American Beacon Funds

08/13/2025 | Press release | Distributed by Public on 08/13/2025 12:40

Summary Prospectus by Investment Company (Form 497K)

American Beacon AHL TargetRisk Fund

Supplement dated August 13, 2025 to the

Summary Prospectus dated May 1, 2025

Effective immediately, Giuliana Bordigoni of AHL Partners LLP ("AHL") is added as a Portfolio Manager for the American Beacon AHL TargetRisk Fund (the "Fund"). In addition, effective immediately, Otto van Hemert will retire from his position as a Portfolio Manager for the Fund. Accordingly, effective immediately, the following changes are made to the Fund's Summary Prospectus:

1. On page 9 of the Summary Prospectus, under the heading "Management - Portfolio Managers," the information regarding AHL Partners LLP is deleted and replaced with the following:
AHL Partners LLP

Russell Korgaonkar

Head of Systematic/

Chief Investment Officer, Man AHL

Since Fund Inception (2018)

Giuliana Bordigoni

Director of Alpha Research, Man AHL

Since 2025

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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

AHLTR-20250813

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