American Beacon

American Beacon TwentyFour Sustainable Short Term Bond Fund

Portfolio information as of March 31, 2024

Summary
Performance
Overview

Investment Objective

The Fund's investment objectives are to seek a positive return based on a combination of income and, secondarily, capital growth.

SHORT-TERM BOND FUND
WITH A GLOBAL APPROACH

TwentyFour, a boutique investment firm in New York, provides a global perspective on fixed-income investments that is unique among U.S. managers in the credit sector. The firm is a subsidiary of TwentyFour Asset Management LLP in the U.K. TwentyFour offers highly transparent products and seeks to achieve risk-adjusted returns while retaining a strong focus on capital preservation. Accordingly, TwentyFour has the capability to use a wide range of investment tools to pursue the best possible returns while adhering to rigorous, detail-oriented investment guidelines.

Firm inception: 2008

Portfolio Managers:

Graeme Anderson, Partner; industry since 1986
Chris Bowie, Partner; industry since 1992
Gordon Shannon, Partner; industry since 2007
Jack Daley; industry since 2011
Johnathan Owen; industry since 2018

distinguishing characteristics

TwentyFour believes environmental, social and governance factors may have an effect on the value of their investments and thus strives to enhance investor returns and play a part in promoting better ESG outcomes.
Target returns of 250 basis points (2.50%) over short-term interest rates after fees, with volatility below 3%.
Short-dated, long-only, low-risk income fund with a maximum weighted-average maturity of three years.
Developed-market global opportunity set.
All bonds hedged to USD, so investors are not exposed to any currency risk.
Strong focus on security selection while seeking to generate alpha and lower risks.
All bond positions are subject to a rigorous screening process to show they have the ability to deliver good return potential with low expected volatility.

Total Fund Assets

$9.5 Million

Sub-Advisor (%)

TwentyFour Asset Management (US) LP

100.0

FUND overview flyer*

Short-Term Bond Fund
With a Global Approach

*For investment professional use only. Login required.

Symbols and NAVs

Class	Symbol	NAV*
Y	TFBYX	8.78
A	TFBAX	8.70
C	TFBCX	8.41
R6	TFBRX	8.61

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

The use of fixed-income securities entails interest rate and credit risks. Investing in derivative instruments involves liquidity, credit, interest rate and market risks. Interest rate risk is the risk that debt securities will decrease in value with increases in market interest rates. Credit risk is the risk that the issuer of a bond will fail to make timely payment of interest or principal; the decline in an issuer's credit rating can cause the price of its bonds to go down. Investments in high-yield securities (commonly referred to as "junk bonds"), including loans, CLOs, restricted securities and floating-rate securities, are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The Fund may have high portfolio turnover risk, which could increase the Fund's transaction costs and possibly have a negative impact on performance. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors. Financial sector companies are heavily regulated and particularly sensitive to interest rate fluctuations. To the extent the Fund invests more heavily in a particular country or geographic region, its performance will be sensitive to factors affecting that country or region. Geopolitical and other events have led to market disruptions causing adverse changes in the value of investments broadly. Changes in value may be temporary or may last for extended periods. 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. 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 TwentyFour Sustainable Short Term Bond Fund are service marks of American Beacon Advisors, Inc.

TOTAL RETURNS

Share Class	Inception Date	CUSIP	Symbol	NAV	QTR	YTD	1 YR	3 YR*	5 YR*	Since Inception*
Y	02/18/2020	024526154	TFBYX	8.72	1.38	1.38	7.20	1.62	-	1.92
A (without max sales charge)	02/18/2020	024526170	TFBAX	8.65	1.16	1.16	6.74	1.25	-	1.57
A (with max sales charge)	02/18/2020	024526170	TFBAX	8.65	-1.36	-1.36	4.02	0.38	-	0.94
C (without max sales charge)	02/18/2020	024526162	TFBCX	8.38	1.07	1.07	6.10	0.55	-	0.84
C (with max sales charge)	02/18/2020	024526162	TFBCX	8.38	0.07	0.07	5.10	0.55	-	0.84
R6	02/18/2020	024526147	TFBRX	8.55	1.41	1.41	4.12	0.67	-	1.27

Benchmark	QTR	YTD	1 YR	3 YR*	5 YR*	Since Inception*
Bloomberg Global-Aggregate Total Return Index Value Hedged USD	0.01	0.01	4.14	-1.29	-	-
ICE BofA 1-3 Year US Corporate Index	0.85	0.85	5.15	0.72	-	1.37

Expense Ratios

Share Class	Gross	Net¹
Y	1.83	0.57
A	2.26	0.87
C	2.74	1.48
R6	1.73	0.47

SEC 30-Day Yield

Share Class	Actual	Unsubsidized²
Y	4.16	1.99
A	3.76	1.56
C	3.26	1.08
R6	4.26	1.11

Distribution Frequency

Monthly

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.

²The SEC 30-day yield is shown with and without (Unsubsidized) the effect of any waivers/reimbursements during the period.

Important Information: All investing involves risk, including possible loss of principal. Indexes are unmanaged and one cannot invest directly in an index.

A portion of fees charged to each Class of TwentyFour Sustainable Short Term Bond Fund has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown since inception. Specific information about any Fund may be found at americanbeaconfunds.com or in the prospectus.

The ICE BofA 1-3 Year U.S. Corporate Bond Index is an unmanaged index that tracks the performance of the U.S. dollar-denominated investment-grade public debt issued in the U.S. domestic bond market. Qualifying bonds must have at least one year but less than three years remaining term to maturity, a fixed coupon schedule and a minimum amount outstanding of $150 million.

TOP 10 INDUSTRY WEIGHTINGS (%)

Non-U.S. Government	13.6
Major Banks	12.8
Utilities	11.4
Communications	7.0
Multi-Line Insurance	6.2
Finance/Rental/Leasing	6.2
Regional Banks	4.6
Life/Health Insurance	4.4
Corporate-Other	4.3
U.S. Treasury	3.6

Excludes foreign exchange holdings and cash.

Portfolio Statistics

Effective Maturity (years)	1.80
Effective Duration (years)	1.60
3-Year Standard Deviation	3.00

Top 10 Holdings (%)

Bundesrepublik Deutschland Bundesanleihe, 0.250%, Due 2/15/29	5.2
U.K. Gilts, 3.500%, Due 10/22/25	4.4
Nationwide Building Society, 5.875%, Due 12/20/24	2.9
Rothesay Life PLC, 8.000%, Due 10/30/25	2.9
Tower Bridge Funding PLC, 7.022%, Due 11/20/63	2.5
Tesco Corporate Treasury Services PLC, 2.500%, Due 5/2/25	2.2
Bunzl Finance PLC, 2.250%, Due 6/11/25	2.0
M&G PLC, 3.875%, Due 7/20/49	2.0
Twin Bridges PLC, 7.323%, Due 3/12/55	1.9
Fiserv, Inc., 2.250%, Due 7/1/25	1.8
Total Fund Holdings	61

TOP 10 COUNTRY WEIGHTINGS (%)

United Kingdom	52.6
United States	12.1
Germany	9.5
France	9.1
Spain	5.3
Ireland	3.4
Netherlands	3.0
Australia	1.5
Denmark	1.2
Sweden	1.2

Excludes cash and currency forwards.

Credit Quality (%)

U.S. Treasury	3.6
AAA	6.7
AA	5.8
A	20.1
BBB	50.1
BB	7.9
Not Rated	5.8

Reflects the rating assessed by Standard & Poor's (S&P). If a security is not rated by S&P, the rating represents the rating assessed by Moody's as converted to the equivalent S&P major rating category. Excludes cash.

Duration is a measure of price sensitivity relative to changes in interest rates. Standard Deviation is a measure of the historical volatility of the Fund's returns.

S&P credit ratings for long-term obligations (or issuers thereof) are AAA, AA, A, BBB, BB, B, CCC, CC, C and D in decreasing order. For example, obligations rated AAA are judged to be of the highest quality, BBB to be of medium grade, CCC are judged to be speculative and obligations rated D are in default. Obligations rated in one of the four highest categories are considered to be investment grade while all other ratings are considered non-investment grade.

This may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD-PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD-PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes and should not be relied on as investment advice.

Fixed Income	93.7
Cash Equivalent	6.3

0 to 3 Years	87.9
3 to 5 Years	10.9
5 to 10 Years	1.2

American Beacon TwentyFour Sustainable Short Term Bond Fund

Portfolio information as of March 31, 2024

Investment Objective

SHORT-TERM BOND FUND
WITH A GLOBAL APPROACH

distinguishing characteristics

Total Fund Assets

Sub-Advisor (%)

FUND overview flyer*

Symbols and NAVs

Quarterly
Fund Materials

QUICK LINKS

TOTAL RETURNS

Expense Ratios

SEC 30-Day Yield

TOP 10 INDUSTRY WEIGHTINGS (%)

Portfolio Statistics

Top 10 Holdings (%)

TOP 10 COUNTRY WEIGHTINGS (%)

Asset Allocation (%)

Credit Quality (%)

Maturity distribution (%)

American Beacon TwentyFour Sustainable Short Term Bond Fund

Portfolio information as of March 31, 2024

Investment Objective

SHORT-TERM BOND FUND WITH A GLOBAL APPROACH

distinguishing characteristics

Total Fund Assets

Sub-Advisor (%)

FUND overview flyer*

Symbols and NAVs

Quarterly Fund Materials

QUICK LINKS

TOTAL RETURNS

Expense Ratios

SEC 30-Day Yield

TOP 10 INDUSTRY WEIGHTINGS (%)

Portfolio Statistics

Top 10 Holdings (%)

TOP 10 COUNTRY WEIGHTINGS (%)

Asset Allocation (%)

Credit Quality (%)

Maturity distribution (%)

MY ACCOUNT

SHORT-TERM BOND FUND
WITH A GLOBAL APPROACH

Quarterly
Fund Materials