American Beacon Balanced Fund (AABPX) NPORT-P American Beacon Developing World Income Fund (Oct 2024 report)

United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04984

AMERICAN BEACON FUNDS

(Exact name of Registrant as specified in charter)

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Address of principal executive offices) (Zip code)

Gregory J. Stumm, PRESIDENT

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

Registrant’s telephone number, including area code: (817) 391-6100

Date of fiscal year end: January 31, 2025

Date of reporting period: October 31, 2024

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A Registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A Registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
Angola - 4.07%
Foreign Sovereign Obligations - 4.07%
Angola Government International Bonds,
8.250%, Due 5/9/2028A		$	3,780,000	$	3,608,539
8.000%, Due 11/26/2029			4,000,000		3,671,712
8.750%, Due 4/14/2032			3,475,000		3,144,875
8.750%, Due 4/14/2032A			3,922,000		3,549,410
9.375%, Due 5/8/2048A			4,346,000		3,704,357
9.125%, Due 11/26/2049A			7,967,000		6,652,445
Republic of Angola Via Avenir Issuer II Ireland DAC, 6.927%, Due 2/19/2027A			1,232,143		1,185,739
Total Foreign Sovereign Obligations					25,517,077
Total Angola (Cost $26,011,498)					25,517,077
Argentina - 2.11%
Foreign Sovereign Obligations - 2.11%
Argentina Republic Government International Bonds,
1.000%, Due 7/9/2029			227,491		163,263
0.750%, Due 7/9/2030B			2,906,414		1,955,529
4.125%, Due 7/9/2035B			20,112,784		11,126,961
Total Foreign Sovereign Obligations					13,245,753
Total Argentina (Cost $11,911,628)					13,245,753
Armenia - 1.19%
Foreign Sovereign Obligations - 1.19%
Republic of Armenia Treasury Bonds,
7.000%, Due 4/29/2026		AMD	385,000,000		957,385
9.000%, Due 4/29/2026			325,000,000		830,909
9.250%, Due 4/29/2028			2,240,000,000		5,681,657
Total Foreign Sovereign Obligations					7,469,951
Total Armenia (Cost $7,329,688)					7,469,951
Azerbaijan - 0.47% (Cost $2,909,694)
Credit-Linked Notes - 0.47%
Azerbaijan Treasury Bonds (Issuer ICBC Standard Bank PLC), 7.500%, Due 5/11/2028C		AZN	5,000,000		2,917,853
Benin - 0.73%
Foreign Sovereign Obligations - 0.73%
Benin Government International Bonds,
7.960%, Due 2/13/2038A		$	2,416,000		2,377,465
6.875%, Due 1/19/2052C		EUR	2,408,000		2,175,985
Total Foreign Sovereign Obligations					4,553,450
Total Benin (Cost $4,836,103)					4,553,450
Cameroon - 1.65%
Foreign Sovereign Obligations - 1.65%
Republic of Cameroon International Bonds,
9.500%, Due 7/31/2031A		$	1,476,000		1,415,115
5.950%, Due 7/7/2032C		EUR	7,364,000		6,428,177
5.950%, Due 7/7/2032A			2,850,000		2,487,820
Total Foreign Sovereign Obligations					10,331,112
Total Cameroon (Cost $13,184,861)					10,331,112

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
Congo - 0.43% (Cost $2,600,000)
Credit-Linked Notes - 0.43%
Democratic Republic of Congo (Issuer Tugela BV), 12.276%, Due 12/14/2027, (6 mo. USD Term SOFR + 7.000%)C D		$	2,600,000	$	2,712,320
Dominican Republic - 3.34%
Foreign Sovereign Obligations - 3.34%
Dominican Republic Central Bank Notes, 13.000%, Due 12/5/2025A		DOP	105,000,000		1,773,552
Dominican Republic International Bonds,
12.000%, Due 8/8/2025A			182,500,000		3,069,446
9.750%, Due 6/5/2026A			8,850,000		148,343
8.000%, Due 2/12/2027A			220,000,000		3,452,508
12.750%, Due 9/23/2029C			249,000,000		4,569,813
13.625%, Due 2/3/2033C			54,750,000		1,090,339
13.625%, Due 2/3/2033A			67,650,000		1,370,404
11.250%, Due 9/15/2035C			184,000,000		3,315,660
10.750%, Due 6/1/2036C			123,000,000		2,163,578
Total Foreign Sovereign Obligations					20,953,643
Total Dominican Republic (Cost $21,485,524)					20,953,643
Ecuador - 1.97%
Foreign Sovereign Obligations - 1.97%
Ecuador Government International Bonds,
6.900%, Due 7/31/2030B C		$	1,556,850		1,068,856
6.900%, Due 7/31/2030A B			2,482,000		1,704,018
5.500%, Due 7/31/2035B C			3,789,045		2,090,627
5.500%, Due 7/31/2035A B			11,674,000		6,441,196
5.000%, Due 7/31/2040B C			1,625,550		824,375
5.000%, Due 7/31/2040A B			438,000		222,126
Total Foreign Sovereign Obligations					12,351,198
Total Ecuador (Cost $14,075,395)					12,351,198
Egypt - 2.98%
Foreign Sovereign Obligations - 2.98%
Egypt Government Bonds,
14.483%, Due 4/6/2026		EGP	6,500,000		113,009
24.458%, Due 10/1/2027			128,970,000		2,573,626
15.700%, Due 11/7/2027			10,000,000		164,014
Egypt Government International Bonds,
6.375%, Due 4/11/2031A		EUR	443,000		414,471
8.875%, Due 5/29/2050A		$	6,645,000		5,414,160
7.500%, Due 2/16/2061A			2,600,000		1,830,223
Egypt Treasury Bills,
30.160%, Due 12/10/2024		EGP	242,825,000		4,817,269
28.770%, Due 12/17/2024			74,375,000		1,467,026
26.210%, Due 3/11/2025			1,000,000		18,521
25.900%, Due 5/20/2025			106,000,000		1,871,171
Total Foreign Sovereign Obligations					18,683,490
Total Egypt (Cost $19,560,316)					18,683,490

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
El Salvador - 1.27%
Foreign Sovereign Obligations - 1.27%
El Salvador Government International Bonds,
0.250%, Due 4/17/2030C		$	3,290,000	$	82,748
9.250%, Due 4/17/2030C			2,421,000		2,396,790
7.650%, Due 6/15/2035A			1,386,000		1,204,391
7.125%, Due 1/20/2050A			2,395,000		1,823,474
9.500%, Due 7/15/2052A			2,600,000		2,468,254
Total Foreign Sovereign Obligations					7,975,657
Total El Salvador (Cost $5,965,294)					7,975,657
Gabon - 1.95%
Foreign Sovereign Obligations - 1.95%
Gabon Government International Bonds,
6.950%, Due 6/16/2025A			2,642,000		2,575,755
6.625%, Due 2/6/2031A			10,783,000		8,592,584
7.000%, Due 11/24/2031A			1,320,000		1,051,380
Total Foreign Sovereign Obligations					12,219,719
Total Gabon (Cost $13,265,712)					12,219,719
Ghana - 3.32%
Credit-Linked Notes - 0.01%
Ghana Promissory Notes (Issuer Saderea DAC), 12.500%, Due 11/30/2026AF			139,548		75,356
Foreign Corporate Obligations - 0.32%
Kosmos Energy Ltd., 7.500%, Due 3/1/2028C			2,124,000		2,031,753
Foreign Sovereign Obligations - 2.99%
Ghana Government International Bonds,
Due 7/3/2026C E			1,007,454		934,464
5.000%, Due 7/3/2029B C			6,278,448		5,383,769
Due 1/3/2030C E			1,391,072		1,052,786
10.750%, Due 10/14/2030A			3,509,000		2,554,166
5.000%, Due 7/3/2035B C			6,413,536		4,459,011
Republic of Ghana Government Bonds,
21.000%, Due 1/27/2025		GHS	1,680,000		100,972
19.250%, Due 6/23/2025			23,500,000		1,319,618
19.000%, Due 11/2/2026			47,576,000		2,081,011
19.250%, Due 1/18/2027			19,750,000		838,955
Total Foreign Sovereign Obligations					18,724,752
Total Ghana (Cost $28,085,710)					20,831,861
Iraq - 1.38% (Cost $8,500,331)
Foreign Sovereign Obligations - 1.38%
Iraq International Bonds, 5.800%, Due 1/15/2028A		$	8,990,625		8,633,697
Ivory Coast - 3.18%
Credit-Linked Notes - 0.35%
Republic of Cote d’Ivoire (Issuer Zambezi BV), 6.000%, Due 8/2/2026C		XOF	1,333,333,334		2,211,019
Foreign Sovereign Obligations - 2.83%
Ivory Coast Government International Bonds,
4.875%, Due 1/30/2032A		EUR	7,091,000		6,747,167
6.125%, Due 6/15/2033A		$	5,766,000		5,225,697
6.625%, Due 3/22/2048A		EUR	6,559,000		5,760,423
Total Foreign Sovereign Obligations					17,733,287
Total Ivory Coast (Cost $20,112,315)					19,944,306

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
Jamaica - 0.11% (Cost $641,002)
Foreign Sovereign Obligations - 0.11%
Jamaica Government International Bonds, 9.625%, Due 11/3/2030		JMD	100,000,000	$	669,319
Kazakhstan - 3.50%
Foreign Sovereign Obligations - 3.50%
Kazakhstan Government Bonds,
16.700%, Due 1/13/2025		KZT	2,725,122,000		5,609,571
10.750%, Due 2/11/2025			240,000,000		487,774
7.200%, Due 5/27/2025			317,000,000		628,369
10.500%, Due 8/4/2026			500,000,000		984,694
13.900%, Due 9/16/2026			280,000,000		581,810
9.000%, Due 3/6/2027			1,160,000,000		2,200,515
9.000%, Due 7/3/2027			449,000,000		845,581
15.350%, Due 11/18/2027			630,000,000		1,376,281
10.400%, Due 4/12/2028			970,000,000		1,871,248
5.000%, Due 4/18/2028			2,650,000,000		4,255,646
15.300%, Due 3/3/2029			736,866,000		1,646,854
7.680%, Due 8/13/2029			224,390,000		386,101
12.000%, Due 3/7/2030			165,000,000		334,468
10.120%, Due 2/17/2034			400,000,000		735,853
Total Foreign Sovereign Obligations					21,944,765
Total Kazakhstan (Cost $24,182,286)					21,944,765
Kenya - 4.64%
Foreign Sovereign Obligations - 4.64%
Republic of Kenya Government International Bonds,
7.000%, Due 5/22/2027A		$	1,236,000		1,219,054
9.750%, Due 2/16/2031A			3,294,000		3,305,941
8.000%, Due 5/22/2032A			3,253,000		3,000,687
6.300%, Due 1/23/2034A			1,148,000		924,841
Republic of Kenya Infrastructure Bonds,
11.000%, Due 12/2/2024		KES	25,000,000		192,742
12.500%, Due 5/12/2025			16,024,384		121,561
10.200%, Due 5/25/2026			15,500,000		110,526
11.000%, Due 10/12/2026			43,467,948		308,930
13.215%, Due 11/27/2028			124,600,000		916,749
10.850%, Due 4/2/2029			24,550,000		174,537
17.933%, Due 5/6/2030			47,000,000		393,611
18.461%, Due 8/9/2032			1,424,900,000		12,427,860
12.500%, Due 1/10/2033			631,000,000		4,283,957
11.750%, Due 10/8/2035			112,000,000		714,929
12.257%, Due 1/5/2037			152,000,000		984,083
Total Foreign Sovereign Obligations					29,080,008
Total Kenya (Cost $29,827,753)					29,080,008
Kyrgyzstan - 1.64%
Credit-Linked Notes - 1.64%
Republic of Kyrgyzstan (Issuer Rufiji BV), 8.000%, Due 5/26/2025		KGS	70,000,000		821,154
Republic of Kyrgyzstan (Issuer Tugela BV),
6.000%, Due 9/19/2025C			120,500,000		1,348,673
6.000%, Due 9/13/2029C			305,000,000		2,644,400
12.250%, Due 9/13/2027C			220,000,000		2,566,154
12.000%, Due 2/7/2028C			95,000,000		1,045,775
Republic of Kyrgyzstan (Issuer Zambezi BV), 10.000%, Due 4/13/2028C			180,000,000		1,859,370
Total Credit-Linked Notes					10,285,526
Total Kyrgyzstan (Cost $11,599,963)					10,285,526

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
Malawi - 0.83%
Credit-Linked Notes - 0.83%
Republic of Malawi (Issuer Tugela BV),
12.000%, Due 2/28/2025C		$	400,000	$	412,040
11.000%, Due 4/21/2025C			1,600,000		927,520
12.500%, Due 5/21/2025C			1,050,000		466,515
12.500%, Due 6/2/2027C			800,000		445,520
18.500%, Due 8/15/2026C			2,700,000		1,156,140
15.000%, Due 8/19/2026C			1,000,000		997,400
13.500%, Due 6/18/2027C			700,000		275,310
13.500%, Due 9/3/2027C			650,000		253,175
13.000%, Due 8/20/2027C			500,000		240,850
Total Credit-Linked Notes					5,174,470
Total Malawi (Cost $9,146,232)					5,174,470
Mongolia - 2.52%
Credit-Linked Notes - 2.52%
Development Bank of Mongolia (Issuer Rufiji BV), 10.000%, Due 10/24/2031C		MNT	18,900,000,000		5,544,332
Development Bank of Mongolia (Issuer Zambezi BV), 14.000%, Due 5/12/2027C			27,500,000,000		8,923,404
Republic of Mongolia (Issuer Rufiji BV), 6.854%, Due 4/22/2025C			4,500,000,000		1,321,529
Total Credit-Linked Notes					15,789,265
Total Mongolia (Cost $15,107,521)					15,789,265
Mozambique - 4.14%
Credit-Linked Notes - 1.67%
Republic of Mozambique (Issuer ICBC Standard Bank PLC),
Due 3/26/2025E		MZN	90,500,000		1,417,524
17.000%, Due 5/11/2025			100,000,000		1,613,770
17.000%, Due 5/24/2029A			188,500,000		3,144,960
14.500%, Due 11/13/2025			40,000,000		613,273
14.500%, Due 2/11/2027			46,752,000		778,203
19.000%, Due 5/12/2028C			51,000,000		771,772
18.000%, Due 1/15/2029C			130,000,000		2,144,039
Total Credit-Linked Notes					10,483,541
Foreign Sovereign Obligations - 2.47%
Mozambique International Bonds,
9.000%, Due 9/15/2031B C		$	2,353,000		1,967,802
9.000%, Due 9/15/2031A B			16,117,000		13,478,567
Total Foreign Sovereign Obligations					15,446,369
Total Mozambique (Cost $25,777,015)					25,929,910
Netherlands - 0.28% (Cost $1,867,220)
Foreign Corporate Obligations - 0.28%
Zambezi BV, 11.500%, Due 6/22/2035C		PYG	13,500,000,000		1,768,253
Nigeria - 3.64%
Credit-Linked Notes - 0.66%
Republic of Nigeria (Issuer ICBC Standard Bank PLC), Due 2/27/2025E F G H		NGN	7,797,524,000		4,148,654
Foreign Corporate Obligations - 1.25%
Access Bank PLC, 6.125%, Due 9/21/2026C		$	1,207,000		1,146,976
BOI Finance BV, 7.500%, Due 2/16/2027C		EUR	1,811,000		1,882,293
First Bank of Nigeria Ltd. Via FBN Finance Co. BV, 8.625%, Due 10/27/2025C		$	1,029,000		1,032,370
IHS Netherlands Holdco BV, 8.000%, Due 9/18/2027C			1,215,000		1,213,799
SEPLAT Energy PLC, 7.750%, Due 4/1/2026C			631,000		628,561
United Bank for Africa PLC, 6.750%, Due 11/19/2026C			1,984,000		1,945,590
Total Foreign Corporate Obligations					7,849,589

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
Nigeria - 3.64% (continued)
Foreign Sovereign Obligations - 1.73%
Nigeria Government Bonds,
12.500%, Due 1/22/2026		NGN	856,000,000	$	429,914
16.288%, Due 3/17/2027			290,000,000		162,333
Nigeria Government International Bonds,
8.375%, Due 3/24/2029A		$	2,233,000		2,151,551
7.875%, Due 2/16/2032A			4,338,000		3,893,355
7.375%, Due 9/28/2033A			2,365,000		1,998,354
8.250%, Due 9/28/2051A			1,170,000		934,099
Nigeria OMO Bills, 28.739%, Due 6/17/2025		NGN	1,700,000,000		851,778
Nigeria Treasury Bills,
18.844%, Due 11/7/2024			450,000,000		266,571
22.678%, Due 3/27/2025			218,000,000		116,067
Total Foreign Sovereign Obligations					10,804,022
Total Nigeria (Cost $26,204,217)					22,802,265
Pakistan - 4.08%
Foreign Sovereign Obligations - 4.08%
Pakistan Government International Bonds,
6.875%, Due 12/5/2027A		$	2,065,000		1,870,002
7.375%, Due 4/8/2031A			5,504,000		4,656,990
Pakistan Treasury Bills,
23.637%, Due 12/26/2024		PKR	600,000,000		2,109,656
20.100%, Due 3/6/2025			1,150,000,000		3,956,136
20.770%, Due 4/3/2025			1,100,000,000		3,747,028
20.046%, Due 5/15/2025			1,232,000,000		4,140,340
19.600%, Due 5/29/2025			1,513,600,000		5,063,864
Total Foreign Sovereign Obligations					25,544,016
Total Pakistan (Cost $24,984,999)					25,544,016
Papua New Guinea - 0.90% (Cost $5,615,981)
Foreign Sovereign Obligations - 0.90%
Papua New Guinea Government International Bonds, 8.375%, Due 10/4/2028A	$		5,726,000		5,636,687
Paraguay - 1.37%
Credit-Linked Notes - 0.64%
Municipalidad de Asuncion (Issuer Tugela BV), 12.000%, Due 11/22/2032C		PYG	16,600,000,000		2,265,981
Republic of Paraguay (Issuer Tugela BV), 9.850%, Due 2/14/2031C			13,700,000,000		1,711,128
Total Credit-Linked Notes					3,977,109
Foreign Sovereign Obligations - 0.73%
Paraguay Government International Bonds,
7.900%, Due 2/9/2031C			23,803,000,000		3,053,987
7.900%, Due 2/9/2031A			12,000,000,000		1,539,632
Total Foreign Sovereign Obligations					4,593,619
Total Paraguay (Cost $9,338,159)					8,570,728
Republic of Mauritius - 0.17% (Cost $1,025,642)
Foreign Corporate Obligations - 0.17%
Axian Telecom, 7.375%, Due 2/16/2027C	$		1,038,000		1,041,016

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
Rwanda - 0.50%
Foreign Sovereign Obligations - 0.50%
Rwanda International Government Bonds,
5.500%, Due 8/9/2031C		$	2,049,000	$	1,724,234
5.500%, Due 8/9/2031A			1,690,000		1,422,135
Total Foreign Sovereign Obligations					3,146,369
Total Rwanda (Cost $3,519,178)					3,146,369
Senegal - 2.47%
Foreign Sovereign Obligations - 2.47%
Senegal Government International Bonds,
4.750%, Due 3/13/2028A		EUR	2,282,000		2,298,738
7.750%, Due 6/10/2031A		$	3,765,000		3,440,926
6.250%, Due 5/23/2033A			2,955,000		2,437,875
5.375%, Due 6/8/2037A		EUR	5,957,000		4,649,203
6.750%, Due 3/13/2048A		$	3,745,000		2,641,124
Total Foreign Sovereign Obligations					15,467,866
Total Senegal (Cost $17,000,412)					15,467,866
South Africa - 0.11% (Cost $1,000,000)
Foreign Corporate Obligations - 0.11%
Liquid Telecommunications Financing PLC, 5.500%, Due 9/4/2026C			1,000,000		720,200
Sri Lanka - 2.87%
Foreign Sovereign Obligations - 2.87%
Sri Lanka Government Bonds,
10.750%, Due 3/15/2028		LKR	300,000,000		991,227
9.000%, Due 5/1/2028			124,000,000		388,114
11.000%, Due 5/15/2030			2,045,000,000		6,609,083
Sri Lanka Government International Bonds,
6.850%, Due 11/3/2025A F		$	1,315,000		818,155
6.200%, Due 5/11/2027A F			7,897,000		4,836,913
6.750%, Due 4/18/2028A F			3,079,000		1,918,627
7.550%, Due 3/28/2030A F			3,913,000		2,420,554
Total Foreign Sovereign Obligations					17,982,673
Total Sri Lanka (Cost $18,203,956)					17,982,673
Supranational - 2.33%
Foreign Sovereign Obligations - 2.33%
European Bank for Reconstruction & Development,
14.750%, Due 2/7/2025A			700,000		752,490
13.400%, Due 2/10/2025			1,000,000		991,955
16.100%, Due 4/11/2025		KES	400,000,000		3,086,824
12.750%, Due 5/30/2025		$	1,300,000		1,404,060
13.000%, Due 9/22/2025			500,000		516,221
7.400%, Due 12/7/2025		VND	29,495,000,000		1,182,367
International Finance Corp.,
16.000%, Due 2/21/2025		UZS	15,000,000,000		1,168,455
14.250%, Due 5/2/2025			15,000,000,000		1,162,081
6.750%, Due 7/30/2026A		AZN	4,100,000		2,387,196
6.000%, Due 1/15/2027			3,356,740		1,957,295
Total Foreign Sovereign Obligations					14,608,944
Total Supranational (Cost $14,733,357)					14,608,944
Suriname - 1.11% (Cost $6,934,460)
Foreign Sovereign Obligations - 1.11%
Suriname Government International Bonds, 7.950%, Due 7/15/2033, Cash (4.950%) or PIK (in-kind rate 3.000%)A	$		7,347,765		6,962,008

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
Tajikistan - 0.70% (Cost $4,339,524)
Foreign Sovereign Obligations - 0.70%
Republic of Tajikistan International Bonds, 7.125%, Due 9/14/2027A		$	4,507,000	$	4,396,488
Togo - 0.17%
Foreign Corporate Obligations - 0.17%
Ecobank Transnational, Inc.,
10.125%, Due 10/15/2029C			600,000		619,080
8.750%, Due 6/17/2031, (5 yr. CMT + 8.211%)C D			426,000		420,451
Total Foreign Corporate Obligations					1,039,531
Total Togo (Cost $1,018,103)					1,039,531
Trinidad and Tobago - 0.35% (Cost $2,140,316)
Foreign Corporate Obligations - 0.35%
Heritage Petroleum Co. Ltd., 9.000%, Due 8/12/2029C			2,100,000		2,198,700
Tunisia - 1.59%
Foreign Sovereign Obligations - 1.59%
Tunisian Republic,
5.750%, Due 1/30/2025A			2,475,000		2,419,105
6.375%, Due 7/15/2026C		EUR	100,000		100,484
6.375%, Due 7/15/2026A			7,416,000		7,451,865
Total Foreign Sovereign Obligations					9,971,454
Total Tunisia (Cost $9,176,302)					9,971,454
Uganda - 2.98%
Foreign Sovereign Obligations - 2.98%
Republic of Uganda Government Bonds,
14.000%, Due 5/29/2025		UGX	7,000,000,000		1,915,177
19.500%, Due 12/18/2025			6,400,000,000		1,831,421
16.000%, Due 5/6/2027			2,500,000,000		692,838
14.250%, Due 8/23/2029			2,200,000,000		577,415
16.000%, Due 11/14/2030			6,940,000,000		1,918,760
17.000%, Due 4/3/2031			3,460,000,000		992,252
16.375%, Due 3/4/2032			3,836,900,000		1,073,461
14.375%, Due 2/3/2033			10,878,000,000		2,757,909
14.250%, Due 6/22/2034			19,013,300,000		4,752,934
16.250%, Due 11/8/2035			7,800,000,000		2,156,284
Total Foreign Sovereign Obligations					18,668,451
Total Uganda (Cost $18,787,221)					18,668,451
Ukraine - 0.45%
Foreign Sovereign Obligations - 0.45%
Ukraine Government International Bonds,
1.750%, Due 2/1/2029A B		$	763,550		458,225
3.000%, Due 2/1/2030A B			205,404		99,107
1.750%, Due 2/1/2034A B			1,593,800		761,039
3.000%, Due 2/1/2034A B			767,563		287,836
1.750%, Due 2/1/2035A B			940,066		437,131
3.000%, Due 2/1/2035A B			648,645		316,539
1.750%, Due 2/1/2036A B			462,847		211,695
3.000%, Due 2/1/2036A B			540,538		260,945
Total Foreign Sovereign Obligations					2,832,517
Total Ukraine (Cost $2,625,578)					2,832,517

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
United Kingdom - 0.64%
Foreign Corporate Obligations - 0.64%
HSBC Bank PLC, Due 4/14/2025C E F G H		NGN	1,984,000,000	$	1,059,976
Standard Chartered Bank,
Due 1/27/2025E		PKR	243,700,000		771,798
Due 4/7/2025E			326,200,000		1,108,530
Due 10/6/2025E			344,000,000		1,103,594
Total Foreign Corporate Obligations					4,043,898
Total United Kingdom (Cost $4,306,179)					4,043,898
United Republic of Tanzania - 0.34% (Cost $2,065,108)
Foreign Corporate Obligations - 0.34%
HTA Group Ltd., 7.500%, Due 6/4/2029C		$	2,075,000		2,112,956
United States - 6.30%
Corporate Obligations - 6.30%
Citigroup Global Markets Holdings, Inc.,
Due 11/12/2024C E		NGN	2,660,000,000		1,576,525
Due 2/10/2025E			3,476,814,695		1,940,477
Due 2/27/2025C E			7,140,502,352		3,892,679
Due 3/13/2025, Series EMTTE		EGP	260,866,694		4,824,515
Due 6/20/2025C E		NGN	3,610,908,206		1,829,247
8.690%, Due 9/9/2025C		BDT	90,000,000		730,997
12.500%, Due 1/26/2026A		NGN	1,060,000,000		586,943
12.000%, Due 4/8/2026C		BDT	76,000,000		631,865
12.300%, Due 6/9/2026C			446,700,000		3,725,605
12.400%, Due 5/17/2029C			137,313,000		1,148,963
18.500%, Due 2/25/2031C		NGN	5,219,438,057		2,770,403
JPMorgan Chase Bank NA,
Due 3/20/2025E		EGP	150,125,000		2,750,952
Due 4/24/2025C E			273,325,000		4,882,830
16.250%, Due 10/23/2026C		UZS	13,500,000,000		1,030,665
18.350%, Due 7/23/2027C			7,600,000,000		598,311
25.318%, Due 8/18/2027C		EGP	131,125,000		2,712,211
Morgan Stanley Finance LLC, 12.650%, Due 10/18/2025C		BDT	180,000,000		1,501,251
Sagicor Financial Co. Ltd., 5.300%, Due 5/13/2028C		$	2,379,000		2,318,335
Total Corporate Obligations					39,452,774
Total United States (Cost $44,554,728)					39,452,774
Uruguay - 1.48% (Cost $8,749,006)
Foreign Sovereign Obligations - 1.48%
Uruguay Government International Bonds, 3.875%, Due 7/2/2040I		UYU	362,628,217		9,284,823
Uzbekistan - 2.15%
Credit-Linked Notes - 0.16%
Republic of Uzbekistan (Issuer ICBC Standard Bank PLC), 16.000%, Due 1/23/2029C		UZS	13,125,000,000		986,371
Foreign Corporate Obligations - 0.15%
Navoi Mining & Metallurgical Combinat,
6.700%, Due 10/17/2028C		$	375,000		376,414
6.950%, Due 10/17/2031C			564,000		565,034
Total Foreign Corporate Obligations					941,448

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount			Fair Value
Uzbekistan - 2.15% (continued)
Foreign Sovereign Obligations - 1.84%
Republic of Uzbekistan International Bonds,
16.250%, Due 10/12/2026C		UZS	62,860,000,000	$	4,900,291
16.250%, Due 10/12/2026A			36,570,000,000		2,850,837
16.625%, Due 5/29/2027C			48,950,000,000		3,778,332
Total Foreign Sovereign Obligations					11,529,460
Total Uzbekistan (Cost $13,887,542)					13,457,279
Venezuela - 0.13%
Foreign Corporate Obligations - 0.02%
Petroleos de Venezuela SA, 6.000%, Due 5/16/2049F	$		1,250,000		117,500
Foreign Sovereign Obligations - 0.11%
Venezuela Government International Bonds,
11.750%, Due 10/21/2026A F			335,500		50,559
9.250%, Due 5/7/2028A F			2,013,300		282,987
11.950%, Due 8/5/2031A F			2,348,800		357,980
Total Foreign Sovereign Obligations					691,526
Total Venezuela (Cost $1,935,590)					809,026
Vietnam - 0.25% (Cost $1,562,457)
Foreign Sovereign Obligations - 0.25%
Viet Nam Debt & Asset Trading Corp., 1.000%, Due 10/10/2025A			1,667,000		1,554,478
Zambia - 4.52%
Credit-Linked Notes - 0.35%
Republic of Zambia (Issuer ICBC Standard Bank PLC), 11.000%, Due 1/27/2026C		ZMW	65,213,869		2,185,012
Foreign Corporate Obligations - 0.16%
First Quantum Minerals Ltd.,
6.875%, Due 10/15/2027		$	523,000		519,508
8.625%, Due 6/1/2031C			499,000		504,883
Total Foreign Corporate Obligations					1,024,391
Foreign Sovereign Obligations - 4.01%
Zambia Government Bonds,
10.000%, Due 12/27/2024		ZMW	11,000,000		412,306
12.000%, Due 4/23/2025			7,800,000		291,929
11.000%, Due 1/25/2026			114,100,000		3,896,445
12.000%, Due 6/17/2026			12,000,000		403,101
15.000%, Due 8/18/2026I			12,000,000		416,973
10.000%, Due 8/21/2026			20,700,000		663,313
13.000%, Due 8/29/2026			64,500,000		2,167,743
13.000%, Due 12/18/2027			24,795,000		770,974
12.000%, Due 5/31/2028			12,800,000		375,866
13.000%, Due 12/17/2028			30,000,000		880,428
13.000%, Due 7/27/2030			8,000,000		213,129
13.000%, Due 1/25/2031			84,800,000		2,190,623
13.000%, Due 6/26/2033			9,000,000		209,918
Zambia Government International Bonds,
5.750%, Due 6/30/2033A B		$	9,548,493		8,383,577
0.500%, Due 12/31/2053A			7,096,361		3,862,195
Total Foreign Sovereign Obligations					25,138,520
Total Zambia (Cost $31,828,053)					28,347,923

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Shares		Fair Value
SHORT-TERM INVESTMENTS - 7.07% (Cost $44,282,918)
Investment Companies - 7.07%
American Beacon U.S. Government Money Market Select Fund, 4.76%J K		44,282,918	$	44,282,918
TOTAL INVESTMENTS - 96.37% (Cost $637,802,047)				603,918,591
OTHER ASSETS, NET OF LIABILITIES - 3.63%				22,766,411
TOTAL NET ASSETS - 100.00%			$	626,685,002

Percentages are stated as a percent of net assets.

^A  Reg S - Security purchased under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

^B  Step Up/Down - A zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. The rate disclosed represents the coupon rate at October 31, 2024. The maturity date disclosed represents the final maturity date.

^C  Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $152,513,902 or 24.34% of net assets. The Fund has no right to demand registration of these securities.

^D  Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on October 31, 2024.

^E  Zero coupon bond.

^F  Default Security. At period end, the amount of securities in default was $16,087,261 or 2.57% of net assets.

^G  Value was determined using significant unobservable inputs.

^H  Security has been fair valued pursuant to the Manager’s procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security’s true market value. At period end, the value of these securities amounted to $5,208,630 or 0.83% of net assets.

^I  Inflation-Indexed Note.

^J  7-day yield.

^K  The Fund is affiliated by having the same investment advisor.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LLC - Limited Liability Company.

PIK - Payment in Kind.

PLC - Public Limited Company.

PRIME - A rate, charged by banks, based on the U.S. Federal Funds rate.

SOFR - Secured Overnight Financing Rate.

Forward Foreign Currency Contracts Open on October 31, 2024:

Currency Purchased*		Currency Sold*			Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
USD	18,220,203		EUR	17,948,938		1/13/2025		BRC	$	271,265	$	—	$	271,265
EGP	1,172,708		USD	1,168,540		1/13/2025		CBK		4,168		—		4,168
USD	3,083,526		EUR	3,055,001		1/13/2025		CBK		28,525		—		28,525
USD	22,470,012		EUR	22,217,189		12/4/2024		SSB		252,823		—		252,823
									$	556,781	$	—	$	556,781

* All values denominated in USD.

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

Glossary:

Counterparty Abbreviations:

BRC	Barclays Bank PLC
CBK	Citibank, N.A.
SSB	State Street Bank & Trust Co.

Currency Abbreviations:

AMD	Armenian Dram
AZN	Azerbaijan Manat
BDT	Bangladesh Taka
DOP	Dominican Peso
EGP	Egypt Pound
EUR	Euro
GHS	Ghanaian Cedi
JMD	Jamaica Dollar
KES	Kenya Shilling
KGS	Kyrgyzstani Som
KZT	Kazakhstan Tenge
LKR	Sri Lanka Rupee
MNT	Mongolia Tugrik
MZN	Mozambique Metical
NGN	Nigeria Naira
PKR	Pakistan Rupee
PYG	Paraguay Guarani
UGX	Ugandan Shilling
USD	United States Dollar
UYU	Uruguan Peso
UZS	Uzbekistani Som
VND	Vietnam Dong
XOF	W. Africa Franc
ZMW	Zambian Kwacha

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of October 31, 2024, the investments were classified as described below:

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

Developing World Income Fund	Level 1		Level 2		Level 3		Total
Assets
Credit-Linked Notes
Azerbaijan	$	—	$	2,917,853	$	—	$	2,917,853
Congo		—		2,712,320		—		2,712,320
Ghana		—		75,356		—		75,356
Ivory Coast		—		2,211,019		—		2,211,019
Kyrgyzstan		—		10,285,526		—		10,285,526
Malawi		—		5,174,470		—		5,174,470
Mongolia		—		15,789,265		—		15,789,265
Mozambique		—		10,483,541		—		10,483,541
Nigeria		—		—		4,148,654		4,148,654
Paraguay		—		3,977,109		—		3,977,109
Uzbekistan		—		986,371		—		986,371
Zambia		—		2,185,012		—		2,185,012
Foreign Sovereign Obligations
Angola		—		25,517,077		—		25,517,077
Argentina		—		13,245,753		—		13,245,753
Armenia		—		7,469,951		—		7,469,951
Benin		—		4,553,450		—		4,553,450
Cameroon		—		10,331,112		—		10,331,112
Dominican Republic		—		20,953,643		—		20,953,643
Ecuador		—		12,351,198		—		12,351,198
Egypt		—		18,683,490		—		18,683,490
El Salvador		—		7,975,657		—		7,975,657
Gabon		—		12,219,719		—		12,219,719
Ghana		—		18,724,752		—		18,724,752
Iraq		—		8,633,697		—		8,633,697
Ivory Coast		—		17,733,287		—		17,733,287
Jamaica		—		669,319		—		669,319
Kazakhstan		—		21,944,765		—		21,944,765
Kenya		—		29,080,008		—		29,080,008
Mozambique		—		15,446,369		—		15,446,369
Nigeria		—		10,804,022		—		10,804,022
Pakistan		—		25,544,016		—		25,544,016
Papua New Guinea		—		5,636,687		—		5,636,687
Paraguay		—		4,593,619		—		4,593,619
Rwanda		—		3,146,369		—		3,146,369
Senegal		—		15,467,866		—		15,467,866
Sri Lanka		—		17,982,673		—		17,982,673
Supranational		—		14,608,944		—		14,608,944
Suriname		—		6,962,008		—		6,962,008
Tajikistan		—		4,396,488		—		4,396,488
Tunisia		—		9,971,454		—		9,971,454
Uganda		—		18,668,451		—		18,668,451
Ukraine		—		2,832,517		—		2,832,517
Uruguay		—		9,284,823		—		9,284,823
Uzbekistan		—		11,529,460		—		11,529,460
Venezuela		—		691,526		—		691,526
Vietnam		—		1,554,478		—		1,554,478
Zambia		—		25,138,520		—		25,138,520
Foreign Corporate Obligations
Ghana		—		2,031,753		—		2,031,753
Netherlands		—		1,768,253		—		1,768,253
Nigeria		—		7,849,589		—		7,849,589
Republic of Mauritius		—		1,041,016		—		1,041,016
South Africa		—		720,200		—		720,200
Togo		—		1,039,531		—		1,039,531
Trinidad and Tobago		—		2,198,700		—		2,198,700
United Kingdom		—		2,983,922		1,059,976		4,043,898
United Republic of Tanzania		—		2,112,956		—		2,112,956
Uzbekistan		—		941,448		—		941,448
Venezuela		—		117,500		—		117,500
Zambia		—		1,024,391		—		1,024,391
Corporate Obligations
United States		—		39,452,774		—		39,452,774

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

Developing World Income Fund	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	44,282,918	$	—	$	—	$	44,282,918
Total Investments in Securities - Assets	$	44,282,918	$	554,427,043	$	5,208,630	$	603,918,591
Financial Derivative Instruments - Assets
Forward Foreign Currency Contracts	$	—	$	556,781	$	—	$	556,781
Total Financial Derivative Instruments - Assets	$	—	$	556,781	$	—	$	556,781

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended October 31, 2024, there were no transfers into or out of Level 3.

The following table is a reconciliation of Level 3 assets within the Fund for which significant unobservable inputs were used to determine fair value. Transfers in or out of Level 3 represent the ending value of any security or instrument where a change in the level has occurred from the beginning to the end of the period:

Security Type	Balance as of 1/31/2024		Purchases		Sales		Accrued Discount (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfer into Level 3		Transfer out of Level 3		Balance as of 10/31/2024		Unrealized Appreciation (Depreciation) at Year End*
Credit-Linked Notes	$	—	$	4,083,042	$	—	$	679,845		$	—		$	(614,233	)	$	—	$	—	$	4,148,654	$	(614,233	)
Foreign Sovereign Obligations		6,687,571		989,466		7,623,085		(44,309	)		(3,528,616	)		3,518,973			—		—		—		—
Foreign Corporate Obligations		—		1,370,704		—		132,845			—			(443,573	)		—		—		1,059,976		(443,573	)
	$	6,687,571	$	6,443,212	$	7,623,085	$	768,381		$	(3,528,616	)	$	2,461,167		$	—	$	—	$	5,208,630	$	(1,057,806	)

* Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at year end.

For the period ended October 31, 2024, one foreign corporate obligation was fair valued at $1,059,976 and one credit-linked note was fair valued at $4,148,654, by the Fair Value Committee and classified as Level 3 due to the use of significant unobservable inputs.

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 29.60%
Basic Materials - 0.19%
Chemicals - 0.19%
Mativ Holdings, Inc., 8.000%, Due 10/1/2029A	$	12,000	$	12,193
Communications - 1.68%
Internet - 0.38%
Cogent Communications Group LLC, 7.000%, Due 6/15/2027A		15,000		15,152
Meta Platforms, Inc., 4.550%, Due 8/15/2031		10,000		9,929
				25,081
Media - 0.92%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, Due 2/1/2031A		15,000		13,048
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.250%, Due 1/15/2029		10,000		8,783
6.550%, Due 6/1/2034		15,000		15,282
Comcast Corp., 3.999%, Due 11/1/2049		10,000		7,944
Sirius XM Radio, Inc., 4.000%, Due 7/15/2028A		15,000		13,990
				59,047
Telecommunications - 0.38%
AT&T, Inc., 3.650%, Due 6/1/2051		10,000		7,267
T-Mobile USA, Inc., 3.375%, Due 4/15/2029		10,000		9,379
Verizon Communications, Inc., 2.550%, Due 3/21/2031		10,000		8,681
				25,327
Total Communications				109,455
Consumer, Cyclical - 1.07%
Airlines - 0.31%
American Airlines Pass-Through Trust, 3.350%, Due 4/15/2031, 2017-2, AA		9,723		9,112
JetBlue Pass-Through Trust, 4.000%, Due 5/15/2034, 2020-1, A		11,565		10,942
				20,054
Auto Manufacturers - 0.24%
General Motors Financial Co., Inc., 6.100%, Due 1/7/2034		15,000		15,414
Auto Parts & Equipment - 0.08%
Clarios Global LP/Clarios U.S. Finance Co., 8.500%, Due 5/15/2027A		5,000		5,024
Leisure Time - 0.23%
Viking Cruises Ltd., 7.000%, Due 2/15/2029A		15,000		15,120
Retail - 0.21%
Lithia Motors, Inc., 4.375%, Due 1/15/2031A		15,000		13,727
Total Consumer, Cyclical				69,339
Consumer, Non-Cyclical - 2.29%
Beverages - 0.16%
Coca-Cola Co., 5.300%, Due 5/13/2054		10,000		10,104
Biotechnology - 0.15%
Amgen, Inc., 4.050%, Due 8/18/2029		10,000		9,705
Commercial Services - 1.04%
Block, Inc., 6.500%, Due 5/15/2032A		15,000		15,268
Global Payments, Inc., 3.200%, Due 8/15/2029		15,000		13,802
TriNet Group, Inc., 7.125%, Due 8/15/2031A		15,000		15,360
United Rentals North America, Inc., 6.125%, Due 3/15/2034A		15,000		15,101
University of Southern California, 3.028%, Due 10/1/2039		10,000		8,109
				67,640
Food - 0.15%
Kroger Co., 4.900%, Due 9/15/2031		10,000		9,977

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 29.60% (continued)
Consumer, Non-Cyclical - 2.29% (continued)
Health Care - Services - 0.79%
Catalent Pharma Solutions, Inc., 3.125%, Due 2/15/2029A	$	15,000	$	14,563
Centene Corp., 3.375%, Due 2/15/2030		10,000		8,968
Elevance Health, Inc., 5.125%, Due 2/15/2053		5,000		4,615
HCA, Inc., 3.625%, Due 3/15/2032		10,000		8,992
Marshfield Clinic Health System, Inc., 2.703%, Due 2/15/2030, 2020		5,000		4,406
Quest Diagnostics, Inc., 5.000%, Due 12/15/2034		10,000		9,799
				51,343
Total Consumer, Non-Cyclical				148,769
Energy - 1.31%
Oil & Gas - 0.60%
BP Capital Markets America, Inc., 4.812%, Due 2/13/2033		10,000		9,795
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.000%, Due 8/1/2026A		15,000		14,967
Phillips 66 Co., 5.250%, Due 6/15/2031		10,000		10,086
Pioneer Natural Resources Co., 1.900%, Due 8/15/2030		5,000		4,259
				39,107
Pipelines - 0.71%
Energy Transfer LP, 5.750%, Due 2/15/2033		10,000		10,194
FTAI Infra Escrow Holdings LLC, 10.500%, Due 6/1/2027A		10,000		10,675
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, Due 2/1/2031		10,000		9,708
Venture Global LNG, Inc., 8.125%, Due 6/1/2028A		15,000		15,566
				46,143
Total Energy				85,250
Financial - 17.77%
Banks - 6.11%
Associated Banc-Corp., 6.455%, Due 8/29/2030, (1 day USD SOFR + 3.030%)B		15,000		15,255
Bank of America Corp.,
3.419%, Due 12/20/2028, (3 mo. USD Term SOFR + 1.302%)B		15,000		14,376
3.970%, Due 3/5/2029, (3 mo. USD Term SOFR + 1.332%)B		10,000		9,708
5.819%, Due 9/15/2029, (1 day USD SOFR + 1.570%)B		10,000		10,321
5.518%, Due 10/25/2035, (1 day USD SOFR + 1.738%)B		10,000		9,925
Bank of New York Mellon Corp.,
3.700%, Due 3/20/2026, H, (5 yr. CMT + 3.352%)B C		30,000		28,946
6.317%, Due 10/25/2029, (1 day USD SOFR + 1.598%)B		10,000		10,560
4.289%, Due 6/13/2033, (1 day USD SOFR + 1.418%)B		10,000		9,537
Citigroup, Inc.,
4.000%, Due 12/10/2025, W, (5 yr. CMT + 3.597%)B C		25,000		24,326
3.057%, Due 1/25/2033, (1 day USD SOFR + 1.351%)B		10,000		8,692
6.174%, Due 5/25/2034, (1 day USD SOFR + 2.661%)B		10,000		10,363
Comerica, Inc., 5.982%, Due 1/30/2030, (1 day USD SOFR + 2.155%)B		5,000		5,066
First Horizon Bank, 5.750%, Due 5/1/2030		15,000		14,969
Goldman Sachs Group, Inc.,
2.640%, Due 2/24/2028, (1 day USD SOFR + 1.114%)B		10,000		9,527
1.992%, Due 1/27/2032, (1 day USD SOFR + 1.090%)B		10,000		8,342
5.016%, Due 10/23/2035, (1 day USD SOFR + 1.420%)B		10,000		9,769
Huntington National Bank, 5.650%, Due 1/10/2030		10,000		10,222
JPMorgan Chase & Co., 5.766%, Due 4/22/2035, (1 day USD SOFR + 1.490%)B		10,000		10,411
Morgan Stanley,
1.512%, Due 7/20/2027, (1 day USD SOFR + 0.858%)B		10,000		9,463
5.466%, Due 1/18/2035, (1 day USD SOFR + 1.730%)B		10,000		10,130
2.484%, Due 9/16/2036, (1 day USD SOFR + 1.360%)B		5,000		4,078
PNC Financial Services Group, Inc.,
5.492%, Due 5/14/2030, (1 day USD SOFR + 1.198%)B		10,000		10,201
4.812%, Due 10/21/2032, (1 day USD SOFR + 1.259%)B		5,000		4,904
Regions Financial Corp., 5.722%, Due 6/6/2030, (1 day USD SOFR + 1.490%)B		10,000		10,151
Santander Holdings USA, Inc., 6.565%, Due 6/12/2029, (1 day USD SOFR + 2.700%)B		10,000		10,371

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 29.60% (continued)
Financial - 17.77% (continued)
Banks - 6.11% (continued)
State Street Corp.,
4.675%, Due 10/22/2032, (1 day USD SOFR + 1.050%)B	$	10,000	$	9,841
4.821%, Due 1/26/2034, (1 day USD SOFR + 1.567%)B		10,000		9,860
Truist Bank, 4.632%, Due 9/17/2029, (5 yr. CMT + 1.150%)B		20,000		19,473
Truist Financial Corp.,
7.161%, Due 10/30/2029, (1 day USD SOFR + 2.446%)B		10,000		10,724
5.100%, Due 3/1/2030, Q, (10 yr. CMT + 4.349%)B C		25,000		24,266
Wells Fargo & Co.,
3.900%, Due 3/15/2026, BB, (5 yr. CMT + 3.453%)B C		24,000		23,243
5.574%, Due 7/25/2029, (1 day USD SOFR + 1.740%)B		10,000		10,212
5.389%, Due 4/24/2034, (1 day USD SOFR + 2.020%)B		10,000		10,078
				397,310
Diversified Financial Services - 5.61%
Air Lease Corp., 3.000%, Due 2/1/2030		10,000		9,040
Aircastle Ltd., 2.850%, Due 1/26/2028A		25,000		23,168
Ally Financial, Inc., 4.700%, Due 5/15/2026, B, (5 yr. CMT + 3.868%)B C		20,000		17,987
Blackstone Holdings Finance Co. LLC, 1.600%, Due 3/30/2031A		15,000		12,185
Burford Capital Global Finance LLC, 9.250%, Due 7/1/2031A		15,000		16,065
Capital One Financial Corp.,
3.950%, Due 9/1/2026, M, (5 yr. CMT + 3.157%)B C		25,000		23,534
3.273%, Due 3/1/2030, (1 day USD SOFR + 1.790%)B		10,000		9,271
2.618%, Due 11/2/2032, (1 day USD SOFR + 1.265%)B		10,000		8,359
6.051%, Due 2/1/2035, (1 day USD SOFR + 2.260%)B		10,000		10,301
Charles Schwab Corp.,
4.000%, Due 6/1/2026, I, (5 yr. CMT + 3.168%)B C		25,000		23,970
5.853%, Due 5/19/2034, (1 day USD SOFR + 2.500%)B		20,000		20,812
Enact Holdings, Inc., 6.250%, Due 5/28/2029		10,000		10,205
Encore Capital Group, Inc., 8.500%, Due 5/15/2030A		15,000		15,812
Jefferson Capital Holdings LLC, 9.500%, Due 2/15/2029A		15,000		15,976
LPL Holdings, Inc.,
4.625%, Due 11/15/2027A		20,000		19,607
6.750%, Due 11/17/2028		25,000		26,373
Mastercard, Inc., 4.550%, Due 1/15/2035		10,000		9,716
Nasdaq, Inc., 5.550%, Due 2/15/2034		10,000		10,227
ONEMAIN FINANCE Corp., 6.625%, Due 5/15/2029		15,000		15,000
PennyMac Financial Services, Inc., 7.125%, Due 11/15/2030A		10,000		10,136
PRA Group, Inc., 5.000%, Due 10/1/2029A		20,000		18,118
Raymond James Financial, Inc., 3.750%, Due 4/1/2051		10,000		7,510
Rocket Mortgage LLC, 5.250%, Due 1/15/2028A		15,000		14,295
StoneX Group, Inc., 7.875%, Due 3/1/2031A		15,000		15,781
				363,448
Insurance - 3.06%
ACE Capital Trust II, 9.700%, Due 4/1/2030		20,000		24,414
Acrisure LLC/Acrisure Finance, Inc.,
6.000%, Due 8/1/2029A		10,000		9,462
7.500%, Due 11/6/2030A		10,000		10,169
Americo Life, Inc., 3.450%, Due 4/15/2031A		10,000		8,380
Aon Corp./Aon Global Holdings PLC, 2.050%, Due 8/23/2031		5,000		4,176
Aon North America, Inc., 5.450%, Due 3/1/2034		10,000		10,150
Chubb INA Holdings LLC, 5.000%, Due 3/15/2034		10,000		10,008
Essent Group Ltd., 6.250%, Due 7/1/2029		10,000		10,219
HUB International Ltd., 5.625%, Due 12/1/2029A		35,000		33,894
Marsh & McLennan Cos., Inc., 2.375%, Due 12/15/2031		10,000		8,539
NMI Holdings, Inc., 6.000%, Due 8/15/2029		15,000		15,147
Old Republic International Corp., 5.750%, Due 3/28/2034		10,000		10,160
Panther Escrow Issuer LLC, 7.125%, Due 6/1/2031A		15,000		15,329
Ryan Specialty LLC, 5.875%, Due 8/1/2032A		15,000		14,950
Teachers Insurance & Annuity Association of America, 3.300%, Due 5/15/2050A		20,000		14,002
				198,999

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 29.60% (continued)
Financial - 17.77% (continued)
Private Equity - 0.22%
HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, Due 6/15/2026A	$	15,000	$	14,474
Real Estate - 0.13%
CBRE Services, Inc., 2.500%, Due 4/1/2031		10,000		8,581
REITS - 2.64%
Alexandria Real Estate Equities, Inc.,
4.700%, Due 7/1/2030		10,000		9,824
3.375%, Due 8/15/2031		10,000		9,076
American Homes 4 Rent LP, 2.375%, Due 7/15/2031		10,000		8,420
DOC Dr. LLC, 3.950%, Due 1/15/2028		15,000		14,600
Essex Portfolio LP, 2.550%, Due 6/15/2031		15,000		12,851
GLP Capital LP/GLP Financing II, Inc., 5.625%, Due 9/15/2034		5,000		4,934
Healthcare Realty Holdings LP, 3.625%, Due 1/15/2028		25,000		23,863
Invitation Homes Operating Partnership LP, 2.000%, Due 8/15/2031		10,000		8,195
Iron Mountain, Inc., 4.875%, Due 9/15/2029A		25,000		24,026
Kimco Realty OP LLC, 3.200%, Due 4/1/2032		5,000		4,428
Regency Centers LP, 3.700%, Due 6/15/2030		15,000		14,094
Rexford Industrial Realty LP,
2.125%, Due 12/1/2030		15,000		12,633
2.150%, Due 9/1/2031		10,000		8,254
Starwood Property Trust, Inc., 7.250%, Due 4/1/2029A		15,000		15,344
				170,542
Total Financial				1,153,354
Industrial - 0.86%
Aerospace/Defense - 0.16%
L3Harris Technologies, Inc., 5.250%, Due 6/1/2031		10,000		10,141
Building Materials - 0.24%
Knife River Corp., 7.750%, Due 5/1/2031A		15,000		15,714
Machinery - Diversified - 0.16%
AGCO Corp., 5.800%, Due 3/21/2034		10,000		10,176
Transportation - 0.30%
Burlington Northern Santa Fe LLC,
4.900%, Due 4/1/2044		10,000		9,445
5.500%, Due 3/15/2055		10,000		10,234
				19,679
Total Industrial				55,710
Technology - 1.09%
Computers - 0.45%
Accenture Capital, Inc., 4.500%, Due 10/4/2034		15,000		14,499
Genpact Luxembourg SARL/Genpact USA, Inc., 6.000%, Due 6/4/2029		5,000		5,136
Hewlett Packard Enterprise Co., 5.000%, Due 10/15/2034		10,000		9,701
				29,336
Semiconductors - 0.15%
Broadcom, Inc., 4.550%, Due 2/15/2032		10,000		9,677
Software - 0.49%
Atlassian Corp., 5.500%, Due 5/15/2034		10,000		10,175
Oracle Corp., 3.950%, Due 3/25/2051		15,000		11,450
Take-Two Interactive Software, Inc., 5.600%, Due 6/12/2034		10,000		10,169
				31,794
Total Technology				70,807

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 29.60% (continued)
Utilities - 3.34%
Electric - 3.34%
CenterPoint Energy Houston Electric LLC, 4.950%, Due 4/1/2033	$	10,000	$	9,918
Cleco Securitization I LLC, 4.646%, Due 9/1/2044, A-2		10,000		9,526
DTE Electric Co., 5.200%, Due 4/1/2033		5,000		5,084
Duke Energy Indiana LLC, 2.750%, Due 4/1/2050		15,000		9,426
Duke Energy Ohio, Inc., 2.125%, Due 6/1/2030		15,000		13,036
Duke Energy Progress SC Storm Funding LLC, 5.404%, Due 3/1/2046, A		5,000		5,099
Eversource Energy, 1.650%, Due 8/15/2030, R		20,000		16,671
OGE Energy Corp., 5.450%, Due 5/15/2029		10,000		10,202
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, Due 8/15/2028A		25,000		23,846
PG&E Recovery Funding LLC,
5.231%, Due 6/1/2042, A-2		10,000		10,155
5.536%, Due 7/15/2049, A-3		10,000		10,167
PG&E Wildfire Recovery Funding LLC,
4.377%, Due 6/3/2041, A-3		5,000		4,680
4.451%, Due 12/1/2049, A-4		25,000		22,283
4.674%, Due 12/1/2053, A-5		25,000		22,684
5.099%, Due 6/1/2054, A-5		10,000		9,743
PPL Capital Funding, Inc., 5.250%, Due 9/1/2034		10,000		9,922
Public Service Co. of Oklahoma, 5.250%, Due 1/15/2033		10,000		9,995
Public Service Enterprise Group, Inc., 5.450%, Due 4/1/2034		10,000		10,115
SCE Recovery Funding LLC, 2.943%, Due 11/15/2044, A-2		5,000		4,115
				216,667
Total Utilities				216,667
Total Corporate Obligations (Cost $1,921,692)				1,921,544
FOREIGN CORPORATE OBLIGATIONS - 3.96%
Basic Materials - 0.48%
Mining - 0.48%
BHP Billiton Finance USA Ltd., 5.250%, Due 9/8/2030		15,000		15,383
Taseko Mines Ltd., 8.250%, Due 5/1/2030A		15,000		15,495
				30,878
Total Basic Materials				30,878
Communications - 0.23%
Telecommunications - 0.23%
Altice France SA, 5.125%, Due 1/15/2029A		20,000		14,979
Consumer, Cyclical - 0.15%
Auto Parts & Equipment - 0.15%
ZF North America Capital, Inc., 6.750%, Due 4/23/2030A		10,000		9,857
Consumer, Non-Cyclical - 0.15%
Health Care - Products - 0.15%
Smith & Nephew PLC, 5.400%, Due 3/20/2034		10,000		10,056
Energy - 0.46%
Oil & Gas - 0.15%
TotalEnergies Capital SA, 5.488%, Due 4/5/2054		10,000		9,946
Pipelines - 0.31%
Enbridge, Inc., 5.950%, Due 4/5/2054		10,000		10,242
South Bow USA Infrastructure Holdings LLC, 5.026%, Due 10/1/2029A		10,000		9,839
				20,081
Total Energy				30,027

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 3.96% (continued)
Financial - 2.49%
Banks - 1.01%
Bank of Montreal, 3.803%, Due 12/15/2032, (5 yr. USD Swap + 1.432%)B	$	10,000	$	9,566
Bank of Nova Scotia, 4.740%, Due 11/10/2032, (1 day USD SOFR + 1.440%)B		10,000		9,754
Barclays PLC,
7.385%, Due 11/2/2028, (1 yr. CMT + 3.300%)B		10,000		10,641
8.000%, Due 3/15/2029, (5 yr. CMT + 5.431%)B C		15,000		15,504
Canadian Imperial Bank of Commerce, 5.001%, Due 4/28/2028		10,000		10,072
Royal Bank of Canada, 4.650%, Due 10/18/2030, (1 day USD SOFR Index + 1.080%)B		10,000		9,897
				65,434
Diversified Financial Services - 0.91%
GGAM Finance Ltd., 8.000%, Due 6/15/2028A		41,000		43,305
Macquarie Airfinance Holdings Ltd., 6.400%, Due 3/26/2029A		15,000		15,467
				58,772
Insurance - 0.25%
Jones Deslauriers Insurance Management, Inc., 10.500%, Due 12/15/2030A		15,000		16,159
Private Equity - 0.32%
Brookfield Finance, Inc.,
6.350%, Due 1/5/2034		10,000		10,713
5.968%, Due 3/4/2054		10,000		10,380
				21,093
Total Financial				161,458
Total Foreign Corporate Obligations (Cost $253,333)				257,255
ASSET-BACKED OBLIGATIONS - 10.61%
Aqua Finance Trust, 3.140%, Due 7/16/2040, 2019-A AA		49,310		47,563
CAL Funding IV Ltd., 2.220%, Due 9/25/2045, 2020-1A AA		9,791		9,038
Carvana Auto Receivables Trust, 1.580%, Due 6/12/2028, 2021-N3 D		3,644		3,482
CIT Home Equity Loan Trust, 5.560%, Due 9/20/2032, 2003-1 M2D		72,323		70,381
Citicorp Residential Mortgage Trust, 4.746%, Due 3/25/2037, 2007-1 A5D		5,108		5,074
CLI Funding VIII LLC, 2.720%, Due 1/18/2047, 2022-1A AA		7,715		6,931
Conseco Finance Corp., 7.220%, Due 3/15/2028, 1997-1 M1E		19,488		19,566
CPS Auto Receivables Trust, 5.650%, Due 5/15/2028, 2024-A BA		15,000		15,090
DB Master Finance LLC, 2.493%, Due 11/20/2051, 2021-1A A2IIA		9,725		8,773
Exeter Automobile Receivables Trust, 1.960%, Due 1/17/2028, 2021-4A D		25,000		24,445
FHF Issuer Trust, 4.940%, Due 11/15/2030, 2024-3A A2A		20,000		19,971
Finance of America Structured Securities Trust, 6.500%, Due 4/25/2073, 2023-S2 A3A D		69,595		69,541
GSAMP Trust, 5.421%, Due 7/25/2033, 2003-SEA2 A1D		39,549		38,328
Hyundai Auto Receivables Trust, 1.660%, Due 6/15/2028, 2021-C C		15,000		14,362
Mid-State Capital Corp. Trust,
7.758%, Due 1/15/2040, 2005-1 B		24,656		24,849
5.787%, Due 10/15/2040, 2006-1 AA		30,545		30,492
8.311%, Due 10/15/2040, 2006-1 BA		14,207		14,589
Mid-State Trust XI, 4.864%, Due 7/15/2038, 11 A1		19,692		19,550
Navient Private Education Loan Trust, 3.910%, Due 12/15/2045, 2016-AA A2AA		9,890		9,813
Navient Private Education Refi Loan Trust,
4.000%, Due 12/15/2059, 2018-DA A2AA		7,547		7,410
5.968%, Due 12/15/2059, 2019-D A2B, (1 mo. USD Term SOFR + 1.164%)A B		8,386		8,389
1.110%, Due 2/18/2070, 2021-FA AA		11,820		10,323
5.510%, Due 10/15/2071, 2023-A AA		8,099		8,168
Navient Student Loan Trust, 3.390%, Due 12/15/2059, 2019-BA A2AA		12,370		12,019
Octane Receivables Trust, 1.210%, Due 9/20/2028, 2021-2A AA		3,135		3,103
RCKT Mortgage Trust, 6.147%, Due 6/25/2044, 2024-CES4 A1AA D		47,787		47,957
Retained Vantage Data Centers Issuer LLC, 4.992%, Due 9/15/2049, 2024-1A A2A		25,000		24,178
Salomon Mortgage Loan Trust, 4.582%, Due 11/25/2033, 2001-CB4 1M1, (1 mo. USD Term SOFR + 1.614%)B		15,167		16,554
Santander Drive Auto Receivables Trust, 1.670%, Due 10/15/2027, 2021-4 D		20,000		19,590
Sierra Timeshare Receivables Funding LLC, 1.340%, Due 11/20/2037, 2021-1A BA		6,345		6,106
SMB Private Education Loan Trust,
2.820%, Due 10/15/2035, 2017-B A2AA		4,787		4,696

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Fair Value
ASSET-BACKED OBLIGATIONS - 10.61% (continued)
SMB Private Education Loan Trust, (continued)
1.290%, Due 7/15/2053, 2020-B A1AA	$	7,806	$	7,245
SoFi Professional Loan Program LLC, 1.030%, Due 8/17/2043, 2021-A AFXA		11,526		9,984
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2IIA		19,650		17,311
Vantage Data Centers Issuer LLC, 2.165%, Due 10/15/2046, 2021-1A A2A		20,000		18,835
Westlake Automobile Receivables Trust, 4.920%, Due 11/15/2029, 2024-3A CA		15,000		14,932
Total Asset-Backed Obligations (Cost $688,923)				688,638
COLLATERALIZED MORTGAGE OBLIGATIONS - 8.88%
Bear Stearns ARM Trust, 4.761%, Due 2/25/2035, 2004-12 2A1E		8,633		8,378
Bear Stearns Asset-Backed Securities Trust, 5.250%, Due 10/25/2033, 2003-AC5 A5D		27,851		27,441
Brean Asset-Backed Securities Trust,
1.750%, Due 10/25/2061, 2021-RM2 AA E		39,513		36,411
4.500%, Due 5/25/2064, 2024-RM8 A1A		48,039		45,094
Chase Mortgage Finance Corp.,
3.664%, Due 12/25/2045, 2016-SH2 M2A E		12,988		11,788
3.664%, Due 12/25/2045, 2016-SH2 M3A E		26,397		23,853
CHL Mortgage Pass-Through Trust, 5.250%, Due 5/25/2034, 2004-4 A19		15,025		14,585
Finance of America Structured Securities Trust JR2, 2.000%, Due 9/25/2069, 2019-JR3 AA		53,375		58,873
Government National Mortgage Association REMICS, 5.207%, Due 6/20/2045, 2023-32 WE		19,373		19,450
GreenPoint Mortgage Pass-Through Certificates, 7.724%, Due 10/25/2033, 2003-1 A1E		24,054		22,877
JP Morgan Mortgage Trust,
2.500%, Due 12/25/2051, 2021-INV2 A2A E		33,047		26,717
2.500%, Due 7/25/2052, 2022-1 A3A E		46,061		37,394
New Residential Mortgage Loan Trust,
3.750%, Due 11/26/2035, 2016-2A A1A E		28,264		26,831
5.902%, Due 1/25/2048, 2018-4A B1, (1 mo. USD Term SOFR + 1.164%)A B		64,357		63,694
5.619%, Due 11/25/2054, 2014-3A B3A E		18,983		18,587
4.000%, Due 3/25/2057, 2017-2A A3A E		34,724		33,017
Prime Mortgage Trust, 6.000%, Due 2/25/2034, 2004-CL1 1A1		37,782		36,712
RFMSI Trust, 5.500%, Due 12/25/2034, 2004-S9 1A23		11,926		11,142
WaMu Mortgage Pass-Through Certificates Trust, 6.752%, Due 8/25/2033, 2003-AR7 A7E		53,910		53,525
Total Collateralized Mortgage Obligations (Cost $597,839)				576,369
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 6.73%
Bank, 3.265%, Due 9/15/2060, 2017-BNK7 ASB		25,939		25,434
BBCMS Mortgage Trust,
5.576%, Due 7/15/2056, 2023-C20 A5		10,000		10,341
6.000%, Due 9/15/2056, 2023-C21 A5E		15,000		15,936
5.403%, Due 9/15/2057, 2024-C28 A5		15,000		15,344
5.532%, Due 11/15/2057, 2024-C30 A5		10,000		10,300
Benchmark Mortgage Trust,
2.148%, Due 9/15/2053, 2020-B19 AS		30,000		23,879
1.978%, Due 12/17/2053, 2020-B21 A5		10,000		8,356
2.254%, Due 12/17/2053, 2020-B21 AS		10,000		8,226
BX Trust,
6.951%, Due 8/15/2039, 2022-GPA A, (1 mo. USD Term SOFR + 2.165%)A B		19,629		19,629
3.202%, Due 12/9/2041, 2019-OC11 AA		15,000		13,614
COMM Mortgage Trust, 2.950%, Due 8/15/2057, 2019-GC44 A5		10,000		9,062
DC Office Trust, 3.072%, Due 9/15/2045, 2019-MTC DA E		10,000		6,693
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
1.566%, Due 9/25/2030, K119 A2		10,000		8,458
3.710%, Due 9/25/2032, K-150 A2E		15,000		14,040
2.481%, Due 7/25/2034, K-1514 A1		13,062		11,572
4.489%, Due 9/25/2034, K-165 A2E		5,000		4,903
1.238%, Due 1/25/2035, K-1516 A1		50,979		41,168
Federal National Mortgage Association-ACES,
3.543%, Due 9/25/2028, 2019-M1 A2E		22,592		21,815
3.610%, Due 2/25/2031, 2019-M4 A2		9,103		8,614
1.714%, Due 7/25/2031, 2021-M17 A2E		10,000		8,337

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Fair Value
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 6.73% (continued)
Federal National Mortgage Association-ACES, (continued)
4.400%, Due 7/25/2033, 2023-M5 A2E	$	15,000	$	14,561
FREMF Mortgage Trust, 3.994%, Due 12/25/2050, 2018-K72 BA E		20,000		19,228
FRESB Mortgage Trust,
3.160%, Due 11/25/2027, 2018-SB45 A10FE		8,970		8,631
5.978%, Due 7/25/2038, 2018-SB55 A5H, (30 day USD SOFR Average + 0.814%)B		7,164		7,132
JPMBB Commercial Mortgage Securities Trust,
3.559%, Due 7/15/2048, 2015-C30 ASB		2,006		2,002
3.822%, Due 7/15/2048, 2015-C30 A5		10,000		9,792
Morgan Stanley Bank of America Merrill Lynch Trust, 2.840%, Due 11/15/2049, 2016-C31 A4		13,486		13,048
Velocity Commercial Capital Loan Trust,
4.050%, Due 10/26/2048, 2018-2 AA E		12,843		12,391
4.120%, Due 3/25/2049, 2019-1 M3A E		19,299		16,839
6.650%, Due 6/25/2054, 2024-3 AA E		46,867		47,229
Total Commercial Mortgage-Backed Obligations (Cost $456,074)				436,574
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.38%
Federal Home Loan Mortgage Corp.,
3.000%, Due 7/1/2042		26,102		23,387
3.500%, Due 9/1/2046		33,264		30,407
3.000%, Due 5/1/2047		47,340		41,784
3.000%, Due 11/1/2049		24,964		21,923
				117,501
Federal National Mortgage Association,
4.500%, Due 7/1/2031		14,605		14,538
2.500%, Due 4/1/2037		31,675		28,727
2.500%, Due 12/1/2037		33,681		30,476
2.500%, Due 2/1/2042		34,940		30,409
2.000%, Due 3/1/2042		24,408		20,481
2.500%, Due 4/1/2042		41,304		35,868
3.000%, Due 6/1/2042		42,362		37,717
4.000%, Due 2/1/2043		25,424		24,251
5.000%, Due 6/1/2043		25,250		24,943
6.000%, Due 10/1/2043		45,234		45,859
4.000%, Due 12/1/2043		12,086		11,460
4.000%, Due 3/1/2046		23,390		22,309
2.500%, Due 12/1/2046		29,276		24,862
3.000%, Due 12/1/2046		25,877		22,753
3.000%, Due 1/1/2048		37,092		32,660
3.000%, Due 2/1/2048		20,591		18,154
3.000%, Due 8/1/2048		42,869		37,495
				462,962
Government National Mortgage Association, 3.500%, Due 4/20/2046		31,043		28,498
Total U.S. Agency Mortgage-Backed Obligations (Cost $641,250)				608,961
U.S. TREASURY OBLIGATIONS - 25.27%
U.S. Treasury Bonds,
1.750%, Due 8/15/2041		205,000		137,526
3.875%, Due 2/15/2043		119,000		108,829
2.500%, Due 2/15/2045		58,000		41,778
3.375%, Due 11/15/2048		424,000		347,084
3.625%, Due 2/15/2053		13,000		11,167
4.625%, Due 5/15/2054		65,000		66,574
				712,958
U.S. Treasury Notes,
3.875%, Due 1/15/2026		15,000		14,932
2.375%, Due 3/31/2029		72,000		66,822
3.500%, Due 4/30/2030		147,000		142,073
4.125%, Due 3/31/2031		206,000		204,874

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Fair Value
U.S. TREASURY OBLIGATIONS - 25.27% (continued)
U.S. Treasury Notes, (continued)
2.875%, Due 5/15/2032	$	341,000	$	310,989
4.500%, Due 11/15/2033		77,000		78,281
3.875%, Due 8/15/2034		113,000		109,328
				927,299
Total U.S. Treasury Obligations (Cost $1,729,263)				1,640,257
MUNICIPAL OBLIGATIONS - 4.42%
City of Los Angeles Wastewater System Revenue, 5.713%, Due 6/1/2039, Series A		5,000		5,223
City of New York,
5.968%, Due 3/1/2036, Series G-1		5,000		5,262
5.985%, Due 12/1/2036, Series D1		5,000		5,200
5.517%, Due 10/1/2037, Series C1		10,000		10,152
Colorado Bridge Enterprise, 6.078%, Due 12/1/2040, Series A		5,000		5,308
Dallas Fort Worth International Airport, 3.089%, Due 11/1/2040, Series C		5,000		4,001
Los Angeles County Public Works Financing Authority, 7.618%, Due 8/1/2040		5,000		5,953
Louisiana Local Government Environmental Facilities & Community Development Authority, 4.475%, Due 8/1/2039, Series A		25,000		23,908
New York City Municipal Water Finance Authority,
5.952%, Due 6/15/2042		20,000		20,919
5.882%, Due 6/15/2044, Series CC		5,000		5,158
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.508%, Due 8/1/2037		5,000		5,090
New York State Dormitory Authority, 5.600%, Due 3/15/2040, Series D		5,000		5,078
Oklahoma Development Finance Authority Revenue Bonds, 4.135%, Due 12/1/2033, Series A-1		8,820		8,659
Oregon Education Districts, 2.895%, Due 6/30/2040, Series A		10,000		7,736
Permanent University Fund - University of Texas System, 5.262%, Due 7/1/2039		5,000		4,985
Port Authority of New York & New Jersey,
4.823%, Due 6/1/2045		5,000		4,602
5.310%, Due 8/1/2046, Series 182		10,000		9,785
Riverside County, California Revenue Bonds, 3.818%, Due 2/15/2038		15,000		13,829
South Carolina Student Loan Corp., 6.495%, Due 10/27/2036		14,778		14,717
State Board of Administration Finance Corp., 5.526%, Due 7/1/2034, Series A		20,000		20,330
State of California,
7.500%, Due 4/1/2034		15,000		17,511
5.125%, Due 3/1/2038		15,000		15,065
4.600%, Due 4/1/2038		5,000		4,794
4.988%, Due 4/1/2039, Series A		10,000		9,580
7.550%, Due 4/1/2039		5,000		6,061
7.300%, Due 10/1/2039		5,000		5,828
7.350%, Due 11/1/2039		5,000		5,849
5.875%, Due 10/1/2041		5,000		5,221
State of Texas, 5.517%, Due 4/1/2039		5,000		5,188
Texas Natural Gas Securitization Finance Corp., 5.169%, Due 4/1/2041		5,000		5,072
University of California, 4.858%, Due 5/15/2112, Series AD		5,000		4,485
University of Virginia, 6.200%, Due 9/1/2039		15,000		16,495
Total Municipal Obligations (Cost $292,329)				287,044
TOTAL INVESTMENTS - 98.85% (Cost $6,580,703)				6,416,642
OTHER ASSETS, NET OF LIABILITIES - 1.15%				74,513
TOTAL NET ASSETS - 100.00%			$	6,491,155

Percentages are stated as a percent of net assets.

^A  Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $1,625,927 or 25.05% of net assets. The Fund has no right to demand registration of these securities.

^B  Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on October 31, 2024.

^C  Perpetual maturity. The date shown, if any, is the next call date.

^D  Step Up/Down - A zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. The rate disclosed represents the coupon rate at October 31, 2024. The maturity date disclosed represents the final maturity date.

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

October 31, 2024 (Unaudited)

^E  Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

CMT - Constant Maturity Treasury.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

PRIME - A rate, charged by banks, based on the U.S. Federal Funds rate.

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of October 31, 2024, the investments were classified as described below:

NIS Core Plus Bond Fund	Level 1		Level 2		Level 3		Total
Assets
Corporate Obligations	$	—	$	1,921,544	$	—	$	1,921,544
Foreign Corporate Obligations		—		257,255		—		257,255
Asset-Backed Obligations		—		688,638		—		688,638
Collateralized Mortgage Obligations		—		576,369		—		576,369
Commercial Mortgage-Backed Obligations		—		436,574		—		436,574
U.S. Agency Mortgage-Backed Obligations		—		608,961		—		608,961
U.S. Treasury Obligations		—		1,640,257		—		1,640,257
Municipal Obligations		—		287,044		—		287,044
Total Investments in Securities - Assets	$	—	$	6,416,642	$	—	$	6,416,642

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended October 31, 2024, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

October 31, 2024 (Unaudited)

Security Valuation and Fair Value Measurements

The price of each Fund’s shares is based on its net asset value (“NAV”) per share. Each Fund’s NAV is computed by adding total assets, subtracting all the Fund’s liabilities, and dividing the result by the total number of shares outstanding.

The NAV of each class of a Fund’s shares is determined based on a pro rata allocation of a Fund’s investment income, expenses and total capital gains and losses. A Fund’s NAV per share is determined each business day as of the regular close of trading on the New York Stock Exchange (“NYSE” or “Exchange”), which is typically 4:00 p.m. Eastern Time (“ET”). However, if trading on the NYSE closes at a time other than 4:00 p.m. ET, a Fund’s NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Funds do not price their shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when a Fund is not open for business, which may result in the value of a Fund’s portfolio investments being affected at a time when you are unable to buy or sell shares.

Equity securities, including shares of closed-end funds and exchange-traded funds (“ETFs”), are valued at the last sale price or official closing price taken from the primary exchange in which each security trades. Investments in other mutual funds are valued at the closing NAV per share on the day of valuation. Debt securities are valued at bid quotes from broker/dealers or evaluated bid prices from pricing services, who may consider a number of inputs and factors, such as prices of comparable securities, yield curves, spreads, credit ratings, coupon rates, maturity, default rates, and underlying collateral. Futures are valued based on their daily settlement prices. Exchange-traded and over-the-counter (“OTC”) options are valued at the last sale price. Options with no last sale for the day are priced at mid quote. Swaps are valued at evaluated mid prices from pricing services.

The valuation of securities traded on foreign markets and certain fixed-income securities will generally be based on prices determined as of the earlier closing time of the markets on which they primarily trade unless a significant event has occurred. When a Fund holds securities or other assets that are denominated in a foreign currency, a Fund will normally use the currency exchange rates as of 4:00 p.m. ET.

Rule 2a-5 under the Investment Company Act (the “Valuation Rule”) establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are “readily available,” which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits the Board to designate the Manager as Valuation Designee to perform the Fund’s fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Manager’s fair value determinations. Effective September 8, 2022, the Board has designated the Manager as valuation designee to perform fair value functions in accordance with the requirements of the Valuation Rule.

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager’s procedures approved by the Board, under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and when market quotations are not readily available or reliable, as determined by the Manager, such as when (i) trading for a security is restricted or stopped; (ii) a security’s trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security’s true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by a Fund occurs after the close of a related exchange but before the determination of a Fund’s NAV, fair value pricing may be used on the affected security or securities. Securities of small-capitalization companies are also more likely to require a fair value determination using these procedures because they are more thinly traded

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

October 31, 2024 (Unaudited)

and less liquid than the securities of larger-capitalization companies. The Funds may fair value securities as a result of significant events occurring after the close of the foreign markets in which a Fund invests as described below. In addition, the Funds may invest in illiquid securities requiring these procedures.

A Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before a Fund’s pricing time of 4:00 p.m. ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. If the Manager determines that the last quoted prices of non-U.S. securities will, in its judgment, materially affect the value of some or all a Fund’s portfolio securities, the Manager can adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. These securities are fair valued using a pricing service, using methods approved by the Manager, that considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts (“ADRs”) and futures contracts. The Manager’s Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but a Fund is open. A Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day’s opening prices in the same markets and adjusted prices.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, the Manager compares the new market quotation to the fair value price to evaluate the effectiveness of a Fund’s fair valuation procedures. If any significant discrepancies are found, the Manager may adjust Manager’s fair valuation procedures for a Fund.

Valuation Inputs

Various inputs may be used to determine the fair value of the Funds’ investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1 -	Quoted prices in active markets for identical securities.
Level 2 -	Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.
Level 3 -	Prices determined using other significant unobservable inputs. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in pricing an investment.

Level 1 and Level 2 trading assets and trading liabilities, at fair value

Common stocks, ETFs, preferred securities and financial derivative instruments, such as futures contracts or options that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied,

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

October 31, 2024 (Unaudited)

they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange. These securities are valued using pricing service providers that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Fixed-income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, and non-U.S. bonds are normally valued by pricing service providers that use broker dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. Fixed-income securities purchased on a delayed-delivery basis are marked-to-market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities (“ABS”) are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows, and market-based yield spreads for each tranche, and incorporates deal collateral performance, as available. Mortgage-related and ABS that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

With respect to a Fund’s investments that do not have readily available market quotations, the Board has designated the Adviser as its valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). If market prices are not readily available or are deemed unreliable, the Valuation Designee will use the fair value of the security or other instrument as determined in good faith under policies and procedures established by and under the supervision of the Board (“Valuation Procedures”). Market prices are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s portfolio holdings or assets. In addition, market prices are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade do not open for trading for the entire day and no other market prices are available. Fair value pricing is subjective in nature and the use of fair value pricing by the Valuation Designee may cause the NAV of a Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that a Fund could obtain the fair value assigned to an investment if a Fund were to sell the investment at approximately the time at which a Fund determines its NAV.

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

OTC financial derivative instruments, such as forward foreign currency contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers. Depending on the product and the terms of the transaction, the fair value of the financial derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

October 31, 2024 (Unaudited)

observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends, and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Level 3 trading assets and trading liabilities, at fair value

The valuation techniques and significant inputs used in determining the fair values of financial instruments classified as Level 3 of the fair value hierarchy are as follows.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Manager or persons acting under their oversight and may be categorized as Level 3 of the fair value hierarchy.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the Exchange close, that materially affect the values of the Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board has designated to the Manager as responsible for monitoring significant events that may materially affect the fair values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

The Manager has selected methods for valuing securities and other assets in circumstances where market quotes are not readily available, and oversees the application of those valuation methods. In the event that the security or asset cannot be valued, pursuant to one of the valuation methods selected by the Manager, the fair value of the security or asset will be determined in good faith by the Valuation Committee.

When a Fund uses fair valuation methods applied by the Manager that use significant unobservable inputs to determine its NAV, the securities priced using this methodology are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot guarantee that values determined by the Manager or persons acting under their oversight would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.