		(0.88	)		(0.38	)		(1.93	)		(0.22	)		(0.48	)
Net asset value, end of period	$	19.19		$	16.54		$	14.16		$	20.11		$	14.57
Total returnC		21.71	%		19.64	%		(21.93	)%		39.72	%		(16.33	)%
Ratios and supplemental data:
Net assets, end of period	$	52,061,716		$	63,864,486		$	81,694,109		$	126,691,864		$	92,817,287
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.10	%		1.12	%		1.07	%		1.06	%		1.07	%
Expenses, net of reimbursements and/or recoupments		1.10	%		1.12	%		1.07	%		1.06	%		1.07	%
Net investment income, before expense reimbursements and/or recoupments		2.18	%		2.61	%		1.84	%		1.98	%B		1.35	%
Net investment income, net of reimbursements and/or recoupments		2.18	%		2.61	%		1.84	%		1.98	%B		1.35	%
Portfolio turnover rate		43	%		46	%		38	%		41	%		77	%

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

^B  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.

See accompanying notes

49

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	17.09		$	14.62		$	20.68		$	14.94		$	18.31
Income (loss) from investment operations:
Net investment income		0.42			0.43			0.29			0.41	B		0.37
Net gains (losses) on investments (both realized and unrealized)		3.20			2.39			(4.46	)		5.48			(3.29	)
Total income (loss) from investment operations		3.62			2.82			(4.17	)		5.89			(2.92	)
Less distributions:
Dividends from net investment income		(0.51	)		(0.35	)		(0.55	)		(0.15	)		(0.45	)
Distributions from net realized gains		(0.37	)		-			(1.34	)		-			-
Total distributions		(0.88	)		(0.35	)		(1.89	)		(0.15	)		(0.45	)
Net asset value, end of period	$	19.83		$	17.09		$	14.62		$	20.68		$	14.94
Total returnC		21.50	%		19.45	%		(22.01	)%		39.53	%		(16.43	)%
Ratios and supplemental data:
Net assets, end of period	$	14,029,585		$	12,257,174		$	13,706,977		$	18,745,607		$	16,387,094
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.25	%		1.27	%		1.20	%		1.20	%		1.20	%
Expenses, net of reimbursements and/or recoupments		1.25	%		1.27	%		1.20	%		1.20	%		1.20	%
Net investment income, before expense reimbursements and/or recoupments		2.11	%		2.08	%		1.67	%		1.79	%B		1.34	%
Net investment income, net of reimbursements and/or recoupments		2.11	%		2.08	%		1.67	%		1.79	%B		1.34	%
Portfolio turnover rate		43	%		46	%		38	%		41	%		77	%

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

^B  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.

See accompanying notes

50

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	16.50		$	14.13		$	20.06		$	14.55		$	17.85
Income (loss) from investment operations:
Net investment income		0.40			0.34			0.33			0.36	B		0.21
Net gains (losses) on investments (both realized and unrealized)		3.11			2.40			(4.36	)		5.38			(3.04	)
Total income (loss) from investment operations		3.51			2.74			(4.03	)		5.74			(2.83	)
Less distributions:
Dividends from net investment income		(0.55	)		(0.37	)		(0.56	)		(0.23	)		(0.47	)
Distributions from net realized gains		(0.37	)		-			(1.34	)		-			-
Total distributions		(0.92	)		(0.37	)		(1.90	)		(0.23	)		(0.47	)
Net asset value, end of period	$	19.09		$	16.50		$	14.13		$	20.06		$	14.55
Total returnC		21.63	%		19.55	%		(22.00	)%		39.65	%		(16.37	)%
Ratios and supplemental data:
Net assets, end of period	$	9,890,341		$	8,977,482		$	7,205,251		$	10,017,801		$	9,512,972
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.18	%		1.19	%		1.14	%		1.13	%		1.13	%
Expenses, net of reimbursements and/or recoupments		1.18	%		1.19	%		1.14	%		1.13	%		1.13	%
Net investment income, before expense reimbursements and/or recoupments		2.22	%		2.15	%		1.80	%		1.83	%B		1.35	%
Net investment income, net of reimbursements and/or recoupments		2.22	%		2.15	%		1.80	%		1.83	%B		1.35	%
Portfolio turnover rate		43	%		46	%		38	%		41	%		77	%

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

^B  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.

See accompanying notes

51

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	15.80		$	13.53		$	19.27		$	13.99		$	17.18
Income (loss) from investment operations:
Net investment income		0.13			0.10			0.16			0.19	B		0.01
Net gains (losses) on investments (both realized and unrealized)		3.08			2.41			(4.14	)		5.19			(2.86	)
Total income (loss) from investment operations		3.21			2.51			(3.98	)		5.38			(2.85	)
Less distributions:
Dividends from net investment income		(0.37	)		(0.24	)		(0.42	)		(0.10	)		(0.34	)
Distributions from net realized gains		(0.37	)		-			(1.34	)		-			-
Total distributions		(0.74	)		(0.24	)		(1.76	)		(0.10	)		(0.34	)
Net asset value, end of period	$	18.27		$	15.80		$	13.53		$	19.27		$	13.99
Total returnC		20.59	%		18.66	%		(22.55	)%		38.56	%		(16.98	)%
Ratios and supplemental data:
Net assets, end of period	$	2,618,564		$	2,608,270		$	2,842,235		$	4,317,179		$	3,431,934
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.98	%		1.96	%		1.89	%		1.86	%		1.86	%
Expenses, net of reimbursements and/or recoupments		1.98	%		1.96	%		1.89	%		1.86	%		1.86	%
Net investment income, before expense reimbursements and/or recoupments		1.37	%		1.41	%		1.08	%		1.14	%B		0.61	%
Net investment income, net of reimbursements and/or recoupments		1.37	%		1.41	%		1.08	%		1.14	%B		0.61	%
Portfolio turnover rate		43	%		46	%		38	%		41	%		77	%

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

^B  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.

See accompanying notes

52

American Beacon International Equity Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	16.77		$	14.35		$	20.35		$	14.76		$	18.08
Income (loss) from investment operations:
Net investment income		0.12			0.40			0.41			0.45	B		0.39
Net gains (losses) on investments (both realized and unrealized)		3.53			2.46			(4.41	)		5.44			(3.16	)
Total income (loss) from investment operations		3.65			2.86			(4.00	)		5.89			(2.77	)
Less distributions:
Dividends from net investment income		(0.62	)		(0.44	)		(0.66	)		(0.30	)		(0.55	)
Distributions from net realized gains		(0.37	)		-			(1.34	)		-			-
Total distributions		(0.99	)		(0.44	)		(2.00	)		(0.30	)		(0.55	)
Net asset value, end of period	$	19.43		$	16.77		$	14.35		$	20.35		$	14.76
Total returnC		22.17	%		20.15	%		(21.62	)%		40.20	%		(15.93	)%
Ratios and supplemental data:
Net assets, end of period	$	133,123,232		$	290,693,353		$	296,382,124		$	397,732,934		$	294,708,893
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.77	%		0.77	%		0.71	%		0.71	%		0.72	%
Expenses, net of reimbursements and/or recoupments		0.69	%		0.69	%		0.69	%		0.70	%D		0.69	%
Net investment income, before expense reimbursements and/or recoupments		2.86	%		2.54	%		2.22	%		2.30	%B		1.88	%
Net investment income, net of reimbursements and/or recoupments		2.94	%		2.62	%		2.24	%		2.31	%B		1.91	%
Portfolio turnover rate		43	%		46	%		38	%		41	%		77	%

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

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

See accompanying notes

53

American Beacon Funds^SM

Federal Tax Information

October 31, 2024 (Unaudited)

Certain tax information regarding the Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024.

The Funds designated the following items with regard to distributions paid during the fiscal year ended October 31, 2024. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

Corporate Dividends-Received Deduction:

EAM International Small Cap	0.17	%
International Equity	N/A

Qualified Dividend Income:

EAM International Small Cap	73.19	%
International Equity	59.05	%

Long-Term Capital Gain Distributions:

EAM International Small Cap	$	1,062,103
International Equity	$	38,730,326

Short-Term Capital Gain Distributions:

EAM International Small Cap		N/A
International Equity	$	17,676,343

Foreign tax credit:

EAM International Small Cap	$	301,865
International Equity	$	1,508,617

The foreign tax credits for EAM International Small Cap and International Equity are based on foreign source income of $3,092,903 and $28,039,423 respectively for the year ended October 31, 2024.

Shareholders will receive notification in January 2025 of the applicable tax information necessary to prepare their 2024 income tax returns.

54

Delivery of Documents

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

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

To obtain more information about the Fund:

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

Fund Service Providers:

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

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

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

AR 10/24

American Beacon Funds

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

American Beacon Funds October 31, 2024

Contents

Report of Independent Registered Public Accounting Firm	1
Schedule of Investments:
American Beacon Garcia Hamilton Quality Bond Fund	2
Financial Statements	4
Notes to Financial Statements	7
Financial Highlights:
American Beacon Garcia Hamilton Quality Bond Fund	24
Federal Tax Information	28

  Additional Fund Information Back Cover

American Beacon Garcia Hamilton Quality Bond Fund^SM

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon Garcia Hamilton Quality Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of American Beacon Garcia Hamilton Quality Bond Fund (one of the funds constituting American Beacon Funds, referred hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the three years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 27, 2024

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

1

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

October 31, 2024

	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 8.01%
Communications - 3.24%
Media - 3.24%
Walt Disney Co., 3.800%, Due 3/22/2030		$	8,950,000		$	8,592,013
Financial - 2.47%
Banks - 2.47%
JPMorgan Chase & Co., 2.739%, Due 10/15/2030, (3 mo. USD Term SOFR + 1.510%)A			2,890,000			2,614,799
Wells Fargo & Co., 4.478%, Due 4/4/2031, (3 mo. USD Term SOFR + 4.032%)A			4,030,000			3,934,127
						6,548,926
Total Financial						6,548,926
Utilities - 2.30%
Electric - 2.30%
Florida Power & Light Co., 5.000%, Due 8/1/2034			6,020,000			6,080,482
Total Corporate Obligations (Cost $22,191,221)						21,221,421
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 46.74%
Federal Home Loan Mortgage Corp.,
4.000%, Due 2/1/2039			3,627,976			3,510,396
2.500%, Due 9/1/2042			11,454,372			9,889,585
2.500%, Due 3/1/2052			12,503,165			10,425,495
2.500%, Due 4/1/2052			12,505,937			10,381,336
3.000%, Due 5/1/2052			11,000,621			9,569,813
4.000%, Due 10/1/2052			11,073,479			10,251,785
4.000%, Due 11/1/2052			11,271,275			10,429,265
						64,457,675
Federal National Mortgage Association,
3.500%, Due 10/1/2039			4,791,622			4,488,784
3.000%, Due 7/1/2040			6,039,403			5,524,342
3.000%, Due 8/1/2040			3,975,605			3,632,690
4.000%, Due 6/1/2049			6,298,236			5,906,148
2.500%, Due 11/1/2050			6,163,495			5,114,553
2.500%, Due 5/1/2051			10,103,930			8,371,957
3.000%, Due 5/1/2052			19,422,076			16,758,258
3.500%, Due 10/1/2052			10,638,587			9,527,232
						59,323,964
Total U.S. Agency Mortgage-Backed Obligations (Cost $127,920,120)						123,781,639
U.S. TREASURY OBLIGATIONS - 44.48%
U.S. Treasury Bonds,
3.750%, Due 8/15/2041			7,760,000			7,083,122
2.500%, Due 2/15/2045			23,500,000			16,927,344
2.500%, Due 5/15/2046			11,975,000			8,502,718
						32,513,184
U.S. Treasury Notes,
1.125%, Due 2/15/2031			3,160,000			2,632,428
1.875%, Due 2/15/2032			32,850,000			28,005,908
3.500%, Due 2/15/2033			35,640,000			33,757,763
4.000%, Due 2/15/2034			21,370,000			20,909,209
						85,305,308
Total U.S. Treasury Obligations (Cost $123,322,121)						117,818,492
TOTAL INVESTMENTS - 99.23% (Cost $273,433,462)						262,821,552
OTHER ASSETS, NET OF LIABILITIES - 0.77%						2,028,690
TOTAL NET ASSETS - 100.00%					$	264,850,242

See accompanying notes

2

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

October 31, 2024

Percentages are stated as a percent of net assets.

^A Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on October 31, 2024.

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 October 31, 2024, the investments were classified as described below:

Garcia Hamilton Quality Bond Fund	Level 1		Level 2		Level 3		Total
Assets
Corporate Obligations	$	–	$	21,221,421	$	–	$	21,221,421
U.S. Agency Mortgage-Backed Obligations		–		123,781,639		–		123,781,639
U.S. Treasury Obligations		–		117,818,492		–		117,818,492
Total Investments in Securities - Assets	$	–	$	262,821,552	$	–	$	262,821,552

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2024, there were no transfers into or out of Level 3.

See accompanying notes

3

American Beacon Garcia Hamilton Quality Bond Fund^SM

Statement of Assets and Liabilities

October 31, 2024

Assets:
Investments in unaffiliated securities, at fair value†	$	262,821,552
Cash		1,172,912
Interest receivable		1,403,548
Receivable for fund shares sold		311,396
Receivable for expense reimbursement (Note 2)		61,316
Prepaid expenses		19,990
Total assets		265,790,714
Liabilities:
Payable for investments purchased		660,353
Payable for fund shares redeemed		40,010
Dividends payable		965
Management and sub-advisory fees payable (Note 2)		124,060
Service fees payable (Note 2)		988
Transfer agent fees payable (Note 2)		4,026
Custody and fund accounting fees payable		32,083
Professional fees payable		62,423
Trustee fees payable (Note 2)		1,974
Payable for prospectus and shareholder reports		10,826
Other liabilities		2,764
Total liabilities		940,472
Commitments and contingent liabilities (Note 2)
Net assets	$	264,850,242
Analysis of net assets:
Paid-in-capital	$	325,579,346
Total distributable earnings (deficits)		(60,729,104	)
Net assets	$	264,850,242
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		1,093,434
Y Class		2,411,529
Investor Class		356,564
R6 Class		27,053,114
Net assets:
R5 Class	$	9,390,194
Y Class	$	20,651,157
Investor Class	$	3,064,413
R6 Class	$	231,744,478
Net asset value, offering and redemption price per share:
R5 Class	$	8.59
Y Class	$	8.56
Investor Class	$	8.59
R6 Class	$	8.57
† Cost of investments in unaffiliated securities	$	273,433,462

See accompanying notes

4

American Beacon Garcia Hamilton Quality Bond Fund^SM

Statement of Operations

For the year ended October 31, 2024

Investment income:
Interest income	$	10,898,514
Total investment income		10,898,514
Expenses:
Management and sub-advisory fees (Note 2)		1,437,876
Transfer agent fees:
R5 Class		1,238
Y Class		27,571
Investor Class		1,463
R6 Class		8,873
Custody and fund accounting fees		67,872
Professional fees		73,495
Registration fees and expenses		67,577
Service fees (Note 2):
Investor Class		9,164
Distribution fees (Note 2):
Prospectus and shareholder report expenses		22,530
Trustee fees (Note 2)		25,932
Loan interest expense (Note 2)		2,307
Line of credit interest expense (Note 8)		2,856
Other expenses		44,214
Total expenses		1,792,968
Net fees waived and expenses (reimbursed) (Note 2)		(678,467	)
Net expenses		1,114,501
Net investment income		9,784,013
Realized and unrealized gain (loss) from investments:
Net realized (loss) from:
Investments in unaffiliated securities		(4,175,091	)
Change in net unrealized appreciation of:
Investments in unaffiliated securities		23,594,247
Net gain from investments		19,419,156
Net increase in net assets resulting from operations.	$	29,203,169

See accompanying notes

5

American Beacon Garcia Hamilton Quality Bond Fund^SM

Statement of Changes in Net Assets

	Year Ended October 31, 2024			Year Ended October 31, 2023
Increase (decrease) in net assets:
Operations:
Net investment income	$	9,784,013		$	10,907,666
Net realized (loss) from investments in unaffiliated securities		(4,175,091	)		(13,497,511	)
Change in net unrealized appreciation of investments in unaffiliated securities		23,594,247			2,948,027
Net increase in net assets resulting from operations		29,203,169			358,182
Distributions to shareholders:
Total retained earnings:
R5 Class		(357,969	)		(1,870,733	)
Y Class		(1,078,617	)		(1,567,482	)
Investor Class		(78,201	)		(25,683	)
R6 Class		(8,576,658	)		(6,783,410	)
Net distributions to shareholders		(10,091,445	)		(10,247,308	)
Capital share transactions (Note 9):
Proceeds from sales of shares		41,299,971			82,037,288
Reinvestment of dividends and distributions		10,065,168			9,615,714
Cost of shares redeemed		(70,637,828	)		(173,589,366	)
Net (decrease) in net assets from capital share transactions		(19,272,689	)		(81,936,364	)
Net (decrease) in net assets		(160,965	)		(91,825,490	)
Net assets:
Beginning of year		265,011,207			356,836,697
End of year	$	264,850,242		$	265,011,207

See accompanying notes

6

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

1. Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of October 31, 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.

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 has concluded that 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.

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

7

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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.

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.

8

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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 year ended October 31, 2024 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	915,012
Sub-Advisory Fees		0.20	%		522,864
Total		0.55	%	$	1,437,876

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.

9

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the R5 and Y Classes of the Fund and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of its customers who hold positions in the Fund. Certain services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly by the Fund’s transfer agent. Accordingly, the Fund, pursuant to Board approval, has agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis. During the year ended October 31, 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	$	26,965

As of October 31, 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	$	1,906

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Fund, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the year ended October 31, 2024, the Fund borrowed $13,717,885 for 1 day at an interest rate of 6.14% with interest charges of $2,307. This amount is recorded as “Loan interest expense” in the Statement of Operations.

10

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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 year ended October 31, 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 - 10/31/2024			Reimbursed Expenses		(Recouped) Expenses
Garcia Hamilton Quality Bond	R5		0.45	%		0.45	%	$	21,788	$	-		2026-2027
Garcia Hamilton Quality Bond	Y		0.51	%		0.51	%		68,453		-		2026-2027
Garcia Hamilton Quality Bond	Investor		0.83	%		0.83	%		6,670		-		2026-2027
Garcia Hamilton Quality Bond	R6		0.41	%		0.41	%		581,556		-		2026-2027

Of the above amounts, $61,316 was disclosed as a Receivable for expense reimbursement on the Statement of Assets and Liabilities at October 31, 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	$	-	$	-	$	814,374		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 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

11

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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.

12

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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.

13

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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

14

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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.

15

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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, 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

16

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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.

17

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject.

Prepayment and Extension Risk

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

18

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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.

19

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

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

Variable and Floating Rate Securities Risk

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

20

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

6. Federal Income and Excise Taxes

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

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

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

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

The tax character of distributions paid were as follows:

	Year Ended October 31, 2024		Year Ended October 31, 2023
Distributions paid from:
Ordinary income*
R5 Class	$	357,969	$	1,870,733
Y Class		1,078,617		1,567,482
Investor Class		78,201		25,683
R6 Class		8,576,658		6,783,410
Total distributions paid	$	10,091,445	$	10,247,308

* For tax purposes, short-term capital gains are considered ordinary income distributions.

As of October 31, 2024, components of distributable earnings (deficits) on a tax basis were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Garcia Hamilton Quality Bond	$	275,063,132	$	321,632	$	(12,563,212	)	$	(12,241,580	)

Fund	Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other (Losses)			Other Temporary Differences			Distributable Earnings
Garcia Hamilton Quality Bond	$	(12,241,580	)	$	883,178	$	-	$	(49,369,737	)	$	(965	)	$	(60,729,104	)

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, unused capital loss carryforwards, book amortization of premiums, and dividends payable.

21

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities. The Fund had no permanent differences as of October 31, 2024.

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

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

7. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the year ended October 31, 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	$	6,017,652	$	80,950,645	$	20,232,295	$	78,842,201

8. Borrowing Arrangements

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

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

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

During the year ended October 31, 2024, the Fund did not utilize these facilities.

22

American Beacon Garcia Hamilton Quality Bond Fund^SM

Notes to Financial Statements

October 31, 2024

9. Capital Share Transactions

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

	R5 Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		334,945		$	2,859,516			2,557,082		$	22,072,236
Reinvestment of dividends		38,557			331,694			142,894			1,246,251
Shares redeemed		(1,166,864	)		(9,654,898	)		(16,884,928	)		(146,350,750	)
Net (decrease) in shares outstanding		(793,362	)	$	(6,463,688	)		(14,184,952	)	$	(123,032,263	)
	Y Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		1,108,993		$	9,542,563			4,151,066		$	36,683,765
Reinvestment of dividends		125,258			1,078,616			182,068			1,567,034
Shares redeemed		(4,912,913	)		(42,243,014	)		(1,769,579	)		(14,889,312	)
Net increase (decrease) in shares outstanding		(3,678,662	)	$	(31,621,835	)		2,563,555		$	23,361,487
	Investor Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		262,461		$	2,254,600			18,623		$	161,268
Reinvestment of dividends		9,096			78,201			2,973			25,683
Shares redeemed		(7,661	)		(66,128	)		(31,030	)		(267,389	)
Net increase (decrease) in shares outstanding		263,896		$	2,266,673			(9,434	)	$	(80,438	)
	R6 Class
	Year Ended October 31, 2024						Year Ended October 31, 2023
Garcia Hamilton Quality Bond Fund	Shares			Amount			Shares			Amount
Shares sold		3,121,227		$	26,643,292			2,709,351		$	23,120,019
Reinvestment of dividends		998,354			8,576,657			785,921			6,776,746
Shares redeemed		(2,147,023	)		(18,673,788	)		(1,381,439	)		(12,081,915	)
Net increase in shares outstanding		1,972,558		$	16,546,161			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.

23

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

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

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

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

See accompanying notes

24

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

^A  Amount represents less than $0.01 per share.

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

See accompanying notes

25

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

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

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

See accompanying notes

26

American Beacon Garcia Hamilton Quality Bond Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

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

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

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

See accompanying notes

27

American Beacon Funds^SM

Federal Tax Information

October 31, 2024 (Unaudited)

Certain tax information regarding the Funds are required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024.

The Fund designated the following items with regard to distributions paid during the fiscal year ended October 31, 2024. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

Corporate Dividends-Received Deduction:

Garcia Hamilton Quality Bond 0.00 % 

Qualified Dividend Income:

Garcia Hamilton Quality Bond 0.00 % 

Long-Term Capital Gain Distributions:

Garcia Hamilton Quality Bond $         0

Short-Term Capital Gain Distributions:

Garcia Hamilton Quality Bond $         0

Shareholders will receive notification in January 2025 of the applicable tax information necessary to prepare their 2024 income tax returns.

28

Delivery of Documents

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

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

To obtain more information about the Fund:

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

Fund Service Providers:

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

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

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

AR 10/24

American Beacon Funds

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

American Beacon Funds October 31, 2024

Contents

Report of Independent Registered Public Accounting Firm	1
Schedule of Investments:
American Beacon Large Cap Value Fund	2
Financial Statements	10
Notes to Financial Statements	14
Financial Highlights:
American Beacon Large Cap Value Fund	35
Federal Tax Information	42

  Additional Fund Information Back Cover

American Beacon Large Cap Value Fund^SM

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon Large Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of American Beacon Large Cap Value Fund (one of the funds constituting American Beacon Funds, referred hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the three years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 27, 2024

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

1

American Beacon Large Cap Value Fund^SM 

Schedule of Investments 

October 31, 2024 

	Shares		Fair Value
COMMON STOCKS - 89.75%
Communication Services - 3.73%
Entertainment - 0.62%
Electronic Arts, Inc.		102,291		$	15,430,597
Warner Bros Discovery, Inc.A		758,361			6,165,475
					21,596,072
Interactive Media & Services - 1.10%
Alphabet, Inc., Class A		224,790			38,463,817
Media - 2.01%
Comcast Corp., Class A		1,400,291			61,150,708
Omnicom Group, Inc.		58,075			5,865,575
Paramount Global, Class B		276,315			3,022,886
					70,039,169
Total Communication Services					130,099,058
Consumer Discretionary - 6.72%
Automobile Components - 0.97%
Adient PLCA		110,287			2,153,905
Aptiv PLCA		455,241			25,871,346
BorgWarner, Inc.		172,525			5,802,016
					33,827,267
Automobiles - 1.00%
General Motors Co.		683,564			34,697,708
Hotels, Restaurants & Leisure - 3.32%
Aramark		294,547			11,142,713
Booking Holdings, Inc.		1,361			6,364,376
Carnival Corp.A		1,896,499			41,722,978
Las Vegas Sands Corp.		539,029			27,948,654
Marriott International, Inc., Class A		57,647			14,989,373
Wynn Resorts Ltd.		140,033			13,445,969
					115,614,063
Specialty Retail - 1.43%
Lithia Motors, Inc.		76,490			25,422,981
Lowe’s Cos., Inc.		93,576			24,501,004
					49,923,985
Total Consumer Discretionary					234,063,023
Consumer Staples - 4.59%
Beverages - 1.05%
Keurig Dr. Pepper, Inc.		696,497			22,949,576
PepsiCo, Inc.		82,484			13,698,943
					36,648,519
Consumer Staples Distribution & Retail - 0.44%
Target Corp.		103,213			15,486,079
Food Products - 1.51%
Conagra Brands, Inc.		287,186			8,311,163
Kraft Heinz Co.		544,825			18,229,844

See accompanying notes

2

American Beacon Large Cap Value Fund^SM 

Schedule of Investments 

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 89.75% (continued)
Consumer Staples - 4.59% (continued)
Food Products - 1.51% (continued)
Mondelez International, Inc., Class A		195,973		$	13,420,231
Nestle SA, ADR		132,892			12,560,952
					52,522,190
Household Products - 0.22%
Kimberly-Clark Corp.		57,511			7,716,826
Personal Products - 0.35%
Kenvue, Inc.		529,208			12,134,739
Tobacco - 1.02%
Philip Morris International, Inc.		267,012			35,432,492
Total Consumer Staples					159,940,845
Energy - 8.48%
Energy Equipment & Services - 1.87%
Baker Hughes Co.		466,706			17,772,164
Halliburton Co.		748,563			20,765,138
NOV, Inc.		1,390,346			21,564,266
Schlumberger NV		120,468			4,827,153
					64,928,721
Oil, Gas & Consumable Fuels - 6.61%
APA Corp.		1,321,886			31,196,510
Chevron Corp.		105,773			15,741,138
ConocoPhillips		231,550			25,363,987
EOG Resources, Inc.		73,854			9,007,234
Exxon Mobil Corp.		443,242			51,761,801
Hess Corp.		137,662			18,512,786
Marathon Oil Corp.		386,195			10,697,601
Murphy Oil Corp.		121,229			3,816,289
Ovintiv, Inc.		386,380			15,146,096
Permian Resources Corp.		837,726			11,418,205
Phillips 66		114,195			13,911,235
Shell PLC, ADR		353,436			23,874,602
					230,447,484
Total Energy					295,376,205
Financials - 21.93%
Banks - 8.62%
Bank of America Corp.		1,040,848			43,528,263
Citigroup, Inc.		977,127			62,702,240
Citizens Financial Group, Inc.		400,075			16,851,159
First Citizens BancShares, Inc., Class A		2,865			5,550,508
JPMorgan Chase & Co.		242,283			53,767,443
M&T Bank Corp.		71,190			13,859,269
PNC Financial Services Group, Inc.		72,384			13,627,736
Truist Financial Corp.		192,894			8,304,087
U.S. Bancorp		686,603			33,169,791
Wells Fargo & Co.		757,053			49,147,881
					300,508,377

See accompanying notes

3

American Beacon Large Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 89.75% (continued)
Financials - 21.93% (continued)
Capital Markets - 3.31%
Bank of New York Mellon Corp.		192,710		$	14,522,626
Blackrock, Inc.		14,216			13,946,323
Goldman Sachs Group, Inc.		11,414			5,910,055
KKR & Co., Inc.		104,943			14,507,320
Morgan Stanley		210,274			24,444,353
Nasdaq, Inc.		255,557			18,890,773
State Street Corp.		246,521			22,877,149
					115,098,599
Consumer Finance - 1.70%
American Express Co.		170,016			45,917,921
Capital One Financial Corp.		35,544			5,786,208
Discover Financial Services		49,980			7,418,531
					59,122,660
Financial Services - 2.10%
Corebridge Financial, Inc.		369,043			11,724,496
Fidelity National Information Services, Inc.		684,025			61,377,563
					73,102,059
Insurance - 6.20%
American International Group, Inc.		561,303			42,591,672
Aon PLC, Class A		78,653			28,855,426
Chubb Ltd.		75,834			21,418,555
Hartford Financial Services Group, Inc.		150,303			16,599,463
Marsh & McLennan Cos., Inc.		121,466			26,508,740
Progressive Corp.		174,798			42,446,198
Travelers Cos., Inc.		85,184			20,950,153
Willis Towers Watson PLC		55,776			16,854,949
					216,225,156
Total Financials					764,056,851
Health Care - 12.99%
Biotechnology - 0.51%
AbbVie, Inc.		87,426			17,823,539
Health Care Equipment & Supplies - 2.69%
Abbott Laboratories		129,652			14,698,647
GE HealthCare Technologies, Inc.		250,937			21,919,347
Medtronic PLC		485,673			43,346,315
Solventum Corp.A		79,500			5,770,110
Zimmer Biomet Holdings, Inc.		73,749			7,885,243
					93,619,662
Health Care Providers & Services - 6.26%
Centene Corp.A		209,410			13,037,867
Cigna Group		132,689			41,771,824
CVS Health Corp.		447,685			25,276,295
Elevance Health, Inc.		141,149			57,272,618
HCA Healthcare, Inc.		21,221			7,612,822
Humana, Inc.		51,337			13,236,219
Labcorp Holdings, Inc.		25,280			5,770,666

See accompanying notes

4

American Beacon Large Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 89.75% (continued)
Health Care - 12.99% (continued)
Health Care Providers & Services - 6.26% (continued)
McKesson Corp.		51,953		$	26,007,152
UnitedHealth Group, Inc.		49,481			27,932,025
					217,917,488
Life Sciences Tools & Services - 0.51%
Avantor, Inc.A		799,312			17,880,609
Pharmaceuticals - 3.02%
GSK PLC, ADRB		135,615			4,985,207
Johnson & Johnson		153,750			24,578,475
Merck & Co., Inc.		306,889			31,400,882
Pfizer, Inc.		559,282			15,827,681
Sanofi SA, ADR		535,931			28,340,031
					105,132,276
Total Health Care					452,373,574
Industrials - 11.78%
Aerospace & Defense - 3.30%
Boeing Co.A		207,842			31,032,889
General Dynamics Corp.		101,906			29,716,809
Northrop Grumman Corp.		28,387			14,449,551
RTX Corp.		328,536			39,749,571
					114,948,820
Air Freight & Logistics - 0.67%
FedEx Corp.		85,336			23,369,264
Building Products - 0.81%
Johnson Controls International PLC		310,045			23,423,900
Trane Technologies PLC		13,086			4,843,914
					28,267,814
Construction & Engineering - 0.43%
AECOM		98,183			10,485,944
Fluor Corp.A		88,964			4,651,038
					15,136,982
Electrical Equipment - 1.16%
Eaton Corp. PLC		41,423			13,735,038
Vertiv Holdings Co., Class A		242,920			26,548,727
					40,283,765
Ground Transportation - 1.34%
JB Hunt Transport Services, Inc.		92,931			16,785,197
Norfolk Southern Corp.		36,961			9,256,143
Union Pacific Corp.		87,832			20,383,172
					46,424,512
Industrial Conglomerates - 0.50%
Honeywell International, Inc.		84,369			17,353,016

See accompanying notes

5

American Beacon Large Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 89.75% (continued)
Industrials - 11.78% (continued)
Machinery - 2.58%
CNH Industrial NV		1,035,817		$	11,632,225
Cummins, Inc.		56,413			18,558,749
Deere & Co.		13,800			5,584,722
Illinois Tool Works, Inc.		43,555			11,373,517
Otis Worldwide Corp.		36,978			3,631,240
PACCAR, Inc.		218,855			22,822,199
Stanley Black & Decker, Inc.		120,995			11,245,275
Timken Co.		64,632			5,364,456
					90,212,383
Professional Services - 0.85%
Equifax, Inc.		40,345			10,692,232
Jacobs Solutions, Inc.		133,912			18,825,349
					29,517,581
Trading Companies & Distributors - 0.14%
WW Grainger, Inc.		4,232			4,694,261
Total Industrials					410,208,398
Information Technology - 7.01%
Communications Equipment - 1.26%
F5, Inc.A		187,903			43,946,754
Electronic Equipment, Instruments & Components - 0.24%
CDW Corp.		12,490			2,350,993
Corning, Inc.		125,097			5,953,366
					8,304,359
IT Services - 0.48%
Cognizant Technology Solutions Corp., Class A		222,927			16,628,125
Semiconductors & Semiconductor Equipment - 3.47%
Analog Devices, Inc.		100,294			22,376,594
Broadcom, Inc.		167,710			28,472,127
KLA Corp.		21,825			14,540,470
Micron Technology, Inc.		80,235			7,995,418
QUALCOMM, Inc.		184,779			30,076,478
Texas Instruments, Inc.		86,103			17,492,685
					120,953,772
Software - 1.56%
Oracle Corp.		121,511			20,394,406
Workday, Inc., Class AA		145,957			34,132,044
					54,526,450
Total Information Technology					244,359,460
Materials - 3.95%
Chemicals - 3.03%
Air Products & Chemicals, Inc.		126,930			39,415,573
Axalta Coating Systems Ltd.A		660,889			25,060,911
Corteva, Inc.		103,326			6,294,620
DuPont de Nemours, Inc.		140,840			11,688,311
Olin Corp.		320,726			13,159,388

See accompanying notes

6

American Beacon Large Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 89.75% (continued)
Materials - 3.95% (continued)
Chemicals - 3.03% (continued)
PPG Industries, Inc.		37,419		$	4,659,040
Sherwin-Williams Co.		14,510			5,205,753
					105,483,596
Construction Materials - 0.92%
CRH PLC		335,514			32,018,101
Total Materials					137,501,697
Real Estate - 1.92%
Industrial REITs - 0.45%
Prologis, Inc.		140,211			15,835,431
Specialized REITs - 1.47%
Public Storage		77,650			25,551,509
VICI Properties, Inc.		806,553			25,616,123
					51,167,632
Total Real Estate					67,003,063
Utilities - 6.65%
Electric Utilities - 5.48%
American Electric Power Co., Inc.		50,272			4,964,360
Duke Energy Corp.		200,909			23,158,780
Entergy Corp.		288,947			44,723,217
Exelon Corp.		197,484			7,761,121
PG&E Corp.		666,094			13,468,421
Pinnacle West Capital Corp.		257,624			22,621,963
PPL Corp.		643,973			20,967,761
Southern Co.		238,595			21,719,303
Xcel Energy, Inc.		470,611			31,441,521
					190,826,447
Multi-Utilities - 1.17%
Dominion Energy, Inc.		684,797			40,765,965
Total Utilities					231,592,412
Total Common Stocks (Cost $2,054,604,953)					3,126,574,586
FOREIGN COMMON STOCKS - 6.20%
Communication Services - 0.36%
Media - 0.36%
WPP PLC, ADRB		238,746			12,531,778
Consumer Discretionary - 0.60%
Automobile Components - 0.60%
Magna International, Inc.B		526,522			20,781,823
Consumer Staples - 1.20%
Beverages - 0.54%
Anheuser-Busch InBev SA, ADR		136,181			8,085,066
Diageo PLC, ADR		87,571			10,872,815
					18,957,881

See accompanying notes

7

American Beacon Large Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
FOREIGN COMMON STOCKS - 6.20% (continued)
Consumer Staples - 1.20% (continued)
Household Products - 0.19%
Reckitt Benckiser Group PLC, ADR		525,690		$	6,355,592
Personal Products - 0.47%
Unilever PLC, ADR		268,317			16,343,189
Total Consumer Staples					41,656,662
Energy - 1.02%
Oil, Gas & Consumable Fuels - 1.02%
Cenovus Energy, Inc.		346,128			5,562,277
Enbridge, Inc.B		742,417			29,993,647
					35,555,924
Total Energy					35,555,924
Financials - 0.50%
Banks - 0.50%
Bank of Nova Scotia		338,455			17,427,048
Industrials - 0.14%
Ground Transportation - 0.14%
Canadian National Railway Co.		45,424			4,902,158
Information Technology - 2.38%
Communications Equipment - 1.12%
Telefonaktiebolaget LM Ericsson, ADRB		4,668,590			39,122,784
Electronic Equipment, Instruments & Components - 0.32%
TE Connectivity PLC		74,909			11,043,085
IT Services - 0.59%
Accenture PLC, Class A		60,116			20,729,199
Semiconductors & Semiconductor Equipment - 0.35%
NXP Semiconductors NV		51,924			12,176,178
Total Information Technology					83,071,246
Total Foreign Common Stocks (Cost $153,966,868)					215,926,639
SHORT-TERM INVESTMENTS - 3.91% (Cost $136,122,309)
Investment Companies - 3.91%
American Beacon U.S. Government Money Market Select Fund, 4.76%C D		136,122,309			136,122,309
SECURITIES LENDING COLLATERAL - 0.13% (Cost $4,685,167)
Investment Companies - 0.13%
American Beacon U.S. Government Money Market Select Fund, 4.76%C D		4,685,167			4,685,167
TOTAL INVESTMENTS - 99.99% (Cost $2,349,379,297)					3,483,308,701
OTHER ASSETS, NET OF LIABILITIES - 0.01%					431,779
TOTAL NET ASSETS - 100.00%				$	3,483,740,480
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 October 31, 2024 (Note 8).

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

^D 7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

See accompanying notes

8

American Beacon Large Cap Value Fund^SM

Schedule of Investments

October 31, 2024

REITs – Real Estate Investment Trusts. 

Long Futures Contracts Open on October 31, 2024:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 Index Futures	508	December 2024	$	146,843,722	$	145,757,900	$	(1,085,822	)
			$	146,843,722	$	145,757,900	$	(1,085,822	)

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

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of October 31, 2024, the investments were classified as described below:

Large Cap Value Fund	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	3,126,574,586		$	–	$	–	$	3,126,574,586
Foreign Common Stocks		215,926,639			–		–		215,926,639
Short-Term Investments		136,122,309			–		–		136,122,309
Securities Lending Collateral		4,685,167			–		–		4,685,167
Total Investments in Securities - Assets	$	3,483,308,701		$	–	$	–	$	3,483,308,701
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(1,085,822	)	$	–	$	–	$	(1,085,822	)
Total Financial Derivative Instruments - Liabilities	$	(1,085,822	)	$	–	$	–	$	(1,085,822	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2024, there were no transfers into or out of Level 3.

See accompanying notes

9

American Beacon Large Cap Value Fund^SM

Statement of Assets and Liabilities

October 31, 2024

Assets:
Investments in unaffiliated securities, at fair value† §	$	3,342,501,225
Investments in affiliated securities, at fair value‡		140,807,476
Cash collateral held at broker for futures contracts		9,244,000
Dividends and interest receivable		3,139,324
Receivable for investments sold		480,977
Receivable for fund shares sold		667,822
Receivable for tax reclaims		590,591
Prepaid expenses		45,336
Total assets.		3,497,476,751
Liabilities:
Payable for fund shares redeemed		1,856,050
Cash due to broker for futures contracts		1,927,936
Management and sub-advisory fees payable (Note 2)		3,352,481
Service fees payable (Note 2)		199,442
Transfer agent fees payable (Note 2)		75,731
Payable upon return of securities loaned (Note 9)§		4,685,167
Custody and fund accounting fees payable		217,886
Professional fees payable		129,830
Trustee fees payable (Note 2)		26,069
Payable for prospectus and shareholder reports		78,520
Payable for variation margin from open futures contracts (Note 5)		1,084,655
Other liabilities		102,504
Total liabilities		13,736,271
Commitments and contingent liabilities (Note 2)
Net assets	$	3,483,740,480

See accompanying notes

10

American Beacon Large Cap Value Fund^SM

Statement of Assets and Liabilities

October 31, 2024

Analysis of net assets:
Paid-in-capital	$	2,015,901,929
Total distributable earnings (deficits)A		1,467,838,551
Net assets	$	3,483,740,480
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		38,280,492
Y Class		6,634,060
Investor Class		19,684,006
Advisor Class		1,791,345
A Class		3,474,460
C Class		92,860
R6 Class		49,751,911
Net assets:
R5 Class	$	1,147,150,395
Y Class	$	196,267,664
Investor Class	$	513,291,440
Advisor Class	$	45,504,706
A Class	$	88,343,465
C Class	$	2,335,004
R6 Class	$	1,490,847,806
Net asset value, offering and redemption price per share:
R5 Class	$	29.97
Y Class	$	29.58
Investor Class	$	26.08
Advisor Class	$	25.40
A Class	$	25.43
A Class (offering price)	$	26.98
C Class	$	25.15
R6 Class	$	29.97
† Cost of investments in unaffiliated securities	$	2,208,571,821
‡ Cost of investments in affiliated securities	$	140,807,476
§ Fair value of securities on loan	$	42,653,227
A The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at year end.

See accompanying notes

11

American Beacon Large Cap Value Fund^SM

Statement of Operations

For the year ended October 31, 2024

Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	76,068,050
Dividend income from affiliated securities (Note 2)		5,482,981
Interest income		263,854
Income derived from securities lending (Note 9)		301,673
Total investment income		82,116,558
Expenses:
Management and sub-advisory fees (Note 2)		18,952,178
Transfer agent fees:
R5 Class (Note 2)		452,405
Y Class (Note 2)		200,937
Investor Class		28,810
Advisor Class		3,124
A Class		1,679
C Class		253
R6 Class		59,507
Custody and fund accounting fees		394,725
Professional fees		332,339
Registration fees and expenses		105,323
Service fees (Note 2):
Investor Class		1,727,999
Advisor Class		112,088
A Class		49,962
C Class		3,197
Distribution fees (Note 2):
Advisor Class		108,575
A Class		96,407
C Class		32,576
Prospectus and shareholder report expenses		176,995
Trustee fees (Note 2)		336,900
Line of credit interest expense (Note 10)		35,579
Other expenses		396,435
Total expenses		23,607,993
Net investment income		58,508,565
Realized and unrealized gain (loss) from investments:
Net realized gain (loss) from:
Investments in unaffiliated securitiesA		352,494,927
Commission recapture (Note 1)		702
Foreign currency transactions		(86	)
Futures contracts		27,646,199
Change in net unrealized appreciation of:
Investments in unaffiliated securitiesB		473,854,156
Futures contracts		1,863,308
Net gain from investments		855,859,206
Net increase in net assets resulting from operations.	$	914,367,771
† Foreign taxes	$	912,754
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 year end.

See accompanying notes

12

American Beacon Large Cap Value Fund^SM

Statement of Changes in Net Assets

	Year Ended October 31, 2024			Year Ended October 31, 2023
Increase (decrease) in net assets:
Operations:
Net investment income	$	58,508,565		$	54,546,788
Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts		380,141,742			155,702,010
Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts		475,717,464			(135,956,251	)
Net increase in net assets resulting from operations		914,367,771			74,292,547
Distributions to shareholders:
Total retained earnings:
R5 Class		(58,861,420	)		(129,502,402	)
Y Class		(9,951,947	)		(19,889,700	)
Investor Class		(31,275,864	)		(74,955,616	)
Advisor Class		(2,492,025	)		(5,569,451	)
A Class		(714,235	)		(1,797,418	)
C Class		(185,530	)		(612,572	)
R6 Class		(65,153,532	)		(118,844,908	)
Net distributions to shareholders		(168,634,553	)		(351,172,067	)
Capital share transactions (Note 11):
Proceeds from sales of shares		589,953,923			500,807,392
Reinvestment of dividends and distributions		149,512,376			311,461,669
Cost of shares redeemed		(948,614,037	)		(808,500,555	)
Net increase (decrease) in net assets from capital share transactions		(209,147,738	)		3,768,506
Net increase (decrease) in net assets		536,585,480			(273,111,014	)
Net assets:
Beginning of year		2,947,155,000			3,220,266,014
End of year	$	3,483,740,480		$	2,947,155,000

See accompanying notes

13

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

1. Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of October 31, 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 a new Investment Advisory Agreement among the Manager, each sub-advisor and the Trust, on behalf of the Fund, that were effective on December 29, 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 has concluded that 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.

14

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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.

15

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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	%

16

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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

The Management and Sub-Advisory Fees paid by the Fund for the year ended October 31, 2024 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	11,942,695
Sub-Advisory Fees		0.20	%		7,009,483
Total		0.55	%	$	18,952,178

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statement of Operations. During the year ended October 31, 2024, the Manager received securities lending fees of $36,895 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

17

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis. During the year ended October 31, 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	$	593,332

As of October 31, 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	$	50,115

Investments in Affiliated Funds

The Fund may invest in the American Beacon U.S. Government Money Market Select Fund (the “USG Select Fund”). Cash collateral received by the Fund in connection with securities lending may also be invested in the USG Select Fund. The Fund listed below held the following shares with an October 31, 2024 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund		October 31, 2024 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		October 31, 2024 Fair Value
U.S. Government Money Market Select	Direct		Large Cap Value	$	136,122,309	$	-	$	-	$	5,482,981	$	136,122,309
U.S. Government Money Market Select	Securities Lending		Large Cap Value		4,685,167		-		-		N/A		4,685,167

The Fund and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the year ended October 31, 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	$	105,910	$	25,349	$	131,259

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Fund, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the year ended October 31, 2024, the Fund participated as a lender by loaning an average amount of $24,940,502 for 2 days at an average interest rate of 6.14% with interest charges earned of $18,765. This amount is included in “Interest income” on the Statement of Operations. During the year ended October 31, 2024, the Fund did not borrow from the credit facility.

18

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

Expense Reimbursement Plan

The Fund has adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Fund for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Fund’s annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or time of recoupment. During the year ended October 31, 2024 there were no waived fees, expenses reimbursed, or recouped expenses, and no commitment or contingent liability is expected. 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 year ended October 31, 2024, RID collected $2,897 from the sale of A Class Shares of the Fund.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the year ended October 31, 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 year ended October 31, 2024, CDSC fees of $622 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 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.

19

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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 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.

20

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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.

21

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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

22

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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

Real Estate Investment Trusts (“REITs”)

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

5.  Financial Derivative Instruments

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

Futures Contracts

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

During the year ended October 31, 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 monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

Average Futures Contracts Outstanding
Fund	Year Ended October 31, 2024
Large Cap Value		450

23

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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 October 31, 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)	$	-	$	-	$	-	$	-	$	(1,085,822	)	$	(1,085,822	)
The effect of financial derivative instruments on the Statement of Operations as of October 31, 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	$	-	$	-	$	-	$	-	$	27,646,199		$	27,646,199
Net change in unrealized appreciation (depreciation) of derivatives recognized as a result from operations:	Credit contracts		Foreign exchange contracts		Commodity contracts		Interest rate contracts		Equity contracts			Total
Futures contracts	$	-	$	-	$	-	$	-	$	1,863,308		$	1,863,308

⁽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, October 31, 2024.

Offsetting of Financial and Derivative Assets as of October 31, 2024:
	Assets		Liabilities
Futures Contracts(1)	$	-	$	1,085,822
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	-	$	1,085,822
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	-	$	(1,085,822	)

	Remaining Contractual Maturity of the Agreements As of October 31, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	4,685,167	$	-	$	-	$	-	$	4,685,167
Total Borrowings	$	4,685,167	$	-	$	-	$	-	$	4,685,167
Gross amount of recognized liabilities for securities lending transactions									$	4,685,167

⁽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.

24

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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 Exposure Risk

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

Futures Contracts Risk

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

25

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

contract). Futures contracts on indices expose the Fund to volatility in an underlying index. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways.

Market Risk

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

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

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

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

Multiple Sub-Advisor Risk

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

26

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

Other Investment Companies Risk

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

Recent Market Events Risk

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

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

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

Some countries, including the U.S., have in recent years adopted more protectionist trade 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

27

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.

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

Sector Risk

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

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

Securities Lending Risk

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

28

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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

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

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

The tax character of distributions paid were as follows:

	Year Ended October 31, 2024		Year Ended October 31, 2023
Distributions paid from:
Ordinary income*
R5 Class	$	22,865,530	$	19,554,206
Y Class		3,784,293		2,880,165
Investor Class		11,008,851		9,457,017
Advisor Class		833,468		634,040
A Class		248,573		245,474
C Class		39,204		37,594
R6 Class		25,589,230		18,258,942
Long-term capital gains
R5 Class		35,995,890		109,948,196
Y Class		6,167,654		17,009,535
Investor Class		20,267,013		65,498,599
Advisor Class		1,658,557		4,935,411
A Class		465,662		1,551,944
C Class		146,326		574,978
R6 Class		39,564,302		100,585,966
Total distributions paid	$	168,634,553	$	351,172,067

* For tax purposes, short-term capital gains are considered ordinary income distributions.

As of October 31, 2024, the components of distributable earnings (deficits) on a tax basis were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Large Cap Value	$	2,398,097,494	$	1,145,718,077	$	(60,506,870	)	$	, 1,085,211,207

Fund	Net Unrealized Appreciation (Depreciation)		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other (Losses)		Other Temporary Differences		Distributable Earnings
Large Cap Value	$	1,085,211,207	$	83,369,843	$	299,257,501	$	-	$	-	$	1,467,838,551

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, the realization for tax purposes of unrealized gains (losses) on certain derivative instruments, and reclassifications of income from investments in real estate securities and other securities.

29

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities.

Accordingly, the following amounts represent current year permanent differences derived from equalization as of October 31, 2024:

Fund	Paid-In-Capital		Distributable Earnings/(Deficits)
Large Cap Value	$	39,932,096	$	(39,932,096	)

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

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

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the year ended October 31, 2024 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Sales (non-U.S. Government Securities)
Large Cap Value	$	850,794,367	$	1,182,500,719

A summary of the Fund’s transactions in the USG Select Fund for the year ended October 31, 2024 were as follows:

Fund	Type of Transaction	October 31, 2023 Shares/Fair Value		Purchases		Sales		October 31, 2024 Shares/Fair Value
Large Cap Value	Direct	$	54,678,380	$	1,198,273,210	$	1,116,829,281	$	136,122,309
Large Cap Value	Securities Lending		28,712,080		408,386,863		432,413,776		4,685,167

Affiliated Trades

Cross trades for the period ended October 31, 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 October 31, 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	$	-	$	-

30

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

9. Securities Lending

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

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

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

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

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

As of October 31, 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	$	42,653,227	$	4,685,167	$	39,941,123	$	44,626,290

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.

31

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

10. Borrowing Arrangements

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

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

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

During the year ended October 31, 2024, the Fund did not utilize these facilities.

32

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

11. Capital Share Transactions

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

	R5 Class
	Year Ended October 31,
	2024						2023
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		5,154,821		$	137,077,412			5,030,633		$	125,011,196
Reinvestment of dividends		1,914,494			48,857,903			4,651,691			109,872,932
Shares redeemed		(12,279,471	)		(341,357,215	)		(12,695,441	)		(315,457,120	)
Net (decrease) in shares outstanding		(5,210,156	)	$	(155,421,900	)		(3,013,117	)	$	(80,572,992	)
	Y Class
	Year Ended October 31,
	2024						2023
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		1,023,027		$	27,565,083			1,520,418		$	37,053,578
Reinvestment of dividends		381,834			9,626,029			822,067			19,195,272
Shares redeemed		(2,450,297	)		(64,956,349	)		(1,920,702	)		(47,489,945	)
Net increase (decrease) in shares outstanding		(1,045,436	)	$	(27,765,237	)		421,783		$	8,758,905
	Investor Class
	Year Ended October 31,
	2024						2023
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		1,500,707		$	35,547,391			1,953,809		$	42,458,307
Reinvestment of dividends		1,368,028			30,452,306			3,564,808			73,969,773
Shares redeemed		(8,228,461	)		(190,944,429	)		(8,345,996	)		(180,334,525	)
Net (decrease) in shares outstanding		(5,359,726	)	$	(124,944,732	)		(2,827,379	)	$	(63,906,445	)
	Advisor Class
	Year Ended October 31,
	2024						2023
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		91,954		$	2,152,524			112,111		$	2,376,104
Reinvestment of dividends		114,269			2,481,915			273,640			5,549,426
Shares redeemed		(433,385	)		(10,039,317	)		(437,149	)		(9,075,373	)
Net (decrease) in shares outstanding		(227,162	)	$	(5,404,878	)		(51,398	)	$	(1,149,843	)
	A Class
	Year Ended October 31,
	2024						2023
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		3,329,508		$	79,786,438			191,336		$	4,086,931
Reinvestment of dividends		30,925			671,373			84,266			1,708,076
Shares redeemed		(471,556	)		(11,261,293	)		(431,729	)		(9,293,236	)
Net increase (decrease) in shares outstanding		2,888,877		$	69,196,518			(156,127	)	$	(3,498,229	)
	C Class
	Year Ended October 31,
	2024						2023
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		17,307		$	397,627			23,936		$	497,121
Reinvestment of dividends		8,424			182,049			29,998			603,851
Shares redeemed		(123,041	)		(2,824,875	)		(108,342	)		(2,280,316	)
Net (decrease) in shares outstanding		(97,310	)	$	(2,245,199	)		(54,408	)	$	(1,179,344	)

33

American Beacon Large Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

	R6 Class
	Year Ended October 31,
	2024						2023
Large Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		11,525,607		$	307,427,448			11,725,900		$	289,324,155
Reinvestment of dividends		2,243,857			57,240,801			4,259,311			100,562,339
Shares redeemed		(11,795,748	)		(327,230,559	)		(9,944,862	)		(244,570,040	)
Net increase in shares outstanding		1,973,716		$	37,437,690			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.

34

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Year Ended October 31,
	2024			2023			2022			2021			2020B
Net asset value, beginning of period	$	23.92		$	26.21		$	30.99		$	23.36		$	28.32
Income (loss) from investment operations:
Net investment income		0.62			0.51			0.50			0.59			0.65
Net gains (losses) on investments (both realized and unrealized)		6.79			0.02			(2.11	)		10.64			(2.89	)
Total income (loss) from investment operations		7.41			0.53			(1.61	)		11.23			(2.24	)
Less distributions:
Dividends from net investment income		(0.46	)		(0.43	)		(0.39	)		(0.49	)		(0.62	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(1.36	)		(2.82	)		(3.17	)		(3.60	)		(2.72	)
Net asset value, end of period	$	29.97		$	23.92		$	26.21		$	30.99		$	23.36
Total returnC		31.97	%		2.16	%		(5.75	)%		52.60	%		(9.29	)%
Ratios and supplemental data:
Net assets, end of period	$	1,147,150,395		$	1,040,466,568		$	1,218,988,715		$	1,682,465,233		$	1,807,587,315
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.65	%		0.64	%		0.63	%		0.63	%		0.63	%
Expenses, net of reimbursements and/or recoupments		0.65	%		0.64	%		0.63	%		0.63	%		0.63	%
Net investment income, before expense reimbursements and/or recoupments		1.77	%		1.78	%		1.45	%		1.30	%		1.90	%
Net investment income, net of reimbursements and/or recoupments		1.77	%		1.78	%		1.45	%		1.30	%		1.90	%
Portfolio turnover rate		26	%		25	%		25	%		23	%		67	%

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

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

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

See accompanying notes

35

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	23.63		$	25.92		$	30.68		$	23.16		$	28.10
Income (loss) from investment operations:
Net investment income		0.45			0.45			0.37			0.38			0.39
Net gains (losses) on investments (both realized and unrealized)		6.84			0.06			(1.98	)		10.73			(2.63	)
Total income (loss) from investment operations		7.29			0.51			(1.61	)		11.11			(2.24	)
Less distributions:
Dividends from net investment income		(0.44	)		(0.41	)		(0.37	)		(0.48	)		(0.60	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(1.34	)		(2.80	)		(3.15	)		(3.59	)		(2.70	)
Net asset value, end of period	$	29.58		$	23.63		$	25.92		$	30.68		$	23.16
Total returnB		31.84	%		2.09	%		(5.81	)%		52.47	%		(9.35	)%
Ratios and supplemental data:
Net assets, end of period	$	196,267,664		$	181,490,071		$	188,140,776		$	258,183,363		$	178,065,442
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.72	%		0.71	%		0.70	%		0.69	%		0.70	%
Expenses, net of reimbursements and/or recoupments		0.72	%		0.71	%		0.70	%		0.69	%		0.70	%
Net investment income, before expense reimbursements and/or recoupments		1.71	%		1.70	%		1.38	%		1.21	%		1.84	%
Net investment income, net of reimbursements and/or recoupments		1.71	%		1.70	%		1.38	%		1.21	%		1.84	%
Portfolio turnover rate		26	%		25	%		25	%		23	%		67	%

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

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

See accompanying notes

36

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	20.97		$	23.30		$	27.88		$	21.32		$	26.06
Income (loss) from investment operations:
Net investment income		0.16			0.27			0.25			0.20			0.29
Net gains (losses) on investments (both realized and unrealized)		6.23			0.14			(1.76	)		9.88			(2.41	)
Total income (loss) from investment operations		6.39			0.41			(1.51	)		10.08			(2.12	)
Less distributions:
Dividends from net investment income		(0.38	)		(0.35	)		(0.29	)		(0.41	)		(0.52	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(1.28	)		(2.74	)		(3.07	)		(3.52	)		(2.62	)
Net asset value, end of period	$	26.08		$	20.97		$	23.30		$	27.88		$	21.32
Total returnB		31.54	%		1.88	%		(6.04	)%		52.04	%		(9.59	)%
Ratios and supplemental data:
Net assets, end of period	$	513,291,440		$	525,063,555		$	649,409,067		$	821,099,597		$	707,970,431
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.94	%		0.94	%		0.95	%		0.98	%		0.96	%
Expenses, net of reimbursements and/or recoupments		0.94	%		0.94	%		0.95	%		0.98	%		0.96	%
Net investment income, before expense reimbursements and/or recoupments		1.49	%		1.48	%		1.13	%		0.93	%		1.57	%
Net investment income, net of reimbursements and/or recoupments		1.49	%		1.48	%		1.13	%		0.93	%		1.57	%
Portfolio turnover rate		26	%		25	%		25	%		23	%		67	%

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

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

See accompanying notes

37

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	20.46		$	22.80		$	27.36		$	20.97		$	25.68
Income (loss) from investment operations:
Net investment income		0.18			0.26			0.14			0.26			0.24
Net gains (losses) on investments (both realized and unrealized)		6.01			0.10			(1.65	)		9.62			(2.36	)
Total income (loss) from investment operations		6.19			0.36			(1.51	)		9.88			(2.12	)
Less distributions:
Dividends from net investment income		(0.35	)		(0.31	)		(0.27	)		(0.38	)		(0.49	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(1.25	)		(2.70	)		(3.05	)		(3.49	)		(2.59	)
Net asset value, end of period	$	25.40		$	20.46		$	22.80		$	27.36		$	20.97
Total returnB		31.28	%		1.69	%		(6.17	)%		51.89	%		(9.73	)%
Ratios and supplemental data:
Net assets, end of period	$	45,504,706		$	41,289,229		$	47,185,316		$	63,521,926		$	46,049,690
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.11	%		1.11	%		1.10	%		1.10	%		1.10	%
Expenses, net of reimbursements and/or recoupments		1.11	%		1.11	%		1.10	%		1.10	%		1.10	%
Net investment income, before expense reimbursements and/or recoupments		1.30	%		1.31	%		0.98	%		0.81	%		1.42	%
Net investment income, net of reimbursements and/or recoupments		1.30	%		1.31	%		0.98	%		0.81	%		1.42	%
Portfolio turnover rate		26	%		25	%		25	%		23	%		67	%

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

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

See accompanying notes

38

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	20.47		$	22.86		$	27.37		$	20.96		$	25.66
Income (loss) from investment operations:
Net investment income		1.80			0.30	B		1.05			0.24	B		0.20
Net gains (losses) on investments (both realized and unrealized)		4.43			0.08			(2.51	)		9.68			(2.29	)
Total income (loss) from investment operations		6.23			0.38			(1.46	)		9.92			(2.09	)
Less distributions:
Dividends from net investment income		(0.37	)		(0.38	)		(0.27	)		(0.40	)		(0.51	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(1.27	)		(2.77	)		(3.05	)		(3.51	)		(2.61	)
Net asset value, end of period	$	25.43		$	20.47		$	22.86		$	27.37		$	20.96
Total returnC		31.53	%		1.79	%		(5.96	)%		52.15	%		(9.65	)%
Ratios and supplemental data:
Net assets, end of period	$	88,343,465		$	11,986,577		$	16,953,764		$	12,661,833		$	25,792,400
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.00	%		1.00	%		0.89	%		0.96	%		1.00	%
Expenses, net of reimbursements and/or recoupments		1.00	%		1.00	%		0.89	%		0.96	%		1.00	%
Net investment income, before expense reimbursements and/or recoupments		1.33	%		1.42	%		1.24	%		0.98	%		1.52	%
Net investment income, net of reimbursements and/or recoupments		1.33	%		1.42	%		1.24	%		0.98	%		1.52	%
Portfolio turnover rate		26	%		25	%		25	%		23	%		67	%

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

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

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

See accompanying notes

39

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	20.21		$	22.52		$	27.07		$	20.74		$	25.43
Income (loss) from investment operations:
Net investment income (loss)		0.17	B		0.15	B		0.07			0.16			0.08
Net gains (losses) on investments (both realized and unrealized)		5.82			0.09			(1.71	)		9.49			(2.32	)
Total income (loss) from investment operations		5.99			0.24			(1.64	)		9.65			(2.24	)
Less distributions:
Dividends from net investment income		(0.15	)		(0.16	)		(0.13	)		(0.21	)		(0.35	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(1.05	)		(2.55	)		(2.91	)		(3.32	)		(2.45	)
Net asset value, end of period	$	25.15		$	20.21		$	22.52		$	27.07		$	20.74
Total returnC		30.51	%		1.11	%		(6.74	)%		51.05	%		(10.26	)%
Ratios and supplemental data:
Net assets, end of period	$	2,335,004		$	3,842,593		$	5,508,217		$	6,898,120		$	4,687,004
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.72	%		1.70	%		1.69	%		1.68	%		1.68	%
Expenses, net of reimbursements and/or recoupments		1.72	%		1.70	%		1.69	%		1.68	%		1.68	%
Net investment income, before expense reimbursements and/or recoupments		0.74	%		0.71	%		0.40	%		0.22	%		0.84	%
Net investment income, net of reimbursements and/or recoupments		0.74	%		0.71	%		0.40	%		0.22	%		0.84	%
Portfolio turnover rate		26	%		25	%		25	%		23	%		67	%

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

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

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

See accompanying notes

40

American Beacon Large Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Year Ended October 31,
	2024			2023			2022			2021			2020A
Net asset value, beginning of period	$	23.92		$	26.21		$	30.99		$	23.36		$	28.31
Income (loss) from investment operations:
Net investment income		0.53			0.48			0.45			0.36			0.56
Net gains (losses) on investments (both realized and unrealized)		6.89			0.05			(2.05	)		10.88			(2.78	)
Total income (loss) from investment operations		7.42			0.53			(1.60	)		11.24			(2.22	)
Less distributions:
Dividends from net investment income		(0.47	)		(0.43	)		(0.40	)		(0.50	)		(0.63	)
Distributions from net realized gains		(0.90	)		(2.39	)		(2.78	)		(3.11	)		(2.10	)
Total distributions		(1.37	)		(2.82	)		(3.18	)		(3.61	)		(2.73	)
Net asset value, end of period	$	29.97		$	23.92		$	26.21		$	30.99		$	23.36
Total returnB		32.02	%		2.19	%		(5.72	)%		52.65	%		(9.23	)%
Ratios and supplemental data:
Net assets, end of period	$	1,490,847,806		$	1,143,016,407		$	1,094,080,159		$	1,242,662,760		$	1,008,088,807
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.61	%		0.61	%		0.60	%		0.60	%		0.62	%
Expenses, net of reimbursements and/or recoupments		0.61	%		0.61	%		0.60	%		0.60	%		0.59	%
Net investment income, before expense reimbursements and/or recoupments		1.79	%		1.80	%		1.49	%		1.31	%		1.90	%
Net investment income, net of reimbursements and/or recoupments		1.79	%		1.80	%		1.49	%		1.31	%		1.93	%
Portfolio turnover rate		26	%		25	%		25	%		23	%		67	%

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

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

See accompanying notes

41

American Beacon Funds^SM

Federal Tax Information

October 31, 2024 (Unaudited)

Certain tax information regarding the Funds are required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024.

The Fund designated the following items with regard to distributions paid during the fiscal year ended October 31, 2024. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

Corporate Dividends-Received Deduction:

Large Cap Value 89.79 % 

Qualified Dividend Income:

Large Cap Value 100.00 % 

Long-Term Capital Gain Distributions:

Large Cap Value $ 144,197,500

Short-Term Capital Gain Distributions:

Large Cap Value $ 8,893,668

Shareholders will receive notification in January 2025 of the applicable tax information necessary to prepare their 2024 income tax returns.

42

Delivery of Documents

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

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

To obtain more information about the Fund:

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

Fund Service Providers:

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

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

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

AR 10/24

American Beacon Funds

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

American Beacon Funds October 31, 2024

Contents

Report of Independent Registered Public Accounting Firm	1
Schedule of Investments:
American Beacon Small Cap Value Fund	2
Financial Statements	16
Notes to Financial Statements	19
Financial Highlights:
American Beacon Small Cap Value Fund	39
Federal Tax Information	46

  Additional Fund Information Back Cover

American Beacon Small Cap Value Fund^SM

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon Small Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of American Beacon Small Cap Value Fund (one of the funds constituting American Beacon Funds, referred hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the three years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 27, 2024

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

1

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44%
Communication Services - 2.27%
Entertainment - 0.42%
IMAX Corp.A		289,887		$	7,044,254
Lions Gate Entertainment Corp., Class AA B		571,547			4,515,221
Lions Gate Entertainment Corp., Class BA		645,820			4,553,031
Marcus Corp.		36,300			684,981
Sphere Entertainment Co.A B		58,600			2,450,066
					19,247,553
Interactive Media & Services - 0.27%
IAC, Inc.A		177,200			8,496,740
Shutterstock, Inc.B		130,800			4,197,372
					12,694,112
Media - 1.58%
Boston Omaha Corp., Class AA		44,600			658,296
John Wiley & Sons, Inc., Class A		194,059			9,567,109
Magnite, Inc.A		586,429			7,318,634
National CineMedia, Inc.A		1,925,900			13,847,221
Stagwell, Inc.A		5,526,749			34,321,111
TEGNA, Inc.		423,850			6,963,856
					72,676,227
Total Communication Services					104,617,892
Consumer Discretionary - 11.91%
Automobile Components - 1.85%
Adient PLCA		1,629,578			31,825,658
American Axle & Manufacturing Holdings, Inc.A		2,357,127			13,317,768
BorgWarner, Inc.		294,613			9,907,835
Gentherm, Inc.A		507,243			21,278,844
Visteon Corp.A		95,364			8,606,601
					84,936,706
Automobiles - 0.60%
Harley-Davidson, Inc.		325,500			10,399,725
Thor Industries, Inc.B		138,944			14,461,292
Winnebago Industries, Inc.		53,100			2,975,724
					27,836,741
Broadline Retail - 0.16%
Nordstrom, Inc.		323,210			7,307,778
Diversified Consumer Services - 0.22%
Graham Holdings Co., Class B		7,760			6,544,008
Perdoceo Education Corp.		158,820			3,549,627
					10,093,635
Hotels, Restaurants & Leisure - 2.62%
Bloomin’ Brands, Inc.		967,938			16,058,092
Cheesecake Factory, Inc.B		221,788			10,251,041
Dave & Buster’s Entertainment, Inc.A B		569,458			21,030,084
International Game Technology PLC		1,055,934			21,456,579
Marriott Vacations Worldwide Corp.		321,200			24,742,036
Papa John’s International, Inc.		353,473			18,518,451
Travel & Leisure Co.		172,440			8,244,356
					120,300,639

See accompanying notes

2

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Consumer Discretionary - 11.91% (continued)
Household Durables - 2.21%
Beazer Homes USA, Inc.A		76,290		$	2,346,680
Cavco Industries, Inc.A		12,579			5,154,811
Century Communities, Inc.		76,900			6,817,954
Dream Finders Homes, Inc., Class AA B		83,550			2,493,968
Ethan Allen Interiors, Inc.		54,120			1,497,500
Green Brick Partners, Inc.A		108,650			7,497,937
Helen of Troy Ltd.A		76,249			4,853,249
KB Home		167,900			13,180,150
Landsea Homes Corp.A		74,540			773,725
Legacy Housing Corp.A		36,640			908,672
Lovesac Co.A B		164,844			4,806,851
M/I Homes, Inc.A		67,060			10,165,625
Meritage Homes Corp.		44,242			8,016,650
Newell Brands, Inc.		2,497,816			21,980,781
Tri Pointe Homes, Inc.A		285,910			11,559,341
					102,053,894
Leisure Products - 0.47%
Brunswick Corp.		153,458			12,236,741
Malibu Boats, Inc., Class AA		98,072			4,401,471
YETI Holdings, Inc.A		126,744			4,462,656
					21,100,868
Specialty Retail - 2.99%
1-800-Flowers.com, Inc., Class AA B		64,670			538,054
Academy Sports & Outdoors, Inc.		174,450			8,872,527
American Eagle Outfitters, Inc.		276,900			5,424,471
Arhaus, Inc.		620,028			5,257,838
Asbury Automotive Group, Inc.A		48,830			11,125,427
Buckle, Inc.		122,870			5,229,347
Build-A-Bear Workshop, Inc.		31,360			1,194,503
Caleres, Inc.		84,930			2,535,161
Foot Locker, Inc.A		572,729			13,281,586
Group 1 Automotive, Inc.		34,950			12,732,984
Guess?, Inc.		129,460			2,199,525
Lithia Motors, Inc.		30,200			10,037,574
MarineMax, Inc.A		54,070			1,575,059
ODP Corp.A		426,946			13,248,134
Sally Beauty Holdings, Inc.A		250,240			3,253,120
Signet Jewelers Ltd.		107,950			9,896,856
Sonic Automotive, Inc., Class A		325,871			18,486,662
Urban Outfitters, Inc.A		219,657			7,896,669
Victoria’s Secret & Co.A		175,370			5,306,696
					138,092,193
Textiles, Apparel & Luxury Goods - 0.79%
Capri Holdings Ltd.A		222,255			4,387,314
Carter’s, Inc.		88,371			4,833,894
Figs, Inc., Class AA		570,164			3,563,525
G-III Apparel Group Ltd.A		108,760			3,293,253
Levi Strauss & Co., Class A		474,051			8,101,532
Oxford Industries, Inc.		34,450			2,501,759
PVH Corp.		37,103			3,653,161
VF Corp.B		287,679			5,957,832
					36,292,270
Total Consumer Discretionary					548,014,724

See accompanying notes

3

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Consumer Staples - 1.90%
Beverages - 0.64%
Boston Beer Co., Inc., Class AA		31,784		$	9,251,369
Primo Water Corp.B		767,707			20,136,955
					29,388,324
Consumer Staples Distribution & Retail - 0.06%
SpartanNash Co.		16,400			345,056
United Natural Foods, Inc.A		85,800			1,745,172
Village Super Market, Inc., Class A		23,700			676,398
					2,766,626
Food Products - 1.03%
Darling Ingredients, Inc.A		598,292			23,399,200
Fresh Del Monte Produce, Inc.		100,600			3,230,266
Hain Celestial Group, Inc.A		2,285,043			19,948,425
Seneca Foods Corp., Class AA		12,890			796,989
					47,374,880
Household Products - 0.07%
Energizer Holdings, Inc.		103,500			3,319,245
Personal Products - 0.04%
Herbalife Ltd.A B		227,655			1,718,795
Tobacco - 0.06%
Universal Corp.		59,440			3,026,685
Total Consumer Staples					87,594,555
Energy - 6.49%
Energy Equipment & Services - 3.30%
Atlas Energy Solutions, Inc.B		1,196,584			23,417,149
Bristow Group, Inc.A		62,430			2,070,803
Cactus, Inc., Class A		110,810			6,569,925
Expro Group Holdings NVA		242,745			3,094,999
Helix Energy Solutions Group, Inc.A		368,740			3,410,845
Helmerich & Payne, Inc.		476,342			16,005,091
Liberty Energy, Inc.B		799,193			13,642,225
NOV, Inc.		3,599,688			55,831,161
Oceaneering International, Inc.A		220,579			5,382,128
Patterson-UTI Energy, Inc.		1,920,060			14,726,860
ProPetro Holding Corp.A		75,100			518,941
Select Water Solutions, Inc.		221,110			2,343,766
Weatherford International PLC		62,934			4,971,786
					151,985,679
Oil, Gas & Consumable Fuels - 3.19%
Antero Resources Corp.A		505,660			13,086,481
APA Corp.		153,239			3,616,440
Berry Corp.		234,310			1,176,236
Centrus Energy Corp., Class AA B		97,952			10,168,397
CNX Resources Corp.A		616,926			20,993,992
CONSOL Energy, Inc.		71,110			7,887,521
Crescent Energy Co., Class A		750,921			9,333,948
International Seaways, Inc.		117,780			5,128,141
Kinetik Holdings, Inc.		58,387			2,841,695
Magnolia Oil & Gas Corp., Class AB		320,233			8,095,490
Murphy Oil Corp.		118,000			3,714,640

See accompanying notes

4

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Energy - 6.49% (continued)
Oil, Gas & Consumable Fuels - 3.19% (continued)
NextDecade Corp.A B		946,760		$	5,529,078
Northern Oil & Gas, Inc.		226,230			8,200,838
PBF Energy, Inc., Class A		234,516			6,688,396
Peabody Energy Corp.		282,780			7,428,631
REX American Resources Corp.A		12,700			568,071
Riley Exploration Permian, Inc.		44,400			1,185,924
Sitio Royalties Corp., Class A		737,739			16,444,202
SM Energy Co.		82,500			3,462,525
VAALCO Energy, Inc.		213,600			1,140,624
Viper Energy, Inc.		133,674			6,937,681
World Kinect Corp.		121,700			3,182,455
					146,811,406
Total Energy					298,797,085
Financials - 22.39%
Banks - 13.64%
Amalgamated Financial Corp.		43,040			1,427,422
Ameris Bancorp		116,090			7,196,419
Associated Banc-Corp.		327,933			7,785,129
Atlantic Union Bankshares Corp.		125,850			4,757,130
Axos Financial, Inc.A		105,130			7,119,404
Bank OZK		193,210			8,452,937
BankUnited, Inc.		39,230			1,386,388
Bar Harbor Bankshares		24,080			774,172
Business First Bancshares, Inc.		34,190			895,436
Byline Bancorp, Inc.		76,560			2,060,230
Cadence Bank		309,490			10,346,251
Cathay General Bancorp		125,200			5,756,696
Central Pacific Financial Corp.		13,060			351,836
Columbia Banking System, Inc.		2,063,675			58,835,374
Community Financial System, Inc.		110,339			6,746,126
Community Trust Bancorp, Inc.		31,090			1,610,462
CrossFirst Bankshares, Inc.A		82,580			1,296,506
Cullen/Frost Bankers, Inc.		152,969			19,480,602
Customers Bancorp, Inc.A		54,950			2,534,843
Eastern Bankshares, Inc.		155,230			2,534,906
Enterprise Financial Services Corp.		55,830			2,943,358
Farmers National Banc Corp.		64,290			884,630
FB Financial Corp.		78,560			3,865,152
First Bancshares, Inc.		51,940			1,738,432
First Busey Corp.		95,110			2,312,124
First Commonwealth Financial Corp.		179,250			2,946,870
First Financial Bancorp		159,770			4,086,917
First Hawaiian, Inc.		1,572,404			38,901,275
First Horizon Corp.		1,547,172			26,812,491
First Merchants Corp.		228,638			8,471,038
FNB Corp.		602,090			8,730,305
Fulton Financial Corp.		378,225			6,849,655
Glacier Bancorp, Inc.		552,149			28,794,570
Great Southern Bancorp, Inc.		20,480			1,161,011
Hancock Whitney Corp.		67,260			3,502,901
Heritage Financial Corp.		91,637			2,106,735
Hilltop Holdings, Inc.		322,376			9,874,377
HomeTrust Bancshares, Inc.		30,470			1,010,080
Independent Bank Corp.		279,646			17,091,849
International Bancshares Corp.		108,710			6,659,575

See accompanying notes

5

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Financials - 22.39% (continued)
Banks - 13.64% (continued)
Live Oak Bancshares, Inc.		638,035		$	25,336,370
Mercantile Bank Corp.		28,090			1,203,937
Midland States Bancorp, Inc.		36,560			907,054
National Bank Holdings Corp., Class A		459,011			20,637,135
NBT Bancorp, Inc.		412,637			18,354,094
Nicolet Bankshares, Inc.		13,130			1,335,190
Northwest Bancshares, Inc.		177,330			2,356,716
Old National Bancorp		47,539			915,601
Old Second Bancorp, Inc.B		76,660			1,258,757
Origin Bancorp, Inc.		22,890			718,517
Pacific Premier Bancorp, Inc.		50,470			1,287,490
Pathward Financial, Inc.		43,850			3,102,826
Peoples Bancorp, Inc.		62,060			1,910,207
Preferred Bank		26,210			2,211,338
Prosperity Bancshares, Inc.		200,903			14,706,100
Provident Financial Services, Inc.		127,050			2,373,294
QCR Holdings, Inc.		29,360			2,322,376
Renasant Corp.		422,286			14,404,175
S&T Bancorp, Inc.		64,200			2,438,316
Seacoast Banking Corp. of Florida		1,135,256			30,311,335
ServisFirst Bancshares, Inc.		194,896			16,203,653
Simmons First National Corp., Class A		144,340			3,348,688
SmartFinancial, Inc.		18,730			621,087
Southern Missouri Bancorp, Inc.		19,440			1,152,792
SouthState Corp.		65,503			6,388,508
Synovus Financial Corp.		71,000			3,540,770
Texas Capital Bancshares, Inc.A		615,281			47,345,873
Triumph Financial, Inc.A		353,208			31,212,991
TrustCo Bank Corp.		28,610			943,558
Trustmark Corp.		16,950			588,504
UMB Financial Corp.		44,854			4,921,829
United Bankshares, Inc.		97,460			3,672,293
United Community Banks, Inc.		308,661			8,784,492
WaFd, Inc.		174,913			5,943,544
Webster Financial Corp.		158,839			8,227,860
WesBanco, Inc.		30,810			968,975
Westamerica BanCorp		45,160			2,326,643
WSFS Financial Corp.		66,850			3,287,015
					627,661,517
Capital Markets - 1.77%
Cohen & Steers, Inc.		48,390			4,779,480
Federated Hermes, Inc.		266,276			10,685,656
Janus Henderson Group PLC		277,940			11,481,701
Oppenheimer Holdings, Inc., Class A		18,900			1,066,527
Perella Weinberg Partners		231,891			4,691,155
StepStone Group, Inc., Class A		243,650			14,650,675
Stifel Financial Corp.		133,297			13,812,235
StoneX Group, Inc.A		54,810			4,935,092
Victory Capital Holdings, Inc., Class A		115,290			6,909,330
Virtus Investment Partners, Inc.		10,250			2,217,792
WisdomTree, Inc.B		640,991			6,634,257
					81,863,900
Consumer Finance - 1.19%
Bread Financial Holdings, Inc.		88,110			4,392,284
Encore Capital Group, Inc.A		41,140			1,879,275

See accompanying notes

6

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Financials - 22.39% (continued)
Consumer Finance - 1.19% (continued)
Enova International, Inc.A		54,070		$	4,699,224
EZCORP, Inc., Class AA		91,140			1,047,199
Green Dot Corp., Class AA		38,700			439,632
LendingClub Corp.A		80,600			1,142,908
Navient Corp.		235,460			3,350,596
Nelnet, Inc., Class A		30,590			3,447,493
PRA Group, Inc.A		97,031			1,956,145
SLM Corp.		1,469,872			32,381,280
					54,736,036
Financial Services - 2.89%
Acacia Research Corp.A B		170,910			772,513
Burford Capital Ltd.		1,225,417			16,543,129
Essent Group Ltd.		257,975			15,481,080
Euronet Worldwide, Inc.A		43,422			4,275,764
HA Sustainable Infrastructure Capital, Inc.B		1,200,434			42,003,186
Merchants Bancorp		47,700			1,762,038
MGIC Investment Corp.		444,640			11,133,786
NMI Holdings, Inc.A		144,350			5,583,458
PennyMac Financial Services, Inc.		87,530			8,724,990
Radian Group, Inc.		276,010			9,635,509
Western Union Co.		177,690			1,911,944
WEX, Inc.A		87,643			15,127,182
					132,954,579
Insurance - 2.90%
Assured Guaranty Ltd.		102,720			8,573,011
Brighthouse Financial, Inc.A		114,980			5,438,554
CNO Financial Group, Inc.		343,870			11,829,128
Donegal Group, Inc., Class A		46,870			710,549
Employers Holdings, Inc.		46,170			2,249,402
Enstar Group Ltd.A		28,129			9,071,602
First American Financial Corp.		236,017			15,140,491
Genworth Financial, Inc.A		821,980			5,540,145
Global Indemnity Group LLC, Class A		335,812			11,410,892
HCI Group, Inc.B		7,500			849,825
Horace Mann Educators Corp.		646,680			24,082,363
Kemper Corp.		381,720			23,769,704
Lincoln National Corp.		82,930			2,881,817
Oscar Health, Inc., Class AA		294,330			4,944,744
ProAssurance Corp.A		36,900			549,441
Universal Insurance Holdings, Inc.		20,500			408,770
White Mountains Insurance Group Ltd.		3,240			5,822,734
					133,273,172
Total Financials					1,030,489,204
Health Care - 3.28%
Biotechnology - 0.21%
Alkermes PLCA		370,281			9,516,222
Health Care Equipment & Supplies - 0.82%
Globus Medical, Inc., Class AA		160,832			11,827,585
Integer Holdings Corp.A		40,412			5,021,191
Omnicell, Inc.A		90,193			4,386,988
Solventum Corp.A		220,900			16,032,922
					37,268,686

See accompanying notes

7

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Health Care - 3.28% (continued)
Health Care Providers & Services - 0.54%
Acadia Healthcare Co., Inc.A		134,402		$	5,737,621
Encompass Health Corp.		106,208			10,563,448
Ensign Group, Inc.		27,697			4,292,758
ModivCare, Inc.A		273,916			4,429,222
					25,023,049
Health Care Technology - 0.32%
Certara, Inc.A		219,626			2,240,185
Evolent Health, Inc., Class AA		314,902			7,352,962
Health Catalyst, Inc.A		660,056			5,128,635
					14,721,782
Pharmaceuticals - 1.39%
Biote Corp., Class AA		60,850			310,335
Collegium Pharmaceutical, Inc.A		72,100			2,461,494
Organon & Co.		1,401,005			26,310,874
Perrigo Co. PLC		1,140,742			29,237,217
SIGA Technologies, Inc.		849,600			6,134,112
					64,454,032
Total Health Care					150,983,771
Industrials - 19.79%
Aerospace & Defense - 0.56%
BWX Technologies, Inc.		135,583			16,507,230
Ducommun, Inc.A		25,620			1,506,200
Kratos Defense & Security Solutions, Inc.A		343,943			7,814,385
					25,827,815
Air Freight & Logistics - 0.54%
Air Transport Services Group, Inc.A		1,429,084			24,637,408
Building Products - 0.99%
Gibraltar Industries, Inc.A		443,572			29,936,674
Masterbrand, Inc.A		261,500			4,696,540
Resideo Technologies, Inc.A		301,400			5,928,538
Zurn Elkay Water Solutions Corp.		139,255			5,027,105
					45,588,857
Commercial Services & Supplies - 1.71%
ACCO Brands Corp.		208,820			1,023,218
ACV Auctions, Inc., Class AA		116,476			2,013,870
Brink’s Co.		101,020			10,383,846
CoreCivic, Inc.A		247,850			3,422,809
Deluxe Corp.		733,604			13,762,411
Enviri Corp.A		2,140,876			16,399,110
GEO Group, Inc.A		268,490			4,075,678
Interface, Inc.		1,160,542			20,274,669
MillerKnoll, Inc.		112,644			2,518,720
Montrose Environmental Group, Inc.A		70,637			1,862,698
Quad/Graphics, Inc.		481,638			3,058,401
					78,795,430
Construction & Engineering - 1.74%
Fluor Corp.A		768,100			40,156,268
Granite Construction, Inc.		91,884			7,722,850
MYR Group, Inc.A		48,866			6,401,446

See accompanying notes

8

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Industrials - 19.79% (continued)
Construction & Engineering - 1.74% (continued)
Tutor Perini Corp.A		110,720		$	2,869,862
Valmont Industries, Inc.		15,820			4,930,778
WillScot Holdings Corp.A		547,833			18,155,186
					80,236,390
Electrical Equipment - 0.84%
EnerSys		331,114			32,071,702
Sunrun, Inc.A		460,200			6,649,890
					38,721,592
Ground Transportation - 1.74%
Covenant Logistics Group, Inc.		18,230			922,438
Lyft, Inc., Class AA		205,758			2,668,681
Ryder System, Inc.		79,890			11,686,309
Schneider National, Inc., Class B		370,276			10,471,405
U-Haul Holding Co.		418,100			28,539,506
Universal Logistics Holdings, Inc.B		32,010			1,345,700
Werner Enterprises, Inc.		666,301			24,579,844
					80,213,883
Machinery - 6.45%
AGCO Corp.		149,251			14,901,220
Allison Transmission Holdings, Inc.		103,782			11,090,145
Astec Industries, Inc.		47,000			1,493,660
Atmus Filtration Technologies, Inc.		145,500			5,665,770
Barnes Group, Inc.		140,254			6,558,277
Columbus McKinnon Corp.		547,833			17,426,568
Enerpac Tool Group Corp.		951,500			41,980,180
Enpro, Inc.		34,519			5,026,312
Flowserve Corp.		511,618			26,931,572
Gates Industrial Corp. PLCA		109,681			2,122,327
Greenbrier Cos., Inc.		866,212			51,340,385
Helios Technologies, Inc.		548,270			25,291,695
Hyster-Yale, Inc.		33,910			2,152,268
Kennametal, Inc.		821,750			20,806,710
Lindsay Corp.		20,070			2,402,379
Middleby Corp.A		51,314			6,655,426
Miller Industries, Inc.		147,194			9,661,814
Standex International Corp.		100,916			18,556,434
Terex Corp.		150,770			7,796,317
Timken Co.		228,900			18,998,700
					296,858,159
Marine Transportation - 0.76%
Genco Shipping & Trading Ltd.		103,300			1,625,942
Kirby Corp.A		288,333			33,089,095
					34,715,037
Passenger Airlines - 0.29%
Alaska Air Group, Inc.A		279,800			13,405,218
Professional Services - 1.75%
Concentrix Corp.		265,523			11,287,383
CSG Systems International, Inc.		162,781			7,587,222
Heidrick & Struggles International, Inc.		44,610			1,742,467
Hudson Global, Inc.A		57,162			862,003

See accompanying notes

9

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Industrials - 19.79% (continued)
Professional Services - 1.75% (continued)
KBR, Inc.		221,998		$	14,876,086
Kelly Services, Inc., Class A		70,450			1,408,295
Korn Ferry		193,137			13,645,129
ManpowerGroup, Inc.		225,866			14,195,678
Robert Half, Inc.		214,693			14,622,740
					80,227,003
Trading Companies & Distributors - 2.42%
Air Lease Corp.		236,570			10,491,879
BlueLinx Holdings, Inc.A		19,570			2,142,132
Boise Cascade Co.		125,200			16,655,356
DNOW, Inc.A		1,638,417			19,382,473
DXP Enterprises, Inc.A		34,500			1,693,260
GMS, Inc.A		71,210			6,401,067
H&E Equipment Services, Inc.		88,400			4,618,900
Herc Holdings, Inc.		58,400			12,213,776
MRC Global, Inc.A		179,260			2,197,728
MSC Industrial Direct Co., Inc., Class A		79,510			6,286,856
Rush Enterprises, Inc., Class A		209,580			11,858,036
WESCO International, Inc.		91,800			17,622,846
					111,564,309
Total Industrials					910,791,101
Information Technology - 9.01%
Communications Equipment - 3.12%
Calix, Inc.A		133,611			4,727,157
Ciena Corp.A		540,625			34,335,094
F5, Inc.A		259,124			60,603,921
Lumentum Holdings, Inc.A		556,414			35,538,162
NETGEAR, Inc.A		70,230			1,539,442
Viavi Solutions, Inc.A		766,445			7,066,623
					143,810,399
Electronic Equipment, Instruments & Components - 4.07%
Arrow Electronics, Inc.A		85,841			10,186,751
Avnet, Inc.		894,790			48,506,566
Bel Fuse, Inc., Class B		23,300			1,757,286
Belden, Inc.		255,570			29,101,756
Benchmark Electronics, Inc.		78,880			3,415,504
Coherent Corp.A		497,375			45,977,345
nLight, Inc.A		400,176			4,994,197
Plexus Corp.A		63,326			9,125,277
ScanSource, Inc.A		55,490			2,353,331
TTM Technologies, Inc.A		224,280			5,032,843
Vishay Intertechnology, Inc.		1,415,572			24,008,101
Vontier Corp.		75,000			2,781,000
					187,239,957
IT Services - 0.23%
ASGN, Inc.A		113,300			10,434,930
Semiconductors & Semiconductor Equipment - 0.93%
Alpha & Omega Semiconductor Ltd.A		43,100			1,424,024
Cohu, Inc.A		199,975			4,983,377
Diodes, Inc.A		418,369			24,466,219

See accompanying notes

10

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Information Technology - 9.01% (continued)
Semiconductors & Semiconductor Equipment - 0.93% (continued)
Rambus, Inc.A		135,038		$	6,457,517
Synaptics, Inc.A		80,847			5,551,764
					42,882,901
Software - 0.56%
A10 Networks, Inc.		1,175,029			17,214,175
Adeia, Inc.		236,510			2,939,819
Blackbaud, Inc.A		12,386			940,284
Dolby Laboratories, Inc., Class A		62,699			4,570,757
					25,665,035
Technology Hardware, Storage & Peripherals - 0.10%
Corsair Gaming, Inc.A		557,834			3,578,505
Eastman Kodak Co.A B		193,600			913,792
					4,492,297
Total Information Technology					414,525,519
Materials - 6.55%
Chemicals - 2.29%
AdvanSix, Inc.		55,000			1,560,350
Ashland, Inc.		244,993			20,719,058
Avient Corp.		260,539			12,143,723
Ecovyst, Inc.A		2,330,816			15,523,235
Huntsman Corp.		580,515			12,771,330
Koppers Holdings, Inc.		3,768			128,150
Olin Corp.		439,975			18,052,174
Quaker Chemical Corp.		54,263			8,225,185
Rayonier Advanced Materials, Inc.A		155,060			1,234,278
Stepan Co.		158,143			11,440,065
Tronox Holdings PLC		325,100			3,940,212
					105,737,760
Construction Materials - 0.23%
Knife River Corp.A		110,470			10,750,940
Containers & Packaging - 1.04%
Greif, Inc., Class A		197,126			12,308,547
Sealed Air Corp.		300,000			10,854,000
Silgan Holdings, Inc.		194,144			10,045,011
Sonoco Products Co.		272,915			14,333,496
					47,541,054
Metals & Mining - 2.80%
Alcoa Corp.		224,770			9,011,029
ATI, Inc.A		547,833			28,876,277
Carpenter Technology Corp.		49,618			7,417,891
Elah Holdings, Inc.A		3,209			100,153
Ferroglobe PLC		3,063,544			12,836,249
Kaiser Aluminum Corp.		331,583			24,623,354
Materion Corp.		258,334			26,254,484
MP Materials Corp.A B		483,289			8,694,369
Radius Recycling, Inc.		106,881			1,730,403
SunCoke Energy, Inc.		143,890			1,483,506
Warrior Met Coal, Inc.		126,570			7,990,364
					129,018,079

See accompanying notes

11

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Materials - 6.55% (continued)
Paper & Forest Products - 0.19%
Clearwater Paper Corp.A		35,280		$	888,703
Sylvamo Corp.		90,680			7,709,614
					8,598,317
Total Materials					301,646,150
Real Estate - 5.28%
Health Care REITs - 0.32%
CareTrust REIT, Inc.		150,565			4,918,959
Healthcare Realty Trust, Inc.		167,425			2,876,361
Healthpeak Properties, Inc.		312,938			7,025,458
					14,820,778
Hotel & Resort REITs - 0.18%
Ryman Hospitality Properties, Inc.		75,320			8,063,006
Industrial REITs - 0.89%
Americold Realty Trust, Inc.		240,578			6,178,043
First Industrial Realty Trust, Inc.		244,777			12,848,345
STAG Industrial, Inc.		135,198			5,040,181
Terreno Realty Corp.		287,423			17,231,009
					41,297,578
Office REITs - 0.36%
Douglas Emmett, Inc.B		466,880			8,305,795
Highwoods Properties, Inc.		241,769			8,108,932
					16,414,727
Real Estate Management & Development - 1.36%
Howard Hughes Holdings, Inc.A		84,090			6,394,204
Jones Lang LaSalle, Inc.A		123,300			33,409,368
Newmark Group, Inc., Class A		555,976			8,334,080
RMR Group, Inc., Class A		358,673			8,633,259
Seritage Growth Properties, Class AA B		1,108,139			4,643,102
Tejon Ranch Co.A		58,860			936,463
					62,350,476
Retail REITs - 1.33%
Acadia Realty Trust		581,611			14,243,653
Agree Realty Corp.		356,266			26,452,751
NETSTREIT Corp.B		895,716			13,883,598
Urban Edge Properties		301,061			6,695,597
					61,275,599
Specialized REITs - 0.84%
PotlatchDeltic Corp.		934,230			38,835,941
Total Real Estate					243,058,105
Utilities - 2.57%
Electric Utilities - 1.00%
IDACORP, Inc.		150,230			15,545,801
OGE Energy Corp.		250,100			10,001,499
Otter Tail Corp.		20,400			1,601,808
Portland General Electric Co.		180,642			8,562,431
TXNM Energy, Inc.		231,625			10,084,953
					45,796,492

See accompanying notes

12

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
COMMON STOCKS - 91.44% (continued)
Utilities - 2.57% (continued)
Gas Utilities - 0.84%
Chesapeake Utilities Corp.		125,994		$	15,092,821
Northwest Natural Holding Co.		79,700			3,099,533
Southwest Gas Holdings, Inc.		125,452			9,189,359
Spire, Inc.		136,840			8,738,602
UGI Corp.		104,600			2,500,986
					38,621,301
Multi-Utilities - 0.73%
Avista Corp.		436,909			16,375,349
Black Hills Corp.		164,230			9,720,774
Northwestern Energy Group, Inc.		148,390			7,932,929
					34,029,052
Total Utilities					118,446,845
Total Common Stocks (Cost $3,485,220,890)					4,208,964,951
FOREIGN COMMON STOCKS - 4.08%
Consumer Discretionary - 0.10%
Hotels, Restaurants & Leisure - 0.10%
Genius Sports Ltd.A B		686,097			4,699,764
Consumer Staples - 0.29%
Food Products - 0.29%
SunOpta, Inc.A		2,032,751			13,304,355
Energy - 0.49%
Oil, Gas & Consumable Fuels - 0.49%
Baytex Energy Corp.B		1,958,742			5,543,240
Kosmos Energy Ltd.A		4,502,631			16,929,892
					22,473,132
Total Energy					22,473,132
Financials - 1.80%
Banks - 1.72%
Bank of NT Butterfield & Son Ltd.		419,886			15,355,231
First BanCorp		145,220			2,799,842
OFG Bancorp		724,252			29,165,628
Popular, Inc.		355,047			31,680,844
					79,001,545
Insurance - 0.08%
SiriusPoint Ltd.A		288,200			3,786,948
Total Financials					82,788,493
Information Technology - 1.11%
Communications Equipment - 0.39%
Telefonaktiebolaget LM Ericsson, ADRB		2,158,400			18,087,392
Semiconductors & Semiconductor Equipment - 0.72%
Tower Semiconductor Ltd.A		785,709			32,968,350
Total Information Technology					51,055,742

See accompanying notes

13

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

	Shares		Fair Value
FOREIGN COMMON STOCKS - 4.08% (continued)
Materials - 0.29%
Metals & Mining - 0.29%
Alamos Gold, Inc., Class A		660,598		$	13,330,868
Total Foreign Common Stocks (Cost $113,823,968)					187,652,354
SHORT-TERM INVESTMENTS - 4.52% (Cost $208,082,316)
Investment Companies - 4.52%
American Beacon U.S. Government Money Market Select Fund, 4.76%C D		208,082,316			208,082,316
SECURITIES LENDING COLLATERAL - 0.39% (Cost $17,968,331)
Investment Companies - 0.39%
American Beacon U.S. Government Money Market Select Fund, 4.76%C D		17,968,331			17,968,331
TOTAL INVESTMENTS - 100.43% (Cost $3,825,095,505)					4,622,667,952
LIABILITIES, NET OF OTHER ASSETS - (0.43)%					(19,943,008	)
TOTAL NET ASSETS - 100.00%				$	4,602,724,944
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 October 31, 2024 (Note 8).

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

^D 7-day yield.

ADR - American Depositary Receipt.

LLC - Limited Liability Company.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

Long Futures Contracts Open on October 31, 2024:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini Russell 2000 Index Futures	2,031	December 2024	$	226,009,648	$	224,283,330	$	(1,726,318	)
			$	226,009,648	$	224,283,330	$	(1,726,318	)

Glossary:
Index Abbreviations:
Russell 2000	Russell 2000 Index - U.S. Small-Cap Stock Market Index.
Exchange Abbreviations:
CME	Chicago Mercantile Exchange.

See accompanying notes

14

American Beacon Small Cap Value Fund^SM

Schedule of Investments

October 31, 2024

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of October 31, 2024, the investments were classified as described below:

Small Cap Value Fund	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	4,208,964,951		$	-	$	-	$	4,208,964,951
Foreign Common Stocks		187,652,354			-		-		187,652,354
Short-Term Investments		208,082,316			-		-		208,082,316
Securities Lending Collateral		17,968,331			-		-		17,968,331
Total Investments in Securities - Assets	$	4,622,667,952		$	-	$	-	$	4,622,667,952
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(1,726,318	)	$	-	$	-	$	(1,726,318	)
Total Financial Derivative Instruments - Liabilities	$	(1,726,318	)	$	-	$	-	$	(1,726,318	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2024, there were no transfers into or out of Level 3.

See accompanying notes

15

American Beacon Small Cap Value Fund^SM

Statement of Assets and Liabilities

October 31, 2024

Assets:
Investments in unaffiliated securities, at fair value† §	$	4,396,617,305
Investments in affiliated securities, at fair value‡		226,050,647
Cash collateral held at broker for futures contracts		17,124,000
Dividends and interest receivable		1,874,348
Receivable for investments sold		1,220,436
Receivable for fund shares sold		1,696,704
Prepaid expenses		39,404
Total assets.		4,644,622,844
Liabilities:
Payable for investments purchased		11,651,314
Payable for fund shares redeemed		4,561,738
Cash due to broker for futures contracts		2,171,601
Management and sub-advisory fees payable (Note 2)		2,806,177
Service fees payable (Note 2)		113,344
Transfer agent fees payable (Note 2)		126,389
Payable upon return of securities loaned (Note 9)§		17,968,331
Custody and fund accounting fees payable		288,691
Professional fees payable		130,178
Trustee fees payable (Note 2)		34,168
Payable for prospectus and shareholder reports		195,384
Payable for variation margin from open futures contracts (Note 5)		1,721,011
Other liabilities		129,574
Total liabilities		41,897,900
Commitments and contingent liabilities (Note 2)
Net assets	$	4,602,724,944
Analysis of net assets:
Paid-in-capital	$	3,563,981,866
Total distributable earnings (deficits)A		1,038,743,078
Net assets	$	4,602,724,944
Shares outstanding at no par value (unlimited shares authorized):
R5 Class		71,859,309
Y Class		16,181,124
Investor Class		10,067,478
Advisor Class		864,811
A Class		2,115,141
C Class		266,705
R6 Class		72,686,184
Net assets:
R5 Class	$	1,914,739,045
Y Class	$	421,344,447
Investor Class	$	251,989,854
Advisor Class	$	21,248,218
A Class	$	51,343,675
C Class	$	5,955,619
R6 Class	$	1,936,104,086
Net asset value, offering and redemption price per share:
R5 Class	$	26.65
Y Class	$	26.04
Investor Class	$	25.03
Advisor Class	$	24.57
A Class	$	24.27
A Class (offering price)	$	25.75
C Class	$	22.33
R6 Class	$	26.64
† Cost of investments in unaffiliated securities	$	3,599,044,858
‡ Cost of investments in affiliated securities	$	226,050,647
§ Fair value of securities on loan	$	131,711,387
A The Fund’s investments in affiliated securities did not have unrealized appreciation (depreciation) at year end.

See accompanying notes

16

American Beacon Small Cap Value Fund^SM

Statement of Operations

For the year ended October 31, 2024

Investment income:
Dividend income from unaffiliated securities (net of foreign taxes)†	$	84,124,048
Dividend income from affiliated securities (Note 2)		8,655,531
Interest income		630,568
Income derived from securities lending (Note 9)		960,872
Total investment income		94,371,019
Expenses:
Management and sub-advisory fees (Note 2)		32,443,065
Transfer agent fees:
R5 Class (Note 2)		742,499
Y Class (Note 2)		436,065
Investor Class		31,956
Advisor Class		5,414
A Class		6,229
C Class		4,345
R6 Class		86,562
Custody and fund accounting fees		516,771
Professional fees		370,651
Registration fees and expenses		126,336
Service fees (Note 2):
Investor Class		976,487
Advisor Class		61,608
A Class		89,969
C Class		8,009
Distribution fees (Note 2):
Advisor Class		61,130
A Class		120,799
C Class		67,806
Prospectus and shareholder report expenses		365,752
Trustee fees (Note 2)		458,501
Line of credit interest expense (Note 10)		19,135
Other expenses		612,595
Total expenses		37,611,684
Net investment income		56,759,335
Realized and unrealized gain from investments:
Net realized gain from:
Investments in unaffiliated securitiesA		288,016,426
Commission recapture (Note 1)		127,767
Foreign currency transactions		131
Futures contracts		26,999,127
Change in net unrealized appreciation of:
Investments in unaffiliated securitiesB		723,446,614
Foreign currency transactions		347
Futures contracts		13,389,898
Net gain from investments		1,051,980,310
Net increase in net assets resulting from operations.	$	1,108,739,645
† Foreign taxes	$	395,948
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 year end.

See accompanying notes

17

American Beacon Small Cap Value Fund^SM

Statement of Changes in Net Assets

	Year Ended October 31, 2024			Year Ended October 31, 2023
Increase (decrease) in net assets:
Operations:
Net investment income	$	56,759,335		$	54,335,079
Net realized gain from investments in unaffiliated securities, commission recapture, foreign currency transactions, and futures contracts		315,143,451			193,095,666
Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities, foreign currency transactions, and futures contracts		736,836,859			(434,310,131	)
Net increase (decrease) in net assets resulting from operations		1,108,739,645			(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		(12,666,625	)		(42,913,279	)
Advisor Class		(1,368,389	)		(4,957,456	)
A Class		(2,079,077	)		(6,416,908	)
C Class		(332,570	)		(1,424,006	)
R6 Class		(88,614,195	)		(231,084,710	)
Net distributions to shareholders		(227,112,884	)		(676,876,838	)
Capital share transactions (Note 11):
Proceeds from sales of shares		828,352,969			1,240,960,045
Reinvestment of dividends and distributions		214,480,906			639,145,734
Cost of shares redeemed		(1,434,303,292	)		(1,448,856,561	)
Net increase (decrease) in net assets from capital share transactions		(391,469,417	)		431,249,218
Net increase (decrease) in net assets		490,157,344			(432,507,006	)
Net assets:
Beginning of year		4,112,567,600			4,545,074,606
End of year	$	4,602,724,944		$	4,112,567,600

See accompanying notes

18

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

1. Organization and Significant Accounting Policies

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of October 31, 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, each sub-advisor and the Trust, on behalf of the Fund, that were effective on December 29, 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 has concluded that 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.

19

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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.

20

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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	%

21

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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 year ended October 31, 2024 were as follows:

	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	16,274,900
Sub-Advisory Fees		0.35	%		16,168,165
Total		0.70	%	$	32,443,065

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statement of Operations. During the year ended October 31, 2024, the Manager received securities lending fees of $109,218 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

22

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis. During the year ended October 31, 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	$	1,062,346

As of October 31, 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	$	84,778

Brokerage Commissions

Affiliated entities of a sub-advisor to the Fund received commissions on purchases and sales of the Fund’s portfolio securities totaling $190,439 for the year ended October 31, 2024.

Investments in Affiliated Funds

The Fund may invest in the American Beacon U.S. Government Money Market Select Fund (the “USG Select Fund”). Cash collateral received by the Fund in connection with securities lending may also be invested in the USG Select Fund. The Fund listed below held the following shares with an October 31, 2024 fair value and dividend income earned from the investment in the USG Select Fund.

Affiliated Security	Type of Transaction	Fund	October 31, 2024 Shares/Principal		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Dividend Income		October 31, 2024 Fair Value
U.S. Government Money Market Select	Direct	Small Cap Value	$	208,082,316	$	-	$	-	$	8,655,531	$	208,082,316
U.S. Government Money Market Select	Securities Lending	Small Cap Value		17,968,331		-		-		N/A		17,968,331

The Fund and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the year ended October 31, 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	$	167,211	$	22,980	$	190,191

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

23

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the year ended October 31, 2024, the Fund participated as a lender by loaning an average amount of $5,923,998 for 51 days at an average interest rate of 6.13% with interest charges earned of $76,362. This amount is included in “Interest income” on the Statement of Operations. During the year ended October 31, 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 year ended October 31, 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 year ended October 31, 2024, RID collected $2,289 from the sale of A Class Shares of the Fund.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Fund’s Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the year ended October 31, 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 year ended October 31, 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

24

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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

25

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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.

26

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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

27

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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

Real Estate Investment Trusts (“REITs”)

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

5. Financial Derivative Instruments

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

Futures Contracts

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

During the year ended October 31, 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 monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

Average Futures Contracts Outstanding
Fund	Year Ended October 31, 2024
Small Cap Value		1,914

28

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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 October 31, 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)	$	-	$	-	$	-	$	-	$	(1,726,318	)	$	(1,726,318	)

The effect of financial derivative instruments on the Statement of Operations as of October 31, 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	$	-	$	-	$	-	$	-	$	26,999,127	$	26,999,127
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	$	-	$	-	$	-	$	-	$	13,389,898	$	13,389,898

⁽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, October 31, 2024.

Offsetting of Financial and Derivative Assets as of October 31, 2024:
	Assets		Liabilities
Futures Contracts(1)	$	-	$	1,726,318
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	-	$	1,726,318
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	$	-	$	(1,726,318	)

	Remaining Contractual Maturity of the Agreements As of October 31, 2024
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	17,968,331	$	-	$	-	$	-	$	17,968,331
Total Borrowings	$	17,968,331	$	-	$	-	$	-	$	17,968,331
Gross amount of recognized liabilities for securities lending transactions									$	17,968,331

⁽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.

29

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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 Exposure Risk

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

Futures Contracts Risk

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

30

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

contract). Futures contracts on indices expose the Fund to volatility in an underlying index. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways.

Market Risk

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

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

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

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

Multiple Sub-Advisor Risk

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

31

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

Other Investment Companies Risk

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

Recent Market Events Risk

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

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

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

32

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

the broad scope of the new and proposed regulations, certain changes could limit the Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.

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

Sector Risk

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

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

Securities Lending Risk

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

7. Federal Income and Excise Taxes

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

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

33

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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

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

The tax character of distributions paid were as follows:

	Year Ended October 31, 2024		Year Ended October 31, 2023
Distributions paid from:
Ordinary income*
R5 Class	$	34,562,332	$	32,743,510
Y Class		6,607,369		6,211,878
Investor Class		3,641,167		3,433,341
Advisor Class		362,561		351,820
A Class		582,378		452,172
C Class		48,512		52,058
R6 Class		30,424,302		23,648,255
Long-term capital gains
R5 Class		67,377,411		293,340,268
Y Class		13,504,916		57,784,823
Investor Class		9,025,458		39,479,938
Advisor Class		1,005,828		4,605,636
A Class		1,496,699		5,964,736
C Class		284,058		1,371,948
R6 Class		58,189,893		207,436,455
Total distributions paid	$	227,112,884	$	676,876,838

* For tax purposes, short-term capital gains are considered ordinary income distributions.

As of October 31, 2024, the components of distributable earnings (deficits) on a tax basis were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Small Cap Value	$	3,921,473,441	$	970,020,297	$	(268,825,786)	$	701,194,511

Fund	Net Unrealized Appreciation (Depreciation)		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other (Losses)		Other Temporary Differences		Distributable Earnings
Small Cap Value	$	701,194,511	$	126,284,093	$	211,264,473	$	-	$	1	$	1,038,743,078

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, the realization for tax purposes of unrealized gains from passive foreign investment companies and reclassifications of income from investments in real estate investment securities.

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities.

34

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

Accordingly, the following amounts represent current year permanent differences derived from equalization as of October 31, 2024:

Fund	Paid-In-Capital		Distributable Earnings/(Deficits)
Small Cap Value	$	25,250,257	$	(25,250,257	)

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

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

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the year ended October 31, 2024 were as follows:

Fund	Purchases (non-U.S. Government Securities)		Sales (non-U.S. Government Securities)
Small Cap Value	$	2,328,170,188	$	2,855,385,510

A summary of the Fund’s transactions in the USG Select Fund for the year ended October 31, 2024 were as follows:

Fund	Type of Transaction	October 31, 2023 Shares/Fair Value		Purchases		Sales		October 31, 2024 Shares/Fair Value
Small Cap Value	Direct	$	204,763,294	$	2,039,440,813	$	2,036,121,791	$	208,082,316
Small Cap Value	Securities Lending		23,784,921		319,921,262		325,737,852		17,968,331

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.

35

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

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

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

As of October 31, 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	$	131,711,387	$	17,968,331	$	119,447,029	$	137,415,360

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

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

10. Borrowing Arrangements

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

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

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

36

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

During the year ended October 31, 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
	Year Ended October 31,
	2024						2023
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		9,558,671		$	239,579,287			16,023,370		$	382,297,679
Reinvestment of dividends		3,852,667			95,546,135			13,677,213			303,497,363
Shares redeemed		(26,350,141	)		(662,120,181	)		(28,074,996	)		(665,420,420	)
Net increase (decrease) in shares outstanding		(12,938,803	)	$	(326,994,759	)		1,625,587		$	20,374,622
	Y Class
	Year Ended October 31,
	2024						2023
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		3,735,423		$	90,279,428			4,130,995		$	96,442,821
Reinvestment of dividends		795,992			19,302,824			2,834,617			61,567,884
Shares redeemed		(4,975,282	)		(121,704,460	)		(6,565,174	)		(150,252,529	)
Net increase (decrease) in shares outstanding		(443,867	)	$	(12,122,208	)		400,438		$	7,758,176
	Investor Class
	Year Ended October 31,
	2024						2023
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		1,762,779		$	41,610,571			2,539,215		$	56,904,858
Reinvestment of dividends		523,771			12,240,547			1,985,940			41,625,307
Shares redeemed		(4,486,429	)		(104,718,516	)		(3,423,498	)		(76,432,322	)
Net increase (decrease) in shares outstanding		(2,199,879	)	$	(50,867,398	)		1,101,657		$	22,097,843
	Advisor Class
	Year Ended October 31,
	2024						2023
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		202,945		$	4,725,246			431,436		$	9,772,480
Reinvestment of dividends		59,573			1,368,388			240,420			4,957,456
Shares redeemed		(663,417	)		(15,195,329	)		(705,870	)		(15,796,260	)
Net (decrease) in shares outstanding		(400,899	)	$	(9,101,695	)		(34,014	)	$	(1,066,324	)
	A Class
	Year Ended October 31,
	2024						2023
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		710,431		$	16,121,464			574,753		$	12,701,046
Reinvestment of dividends		90,779			2,058,860			311,738			6,353,229
Shares redeemed		(559,906	)		(12,864,414	)		(963,167	)		(21,926,330	)
Net increase (decrease) in shares outstanding		241,304		$	5,315,910			(76,676	)	$	(2,872,055	)
	C Class
	Year Ended October 31,
	2024						2023
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		46,412		$	982,693			55,288		$	1,159,689
Reinvestment of dividends		15,624			328,099			74,042			1,401,614
Shares redeemed		(168,635	)		(3,566,437	)		(136,832	)		(2,733,032	)
Net (decrease) in shares outstanding		(106,599	)	$	(2,255,645	)		(7,502	)	$	(171,729	)

37

American Beacon Small Cap Value Fund^SM

Notes to Financial Statements

October 31, 2024

	R6 Class
	Year Ended October 31,
	2024						2023
Small Cap Value Fund	Shares			Amount			Shares			Amount
Shares sold		17,294,968		$	435,054,280			28,669,350		$	681,681,472
Reinvestment of dividends		3,373,782			83,636,053			9,907,253			219,742,881
Shares redeemed		(20,510,694	)		(514,133,955	)		(22,261,110	)		(516,295,668	)
Net increase in shares outstanding		158,056		$	4,556,378			16,315,493		$	385,128,685

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.

38

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R5 ClassA
	Year Ended October 31,
	2024			2023			2022B			2021			2020
Net asset value, beginning of period	$	21.84		$	26.85		$	31.19		$	19.76		$	23.13
Income (loss) from investment operations:
Net investment income		0.35			0.31			0.31			0.25			0.26
Net gains (losses) on investments (both realized and unrealized)		5.69			(1.35	)		(1.25	)		11.40			(3.18	)
Total income (loss) from investment operations		6.04			(1.04	)		(0.94	)		11.65			(2.92	)
Less distributions:
Dividends from net investment income		(0.38	)		(0.40	)		(0.24	)		(0.22	)		(0.29	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(1.23	)		(3.97	)		(3.40	)		(0.22	)		(0.45	)
Net asset value, end of period	$	26.65		$	21.84		$	26.85		$	31.19		$	19.76
Total returnC		28.05	%		(4.09	)%		(3.49	)%		59.26	%		(13.00	)%
Ratios and supplemental data:
Net assets, end of period	$	1,914,739,045		$	1,851,818,875		$	2,233,390,067		$	3,380,005,813		$	2,799,722,660
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.79	%		0.79	%		0.79	%		0.81	%		0.82	%
Expenses, net of reimbursements and/or recoupments		0.79	%		0.79	%		0.79	%		0.81	%		0.82	%
Net investment income, before expense reimbursements and/or recoupments		1.26	%		1.23	%		0.84	%		0.65	%		1.04	%
Net investment income, net of reimbursements and/or recoupments		1.26	%		1.23	%		0.84	%		0.65	%		1.04	%
Portfolio turnover rate		52	%		52	%		72	%		48	%		61	%

^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.

See accompanying notes

39

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Y Class
	Year Ended October 31,
	2024			2023			2022A			2021			2020
Net asset value, beginning of period	$	21.36		$	26.36		$	30.68		$	19.44		$	22.76
Income (loss) from investment operations:
Net investment income		0.29			0.30			0.22			0.16			0.22
Net gains (losses) on investments (both realized and unrealized)		5.60			(1.34	)		(1.16	)		11.28			(3.11	)
Total income (loss) from investment operations		5.89			(1.04	)		(0.94	)		11.44			(2.89	)
Less distributions:
Dividends from net investment income		(0.36	)		(0.39	)		(0.22	)		(0.20	)		(0.27	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(1.21	)		(3.96	)		(3.38	)		(0.20	)		(0.43	)
Net asset value, end of period	$	26.04		$	21.36		$	26.36		$	30.68		$	19.44
Total returnB		27.97	%		(4.19	)%		(3.55	)%		59.15	%		(13.06	)%
Ratios and supplemental data:
Net assets, end of period	$	421,344,447		$	355,150,002		$	427,638,978		$	255,837,301		$	170,726,299
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.86	%		0.86	%		0.86	%		0.89	%		0.89	%
Expenses, net of reimbursements and/or recoupments		0.86	%		0.86	%		0.86	%		0.89	%		0.89	%
Net investment income, before expense reimbursements and/or recoupments		1.18	%		1.15	%		0.79	%		0.56	%		0.96	%
Net investment income, net of reimbursements and/or recoupments		1.18	%		1.15	%		0.79	%		0.56	%		0.96	%
Portfolio turnover rate		52	%		52	%		72	%		48	%		61	%

^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.

See accompanying notes

40

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Investor Class
	Year Ended October 31,
	2024			2023			2022A			2021			2020
Net asset value, beginning of period	$	20.57		$	25.51		$	29.78		$	18.88		$	22.12
Income (loss) from investment operations:
Net investment income		0.30			0.18			0.19			0.20			0.21
Net gains (losses) on investments (both realized and unrealized)		5.30			(1.24	)		(1.17	)		10.85			(3.08	)
Total income (loss) from investment operations		5.60			(1.06	)		(0.98	)		11.05			(2.87	)
Less distributions:
Dividends from net investment income		(0.29	)		(0.31	)		(0.13	)		(0.15	)		(0.21	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(1.14	)		(3.88	)		(3.29	)		(0.15	)		(0.37	)
Net asset value, end of period	$	25.03		$	20.57		$	25.51		$	29.78		$	18.88
Total returnB		27.60	%		(4.41	)%		(3.81	)%		58.74	%		(13.30	)%
Ratios and supplemental data:
Net assets, end of period	$	251,989,854		$	252,350,988		$	284,880,016		$	367,726,622		$	302,626,954
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.14	%		1.13	%		1.12	%		1.15	%		1.15	%
Expenses, net of reimbursements and/or recoupments		1.14	%		1.13	%		1.12	%		1.15	%		1.15	%
Net investment income, before expense reimbursements and/or recoupments		0.90	%		0.89	%		0.50	%		0.32	%		0.70	%
Net investment income, net of reimbursements and/or recoupments		0.90	%		0.89	%		0.50	%		0.32	%		0.70	%
Portfolio turnover rate		52	%		52	%		72	%		48	%		61	%

^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.

See accompanying notes

41

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	Advisor Class
	Year Ended October 31,
	2024			2023			2022A			2021			2020
Net asset value, beginning of period	$	20.21		$	25.13		$	29.34		$	18.60		$	21.79
Income (loss) from investment operations:
Net investment income		0.17			0.18			0.06			0.17			0.15
Net gains (losses) on investments (both realized and unrealized)		5.29			(1.25	)		(1.07	)		10.69			(3.01	)
Total income (loss) from investment operations		5.46			(1.07	)		(1.01	)		10.86			(2.86	)
Less distributions:
Dividends from net investment income		(0.25	)		(0.28	)		(0.04	)		(0.12	)		(0.17	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(1.10	)		(3.85	)		(3.20	)		(0.12	)		(0.33	)
Net asset value, end of period	$	24.57		$	20.21		$	25.13		$	29.34		$	18.60
Total returnB		27.40	%		(4.57	)%		(3.96	)%		58.56	%		(13.40	)%
Ratios and supplemental data:
Net assets, end of period	$	21,248,218		$	25,580,739		$	32,662,818		$	32,801,309		$	42,987,242
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.29	%		1.28	%		1.28	%		1.29	%		1.25	%
Expenses, net of reimbursements and/or recoupments		1.29	%		1.28	%		1.28	%		1.29	%		1.25	%
Net investment income, before expense reimbursements and/or recoupments		0.77	%		0.75	%		0.36	%		0.20	%		0.60	%
Net investment income, net of reimbursements and/or recoupments		0.77	%		0.75	%		0.36	%		0.20	%		0.60	%
Portfolio turnover rate		52	%		52	%		72	%		48	%		61	%

^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.

See accompanying notes

42

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	A Class
	Year Ended October 31,
	2024			2023			2022A			2021			2020
Net asset value, beginning of period	$	19.98		$	24.87		$	29.12		$	18.47		$	21.64
Income (loss) from investment operations:
Net investment income		0.23			0.21			0.10			0.06			0.12
Net gains (losses) on investments (both realized and unrealized)		5.19			(1.26	)		(1.07	)		10.72			(2.95	)
Total income (loss) from investment operations		5.42			(1.05	)		(0.97	)		10.78			(2.83	)
Less distributions:
Dividends from net investment income		(0.28	)		(0.27	)		(0.12	)		(0.13	)		(0.18	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(1.13	)		(3.84	)		(3.28	)		(0.13	)		(0.34	)
Net asset value, end of period	$	24.27		$	19.98		$	24.87		$	29.12		$	18.47
Total returnB		27.50	%		(4.50	)%		(3.88	)%		58.57	%		(13.38	)%
Ratios and supplemental data:
Net assets, end of period	$	51,343,675		$	37,440,788		$	48,515,547		$	63,024,594		$	46,067,043
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.21	%		1.21	%		1.21	%		1.24	%		1.26	%
Expenses, net of reimbursements and/or recoupments		1.21	%		1.21	%		1.21	%		1.24	%		1.26	%
Net investment income, before expense reimbursements and/or recoupments		0.82	%		0.81	%		0.42	%		0.21	%		0.59	%
Net investment income, net of reimbursements and/or recoupments		0.82	%		0.81	%		0.42	%		0.21	%		0.59	%
Portfolio turnover rate		52	%		52	%		72	%		48	%		61	%

^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.

See accompanying notes

43

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	C Class
	Year Ended October 31,
	2024			2023			2022A			2021			2020
Net asset value, beginning of period	$	18.44		$	23.27		$	27.51		$	17.47		$	20.51
Income (loss) from investment operations:
Net investment income (loss)		0.02	B		0.02			(0.14	)		(0.22	)		(0.17	)
Net gains (losses) on investments (both realized and unrealized)		4.82			(1.14	)		(0.94	)		10.26			(2.66	)
Total income (loss) from investment operations		4.84			(1.12	)		(1.08	)		10.04			(2.83	)
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	)
Total distributions		(0.95	)		(3.71	)		(3.16	)		-			(0.21	)
Net asset value, end of period	$	22.33		$	18.44		$	23.27		$	27.51		$	17.47
Total returnC		26.56	%		(5.23	)%		(4.54	)%		57.47	%		(14.00	)%
Ratios and supplemental data:
Net assets, end of period	$	5,955,619		$	6,883,174		$	8,859,738		$	11,261,210		$	8,057,935
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		1.95	%		1.93	%		1.93	%		1.95	%		1.96	%
Expenses, net of reimbursements and/or recoupments		1.95	%		1.93	%		1.93	%		1.95	%		1.96	%
Net investment income (loss), before expense reimbursements and/or recoupments		0.12	%		0.09	%		(0.29	)%		(0.50	)%		(0.10	)%
Net investment income (loss), net of reimbursements and/or recoupments		0.12	%		0.09	%		(0.29	)%		(0.50	)%		(0.10	)%
Portfolio turnover rate		52	%		52	%		72	%		48	%		61	%

^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.

See accompanying notes

44

American Beacon Small Cap Value Fund^SM

Financial Highlights

(For a share outstanding throughout the period)

	R6 Class
	Year Ended October 31,
	2024			2023			2022A			2021			2020
Net asset value, beginning of period	$	21.83		$	26.85		$	31.19		$	19.75		$	23.12
Income (loss) from investment operations:
Net investment income		0.32			0.36			0.25			0.19			0.22
Net gains (losses) on investments (both realized and unrealized)		5.72			(1.40	)		(1.18	)		11.48			(3.14	)
Total income (loss) from investment operations		6.04			(1.04	)		(0.93	)		11.67			(2.92	)
Less distributions:
Dividends from net investment income		(0.38	)		(0.41	)		(0.25	)		(0.23	)		(0.29	)
Distributions from net realized gains		(0.85	)		(3.57	)		(3.16	)		-			(0.16	)
Total distributions		(1.23	)		(3.98	)		(3.41	)		(0.23	)		(0.45	)
Net asset value, end of period	$	26.64		$	21.83		$	26.85		$	31.19		$	19.75
Total returnB		28.10	%		(4.09	)%		(3.45	)%		59.38	%		(12.98	)%
Ratios and supplemental data:
Net assets, end of period	$	1,936,104,086		$	1,583,343,034		$	1,509,127,442		$	1,830,192,124	��	$	1,187,578,766
Ratios to average net assets:
Expenses, before reimbursements and/or recoupments		0.76	%		0.76	%		0.77	%		0.79	%		0.79	%
Expenses, net of reimbursements and/or recoupments		0.76	%		0.76	%		0.77	%		0.79	%		0.79	%
Net investment income, before expense reimbursements and/or recoupments		1.28	%		1.25	%		0.86	%		0.66	%		1.06	%
Net investment income, net of reimbursements and/or recoupments		1.28	%		1.25	%		0.86	%		0.66	%		1.06	%
Portfolio turnover rate		52	%		52	%		72	%		48	%		61	%

^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.

See accompanying notes

45

American Beacon Funds^SM

Federal Tax Information

October 31, 2024 (Unaudited)

Certain tax information regarding the Funds are required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024.

The Fund designated the following items with regard to distributions paid during the fiscal year ended October 31, 2024. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

Corporate Dividends-Received Deduction:

Small Cap Value 86.50 % 

Qualified Dividend Income:

Small Cap Value 97.36 % 

Long-Term Capital Gain Distributions:

Small Cap Value $  176,134,520

Short-Term Capital Gain Distributions:

Small Cap Value $  6,838,049

Shareholders will receive notification in January 2025 of the applicable tax information necessary to prepare their 2024 income tax returns.

46

Delivery of Documents

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

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

To obtain more information about the Fund:

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

Fund Service Providers:

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

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

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

AR 10/24

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The remuneration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

The registrant has made no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 16. Controls and Procedures

(a) The registrant’s principal executive officer and principal financial officer have reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing of this report as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based upon their review, such officers have concluded that the registrant’s disclosure controls and procedures are effective in ensuring that information required to be disclosed in the report is appropriately recorded, processed, summarized and reported and made know to them by others within the registrant and by the registrant’s service provider.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not Applicable.

Item 19. Exhibits

(a)(1) Filed herewith as EX-99.CODE ETH.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): American Beacon Funds

By	/s/ Gregory J. Stumm
Gregory J. Stumm
President
American Beacon Funds
Date: January 3, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Gregory J. Stumm
Gregory J. Stumm
President
American Beacon Funds
Date: January 3, 2025

By	/s/ Sonia L. Bates
Sonia L. Bates
Chief Accounting Officer and Treasurer
American Beacon Funds
Date: January 3, 2025