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: August 31, 2026

Date of reporting period: February 28, 2026

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

Ninety One Emerging Markets Equity Fund

Semi-Annual Shareholder Report - February 28, 2026 | Class R5: ZEMIX

This semi-annual shareholder report contains important information about American Beacon Ninety One Emerging Markets Equity Fund for the period of September 1, 2025 to February 28, 2026. 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.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$49	0.86%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Table Summary
Total Net Assets	$303,754,525
# of Portfolio Holdings	80
Portfolio Turnover Rate	22%
Total Management Fees Paid	$617,660

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	14.2
Samsung Electronics Co. Ltd.	8.5
SK Hynix, Inc.	5.0
Tencent Holdings Ltd.	4.2
Alibaba Group Holding Ltd.	2.7
Grupo Mexico SAB de CV, Series B	1.6
Delta Electronics, Inc.	1.6
Aselsan Elektronik Sanayi Ve Ticaret AS	1.6
Reliance Industries Ltd.	1.5
Kia Corp.	1.4

Excludes cash equivalents.

Asset Allocation - % Investments

Table Summary
Value	Value
Foreign Common Stocks	95.8
Investment Companies	3.1
Common Stocks	1.1

Sector Allocation - % Equities

Table Summary
Value	Value
Utilities	1.4
Real Estate	2.1
Energy	2.2
Health Care	3.4
Consumer Staples	5.7
Materials	5.9
Communication Services	8.1
Consumer Discretionary	8.4
Industrials	8.6
Financials	18.4
Information Technology	35.8

Excludes cash equivalents.

Top Ten Country Exposure - % Equities

Table Summary
Value	Value
Turkey	1.6
Saudi Arabia	1.8
United Arab Emirates	2.2
Mexico	2.8
Brazil	4.4
South Africa	5.3
India	11.6
Republic of Korea	19.0
Taiwan	20.2
China	22.0

Excludes cash equivalents.

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.

Ninety One Emerging Markets Equity Fund

Semi-Annual Shareholder Report - February 28, 2026

Class R5: ZEMIX

Distributed by:

Resolute Investment Distributors, Inc.

91Emerging_R5 0226

American Beacon

Ninety One Emerging Markets Equity Fund

Semi-Annual Shareholder Report - February 28, 2026 | Class R6: ZEMRX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$48	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Table Summary
Total Net Assets	$303,754,525
# of Portfolio Holdings	80
Portfolio Turnover Rate	22%
Total Management Fees Paid	$617,660