# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001133228-25-011649
**Filing Date:** 2025-11
**Character Count:** 109607
**Document Hash:** abd533671f5d668218cb7485c028a4c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011649.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001133228-25-011649

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN BEACON FUNDS
- **CENTRAL INDEX KEY:** 0000809593

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-11387
- **FILM NUMBER:** 251443201

**BUSINESS ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 8173916100

**MAIL ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AADVANTAGE FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN EAGLE FUNDS
- **DATE OF NAME CHANGE:** 19890813

## Series and Classes Contracts Data

### American Beacon TwentyFour Strategic Income Fund (Series ID: S000056913)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000180737 | R5 Class       | TFGIX           |
| C000180738 | Investor Class | TFGPX           |
| C000180741 | Y Class        | TFGYX           |
| C000205755 | A Class        | TFSAX           |
| C000205756 | C Class        | TFGCX           |

---

| | |
|:---|:---|
| American Beacon<br>TwentyFour Strategic Income Fund<sup>SM</sup> | ![](sp2673img001.jpg) |

---

 **SUMMARY PROSPECTUS** **November 3, 2025**<br>

Before you invest, you may want to review the Fund's prospectus and statement of additional information, which contain more information about the Fund and its risks. The current prospectus and statement of additional information, dated November 3, 2025, are incorporated by reference into this summary prospectus. You can find the Fund's prospectus, statement of additional information, reports to shareholders, and other information about the Fund online at www.americanbeaconfunds.com/resource_center/MutualFundForms.aspx. You can also get this information at no cost by calling 1-800-658-5811 or by sending an email request to americanbeaconfunds@ambeacon.com.

 **Share Class \| A:** **TFSAX \| C:** **TFGCX \| Y:** **TFGYX \| R5:** **TFGIX \| Investor:** **TFGPX** <br>

Investment Objectives

The Fund's investment objectives are to seek high current income and, secondarily, capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage** **commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis. More information about these and other discounts is available from your financial professional and in "Choosing Your Share Class" on page 54 of the Prospectus and "Additional Purchase and Sale Information for A Class Shares" on page 58 of the Statement of Additional Information ("SAI"). With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in **Appendix A** to the Fund's Prospectus entitled "Intermediary Sales Charge Discounts, Waivers and Other Information."

**Shareholder Fees** (fees paid directly from your investment)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Share Class** | **A** | **C** | **Y** | **R5** | **Investor** |
| Maximum sales charge imposed on purchases (as a percentage of offering price) | 3.75% |  |  |  |  |
| Maximum deferred sales charge (as a percentage of the lower of original offering price or redemption proceeds) | 1.00%<sup>1</sup> | 1.00% |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) |
|  **Share Class** | **A** | **C** | **Y** | **R5** | **Investor** |
| Management Fees | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% | 0.00% | 0.00% |
| Other Expenses | 0.33% | 0.23% | 0.26% | 0.20% | 0.61% |
| Acquired Fund Fees and Expenses | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| **Total Annual Fund Operating Expenses<sup>2</sup>** | **1.26%** | **1.91%** | **0.94%** | **0.88%** | **1.29%** |
| Fee Waiver and/or expense reimbursement<sup>3</sup> | (0.25%) | (0.11%) | (0.13%) | (0.15%) | (0.19%) |
| **Total Annual Fund Operating Expenses after fee waiver and/or expense** **reimbursement** | **1.01%** | **1.80%** | **0.81%** | **0.73%** | **1.10%** |

---

---

| | |
|:---|:---|
| 1 | Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $500,000 or more. However, the Fund assesses a contingent deferred sales charge ("CDSC") of 1.00% on certain purchases of $500,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase. |

---

---

| | |
|:---|:---|
| 2 | The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. |

---

---

| | |
|:---|:---|
| 3 | American Beacon Advisors, Inc. (the "Manager") has contractually agreed to waive fees and/or reimburse expenses of the Fund's A Class, C Class, Y Class, R5 Class, and Investor Class shares, as applicable, through November 3, 2026, to the extent that Total Annual Fund Operating Expenses exceed 1.00% for the A Class, 1.79% for the C Class, 0.80% for the Y Class, 0.72% for the R5 Class, and 1.09% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund's Board of Trustees ("Board"). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager's waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment. |

---

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same, except that the Example reflects the fee waiver/expense reimbursement arrangement for each share class through November 3, 2026. C Class shares automatically convert to A Class shares 8 years after purchase if the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

TFSI110125

**American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus**1**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $474 | $736 | $1018 | $1819 |
| C | $283 | $589 | $1021 | $2224 |
| Y | $83 | $287 | $507 | $1143 |
| R5 | $75 | $266 | $473 | $1070 |
| Investor | $112 | $390 | $689 | $1540 |

---

Assuming no redemption of shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| C | $183 | $589 | $1021 | $2224 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 74% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund invests primarily in fixed-income securities and derivatives that provide exposure to fixed-income securities. The Fund's investments may include fixed-income instruments of any maturity or duration. The instruments in which the Fund may invest may be denominated in U.S. and non-U.S. currencies, and all non-U.S. currency exposure will typically be hedged back to the U.S. dollar using foreign currency forward contracts. The Fund may also have direct exposure to non-U.S. currencies for investment or hedging purposes.

The fixed-income securities in which the Fund invests primarily include obligations issued or guaranteed by the U.S. government and non-U.S. governments and their agencies, instrumentalities or political subdivisions, obligations of supranational entities, sovereign and quasi-sovereign debt, emerging-markets debt, inflation-indexed securities, corporate bonds, debentures, bank loans, trust preferred securities, convertible preferred securities, convertible and non-convertible debt, contingent convertible bonds ("CoCos"), variable and floating-rate securities, separately traded registered interest and principal securities ("STRIPS") and zero-coupon securities, "covenant-lite" obligations, collateralized loan obligations ("CLOs"), mortgage-backed and other asset-backed securities, collateralized mortgage obligations ("CMOs") and other mortgage-related products (including commercial and residential loans, and mortgage pass-through securities). The Fund may invest in other investment companies, including exchange-traded funds ("ETFs") and government money market funds, which may include a government money market fund advised by the Manager, with respect to which the Manager receives a management fee, shares of real estate investment trusts ("REITs") and restricted securities. The Fund may have significant exposure to the Financials sector and to issuers located in, or with economic ties to, Europe and the United Kingdom. However, as the sector and geographic composition of the Fund's portfolio changes over time, the Fund's exposure to the Financials sector, Europe and/or the United Kingdom may decline, and the Fund's exposure to other market sectors or geographic areas may increase.

The Fund may invest a significant portion of its total assets in non-investment grade securities (also referred to as "high-yield" or "junk" bonds), and in U.S. Treasury obligations. The Fund may also invest in unrated securities and may invest in equity securities, including preferred stocks of U.S. and foreign companies.

The Fund may take long or short positions in fixed-income and equity securities and currencies. Short positions will generally be entered into for hedging purposes or to attempt to reduce or adjust certain investment risks. The Fund may use derivative instruments to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to enhance total return, to change the effective duration of its portfolio, to manage certain investment risks or to substitute for the purchase or sale of the underlying securities or currencies. The Fund will generally invest in forward contracts (including deliverable and non-deliverable currency forwards). To a lesser extent, the Fund may also invest in futures (including bond index futures, interest rate futures and government bond futures, such as U.S. treasury futures), swaps (including credit default, total return, interest rate and currency swaps), options (including non-deliverable options ("NDOs"), puts and calls), warrants (including sovereign warrants) and structured notes. The Fund's use of derivatives may be extensive. Derivative positions may also require the Fund to segregate liquid assets to cover its obligations.

In selecting investments, the Fund's sub-advisor develops a top-down macroeconomic view of the global economic environment as indicated by factors such as interest rates, equity markets, corporate profitability, international capital flows, government policy and other relevant inputs. The sub-advisor then performs a bottom-up analysis of individual issuers that focuses on an issuer's creditworthiness and considers historical trends and patterns in an instrument's price and relative valuation. The Fund's portfolio investments will be screened in accordance with the sub-advisor's view of appropriate Environmental, Social and/or Governance ("ESG") parameters as measured by the sub-advisor's proprietary scoring model. The sub-advisor's ESG parameters include: (1) environmental parameters, such as emissions creation, resource use and use of renewable energy; (2) social parameters, such as workforce turnover and diversity, human rights, including child labor policies, community service and responsible products; and (3) governance parameters, such as management and board composition and independence, shareholder engagement and corporate social responsibility policies. The sub-advisor applies its proprietary scoring model, which synthesizes data received from a third-party data provider and the sub-advisor's independent assessment of a company's ESG capabilities, to calculate an issuer's score. If issuers have a score below a minimum threshold they will generally not be considered for investment.

The sub-advisor also integrates the ESG considerations throughout the portfolio management process because the sub-advisor believes that ESG considerations can influence investment valuations, which drive the sub-advisor's investment decisions.

The sub-advisor examines the relative risk and return characteristics of each investment, which includes an investment's ESG outlook, and seeks to identify opportunities to establish long positions in income-generating instruments that, at times, may have the potential for price appreciation. The sub-advisor also seeks to reduce or hedge positions in instruments that may decline in value, experience unwanted volatility, exhibit declining ESG trends or when better investment opportunities are identified.

The sub-advisor receives ESG data from a third-party data provider which the sub-advisor utilizes in its assessment of an issuer and for comparison purposes when it is available. However, the sub-advisor places significant emphasis on ensuring that its own experiences with and views of the issuer are reflected in its final ESG assessment, and the sub-advisor's assessment may differ materially from that of the third-party data provider. Additionally, many issuers held by the Fund, such as those in the securitized sectors and those without publicly traded equity securities, may not be covered by the third-party data provider. For such issuers, the sub-advisor's ESG assessment is based exclusively on its own analysis. As a result, the Fund's holdings may not be comparable to those of other funds with ESG investment mandates.

**2** **American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus

------

Principal Risks

There is no assurance that the Fund will achieve its investment objectives, and you could lose part or all of your investment in the Fund. **The Fund is not** **designed for investors who need an assured level of current income and is intended to be a long-term investment. The Fund is not a complete** **investment program and may not be appropriate for all investors. Investors should carefully consider their own investment goals and risk** **tolerance before investing in the Fund.** The principal risks of investing in the Fund listed below are presented in alphabetical order and not in order of importance or potential exposure. Among other matters, this presentation is intended to facilitate your ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Allocation Risk**<br>The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund's performance. There can be no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund's allocations may be invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.

**Asset Selection Risk**<br>Assets selected for the Fund may not perform to expectations. This could result in the Fund's underperformance compared to other funds with similar investment objectives.

**Asset-Backed Securities Risk**<br>Investments in asset-backed securities are influenced by factors affecting the assets underlying the securities, including the broader market sector and individual markets, such as the auto markets. These securities may be more sensitive to changes in interest rates than other types of debt securities. Investments in asset-backed securities also are subject to risks of fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. These securities are also subject to the risk of default on the underlying assets, particularly during periods of market downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security's value.

**Callable Securities Risk**<br>The Fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest rates. In the event of a call, the Fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the Fund may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest rates.

**Collateralized Loan Obligations ("CLOs") Risk**<br>The risks of an investment in a CLO depend largely on the type of underlying collateral and the class or seniority of CLO in which the Fund invests. The Fund typically will invest in CLOs collateralized by bank loans. Therefore, the CLOs in which the Fund invests will be subject to loan interests risk. In addition, CLOs typically are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CLOs may be characterized as illiquid securities. The Fund's investments in CLOs and other similarly structured investments may expose the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk, and prepayment and extension risk. In addition to these risks, CLOs may also carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the quality of the collateral may decline in value or default; (iii) the risk that the Fund may invest in CLOs that are subordinate to other classes; (iv) the risk that the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the possibility that the CLO's manager may perform poorly. CLOs may charge management and other administrative fees, which are in addition to those of the Fund. CLOs may be difficult to value and may be highly leveraged, which could make them highly volatile.

**Contingent Convertible Securities ("CoCos") Risk**<br>The prices of contingent convertible securities ("CoCos") may be significantly more volatile during times of market turmoil. CoCos are subordinated debt, and the Fund's claims will generally be junior to the claims of other creditors if the issuer liquidates or dissolves. Interest payments on CoCos could be canceled by the issuer or a regulator. If the issuer converts the CoCo to an equity security, the Fund would lose interest payments and potentially all income, and the Fund's investment would be even further subordinated. The issuer could alternatively write down the principal due on the CoCos. The write-down of the security's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security's par value, or even a complete loss on investment with no chance of recovery even if the issuer remains in existence. CoCos carry the general risks applicable to other fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk.

**Convertible Securities Risk**<br>The value of a convertible security, including a convertible preferred security, typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock's price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock's price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in below investment grade debt securities (commonly known as "junk bonds"). Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the economy is weak or is expected to become weak. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible security's investment value. Convertible securities are sensitive to movement in interest rates.

**Counterparty Risk**<br>The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.

**"Covenant-Lite" Obligations Risk**<br>Certain investments, such as loans in which the Fund may invest directly or have exposure to through its investments in structured securities, may be "covenant-lite." Covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants at all, and may not include terms which allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. The Fund's exposure to losses on such investments may be increased, especially during a downturn in the credit cycle.

**Credit Risk**<br>The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction, may fail, or become less able or unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived creditworthiness of an issuer, or a downgrade or default affecting any of the Fund's securities, could affect the Fund's performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.

**American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus**3**

------

**Currency Risk**<br>The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund's investments.

**Cybersecurity and Operational Risk**<br>Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund's shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. The issuers of the Fund's investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund's investments, leading to significant loss of value.

**Debentures Risk**<br>Debentures are unsecured debt securities. The holder of a debenture is protected only by the general creditworthiness of the issuer. The Fund may invest in both corporate and government debentures.

**Derivatives Risk**<br>Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and potential material and prolonged deviations between the theoretical value and realizable value of a derivative. The use of derivatives may also increase any adverse effects resulting from the underperformance of strategies, asset classes and market exposures to which the Fund has allocated its assets. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives may be difficult to value, and valuation may be more difficult in times of market turmoil. Derivatives may also be more volatile than other types of investments. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk and credit risk. As a result, the Fund may not recover its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. Derivatives transactions requiring the Fund to post collateral may expose the Fund to greater losses in the event of a default by a counterparty. There may be imperfect correlation between the behavior of a derivative and that of the reference instrument underlying the derivative. An abrupt change in the price of a reference instrument could render a derivative worthless. Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference instrument. The Fund may buy or sell derivatives not traded on an exchange, which may be subject to heightened counterparty, liquidity and valuation risks. Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. Ongoing changes to the regulation of derivatives and changes in the regulation of funds using derivative instruments could limit the Fund's ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or performance. In addition, the Fund's investments in derivatives are subject to the following risks:

■ Foreign
 Currency Forward Contracts Risk. Foreign currency forward contracts, including non-deliverable forwards ("NDFs"), are derivative instruments pursuant to
 a contract where the parties agree to a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific
 currency at a future date
 at a price set at the time of the contract and include the risks associated with fluctuations in currency. There are no limitations on
 daily price movements of
 forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, require a
 counterparty to post collateral,
 which may expose the Fund to greater losses in the event of a default by a counterparty. The use of foreign currency forward contracts
 may expose the Fund
 to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it invested directly
 in the securities or currencies
 underlying the foreign currency forward contract. There are no limitations on daily price movements of forward contracts. There can be
 no assurance that
 any strategy used will succeed.

■ Forward
 Contracts Risk. Forward
 contracts , including
 NDFs, are
 derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed
 amount of securities or other underlying assets at an agreed date or to buy or sell a specific currency at a future date at a price set
 at the time of the contract.
 Not all forward contracts, including  NDFs, require a counterparty to post collateral, which may expose the Fund to greater losses
 in the event of a default
 by a counterparty. Forward
 contracts involving currency include the risks associated with fluctuations in currency. The use of forward contracts may expose
 the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it invested
 directly in the securities or
 currencies underlying the forward contract.  There are no limitations on daily price movements of forward contracts. There can be
 no assurance that any strategy
 used will succeed.

■ Futures
 Contracts Risk. Futures
 contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities
 or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as
 liquidity risk and counterparty
 risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no assurance
 that any strategy used
 will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of
 their underlying instruments
 or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund
 has previously bought
 or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic
 price changes, which
 will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) relative
 to the magnitude of
 the risk assumed (the potential increase or decrease in the price of the futures contract). The Fund may invest in the following types
 of futures contracts:

• *Government Bond Futures Contracts Risk.* Government bond futures contracts, such as treasury futures contracts, expose the
  Fund to price fluctuations resulting
 from changes in interest rates and to potential losses if interest rates do not move as expected.

• *Index Futures Contracts Risk.* Futures contracts on indices expose the Fund to volatility in an underlying index.

• *Interest Rate Futures Contracts Risk.* Interest rate futures contracts expose the Fund to price fluctuations resulting from changes in interest rates. The Fund could
 suffer a loss if interest rates rise after the Fund has purchased an interest rate futures contract or fall after the Fund has sold an
 interest rate futures contract.

■ Options
 Risk. An option is
 a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of
 the option the asset underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding
 nine months). The Fund may use non-deliverable options ("NDOs"), which are foreign exchange products designed to assist in reducing
 the foreign exchange risk, in particular
 situations when physical delivery of the underlying asset is not required or not possible. There can be no guarantee that the use of options will increase
 the Fund's return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the
 assets underlying them,
 and there may at times not be a liquid secondary market for options. If an option that the Fund has purchased expires unexercised, the
 Fund will

**4** **American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus

------

experience a loss in the amount of the premium it paid. In order for a call option to be profitable, the market price of the underlying asset must rise sufficiently above the call option exercise price to cover the premium and any transaction costs. These costs will reduce any profit that might otherwise have been realized had the Fund bought the underlying asset instead of the call option. In order for a put option to be profitable, the market price of the underlying asset must decline sufficiently below the put option's exercise price to cover the premium and any transaction costs. By using put options in this manner, the Fund will reduce any profit it might otherwise have realized from having shorted the declining underlying asset by the premium paid for the put option and by transaction costs. Options on currencies expose the Fund to the risks associated with investments in currencies.

■ Structured
 Notes Risk. Structured
 notes are derivative debt instruments with principal and/or interest payments linked to the value of a commodity, a foreign currency,
 an index of securities, an interest rate, or other financial indicators ("reference instruments"). The payments on a structured
 note may vary based on changes
 in one or more specified reference instruments, such as a floating interest rate compared to a fixed interest rate, the exchange rates
 between two currencies,
 one or more securities or a securities or commodities index. If the underlying investment or index does not perform as anticipated, the
 structured note might
 pay less interest than the stated coupon payment or repay less principal upon maturity. The movement of such factors may cause significant
 price fluctuations.
 A structured note may be positively or negatively indexed. Structured notes are subject to interest rate risk, market risk, liquidity
 risk and counterparty
 risk. They are also subject to credit risk with respect both to the issuer and, if applicable, to the underlying security or borrower.
 Structured notes may
 have a limited trading market, making it difficult to value them or sell them at an acceptable price.

■ Swap
 Agreements Risk. Swap
 agreements or "swaps" are transactions in which the Fund and a counterparty agree to pay or receive payments at specified dates based upon or
 calculated by reference to changes in specified prices or rates or the performance of specified securities, indices or other assets based
 on a specified amount
 (the "notional" amount). Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically
 include a certain
 amount of embedded leverage and as such are subject to leverage risk. If swaps are used as a hedging strategy, the Fund is subject to
 the risk that the hedging
 strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, the occurrence of unexpected price movements
 or the non-occurrence
 of expected price movements. Swaps also may be difficult to value. Swaps may be subject to liquidity risk and counterparty risk, and swaps that are traded over-the-counter
 are not subject to standardized clearing requirements and may involve greater liquidity and counterparty risks. The Fund may invest
 in the following types of swaps:

• *Credit Default Swaps Risk.* Credit default swaps may also be subject to credit risk and the risks associated with the purchase and sale of credit protection.

• *Currency Swaps Risk.* Currency
 swaps may also be subject to currency risk.

• *Interest Rate Swaps Risk.* Interest rate swaps may also be subject to interest rate and market risks.

• *Total Return Swaps Risk.* Total return swaps may also be subject to market risk and, if the underlying securities are bonds or other debt obligations, interest rate risk.

■ Warrants
 Risk, including Sovereign Warrants. Warrants are derivative securities that give the holder the right to purchase a specified amount of securities at a specified
 price. Warrants may be more speculative than certain other types of investments because warrants do not carry with them dividend or voting
 rights with respect
 to the underlying securities, or any rights in the assets of the issuer. In addition, the value of a warrant does not necessarily change
 with the value of
 the underlying securities, and a warrant ceases to have value if it is not exercised prior to its expiration date. The Fund may invest
 in warrants that represent the
 right to receive payments if an identified revenue, commodity price or economic measure within a country, including an emerging market
 country, such as the
 price or volume of domestically produced oil or the growth of the country's gross domestic product, equals or exceeds a specified
 level. Such warrants may result
 from the restructuring of a sovereign debt obligation and may be more speculative than certain other types of sovereign investments. The
 market for warrants
 may be very limited and there may at times not be a liquid secondary market for warrants.

**Emerging Markets Risk**<br>When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.

**Environmental, Social, and/or Governance Investing Risk**<br>The use of environmental, social, and/or governance ("ESG") considerations by the sub-advisor may cause the Fund to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may choose not to, or may not be able to, take advantage of certain investment opportunities due to these considerations, which may adversely affect investment performance. The Fund may underperform funds that do not incorporate these considerations or incorporate different ESG considerations. Although the sub-advisor has established its own process to oversee ESG integration in accordance with the Fund's strategies, successful integration of ESG factors will depend on the sub-advisor's skill in researching, identifying, and applying these factors, as well as on the availability of relevant data. The sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG risks. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require the Fund to change its investment process with respect to the integration of ESG factors.

**Equity Investments Risk**<br>Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company's financial condition as well as general market, economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to the following additional risks:

■ Real
 Estate Investment Trusts ("REITs") Risk. Investments in REITs are subject to the risks associated with investing in the real estate industry, including, among other
 risks: adverse developments affecting the real estate industry; declines in real property values; changes in interest rates; defaults
 by mortgagors or other borrowers
 and tenants; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during economic downturns;
 casualty or condemnation
 losses; regulatory limitations on rents and operating expenses; and other governmental actions, such as changes to tax laws, zoning regulations or environmental regulations.
 REITs also are dependent upon the skills of their managers and are subject to heavy cash flow dependency or self-liquidation. Regardless
 of where a REIT is organized or traded, its performance may be affected significantly by events in the region where its properties are
 located. REITs may
 not be diversified geographically or by property or tenant type. Domestic
 REITs could be adversely affected by failure to qualify for tax-free "pass-through" of
 distributed net income and net realized gains under the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"),
 or to maintain their

**American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus**5**

------

exemption from registration under the Investment Company Act of 1940, as amended ("Investment Company Act"). REITs typically incur fees that are separate from those incurred by the Fund. Accordingly, the Fund's investment in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. The value of REIT common stock may decline when interest rates rise. REITs tend to be small- to mid-capitalization securities and, as such, are subject to the risks of investing in small- to mid-capitalization securities.

**Foreign Investing Risk**<br>Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks may include, but are not limited to: (1) currency exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing, recordkeeping and financial reporting standards, (5) greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays or failures in transaction payment and settlement in some foreign markets. Additionally, trading in foreign markets generally involves higher transaction costs than trading in U.S. markets. The Fund's investment in a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with that country, including tariffs, trade disputes and sanctions. Global economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Geographic Concentration Risk**<br>From time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or with significant economic ties to, a single country or geographic region, which could increase the risk that economic, market, political, business, regulatory, diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund's performance. Investing in such a manner could cause the Fund's performance to be more volatile than the performance of more geographically diverse funds. A decline in the economies or financial markets of one country or region may adversely affect the economies or financial markets of another.

■ European
 Securities Risk. The
 Fund's performance may be affected by political, social and economic conditions in Europe, such as growth of economic output (the
 gross national product of the countries in the region), the rate of inflation, the rate at which capital is reinvested into European economies,
 the success of governmental
 actions to reduce budget deficits, the resource self-sufficiency of European countries, the monetary exchange rates between European countries, and conflict between
 European countries. The European financial markets have experienced and may continue to experience volatility and adverse trends due to
 concerns relating to economic downturns; rising government debt levels and the possible default on government debt; national unemployment
 in several European
 countries; public health crises; political unrest; economic sanctions; inflation; energy crises; and war and military conflict, such as
 the Russian invasion of
 Ukraine. A default or debt restructuring by any European country could adversely impact holders of that country's debt and sellers
 of credit default swaps linked
 to that country's creditworthiness, which may be located in other countries. Such a default or debt restructuring could affect exposures
 to European countries.
 In addition, issuers have faced difficulties obtaining credit or refinancing existing obligations, and financial markets have experienced
 extreme volatility
 and declines in asset values and liquidity. These events have affected the exchange rate of the Euro and may continue to significantly
 affect European countries. <br> Responses
 to financial problems by European governments, central banks, and others, including austerity measures and other reforms, may not produce
 the desired results,
 may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. The Fund makes investments
 in securities of issuers that are domiciled in member states of the European Union (the "EU"). The economies and markets of
 European countries are
 often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries.
 One or more countries
 may abandon the Euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, could
 be significant and
 far-reaching. The United Kingdom's withdrawal from the EU could be an indication that one or more other countries may withdraw from
 the EU and/or abandon
 the Euro. These events and actions have affected, and may in the future affect, the value and exchange rate of the Euro and may continue
 to significantly affect
 the economies of every country in Europe, including countries that do not use the Euro and non-EU member states. <br> The
 continuing effects on the economies of European countries of the Russia/Ukraine war and Russia's response to sanctions imposed by
 the  U.S., EU, UK and others,
 are impossible to predict, but have been and could continue to be significant. For example, exports in Eastern Europe have been disrupted
 for certain key commodities,
 pushing commodity prices to record highs. Also, both wholesale energy prices and energy prices charged to consumers in Europe have increased
 significantly.

■ United
 Kingdom Securities Risk. The Fund's exposure to issuers located in, or with economic ties to, the United Kingdom, could expose the Fund to risks associated
 with investments in the United Kingdom to a greater extent than more geographically diverse funds. Investments in United Kingdom issuers
 may subject the Fund
 to regulatory, political, currency, security, and economic risks specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe,
 and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the United Kingdom
 economy may be impacted by changes to the economic condition of the United States and other European countries. <br> Increasing
 commodity prices and rising inflation levels caused or exacerbated by the war between Russia and Ukraine recently prompted the United
 Kingdom government
 to implement significant policy changes. It is difficult to predict what effects such policies (or the suggestion of such policies) may
 have and the duration
 of those effects, which may last for extended periods. These effects may negatively impact broad segments of business and the population
 and have a significant
 and rapid negative impact on the performance of the Fund's investments. <br> Additionally,
 the transitional period following the United Kingdom's departure from the European Union (commonly referred to as "Brexit")
 ended on December
 31, 2020 and European Union law ceased to have effect in the United Kingdom except to the extent retained by the United Kingdom by unilateral act. The United Kingdom
 and the European Union then reached a trade agreement that was ratified by all applicable United Kingdom and European Union governmental
 bodies. The economic effects of Brexit, including certain negative impacts on the ability of the United Kingdom to trade seamlessly with
 the European Union,
 are becoming clearer but some political, regulatory and commercial uncertainty in relation to the longer term impacts nevertheless remains
 to be resolved. Accordingly,
 there remains a risk that the aftermath of Brexit, including its ongoing effect on the United Kingdom's relationships with other countries, including
 the United States, and with the European Union, may negatively impact the value of investments held by the Fund. Although the sub-advisor may hedge
 the Fund's currency exposures back to the U.S. dollar, a depreciation of the British pound sterling and/or the Euro in relation
 to the U.S. dollar
 could adversely affect the Fund's investments denominated in British pound sterling or Euros that are not fully hedged regardless
 of the performance of the
 underlying issuer.

**Hedging Risk**<br>If the Fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the Fund's return, or create a loss. In addition, hedges, even when successful in mitigating risk, may not prevent the Fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have been available had the Fund not used the hedging instruments.

**High-Yield Securities Risk**<br>Exposure to high-yield, below investment-grade securities (commonly referred to as "junk bonds") generally involves significantly greater risks than an investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to be speculative with respect to an issuer's ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the timely

**6** **American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus

------

payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.

**Inflation Index-Linked Securities Risk**<br>Unlike a conventional bond, whose issuer makes regular fixed interest payments and repays the face value of the bond at maturity, an inflation index-linked security provides principal payments and interest payments that vary as the principal and/or interest are adjusted over time to reflect a rise or a drop in the reference inflation-related index. For inflation index-linked debt securities for which repayment of the original principal upon maturity (as adjusted for inflation) is not guaranteed, the adjusted principal value of the securities repaid at maturity may be less than the original principal value. The value of inflation index-linked securities is expected to change in response to real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. There can be no assurance that an inflation index that is used will accurately measure the real rate of inflation. The price of an inflation index-linked security generally falls when real interest rates rise and rises when real interest rates fall. Interest payments on such securities are unpredictable and will fluctuate as the principal and interest are adjusted to reflect movements in the inflation-related index. In periods of deflation, the Fund may have no income at all from such investments. The principal value of an investment in the Fund is not protected or otherwise guaranteed by the value of the Fund's investments in inflation index-linked securities.

**Interest Rate Risk**<br>Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction as movements in interest rates. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could cause the value of the Fund's investments to decline. Interest rate increases, including significant or rapid increases, may result in a decline in the value of bonds or derivatives held by the Fund, make issuers less willing or able to make principal and interest payments on fixed-income investments when due, lead to heightened volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of which may result in substantial losses to the Fund. When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower yields, which may cause a decline in its income. Interest rate changes may have a more pronounced effect on the market value of fixed-rate instruments than on floating-rate instruments. The value of floating rate and variable securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The prices of fixed-income securities or derivatives are also affected by their durations. Fixed-income securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates than those with shorter durations. Rising interest rates may cause the value of the Fund's investments with longer durations and terms to maturity to decline, which may adversely affect the value of the Fund. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond.

**Investment Risk**<br>An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.

**Issuer Risk**<br>The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

**Leverage Risk**<br>The Fund's use of derivative instruments and taking of short positions may have the economic effect of financial leverage. Financial leverage magnifies the Fund's exposure to the movements in prices of an asset or class of assets underlying a derivative instrument and may result in increased volatility, which means that the Fund will have the potential for greater losses than if the Fund does not use the derivative instruments that have a leveraging effect. Leverage may result in losses that exceed the amount originally invested and may accelerate the rate of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund's exposure to an asset or class of assets and may cause the Fund's net asset value ("NAV") per share to be volatile. There can be no assurance that the Fund's use of leverage will be successful.

**Liquidity Risk**<br>The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund's ability to limit losses. The Fund could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund. Judgment plays a greater role in pricing illiquid investments than in investments with more active markets.

**Loan Interests Risk**<br>In making investments in bank loans or senior loans, the Fund will depend primarily on the creditworthiness of the borrower for payment of principal and interest and will also rely on the financial institution to make principal and interest payments to the Fund once it receives payment on the underlying loan. The Fund will also rely on the financial institution to pursue appropriate remedies against a borrower in the event that the borrower defaults. As such, the Fund may be exposed to the credit risk of both the financial institution that made the loan and the underlying borrower.

Unlike publicly traded common stocks, which trade on national exchanges, there is no central place or exchange for loans, including bank loans and senior loans, to trade. There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. In the event that the borrower defaults, the Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders with respect to the Fund's ability to pay redemption proceeds within the allowable time periods stated in the Prospectus. The secondary market for loans also may be subject to irregular trading activity and wide bid/ask spreads. The lack of an active trading market for certain loans may impair the ability of the Fund to sell its loan interests at a time when it may otherwise be desirable to do so or may require the Fund to sell them at prices that are less than what the Fund regards as their fair market value and may make it difficult to value such loans. Accordingly, loan interests may at times be illiquid. Interests in loans made to finance highly leveraged companies or transactions, such as corporate acquisitions, may be especially vulnerable to adverse changes in economic or market conditions.

**Market Risk**<br>The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. Prices in many financial markets have increased significantly over the last 10-15 years, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in

**American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus**7**

------

domestic and foreign financial markets that has caused losses for investors and may occur again in the future. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, such as changes in interest or inflation rates, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters, cybersecurity incidents, and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and economic and political changes within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in the U.S. presidential administration and Congress, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat or occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government's debt limit, which could result in a default on the government's obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.

The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

■ Recent
 Market Events Risk. Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns
 may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an investment
 in the Fund may be
 increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility that conditions
 in one country or
 region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/or markets may
 be changing, which
 may impact such economies and markets in ways that cannot be foreseen at this time.

Some countries, including the U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that appears to be continuing globally. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major international trade agreements, risks associated with trade agreements between countries and regions, including the U.S. and other foreign nations, political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in consumer sentiment and commodity and currency prices could affect the economies and markets of many nations, including the U.S., in ways that cannot necessarily be foreseen at the present time and may create significant market volatility. In addition, these policies, including the impact on the U.S. dollar, may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.

Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve (the "Federal Reserve") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as Federal Reserve policy changes, could have an effect on this. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Federal Reserve or foreign central banks to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. There is no assurance that the U.S. Congress will act to raise the nation's debt ceiling; a failure to do so could cause market turmoil and substantial investment risks that cannot be fully predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy.

Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly adopted regulations is not currently known. Due to the scope of regulations being adopted, certain of these changes to regulations could limit the Fund's ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance. Additionally, it is possible that recently adopted regulations could be further revised or rescinded, which creates material uncertainty regarding their impact to the Fund.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change in ways that cannot be foreseen, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

**Market Direction Risk**<br>Since the Fund will typically hold both long and short positions, an investment in the Fund will involve market risks associated with different types of investment decisions than those made for a typical "long only" fund. The Fund's results could suffer both when there is a general market advance and the Fund holds significant "short" positions, and when there is a general market decline and the Fund holds significant "long" positions.

**Market Timing Risk**<br>The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund's investments, which requires the Fund, in certain instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price differentials that may be reflected in the net asset value ("NAV") of the Fund's shares. Frequent trading by Fund shareholders poses risks to other shareholders in the Fund, including (i) the dilution of the Fund's NAV, (ii) an increase in the Fund's expenses, and (iii) interference with the ability to execute efficient investment strategies.

**Mortgage-Backed and Mortgage-Related Securities Risk**<br>Investments in mortgage-backed and mortgage-related securities are influenced by the factors affecting the mortgages underlying the securities or the housing market. These securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage-backed and mortgage-related securities also are subject to market risks for fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of

**8** **American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus

------

mortgage-backed and mortgage-related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. These securities are also subject to the risk of default on the underlying mortgages, particularly during periods of market downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security's value. In addition, certain mortgage-backed and mortgage-related securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

■ Collateralized
 Mortgage Obligation ("CMOs") Risk. CMOs may offer a higher yield than U.S. government securities, but they may also be subject to greater price
 fluctuation and credit risk. In addition, CMOs typically will be issued in a variety of classes or series, which have different maturities
 and are retired in sequence.
 In the event of a default by an issuer of a CMO, there is no assurance that the collateral securing such CMO will be sufficient to pay
 principal and interest.
 It is possible that there will be limited opportunities for trading CMOs in the OTC market, the depth and liquidity of which will vary
 from time to time.

■ Commercial
 Mortgage-Backed Securities ("CMBS") Risk. CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks
 reflect the effects of local and other economic conditions on real estate markets, the ability of borrowers to make loan payments, and
 the ability of a property
 to attract and retain tenants. CMBS may not be backed by the full faith and credit of the U.S. Government and are subject to risk of default
 on the underlying
 mortgages, particularly during periods of economic downturn. CMBS are subject to a greater degree of prepayment and extension risk than
 many other forms of
 fixed-income securities, and CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed
 securities. Small
 movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of CMBS.

■ Mortgage
 Pass-Through Securities Risk. Mortgage pass-through securities provide for the "pass through" of the monthly payments made by individual borrowers
 on their residential or commercial mortgage loans, net of any fees by the security issuer and guarantor, as applicable, to the holder
 of the security. Mortgage
 pass-through securities are sensitive to interest rate changes, and small movements in interest rates, both increases and decreases, may
 quickly and significantly
 affect the value of certain mortgage pass-through securities. Mortgage pass-through securities involve interest rate risk, credit risk,
 prepayment risk and
 extension risk.

■ Residential
 Mortgage-Backed Securities ("RMBS") Risk. RMBS include securities that reflect an interest in pools of residential mortgage loans secured by residential
 real property. While subject to the risks generally associated with mortgage-backed securities, RMBS are particularly susceptible to prepayment
 risks. Homeowners
 frequently refinance high-rate mortgages when mortgage rates fall, which results in the prepayment of high-rate mortgages. Conversely,
 when mortgage rates
 increase, prepayments from refinancing arrangements decline, extending the life of RMBS with lower yields. RMBS may not be backed by the full faith and credit
 of the U.S. government and are subject to risk of default on the underlying mortgages. The rate of delinquencies and defaults on RMBS and the amount of
 the resulting losses depend on a number of factors: many of the risks of investing in the real estate securing the underlying mortgage
 loans, including general
 economic conditions and local economic conditions in the geographic area where the mortgaged property is located, the terms of the mortgage
 loan, the borrower's equity in the mortgaged property, and the financial circumstances of the borrower. RMBS issued by non-government
 entities may offer
 higher yields than those issued by government entities, but also may be subject to greater volatility than government issues. RMBS backed
 by subprime loans
 may suffer significantly greater declines in value due to defaults or the increased risk of default.

**Other Investment Companies Risk**<br>To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those investment companies in addition to the Fund's direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with investments in those companies, including but not limited to the following:

■ Exchange-Traded
 Funds ("ETFs") Risk. Because ETFs are listed on an exchange, they may be subject to trading halts, may trade at a premium or discount to their
 net asset value ("NAV") and may not be liquid. An ETF that tracks an index may not precisely replicate the returns of that
 index, and an actively-managed ETF's
 performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment
 objectives. Future legislative or regulatory
 changes, including changes in taxation, could impact the operation of ETFs.

■ Government
 Money Market Funds Risk. Investments in government money market funds are subject to interest rate risk, credit risk, and market risk.

**Preferred Stock Risk**<br>Preferred stocks are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

**Prepayment and Extension Risk**<br>Prepayment and extension risk is the risk that a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected. Due to a decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security, any of which could result in a reduced yield to the Fund. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Conversely, extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension of a security's effective maturity, increase the risk of default or delayed payment, heighten interest rate risk and increase the potential for a decline in an investment's price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be reduced. Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either case could hurt the Fund's performance.

**Redemption Risk**<br>The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Heavy redemptions could hurt the Fund's performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. A rise in interest rates or other market developments may cause investors to move out of fixed-income securities on a large scale. During periods of heavy redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.

**Reliance on Corporate Management and Financial Reporting Risk**<br>The sub-advisor may select investments for the Fund in part on the basis of information and data made directly available to the sub-advisor by the issuers of securities or through sources other than the issuers such as collateral pool servicers. The sub-advisor has no ability to independently verify such information and data and is therefore dependent upon the integrity of the management of these issuers and of such servicers and the financial and collateral performance reporting processes in general. Information and data provided regarding a particular issuer may not necessarily contain information that the sub-advisor normally considers when evaluating the investment prospects of a company.

**American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus**9**

------

**Restricted Securities Risk**<br>Securities not registered in the U.S. under the Securities Act of 1933, as amended (the "Securities Act"), or in non-U.S. markets pursuant to similar regulations, including "Section 4(a)(2)" securities and "Rule 144A" securities, are restricted as to their resale. Such securities may not be listed on an exchange and may have no active trading market. The prices of these securities may be more difficult to determine than publicly traded securities and these securities may involve heightened risk as compared to investments in securities of publicly traded companies. They may be more difficult to purchase or sell at an advantageous time or price because such securities may not be readily marketable in broad public markets or may have to be held for a certain time period before they can be resold. The Fund may not be able to sell a restricted security when the sub-advisor considers it desirable to do so and/or may have to sell the security at a lower price than the Fund believes is its fair market value. In addition, transaction costs may be higher for restricted securities and the Fund may receive only limited information regarding the issuer of a restricted security. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.

**Sector Risk**<br>When the Fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if the Fund were invested more evenly across sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual sectors may be more volatile, and may perform differently, than the broader market. As the Fund's portfolio changes over time, the Fund's exposure to a particular sector may become higher or lower.

■ Financials
 Sector Risk. Companies
 in the Financials sector are subject to extensive governmental regulation and intervention, which may result in financial penalties
 and limits on the scope of their activities, the amounts and types of loans and other financial commitments they can make, the interest
 rates and fees they
 can charge, the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their
 size. The impact of recent
 or future regulation on the Financials sector, including more stringent capital requirements, cannot be predicted. In addition, fiscal,
 regulatory and monetary
 policies, economic conditions, interest rate changes, credit rating downgrades, and decreased liquidity in the credit markets may cause
 an adverse impact
 in a broad range of markets, including U.S. and international credit and interbank money markets, thereby affecting a wide range of companies
 in the Financials
 sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused significant
 losses to companies
 in this sector, which also may negatively impact the Fund.

**Secured, Partially Secured and Unsecured Obligation Risk**<br>Debt obligations may be secured, partially secured or unsecured. Interests in secured and partially-secured obligations have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. However, there is no assurance that the liquidation of collateral from a secured or partially-secured obligation would satisfy the borrower's obligation, or that the collateral can be liquidated. Furthermore, there is a risk that the value of any collateral securing an obligation in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the obligation. In the event the borrower defaults, the Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. Unsecured debt, including senior unsecured and subordinated debt, will not be secured by any collateral and will be effectively subordinated to a borrower's secured indebtedness (to the extent of the collateral securing such indebtedness). With respect to unsecured obligations, the Fund lacks any collateral on which to foreclose to satisfy its claim in whole or in part. Such instruments generally have greater price volatility than that of fully secured holdings and may be less liquid.

**Securities Selection Risk**<br>Securities selected for the Fund may not perform to expectations. This could result in the Fund's underperformance compared to its performance index(es), or other funds with similar investment objectives or strategies.

**Segregated Assets Risk**<br>In connection with certain transactions that may give rise to future payment obligations, the Fund may be required to maintain a segregated amount of, or otherwise earmark, cash or liquid securities to cover the obligation. Segregated assets generally cannot be sold while the position they are covering is outstanding, unless they are replaced with other assets of equal value. The need to segregate cash or other liquid securities could limit the Fund's ability to pursue other opportunities as they arise.

**Short Position Risk**<br>The Fund will incur a loss as a result of a short position if the price of the instrument sold short increases in value between the date of the short sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the sub-advisor's ability to accurately anticipate the future value of a security or instrument. As there is potentially no limit on the amount that the security that the Fund is required to purchase may have appreciated, the Fund's losses are potentially unlimited in a short position transaction, particularly in cases where the Fund is unable to close out its short position. The Fund may invest the proceeds of a short sale and, therefore, be subject to the effect of leverage, in that short selling may amplify changes in the Fund's NAV since it may increase the exposure of the Fund to certain markets and may increase losses and the volatility of returns.

**Sovereign and Quasi-Sovereign Debt Risk**<br>Sovereign or quasi-sovereign debt securities are subject to risk of payment delays or defaults due to, among other things: (1) country cash flow problems, (2) insufficient foreign currency reserves, (3) political considerations, (4) large debt positions relative to the country's economy, (5) policies toward foreign lenders or investors, (6) the failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or unwillingness to repay debts. It may be particularly difficult to enforce the rights of debt holders in emerging markets. A governmental entity that defaults on an obligation may request additional time in which to repay loans, may request further loans, or may seek to restructure its obligations to reduce interest rates or outstanding principal. There is no legal process for collecting sovereign and quasi-sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign and quasi-sovereign debt risk is increased for emerging markets issuers, which are among the largest debtors to commercial banks and foreign governments. At times, certain emerging market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness.

**Supranational Risk**<br>Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. Political changes in principal donor nations may also unexpectedly disrupt the finances of supranational entities. Obligations of a supranational entity that are denominated in non-U.S. currencies will also be subject to the risks associated with investments in non-U.S. currencies.

**Trust Preferred Securities Risk**<br>Trust preferred securities are subject to market risk, interest rate risk and credit risk. Holders of the trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the parent company. Trust preferred securities prices fluctuate for several reasons, including changes in the financial condition of an issuer, investors' perception of the financial condition of an issuer, or the general economic condition of the market for trust preferred securities.

**10** **American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus

------

**Unrated Securities Risk**<br>Because the Fund may purchase securities that are not rated by any rating organization, the sub-advisor, after assessing their credit quality, may internally assign ratings to certain of those securities in categories similar to those of rating organizations. Unrated securities are subject to the risk that the sub-advisor may not accurately evaluate the security's comparative credit rating. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and price volatility.

**U.S. Government Securities and Government-Sponsored Enterprises Risk**<br>A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of coupons and the face value at maturity, not its current market price. The market prices for such securities are not guaranteed and will fluctuate. Certain securities held by the Fund that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (''Fannie Mae''), Federal Home Loan Mortgage Corporation (''Freddie Mac''), Federal Home Loan Bank (''FHLB''), and Federal Farm Credit Bank ("FFCB"), are not guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support if these organizations do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored enterprises are also subject to credit risk, interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially higher costs for the U.S. government to obtain new financing. It is possible that the U.S. government and government-sponsored enterprises will not have the funds to meet their payment obligations in the future.

**U.S. Treasury Obligations Risk**<br>The market value of U.S. Treasury obligations may vary due to fluctuations in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. government and may cause the value of U.S. Treasury obligations to decline.

**Valuation Risk**<br>Certain of the Fund's assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The valuation of the Fund's investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents.

**Variable and Floating Rate Securities Risk**<br>The coupons on variable and floating-rate securities are not fixed and may fluctuate based upon changes in market rates. A variable rate security has a coupon that is adjusted at pre-designated periods in response to changes in the market rate of interest on which the coupon is based. The coupon on a floating rate security is generally based on an interest rate, such as a money-market index, Secured Overnight Financing Rate ("SOFR"), or a Treasury bill rate. Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on variable and floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and floating-rate securities typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have limits on the maximum increases in the coupon rates. The value of variable and floating-rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of variable and floating rate instruments may be subject to greater liquidity risk than other debt securities.

**Zero Coupon Securities Risk**<br>Zero coupon securities are debt securities that do not make periodic interest payments prior to maturity or a specified redemption date (or cash payment date). Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and will be subject to greater fluctuations in market value in response to changing interest rates than debt obligations of comparable maturities that make current distribution of interest in cash. While interest payments are not made on such securities, the Fund accrues income with respect to these securities for federal income tax and accounting purposes. Longer term zero-coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.

■ STRIPS
 Risk. The risks of
 STRIPS are similar to those of other U.S. government securities, although the market values of STRIPS may be more volatile than that of U.S. Treasuries with
 comparable maturities. Since STRIPS do not entitle the holder to any periodic coupon payments prior to maturity, such securities usually trade at a deep discount
 from their face or par value and will be subject to greater fluctuations in market value in response to changing interest rates than debt obligations with comparable
 maturities that make periodic coupon payments in cash.

Fund Performance

The bar chart and table below provide an indication of risk by showing changes in the Fund's performance over time. The bar chart shows how the Fund's performance has varied from year to year. The table shows how the Fund's average annual total returns compare to a broad-based securities market index, as well as an additional index that reflects short-term inter-bank deposit rates, for the periods indicated. In the table below, for the period prior to October 29, 2018, the performance for the A Class and C Class shares reflects the returns of the Fund's R5 Class shares. The A Class and C Class shares would have had similar annual returns to the Fund's R5 Class because the shares of each class represent investments in the same portfolio securities. However, as reflected in the table in the "Fees and Expenses of the Fund" section of this Fund Summary, the expenses of the R5 Class shares differ from those of the newer share classes, which would affect performance. To the extent that the R5 Class shares had lower expenses than a newer share class, the performance of the R5 Class shares would likely have been higher than the newer share class would have realized during the same period. The A Class and C Class shares performance shown in the table has not been adjusted for differences in operating expenses of the newer and older share classes, but the A Class and C Class shares performance has been adjusted for the impact of the maximum applicable sales charge. You may obtain updated performance information on the Fund's website at www.americanbeaconfunds.com. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus**11**

------

---

| | |
|:---|:---|
| **Calendar year total returns for Investor Class Shares.** Year Ended 12/31 | **Calendar year total returns for Investor Class Shares.** Year Ended 12/31 |
| ![](sp2673img002.jpg)<br>| &nbsp;&nbsp;&nbsp; **Highest Quarterly Return:**<br>**9.68%** 2nd Quarter 2020<br>01/01/2018 through 12/31/2024<br> **Lowest Quarterly Return:**<br>**-9.69%** 2nd Quarter 2022<br>01/01/2018 through 12/31/2024 |
| The calendar year-to-date total return as of September 30, 2025 was 5.52%. |  |

---

**Average annual total returns** for periods ended December 31, 2024

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception Date** **of Class** | **1 Year** | **5 Years** | **Since Inception** |
| **Investor Class** | **04/03/2017** |  |  |  |
| Returns Before Taxes |  | 8.62% | 3.06% | 4.08% |
| Returns After Taxes on Distributions |  | 7.08% | 0.36% | 1.67% |
| Returns After Taxes on Distributions and Sales of Fund Shares |  | 5.08% | 1.11% | 2.05% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception Date** **of Class** | **1 Year** | **5 Years** | **Since Inception** **(04/03/2017)** |
| **Share Class** (Before Taxes) |  |  |  |  |
| A | 10/29/2018 | 4.51% | 2.32% | 3.67% |
| C | 10/29/2018 | 6.77% | 2.31% | 3.55% |
| Y | 04/03/2017 | 8.86% | 3.34% | 4.37% |
| R5 | 04/03/2017 | 8.93% | 3.42% | 4.44% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since Inception** **(04/03/2017)** |
| **Index** (Reflects no deduction for fees, expenses or taxes) |  |  |  |
| Bloomberg Global-Aggregate Total Return Index Value Hedged USD | 3.40% | 0.48% | 1.90% |
| ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index | 5.47% | 2.59% | 2.39% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account ("IRA") or a 401(k) plan, the after-tax returns do not apply to your situation. After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary.

Management

**The Manager**<br>The Fund has retained American Beacon Advisors, Inc. to serve as its Manager.

**Sub-Advisor**<br>The Fund's investment sub-advisor is TwentyFour Asset Management (US) LP.

Portfolio Managers

---

| | | |
|:---|:---|:---|
| **TWENTYFOUR ASSET MANAGEMENT (US) LP** | **Eoin Walsh**\*<br>Partner, Portfolio Manager<br>Since Fund Inception (2017)<br> **Felipe Villarroel**\*<br>Partner, Portfolio Manager<br>Since 2018 | **David Norris**<br>Partner, Portfolio Manager<br>Since 2018 |

---

\* The positions shown for each of the indicated portfolio managers are held with TwentyFour Asset Management LLP, a participating affiliate of TwentyFour Asset Management (US) LP.

**12** **American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus

------

Purchase and Sale of Fund Shares

You may buy or sell shares of the Fund through a retirement plan, an investment professional, a broker-dealer, or other financial intermediary. You may purchase or redeem shares of the Fund on any day the New York Stock Exchange ("NYSE") is open, at the Fund's net asset value ("NAV") per share next calculated after your order is received in proper form, subject to any applicable sales charge. The Manager may, in its sole discretion, allow certain individuals to invest directly in the Fund. For more information regarding eligibility to invest directly please see "About Your Investment - Purchase and Redemption of Shares." Direct mutual fund account shareholders may buy subsequent shares or sell shares in various ways:

---

| | | |
|:---|:---|:---|
| **Internet** | **www.americanbeaconfunds.com** | **www.americanbeaconfunds.com** |
| **Phone** | **To reach an American Beacon representative call 1-800-658-5811, option 1**<br> **Through the Automated Voice Response Service call 1-800-658-5811, option 2 (Investor Class only)** | **To reach an American Beacon representative call 1-800-658-5811, option 1**<br> **Through the Automated Voice Response Service call 1-800-658-5811, option 2 (Investor Class only)** |
| **Mail** | **American Beacon Funds**<br> **P.O. Box 219643**<br> **Kansas City, MO 64121-9643** | **Overnight Delivery:**<br> **American Beacon Funds**<br> **801 Pennsylvania Ave**<br> **Suite 219643**<br> **Kansas City, MO 64105-1307** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **New Account** | **Existing Account** | **Existing Account** |
| <br>**Share Class** | **Minimum Initial Investment Amount** | **Purchase/Redemption Minimum by** **Check/ACH/Exchange** | **Purchase/Redemption Minimum by** **Wire** |
| C | $1000 | $50 | $250 |
| A, Investor | $2500 | $50 | $250 |
| Y | $100000 | $50 |  |
| R5 | $250000 | $50 |  |

---

Tax Information

Dividends, capital gains distributions, and other distributions, if any, that you receive as a result of your investment in the Fund are subject to federal income tax and may also be subject to state and local income taxes, unless you are a tax-exempt entity or your account is tax-deferred, such as an individual retirement account ("IRA") or a 401(k) plan (in which case you may be taxed later, upon the withdrawal of your investment from such account or plan).

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund's distributor, Resolute Investment Distributors, Inc., or the Manager may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

**American Beacon TwentyFour Strategic Income Fund** - Summary Prospectus**13**