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: October 31, 2026

Date of reporting period: April 30, 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

Balanced Fund

Semi-Annual Shareholder Report - April 30, 2026 | Class A: ABFAX

This semi-annual shareholder report contains important information about American Beacon Balanced Fund for the period of November 1, 2025 to April 30, 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
Class A	$60	1.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Table Summary
Total Net Assets	$107,835,283
# of Portfolio Holdings	380
Portfolio Turnover Rate	16%
Total Management Fees Paid	$278,989

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Table Summary
U.S. Treasury Notes, 3.750%, Due 8/31/2026	2.3
Alphabet, Inc., Class A	1.6
GE HealthCare Technologies, Inc.	1.5
Bank of America Corp.	1.4
Workday, Inc., Class A	1.3
APA Corp.	1.3
UnitedHealth Group, Inc.	1.2
Carnival Corp.	1.2
Microchip Technology, Inc.	1.1
Elevance Health, Inc.	1.1

Excludes cash equivalents.

Asset Allocation - % Investments

Table Summary
Value	Value
Common Stocks	54.2
Corporate Obligations	11.6
U.S. Treasury Obligations	10.7
U.S. Agency Mortgage-Backed Obligations	9.2
Investment Companies	5.1
Foreign Common Stocks	3.8
Foreign Corporate Obligations	2.9
Asset-Backed Obligations	1.0
U.S. Government Agency Obligations	0.8
Foreign Sovereign Obligations	0.3
Commercial Mortgage-Backed Obligations	0.2
Securities Lending Collateral	0.2

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

Sector Allocation - % Equities

Table Summary
Value	Value
Real Estate	1.7
Materials	4.5
Consumer Staples	4.6
Communication Services	5.2
Utilities	6.5
Consumer Discretionary	8.1
Industrials	10.3
Energy	10.3
Health Care	13.7
Information Technology	15.7
Financials	19.4

Top Ten Industry Allocations - % Fixed Income

Table Summary
Value	Value
Retail	2.0
U.S. Government Agency Obligations	2.2
Telecommunications	2.5
Asset-Backed Obligations	2.8
Insurance	3.2
Computers	3.7
Banks	5.6
Electric	5.7
U.S. Agency Mortgage-Backed Obligations	25.1
U.S. Treasury Obligations	29.0

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.

Balanced Fund

Semi-Annual Shareholder Report - April 30, 2026

Class A: ABFAX

Distributed by:

Resolute Investment Distributors, Inc.

Bal_A 0426

American Beacon

Balanced Fund

Semi-Annual Shareholder Report - April 30, 2026 | Advisor Class: ABLSX

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
Advisor Class	$68	1.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Table Summary
Total Net Assets	$107,835,283
# of Portfolio Holdings	380
Portfolio Turnover Rate	16%
Total Management Fees Paid	$278,989