American Beacon Funds

12/05/2025 | Press release | Distributed by Public on 12/05/2025 09:35

Prospectus by Investment Company (Form 497)

American Beacon AHL Managed Futures Strategy Fund

Supplement dated December 5, 2025 to the Prospectus and Summary Prospectus,

each dated May 1, 2025, as previously amended or supplemented

At the recommendation of American Beacon Advisors, Inc. (the "Manager"), the Board of Trustees of American Beacon Funds approved a contractual agreement pursuant to which the Manager will waive fees and/or reimburse expenses of each share class of the American Beacon AHL Managed Futures Strategy Fund (the "Fund") to the extent that they exceed certain amounts. Accordingly, effective as of August 25, 2025, the following changes are made to the Fund's Prospectus and Summary Prospectus, as applicable:

I. On page 1 of the Prospectus and Summary Prospectus, under the heading "Fund Summary - American Beacon AHL Managed Futures Strategy Fund - Fees and Expenses of the Fund," the tables and corresponding footnotes following the first paragraph are deleted in their entirety and replaced with the following:
Share Class A C Y R5 Investor
Maximum sales charge imposed on purchases (as a percentage of offering price) 5.75% None None None None
Maximum deferred sales charge (as a percentage of the lower of original offering price or redemption proceeds)

0.50%1

1.00%

None

None

None

Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Share Class A C Y R5 Investor
Management Fees 1.35% 1.35% 1.35% 1.35% 1.35%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.00% 0.00% 0.00%
Other Expenses 0.32% 0.24% 0.28% 0.18% 0.56%
Total Annual Fund Operating Expenses 1.92% 2.59% 1.63% 1.53% 1.91%
Fee Waiver and/or expense reimbursement2 (0.07%) 0.00% 0.00% 0.00% 0.00%
Total Annual Fund Operating Expenses after fee waiver and/or expense reimbursement 1.85% 2.59% 1.63% 1.53% 1.91%
1 Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge (''CDSC'') of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
2 American Beacon Advisors, Inc. (the "Manager") has contractually agreed to waive fees and/or reimburse expenses of the Fund's A Class, C Class, Y Class, R5 Class, and Investor Class shares, as applicable, through April 30, 2026, to the extent that Total Annual Fund Operating Expenses exceed 1.85% for the A Class, 2.62% for the C Class, 1.65% for the Y Class, 1.53% for the R5 Class, and 1.94% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund's Board of Trustees ("Board"). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers 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 Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.

AHLMF-20251205-PRO

II. On page 1 of the Prospectus and Summary Prospectus, under the heading "Fund Summary - American Beacon AHL Managed Futures Strategy Fund - Fees and Expenses of the Fund - Example," the section is deleted in its entirety and replaced with the following:

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same, except that the Example reflects the fee waiver/expense reimbursement arrangement for each share class through April 30, 2026. C Class shares automatically convert to A Class shares 8 years after purchase if the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Share Class 1 Year 3 Years 5 Years 10 Years
A $ 752 $ 1,137 $ 1,546 $ 2,684
C $ 362 $ 805 $ 1,375 $ 2,924
Y $ 166 $ 514 $ 886 $ 1,933
R5 $ 156 $ 483 $ 834 $ 1,824
Investor $ 194 $ 600 $ 1,032 $ 2,233

Assuming no redemption of shares:

Share Class 1 Year 3 Years 5 Years 10 Years
C $ 262 $ 805 $ 1,375 $ 2,924
III. On page 47 of the Prospectus, under the heading "Fund Management - The Manager," the row in the table following the eighth paragraph related to the American Beacon AHL Managed Futures Strategy Fund is deleted and replaced with the following:
American Beacon Fund A Class C Class Y Class R5 Class R6 Class Investor Class
American Beacon AHL Managed Futures Strategy Fund 1.85% 2.62% 1.65% 1.53% N/A 1.94%

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American Beacon Funds published this content on December 05, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 05, 2025 at 15:35 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]