American Beacon

American beacon ARK TRANSFORMATIONAL INNOVATION FUND

Portfolio information as of March 31, 2024

Summary
Performance
Overview

Investment Objective

The Fund’s investment objective is long-term growth of capital.

FOCUS ON RISK-ADJUSTED ALPHA

ARK Investment Management specializes in thematic investing in disruptive innovation. The firm is rooted in more than 40 years of experience in identifying and investing in disruptive innovations that are changing the way the world works and delivering outsized growth as industries transform. Through its open research process, ARK identifies companies that it believes are leading and benefiting from cross-sector innovations such as robotics, 3D printing, big data, machine learning, cloud computing, energy storage and DNA sequencing.

Firm inception: 2013

Portfolio Manager:

Catherine D. Wood, CIO; industry since 1981

FUNDAMENTALLY ORIENTED,
qUANTITATIVELY IMPLEMENTED

The sub-advisor’s “Open Research Ecosystem” is designed to identify disruptive innovation early and leverages multiple data sources, both internal and external, to produce timely, original analysis. An open research process, which includes traditional sources, social media and crowdsourcing, provides a virtual collaboration platform that enables the sub-advisor’s thematic analysts to participate in an organized exchange of insights and ideas. Throughout the research process, the sub-advisor’s thematic analysts ask:

Where is the next big disruptive innovation?
What is the size of the total market?
Which industries will be disrupted?
Which companies will emerge as winners?

The analysts then examine each investment opportunity from both the top down and bottom up.

Total Fund Assets

$267.3 Million

Sub-Advisor (%)

ARK Investment Management LLC

100.0

FUND overview flyer*

Discovering Investment Themes
Through Global Innovation

sub-advisor video

Catherine D. Wood,
ARK Investment Management LLC [3:06]

*For investment professional use only. Login required.

Symbols and NAVs

Class	Symbol	NAV*
R5	ADNIX	12.58
Investor	ADNPX	12.25
Y	ADNYX	12.48
A	ADNAX	12.22
C	ADNCX	11.76
R6	ADNRX	12.55

*NAV values as of: 7/26/2024.
Historical NAVs are viewable from the Daily NAVs page.

Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. Companies that the sub-advisor believes are capitalizing on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors. Information Technology sector companies may face intense competition and rapid product obsolescence, have limited product lines, markets, financial resources or personnel, and lose patent, copyright and trademark protections. Investing in Health Care sector companies involves risk due to government regulations, product litigation, competitive forces, and loss of patent protection. The Fund’s incorporation of environmental, social and/or governance (ESG) considerations in its investment strategy may cause it to underperform funds that do not incorporate these considerations. The Fund participates in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s 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 is a registered service mark of American Beacon Advisors, Inc. American Beacon Funds and American Beacon ARK Transformational Innovation Fund are service marks of American Beacon Advisors, Inc.

TOTAL RETURNS

Share Class	Inception Date	CUSIP	Symbol	NAV	QTR*	YTD*	1 Year	3 Year	5 Year	10 Year / Since Inception*
R5	01/27/2017	024526303	ADNIX	13.70	-4.80	-4.80	23.42	-24.26	2.25	11.95
Investor	01/27/2017	024526204	ADNPX	13.36	-4.91	-4.91	23.02	-24.51	1.90	11.56
Y	01/27/2017	024526105	ADNYX	13.61	-4.76	-4.76	23.39	-24.31	2.17	11.85
A (without max sales charge)	01/02/2019	024526295	ADNAX	13.33	-4.85	-4.85	23.20	-24.55	1.87	11.64
A (with max sales charge)	01/02/2019	024526295	ADNAX	13.33	-10.30	-10.30	16.11	-26.02	0.67	10.73
C (without max sales charge)	01/02/2019	024526287	ADNCX	12.86	-5.02	-5.02	22.24	-25.12	1.10	11.03
C (with max sales charge)	01/02/2019	024526287	ADNCX	12.86	-6.02	-6.02	21.24	-25.12	1.10	11.03
R6	10/28/2020	02452A601	ADNRX	13.67	-4.81	-4.81	23.38	-24.25	2.22	11.92

Benchmark	QTR*	YTD*	1 Year	3 Year	5 Year	10 Year / Since Inception*
S&P 500® Index	10.56	10.56	29.88	11.49	15.05	14.26

Expense Ratios

Share Class	Gross	Net¹
R5	1.13	0.99
Investor	1.46	1.32
Y	1.19	1.08
A	1.56	1.34
C	2.37	2.10
R6	1.18	0.99

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 October 31, 2024.

Important Information: All investing involves risk, including possible loss of principal. Indexes are unmanaged and one cannot invest directly in an index. The strategy employed by the Fund's sub-advisor has the potential for more volatility than broad market averages, which may result in significant fluctuations in the Fund's short-term returns, both positive and negative. 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.

A portion of fees charged to the R5 Class of ARK Transformational Innovation Fund has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown since inception. A portion of fees charged to the Y Class of ARK Transformational Innovation Fund has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown since inception. A portion of fees charged to the Investor Class of ARK Transformational Innovation Fund has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown since inception. A portion of fees charged to the R6 Class of ARK Transformational Innovation Fund has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown since inception. A portion of fees charged to the A Class of ARK Transformational Innovation Fund was waived from Fund inception through 2020 and in 2023. Performance prior to waiving fees was lower than actual returns shown for periods when fees were waived. A portion of fees charged to the C Class of ARK Transformational Innovation Fund was waived from Fund inception through 2020 and in 2023. Performance prior to waiving fees was lower than actual returns shown for periods when fees were waived. Specific information about any Fund may be found at americanbeaconfunds.com or in the prospectus.

INDUSTRY WEIGHTINGS (%)

Software	20.3
Biotechnology	17.7
Capital Markets	14.8
Entertainment	11.9
Automobiles	8.8
Financial Services	7.1
Life Sciences	3.1
Interactive Media & Services	3.0
Hotels, Restaurants & Leisure	3.0
IT Services	3.0
Health Care Technology	1.9
Media	1.7
Semiconductors & Semiconductor Equipment	1.3
Aerospace & Defense	1.1
Consumer Finance	0.9
Health Care Equipment & Supplies	0.3

Excludes cash.

3-YEAR RISK Summary

R2	0.51
Alpha	-42.96
Beta	1.81
Sharpe Ratio	-0.60
Standard Deviation	44.70

TOP 10 HOLDINGS (%)

Coinbase Global, Inc.	10.2
Tesla, Inc.	8.8
Roku, Inc.	7.7
Block, Inc.	7.1
UiPath, Inc.	5.9
CRISPR Therapeutics AG	5.2
Robinhood Markets, Inc.	4.5
Zoom Video Communications, Inc.	4.3
ROBLOX Corp.	4.2
Unity Software, Inc.	3.3
Total Fund Holdings	37

Market Capitalization (%)

Less than $400 Million	0.33
$400 Million - $750 Million	0.24
$750 Million - $1.5 Billion	2.53
$1.5 Billion - $7.5 Billion	23.12
$7.5 Billion - $15 Billion	18.90
$15 Billion - $50 Billion	21.51
$50 Billion - $100 Billion	22.87
$100 Billion - $300 Billion	0.04
Greater than $300 Billion	10.47

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.

Equity	99.7
Cash Equivalent	0.3

American beacon ARK TRANSFORMATIONAL INNOVATION FUND

Portfolio information as of March 31, 2024

Investment Objective

FOCUS ON RISK-ADJUSTED ALPHA

FUNDAMENTALLY ORIENTED,
qUANTITATIVELY IMPLEMENTED

Total Fund Assets

Sub-Advisor (%)

FUND overview flyer*

sub-advisor video

Symbols and NAVs

Quarterly
Fund Materials

QUICK LINKs

TOTAL RETURNS

Expense Ratios

INDUSTRY WEIGHTINGS (%)

3-YEAR RISK Summary

TOP 10 HOLDINGS (%)

ASSET ALLOCATION (%)

Market Capitalization (%)

American beacon ARK TRANSFORMATIONAL INNOVATION FUND

Portfolio information as of March 31, 2024

Investment Objective

FOCUS ON RISK-ADJUSTED ALPHA

FUNDAMENTALLY ORIENTED, qUANTITATIVELY IMPLEMENTED

Total Fund Assets

Sub-Advisor (%)

FUND overview flyer*

sub-advisor video

Symbols and NAVs

Quarterly Fund Materials

QUICK LINKs

TOTAL RETURNS

Expense Ratios

INDUSTRY WEIGHTINGS (%)

3-YEAR RISK Summary

TOP 10 HOLDINGS (%)

ASSET ALLOCATION (%)

Market Capitalization (%)

MY ACCOUNT

FUNDAMENTALLY ORIENTED,
qUANTITATIVELY IMPLEMENTED

Quarterly
Fund Materials