UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4984

AMERICAN BEACON FUNDS

(Exact name of registrant as specified in charter)

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

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

GREGORY J. STUMM, 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: January 31, 2025

Date of reporting period: July 31, 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

Developing World Income Fund

Class A: AGUAX

Semi-Annual Shareholder Report - July 31, 2024

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

How did the Fund perform and what affected its performance?

The A Class of the Fund returned 2.49% (with sales charges) and 7.67% (without sales charges) for the six months ended July 31, 2024, compared to the Bloomberg Global-Aggregate Total Return Index Value Hedged USD return of 2.27% and the JPMorgan EMBI Global Diversified Index return of 5.33%.

• The Fund benefitted from a narrowing of credit spreads, particularly within high yield, as markets performed well despite outflows from emerging market debt funds.

• The Fund’s tilt toward local-currency denominated bonds underperformed during the period as hard-currency issues, including U.S. dollar bonds, strengthened with the central banks holding rates higher for longer.

• The Fund’s duration remained short during the period to reduce volatility, although the position adversely impacted returns as yields declined.

• Country-specific developments within the fund’s holdings contributed positively to performance.

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

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

	A with Sales Charge	Bloomberg Global-Aggregate Total Return Index Value Hedged USD	JPMorgan^® EMBI ("JPM EMBI") Global Diversified Index
07/2014	$9,528	$10,000	$10,000
08/2014	$9,561	$10,122	$10,085
09/2014	$9,498	$10,092	$9,902
10/2014	$9,516	$10,166	$10,071
11/2014	$9,428	$10,261	$10,080
12/2014	$9,278	$10,314	$9,847
01/2015	$9,253	$10,507	$9,939
02/2015	$9,365	$10,444	$10,023
03/2015	$9,287	$10,504	$10,045
04/2015	$9,467	$10,446	$10,209
05/2015	$9,504	$10,402	$10,170
06/2015	$9,397	$10,274	$10,011
07/2015	$9,321	$10,375	$10,060
08/2015	$9,128	$10,347	$9,969
09/2015	$8,912	$10,409	$9,840
10/2015	$9,117	$10,442	$10,110
11/2015	$9,185	$10,447	$10,104
12/2015	$8,912	$10,419	$9,964
01/2016	$8,603	$10,571	$9,945
02/2016	$8,667	$10,673	$10,135
03/2016	$8,987	$10,761	$10,466
04/2016	$9,255	$10,779	$10,651
05/2016	$9,257	$10,825	$10,632
06/2016	$9,331	$11,031	$10,991
07/2016	$9,498	$11,097	$11,189
08/2016	$9,740	$11,091	$11,389
09/2016	$9,893	$11,090	$11,435
10/2016	$9,911	$10,982	$11,293
11/2016	$9,759	$10,801	$10,831
12/2016	$9,833	$10,830	$10,975
01/2017	$9,925	$10,791	$11,133
02/2017	$10,222	$10,883	$11,356
03/2017	$10,329	$10,878	$11,399
04/2017	$10,550	$10,952	$11,569
05/2017	$10,677	$11,016	$11,671
06/2017	$10,726	$10,985	$11,655
07/2017	$10,816	$11,021	$11,753
08/2017	$10,904	$11,122	$11,961
09/2017	$11,042	$11,070	$11,962
10/2017	$11,104	$11,117	$12,006
11/2017	$11,205	$11,134	$12,012
12/2017	$11,290	$11,159	$12,101
01/2018	$11,453	$11,080	$12,095
02/2018	$11,421	$11,055	$11,855
03/2018	$11,484	$11,146	$11,889
04/2018	$11,464	$11,105	$11,716
05/2018	$11,240	$11,146	$11,606
06/2018	$11,080	$11,167	$11,468
07/2018	$11,246	$11,170	$11,761
08/2018	$10,915	$11,204	$11,558
09/2018	$10,833	$11,162	$11,732
10/2018	$10,852	$11,140	$11,479
11/2018	$10,802	$11,194	$11,431
12/2018	$10,876	$11,356	$11,585
01/2019	$11,213	$11,476	$12,096
02/2019	$11,319	$11,490	$12,217
03/2019	$11,385	$11,696	$12,391
04/2019	$11,451	$11,703	$12,421
05/2019	$11,443	$11,871	$12,472
06/2019	$11,760	$12,038	$12,896
07/2019	$11,955	$12,132	$13,052
08/2019	$11,732	$12,407	$13,150
09/2019	$11,840	$12,350	$13,090
10/2019	$11,928	$12,329	$13,126
11/2019	$11,940	$12,314	$13,064
12/2019	$12,308	$12,289	$13,327
01/2020	$12,420	$12,511	$13,530
02/2020	$12,343	$12,664	$13,399
03/2020	$10,522	$12,467	$11,544
04/2020	$10,603	$12,669	$11,803
05/2020	$11,270	$12,704	$12,519
06/2020	$11,683	$12,768	$12,959
07/2020	$11,983	$12,907	$13,440
08/2020	$12,134	$12,814	$13,509
09/2020	$11,870	$12,861	$13,259
10/2020	$11,862	$12,862	$13,255
11/2020	$12,283	$12,935	$13,766
12/2020	$12,560	$12,975	$14,028
01/2021	$12,591	$12,905	$13,876
02/2021	$12,646	$12,704	$13,521
03/2021	$12,592	$12,654	$13,391
04/2021	$12,967	$12,687	$13,688
05/2021	$13,128	$12,716	$13,833
06/2021	$13,181	$12,778	$13,934
07/2021	$13,264	$12,937	$13,993
08/2021	$13,656	$12,911	$14,130
09/2021	$13,562	$12,789	$13,837
10/2021	$13,474	$12,755	$13,840
11/2021	$13,122	$12,846	$13,586
12/2021	$13,407	$12,794	$13,776
01/2022	$13,277	$12,593	$13,384
02/2022	$12,856	$12,426	$12,508
03/2022	$12,409	$12,158	$12,395
04/2022	$12,353	$11,831	$11,702
05/2022	$12,188	$11,815	$11,705
06/2022	$11,448	$11,636	$10,978
07/2022	$11,263	$11,932	$11,295
08/2022	$11,435	$11,620	$11,189
09/2022	$10,937	$11,247	$10,477
10/2022	$11,005	$11,209	$10,493
11/2022	$11,754	$11,494	$11,289
12/2022	$11,869	$11,359	$11,326
01/2023	$12,259	$11,620	$11,685
02/2023	$12,146	$11,435	$11,427
03/2023	$11,959	$11,689	$11,537
04/2023	$12,015	$11,749	$11,598
05/2023	$12,187	$11,703	$11,532
06/2023	$12,631	$11,696	$11,789
07/2023	$12,964	$11,699	$12,014
08/2023	$12,679	$11,685	$11,834
09/2023	$12,605	$11,483	$11,526
10/2023	$12,620	$11,402	$11,370
11/2023	$13,028	$11,794	$12,014
12/2023	$13,385	$12,171	$12,582
01/2024	$13,482	$12,147	$12,454
02/2024	$13,842	$12,063	$12,575
03/2024	$14,338	$12,172	$12,838
04/2024	$14,326	$11,976	$12,572
05/2024	$14,413	$12,082	$12,798
06/2024	$14,422	$12,187	$12,877
07/2024	$14,517	$12,422	$13,118

Average Annual Total Returns (%)

	6 Months	1 Year	5 Years	10 Years
Class A without Sales Charge ^{Footnote Reference1}	7.67%	11.98%	3.96%	4.30%
Class A with Maximum Sales Charge - 5.75%^{Footnote Reference1}	2.49%	6.63%	2.96%	3.80%
Bloomberg Global-Aggregate Total Return Index Value Hedged USD	2.27%	6.18%	0.47%	2.19%
JPMorgan^® EMBI ("JPM EMBI") Global Diversified Index	5.33%	9.18%	0.10%	2.75%

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

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

Key Fund Statistics

Total Net Assets	$590,951,067
# of Portfolio Holdings	259
Portfolio Turnover Rate	24%
Total Management Fees Paid	$2,290,272

What did the Fund invest in?

Top Ten Holdings - % Net Assets

Mozambique International Bonds, 9.000%, Due 9/15/2031	2.7
Uruguay Government International Bonds, 3.875%, Due 7/2/2040	1.8
Argentina Republic Government International Bonds, 4.125%, Due 7/9/2035	1.6
Republic of Cameroon International Bonds, 5.950%, Due 7/7/2032	1.5
Iraq International Bonds, 5.800%, Due 1/15/2028	1.4
Ecuador Government International Bonds, 5.500%, Due 7/31/2035	1.4
Development Bank of Mongolia (Issuer Zambezi BV), 14.000%, Due 5/12/2027	1.4
Republic of Uzbekistan International Bonds, 16.250%, Due 10/12/2026	1.4
Gabon Government International Bonds, 6.625%, Due 2/6/2031	1.3
Ghana Government International Bonds, 8.125%, Due 3/26/2032	1.2

Excludes investment companies.

Asset Allocation - % Investments

Value	Value
Foreign Sovereign Obligations	79.3
Credit-Linked Notes	10.1
Corporate Obligations	6.7
Foreign Corporate Obligations	3.9

Excludes foreign currency derivatives.

Top Ten Country Exposure - % Investments

Value	Value
Ivory Coast	3.8
Kazakhstan	3.9
Dominican Republic	3.9
Nigeria	4.0
Kenya	4.3
Angola	4.7
Mozambique	4.8
Pakistan	4.8
Zambia	4.9
United States	6.8

Top Ten Industry Allocations - % Investments

Value	Value
Mining	0.2
Telecommunications	0.3
Insurance	0.4
Engineering & Construction	0.6
Holding Companies - Diversified	0.8
Oil & Gas	0.9
Diversified Financial Services	4.7
Investment Companies	5.8
Banks	7.0
Foreign Sovereign Obligations	79.3

Additional Information

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

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.

Developing World Income Fund

Semi-Annual Shareholder Report - July 31, 2024

Class A: AGUAX

DWI_A 0724

American Beacon

Developing World Income Fund

Class C: AGECX

Semi-Annual Shareholder Report - July 31, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$107	2.07%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform and what affected its performance?

The C Class of the Fund returned 6.33% (with sales charges) and 7.33% (without sales charges) for the six months ended July 31, 2024, compared to the Bloomberg Global-Aggregate Total Return Index Value Hedged USD return of 2.27% and the JPMorgan EMBI Global Diversified Index return of 5.33%.

• The Fund benefitted from a narrowing of credit spreads, particularly within high yield, as markets performed well despite outflows from emerging market debt funds.

• The Fund’s duration remained short during the period to reduce volatility, although the position adversely impacted returns as yields declined.

• Country-specific developments within the fund’s holdings contributed positively to performance.

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

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

	C with Sales Charge	Bloomberg Global-Aggregate Total Return Index Value Hedged USD	JPMorgan^® EMBI ("JPM EMBI") Global Diversified Index
07/2014	$10,000	$10,000	$10,000
08/2014	$10,028	$10,122	$10,085
09/2014	$9,955	$10,092	$9,902
10/2014	$9,968	$10,166	$10,071
11/2014	$9,869	$10,261	$10,080
12/2014	$9,704	$10,314	$9,847
01/2015	$9,683	$10,507	$9,939
02/2015	$9,784	$10,444	$10,023
03/2015	$9,697	$10,504	$10,045
04/2015	$9,878	$10,446	$10,209
05/2015	$9,910	$10,402	$10,170
06/2015	$9,792	$10,274	$10,011
07/2015	$9,706	$10,375	$10,060
08/2015	$9,498	$10,347	$9,969
09/2015	$9,266	$10,409	$9,840
10/2015	$9,484	$10,442	$10,110
11/2015	$9,539	$10,447	$10,104
12/2015	$9,249	$10,419	$9,964
01/2016	$8,934	$10,571	$9,945
02/2016	$8,996	$10,673	$10,135
03/2016	$9,317	$10,761	$10,466
04/2016	$9,579	$10,779	$10,651
05/2016	$9,586	$10,825	$10,632
06/2016	$9,656	$11,031	$10,991
07/2016	$9,825	$11,097	$11,189
08/2016	$10,071	$11,091	$11,389
09/2016	$10,228	$11,090	$11,435
10/2016	$10,243	$10,982	$11,293
11/2016	$10,079	$10,801	$10,831
12/2016	$10,153	$10,830	$10,975
01/2017	$10,229	$10,791	$11,133
02/2017	$10,540	$10,883	$11,356
03/2017	$10,645	$10,878	$11,399
04/2017	$10,867	$10,952	$11,569
05/2017	$10,978	$11,016	$11,671
06/2017	$11,034	$10,985	$11,655
07/2017	$11,108	$11,021	$11,753
08/2017	$11,193	$11,122	$11,961
09/2017	$11,328	$11,070	$11,962
10/2017	$11,388	$11,117	$12,006
11/2017	$11,487	$11,134	$12,012
12/2017	$11,568	$11,159	$12,101
01/2018	$11,716	$11,080	$12,095
02/2018	$11,677	$11,055	$11,855
03/2018	$11,736	$11,146	$11,889
04/2018	$11,708	$11,105	$11,716
05/2018	$11,471	$11,146	$11,606
06/2018	$11,314	$11,167	$11,468
07/2018	$11,478	$11,170	$11,761
08/2018	$11,134	$11,204	$11,558
09/2018	$11,043	$11,162	$11,732
10/2018	$11,043	$11,140	$11,479
11/2018	$10,985	$11,194	$11,431
12/2018	$11,064	$11,356	$11,585
01/2019	$11,407	$11,476	$12,096
02/2019	$11,523	$11,490	$12,217
03/2019	$11,571	$11,696	$12,391
04/2019	$11,632	$11,703	$12,421
05/2019	$11,617	$11,871	$12,472
06/2019	$11,928	$12,038	$12,896
07/2019	$12,108	$12,132	$13,052
08/2019	$11,876	$12,407	$13,150
09/2019	$11,977	$12,350	$13,090
10/2019	$12,062	$12,329	$13,126
11/2019	$12,069	$12,314	$13,064
12/2019	$12,427	$12,289	$13,327
01/2020	$12,541	$12,511	$13,530
02/2020	$12,452	$12,664	$13,399
03/2020	$10,615	$12,467	$11,544
04/2020	$10,691	$12,669	$11,803
05/2020	$11,360	$12,704	$12,519
06/2020	$11,786	$12,768	$12,959
07/2020	$12,058	$12,907	$13,440
08/2020	$12,200	$12,814	$13,509
09/2020	$11,927	$12,861	$13,259
10/2020	$11,914	$12,862	$13,255
11/2020	$12,333	$12,935	$13,766
12/2020	$12,615	$12,975	$14,028
01/2021	$12,646	$12,905	$13,876
02/2021	$12,681	$12,704	$13,521
03/2021	$12,621	$12,654	$13,391
04/2021	$12,991	$12,687	$13,688
05/2021	$13,145	$12,716	$13,833
06/2021	$13,190	$12,778	$13,934
07/2021	$13,265	$12,937	$13,993
08/2021	$13,649	$12,911	$14,130
09/2021	$13,546	$12,789	$13,837
10/2021	$13,449	$12,755	$13,840
11/2021	$13,087	$12,846	$13,586
12/2021	$13,355	$12,794	$13,776
01/2022	$13,225	$12,593	$13,384
02/2022	$12,794	$12,426	$12,508
03/2022	$12,340	$12,158	$12,395
04/2022	$12,276	$11,831	$11,702
05/2022	$12,120	$11,815	$11,705
06/2022	$11,357	$11,636	$10,978
07/2022	$11,165	$11,932	$11,295
08/2022	$11,329	$11,620	$11,189
09/2022	$10,843	$11,247	$10,477
10/2022	$10,886	$11,209	$10,493
11/2022	$11,624	$11,494	$11,289
12/2022	$11,743	$11,359	$11,326
01/2023	$12,113	$11,620	$11,685
02/2023	$11,994	$11,435	$11,427
03/2023	$11,801	$11,689	$11,537
04/2023	$11,867	$11,749	$11,598
05/2023	$12,013	$11,703	$11,532
06/2023	$12,446	$11,696	$11,789
07/2023	$12,769	$11,699	$12,014
08/2023	$12,479	$11,685	$11,834
09/2023	$12,416	$11,483	$11,526
10/2023	$12,405	$11,402	$11,370
11/2023	$12,801	$11,794	$12,014
12/2023	$13,138	$12,171	$12,582
01/2024	$13,234	$12,147	$12,454
02/2024	$13,561	$12,063	$12,575
03/2024	$14,063	$12,172	$12,838
04/2024	$14,022	$11,976	$12,572
05/2024	$14,099	$12,082	$12,798
06/2024	$14,119	$12,187	$12,877
07/2024	$14,204	$12,422	$13,118

Average Annual Total Returns (%)

	6 Months	1 Year	5 Years	10 Years
Class C without Deferred Sales Charge ^{Footnote Reference1}	7.33%	11.24%	3.25%	3.57%
Class C with Maximum Deferred Sales Charge -1.00%^{Footnote Reference1}	6.33%	10.24%	3.25%	3.57%
Bloomberg Global-Aggregate Total Return Index Value Hedged USD	2.27%	6.18%	0.47%	2.19%
JPMorgan^® EMBI ("JPM EMBI") Global Diversified Index	5.33%	9.18%	0.10%	2.75%

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

Key Fund Statistics

Total Net Assets	$590,951,067
# of Portfolio Holdings	259
Portfolio Turnover Rate	24%
Total Management Fees Paid	$2,290,272