The Fund seeks to provide long-term growth of capital.

Stephens Investment Management Group, LLC specializes in equity investment management, focusing on small- and mid-capitalization growth companies.

The Funds sub-advisor believes that earnings growth drives stock performance. They also believe that mid-cap markets are inefficient and contain some of the fastest growing stocks.

By using behavioral finance principles to identify overconfidence and anchoring by others, the Fund seeks securities mispriced by other investors.

The portfolio includes a blend of core growth stocks (sustainable earnings) and earnings catalyst stocks (expected to experience an earnings boost).

The bottom-up stock selection process builds a diversified portfolio with some thematic concentration.

Meet Our Sub-Advisor: Stephens Investment Management Group, LLC

Historical NAVs are viewable from theDaily NAVs page.Quarterly

Growth stockstypically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing inmedium-capitalization stocksmay involve greater volatility and lower liquidity than larger company stocks. Investing inforeign securitiesmay involve heightened risk due to currency fluctuations and economic and political risks. The Fund participates in asecurities lendingprogram. Please see the prospectus for a complete discussion of the Funds risks. There can be no assurances that the investment objectives of this Fund will be met.

For a prospectus containing more information, including expenses,click here. Read it carefully before you invest or send money. Past performance is no guarantee of future results.

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

Institutional Class performance is shown since inception of the class.

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, clickhere.

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 April 30, 2020.

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 stock 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 Institutional Class has been waived since 2007. Performance prior to waiving fees was lower than actual returns shown since 2007. A portion of fees charged to the Investor Class was waived from 2007 through 2013, partially recovered in 2014 and fully recovered in 2015, and waived in 2018. Performance prior to waiving fees was lower than actual returns shown for 2007 through 2013 and for 2018. A portion of fees charged to the Y Class was waived in 2012 and 2013, partially recovered in 2014, fully recovered in 2015, and waived in 2017 and 2018. Performance prior to waiving fees was lower than actual returns shown for 2012, 2013, 2017 and 2018. Specific information about any Fund may be found at or in the prospectus.

The Russell Midcap® Growth Index measures the performance of those Russell Midcap® companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap and Russell Midcap Growth Indexes are registered trademarks of Frank Russell Company. Frank Russell Company (Russell) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data, and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russells express written consent. Russell does not promote, sponsor or endorse the content of this communication.

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

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

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 Funds three-year return that is explained by movements in its benchmark index. Alpha is a measure of the Funds expected performance versus the benchmark, adjusted for relative risk. Beta is a measure of the Funds volatility versus the benchmark. Sharpe Ratio is a measure of the Funds return per unit of total risk. Standard Deviation is a measure of the historical volatility of the Funds returns. Return on Equity (ROE) is net income divided by net worth.

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

Shareholders of American Beacon Funds can use the link below to access their accounts:

Call Shareholder Services at option 1 during business hours if you have any questions.