UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4984

AMERICAN BEACON FUNDS

(Exact name of registrant as specified in charter)

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

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

GREGORY J. STUMM, PRINCIPAL EXECUTIVE OFFICER

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: June 30, 2026

Date of reporting period: December 31, 2025

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

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

Item 1. Reports to Shareholders

American Beacon

TwentyFour Short Term Bond Fund

Semi-Annual Shareholder Report - December 31, 2025 | Class A: TFBAX

This semi-annual shareholder report contains important information about American Beacon TwentyFour Short Term Bond Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811. This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$45	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets	$9,959,796
# of Portfolio Holdings	69
Portfolio Turnover Rate	32%
Total Management Fees Paid	$0

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Bundesobligation, 2.400%, Due 4/18/2030	7.8
U.S. Treasury Notes, 4.000%, Due 3/31/2030	3.2
Nationwide Building Society, 5.750%, Due 6/20/2027	2.7
Societe Generale SA, 5.500%, Due 4/13/2029	2.1
Legal & General Group PLC, 4.500%, Due 11/1/2050	1.8
Twin Bridges PLC, Series 2021-1, 5.890%, Due 3/12/2055, Class D	1.8
U.S. Treasury Bills, 3.662%, Due 1/15/2026	1.5
HSBC Holdings PLC, 8.201%, Due 11/16/2034	1.5
Barclays PLC, 8.407%, Due 11/14/2032	1.4
Digital Dutch Finco BV, 1.500%, Due 3/15/2030	1.4

Excludes currency forwards.

Asset Allocation - % Investments

Value	Value
Foreign Corporate Obligations	71.0
Corporate Obligations	12.9
Foreign Sovereign Obligations	8.0
U.S. Treasury Obligations	4.9
Collateralized Mortgage Obligations	3.2

Excludes currency forwards.

Top Ten Industry Allocations - % Investments

Value	Value
Food	2.5
Real Estate	2.7
Collateralized Mortgage Obligations	3.3
U.S. Treasury Obligations	3.3
Savings & Loans	7.1
Foreign Sovereign Obligations	8.0
Telecommunications	8.5
Electric	12.4
Insurance	15.1
Banks	21.0

Country Exposure - % Investments

Value	Value
Belgium	1.2
Australia	1.3
Italy	1.4
Sweden	1.4
Spain	3.7
Netherlands	6.5
Germany	10.6
France	11.0
United States	17.8
United Kingdom	43.9

Excludes cash equivalents.

Material Fund Changes

This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 2, 2026 at www.americanbeaconfunds.com/fund-resources/ or upon request at 800-658-5811.

Effective November 3, 2025, the name of the Fund is changed to “American Beacon TwentyFour Short Term Bond Fund” and all references to “American Beacon TwentyFour Sustainable Short Term Bond Fund” are deleted and replaced with references to “American Beacon TwentyFour Short Term Bond Fund”.

Additional Information

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

Householding

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

TwentyFour Short Term Bond Fund

Semi-Annual Shareholder Report - December 31, 2025

Class A: TFBAX

Distributed by:

Resolute Investment Distributors, Inc.

TwentyFour SSTB_A 1225

American Beacon

TwentyFour Short Term Bond Fund

Semi-Annual Shareholder Report - December 31, 2025 | Class C: TFBCX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$76	1.49%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets	$9,959,796
# of Portfolio Holdings	69
Portfolio Turnover Rate	32%
Total Management Fees Paid	$0