Form 497 AMERICAN BEACON FUNDS



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American Beacon Continuous Capital Emerging Markets Fund

Supplement dated June 1, 2022

to

Prospectus, short form prospectus and supplemental information statement, each dated June 1, 2022

The Board of Directors of American Beacon Funds has approved a plan to liquidate and terminate American Beacon Continuous Capital Emerging Markets Fund (the “Fund”) on or about July 15, 2022 (the “Liquidation Date”) , on the recommendation of American Beacon Beacon Advisors, Inc., the investment manager of the Fund.

In anticipation of the liquidation, effective immediately, the Fund is closed to new shareholders. In addition, in anticipation and in preparation for the Fund’s liquidation, Continuous Capital, LLC, the Fund’s sub-advisor, may need to increase the portion of the Fund’s assets held in cash and similar instruments in order to pay expenses of the Fund and to respond to redemption requests. The Fund will no longer pursue its investment objective during this transition. On or about the date of liquidation, the Fund will distribute cash on a pro rata basis to all shareholders who have not yet redeemed or exchanged all of their shares on or about the date of liquidation. These distributions to shareholders may be taxable events. Thereafter, the Fund will terminate.

The Fund will be liquidated on or about July 15, 2022. Liquidation proceeds will be paid in accordance with the existing instructions for your account. No action is required on your part.

Please note that you may be eligible to exchange your shares of the Fund at the net asset value per share at any time prior to the liquidation date for shares of the same class of shares of another American Beacon Fund in certain limited circumstances. You can also redeem your shares of the Fund at any time before the liquidation date. No sales charge, redemption fee or termination fee will be charged in connection with such switches and redemptions. Generally, switches and redemptions are taxable events for shareholders.

In connection with its liquidation, the Fund may declare distributions of its net investment income and net capital gains before its liquidation date, which may be taxable to shareholders.

You should consult your tax advisor to discuss the liquidation of the Fund and determine its tax consequences.

If you hold shares of the Fund in a tax-deferred account, such as an individual retirement account, 401(k) or 403(b), you should consult your tax advisor to discuss the liquidation of the Fund and determine its tax consequences.

For more information, please contact us at 1-800-658-5811, option 1. If you purchased shares of the Fund through your financial intermediary, please contact your broker or other financial intermediary for details .

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