Effective January 21, 2023, the Fund’s strategy was changed to principally invest in equity securities of small-market-capitalization companies that are economically tied to countries outside of the United States, including developed and emerging market countries, and the Fund’s benchmark index was changed from the MSCI EAFE Index to the MSCI ACWI ex-U.S. Small Cap Index.

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, click here.

Net asset value (NAV) is the value of one share of the portfolio excluding any sales charges.
*Annualized. See the performance notes on the next page for more information.

¹The net expense ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2025.

Important Information: All investing involves risk, including possible loss of principal. Indexes are unmanaged and one cannot invest directly in an index. Please note that the recent performance of the securities market has helped produce short-term returns that are not typical and may not continue in the future.

For any Class of the Fund that began operating within the 10-year/since inception period shown, the performance shown prior to the inception date of the Class is that of a class (or series of classes) previously in operation. The combined returns have not been adjusted for any difference between the fees and expenses of the Class and the historical fees and expenses of the included previous class (or classes). If the previous class(es) had lower expenses, the resulting performance would be better than the Class would have realized during the same period. If the previous class(es) had higher expenses, the resulting performance would be lower than the Class would have realized during the same period. A portion of fees charged to the R5 Class of EAM International Small Cap Fund was waived since Class inception through 2023. Performance prior to waiving fees was lower than actual returns shown for when waivers were in effect. A portion of fees charged to the Investor Class of EAM International Small Cap Fund has been waived from Fund inception through 2019. Performance prior to waiving fees was lower than actual returns shown for inception through 2019. Specific information about any Fund may be found at americanbeaconfunds.com or in the prospectus.

The MSCI ACWI (All Country World Index) ex USA Small Cap Index is a market-capitalizationweighted index designed to measure the investable equity market performance for global investors of small-cap stocks in developed and emerging markets, excluding the United States. The MSCI information contained herein: (1) is provided “as is,” (2) is proprietary to MSCI and/or its content providers, (3) may not be used to create any financial instruments or products or any indexes and (4) may not be copied or distributed without MSCI’s express written consent. MSCI disclaims all warranties with respect to the information. Neither MSCI nor its content providers are responsible for any damages or losses arising from any use of this information.

American Beacon is a registered service mark of American Beacon Advisors, Inc. American Beacon Funds and American Beacon EAM International Small Cap Fund are service marks of American Beacon Advisors, Inc.

Effective January 21, 2023, the Fund’s strategy was changed to principally invest in equity securities of small-market-capitalization companies that are economically tied to countries outside of the United States, including developed and emerging market countries, and the Fund’s benchmark index was changed from the MSCI EAFE Index to the MSCI ACWI ex-U.S. Small Cap Index.

The P/E Ratio of a stock is calculated by dividing the current price by forecasted 12-month earnings per share. The P/B Ratio of a stock is calculated by dividing the current price by book value per share. R-squared (R2) is the percentage of the Fund’s three-year return that is explained by movements in its benchmark index. Alpha is a measure of the Fund’s expected performance versus the benchmark, adjusted for relative risk. Beta is a measure of the Fund’s volatility versus the benchmark. Sharpe Ratio is a measure of the Fund’s return per unit of total risk. Standard Deviation is a measure of the historical volatility of the Fund’s returns. Return on Equity (ROE) is net income divided by net worth. 

American Beacon is a registered service mark of American Beacon Advisors, Inc. American Beacon Funds and American Beacon EAM International Small Cap Fund are service marks of American Beacon Advisors, Inc.