UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4984

AMERICAN BEACON FUNDS

(Exact name of registrant as specified in charter)

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

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

GREGORY STUMM, PRESIDENT

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2024

Date of reporting period: June 30, 2024

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

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

Item 1. Reports to Shareholders

American Beacon

AHL TargetRisk Fund

Class A: AHTAX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about American Beacon AHL TargetRisk Fund for the period of January 1, 2024 to June 30, 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 last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$82	1.59%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$314,089,576
# of Portfolio Holdings	18
Portfolio Turnover Rate	44%
Total Management Fees Paid	$1,248,873

What did the Fund invest in?

Top Ten Exposures - % of VaR*

BBG Commodity ex-Agriculturals Index	Long	18.6
US Treasuries	Long	12.4
S&P 500 Index	Long	6.1
Tokyo Stock Exchange Index	Long	5.3
NASDAQ 100 Index	Long	4.1
Nikkei	Long	4.0
Gilts	Long	3.9
FTSE 100	Long	3.2
Euro-STOXX	Long	3.2
S&P TSX 60 Index	Long	3.0

Asset Class Exposure - 1 of 2: Net (%) 2 of 2: % of VaR*

	Net (%)	% of VaR
Stock Indices	74.6	40.9
Inflation	73.3	26.3
Credits	72.3	8.5
Bonds	21.6	24.3

Value at Risk (“VaR”) is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

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

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.

Distributed by Resolute Investment Distributors, Inc.

AHL TargetRisk Fund

Semi-Annual Shareholder Report - June 30, 2024

Class A: AHTAX

AHL TR_A 0624

American Beacon

AHL TargetRisk Fund

Class C: AHACX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$114	2.21%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$314,089,576
# of Portfolio Holdings	18
Portfolio Turnover Rate	44%
Total Management Fees Paid	$1,248,873

What did the Fund invest in?

Top Ten Exposures - % of VaR*

BBG Commodity ex-Agriculturals Index	Long	18.6
US Treasuries	Long	12.4
S&P 500 Index	Long	6.1
Tokyo Stock Exchange Index	Long	5.3
NASDAQ 100 Index	Long	4.1
Nikkei	Long	4.0
Gilts	Long	3.9
FTSE 100	Long	3.2
Euro-STOXX	Long	3.2
S&P TSX 60 Index	Long	3.0

Asset Class Exposure - 1 of 2: Net (%) 2 of 2: % of VaR*

	Net (%)	% of VaR
Stock Indices	74.6	40.9
Inflation	73.3	26.3
Credits	72.3	8.5
Bonds	21.6	24.3

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL TargetRisk Fund

Semi-Annual Shareholder Report - June 30, 2024

Class C: AHACX

AHL TR_C 0624

American Beacon

AHL TargetRisk Fund

Investor Class: AHTPX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$80	1.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$314,089,576
# of Portfolio Holdings	18
Portfolio Turnover Rate	44%
Total Management Fees Paid	$1,248,873

What did the Fund invest in?

Top Ten Exposures - % of VaR*

BBG Commodity ex-Agriculturals Index	Long	18.6
US Treasuries	Long	12.4
S&P 500 Index	Long	6.1
Tokyo Stock Exchange Index	Long	5.3
NASDAQ 100 Index	Long	4.1
Nikkei	Long	4.0
Gilts	Long	3.9
FTSE 100	Long	3.2
Euro-STOXX	Long	3.2
S&P TSX 60 Index	Long	3.0

Asset Class Exposure - 1 of 2: Net (%) 2 of 2: % of VaR*

	Net (%)	% of VaR
Stock Indices	74.6	40.9
Inflation	73.3	26.3
Credits	72.3	8.5
Bonds	21.6	24.3

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL TargetRisk Fund

Semi-Annual Shareholder Report - June 30, 2024

Investor Class: AHTPX

AHL TR_Investor 0624

American Beacon

AHL TargetRisk Fund

Class R5: AHTIX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$54	1.04%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$314,089,576
# of Portfolio Holdings	18
Portfolio Turnover Rate	44%
Total Management Fees Paid	$1,248,873

What did the Fund invest in?

Top Ten Exposures - % of VaR*

BBG Commodity ex-Agriculturals Index	Long	18.6
US Treasuries	Long	12.4
S&P 500 Index	Long	6.1
Tokyo Stock Exchange Index	Long	5.3
NASDAQ 100 Index	Long	4.1
Nikkei	Long	4.0
Gilts	Long	3.9
FTSE 100	Long	3.2
Euro-STOXX	Long	3.2
S&P TSX 60 Index	Long	3.0

Asset Class Exposure - 1 of 2: Net (%) 2 of 2: % of VaR*

	Net (%)	% of VaR
Stock Indices	74.6	40.9
Inflation	73.3	26.3
Credits	72.3	8.5
Bonds	21.6	24.3

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL TargetRisk Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R5: AHTIX

AHL TR_R5 0624

American Beacon

AHL TargetRisk Fund

Class Y: AHTYX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$63	1.21%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$314,089,576
# of Portfolio Holdings	18
Portfolio Turnover Rate	44%
Total Management Fees Paid	$1,248,873

What did the Fund invest in?

Top Ten Exposures - % of VaR*

BBG Commodity ex-Agriculturals Index	Long	18.6
US Treasuries	Long	12.4
S&P 500 Index	Long	6.1
Tokyo Stock Exchange Index	Long	5.3
NASDAQ 100 Index	Long	4.1
Nikkei	Long	4.0
Gilts	Long	3.9
FTSE 100	Long	3.2
Euro-STOXX	Long	3.2
S&P TSX 60 Index	Long	3.0

Asset Class Exposure - 1 of 2: Net (%) 2 of 2: % of VaR*

	Net (%)	% of VaR
Stock Indices	74.6	40.9
Inflation	73.3	26.3
Credits	72.3	8.5
Bonds	21.6	24.3

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL TargetRisk Fund

Semi-Annual Shareholder Report - June 30, 2024

Class Y: AHTYX

AHL TR_Y 0624

American Beacon

AHL Multi-Alternatives Fund

Class A: AHMAX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about American Beacon AHL Multi-Alternatives Fund for the period of January 1, 2024 to June 30, 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 last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$81	1.56%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$38,899,918
# of Portfolio Holdings	14
Portfolio Turnover Rate	70%
Total Management Fees Paid	$197,169

What did the Fund invest in?

Top Active Exposures by Asset class % of VaR*

Commodities		% of VaR
BBG Commodity ex-Agriculturals Index	Long	7.3
Natural Gas	Short	4.0
Crude Oil	Long	2.6
Copper	Long	1.9
Coffee	Long	1.8
Credit		% of VaR
US 5yr CDX Index	Long	1.2
Currencies		% of VaR
Japanese Yen/US Dollar	Short/Long	4.9
South African Rand/US Dollar	Long/Short	1.7
South Korean Won/US Dollar	Short/Long	1.4
Swiss Franc/US Dollar	Short/Long	1.3
Brazilian Real/US Dollar	Short/Long	1.1
Equities		% of VaR
S&P 500 Index	Long	3.7
Tokyo Stock Exchange Index	Long	3.3
NASDAQ 100 Index	Long	3.2
Nikkei	Long	2.9
FTSE 100	Long	2.4
Fixed Income		% of VaR
US Treasuries	Long	3.7
SOFR 3Mth Index	Short	2.0
Euribor	Short	1.9
SONIA 3Mth Index	Short	1.7
Gilts	Long	1.4

Asset Class Exposure % of VaR*

Value	Value
Stocks	39.7
Commodities	28.6
Currencies	21.5
Bonds and Rates	7.7
Credit	2.5

*Value at Risk (“VaR”) is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

Holdings Summary

Number of Long Holdings	44
Number of Currency Pairs	38
Number of Short Holdings	19

Top 10 Holdings % of VaR*

BBG Commodity ex-Agriculturals Index	Long	7.3
Japanese Yen/US Dollar	Short/Long	4.9
Natural Gas	Short	4.0
US Treasuries	Long	3.7
S&P 500 Index	Long	3.7
Tokyo Stock Exchange Index	Long	3.3
NASDAQ 100 Index	Long	3.2
Nikkei	Long	2.9
Crude Oil	Long	2.6
FTSE 100	Long	2.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL Multi-Alternatives Fund

Semi-Annual Shareholder Report - June 30, 2024

Class A: AHMAX

AHL MA_A 0624

American Beacon

AHL Multi-Alternatives Fund

Class C: AHMCX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$119	2.31%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$38,899,918
# of Portfolio Holdings	14
Portfolio Turnover Rate	70%
Total Management Fees Paid	$197,169

What did the Fund invest in?

Top Active Exposures by Asset class % of VaR*

Commodities		% of VaR
BBG Commodity ex-Agriculturals Index	Long	7.3
Natural Gas	Short	4.0
Crude Oil	Long	2.6
Copper	Long	1.9
Coffee	Long	1.8
Credit		% of VaR
US 5yr CDX Index	Long	1.2
Currencies		% of VaR
Japanese Yen/US Dollar	Short/Long	4.9
South African Rand/US Dollar	Long/Short	1.7
South Korean Won/US Dollar	Short/Long	1.4
Swiss Franc/US Dollar	Short/Long	1.3
Brazilian Real/US Dollar	Short/Long	1.1
Equities		% of VaR
S&P 500 Index	Long	3.7
Tokyo Stock Exchange Index	Long	3.3
NASDAQ 100 Index	Long	3.2
Nikkei	Long	2.9
FTSE 100	Long	2.4
Fixed Income		% of VaR
US Treasuries	Long	3.7
SOFR 3Mth Index	Short	2.0
Euribor	Short	1.9
SONIA 3Mth Index	Short	1.7
Gilts	Long	1.4

Asset Class Exposure % of VaR*

Value	Value
Stocks	39.7
Commodities	28.6
Currencies	21.5
Bonds and Rates	7.7
Credit	2.5

Holdings Summary

Number of Long Holdings	44
Number of Currency Pairs	38
Number of Short Holdings	19

Top 10 Holdings % of VaR*

BBG Commodity ex-Agriculturals Index	Long	7.3
Japanese Yen/US Dollar	Short/Long	4.9
Natural Gas	Short	4.0
US Treasuries	Long	3.7
S&P 500 Index	Long	3.7
Tokyo Stock Exchange Index	Long	3.3
NASDAQ 100 Index	Long	3.2
Nikkei	Long	2.9
Crude Oil	Long	2.6
FTSE 100	Long	2.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL Multi-Alternatives Fund

Semi-Annual Shareholder Report - June 30, 2024

Class C: AHMCX

AHL MA_C 0624

American Beacon

AHL Multi-Alternatives Fund

Class R6: AHMRX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$64	1.23%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$38,899,918
# of Portfolio Holdings	14
Portfolio Turnover Rate	70%
Total Management Fees Paid	$197,169

What did the Fund invest in?

Top Active Exposures by Asset class % of VaR*

Commodities		% of VaR
BBG Commodity ex-Agriculturals Index	Long	7.3
Natural Gas	Short	4.0
Crude Oil	Long	2.6
Copper	Long	1.9
Coffee	Long	1.8
Credit		% of VaR
US 5yr CDX Index	Long	1.2
Currencies		% of VaR
Japanese Yen/US Dollar	Short/Long	4.9
South African Rand/US Dollar	Long/Short	1.7
South Korean Won/US Dollar	Short/Long	1.4
Swiss Franc/US Dollar	Short/Long	1.3
Brazilian Real/US Dollar	Short/Long	1.1
Equities		% of VaR
S&P 500 Index	Long	3.7
Tokyo Stock Exchange Index	Long	3.3
NASDAQ 100 Index	Long	3.2
Nikkei	Long	2.9
FTSE 100	Long	2.4
Fixed Income		% of VaR
US Treasuries	Long	3.7
SOFR 3Mth Index	Short	2.0
Euribor	Short	1.9
SONIA 3Mth Index	Short	1.7
Gilts	Long	1.4

Asset Class Exposure % of VaR*

Value	Value
Stocks	39.7
Commodities	28.6
Currencies	21.5
Bonds and Rates	7.7
Credit	2.5

Holdings Summary

Number of Long Holdings	44
Number of Currency Pairs	38
Number of Short Holdings	19

Top 10 Holdings % of VaR*

BBG Commodity ex-Agriculturals Index	Long	7.3
Japanese Yen/US Dollar	Short/Long	4.9
Natural Gas	Short	4.0
US Treasuries	Long	3.7
S&P 500 Index	Long	3.7
Tokyo Stock Exchange Index	Long	3.3
NASDAQ 100 Index	Long	3.2
Nikkei	Long	2.9
Crude Oil	Long	2.6
FTSE 100	Long	2.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL Multi-Alternatives Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R6: AHMRX

AHL MA_R6 0624

American Beacon

AHL Multi-Alternatives Fund

Class Y: AHMYX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$69	1.33%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$38,899,918
# of Portfolio Holdings	14
Portfolio Turnover Rate	70%
Total Management Fees Paid	$197,169

What did the Fund invest in?

Top Active Exposures by Asset class % of VaR*

Commodities		% of VaR
BBG Commodity ex-Agriculturals Index	Long	7.3
Natural Gas	Short	4.0
Crude Oil	Long	2.6
Copper	Long	1.9
Coffee	Long	1.8
Credit		% of VaR
US 5yr CDX Index	Long	1.2
Currencies		% of VaR
Japanese Yen/US Dollar	Short/Long	4.9
South African Rand/US Dollar	Long/Short	1.7
South Korean Won/US Dollar	Short/Long	1.4
Swiss Franc/US Dollar	Short/Long	1.3
Brazilian Real/US Dollar	Short/Long	1.1
Equities		% of VaR
S&P 500 Index	Long	3.7
Tokyo Stock Exchange Index	Long	3.3
NASDAQ 100 Index	Long	3.2
Nikkei	Long	2.9
FTSE 100	Long	2.4
Fixed Income		% of VaR
US Treasuries	Long	3.7
SOFR 3Mth Index	Short	2.0
Euribor	Short	1.9
SONIA 3Mth Index	Short	1.7
Gilts	Long	1.4

Asset Class Exposure % of VaR*

Value	Value
Stocks	39.7
Commodities	28.6
Currencies	21.5
Bonds and Rates	7.7
Credit	2.5

Holdings Summary

Number of Long Holdings	44
Number of Currency Pairs	38
Number of Short Holdings	19

Top 10 Holdings % of VaR*

BBG Commodity ex-Agriculturals Index	Long	7.3
Japanese Yen/US Dollar	Short/Long	4.9
Natural Gas	Short	4.0
US Treasuries	Long	3.7
S&P 500 Index	Long	3.7
Tokyo Stock Exchange Index	Long	3.3
NASDAQ 100 Index	Long	3.2
Nikkei	Long	2.9
Crude Oil	Long	2.6
FTSE 100	Long	2.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL Multi-Alternatives Fund

Semi-Annual Shareholder Report - June 30, 2024

Class Y: AHMYX

AHL MA_Y 0624

American Beacon

AHL Managed Futures Strategy Fund

Class A: AHLAX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about American Beacon AHL Managed Futures Strategy Fund for the period of January 1, 2024 to June 30, 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 last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$96	1.87%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$3,458,490,902
# of Portfolio Holdings	18
Total Management Fees Paid	$22,784,548

What did the Fund invest in?

Top Active Exposures by Asset class % of VaR*

Commodities		% of VaR
Natural Gas	Short	6.8
Crude Oil	Long	3.6
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
Currencies		% of VaR
Japanese Yen/US Dollar	Short/Long	7.0
South African Rand/US Dollar	Long/Short	2.3
South Korean Won/US Dollar	Short/Long	2.1
Swiss Franc/US Dollar	Short/Long	1.9
Brazilian Real/US Dollar	Short/Long	1.6
Equities		% of VaR
FTSE Taiwan Index	Long	1.7
Nikkei	Long	1.7
NASDAQ 100 Index	Long	1.6
S&P 500 Index	Long	1.6
Tokyo Stock Exchange Index	Long	1.5
Fixed Income		% of VaR
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
SONIA 3Mth Index	Short	2.4
US Treasuries	Short	2.2
Australian Bonds	Short	1.3

Asset Class Exposure % of VaR*

Value	Value
Currencies	29.0
Commodities	27.6
Fixed Income	21.9
Equities	21.5

Holdings Summary

Number of Long Holdings	38
Number of Short Holdings	30
Number of Currency Pairs	28

Top 10 Holdings % of VaR*

Japanese Yen/US Dollar	Short/Long	7.0
Natural Gas	Short	6.8
Crude Oil	Long	3.6
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
SONIA 3Mth Index	Short	2.4
South African Rand/US Dollar	Long/Short	2.3

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL Managed Futures Strategy Fund

Semi-Annual Shareholder Report - June 30, 2024

Class A: AHLAX

AHL MFS_A 0624

American Beacon

AHL Managed Futures Strategy Fund

Class C: AHLCX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$131	2.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$3,458,490,902
# of Portfolio Holdings	18
Total Management Fees Paid	$22,784,548

What did the Fund invest in?

Top Active Exposures by Asset class % of VaR*

Commodities		% of VaR
Natural Gas	Short	6.8
Crude Oil	Long	3.6
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
Currencies		% of VaR
Japanese Yen/US Dollar	Short/Long	7.0
South African Rand/US Dollar	Long/Short	2.3
South Korean Won/US Dollar	Short/Long	2.1
Swiss Franc/US Dollar	Short/Long	1.9
Brazilian Real/US Dollar	Short/Long	1.6
Equities		% of VaR
FTSE Taiwan Index	Long	1.7
Nikkei	Long	1.7
NASDAQ 100 Index	Long	1.6
S&P 500 Index	Long	1.6
Tokyo Stock Exchange Index	Long	1.5
Fixed Income		% of VaR
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
SONIA 3Mth Index	Short	2.4
US Treasuries	Short	2.2
Australian Bonds	Short	1.3

Asset Class Exposure % of VaR*

Value	Value
Currencies	29.0
Commodities	27.6
Fixed Income	21.9
Equities	21.5

Holdings Summary

Number of Long Holdings	38
Number of Short Holdings	30
Number of Currency Pairs	28

Top 10 Holdings % of VaR*

Japanese Yen/US Dollar	Short/Long	7.0
Natural Gas	Short	6.8
Crude Oil	Long	3.6
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
SONIA 3Mth Index	Short	2.4
South African Rand/US Dollar	Long/Short	2.3

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL Managed Futures Strategy Fund

Semi-Annual Shareholder Report - June 30, 2024

Class C: AHLCX

AHL MFS_C 0624

American Beacon

AHL Managed Futures Strategy Fund

Investor Class: AHLPX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$95	1.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$3,458,490,902
# of Portfolio Holdings	18
Total Management Fees Paid	$22,784,548

What did the Fund invest in?

Top Active Exposures by Asset class % of VaR*

Commodities		% of VaR
Natural Gas	Short	6.8
Crude Oil	Long	3.6
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
Currencies		% of VaR
Japanese Yen/US Dollar	Short/Long	7.0
South African Rand/US Dollar	Long/Short	2.3
South Korean Won/US Dollar	Short/Long	2.1
Swiss Franc/US Dollar	Short/Long	1.9
Brazilian Real/US Dollar	Short/Long	1.6
Equities		% of VaR
FTSE Taiwan Index	Long	1.7
Nikkei	Long	1.7
NASDAQ 100 Index	Long	1.6
S&P 500 Index	Long	1.6
Tokyo Stock Exchange Index	Long	1.5
Fixed Income		% of VaR
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
SONIA 3Mth Index	Short	2.4
US Treasuries	Short	2.2
Australian Bonds	Short	1.3

Asset Class Exposure % of VaR*

Value	Value
Currencies	29.0
Commodities	27.6
Fixed Income	21.9
Equities	21.5

Holdings Summary

Number of Long Holdings	38
Number of Short Holdings	30
Number of Currency Pairs	28

Top 10 Holdings % of VaR*

Japanese Yen/US Dollar	Short/Long	7.0
Natural Gas	Short	6.8
Crude Oil	Long	3.6
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
SONIA 3Mth Index	Short	2.4
South African Rand/US Dollar	Long/Short	2.3

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL Managed Futures Strategy Fund

Semi-Annual Shareholder Report - June 30, 2024

Investor Class: AHLPX

AHL MFS_Investor 0624

American Beacon

AHL Managed Futures Strategy Fund

Class R5: AHLIX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$77	1.49%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$3,458,490,902
# of Portfolio Holdings	18
Total Management Fees Paid	$22,784,548

What did the Fund invest in?

Top Active Exposures by Asset class % of VaR*

Commodities		% of VaR
Natural Gas	Short	6.8
Crude Oil	Long	3.6
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
Currencies		% of VaR
Japanese Yen/US Dollar	Short/Long	7.0
South African Rand/US Dollar	Long/Short	2.3
South Korean Won/US Dollar	Short/Long	2.1
Swiss Franc/US Dollar	Short/Long	1.9
Brazilian Real/US Dollar	Short/Long	1.6
Equities		% of VaR
FTSE Taiwan Index	Long	1.7
Nikkei	Long	1.7
NASDAQ 100 Index	Long	1.6
S&P 500 Index	Long	1.6
Tokyo Stock Exchange Index	Long	1.5
Fixed Income		% of VaR
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
SONIA 3Mth Index	Short	2.4
US Treasuries	Short	2.2
Australian Bonds	Short	1.3

Asset Class Exposure % of VaR*

Value	Value
Currencies	29.0
Commodities	27.6
Fixed Income	21.9
Equities	21.5

Holdings Summary

Number of Long Holdings	38
Number of Short Holdings	30
Number of Currency Pairs	28

Top 10 Holdings % of VaR*

Japanese Yen/US Dollar	Short/Long	7.0
Natural Gas	Short	6.8
Crude Oil	Long	3.6
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
SONIA 3Mth Index	Short	2.4
South African Rand/US Dollar	Long/Short	2.3

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL Managed Futures Strategy Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R5: AHLIX

AHL MFS_R5 0624

American Beacon

AHL Managed Futures Strategy Fund

Class Y: AHLYX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$82	1.59%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$3,458,490,902
# of Portfolio Holdings	18
Total Management Fees Paid	$22,784,548

What did the Fund invest in?

Top Active Exposures by Asset class % of VaR*

Commodities		% of VaR
Natural Gas	Short	6.8
Crude Oil	Long	3.6
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
Currencies		% of VaR
Japanese Yen/US Dollar	Short/Long	7.0
South African Rand/US Dollar	Long/Short	2.3
South Korean Won/US Dollar	Short/Long	2.1
Swiss Franc/US Dollar	Short/Long	1.9
Brazilian Real/US Dollar	Short/Long	1.6
Equities		% of VaR
FTSE Taiwan Index	Long	1.7
Nikkei	Long	1.7
NASDAQ 100 Index	Long	1.6
S&P 500 Index	Long	1.6
Tokyo Stock Exchange Index	Long	1.5
Fixed Income		% of VaR
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
SONIA 3Mth Index	Short	2.4
US Treasuries	Short	2.2
Australian Bonds	Short	1.3

Asset Class Exposure % of VaR*

Value	Value
Currencies	29.0
Commodities	27.6
Fixed Income	21.9
Equities	21.5

Holdings Summary

Number of Long Holdings	38
Number of Short Holdings	30
Number of Currency Pairs	28

Top 10 Holdings % of VaR*

Japanese Yen/US Dollar	Short/Long	7.0
Natural Gas	Short	6.8
Crude Oil	Long	3.6
SOFR 3Mth Index	Short	2.8
Euribor	Short	2.7
Coffee	Long	2.7
Copper	Long	2.7
Silver	Long	2.5
SONIA 3Mth Index	Short	2.4
South African Rand/US Dollar	Long/Short	2.3

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

AHL Managed Futures Strategy Fund

Semi-Annual Shareholder Report - June 30, 2024

Class Y: AHLYX

AHL MFS_Y 0624

American Beacon

Man Large Cap Growth Fund

Class A: BLYAX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Man Large Cap Growth Fund for the period of January 1, 2024 to June 30, 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 last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$59	1.09%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$206,304,141
# of Portfolio Holdings	62
Portfolio Turnover Rate	37%
Total Management Fees Paid	$662,011

What did the Fund invest in?

Top Ten Holdings - % Net Assets

NVIDIA Corp.	6.4
Alphabet, Inc.	6.2
Microsoft Corp.	5.3
Amazon.com, Inc.	5.3
Apple, Inc.	4.7
Mastercard, Inc.	3.5
Meta Platforms, Inc.	3.5
KLA Corp.	3.4
Uber Technologies, Inc.	3.2
Broadcom, Inc.	3.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.6
Foreign Common Stocks	0.4

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

Sector Allocation - % Equities

Value	Value
Materials	0.4
Consumer Staples	3.0
Energy	3.1
Industrials	6.2
Financials	7.6
Consumer Discretionary	9.3
Communication Services	11.9
Health Care	13.5
Information Technology	45.0

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class A: BLYAX

Man LCG_A 0624

American Beacon

Man Large Cap Growth Fund

Class C: BLYCX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$100	1.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$206,304,141
# of Portfolio Holdings	62
Portfolio Turnover Rate	37%
Total Management Fees Paid	$662,011

What did the Fund invest in?

Top Ten Holdings - % Net Assets

NVIDIA Corp.	6.4
Alphabet, Inc.	6.2
Microsoft Corp.	5.3
Amazon.com, Inc.	5.3
Apple, Inc.	4.7
Mastercard, Inc.	3.5
Meta Platforms, Inc.	3.5
KLA Corp.	3.4
Uber Technologies, Inc.	3.2
Broadcom, Inc.	3.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.6
Foreign Common Stocks	0.4

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

Sector Allocation - % Equities

Value	Value
Materials	0.4
Consumer Staples	3.0
Energy	3.1
Industrials	6.2
Financials	7.6
Consumer Discretionary	9.3
Communication Services	11.9
Health Care	13.5
Information Technology	45.0

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class C: BLYCX

Man LCG_C 0624

American Beacon

Man Large Cap Growth Fund

Investor Class: BLYPX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$61	1.12%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$206,304,141
# of Portfolio Holdings	62
Portfolio Turnover Rate	37%
Total Management Fees Paid	$662,011

What did the Fund invest in?

Top Ten Holdings - % Net Assets

NVIDIA Corp.	6.4
Alphabet, Inc.	6.2
Microsoft Corp.	5.3
Amazon.com, Inc.	5.3
Apple, Inc.	4.7
Mastercard, Inc.	3.5
Meta Platforms, Inc.	3.5
KLA Corp.	3.4
Uber Technologies, Inc.	3.2
Broadcom, Inc.	3.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.6
Foreign Common Stocks	0.4

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

Sector Allocation - % Equities

Value	Value
Materials	0.4
Consumer Staples	3.0
Energy	3.1
Industrials	6.2
Financials	7.6
Consumer Discretionary	9.3
Communication Services	11.9
Health Care	13.5
Information Technology	45.0

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Investor Class: BLYPX

Man LCG_Investor 0624

American Beacon

Man Large Cap Growth Fund

Class R5: BRLGX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$44	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$206,304,141
# of Portfolio Holdings	62
Portfolio Turnover Rate	37%
Total Management Fees Paid	$662,011

What did the Fund invest in?

Top Ten Holdings - % Net Assets

NVIDIA Corp.	6.4
Alphabet, Inc.	6.2
Microsoft Corp.	5.3
Amazon.com, Inc.	5.3
Apple, Inc.	4.7
Mastercard, Inc.	3.5
Meta Platforms, Inc.	3.5
KLA Corp.	3.4
Uber Technologies, Inc.	3.2
Broadcom, Inc.	3.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.6
Foreign Common Stocks	0.4

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

Sector Allocation - % Equities

Value	Value
Materials	0.4
Consumer Staples	3.0
Energy	3.1
Industrials	6.2
Financials	7.6
Consumer Discretionary	9.3
Communication Services	11.9
Health Care	13.5
Information Technology	45.0

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R5: BRLGX

Man LCG_R5 0624

American Beacon

Man Large Cap Growth Fund

Class R6: BLYRX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$42	0.77%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$206,304,141
# of Portfolio Holdings	62
Portfolio Turnover Rate	37%
Total Management Fees Paid	$662,011

What did the Fund invest in?

Top Ten Holdings - % Net Assets

NVIDIA Corp.	6.4
Alphabet, Inc.	6.2
Microsoft Corp.	5.3
Amazon.com, Inc.	5.3
Apple, Inc.	4.7
Mastercard, Inc.	3.5
Meta Platforms, Inc.	3.5
KLA Corp.	3.4
Uber Technologies, Inc.	3.2
Broadcom, Inc.	3.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.6
Foreign Common Stocks	0.4

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

Sector Allocation - % Equities

Value	Value
Materials	0.4
Consumer Staples	3.0
Energy	3.1
Industrials	6.2
Financials	7.6
Consumer Discretionary	9.3
Communication Services	11.9
Health Care	13.5
Information Technology	45.0

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R6: BLYRX

Man LCG_R6 0624

American Beacon

Man Large Cap Growth Fund

Class Y: BLYYX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$45	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$206,304,141
# of Portfolio Holdings	62
Portfolio Turnover Rate	37%
Total Management Fees Paid	$662,011

What did the Fund invest in?

Top Ten Holdings - % Net Assets

NVIDIA Corp.	6.4
Alphabet, Inc.	6.2
Microsoft Corp.	5.3
Amazon.com, Inc.	5.3
Apple, Inc.	4.7
Mastercard, Inc.	3.5
Meta Platforms, Inc.	3.5
KLA Corp.	3.4
Uber Technologies, Inc.	3.2
Broadcom, Inc.	3.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.6
Foreign Common Stocks	0.4

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

Sector Allocation - % Equities

Value	Value
Materials	0.4
Consumer Staples	3.0
Energy	3.1
Industrials	6.2
Financials	7.6
Consumer Discretionary	9.3
Communication Services	11.9
Health Care	13.5
Information Technology	45.0

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class Y: BLYYX

Man LCG_Y 0624

American Beacon

Man Large Cap Value Fund

Class A: BWLAX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about Man Large Cap Value Fund for the period of January 1, 2024 to June 30, 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 last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$65	1.25%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$269,441,648
# of Portfolio Holdings	92
Portfolio Turnover Rate	44%
Total Management Fees Paid	$975,379

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Berkshire Hathaway, Inc.	3.6
Walmart, Inc.	3.1
Coca-Cola Co.	2.7
JPMorgan Chase & Co.	2.6
Synchrony Financial	2.5
RTX Corp.	2.4
Automatic Data Processing, Inc.	2.2
Marathon Petroleum Corp.	2.1
Ally Financial, Inc.	2.1
Applied Materials, Inc.	2.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.2
Foreign Common Stocks	0.8

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

Sector Allocation - % Equities

Value	Value
Utilities	0.6
Communication Services	1.7
Materials	4.7
Consumer Discretionary	4.8
Consumer Staples	6.3
Energy	9.1
Information Technology	13.3
Industrials	14.9
Health Care	18.9
Financials	25.7

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Value Fund

Semi-Annual Shareholder Report - June 30, 2024

Class A: BWLAX

Man LCV_A 0624

American Beacon

Man Large Cap Value Fund

Class C: BWLCX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$101	1.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$269,441,648
# of Portfolio Holdings	92
Portfolio Turnover Rate	44%
Total Management Fees Paid	$975,379

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Berkshire Hathaway, Inc.	3.6
Walmart, Inc.	3.1
Coca-Cola Co.	2.7
JPMorgan Chase & Co.	2.6
Synchrony Financial	2.5
RTX Corp.	2.4
Automatic Data Processing, Inc.	2.2
Marathon Petroleum Corp.	2.1
Ally Financial, Inc.	2.1
Applied Materials, Inc.	2.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.2
Foreign Common Stocks	0.8

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

Sector Allocation - % Equities

Value	Value
Utilities	0.6
Communication Services	1.7
Materials	4.7
Consumer Discretionary	4.8
Consumer Staples	6.3
Energy	9.1
Information Technology	13.3
Industrials	14.9
Health Care	18.9
Financials	25.7

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Value Fund

Semi-Annual Shareholder Report - June 30, 2024

Class C: BWLCX

Man LCV_C 0624

American Beacon

Man Large Cap Value Fund

Investor Class: BWLIX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$61	1.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$269,441,648
# of Portfolio Holdings	92
Portfolio Turnover Rate	44%
Total Management Fees Paid	$975,379

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Berkshire Hathaway, Inc.	3.6
Walmart, Inc.	3.1
Coca-Cola Co.	2.7
JPMorgan Chase & Co.	2.6
Synchrony Financial	2.5
RTX Corp.	2.4
Automatic Data Processing, Inc.	2.2
Marathon Petroleum Corp.	2.1
Ally Financial, Inc.	2.1
Applied Materials, Inc.	2.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.2
Foreign Common Stocks	0.8

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

Sector Allocation - % Equities

Value	Value
Utilities	0.6
Communication Services	1.7
Materials	4.7
Consumer Discretionary	4.8
Consumer Staples	6.3
Energy	9.1
Information Technology	13.3
Industrials	14.9
Health Care	18.9
Financials	25.7

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Value Fund

Semi-Annual Shareholder Report - June 30, 2024

Investor Class: BWLIX

Man LCV_Investor 0624

American Beacon

Man Large Cap Value Fund

Class R5: BRLVX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$44	0.86%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$269,441,648
# of Portfolio Holdings	92
Portfolio Turnover Rate	44%
Total Management Fees Paid	$975,379

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Berkshire Hathaway, Inc.	3.6
Walmart, Inc.	3.1
Coca-Cola Co.	2.7
JPMorgan Chase & Co.	2.6
Synchrony Financial	2.5
RTX Corp.	2.4
Automatic Data Processing, Inc.	2.2
Marathon Petroleum Corp.	2.1
Ally Financial, Inc.	2.1
Applied Materials, Inc.	2.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.2
Foreign Common Stocks	0.8

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

Sector Allocation - % Equities

Value	Value
Utilities	0.6
Communication Services	1.7
Materials	4.7
Consumer Discretionary	4.8
Consumer Staples	6.3
Energy	9.1
Information Technology	13.3
Industrials	14.9
Health Care	18.9
Financials	25.7

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Value Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R5: BRLVX

Man LCV_R5 0624

American Beacon

Man Large Cap Value Fund

Class R6: BWLRX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$43	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$269,441,648
# of Portfolio Holdings	92
Portfolio Turnover Rate	44%
Total Management Fees Paid	$975,379

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Berkshire Hathaway, Inc.	3.6
Walmart, Inc.	3.1
Coca-Cola Co.	2.7
JPMorgan Chase & Co.	2.6
Synchrony Financial	2.5
RTX Corp.	2.4
Automatic Data Processing, Inc.	2.2
Marathon Petroleum Corp.	2.1
Ally Financial, Inc.	2.1
Applied Materials, Inc.	2.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.2
Foreign Common Stocks	0.8

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

Sector Allocation - % Equities

Value	Value
Utilities	0.6
Communication Services	1.7
Materials	4.7
Consumer Discretionary	4.8
Consumer Staples	6.3
Energy	9.1
Information Technology	13.3
Industrials	14.9
Health Care	18.9
Financials	25.7

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Value Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R6: BWLRX

Man LCV_R6 0624

American Beacon

Man Large Cap Value Fund

Class Y: BWLYX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$48	0.93%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$269,441,648
# of Portfolio Holdings	92
Portfolio Turnover Rate	44%
Total Management Fees Paid	$975,379

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Berkshire Hathaway, Inc.	3.6
Walmart, Inc.	3.1
Coca-Cola Co.	2.7
JPMorgan Chase & Co.	2.6
Synchrony Financial	2.5
RTX Corp.	2.4
Automatic Data Processing, Inc.	2.2
Marathon Petroleum Corp.	2.1
Ally Financial, Inc.	2.1
Applied Materials, Inc.	2.0

Asset Allocation - % Investments

Value	Value
Common Stocks	99.2
Foreign Common Stocks	0.8

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

Sector Allocation - % Equities

Value	Value
Utilities	0.6
Communication Services	1.7
Materials	4.7
Consumer Discretionary	4.8
Consumer Staples	6.3
Energy	9.1
Information Technology	13.3
Industrials	14.9
Health Care	18.9
Financials	25.7

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

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Man Large Cap Value Fund

Semi-Annual Shareholder Report - June 30, 2024

Class Y: BWLYX

Man LCV_Y 0624

American Beacon

Stephens Mid-Cap Growth Fund

Class A: SMFAX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about American Beacon Stephens Mid-Cap Growth Fund for the period of January 1, 2024 to June 30, 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 last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$61	1.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$751,757,378
# of Portfolio Holdings	95
Portfolio Turnover Rate	9%
Total Management Fees Paid	$2,885,515

What did the Fund invest in?

Top Ten Holdings - % Net Assets

ICON PLC	2.4
Cadence Design Systems, Inc.	2.1
Tradeweb Markets, Inc.	2.0
Manhattan Associates, Inc.	2.0
Copart, Inc.	1.9
Spotify Technology SA	1.9
Crowdstrike Holdings, Inc.	1.8
Guidewire Software, Inc.	1.8
Verisk Analytics, Inc.	1.7
Burlington Stores, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	97.9
Foreign Common Stocks	2.1

Sector Allocation - % Equities

Value	Value
Real Estate	0.7
Consumer Staples	3.1
Energy	5.9
Financials	7.4
Communication Services	8.1
Consumer Discretionary	10.8
Industrials	16.0
Health Care	16.6
Information Technology	31.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Mid-Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class A: SMFAX

Stephens MCG_A 0624

American Beacon

Stephens Mid-Cap Growth Fund

Class C: SMFCX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$99	1.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$751,757,378
# of Portfolio Holdings	95
Portfolio Turnover Rate	9%
Total Management Fees Paid	$2,885,515

What did the Fund invest in?

Top Ten Holdings - % Net Assets

ICON PLC	2.4
Cadence Design Systems, Inc.	2.1
Tradeweb Markets, Inc.	2.0
Manhattan Associates, Inc.	2.0
Copart, Inc.	1.9
Spotify Technology SA	1.9
Crowdstrike Holdings, Inc.	1.8
Guidewire Software, Inc.	1.8
Verisk Analytics, Inc.	1.7
Burlington Stores, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	97.9
Foreign Common Stocks	2.1

Sector Allocation - % Equities

Value	Value
Real Estate	0.7
Consumer Staples	3.1
Energy	5.9
Financials	7.4
Communication Services	8.1
Consumer Discretionary	10.8
Industrials	16.0
Health Care	16.6
Information Technology	31.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Mid-Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class C: SMFCX

Stephens MCG_C 0624

American Beacon

Stephens Mid-Cap Growth Fund

Investor Class: STMGX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$59	1.15%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$751,757,378
# of Portfolio Holdings	95
Portfolio Turnover Rate	9%
Total Management Fees Paid	$2,885,515

What did the Fund invest in?

Top Ten Holdings - % Net Assets

ICON PLC	2.4
Cadence Design Systems, Inc.	2.1
Tradeweb Markets, Inc.	2.0
Manhattan Associates, Inc.	2.0
Copart, Inc.	1.9
Spotify Technology SA	1.9
Crowdstrike Holdings, Inc.	1.8
Guidewire Software, Inc.	1.8
Verisk Analytics, Inc.	1.7
Burlington Stores, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	97.9
Foreign Common Stocks	2.1

Sector Allocation - % Equities

Value	Value
Real Estate	0.7
Consumer Staples	3.1
Energy	5.9
Financials	7.4
Communication Services	8.1
Consumer Discretionary	10.8
Industrials	16.0
Health Care	16.6
Information Technology	31.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Mid-Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Investor Class: STMGX

Steph MCG_Investor 0624

American Beacon

Stephens Mid-Cap Growth Fund

Class R5: SFMIX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$45	0.89%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$751,757,378
# of Portfolio Holdings	95
Portfolio Turnover Rate	9%
Total Management Fees Paid	$2,885,515

What did the Fund invest in?

Top Ten Holdings - % Net Assets

ICON PLC	2.4
Cadence Design Systems, Inc.	2.1
Tradeweb Markets, Inc.	2.0
Manhattan Associates, Inc.	2.0
Copart, Inc.	1.9
Spotify Technology SA	1.9
Crowdstrike Holdings, Inc.	1.8
Guidewire Software, Inc.	1.8
Verisk Analytics, Inc.	1.7
Burlington Stores, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	97.9
Foreign Common Stocks	2.1

Sector Allocation - % Equities

Value	Value
Real Estate	0.7
Consumer Staples	3.1
Energy	5.9
Financials	7.4
Communication Services	8.1
Consumer Discretionary	10.8
Industrials	16.0
Health Care	16.6
Information Technology	31.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Mid-Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R5: SFMIX

Stephens MCG_R5 0624

American Beacon

Stephens Mid-Cap Growth Fund

Class R6: SFMRX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$45	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$751,757,378
# of Portfolio Holdings	95
Portfolio Turnover Rate	9%
Total Management Fees Paid	$2,885,515

What did the Fund invest in?

Top Ten Holdings - % Net Assets

ICON PLC	2.4
Cadence Design Systems, Inc.	2.1
Tradeweb Markets, Inc.	2.0
Manhattan Associates, Inc.	2.0
Copart, Inc.	1.9
Spotify Technology SA	1.9
Crowdstrike Holdings, Inc.	1.8
Guidewire Software, Inc.	1.8
Verisk Analytics, Inc.	1.7
Burlington Stores, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	97.9
Foreign Common Stocks	2.1

Sector Allocation - % Equities

Value	Value
Real Estate	0.7
Consumer Staples	3.1
Energy	5.9
Financials	7.4
Communication Services	8.1
Consumer Discretionary	10.8
Industrials	16.0
Health Care	16.6
Information Technology	31.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Mid-Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R6: SFMRX

Stephens MCG_R6 0624

American Beacon

Stephens Mid-Cap Growth Fund

Class Y: SMFYX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$48	0.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$751,757,378
# of Portfolio Holdings	95
Portfolio Turnover Rate	9%
Total Management Fees Paid	$2,885,515

What did the Fund invest in?

Top Ten Holdings - % Net Assets

ICON PLC	2.4
Cadence Design Systems, Inc.	2.1
Tradeweb Markets, Inc.	2.0
Manhattan Associates, Inc.	2.0
Copart, Inc.	1.9
Spotify Technology SA	1.9
Crowdstrike Holdings, Inc.	1.8
Guidewire Software, Inc.	1.8
Verisk Analytics, Inc.	1.7
Burlington Stores, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	97.9
Foreign Common Stocks	2.1

Sector Allocation - % Equities

Value	Value
Real Estate	0.7
Consumer Staples	3.1
Energy	5.9
Financials	7.4
Communication Services	8.1
Consumer Discretionary	10.8
Industrials	16.0
Health Care	16.6
Information Technology	31.4

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Mid-Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class Y: SMFYX

Stephens MCG_Y 0624

American Beacon

Stephens Small Cap Growth Fund

Class A: SPWAX

Semi-Annual Shareholder Report - June 30, 2024

This semi-annual shareholder report contains important information about American Beacon Stephens Small Cap Growth Fund for the period of January 1, 2024 to June 30, 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 last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$66	1.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$309,502,566
# of Portfolio Holdings	97
Portfolio Turnover Rate	10%
Total Management Fees Paid	$1,521,578

What did the Fund invest in?

Top Ten Holdings - % Net Assets

CyberArk Software Ltd.	2.2
Viper Energy, Inc.	2.0
Manhattan Associates, Inc.	2.0
Onto Innovation, Inc.	2.0
FirstCash Holdings, Inc.	1.9
BellRing Brands, Inc.	1.9
HealthEquity, Inc.	1.8
SPS Commerce, Inc.	1.8
Axon Enterprise, Inc.	1.7
Leonardo DRS, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	96.7
Foreign Common Stocks	3.3

Sector Allocation - % Equities

Value	Value
Materials	1.1
Consumer Staples	3.7
Energy	6.8
Consumer Discretionary	7.5
Financials	12.0
Health Care	18.8
Industrials	23.3
Information Technology	26.8

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Small Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class A: SPWAX

Stephens SCG_A 0624

American Beacon

Stephens Small Cap Growth Fund

Class C: SPWCX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$106	2.06%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$309,502,566
# of Portfolio Holdings	97
Portfolio Turnover Rate	10%
Total Management Fees Paid	$1,521,578

What did the Fund invest in?

Top Ten Holdings - % Net Assets

CyberArk Software Ltd.	2.2
Viper Energy, Inc.	2.0
Manhattan Associates, Inc.	2.0
Onto Innovation, Inc.	2.0
FirstCash Holdings, Inc.	1.9
BellRing Brands, Inc.	1.9
HealthEquity, Inc.	1.8
SPS Commerce, Inc.	1.8
Axon Enterprise, Inc.	1.7
Leonardo DRS, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	96.7
Foreign Common Stocks	3.3

Sector Allocation - % Equities

Value	Value
Materials	1.1
Consumer Staples	3.7
Energy	6.8
Consumer Discretionary	7.5
Financials	12.0
Health Care	18.8
Industrials	23.3
Information Technology	26.8

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Small Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class C: SPWCX

Stephens SCG_C 0624

American Beacon

Stephens Small Cap Growth Fund

Investor Class: STSGX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$65	1.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$309,502,566
# of Portfolio Holdings	97
Portfolio Turnover Rate	10%
Total Management Fees Paid	$1,521,578

What did the Fund invest in?

Top Ten Holdings - % Net Assets

CyberArk Software Ltd.	2.2
Viper Energy, Inc.	2.0
Manhattan Associates, Inc.	2.0
Onto Innovation, Inc.	2.0
FirstCash Holdings, Inc.	1.9
BellRing Brands, Inc.	1.9
HealthEquity, Inc.	1.8
SPS Commerce, Inc.	1.8
Axon Enterprise, Inc.	1.7
Leonardo DRS, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	96.7
Foreign Common Stocks	3.3

Sector Allocation - % Equities

Value	Value
Materials	1.1
Consumer Staples	3.7
Energy	6.8
Consumer Discretionary	7.5
Financials	12.0
Health Care	18.8
Industrials	23.3
Information Technology	26.8

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Small Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Investor Class: STSGX

Steph SCG_Investor 0624

American Beacon

Stephens Small Cap Growth Fund

Class R5: STSIX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R5	$51	0.99%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$309,502,566
# of Portfolio Holdings	97
Portfolio Turnover Rate	10%
Total Management Fees Paid	$1,521,578

What did the Fund invest in?

Top Ten Holdings - % Net Assets

CyberArk Software Ltd.	2.2
Viper Energy, Inc.	2.0
Manhattan Associates, Inc.	2.0
Onto Innovation, Inc.	2.0
FirstCash Holdings, Inc.	1.9
BellRing Brands, Inc.	1.9
HealthEquity, Inc.	1.8
SPS Commerce, Inc.	1.8
Axon Enterprise, Inc.	1.7
Leonardo DRS, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	96.7
Foreign Common Stocks	3.3

Sector Allocation - % Equities

Value	Value
Materials	1.1
Consumer Staples	3.7
Energy	6.8
Consumer Discretionary	7.5
Financials	12.0
Health Care	18.8
Industrials	23.3
Information Technology	26.8

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Small Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R5: STSIX

Stephens SCG_R5 0624

American Beacon

Stephens Small Cap Growth Fund

Class R6: STSRX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R6	$49	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$309,502,566
# of Portfolio Holdings	97
Portfolio Turnover Rate	10%
Total Management Fees Paid	$1,521,578

What did the Fund invest in?

Top Ten Holdings - % Net Assets

CyberArk Software Ltd.	2.2
Viper Energy, Inc.	2.0
Manhattan Associates, Inc.	2.0
Onto Innovation, Inc.	2.0
FirstCash Holdings, Inc.	1.9
BellRing Brands, Inc.	1.9
HealthEquity, Inc.	1.8
SPS Commerce, Inc.	1.8
Axon Enterprise, Inc.	1.7
Leonardo DRS, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	96.7
Foreign Common Stocks	3.3

Sector Allocation - % Equities

Value	Value
Materials	1.1
Consumer Staples	3.7
Energy	6.8
Consumer Discretionary	7.5
Financials	12.0
Health Care	18.8
Industrials	23.3
Information Technology	26.8

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Small Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class R6: STSRX

Stephens SCG_R6 0624

American Beacon

Stephens Small Cap Growth Fund

Class Y: SPWYX

Semi-Annual Shareholder Report - June 30, 2024

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Y	$54	1.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Total Net Assets	$309,502,566
# of Portfolio Holdings	97
Portfolio Turnover Rate	10%
Total Management Fees Paid	$1,521,578

What did the Fund invest in?

Top Ten Holdings - % Net Assets

CyberArk Software Ltd.	2.2
Viper Energy, Inc.	2.0
Manhattan Associates, Inc.	2.0
Onto Innovation, Inc.	2.0
FirstCash Holdings, Inc.	1.9
BellRing Brands, Inc.	1.9
HealthEquity, Inc.	1.8
SPS Commerce, Inc.	1.8
Axon Enterprise, Inc.	1.7
Leonardo DRS, Inc.	1.7

Asset Allocation - % Investments

Value	Value
Common Stocks	96.7
Foreign Common Stocks	3.3

Sector Allocation - % Equities

Value	Value
Materials	1.1
Consumer Staples	3.7
Energy	6.8
Consumer Discretionary	7.5
Financials	12.0
Health Care	18.8
Industrials	23.3
Information Technology	26.8

Additional Information

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.

Distributed by Resolute Investment Distributors, Inc.

Stephens Small Cap Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class Y: SPWYX

Stephens SCG_Y 0624

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

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.

^A All or a portion represents positions held by the American Beacon Cayman Managed Futures Strategy Fund, Ltd.

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

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

^B 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.

^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 $554,741 or 1.43% of net assets. The Fund has no right to demand registration of these securities.

^D All or a portion represents positions held by the American Beacon Cayman Multi-Alternatives Company, Ltd.

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swaps agreements on corporate issues and sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The quoted market prices and resulting values for credit default swaps on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/ sold as of the period end. Increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

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

^A 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 $6,393,171 or 2.04% of net assets. The Fund has no right to demand registration of these securities.

^D All or a portion represents positions held by the American Beacon Cayman TargetRisk Company, Ltd.

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

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

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 non-diversified, open-end management investment companies. As of June 30, 2024, the Trust consists of twenty-four active series, three of which are presented in this filing: American Beacon AHL Managed Futures Strategy Fund, American Beacon AHL Multi-Alternatives Fund and American Beacon AHL TargetRisk Fund (collectively, the “Funds” and each individually a “Fund”). The remaining twenty-one 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 approved a new Management Agreement with the Manager and a new Investment Advisory Agreement among the Manager, the sub-advisors and the Trust, on behalf of the Funds, that were effective on December 29, 2023.

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

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

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:

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.

The Schedules of Investments of the AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and the AHL TargetRisk Fund are consolidated to include the accounts of the American Beacon Cayman Managed Futures Strategy Fund, Ltd., the American Beacon Cayman Multi-Alternatives Company, Ltd. and American Beacon Cayman TargetRisk Company, Ltd., respectively, each of which are wholly-owned and controlled subsidiaries (the “Subsidiaries”) of the AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and the AHL TargetRisk Fund. All intercompany accounts and transactions have been eliminated in consolidation for the AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and the AHL TargetRisk Fund.

For Federal tax purposes, taxable income for each Fund and its Subsidiary are calculated separately. The Subsidiaries are classified as controlled foreign corporations under the Internal Revenue Code of 1986 (the “Code”) and each Subsidiary’s taxable income is included in the calculation of the applicable Fund’s taxable income. Net losses of the Subsidiaries are not deductible by the AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and the AHL TargetRisk Fund either in the current period or future periods. The Subsidiaries have a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

Each Fund may invest up to 25% of its total assets in its Subsidiary, which acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objectives and policies. The AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and the AHL TargetRisk Fund expect to achieve a significant portion of their exposure to commodities and commodities-related investments through investment in the Subsidiaries. Unlike the AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and the AHL

TargetRisk Fund, the Subsidiaries may invest without limitation in commodities and commodities-related investments.

On August 13, 2013, the Commodity Futures Trading Commission (“CFTC”) adopted rules to harmonize conflicting SEC and CFTC disclosure, reporting and recordkeeping requirements for registered investment companies that do not meet an exemption from the definition of commodity pool. The harmonization rules provide that the CFTC will accept the SEC’s disclosure, reporting, and recordkeeping regime as substituted compliance for substantially all of the otherwise applicable CFTC regulations as long as such investment companies meet the applicable SEC requirements.

The Funds are commodity pools, as defined in the regulation of the CFTC and operated by the Manager, a commodity pool operator regulated by the CFTC.

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 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. 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.

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 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.

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 of Trustees (the “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.

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.

Organizational costs consist of the costs of forming the AHL Multi-Alternatives Fund, drafting the bylaws, administration, custody and transfer agency agreements, and legal services in connection with the initial meeting of trustees, and were expensed immediately as incurred. Offering costs consist of the costs of preparation, review and filing with the SEC the Fund’s registration statement (including the Prospectus and the Statement of Additional Information (“SAI”)), the costs of preparation, the costs associated with the printing, mailing or other distribution of the Prospectus, SAI and the amounts of associated filing fees and legal fees associated with the offering. Organizational costs and offering costs are subject to the Fund’s expense limitation agreement discussed in Note 2 and offering costs require amortization over twelve months on a straight-line basis from the commencement of operations. For the period ended June 30, 2024, the Fund recorded $53,360 of amortized offering costs.

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.

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:

The Trust, on behalf of the Funds, and the Manager have entered into an Investment Advisory Agreement with AHL Partners LLP (the “Sub-Advisor”), pursuant to which each Fund has agreed to pay an annualized

sub-advisory fee that is calculated and accrued daily based on the Funds’ average daily net assets according to the following schedules:

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

Separate Distribution Plans (the “Distribution Plans”) have been adopted pursuant to Rule 12b-1 under the Act for the 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 A Class 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.

The Manager and the Trust entered into Service Plans that obligate the Manager to oversee additional shareholder servicing of the Investor, A, and C Classes of the Funds. As compensation for performing the duties required under the Service Plans, the Manager receives an annualized fee up to 0.25% of the average daily net assets of the A and C Classes and up to 0.375% of the average daily net assets of the Investor Class of the Funds.

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 period ended June 30, 2024, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statements of Operations, were as follows:

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

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 provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended June 30, 2024, the Funds did not utilize the credit facility.

The Manager contractually agreed to reduce fees and/or reimburse expenses for the classes of the Funds, through December 31, 2025, to the extent that total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses) exceed the Funds’ expense cap. During the period ended June 30, 2024, the Manager waived and/or reimbursed expenses as follows:

Of the above amounts, $38,901 and $42,889 was disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at June 30, 2024 for the AHL Multi-Alternatives Fund and the AHL TargetRisk Fund, respectively and $319,650 was disclosed as a Payable for expense recoupment on the Statements of Assets and Liabilities at June 30, 2024 for AHL Managed Futures Strategy Fund.

The Funds have adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of such contractual and 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 2027. The Funds did not record a liability for potential reimbursements due to the current assessment that a reimbursements are uncertain. The carryover of excess expenses potentially reimbursable to the Manager, but not recorded as a liability are as follows:

From time to time, the Funds may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of the Funds’ outstanding shares could have a material impact on the Funds. As of June 30, 2024, based on management’s evaluation of the shareholder account base, one account in AHL Multi-Alternatives Fund has been identified as representing an affiliated significant ownership of approximately 14% of the Fund’s outstanding shares.

The Funds’ Distributor, Resolute Investment Distributors, Inc. (“RID” or “Distributor”), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended June 30, 2024, RID collected $696 for AHL Managed Futures Strategy Fund from the sale of A Class Shares. There were no Class A sales charges collected for AHL Multi-Alternatives Fund or AHL TargetRisk 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 Funds’ Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the period ended June 30, 2024, there were no CDSC fees collected for the A Class Shares of the Funds.

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 Funds’ Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended June 30, 2024, CDSC fees of $2,656 and $249 were collected for the C Class Shares of AHL Managed Futures Strategy Fund and AHL TargetRisk Fund, respectively. There were no CDSC fees collected for the Class C Shares of the AHL Multi-Alternatives Fund.

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 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.

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.

rates, maturity, default rates, and underlying collateral. Futures are valued based on their daily settlement prices. Exchange-traded and over-the-counter (“OTC”) options are valued at the last sale price. Options with no last sale for the day are priced at mid quote. Swaps are valued at evaluated mid prices from pricing services.

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

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

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

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.

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 Fund.

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.

Common stocks, ETFs, preferred securities, and financial derivative instruments, such as futures contracts or options 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. 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. 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.

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.

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.

Exposure to physical commodities may subject the Funds to greater volatility than investments in traditional securities. The value of such investments may be affected by overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as supply and demand, drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Their value may also respond to investor perception of instability in the national or international economy, whether or not justified by the facts. However, these investments may help to moderate fluctuations in the value of a Fund’s other holdings, because these investments may not correlate with investments in traditional securities. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of a Fund’s shares to fall. No active trading market may exist for certain commodities investments, which may impair the ability of the Fund to sell or realize the full value of such investments in the event of the need to liquidate such investments. Certain commodities are subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks and result in greater volatility than investments in traditional securities. Because physical commodities do not generate investment income, the return on such investments will be derived solely from the appreciation or depreciation on such investments. Certain types of commodities instruments (such as commodity-linked swaps and commodity-linked structured notes) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument.

Generally, an illiquid asset is an asset that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to Rule 22e-4 under the Act or as otherwise permitted or required by SEC rules and interpretations. Historically, illiquid securities have included securities that have not been registered under the Securities Act, securities that are otherwise not readily marketable, and repurchase agreements having a remaining maturity of longer than seven calendar days. Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. These securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. A large institutional market exists for certain securities that are not registered under the Securities Act, including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer’s ability to honor a demand for repayment. However, the fact that there are contractual or legal restrictions on resale of such investments to the general public or to certain institutions may not be indicative of their liquidity.

Limitations on resale may have an adverse effect on the marketability of portfolio securities, and a Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven calendar days. In addition, a Fund may get only limited information about an issuer, so it may be less able to predict a loss. A Fund also might have to register such restricted securities in order to dispose of them resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

In recognition of the increased size and liquidity of the institutional market for unregistered securities and the importance of institutional investors in the formation of capital, the SEC adopted Rule 144A under the Securities Act. Rule 144A is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by a Fund qualify under Rule 144A and an institutional market develops for those securities, a Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could increase the level of a Fund’s illiquidity. The Manager or the Sub-Advisor, as applicable, may 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.

Restricted securities outstanding during the period ended June 30, 2024 are disclosed in the Notes to the Schedules of Investments.

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

The Funds can invest free cash balances in registered open-end investment companies regulated as money market funds under the Act, to provide liquidity or for defensive purposes. The Funds could invest in money market funds rather than purchasing individual short-term investments. If the Funds invests in money market funds, shareholders will bear their proportionate share of the expenses, including for example, advisory and administrative fees, of the money market funds in which the Funds invest, including advisory fees charged by the Manager to any applicable money market funds advised by the Manager.

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.

The Funds may utilize derivative instruments to enhance return, hedge risk, gain efficient exposure to an asset class or to manage liquidity.

The Funds may have exposure to foreign currencies for investment or hedging purposes by purchasing or selling forward currency exchange contracts in non-U.S. currencies and by purchasing securities denominated in non-U.S. currencies. Foreign currencies may decline in value relative to the U.S. dollar and affect the Funds’ investments in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Not all forward contracts require a counterparty to post collateral, which may expose the Funds to greater losses in the event of a default by a counterparty.

Forward contracts are two-party contracts pursuant to which one party agrees to pay the counterparty a fixed price for an agreed upon amount of commodities or securities, or the cash value of commodities, securities or a securities index, at an agreed upon future date. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. An NDF is a forward contract where there is no physical settlement of the two currencies at maturity. Rather, on the contract settlement date, a net cash settlement will be made by one party to the other based on the difference between the contracted forward rate and the prevailing spot rate, on an agreed notional amount. Not all forward contracts require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

During the period ended June 30, 2024, the Funds entered into forward foreign currency contracts primarily for hedging foreign currency fluctuations.

The Funds’ forward foreign currency contract notional dollar values outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of forward foreign currency contracts. For the purpose of this disclosure, volume is measured by the amounts bought and sold in USD at each month end.

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. A Treasury futures contract is a contract for the future delivery of a U.S. Treasury security. 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 futures contracts and the assets underlying such contracts and that there may not be a liquid secondary market for a futures contract.

During the period ended June 30, 2024, the Funds entered into futures contracts primarily for investing and/or hedging purposes.

The Funds’ 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.

A swap is a transaction in which a Fund and a counterparty agree to pay or receive payments at specified dates based upon or calculated by reference to changes in specified prices or rates (e.g., interest rates in the case of interest rate swaps) or the performance of specified securities or indices based on a specified amount (the “notional” amount). Nearly any type of derivative, including forward contracts, can be structured as a swap.

Swap agreements can be structured to provide exposure to a variety of different types of investments or market factors. For example, in an interest rate swap, fixed-rate payments may be exchanged for floating rate payments; in a currency swap, U.S. dollar-denominated payments may be exchanged for payments denominated in

a foreign currency; and in a total return swap, payments tied to the investment return on a particular asset, group of assets or index may be exchanged for payments that are effectively equivalent to interest payments or for payments tied to the return on another asset, group of assets, or index. Swaps may have a leverage component, and adverse changes in the value or level of the underlying asset, reference rate or index can result in gains or losses that are substantially greater than the amount invested in the swap itself.

Some swaps currently are, and more in the future will be, centrally cleared. Swaps that are centrally-cleared are exposed to the creditworthiness of the clearing organizations (and, consequently, that of their members—generally, banks and broker-dealers) involved in the transaction. For example, an investor could lose margin payments it has deposited with the clearing organization as well as the net amount of gains not yet paid by the clearing organization if it breaches its agreement with the investor or becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the investor may be able to recover only a portion of the net amount of gains on its transactions and of the margin owed to it, potentially resulting in losses to the investor.

Swaps that are not centrally cleared, involve the risk that a loss may be sustained as a result of the insolvency or bankruptcy of the counterparty or the failure of the counterparty to make required payments or otherwise comply with the terms of the agreement. To mitigate this risk, a Fund will only enter into swap agreements with counterparties considered by a sub-advisor to present minimum risk of default and a Fund normally obtains collateral to secure its exposure. Changing conditions in a particular market area, whether or not directly related to the referenced assets that underlie the swap agreement, may have an adverse impact on the creditworthiness of a counterparty.

The centrally cleared and OTC swap agreements into which a Fund enters normally provide for the obligations of a Fund and its counterparty in the event of a default or other early termination to be determined on a net basis. Similarly, periodic payments on a swap transaction that are due by each party on the same day normally are netted. To the extent that a swap agreement is subject to netting, a Fund’s cover and asset segregation responsibilities will normally be with respect to the net amount owed by a Fund. However, a Fund may be required to segregate liquid assets equal to the full notional amount of certain swaps, such as written credit default swaps on physically settled forwards or written options. The amount that a Fund must segregate may be reduced by the value of any collateral that it has pledged to secure its own obligations under the swap.

Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of periodic premiums throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure up to the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or

underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation that a Fund owns or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default that a Fund does not own.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the Notes to the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent a market participant view of the likelihood or risk of default for the underlying referenced security to credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted

market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of June 30, 2024, for which a Fund is the seller of protection is disclosed in the Notes to the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

During the period ended June 30, 2024, the AHL Multi-Alternatives Fund and AHL TargetRisk Fund entered into credit default swaps primarily for return enhancement and hedging.

The Fund’s credit default swap contract notional amounts outstanding fluctuate throughout the operating year as required to meet the strategic requirements. The following table illustrates the average monthly volume of credit default swap contracts. For the purpose of this disclosure, the volume is measure by the notional amounts outstanding at each month end.

A Fund may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset, which will subject the Fund to the Fund market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

A Fund’s total return swap contracts outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of total return swap contracts. For the purpose of this disclosure, volume is measured by notional amounts outstanding at each month end:

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

⁽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.

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with counterparties govern transactions in OTC derivative and foreign exchange contracts entered into by the Funds and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. Since different types of forward and OTC financial derivative transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty.

As the ISDA Master Agreements are specific to unique operations of different asset types, they allow a Fund to net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty.

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 a 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.

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

⁽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 Statements of Assets and Liabilities.

⁽²⁾ The securities presented here within are not subject to master netting agreements. As such, this is disclosed for informational purposes only.

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

The Funds’ investments in commodity-linked derivative instruments may subject the Funds to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in supply and demand, drought, floods, weather, livestock disease, embargoes, tariffs, war, acts of terrorism and international economic, political and regulatory developments. The Funds and the Subsidiaries each may concentrate its assets in a particular sector of the commodities market (such as oil, metal or agricultural products). As a result, the Funds and the Subsidiaries may be more susceptible to risks associated with those sectors. The Funds’ investments in commodity-related instruments may lead to losses in excess of the Funds’ investment in such products. Such losses can significantly and adversely affect the NAV of the Funds and, consequently, a shareholder’s interest in the Funds.

There are two separate categories of counterparty risk that arise out of a Fund’s investments in derivatives. The first relates to the risk that its swap counterparty defaults, and the second category relates to the risk that a futures commission merchant (“FCM”) would default on an obligation set forth in an agreement between a Fund and the FCM. As for the first category of risk, entering into derivatives in the OTC market involves counterparty risk, which is the risk that the dealer providing the derivative or other product will fail to timely perform its payment and other obligations or experience financial difficulties, which may include filing for bankruptcy. Therefore, to the extent that a Fund engages in trading in OTC markets, a Fund could be exposed to greater risk of loss through default than if it confined its trading to transactions that are centrally cleared. The second category of risk exists at and from the time that a Fund enters into derivatives transactions that are centrally cleared. In such cases, a clearing organization becomes a Fund’s counterparty and the principal counterparty risk is that the clearing organization itself will default. In addition, the FCM may hold margin posted in connection with those contracts and that margin may be rehypothecated (or re-pledged) by the FCM and lost or its return delayed due to a default by the FCM or other customer of the FCM. The FCM may itself file for bankruptcy, which would either delay the return of, or jeopardize altogether the assets posted by the FCM as margin in response to margin calls relating to cleared positions. If a counterparty fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruptions, a Fund could miss investment opportunities or otherwise hold investments it would prefer to sell, resulting in losses for a Fund.

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.

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 its currency risks.

Derivatives may involve significant risk. The use of derivative instruments may expose the Funds to additional risks that it would not be subject to if it invested directly in the securities or other instruments underlying those

derivatives, including the high degree of leverage often embedded in such instruments, and potential material and prolonged deviations between the theoretical value and realizable value of a derivative. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may at times be illiquid, and the Funds may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives may be difficult to value, and valuation may be more difficult in times of market turmoil.

Derivatives may also be more volatile than other types of investments. The Funds may buy or sell derivatives not traded on an exchange, which may be subject to heightened liquidity and valuation risk. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk and credit risk. As a result, the Funds may not recover their 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. Ongoing changes to the regulation of the derivatives markets and potential changes in the regulation of funds using derivative instruments could limit a Fund’s ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or performance.

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, 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.

used will succeed. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that a Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of a Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract).

If the Funds use a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the Funds’ return, or create a loss.

Portfolio turnover is a measure of a Fund’s trading activity over a one-year period. A portfolio turnover rate of 100% would indicate that a Fund sold and replaced the entire value of its securities holdings during the period. High portfolio turnover could increase a Fund’s transaction costs because of increased broker commissions resulting from such transactions. These costs are not reflected in the Funds’ annual operating expenses or in the expense example, but they can have a negative impact on performance. Frequent trading by the Funds could also result in increased realized net capital gains, distributions of which are taxable to the Funds’ shareholders (including net short-term capital gain distributions, which are taxable to them as ordinary income).

Exposure to high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks than an investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is weak or expected to become weak. These securities also may be difficult to sell at the time and price a Fund desires. High-yield securities are considered to be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Funds may lose its entire investment.

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. 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. 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. Extremely low or negative interest rates may become more prevalent among U.S. and foreign issuers. To the extent a Fund holds an investment with a negative interest rate to maturity, a Fund may generate a negative return on that investment. Conversely, in the future, interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to a Fund.

Financial leverage magnifies the exposure to the movement in prices of an asset or class of assets underlying a derivative instrument and results in increased volatility, which means that a Fund will have the potential for greater losses than if a Fund does not use the derivative instruments that have a leveraging effect. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in a Fund’s exposure to an asset or class of assets and may cause a Fund’s NAV to be volatile.

A Fund may experience leveraging risk in connection with investments in derivatives because its investments in derivatives may be purchased with a fraction of the assets that would be needed to purchase the securities directly, so that the remainder of the assets may be invested in other investments. Such investments may have the effect of leveraging a Fund because a Fund may experience gains or losses not only on its investments in derivatives, but also on the investments purchased with the remainder of the assets. If the value of a Fund’s investments in derivatives is increasing, this could be offset by declining values of a Fund’s other investments. Conversely, it is possible that the rise in the value of a Fund’s non-derivative investments could be offset by a decline in the value of a Fund’s investments in derivatives. In either scenario, a Fund may experience losses. In a market where the value of a Fund’s investments in derivatives is declining and the value of its other investments is declining, a Fund may experience substantial losses. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. In addition, the costs that a Fund pays to engage in these practices are additional costs borne by a Fund and could reduce or eliminate any net investment profits.

Certain of the instruments identified in a Fund’s principal investment strategies have coupon rates or may provide exposure to underlying investments with coupon rates, that are based on the ICE LIBOR (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). These Reference Rates are generally intended to represent the rate at which contributing banks may obtain short-term borrowings within certain financial markets.

Most maturities and currencies of LIBOR were phased out at the end of 2021, with the remaining ones phased out on June 30, 2023. These events and any additional regulatory or market changes may have an adverse impact on a Fund or its investments, including increased volatility or illiquidity in markets for instruments that rely on LIBOR. SOFR has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a Reference Rate in the United States and U.S. law required that contracts without a practicable LIBOR alternative default to SOFR plus a set spread beginning in mid-2023. Other countries have undertaken similar initiatives to identify replacement Reference Rates for LIBOR in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new Reference Rate, as well as risks associated with using a new Reference Rate with respect to new investments and transactions. The transition process, or the failure of an industry to transition, could lead to increased volatility and illiquidity in markets for instruments that relied on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments, all of which would impact a Fund. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a Fund’s performance and/or NAV.

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 a Fund may be difficult to sell or other investments may be difficult to purchase at favorable times or prices. As a result, a 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. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer.

Since the Funds will typically hold both long and short positions, an investment in the Funds will involve market risks associated with different types of investment decisions than those made for a typical “long only” fund. The Funds’ results could suffer both when there is a general market advance and the Funds hold significant “short” positions, and when there is a general market decline and the Funds hold significant “long” positions. In recent years, the markets have shown considerable volatility from day to day and even in intra-day trading.

The Funds are subject to the risk of market timing activities by investors due to the Funds’ investments in high yield, and foreign securities, or its exposure to foreign securities through the derivatives it holds. If the Funds trade foreign securities, it generally prices these foreign securities using their closing prices from the foreign markets in which they trade, which typically is prior to the Funds’ calculation of its net asset value (“NAV”). These prices may be affected by events that occur after the close of a foreign market but before the Fund prices 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. Frequent trading by Funds 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. While the Manager monitors trading in the Funds, there is no guarantee that it can detect all market timing activities.

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.

The Funds are non-diversified, which means the Funds may focus their investments in the securities of a comparatively small number of issuers. Investments in securities of a limited number of issuers exposes the Funds to greater market risk and potential losses than if assets were diversified among the securities of a greater number of issuers.

The Funds are unlikely to be successful in its quantitative trading strategies unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated. If and to the extent that the models do not reflect certain factors, and the sub-advisor does not successfully address such omission through its testing and evaluation and modify the models accordingly, major losses may result – all of which will be borne by the Funds. The sub-advisor will continue to test, evaluate and add new Models, which may lead to the Models being modified from time to time. Any modification of the Models or strategies will not be subject to any requirement that shareholders receive notice of the change or that they consent to it. There can be no assurance as to the effects (positive or negative) of any modification to the Models or strategies on a Fund’s performance.

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

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

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.

The Funds’ losses are potentially unlimited in a short position transaction because there is potentially no limit on the amount that the security that the Funds are required to purchase may have appreciated. Because the Funds may invest the proceeds of a short sale, another effect of short selling on the Funds is similar to the effect of leverage, in that it amplifies changes in the Funds’ net asset value since it increases the exposure of the Funds to the market.

An investment in sovereign and quasi-sovereign debt obligations involves special risks not present in corporate debt obligations. Sovereign and quasi-sovereign debt securities. These investments are issued or guaranteed by a sovereign government or entity affiliated with or backed by a sovereign government. The issuer of

the sovereign or quasi-sovereign debt that controls the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Funds may have limited recourse in the event of a default. In addition, these investments are subject to risk of payment delays or defaults due to (1) country cash flow problems, (2) insufficient foreign currency reserves, (3) political considerations, (4) large debt positions relative to the country’s economy, (5) policies toward foreign lenders or investors, (6) the failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or unwillingness to repay debts. It may be particularly difficult to enforce the rights of debt holders in frontier and emerging markets. A governmental entity that defaults on an obligation may request additional time in which to pay or receive further loans or may seek to restructure its obligations to reduce interest rates or outstanding principal. There is no legal process for collecting sovereign and quasi-sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign and quasi-sovereign debt risk is increased for emerging and frontier markets issuers, which are among the largest debtors to commercial banks and foreign governments. At times, certain emerging market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness.

There can be no assurance that the investment objective of a Subsidiary will be achieved. The Subsidiaries are not registered under the Act, and are not subject to all the investor protections of the Act. However, each Fund wholly owns and controls its respective Subsidiary, and each Fund and its respective Subsidiary are both managed by the Manager and the sub-advisor pursuant to separate agreements, making it unlikely that a Subsidiary will take action contrary to the interests of its respective Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Funds, including its investment in the Subsidiaries, and each Fund’s role as sole shareholder of its respective Subsidiary. Changes in the laws of the United States and/or the Cayman Islands, under which the Funds and Subsidiaries, respectively, are organized, could result in the inability of the Funds and/or Subsidiaries to operate as described in the Prospectus and could negatively affect the Funds and their respective shareholders. For example, the Cayman Islands government has undertaken not to impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiaries. If Cayman Islands law changes such that the Subsidiaries must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. Rulemaking by the CFTC or other regulatory initiatives may affect the Funds’ ability to use its respective Subsidiary to pursue its investment strategies.

Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically include a certain amount of embedded leverage and as such are subject to leveraging risk. If swaps are used as a hedging strategy, the Funds are subject to the risk that the hedging strategy may not eliminate the risk that is intended to offset, due to, among other reasons, the occurrence of unexpected price movements or the non-occurrence of expected price movements. Swaps also may be difficult to value. Interest rate swaps, total return swaps, currency swaps, credit default swaps and commodities swaps are subject to counterparty risk, credit risk and liquidity risk. In addition, interest rate swaps are subject to interest rate risk, total return swaps are subject to market risk, and interest rate risk if the underlying securities are bonds or other debt obligations, currency swaps are subject to currency risk, and commodities swaps are subject to commodities risk.

To qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) (“RIC”), the Funds must, among other requirements, derive at least 90% of their gross income for each taxable year from “qualifying income.” Income from certain commodity-linked derivative instruments in which the AHL Managed Futures Strategy and AHL TargetRisk Funds invest is not

considered qualifying income. These Funds will therefore restrict their income from direct investments in those instruments, such as commodity-linked swaps, to a maximum of 10% of their gross income for each taxable year. Each of these Fund’s investment in its Subsidiary is expected to provide the Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M. The Internal Revenue Service (“IRS”) issued a large number of private letter rulings (“PLRs”) (which the Funds may not cite as precedent) from 2006 to 2011 that income a RIC derives from a wholly owned foreign subsidiary (a “controlled foreign corporation” or “CFC”) (such as the Subsidiary) that earns income derived from commodity-linked derivative instruments is qualifying income. Treasury regulations published on March 19, 2019, provide that income inclusions of a RIC from a CFC are qualifying income for the RIC whether or not the CFC makes distributions to the RIC out of its associated earnings and profits for the applicable taxable year. The federal income tax treatment of a Fund’s commodity-linked investments and income from its Subsidiary may be materially adversely affected by future legislation, other Treasury regulations, and/or guidance issued by the IRS that could affect whether income from such investments is qualifying income under Subchapter M or otherwise materially affect the character, timing or recognition, and/or amount of a Fund’s taxable income and/or net capital gains and, therefore, the distributions the Funds make.

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.

The Funds may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Funds’ NAV per share to experience significant increases or declines in value over short periods of time. Market interest rate changes may also cause the Funds’ NAV per share to experience volatility. This is because the value of an obligation asset in the Funds is partially a function of whether it is paying what the market perceives to be a market rate of interest for the particular obligation given its individual credit and other characteristics. If market interest rates change, an obligation’s value could be affected to the extent the interest rate paid on that obligation does not reset at the same time.

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 December 31, 2023 AHL Managed Futures Strategy Fund and AHL TargetRisk Fund and the tax year ended December 31, 2023 for AHL Multi-Alternatives Fund 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 Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

As of June 30, 2024, the tax cost for each Fund and their respective gross unrealized appreciation (depreciation) were as follows:

Under the Regulated Investment Company Modernization Act of 2010 (“RIC MOD”), net capital losses recognized by the Funds in taxable years beginning after December 22, 2010 are carried forward indefinitely and retain their character as short-term and/or long-term losses.

As of December 31, 2023, the Funds had the following capital loss carryforwards:

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended June 30, 2024 were as follows:

Effective November 10, 2023 (the “Effective Date”), the Funds, along with certain other funds managed by the Manager (“Participating Funds”), renewed a committed revolving line of credit (the “Committed Line”) agreement with State Street Bank and Trust Company (the “Bank”) to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 8, 2024, unless extended by the Bank or

terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 9, 2023.

On the Effective Date, the Funds, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the “Uncommitted Line”) agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a rate equal to the higher of (a) OBFR daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed on each outstanding loan. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 8, 2024, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 9, 2023.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Line of credit expense” on the Statements of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the period ended June 30, 2024, the Funds did not utilize these facilities.

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

^B Seed capital was received on August 17, 2023 in the amount of $100,000 for the Y Class, $100,000 for the A Class, $100,000 for the C Class and $22,200,000 for the R6 Class. As a result, shares were issued in the amount of 10,000 for the Y Class, 10,000 for the A Class, 10,000 for the C Class and 2,220,000 for the R6 Class.

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.

To the best of my knowledge and belief, the information contained in the attached financial statements for the American Beacon AHL Managed Futures Strategy Fund, American Beacon AHL Multi-Alternatives Fund and American Beacon AHL TargetRisk Fund for the period from January 1, 2024 to June 30, 2024, is accurate and complete.

American Beacon AHL Managed Futures Strategy Fund, American Beacon AHL Multi-Alternatives Fund and

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

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.

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 AHL Managed Futures Strategy Fund, American Beacon AHL Multi-Alternatives Fund and American Beacon AHL Target Risk Fund are service marks of American Beacon Advisors, Inc.

^C 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 $0 or 0.00% of net assets.

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

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

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

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

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 June 30, 2024, the Trust consists of twenty-four active series, two of which are presented in this filing: American Beacon Man Large Cap Growth Fund and American Beacon Man Large Cap Value Fund (collectively, the “Funds” and each individually a “Fund”). The remaining twenty-two active series are reported in separate filings. Prior to May 1, 2024, the American Beacon Man Large Cap Growth Fund and American Beacon Man Large Cap Value Fund were known as American Beacon Bridgeway Large Cap Growth Fund and American Beacon Bridgeway Large Cap Value Fund, respectively.

Effective December 29, 2023, the Manager underwent a change of control, which resulted in the termination of the Fund’s previous management agreement. The Board approved a new Management Agreement that was effective on December 29, 2023.

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.

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.

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 of Trustees (the “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.

The Board of the Trust, at the recommendation of the Manager, approved; (i) the termination of the investment advisory agreement among the Manager, Bridgeway Capital Management, LLC and the Trust, on behalf of the American Beacon Man Large Cap Growth Fund (formerly known as American Beacon Bridgeway Large Cap

Growth Fund) and the American Beacon Man Large Cap Value Fund (formerly known as American Beacon Bridgeway Large Cap Value Fund), effective April 30, 2024, and (ii) a new investment advisory agreement among the Manager, Numeric Investors LLC, and the Trust on behalf of the Funds, effective May 1, 2024.

The Trust, on behalf of the Funds, and the Manager have entered into an Investment Advisory Agreement with Numeric Investors LLC (the “Sub-Advisor”) pursuant to which each 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 according to the following schedule:

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

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statements of Operations. During the period ended June 30, 2024, the Manager received securities lending fees of $1 for the securities lending activities of the Man Large Cap Growth Fund.

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

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 a June 30, 2024 fair value and dividend income earned from the investment in the USG Select Fund.

The Funds and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the period ended June 30, 2024, the Manager earned fees on the Funds’ direct investments and securities lending collateral investments in the USG Select Fund as shown below:

* These amounts represent Recouped Expenses from prior fiscal years and are reflected in Other expenses on the Statements of Operations.

Of the above amounts, $15,996 was disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at June 30, 2024 for the Man Large Cap Growth Fund.

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 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:

The Funds’ Distributor, Resolute Investment Distributors, Inc. (“RID” or “Distributor”), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended June 30, 2024, RID collected $62 and $69 for Man Large Cap Growth Fund and Man Large Cap Value Fund, respectively, from the sale of A Class Shares.

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 Funds’ Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended June 30, 2024, CDSC fees of $4 were collected for the C Class Shares of Man Large Cap Value Fund. There were no CDSC fees collected for the Class C Shares of the Man Large Cap Growth Fund.

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.

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.

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 Fund.

Common stocks, preferred securities, ETFs, 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.

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.

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 may own shares of REITs which report information on the source of their distributions annually. The Funds re-characterize distributions received from REIT investments based on information provided by the REITs into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REITs, the re-characterization will be estimated based on available information, which may include the previous year allocation. If new or additional information becomes available from the REITs at a later date, a re-characterization will be made the following year.

The Funds may utilize derivative instruments to gain market exposure on cash balances. 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.

margin that was previously paid. A Treasury futures contract is a contract for the future delivery of a U.S. Treasury security. 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 futures contracts and the assets underlying such contracts and that there may not be a liquid secondary market for a futures contract.

During the period ended June 30, 2024, the Funds entered into futures contracts primarily for exposing cash to markets.

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

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

⁽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 Statements of Assets and Liabilities.

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

REITs, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Funds to additional risk. The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities’ investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock.

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

An investment in the Funds 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 Funds, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Funds.

The Funds may invest in shares of other registered investment companies, including money market funds that are advised by the Manager. To the extent that the Funds invest in shares of other registered investment companies, the Funds will indirectly bear the fees and expenses, including for example advisory and administrative fees, charged by those investment companies in addition to the Funds’ direct fees and expenses and will be subject to the risks associated with investments in those companies. For example, the Funds’ investments in money market funds are subject to interest rate risk, credit risk, and market risk. The Funds must rely on the investment company in which it invests to achieve its investment objective. If the investment company fails to achieve its investment objective, the value of the Funds’ investment will decline, adversely affecting the Funds’ performance. To the extent the Funds invest in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Funds are 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.

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.

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.

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 a Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for a Fund to operate, which may impact performance.

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.

settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, a Fund could incur delays in its ability to enforce its rights in its collateral. There also is a risk that a borrower may default on its obligation to return loaned securities at a time when the value of a Fund’s collateral is inadequate. Although a Fund’s securities lending agent may indemnify a Fund against that risk, it is also possible that the securities lending agent will be unable to satisfy its indemnification obligations. In any case in which the loaned securities are not returned to a Fund before an ex-dividend date, whether or not due to a default by the borrower, the payment in lieu of the dividend that a Fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”

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 December 31, 2023 remain subject to examination by the Internal Revenue Service. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other expenses” on the Statements of Operations.

As of June 30, 2024, the tax cost for each Fund and their respective gross unrealized appreciation (depreciation) were as follows:

For federal income tax purposes, the Funds measure their capital loss carryforwards annually at December 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.

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended June 30, 2024 were as follows:

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

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.

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.

The Funds did not have any securities on loan or hold any securities lending collateral as of the period ended June 30, 2024.

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.

During the period ended June 30, 2024, the Funds did not utilize these facilities.

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

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

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

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

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

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

^D 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 $0 or 0.00% of net assets.

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

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

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 June 30, 2024, the Trust consists of twenty-four active series, two of which are presented in this filing: American Beacon Stephens Mid-Cap Growth Fund and American Beacon Stephens Small Cap Growth Fund (collectively, the “Funds” and each individually a “Fund”). The remaining twenty-two active series are reported in separate filings.

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 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 Funds, that were effective on December 29, 2023.

Each 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:

The Trust, on behalf of the Funds, and the Manager have entered into Investment Advisory Agreement with Stephens Investment Management Group LLC (the “Sub-Advisor”) pursuant to which each 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 according to the following schedule:

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

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in “Income derived from securities lending” and “Management and sub-advisory fees” on the Statements of Operations. During the period ended June 30, 2024, the Manager received securities lending fees of $613 and $456 for the securities lending activities of the Stephens Mid-Cap Growth Fund and Stephens Small Cap Growth Fund, respectively.

agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary’s average net assets in the R5 and Y Classes on an annual basis. During the period ended June 30, 2024, the sub-transfer agent fees, as reflected in “Transfer agent fees” on the Statements of Operations, were as follows:

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

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 provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager’s asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended June 30, 2024, the Stephens Small Cap Growth Fund borrowed on average $20,514,395 for 2 days at an average interest rate of 6.14% with interest charges of $12,691. These amounts are recorded as “Loan expense” in the Statements of Operations. During the period ended June 30, 2024 the Stephens Mid-Cap Growth Fund did not utilize the credit facility.

* These amounts represent Recouped Expenses from prior fiscal years and are reflected in Other expenses on the Statements of Operations.

Of the above amounts, $11,746 and $24,571 and were disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at June 30, 2024 for the Stephens Mid-Cap Growth Fund and Stephens Small Cap Growth Fund, respectively.

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:

The Funds’ Distributor, Resolute Investment Distributors, Inc. (“RID” or “Distributor”), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended June 30, 2024, RID collected $296 and $93 for Stephens Mid-Cap Growth Fund and Stephens Small Cap Growth Fund, respectively, from the sale of A Class Shares.

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 Funds’ Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended June 30, 2024, CDSC fees of $23 were collected for the C Class Shares of Stephens Small Cap Growth Fund. There were no CDSC fees collected for the Class C Shares of the Stephens Mid-Cap Growth Fund.

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.

Common stocks, preferred securities, ETFs 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.

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.

The Funds 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 Funds invest in an MLP as a limited partner and normally would not be liable for the debts of an MLP beyond the amount a 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 a 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.

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

Equity securities are subject to investment risk and market risk. The Funds’ investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, real estate investment trusts (“REITs”), depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Funds to additional risk. The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities’ investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock.

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.

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.

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 a Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for a Fund to operate, which may impact performance.

Sector risk is the risk associated with a 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 a Fund associated with that sector increase.

To the extent a Fund invests significantly in the information technology sector, the value of the Fund’s shares may be particularly vulnerable to factors affecting that sector, such as a greater degree of market risk and sharp price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. The value of a Fund’s shares could experience significantly greater volatility than investment companies investing more broadly.

A Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of a Fund’s securities provide collateral either in the form of cash, which a Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. A Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. A Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or “rebate” for the use of that cash collateral in connection with the loan. A Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a Fund’s ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, a Fund could incur delays in its ability to enforce its rights in its collateral. There also is a risk that a borrower may default on its obligation to return loaned securities at a time when the value of a Fund’s collateral is inadequate. Although a Fund’s securities lending agent may indemnify a Fund against that risk, it is also possible that the securities lending agent will be unable to satisfy its indemnification obligations. In any case in which the loaned securities are not returned to a Fund before an ex-dividend date, whether or not due to a default by the borrower, the payment in lieu of the dividend that a Fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”

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, June 30, 2024.

As of December 31, 2023, the Funds had the following capital loss carryforwards:

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended June 30, 2024 were as follows:

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

the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount is received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Funds would be subject to on the dividend.

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

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

During the period ended June 30, 2024, the Funds did not utilize these facilities.

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

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 Stephens Mid-Cap Growth Fund and American Beacon Stephens Small Cap Growth Fund are service marks of American Beacon Advisors, Inc.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

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.

Disclosure Regarding Approvals of the Management and Investment Advisory Agreements for the American Beacon Bridgeway Large Cap Growth Fund and American Beacon Bridgeway Large Cap Value Fund (Unaudited)

At its March 7, 2024 meeting, the Board of Trustees (“Board”) considered the approval of a new investment advisory Agreement (the “Agreement”) among American Beacon Advisors, Inc. (“the “Manager”), the American Beacon Funds (the “Trust”), on behalf of the American Beacon Bridgeway Large Cap Growth Fund and American Beacon Bridgeway Large Cap Value Fund, which have since been renamed the American Beacon Man Large Cap Growth Fund and American Beacon Man Large Cap Value Fund, respectively (each, a “Fund” and collectively, the “Funds”), each a series of the Trust, and Numeric Investors, LLC (“Numeric” or the “Sub-Advisor”).

Prior to the March 7, 2024 meeting, information was provided to the Board by the Sub-Advisor in response to requests from the Board and/or the Manager in connection with the Board’s consideration of the Agreement. The Board also received information from the Manager in connection with the Board’s consideration of the Agreement, and the Investment Committee of the Board met with representatives of the Sub-Advisor.

Provided below is an overview of the primary factors the Board considered at its March 7, 2024 meeting at which the Board considered the approval of the Agreement. In determining whether to approve the Agreement, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services to be provided; (2) simulated performance of the strategy proposed by Numeric for each Fund; (3) the extent to which economies of scale, if any, have been taken into account in setting the fee schedule; (4) whether fee levels reflect these economies of scale, if any, for the benefit of investors; (5) comparisons of services and fees with contracts entered into by the Funds with the prior sub-advisor, and contracts entered into by the Sub-Advisor with other clients; and (6) any other benefits anticipated to be derived by the Sub-Advisor from its relationship with the Funds.

The Board did not identify any particular information that was most relevant to its consideration of the Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the Trustees who are not “interested persons” of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (“1940 Act”), provided the Board with a memorandum regarding its responsibilities pertaining to the approval of investment advisory contracts, such as the Agreement. The memorandum explained the regulatory requirements surrounding the Trustees’ process for evaluating investment advisors and the terms of investment advisory contracts. Based on its evaluation, the Board unanimously concluded that the terms of the Agreement were reasonable and fair and that the approval of the Agreement was in the best interests of the Funds.

Nature, Extent and Quality of the Services to Be Provided by the Sub-Advisor. The Board considered information regarding the Sub- Advisor’s principal business activities and overall capabilities to perform the services under the Agreement. In addition, the Board considered the background and experience of the personnel who will be assigned responsibility for managing each Fund. The Board also considered the Sub-Advisor’s investment resources, infrastructure and the adequacy of its compliance program. The Board also took into consideration the Manager’s recommendation of the Sub-Advisor. The Board considered the Sub-Advisor’s representation that its current and projected staffing levels were adequate to service the Funds. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by the Sub-Advisor were appropriate for the Funds in light of each Fund’s investment objective, and, thus, supported a decision to approve the Agreement.

Performance of the Sub-Advisor. The Board considered the Sub-Advisor’s representation that it did not manage any client accounts in the strategy of either Fund. Accordingly, the Board evaluated the information provided by the Sub-Advisor regarding the simulated performance of the strategy proposed for each Fund reflecting how the strategy may have performed over various periods ended December 31, 2023, relative to the performance of each Fund’s benchmark index. The Board considered that the Sub-Advisor’s large cap value strategy would have outperformed the benchmark index for the 1-year, 3-year, 5-year and since inception periods for the Large Cap Value Fund, and the Sub-Advisor’s large cap growth strategy would have outperformed the benchmark index for the 3-year, 5-year and since-inception periods, but underperformed for the 1-year period for the Large Cap Growth

Fund. The Board also considered representations made by the Sub-Advisor regarding the assumptions made to calculate the simulated performance results, which would cause the simulated performance results to differ from actual results that may be achieved by the Fund.

Comparisons of the Amounts to Be Paid Under the Agreement with Those Under Contracts Between the Funds and the Prior Sub-Advisor, and the Sub-Advisor and Its Other Clients. In evaluating the Agreement, the Board reviewed the proposed advisory fee rates for services to be performed by the Sub-Advisor on behalf of the Funds. The Board considered that, at all asset levels, the advisory fee rates were less than the advisory fee rates paid by each Fund to the prior sub-advisor, and that the Sub-Advisor did not manage any client accounts in the strategy of either Fund. The Board considered that, as with the agreement among the Manager, the Trust, on behalf of the Funds, and the Funds’ prior sub-advisor, the Sub-Advisor’s investment advisory fee rates under the Agreement would be paid to the Sub-Advisor by each Fund. After evaluating this information, the Board concluded that the Sub-Advisor’s advisory fee rates under the Agreement were reasonable in light of the services to be provided to the Funds.

Costs of the Services to Be Provided and Profits to Be Realized by the Sub-Advisor and Its Affiliates from Its Relationship with the Funds. The Board did not consider the costs of the services to be provided and any profits to be realized by the Sub-Advisor from its relationship with the Funds, noting instead the arm’s-length nature of the relationship between the Manager and the Sub-Advisor with respect to the negotiation of the advisory fee rates on behalf of the Funds.

Economies of Scale. The Board considered the Sub-Advisor’s representation that it believes that the proposed advisory fee rate schedule for the Funds, which includes breakpoints, reflects potential economies of scale for the benefit of each Fund’s investors.

Benefits to Be Derived by the Sub-Advisor from Its Relationship with the Funds. The Board considered that the Sub-Advisor may benefit from soft dollar credits for third-party research that may accrue to it because of the Sub-Advisor’s relationship with the Funds. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Sub-Advisor by virtue of its relationship with the Funds appear to be fair and reasonable.

Board’s Conclusion. Based on the various considerations described above, the Board, including a majority of Trustees who are not “interested persons” of the Funds, the Manager or the Sub-Advisor, as that term is defined in the 1940 Act, concluded that the proposed investment advisory fee rates are fair and reasonable, and the approval of the Agreement is in the best interests of each Fund and approved the Agreement.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

The registrant has made no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

(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

(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.

(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.

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.

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.


Consolidated Schedules of Investments:
AHL Managed Futures Strategy Fund			1
AHL Multi-Alternatives Fund			146
AHL TargetRisk Fund			165

Consolidated Financial Statements			171

Notes to Consolidated Financial Statements			176

Consolidated Financial Highlights:
AHL Managed Futures Strategy Fund			212
AHL Multi-Alternatives Fund			217
AHL TargetRisk Fund			221

Affirmation of the Commodity Pool Operator			226



	Principal Amount			Fair Value


SHORT-TERM INVESTMENTS - 83.91%

U.S. Treasury Obligations - 83.91%
U.S. Treasury Bills,
5.221%, Due 7/5/2024^A		$	200,000,000		$	199,883,556
5.364%, Due 7/9/2024			200,000,000			199,768,444
5.328%, Due 7/11/2024^A			50,000,000			49,927,291
5.272%, Due 7/18/2024^A			250,000,000			249,379,027
5.283%, Due 7/25/2024^A			200,000,000			199,303,334
5.297%, Due 8/8/2024^A			250,000,000			248,619,070
5.317%, Due 8/15/2024^A			250,000,000			248,368,515
5.353%, Due 8/29/2024			200,000,000			198,276,708
5.325%, Due 9/5/2024^A			50,000,000			49,522,188
5.338%, Due 9/12/2024^A			50,000,000			49,469,888
5.357%, Due 9/19/2024^A			50,000,000			49,420,778
5.368%, Due 9/26/2024^A			250,000,000			246,843,230
5.350%, Due 10/3/2024^A			250,000,000			246,621,875
5.363%, Due 10/24/2024^A			50,000,000			49,171,202
5.357%, Due 11/7/2024^A			225,000,000			220,831,688
5.360%, Due 11/14/2024^A			175,000,000			171,591,973
5.309%, Due 11/29/2024			100,000,000			97,852,444
5.345%, Due 12/5/2024^A			130,000,000			127,088,740


Total Short-Term Investments (Cost $2,902,125,777)						2,901,939,951


TOTAL INVESTMENTS - 83.91% (Cost $2,902,125,777)						2,901,939,951
OTHER ASSETS, NET OF LIABILITIES - 16.09%						556,550,951

TOTAL NET ASSETS - 100.00%					$	3,458,490,902


Percentages are stated as a percent of net assets.


Long Futures Contracts Open on June 30, 2024:

Commodity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
COMEX Copper Futures^A	564	September 2024	$	62,434,268	$	61,920,150	$	(514,118	)
COMEX Gold 100 Troy Ounces Futures^A	560	August 2024		133,280,427		131,017,600		(2,262,827	)
COMEX Silver Futures^A	609	September 2024		91,043,987		90,010,200		(1,033,787	)
Euronext Rapeseed Futures^A	184	July 2024		4,823,925		4,702,222		(121,703	)
Euronext Rapeseed Futures^A	109	October 2024		2,826,990		2,836,627		9,637
ICE Brent Crude Oil Futures^A	1,170	July 2024		97,621,801		99,450,000		1,828,199
ICE Cocoa Futures^A	83	September 2024		7,441,728		6,677,125		(764,603	)
ICE Cocoa Futures^A	2	December 2024		161,959		132,907		(29,052	)
ICE Gas Oil Futures^A	421	July 2024		32,813,012		33,069,550		256,538
ICE Gas Oil Futures^A	139	August 2024		10,965,200		10,897,600		(67,600	)
ICE Robusta Coffee Futures 10-Tonne^A	502	September 2024		20,587,547		20,135,220		(452,327	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	16	October 2024		148,620		123,240		(25,380	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	16	November 2024		148,620		142,320		(6,300	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	16	December 2024		148,620		152,960		4,340
ICE U.S. - Henry Ld1 Fixed Price Futures^A	16	January 2025		148,620		146,480		(2,140	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	16	February 2025		148,620		130,160		(18,460	)
LME Copper Futures^A	61	July 2024		14,437,974		14,471,427		33,453
LME Copper Futures^A	86	August 2024		21,535,666		20,524,524		(1,011,142	)
LME Copper Futures^A	185	September 2024		45,250,470		44,363,694		(886,776	)
LME Lead Futures^A	338	July 2024		18,589,883		18,498,233		(91,650	)
LME Lead Futures^A	253	August 2024		14,527,118		13,995,644		(531,474	)
LME Nickel Futures^A	5	July 2024		586,786		512,797		(73,989	)
LME Nickel Futures^A	48	August 2024		5,901,298		4,950,789		(950,509	)


Long Futures Contracts Open on June 30, 2024 (continued):

Commodity Futures Contracts (continued)
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
LME Primary Aluminum Futures^A	1,475	July 2024	$	91,119,367	$	91,837,925	$	718,558
LME Primary Aluminum Futures^A	137	August 2024		9,007,369		8,593,942		(413,427	)
LME Zinc Futures^A	725	July 2024		50,562,641		52,387,594		1,824,953
LME Zinc Futures^A	87	August 2024		6,557,115		6,341,321		(215,794	)
LME Zinc Futures^A	36	September 2024		2,665,631		2,641,923		(23,708	)
MDE Crude Palm Oil Futures^A	567	September 2024		11,815,565		11,766,677		(48,888	)
NYBOT CSC C Coffee Futures^A	742	September 2024		61,996,270		63,107,100		1,110,830
NYBOT CSC Cocoa Futures^A	146	September 2024		13,132,745		11,287,260		(1,845,485	)
NYMEX Light Sweet Crude Oil Futures^A	852	July 2024		68,047,204		69,472,080		1,424,876
NYMEX Platinum Futures^A	600	October 2024		29,793,201		30,423,000		629,799
NYMEX Reformulated Gasoline Blendstock for Oxygen Blending RBOB Futures^A	502	July 2024		52,932,100		52,741,626		(190,474	)

			$	983,202,347	$	979,461,917	$	(3,740,430	)


Currency Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
NYBOT FINEX U.S. Dollar Index Futures	2,133	September 2024	$	222,615,138	$	225,127,485	$	2,512,347

			$	222,615,138	$	225,127,485	$	2,512,347


Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Borsa Italiana FTSE/MIB Index Futures	342	September 2024	$	60,780,707	$	61,104,000	$	323,293
CME E-Mini NASDAQ 100 Index Futures	310	September 2024		123,734,327		123,548,950		(185,377	)
CME E-Mini Standard & Poor's 500 Index Futures	635	September 2024		174,832,124		175,307,625		475,501
Eurex DAX Index Futures	143	September 2024		70,022,566		70,458,608		436,042
Eurex EURO STOXX 50 Index Futures	1,317	September 2024		70,191,880		69,478,361		(713,519	)
Euronext CAC 40 Index Futures	474	July 2024		38,384,402		38,034,217		(350,185	)
HKG Hang Seng China Enterprises Index Futures	215	July 2024		8,795,058		8,624,449		(170,609	)
ICE FTSE 100 Index Futures	1,564	September 2024		162,333,680		162,355,472		21,792
ICE U.S. mini MSCI EAFE Index Futures	914	September 2024		106,858,500		107,084,240		225,740
ICE U.S. MSCI Emerging Markets EM Index Futures	2,135	September 2024		115,836,190		116,165,350		329,160
Montreal Exchange S&P/TSX 60 Index Futures	390	September 2024		74,058,754		74,718,760		660,006
OML Stockholm OMXS30 Index Futures	2,977	July 2024		72,489,800		72,409,718		(80,082	)
SAFEX FTSE/JSE Top 40 Index Futures	2,008	September 2024		80,876,537		81,387,254		510,717
SFE S&P ASX Share Price Index 200 Futures	768	September 2024		99,210,184		99,546,239		336,055
SGX FTSE Taiwan Index Futures	1,254	July 2024		96,863,559		96,746,100		(117,459	)
SGX Nikkei 225 Stock Index Futures	842	September 2024		102,079,911		103,647,275		1,567,364
TSE TOPIX Futures	681	September 2024		117,398,791		118,960,190		1,561,399

			$	1,574,746,970	$	1,579,576,808	$	4,829,838


Interest Rate Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
TSE Japanese 10 Year Bond Futures	288	September 2024	$	257,731,792	$	255,725,527	$	(2,006,265	)

			$	257,731,792	$	255,725,527	$	(2,006,265	)


Short Futures Contracts Open on June 30, 2024:

Commodity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
CBOT Corn Futures^A	3,435	December 2024	$	(76,368,822	)	$	(72,263,813	)	$	4,105,009
CBOT Soybean Futures^A	2,971	November 2024		(168,919,545	)		(163,999,200	)		4,920,345
CBOT Soybean Meal Futures^A	832	December 2024		(28,680,430	)		(27,913,600	)		766,830
CBOT Soybean Oil Futures^A	2,387	December 2024		(63,031,925	)		(62,716,038	)		315,887
CME Lean Hogs Futures^A	1,117	August 2024		(41,532,934	)		(39,988,600	)		1,544,334
CME Lean Hogs Futures^A	105	October 2024		(3,142,082	)		(3,180,450	)		(38,368	)
Euronext Milling Wheat Futures^A	820	December 2024		(10,268,166	)		(10,164,926	)		103,240
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	March 2025		(449,930	)		(422,940	)		26,990
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	April 2025		(449,930	)		(426,580	)		23,350
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	May 2025		(449,930	)		(449,680	)		250
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	June 2025		(449,930	)		(478,520	)		(28,590	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	July 2025		(449,930	)		(483,700	)		(33,770	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	August 2025		(449,930	)		(478,520	)		(28,590	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	September 2025		(449,930	)		(488,040	)		(38,110	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	December 2025		(534,590	)		(629,020	)		(94,430	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	January 2026		(534,590	)		(594,300	)		(59,710	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	February 2026		(534,590	)		(514,920	)		19,670
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	March 2026		(534,590	)		(460,600	)		73,990
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	April 2026		(534,590	)		(462,420	)		72,170
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	May 2026		(534,590	)		(484,820	)		49,770
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	June 2026		(534,590	)		(514,500	)		20,090
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	July 2026		(534,590	)		(517,160	)		17,430
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	August 2026		(534,590	)		(512,260	)		22,330
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	September 2026		(534,590	)		(521,640	)		12,950
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	October 2026		(534,590	)		(561,120	)		(26,530	)
ICE U.S. - Henry Ld1 Fixed Price Futures^A	56	November 2026		(534,590	)		(621,320	)		(86,730	)
KCBT Hard Red Winter Wheat Futures^A	1,022	September 2024		(30,202,112	)		(29,957,375	)		244,737
LME Copper Futures^A	15	July 2024		(3,597,836	)		(3,558,548	)		39,288
LME Lead Futures^A	338	July 2024		(18,750,787	)		(18,498,233	)		252,554
LME Lead Futures^A	253	August 2024		(13,739,542	)		(13,995,644	)		(256,102	)
LME Lead Futures^A	63	September 2024		(3,393,215	)		(3,510,754	)		(117,539	)
LME Nickel Futures^A	5	July 2024		(507,824	)		(512,797	)		(4,973	)
LME Nickel Futures^A	48	August 2024		(5,730,934	)		(4,950,789	)		780,145
LME Nickel Futures^A	139	September 2024		(14,707,422	)		(14,405,482	)		301,940
LME Primary Aluminum Futures^A	1,295	July 2024		(81,661,591	)		(80,630,585	)		1,031,006
LME Zinc Futures^A	696	July 2024		(49,541,617	)		(50,292,090	)		(750,473	)
MGE Red Wheat Futures^A	1,094	September 2024		(35,777,307	)		(33,531,100	)		2,246,207
NYBOT CSC Number 11 World Sugar Futures^A	2,060	September 2024		(43,653,934	)		(46,836,160	)		(3,182,226	)
NYBOT CTN Number 2 Cotton Futures^A	574	December 2024		(20,632,360	)		(20,862,030	)		(229,670	)
NYMEX Henry Hub Natural Gas Futures^A	3,490	July 2024		(96,103,818	)		(90,774,900	)		5,328,918
NYMEX NY Harbor ULSD Futures^A	58	July 2024		(6,151,119	)		(6,170,632	)		(19,513	)
NYMEX Palladium Futures^A	219	September 2024		(20,430,115	)		(21,416,010	)		(985,895	)
WCE Canola Futures^A	2,375	November 2024		(22,457,477	)		(21,773,510	)		683,967

			$	(868,547,504	)	$	(851,525,326	)	$	17,022,178


Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
CME E-Mini Russell 2000 Index Futures	315	September 2024	$	(32,196,322	)	$	(32,523,750	)	$	(327,428	)
HKG Hang Seng Index Futures	98	July 2024		(11,181,867	)		(11,062,421	)		119,446
SGX FTSE China A50 Futures Contract	3,044	July 2024		(36,324,356	)		(36,229,688	)		94,668

			$	(79,702,545	)	$	(79,815,859	)	$	(113,314	)


Forward Foreign Currency Contracts Open on June 30, 2024:

Currency Purchased*		Currency Sold*		Settlement Date	Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
MXN	27,330	USD	27,217	7/1/2024		CBK	$	113	$	-		$	113
MXN	27,330	USD	27,182	7/1/2024		CBK		148		-			148
MXN	27,330	USD	27,325	7/1/2024		CBK		5		-			5
MXN	54,660	USD	54,380	7/1/2024		CBK		280		-			280
GBP	63,205	JPY	63,165	7/1/2024		CBK		40		-			40
GBP	126,410	JPY	126,138	7/1/2024		CBK		272		-			272
GBP	126,410	JPY	126,216	7/1/2024		CBK		194		-			194
GBP	126,410	JPY	126,280	7/1/2024		CBK		130		-			130
GBP	189,615	JPY	189,159	7/1/2024		CBK		456		-			456
GBP	252,820	JPY	252,254	7/1/2024		CBK		566		-			566
GBP	252,820	JPY	252,274	7/1/2024		CBK		546		-			546
GBP	252,820	JPY	252,141	7/1/2024		CBK		679		-			679
GBP	252,820	JPY	252,080	7/1/2024		CBK		740		-			740
GBP	252,820	JPY	252,267	7/1/2024		CBK		553		-			553
GBP	758,460	JPY	755,902	7/1/2024		CBK		2,558		-			2,558
JPY	2,655,076	GBP	2,654,609	7/1/2024		CBK		467		-			467
NOK	7,961,038	USD	7,966,523	7/1/2024		CBK		-		(5,485	)		(5,485	)
SEK	8,124,514	USD	8,101,604	7/1/2024		CBK		22,910		-			22,910
SEK	8,763,872	USD	8,736,335	7/1/2024		CBK		27,537		-			27,537
SGD	46,533,923	USD	46,416,410	7/1/2024		CBK		117,513		-			117,513
USD	1,596,838	NOK	1,592,208	7/1/2024		CBK		4,630		-			4,630
USD	1,361,880	NOK	1,358,059	7/1/2024		CBK		3,821		-			3,821


Glossary:

Counterparty Abbreviations:
CBK		Citibank, N.A.
HUB		HSBC Bank PLC
NWM		NatWest Markets PLC

Currency Abbreviations:
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNY		Chinese Yuan
COP		Colombian Peso
EUR		Euro
GBP		Pound Sterling
HUF		Hungarian Forint
INR		Indian Rupee
ILS		Instrument Landing System
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand dollar
PEN		Peruvian Nuevo Sol
PHP		Philippine Peso
PLN		Polish Zloty
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thailand Bath
TWD		Taiwan Dollar
USD		United States Dollar
ZAR		South African Rand

Index Abbreviations:
CAC 40		Euronet Paris - French Stock Market Index.
DAX		Deutsche Boerse AG German Stock Index.
Euro Stoxx 50		Eurozone Blue-chip Index.
FTSE 100		Financial Times Stock Exchange 100 Index.
FTSE/JSE Top 40		Largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index.
FTSE/MIB		Borsa Italiana-Italian Stock Market Index.
Hang Seng		Hong Kong Stock Market Index.
KOSPI		South Korean Stock Market Index.
MSCI		Morgan Stanley Capital International.
MSCI EAFE		Morgan Stanley Capital International—Europe, Australasia, and Far East.
NASDAQ		National Association of Securities Dealers Automated Quotations.
NIKKEI 225		Nikkei Stock Average.
OMXS30		Stockholm Stock Exchange’s leading share index.
Russell 2000		U.S. Small-Cap Stock Market Index.
S&P/TSX		Canadian Equity Market Index.
TOPIX		Tokyo Stock Exchange Tokyo Price Index.


Exchange Abbreviations:
ASX		Australian Securities Exchange.
CME		Chicago Mercantile Exchange.
EUREX		European derivatives exchange.
Euronext		European New Exchange Technology.
FinEx		Financial Instruments Exchange.
HKG		Hong Kong Exchange.
JSE		Johannesburg Stock Exchange.
KFE		Korea Exchange - KOFEX.
LME		London Metal Exchange.
ICE		Intercontinental Exchange.
MDE		Malaysian Derivative Exchange.
MGE		Minneapolis Grain Exchange.
NSE		National Stock Exchange.
NYMEX		New York Mercantile Exchange.
OML		OMLX: London Securities & Derivatives Exchange.
SAFEX		South African Futures Exchange.
SFE		Sydney Futures Exchange.
SGX		Singapore Stock Exchange.
TSE		Tokyo Stock Exchange.
WCE		Winnipeg Commodity Exchange.

Other Abbreviations:
Bund		German Federal Government Bond.
Buxl		Long term debt that is issued by the Federal Republic of Germany.
Bobl		Medium term debt that is issued by the Federal Republic of Germany.
CBOT		Chicago Board of Trade.
COMEX		The Commodity Exchange Inc.
CSC		CEI: Coffee, Sugar and Cocoa.
CTN		Cotton.
EURIBOR		Euro Interbank Offered Rate.
GILT		Bank of England Bonds.
KCBT		The Kansas City Board of Trade.
NYBOT		New York Board of Trade.
RBOB		Reformulated Gasoline Blendstock for Oxygen Blending.
Schatz		Short-dated equivalent of the Bobl and Bund futures.
SOFR		Secured Overnight Financing Rate.
SONIA		Sterling Overnight Index Average.
ULSD		Ultra-low-sulfur diesel.


AHL Managed Futures Strategy Fund	Level 1			Level 2			Level 3		Total
Assets
Short-Term Investments	$	-		$	2,901,939,951		$	-	$	2,901,939,951

Total Investments in Securities - Assets	$	-		$	2,901,939,951		$	-	$	2,901,939,951

Financial Derivative Instruments - Assets
Futures Contracts	$	43,728,363		$	-		$	-	$	43,728,363
Forward Foreign Currency Contracts		-			144,677,499			-		144,677,499

Total Financial Derivative Instruments - Assets	$	43,728,363		$	144,677,499		$	-	$	188,405,862

Financial Derivative Instruments - Liabilities
Futures Contracts	$	(39,765,678	)	$	-		$	-	$	(39,765,678	)
Forward Foreign Currency Contracts		-			(127,221,192	)		-		(127,221,192	)

Total Financial Derivative Instruments - Liabilities	$	(39,765,678	)	$	(127,221,192	)	$	-	$	(166,986,870	)



	Principal Amount*			Fair Value


FOREIGN SOVEREIGN OBLIGATIONS - 4.49%
French Republic Government Bonds OAT, 0.600%, Due 7/25/2034^{A B C}		EUR	543,380		$	554,741
U.K. Inflation-Linked Gilts, 1.250%, Due 11/22/2032^{A B}		GBP	886,405			1,191,185


Total Foreign Sovereign Obligations (Cost $1,736,169)						1,745,926



U.S. TREASURY OBLIGATIONS - 6.41%
U.S. Treasury Inflation-Indexed Notes,
2.125%, Due 4/15/2029^A		$	1,013,580			1,015,219
1.375%, Due 7/15/2033^A			516,135			488,299
1.750%, Due 1/15/2034^A			1,019,900			991,883


Total U.S. Treasury Obligations (Cost $2,488,579)						2,495,401



SHORT-TERM INVESTMENTS - 75.41%

U.S. Treasury Obligations - 75.41%
U.S. Treasury Bills,
5.324%, Due 7/11/2024^D			5,000,000			4,992,729
5.267%, Due 7/18/2024^D			1,200,000			1,197,019
5.297%, Due 8/8/2024			5,000,000			4,972,382
5.387%, Due 9/26/2024			4,200,000			4,146,966
5.350%, Due 10/3/2024^D			1,050,000			1,035,812
5.387%, Due 10/24/2024^D			1,000,000			983,424
5.354%, Due 11/7/2024^D			8,250,000			8,097,162
5.311%, Due 11/29/2024^D			1,500,000			1,467,787
5.335%, Due 12/12/2024			2,500,000			2,441,680


Total Short-Term Investments (Cost $29,336,366)						29,334,961


TOTAL INVESTMENTS - 86.31% (Cost $33,561,114)						33,576,288
OTHER ASSETS, NET OF LIABILITIES - 13.69%						5,323,630

TOTAL NET ASSETS - 100.00%					$	38,899,918


Percentages are stated as a percent of net assets. *In U.S. Dollars unless otherwise noted.


Centrally Cleared Swap Agreements Outstanding on June 30, 2024:

Credit Default Swaps on Credit Indices - Sell Protection⁽¹⁾
Index/Tranches	Fixed Rate (%)	Payment Frequency	Expiration Date	Implied Credit Spread at 6/30/2024⁽²⁾ (%)		Curr	Notional Amount⁽³⁾ (000s)		Premiums Paid (Received)		Fair Value⁽⁴⁾		Unrealized Appreciation (Depreciation)
CDX.NA.IG.S42	1.00	Quarterly	6/20/2029		0.5319	USD		15,000	$	331,796	$	313,204	$	(18,592	)

									$	331,796	$	313,204	$	(18,592	)


OTC Swap Agreements Outstanding on June 30, 2024:

Total Return Swap Agreements
Pay/Receive Floating Rate	Description	Reference Entity	Counter- party	Floating Rate		Payment Frequency	Expiration Date		Reference Quantity		Notional Amount		Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Pay	1-Month USD-LIBOR	BBUXALC INDEX	JPM		0.000%	Maturity		7/3/2024		31,000	$	4,150,077	$	(306	)	$	(32,714	)

													$	(306	)	$	(32,714	)



Currency Purchased*		Currency Sold*		Settlement Date	Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	74,038	SGD	73,831	7/26/2024		CBK	$	207	$	-		$	207
INR	29,956	USD	29,934	7/29/2024		CBK		22		-			22
INR	29,956	USD	29,938	7/29/2024		CBK		18		-			18
USD	29,881	INR	29,956	7/29/2024		CBK		-		(75	)		(75	)
USD	29,876	INR	29,956	7/29/2024		CBK		-		(80	)		(80	)
CAD	24,797	EUR	24,777	8/2/2024		CBK		20		-			20
CAD	37,184	EUR	37,164	8/2/2024		CBK		20		-			20
CAD	41,090	EUR	41,063	8/2/2024		CBK		27		-			27
CAD	47,790	EUR	47,821	8/2/2024		CBK		-		(31	)		(31	)
CAD	77,753	EUR	77,939	8/2/2024		CBK		-		(186	)		(186	)
CAD	79,640	EUR	79,703	8/2/2024		CBK		-		(63	)		(63	)
CAD	83,474	EUR	83,453	8/2/2024		CBK		21		-			21
CAD	86,924	EUR	86,979	8/2/2024		CBK		-		(55	)		(55	)
CAD	107,165	EUR	107,252	8/2/2024		CBK		-		(87	)		(87	)
CAD	107,229	EUR	107,252	8/2/2024		CBK		-		(23	)		(23	)
CAD	107,567	EUR	107,251	8/2/2024		CBK		316		-			316
CAD	107,628	EUR	107,251	8/2/2024		CBK		377		-			377
CAD	107,682	EUR	107,251	8/2/2024		CBK		431		-			431
CAD	107,718	EUR	107,252	8/2/2024		CBK		466		-			466
CAD	107,869	EUR	107,251	8/2/2024		CBK		618		-			618
CAD	107,874	EUR	107,251	8/2/2024		CBK		623		-			623
CAD	108,156	EUR	107,252	8/2/2024		CBK		904		-			904
CAD	111,510	EUR	111,498	8/2/2024		CBK		12		-			12
CAD	131,092	EUR	131,050	8/2/2024		CBK		42		-			42
CAD	136,230	EUR	136,564	8/2/2024		CBK		-		(334	)		(334	)
EUR	347,593	CAD	351,876	8/2/2024		CBK		-		(4,283	)		(4,283	)
EUR	617,669	CAD	625,234	8/2/2024		CBK		-		(7,565	)		(7,565	)
JPY	61,322	GBP	63,220	8/8/2024		CBK		-		(1,898	)		(1,898	)
GBP	63,220	JPY	61,760	8/8/2024		CBK		1,460		-			1,460
GBP	63,220	JPY	62,391	8/8/2024		CBK		829		-			829
GBP	63,220	JPY	63,221	8/8/2024		CBK		-		(1	)		(1	)
GBP	234,418	JPY	228,361	8/8/2024		CBK		6,057		-			6,057
GBP	271,340	JPY	264,198	8/8/2024		CBK		7,142		-			7,142
USD	309,527	TWD	309,935	8/22/2024		CBK		-		(408	)		(408	)
SEK	47,339	USD	48,247	9/9/2024		CBK		-		(908	)		(908	)
SEK	47,339	USD	47,802	9/9/2024		CBK		-		(463	)		(463	)
SEK	47,339	USD	47,737	9/9/2024		CBK		-		(398	)		(398	)
SEK	47,339	USD	48,177	9/9/2024		CBK		-		(838	)		(838	)
SEK	67,612	USD	69,142	9/9/2024		CBK		-		(1,530	)		(1,530	)
SEK	74,404	USD	75,995	9/9/2024		CBK		-		(1,591	)		(1,591	)
SEK	94,677	USD	96,361	9/9/2024		CBK		-		(1,684	)		(1,684	)
USD	234,634	SEK	236,095	9/9/2024		CBK		-		(1,461	)		(1,461	)
USD	167,532	SEK	168,639	9/9/2024		CBK		-		(1,107	)		(1,107	)
USD	134,037	SEK	134,911	9/9/2024		CBK		-		(874	)		(874	)
USD	75,215	SEK	75,758	9/9/2024		CBK		-		(543	)		(543	)
USD	73,468	SEK	73,696	9/9/2024		CBK		-		(228	)		(228	)
USD	68,131	SEK	68,320	9/9/2024		CBK		-		(189	)		(189	)
USD	47,998	SEK	47,339	9/9/2024		CBK		659		-			659
USD	47,524	SEK	47,339	9/9/2024		CBK		185		-			185
MXN	9,797	USD	9,912	9/12/2024		CBK		-		(115	)		(115	)
MXN	27,029	USD	27,045	9/12/2024		CBK		-		(16	)		(16	)
MXN	33,439	USD	35,710	9/12/2024		CBK		-		(2,271	)		(2,271	)
MXN	44,260	USD	44,764	9/12/2024		CBK		-		(504	)		(504	)
MXN	54,058	USD	55,128	9/12/2024		CBK		-		(1,070	)		(1,070	)
MXN	138,052	USD	147,249	9/12/2024		CBK		-		(9,197	)		(9,197	)
MXN	161,061	USD	171,827	9/12/2024		CBK		-		(10,766	)		(10,766	)
MXN	322,122	USD	342,460	9/12/2024		CBK		-		(20,338	)		(20,338	)
MXN	322,122	USD	342,836	9/12/2024		CBK		-		(20,714	)		(20,714	)
MXN	345,131	USD	367,279	9/12/2024		CBK		-		(22,148	)		(22,148	)


Glossary:

Counterparty Abbreviations:
CBK		Citibank NA
HUB		HSBC Bank PLC
JPM		JPMorgan Chase Bank, N.A.
NWM		NatWest Markets PLC
SSB		State Street Bank & Trust Co.



	Principal Amount*			Fair Value


FOREIGN SOVEREIGN OBLIGATIONS - 7.89%
French Republic Government Bonds OAT,
0.600%, Due 7/25/2034^{A B C}		EUR	2,716,900		$	2,773,703
0.100%, Due 7/25/2031, Series OATE^{A B C}		EUR	3,588,150			3,619,468
U.K. Inflation-Linked Gilts,
1.250%, Due 11/22/2032^{B C}		GBP	7,977,645			10,720,669
0.750%, Due 11/22/2033^{B C}		GBP	4,136,400			5,299,985
0.125%, Due 3/22/2051^{B C}		GBP	2,617,600			2,372,420


Total Foreign Sovereign Obligations (Cost $25,175,870)						24,786,245



U.S. TREASURY OBLIGATIONS - 12.91%
U.S. Treasury Inflation-Indexed Bonds,
1.500%, Due 2/15/2053^C		$	1,582,020			1,339,701
2.125%, Due 2/15/2054^C			1,021,520			1,001,125
U.S. Treasury Inflation-Indexed Notes,
2.375%, Due 10/15/2028^C			11,259,050			11,409,196
2.125%, Due 4/15/2029^C			7,095,060			7,106,535
1.375%, Due 7/15/2033^C			9,806,565			9,277,668
1.750%, Due 1/15/2034^C			10,708,950			10,414,772


Total U.S. Treasury Obligations (Cost $40,505,131)						40,548,997



SHORT-TERM INVESTMENTS - 67.80%

U.S. Treasury Obligations - 67.80%
U.S. Treasury Bills,
5.300%, Due 7/25/2024			35,000,000			34,878,083
5.301%, Due 8/15/2024^D			15,000,000			14,902,111
5.350%, Due 10/3/2024^D			67,000,000			66,094,663
5.369%, Due 10/24/2024^D			8,000,000			7,867,392
5.363%, Due 11/7/2024			40,000,000			39,258,967
5.346%, Due 11/21/2024^D			40,000,000			39,183,311
5.345%, Due 12/5/2024^D			11,000,000			10,753,663


Total Short-Term Investments (Cost $212,944,514)						212,938,190


TOTAL INVESTMENTS - 88.60% (Cost $278,625,515)						278,273,432
OTHER ASSETS, NET OF LIABILITIES - 11.40%						35,816,144

TOTAL NET ASSETS - 100.00%					$	314,089,576


Percentages are stated as a percent of net assets. *In U.S. Dollars unless otherwise noted.



Equity Futures Contracts (continued)
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Eurex STOXX Europe 600 ESG-X Index Futures	21	September 2024	$	431,679	$	431,357	$	(322	)
Euronext CAC 40 Index Futures	97	July 2024		8,128,769		7,783,373		(345,396	)
HKG Hang Seng China Enterprises Index Futures	111	July 2024		4,531,712		4,452,622		(79,090	)
HKG Hang Seng Index Futures	47	July 2024		5,393,814		5,305,447		(88,367	)
ICE FTSE 100 Index Futures	181	September 2024		18,742,456		18,789,220		46,764
KFE KOSPI 200 Index Futures	135	September 2024		9,162,471		9,472,802		310,331
Montreal Exchange S&P/TSX 60 Index Futures	108	September 2024		20,478,407		20,691,349		212,942
NSE IFSC NIFTY 50 Index Futures	24	July 2024		1,145,414		1,158,696		13,282
OML Stockholm OMXS30 Index Futures	364	July 2024		8,909,381		8,853,590		(55,791	)
SAFEX FTSE/JSE Top 40 Index Futures	51	September 2024		2,053,660		2,067,107		13,447
SFE S&P ASX Share Price Index 200 Futures	114	September 2024		14,716,716		14,776,395		59,679
SGX FTSE China A50 Futures	577	July 2024		6,894,766		6,867,454		(27,312	)
SGX FTSE Taiwan Index Futures	53	July 2024		4,090,772		4,088,950		(1,822	)
SGX MSCI Singapore Index Futures	160	July 2024		3,698,357		3,732,743		34,386
SGX Nikkei 225 Stock Index Futures	109	September 2024		13,183,033		13,417,521		234,488
TSE TOPIX Futures	124	September 2024		21,316,318		21,660,886		344,568

			$	229,104,957	$	230,259,139	$	1,154,182


Interest Rate Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CBOT 2 Year U.S. Treasury Notes Futures	49	September 2024	$	9,987,110	$	10,006,719	$	19,609
CBOT 5 Year U.S. Treasury Notes Futures	155	September 2024		16,441,172		16,519,609		78,437
CBOT 10 Year U.S. Treasury Notes Futures	158	September 2024		17,262,636		17,377,531		114,895
CBOT U.S. Long Bond Futures	104	September 2024		12,180,420		12,304,500		124,080
CBOT Ultra Long Term U.S. Treasury Bond Futures	128	September 2024		15,922,166		16,044,000		121,834
Eurex 5 Year Euro BOBL Futures	99	September 2024		12,305,210		12,345,446		40,236
Eurex 10 Year Euro BUND Futures	97	September 2024		13,616,267		13,672,975		56,708
Eurex 30 Year Euro BUXL Futures	16	September 2024		2,217,666		2,231,689		14,023
Eurex Euro-BTP Italian Bond Futures	100	September 2024		12,459,415		12,346,988		(112,427	)
French Government Bond Futures	83	September 2024		11,097,953		10,944,000		(153,953	)
ICE Long Gilt Futures	79	September 2024		9,718,727		9,743,716		24,989
KFE 3 Year Treasury Bond Futures	79	September 2024		6,027,954		6,037,632		9,678
KFE 10 Year Treasury Bond Futures	46	September 2024		3,817,792		3,830,381		12,589
Montreal Exchange 10 Year Canadian Bond Futures	82	September 2024		7,156,872		7,196,915		40,043
SFE 3 Year Australian Bond Futures	92	September 2024		6,498,902		6,472,219		(26,683	)
SFE 10 Year Australian Bond Futures	121	September 2024		9,179,205		9,167,183		(12,022	)
TSE Japanese 10 Year Bond Futures	34	September 2024		30,270,093		30,189,821		(80,272	)

			$	196,159,560	$	196,431,324	$	271,764


Glossary:

Counterparty Abbreviations:
JPM		JPMorgan Securities LLC.
SSB		State Street Bank & Trust Co.

Currency Abbreviations:
AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
JPY		Japanese Yen
KRW		South Korean Won
SEK		Swedish Krona
USD		United States Dollar
ZAR		South African Rand



Index Abbreviations:
BBUXALC		Bloomberg Commodity ex-Agriculture and Livestock Capped Index.
CAC 40		Euronet Paris - French Stock Market Index.
DAX		Deutsche Boerse AG German Stock Index.
Euronext		European New Exchange Technology.
Euro Stoxx 50		Eurozone Blue-chip Index.
FTSE 100		Financial Times Stock Exchange 100 Index.
FTSE China A50		Financial Times Stock Exchange China A50 Index.
FTSE/JSE Top 40		Largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index.
FTSE/MIB		Borsa Italiana-Italian Stock Market Index.
Hang Seng		Hong Kong Stock Market Index.
KOSPI		South Korean Stock Market Index.
MSCI		Morgan Stanley Capital International.
NASDAQ		National Association of Securities Dealers Automated Quotations.
Nifty 50		National stock exchange FIFTY.
NIKKEI 225		Nikkei Stock Average.
OMXS30		Stockholm Stock Exchange’s leading share index.
S&P 500		S&P 500 Index - U.S. Equity Large-Cap Index.
S&P/TSX		Canadian Equity Market Index.
Stoxx Europe 600		Europe Total Market Index.
TOPIX		Tokyo Stock Exchange Tokyo Price Index.

Exchange Abbreviations:
ASX		Australian Securities Exchange.
CME		Chicago Mercantile Exchange.
Eurex		European derivatives exchange.
HKG		Hong Kong Exchange.
ICE		Intercontinental Exchange.
JSE		Johannesburg Stock Exchange.
KFE		Korean Exchange.
NSE		National Stock Exchange.
OML		OMLX:London Securities & Derivative Exchange.
SAFEX		South African Futures Exchange.
SFE		Sydney Futures Exchange.
SGX		Singapore Stock Exchange.
TSE		Tokyo Stock Exchange.

Other Abbreviations:
BTP		Buoni del Tesoro Poliennali.
Bobl		Medium term debt that is issued by the Federal Republic of Germany.
Bund		German Federal Government Bond.
Buxl		Long term debt that is issued by the Federal Republic of Germany.
CBOT		Chicago Board of Trade.
CDX		Credit Default Swap Index.
ESG		Environmental, Social, Governance.
GILT		Bank of England Bonds.
IFSC		International Financial Services Centre.
iTraxx		Credit Default Swap Index.
LIBOR		London Interbank Offered Rate.
OAT		Obligations Assimilables du Trésor.
OTC		Over-the-Counter.


	AHL Managed Futures Strategy Fund			AHL Multi-Alternatives Fund		AHL TargetRisk Fund
Assets:
Investments in unaffiliated securities, at fair value^†	$	2,901,939,951		$	33,576,288	$	278,273,432
Foreign currency, at fair value^{^}		–			304,932		1,054,453
Foreign currency deposits with brokers for futures contracts, at fair value^¤		148,739,856			1,560,111		14,878,011
Cash		74,292,308			1,239,021		3,012,189
Cash collateral held at custodian for the benefit of the broker		214,010,000			960,000		5,400,000
Dividends and interest receivable		–			20,830		294,460
Deposits with broker for futures contracts		95,969,002			753,618		2,550,111
Receivable for investments sold		4,993,016			–		–
Receivable for fund shares sold		4,279,353			82,995		523,193
Receivable for expense reimbursement (Note 2)		–			38,901		42,889
Unrealized appreciation from forward foreign currency contracts		144,677,499			576,407		320,721
Receivable for variation margin on open futures contracts (Note 5)		3,669,514			54,240		1,401,677
Receivable for variation margin on open centrally cleared swap agreements (Note 5)		–			313,204		7,536,798
Prepaid expenses		91,381			33,475		51,144

Total assets		3,592,661,880			39,514,022		315,339,078

Liabilities:
Payable for investments purchased		–			1,869		31,907
Payable for fund shares redeemed		1,599,511			300		182,321
Payable for expense recoupment (Note 2)		319,650			–		–
Management and sub-advisory fees payable (Note 2)		3,797,035			35,140		232,390
Service fees payable (Note 2)		72,119			113		9,332
Transfer agent fees payable (Note 2)		227,780			8,214		23,563
Custody and fund accounting fees payable		729,166			2,526		56,333
Professional fees payable		69,839			64,574		37,896
Trustee fees payable (Note 2)		4,895			52		425
Payable for prospectus and shareholder reports		100,729			6,133		49,135
Unrealized depreciation from forward foreign currency contracts		127,221,192			460,567		61,446
OTC swap agreements, at fair value		–			33,020		559,801
Other liabilities		29,062			1,596		4,953

Total liabilities		134,170,978			614,104		1,249,502

Commitments and contingent liabilities (Note 2)

Net assets	$	3,458,490,902		$	38,899,918	$	314,089,576

Analysis of net assets:
Paid-in-capital	$	3,474,321,357		$	35,562,553	$	399,546,736
Total distributable earnings (deficits)		(15,830,455	)		3,337,365		(85,457,160	)

Net assets	$	3,458,490,902		$	38,899,918	$	314,089,576


	AHL Managed Futures Strategy Fund						AHL Multi-Alternatives Fund
	Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2024			August 17, 2023^B to December 31, 2023
	(unaudited)						(unaudited)
Increase (decrease) in net assets:
Operations:
Net investment income	$	57,657,688		$	108,781,513		$	627,722		$	375,951
Net realized gain (loss) from investments in unaffiliated securities, foreign currency transactions, forward foreign currency contracts, futures contracts, and swap agreements		218,788,373			(283,479,734	)		2,734,049			(168,430	)
Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities, foreign currency transactions, forward foreign currency contracts, futures contracts, and swap agreements		(28,536,908	)		28,233,827			(802,494	)		892,341

Net increase (decrease) in net assets resulting from operations		247,909,153			(146,464,394	)		2,559,277			1,099,862

Distributions to shareholders:
Total retained earnings:
R5 Class		–			(8,081,982	)		–			–
Y Class		–			(22,062,769	)		–			(100,429	)
Investor Class		–			(277,804	)		–			–
A Class		–			(287,075	)		–			(1,505	)
C Class		–			–			–			(1,505	)
R6 Class		–			–			–			(371,735	)

Net distributions to shareholders		–			(30,709,630	)		–			(475,174	)


Capital share transactions (Note 10):
Proceeds from sales of shares		680,393,695			1,806,501,124			9,609,929			9,208,811
Reinvestment of dividends and distributions		–			26,956,881			–			475,174
Cost of shares redeemed		(610,312,741	)		(2,156,933,583	)		(983,569	)		(5,094,392	)

Net increase (decrease) in net assets from capital share transactions		70,080,954			(323,475,578	)		8,626,360			4,589,593

Net increase (decrease) in net assets		317,990,107			(500,649,602	)		11,185,637			5,214,281

Net assets:
Beginning of period		3,140,500,795			3,641,150,397			27,714,281			22,500,000	^C

End of period	$	3,458,490,902		$	3,140,500,795		$	38,899,918		$	27,714,281


^A See Note 1 in the Notes to Consolidated Financial Statements for additional information.
^B Commencement of operations.
^C Seed capital.


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

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


Fund	Inception Date of Subsidiary	Subsidiary Net Assets at June 30, 2024		% of Total Assets of the Fund at June 30, 2024
American Beacon Cayman Managed Futures Strategy Fund, Ltd.	August 19, 2014	$	830,991,638		23.13	%
American Beacon Cayman Multi-Alternatives Company, Ltd.	August 17, 2023		8,449,984		21.38	%
American Beacon Cayman TargetRisk Company, Ltd.	December 31, 2018		68,868,159		21.84	%


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


First $500 million	0.775	%
Next $500 million	0.745	%
Next $500 million	0.725	%
Over $1.5 billion	0.70	%


First $500 million	0.55	%
Next $500 million	0.50	%
Next $500 million	0.45	%
Over $1.5 billion	0.40	%


	Effective Fee Rate			Amount of Fees Paid
Management Fees		0.35	%	$	5,907,105
Sub-Advisory Fees		1.00	%		16,877,443

Total		1.35	%	$	22,784,548


Fund	Sub-Transfer Agent Fees
AHL Managed Futures Strategy	$	1,229,327
AHL Multi-Alternatives		3,839
AHL TargetRisk		103,285


Fund	Reimbursement Sub-Transfer Agent Fees
AHL Managed Futures Strategy	$	204,033
AHL Multi-Alternatives		687
AHL TargetRisk		19,979


		Expense Cap											Expiration of Reimbursed Expenses
Fund	Class	1/1/2024 – 4/30/2024			5/1/2024 – 6/30/2024			Reimbursed Expenses		(Recouped) Expenses			Expiration of Reimbursed Expenses
AHL Multi-Alternatives	Y		1.33	%		1.33	%	$	44,079	$	-			2027
AHL Multi-Alternatives	A		1.56	%		1.56	%		1,602		-			2027
AHL Multi-Alternatives	C		2.31	%		2.31	%		1,599		-			2027
AHL Multi-Alternatives	R6		1.23	%		1.23	%		155,429		-			2027
AHL TargetRisk	R5		1.04	%		1.04	%		8,116		(1,167	)*		2027
AHL TargetRisk	Y		N/A			N/A			-		(67,623	)*		2027
AHL TargetRisk	Investor		N/A			N/A			-		(3,106	)*		2027
AHL TargetRisk	A		N/A			1.44	%		551		(681	)*		2027
AHL TargetRisk	C		N/A			N/A			-		(2,766	)*		2027


Fund	Recouped Expenses		Excess Expense Carryover		Expired Expense Carryover		Expiration of Reimbursed Expenses
AHL Managed Futures Strategy	$	-	$	15,728	$	-		2026
AHL Multi-Alternatives		-		386,298		-		2026
AHL TargetRisk		20,344		^-		17,214		2023
AHL TargetRisk		30,012		10,194		799		2024
AHL TargetRisk		16,915		40,259		-		2025
AHL TargetRisk		925		47,203		-		2026