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: April 30, 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

April 30, 2024 (Unaudited)

	Principal Amount*			Fair Value
Angola - 4.19%
Foreign Sovereign Obligations - 4.19%
Angola Government International Bonds,
8.250%, Due 5/9/2028A	$		3,780,000	$	3,555,619
8.000%, Due 11/26/2029B			3,806,000		3,458,702
8.750%, Due 4/14/2032A			1,620,000		1,463,346
8.750%, Due 4/14/2032B			3,475,000		3,138,968
9.375%, Due 5/8/2048A			3,588,000		3,043,485
9.125%, Due 11/26/2049A			8,799,000		7,303,170
Republic of Angola Via Avenir Issuer II Ireland DAC, 6.927%, Due 2/19/2027A			1,478,571		1,410,188
Total Foreign Sovereign Obligations					23,373,478
Total Angola (Cost $24,000,036)					23,373,478
Argentina - 2.07%
Foreign Sovereign Obligations - 2.07%
Argentina Republic Government International Bonds,
1.000%, Due 7/9/2029			227,491		133,994
0.750%, Due 7/9/2030C D			3,027,515		1,751,448
3.625%, Due 7/9/2035C D			21,112,784		9,687,135
Total Foreign Sovereign Obligations					11,572,577
Total Argentina (Cost $11,880,045)					11,572,577
Armenia - 0.51%
Foreign Sovereign Obligations - 0.51%
Armenia Treasury Bills, 11.048%, Due 6/3/2024E		AMD	225,000,000		575,415
Republic of Armenia Treasury Bonds,
7.000%, Due 4/29/2026		AMD	385,000,000		943,290
9.000%, Due 4/29/2026		AMD	325,000,000		825,901
9.250%, Due 4/29/2028		AMD	200,000,000		506,495
Total Foreign Sovereign Obligations					2,851,101
Total Armenia (Cost $2,660,776)					2,851,101
Azerbaijan - 0.52% (Cost $2,904,351)
Credit-Linked Notes - 0.52%
Azerbaijan Treasury Bonds (Issuer ICBC Standard Bank PLC), 7.500%, Due 5/11/2028B		AZN	5,000,000		2,913,299
Benin - 0.37% (Cost $2,449,204)
Foreign Sovereign Obligations - 0.37%
Benin Government International Bonds, 6.875%, Due 1/19/2052B		EUR	2,408,000		2,084,226
Cameroon - 1.58%
Foreign Sovereign Obligations - 1.58%
Republic of Cameroon International Bonds,
5.950%, Due 7/7/2032A		EUR	3,250,000		2,706,255
5.950%, Due 7/7/2032B		EUR	7,364,000		6,131,958
Total Foreign Sovereign Obligations					8,838,213
Total Cameroon (Cost $12,168,468)					8,838,213
Congo - 0.49% (Cost $2,600,000)
Credit-Linked Notes - 0.49%
Democratic Republic of Congo (Issuer Tugela BV), 12.294%, Due 12/14/2027, (6 mo. USD SOFR + 7.000%)B F			2,600,000		2,719,860

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount*			Fair Value
Costa Rica - 0.47% (Cost $2,253,863)
Foreign Sovereign Obligations - 0.47%
Costa Rica Government International Bonds, 9.200%, Due 2/21/2029A	$		2,300,000	$	2,608,200
Dominican Republic - 3.19%
Foreign Sovereign Obligations - 3.19%
Dominican Republic Central Bank Notes, 13.000%, Due 12/5/2025A		DOP	105,000,000		1,837,486
Dominican Republic International Bonds,
12.000%, Due 8/8/2025A		DOP	182,500,000		3,174,440
9.750%, Due 6/5/2026A		DOP	8,850,000		151,606
8.000%, Due 2/12/2027A		DOP	220,000,000		3,484,183
12.750%, Due 9/23/2029B		DOP	249,000,000		4,776,995
13.625%, Due 2/3/2033B		DOP	54,750,000		1,108,056
11.250%, Due 9/15/2035B		DOP	184,000,000		3,296,569
Total Foreign Sovereign Obligations					17,829,335
Total Dominican Republic (Cost $18,000,328)					17,829,335
Ecuador - 2.09%
Foreign Sovereign Obligations - 2.09%
Ecuador Government International Bonds,
6.000%, Due 7/31/2030B C D			1,556,850		1,093,099
6.000%, Due 7/31/2030A C D			2,482,000		1,742,668
3.500%, Due 7/31/2035B C D			3,789,045		2,075,282
3.500%, Due 7/31/2035A C D			10,374,000		5,681,899
2.500%, Due 7/31/2040B C D			1,625,550		829,030
2.500%, Due 7/31/2040A C D			438,000		223,380
Total Foreign Sovereign Obligations					11,645,358
Total Ecuador (Cost $13,189,494)					11,645,358
Egypt - 3.16%
Foreign Sovereign Obligations - 3.16%
Egypt Government Bonds,
14.483%, Due 4/6/2026		EGP	6,500,000		112,680
15.700%, Due 11/7/2027, Series 10YR		EGP	10,000,000		153,016
Egypt Government International Bonds,
3.875%, Due 2/16/2026A			1,781,000		1,614,031
7.500%, Due 1/31/2027A			1,139,000		1,078,291
6.375%, Due 4/11/2031A		EUR	443,000		380,580
8.875%, Due 5/29/2050A			8,661,000		6,794,728
7.500%, Due 2/16/2061A			2,600,000		1,765,972
Egypt Treasury Bills,
30.163%, Due 12/10/2024, Series 364D		EGP	242,825,000		4,386,001
28.769%, Due 12/17/2024, Series 364D		EGP	74,375,000		1,337,590
25.701%, Due 3/11/2025, Series 364D		EGP	1,000,000		17,174
Total Foreign Sovereign Obligations					17,640,063
Total Egypt (Cost $17,891,581)					17,640,063
El Salvador - 2.31%
Foreign Sovereign Obligations - 2.31%
El Salvador Government International Bonds,
6.375%, Due 1/18/2027A			2,067,000		1,829,102
0.250%, Due 4/17/2030B			3,290,000		91,052
9.250%, Due 4/17/2030B			1,822,000		1,628,233
7.650%, Due 6/15/2035A			8,851,000		6,383,228
7.125%, Due 1/20/2050A			1,395,000		898,360

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount*			Fair Value
El Salvador - 2.31% (continued)
Foreign Sovereign Obligations - 2.31% (continued)
El Salvador Government International Bonds, (continued)
9.500%, Due 7/15/2052A	$		2,600,000	$	2,050,653
Total Foreign Sovereign Obligations					12,880,628
Total El Salvador (Cost $10,436,664)					12,880,628
Ethiopia - 0.57% (Cost $3,995,477)
Foreign Sovereign Obligations - 0.57%
Ethiopia International Bonds, 6.625%, Due 12/11/2024A G			4,541,000		3,187,219
Gabon - 2.04%
Foreign Sovereign Obligations - 2.04%
Gabon Government International Bonds,
6.950%, Due 6/16/2025A			2,642,000		2,538,698
6.625%, Due 2/6/2031A			10,783,000		8,470,046
7.000%, Due 11/24/2031A			470,000		369,365
Total Foreign Sovereign Obligations					11,378,109
Total Gabon (Cost $12,519,272)					11,378,109
Georgia - 0.53%
Foreign Sovereign Obligations - 0.53%
Georgia Treasury Bonds,
9.375%, Due 10/6/2024, Series 2YR		GEL	1,400,000		525,846
8.125%, Due 1/28/2026, Series 5YR		GEL	6,540,000		2,447,664
Total Foreign Sovereign Obligations					2,973,510
Total Georgia (Cost $2,578,921)					2,973,510
Ghana - 3.45%
Credit-Linked Notes - 0.01%
Ghana Promissory Notes (Issuer Saderea DAC), 12.500%, Due 11/30/2026A G			139,548		66,983
Foreign Corporate Obligations - 0.36%
Kosmos Energy Ltd., 7.500%, Due 3/1/2028B			2,124,000		2,028,968
Foreign Sovereign Obligations - 3.08%
Ghana Government International Bonds,
7.750%, Due 4/7/2029B G			1,641,000		791,323
10.750%, Due 10/14/2030A			3,509,000		2,280,850
8.125%, Due 3/26/2032A G			14,397,000		6,948,712
8.625%, Due 4/7/2034A G			1,843,000		891,551
7.875%, Due 2/11/2035A G			1,100,000		530,915
8.950%, Due 3/26/2051A G			220,000		105,888
8.750%, Due 3/11/2061A G			1,937,000		933,750
Republic of Ghana Government Bonds,
21.000%, Due 1/27/2025		GHS	1,680,000		110,564
19.250%, Due 6/23/2025		GHS	23,500,000		1,404,854
19.000%, Due 11/2/2026, Series 10YR		GHS	47,576,000		2,289,971
19.250%, Due 1/18/2027		GHS	19,750,000		925,559
Total Foreign Sovereign Obligations					17,213,937
Total Ghana (Cost $27,047,700)					19,309,888

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount*			Fair Value
Iraq - 1.52% (Cost $8,531,992)
Foreign Sovereign Obligations - 1.52%
Iraq International Bonds, 5.800%, Due 1/15/2028A	$		9,120,626	$	8,504,600
Ivory Coast - 2.84%
Foreign Sovereign Obligations - 2.84%
Ivory Coast Government International Bonds,
4.875%, Due 1/30/2032A		EUR	7,091,000		6,303,743
6.125%, Due 6/15/2033A			5,766,000		4,989,205
6.875%, Due 10/17/2040A		EUR	3,056,000		2,726,664
6.625%, Due 3/22/2048A		EUR	2,200,000		1,831,316
Total Foreign Sovereign Obligations					15,850,928
Total Ivory Coast (Cost $17,129,508)					15,850,928
Jamaica - 0.12% (Cost $640,787)
Foreign Sovereign Obligations - 0.12%
Jamaica Government International Bonds, 9.625%, Due 11/3/2030		JMD	100,000,000		673,394
Kazakhstan - 3.73%
Foreign Sovereign Obligations - 3.73%
Kazakhstan Government Bonds,
8.050%, Due 5/20/2024, Series 15YR		KZT	1,040,000,000		2,346,850
16.700%, Due 1/13/2025		KZT	2,725,122,000		6,337,084
10.750%, Due 2/11/2025, Series 3YR		KZT	240,000,000		537,363
7.200%, Due 5/27/2025, Series 10Y		KZT	317,000,000		685,945
10.500%, Due 8/4/2026, Series 5YR		KZT	500,000,000		1,102,055
13.900%, Due 9/16/2026, Series 4YR		KZT	280,000,000		659,423
9.000%, Due 3/6/2027, Series 120		KZT	1,160,000,000		2,449,199
15.350%, Due 11/18/2027		KZT	630,000,000		1,560,239
10.400%, Due 4/12/2028, Series 7YR		KZT	970,000,000		2,087,195
15.300%, Due 3/3/2029		KZT	736,866,000		1,853,673
7.680%, Due 8/13/2029, Series 15Y		KZT	224,390,000		422,845
10.120%, Due 2/17/2034, Series 13YR		KZT	400,000,000		797,976
Total Foreign Sovereign Obligations					20,839,847
Total Kazakhstan (Cost $20,746,878)					20,839,847
Kenya - 4.47%
Foreign Sovereign Obligations - 4.47%
Republic of Kenya Government International Bonds,
7.000%, Due 5/22/2027A			1,845,000		1,777,735
8.000%, Due 5/22/2032A			4,492,000		4,097,153
6.300%, Due 1/23/2034A			1,148,000		907,092
8.250%, Due 2/28/2048A			4,007,000		3,366,000
Republic of Kenya Infrastructure Bonds,
11.000%, Due 12/2/2024, Series 9YR		KES	25,000,000		177,994
12.500%, Due 5/12/2025, Series 9YR		KES	16,024,384		116,278
10.200%, Due 5/25/2026, Series 6YR		KES	15,500,000		101,528
11.000%, Due 10/12/2026, Series 12YR		KES	43,467,948		298,579
13.215%, Due 11/27/2028, Series 6YR		KES	124,600,000		848,913
10.850%, Due 4/2/2029, Series 9YR		KES	24,550,000		161,872
17.933%, Due 5/6/2030, Series 7Y		KES	47,000,000		355,983
18.461%, Due 8/9/2032, Series 8.5YR		KES	938,000,000		7,135,595
12.500%, Due 1/10/2033, Series 15YR		KES	631,000,000		3,955,704
11.750%, Due 10/8/2035, Series 16YR		KES	112,000,000		652,925

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount*			Fair Value
Kenya - 4.47% (continued)
Foreign Sovereign Obligations - 4.47% (continued)
Republic of Kenya Infrastructure Bonds, (continued)
12.257%, Due 1/5/2037, Series 16Y		KES	152,000,000	$	1,029,528
Total Foreign Sovereign Obligations					24,982,879
Total Kenya (Cost $27,472,222)					24,982,879
Kyrgyzstan - 1.14%
Credit-Linked Notes - 1.14%
Republic of Kyrgyzstan (Issuer Rufiji BV), 8.000%, Due 5/26/2025		KGS	70,000,000		782,074
Republic of Kyrgyzstan (Issuer Tugela BV),
10.500%, Due 9/24/2024B		KGS	150,000,000		1,727,293
6.000%, Due 9/19/2025B		KGS	120,500,000		1,272,367
12.000%, Due 2/7/2028B		KGS	95,000,000		943,872
Republic of Kyrgyzstan (Issuer Zambezi BV), 10.000%, Due 4/13/2028B		KGS	180,000,000		1,664,575
Total Credit-Linked Notes					6,390,181
Total Kyrgyzstan (Cost $8,030,773)					6,390,181
Lebanon - 0.36%
Foreign Sovereign Obligations - 0.36%
Lebanon Government International Bonds,
6.200%, Due 2/26/2025A G	$		11,973,000		748,301
6.850%, Due 5/25/2029G			11,973,000		763,279
7.050%, Due 11/2/2035A G			7,559,000		483,020
Total Foreign Sovereign Obligations					1,994,600
Total Lebanon (Cost $2,811,119)					1,994,600
Malawi - 0.83%
Credit-Linked Notes - 0.83%
Republic of Malawi (Issuer Tugela BV),
11.000%, Due 4/21/2025B			1,600,000		882,080
12.500%, Due 5/21/2025B			1,050,000		443,415
18.500%, Due 8/15/2026B			2,700,000		1,115,100
15.000%, Due 8/19/2026B			1,000,000		1,021,500
12.500%, Due 6/2/2027B			800,000		427,600
13.500%, Due 6/18/2027B			700,000		265,510
13.000%, Due 8/20/2027B			500,000		231,050
13.500%, Due 9/3/2027B			650,000		243,750
Total Credit-Linked Notes					4,630,005
Total Malawi (Cost $8,655,764)					4,630,005
Mongolia - 2.36%
Credit-Linked Notes - 2.36%
Development Bank of Mongolia (Issuer Zambezi BV), 14.000%, Due 5/12/2027B		MNT	27,500,000,000		8,625,736
Republic of Mongolia (Issuer Frontera Capital BV), 7.500%, Due 10/25/2024B		MNT	11,287,921,348		3,240,458
Republic of Mongolia (Issuer Rufiji BV), 7.590% - 11.00%, Due 4/22/2025B D		MNT	4,500,000,000		1,329,063
Total Credit-Linked Notes					13,195,257
Total Mongolia (Cost $13,547,370)					13,195,257
Mozambique - 3.97%
Credit-Linked Notes - 1.32%
Republic of Mozambique (Issuer ICBC Standard Bank PLC),
Due 3/26/2025D E		MZN	90,500,000		1,424,262

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount*			Fair Value
Mozambique - 3.97% (continued)
Credit-Linked Notes - 1.32% (continued)
Republic of Mozambique (Issuer ICBC Standard Bank PLC), (continued)
17.000%, Due 5/11/2025		MZN	100,000,000	$	1,616,346
14.500%, Due 11/13/2025		MZN	40,000,000		614,316
14.500%, Due 2/11/2027D		MZN	46,752,000		783,728
19.000%, Due 5/12/2028B		MZN	51,000,000		772,877
18.000%, Due 1/15/2029B		MZN	130,000,000		2,151,990
Total Credit-Linked Notes					7,363,519
Foreign Sovereign Obligations - 2.65%
Mozambique International Bonds,
9.000%, Due 9/15/2031A C D	$		15,272,000		12,828,480
9.000%, Due 9/15/2031B C D			2,353,000		1,976,520
Total Foreign Sovereign Obligations					14,805,000
Total Mozambique (Cost $22,421,411)					22,168,519
Netherlands - 0.33% (Cost $1,867,220)
Foreign Corporate Obligations - 0.33%
Zambezi BV, 11.500%, Due 6/22/2035B		PYG	13,500,000,000		1,831,704
Nigeria - 3.86%
Credit-Linked Notes - 0.85%
Republic of Nigeria (Issuer ICBC Standard Bank PLC), Due 2/27/2025E		NGN	7,797,524,000		4,758,318
Foreign Corporate Obligations - 1.23%
Access Bank PLC, 6.125%, Due 9/21/2026B			1,207,000		1,116,475
BOI Finance BV, 7.500%, Due 2/16/2027B		EUR	1,811,000		1,828,064
First Bank of Nigeria Ltd. Via FBN Finance Co. BV, 8.625%, Due 10/27/2025B			1,029,000		1,020,295
IHS Netherlands Holdco BV, 8.000%, Due 9/18/2027B			1,215,000		1,143,011
SEPLAT Energy PLC, 7.750%, Due 4/1/2026B			631,000		608,915
United Bank for Africa PLC, 6.750%, Due 11/19/2026B			1,197,000		1,140,801
Total Foreign Corporate Obligations					6,857,561
Foreign Sovereign Obligations - 1.78%
Nigeria Government Bonds,
12.500%, Due 1/22/2026, Series 10YR		NGN	856,000,000		557,910
16.288%, Due 3/17/2027, Series 10YR		NGN	290,000,000		202,199
Nigeria Government International Bonds,
8.375%, Due 3/24/2029A			2,233,000		2,110,542
7.875%, Due 2/16/2032A			4,338,000		3,791,239
7.375%, Due 9/28/2033A			2,365,000		1,961,673
8.250%, Due 9/28/2051A			1,170,000		915,595
Nigeria Treasury Bills,
18.844%, Due 11/7/2024, Series 364D		NGN	450,000,000		296,259
22.678%, Due 3/27/2025, Series 364D		NGN	218,000,000		131,215
Total Foreign Sovereign Obligations					9,966,632
Total Nigeria (Cost $23,927,959)					21,582,511
Pakistan - 3.03%
Foreign Sovereign Obligations - 3.03%
Pakistan Government International Bonds,
6.875%, Due 12/5/2027A			2,065,000		1,769,189
7.375%, Due 4/8/2031A			6,769,000		5,350,895
Pakistan Treasury Bills,
20.400%, Due 12/26/2024, Series 12M		PKR	950,000,000		2,996,005

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount*			Fair Value
Pakistan - 3.03% (continued)
Foreign Sovereign Obligations - 3.03% (continued)
Pakistan Treasury Bills, (continued)
20.100%, Due 3/6/2025, Series 12M		PKR	1,150,000,000	$	3,506,237
20.770%, Due 4/3/2025, Series 12M		PKR	1,100,000,000		3,319,433
Total Foreign Sovereign Obligations					16,941,759
Total Pakistan (Cost $17,001,814)					16,941,759
Papua New Guinea - 0.85% (Cost $4,933,517)
Foreign Sovereign Obligations - 0.85%
Papua New Guinea Government International Bonds, 8.375%, Due 10/4/2028A	$		5,026,000		4,729,466
Paraguay - 1.32%
Credit-Linked Notes - 0.73%
Republic of Paraguay (Issuer Tugela BV), 9.850%, Due 2/14/2031B		PYG	13,700,000,000		1,760,111
Municipalidad de Asuncion (Issuer Tugela BV), 12.000%, Due 11/22/2032B		PYG	16,600,000,000		2,340,487
Total Credit-Linked Notes					4,100,598
Foreign Sovereign Obligations - 0.59%
Paraguay Government International Bonds, 7.900%, Due 2/9/2031B		PYG	23,803,000,000		3,271,881
Total Paraguay (Cost $7,680,536)					7,372,479
Republic of Mauritius - 0.18% (Cost $1,023,289)
Foreign Corporate Obligations - 0.18%
Axian Telecom, 7.375%, Due 2/16/2027B			1,038,000		1,003,433
Rwanda - 0.56%
Foreign Sovereign Obligations - 0.56%
Rwanda International Government Bonds,
5.500%, Due 8/9/2031B			2,519,000		2,024,646
5.500%, Due 8/9/2031A			1,400,000		1,125,250
Total Foreign Sovereign Obligations					3,149,896
Total Rwanda (Cost $3,652,623)					3,149,896
Senegal - 0.51%
Foreign Sovereign Obligations - 0.51%
Senegal Government International Bonds,
5.375%, Due 6/8/2037A		EUR	107,000		84,314
6.750%, Due 3/13/2048A			3,745,000		2,747,302
Total Foreign Sovereign Obligations					2,831,616
Total Senegal (Cost $3,871,319)					2,831,616
South Africa - 0.11% (Cost $1,000,000)
Foreign Corporate Obligations - 0.11%
Liquid Telecommunications Financing PLC, 5.500%, Due 9/4/2026B			1,000,000		585,000
Sri Lanka - 2.84%
Foreign Sovereign Obligations - 2.84%
Sri Lanka Government Bonds,
9.000%, Due 5/1/2028, Series B		LKR	590,000,000		1,816,202
9.000%, Due 7/1/2028, Series A		LKR	514,000,000		1,573,974
11.000%, Due 5/15/2030		LKR	2,045,000,000		6,516,000
Sri Lanka Government International Bonds,
6.200%, Due 5/11/2027A G			4,265,000		2,410,438
6.750%, Due 4/18/2028A G			1,342,000		758,705
7.550%, Due 3/28/2030A G			3,913,000		2,187,660

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount*			Fair Value
Sri Lanka - 2.84% (continued)
Foreign Sovereign Obligations - 2.84% (continued)
Sri Lanka Treasury Bills,
10.128%, Due 3/7/2025, Series 364		LKR	107,000,000	$	333,645
10.228%, Due 3/21/2025, Series 364		LKR	90,000,000		279,599
Total Foreign Sovereign Obligations					15,876,223
Total Sri Lanka (Cost $15,423,910)					15,876,223
Supranational - 2.69%
Foreign Sovereign Obligations - 2.69%
European Bank for Reconstruction & Development,
15.000%, Due 9/21/2024	$		1,200,000		1,233,679
14.750%, Due 2/7/2025A			700,000		690,864
13.400%, Due 2/10/2025			1,000,000		935,458
16.100%, Due 4/11/2025		KES	400,000,000		2,968,397
12.750%, Due 5/30/2025			1,300,000		1,452,673
13.000%, Due 9/22/2025			500,000		504,685
7.400%, Due 12/7/2025		VND	29,495,000,000		1,154,780
International Finance Corp.,
11.000%, Due 6/28/2024			600,000		541,034
11.000%, Due 10/18/2024		UZS	12,000,000,000		916,308
16.000%, Due 2/21/2025		UZS	15,000,000,000		1,168,128
14.250%, Due 5/2/2025		UZS	15,000,000,000		1,154,663
6.000%, Due 1/15/2027H		AZN	4,028,370		2,327,516
Total Foreign Sovereign Obligations					15,048,185
Total Supranational (Cost $15,633,492)					15,048,185
Tajikistan - 1.04% (Cost $5,870,784)
Foreign Sovereign Obligations - 1.04%
Republic of Tajikistan International Bonds, 7.125%, Due 9/14/2027A			6,341,000		5,802,015
Togo - 0.17% (Cost $908,583)
Foreign Corporate Obligations - 0.17%
Ecobank Transnational, Inc., 8.750%, Due 6/17/2031, (5 yr. CMT + 8.211%)B F			944,000		931,020
Trinidad and Tobago - 0.32% (Cost $1,723,099)
Foreign Corporate Obligations - 0.32%
Heritage Petroleum Co. Ltd., 9.000%, Due 8/12/2029B			1,700,000		1,781,600
Tunisia - 1.55%
Foreign Sovereign Obligations - 1.55%
Tunisian Republic,
5.750%, Due 1/30/2025A			2,097,000		1,968,035
6.375%, Due 7/15/2026B		EUR	100,000		89,111
6.375%, Due 7/15/2026A		EUR	7,416,000		6,608,490
Total Foreign Sovereign Obligations					8,665,636
Total Tunisia (Cost $8,302,779)					8,665,636
Uganda - 2.82%
Foreign Sovereign Obligations - 2.82%
Republic of Uganda Government Bonds,
19.500%, Due 12/18/2025, Series 10YR		UGX	6,400,000,000		1,806,016
16.000%, Due 5/6/2027		UGX	2,500,000,000		674,200
14.250%, Due 8/23/2029		UGX	2,200,000,000		559,181
16.000%, Due 11/14/2030		UGX	6,940,000,000		1,866,629
17.000%, Due 4/3/2031, Series 15YR		UGX	3,460,000,000		958,669
16.375%, Due 3/4/2032, Series 15YR		UGX	2,389,500,000		643,063

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount*			Fair Value
Uganda - 2.82% (continued)
Foreign Sovereign Obligations - 2.82% (continued)
Republic of Uganda Government Bonds, (continued)
14.375%, Due 2/3/2033		UGX	10,878,000,000	$	2,636,340
14.250%, Due 6/22/2034		UGX	19,013,300,000		4,540,006
16.250%, Due 11/8/2035		UGX	7,800,000,000		2,061,335
Total Foreign Sovereign Obligations					15,745,439
Total Uganda (Cost $16,612,142)					15,745,439
Ukraine - 0.89%
Foreign Sovereign Obligations - 0.89%
Ukraine Government Bonds,
9.990%, Due 5/22/2024H I		UAH	13,000,000		277,606
12.700%, Due 10/30/2024H I		UAH	128,500,000		2,707,308
15.840%, Due 2/26/2025H I		UAH	120,000,000		1,998,614
Total Foreign Sovereign Obligations					4,983,528
Total Ukraine (Cost $8,148,686)					4,983,528
United Kingdom - 0.21% (Cost $1,380,502)
Foreign Corporate Obligations - 0.21%
HSBC Bank PLC, Due 4/14/2025B E H		NGN	1,984,000,000		1,164,847
United Republic of Tanzania - 0.37% (Cost $2,065,582)
Foreign Corporate Obligations - 0.37%
HTA Group Ltd., 7.000%, Due 12/18/2025B	$		2,075,000		2,065,040
United States - 4.63%
Corporate Obligations - 4.63%
Citigroup Global Markets Holdings, Inc.,
Due 11/12/2024B E		NGN	2,660,000,000		1,765,071
Due 2/10/2025E		NGN	3,476,814,695		2,181,809
Due 2/27/2025B E		NGN	2,124,962,236		1,316,963
Due 2/27/2025E		NGN	5,015,540,116		3,108,422
Due 3/13/2025, Series EMTE		EGP	260,866,694		4,484,290
12.500%, Due 1/26/2026A		NGN	1,060,000,000		712,864
18.500%, Due 2/25/2031B		NGN	2,001,874,002		1,408,557
JPMorgan Chase Bank NA,
Due 3/13/2025, Series E1TNB E		EGP	120,150,000		2,033,460
Due 3/20/2025E		EGP	150,125,000		2,530,226
Due 4/24/2025B E H		EGP	273,325,000		4,545,363
Sagicor Financial Co. Ltd., 5.300%, Due 5/13/2028B			1,831,000		1,753,183
Total Corporate Obligations					25,840,208
Total United States (Cost $27,267,056)					25,840,208
Uruguay - 2.44%
Foreign Sovereign Obligations - 2.44%
Uruguay Government International Bonds,
8.250%, Due 5/21/2031		UYU	81,798,000		2,024,406
3.875%, Due 7/2/2040J		UYU	413,033,633		11,606,613
Total Foreign Sovereign Obligations					13,631,019
Total Uruguay (Cost $11,787,461)					13,631,019
Uzbekistan - 2.46%
Credit-Linked Notes - 0.18%
Republic of Uzbekistan (Issuer ICBC Standard Bank PLC), 16.000%, Due 1/23/2029B		UZS	13,125,000,000		998,392

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount*				Fair Value
Uzbekistan - 2.46% (continued)
Foreign Sovereign Obligations - 2.28%
Republic of Uzbekistan International Bonds,
14.000%, Due 7/19/2024B		UZS		42,690,000,000	$	3,329,075
14.000%, Due 7/19/2024A		UZS		23,600,000,000		1,840,388
16.250%, Due 10/12/2026B		UZS		62,860,000,000		4,956,083
16.250%, Due 10/12/2026A		UZS		33,070,000,000		2,607,344
Total Foreign Sovereign Obligations						12,732,890
Total Uzbekistan (Cost $14,820,429)						13,731,282
Venezuela - 0.03% (Cost $269,875)
Foreign Corporate Obligations - 0.03%
Petroleos de Venezuela SA, 6.000%, Due 5/16/2024A G	$			1,250,000		150,000
Vietnam - 0.27% (Cost $1,509,538)
Foreign Sovereign Obligations - 0.27%
Viet Nam Debt & Asset Trading Corp., 1.000%, Due 10/10/2025A				1,667,000		1,488,631
Zambia - 4.71%
Credit-Linked Notes - 0.75%
Republic of Zambia (Issuer ICBC Standard Bank PLC), 11.000%, Due 1/27/2026B		ZMW		134,522,376		4,169,164
Foreign Corporate Obligations - 0.18%
First Quantum Minerals Ltd.,
6.875%, Due 10/15/2027A				523,000		503,043
8.625%, Due 6/1/2031B				499,000		482,737
Total Foreign Corporate Obligations						985,780
Foreign Sovereign Obligations - 3.78%
Zambia Government Bonds,
10.000%, Due 12/27/2024, Series 3YR		ZMW		11,000,000		401,780
12.000%, Due 4/23/2025, Series 7YR		ZMW		7,800,000		281,418
11.000%, Due 1/25/2026, Series 5YR		ZMW		114,100,000		3,862,638
12.000%, Due 6/17/2026, Series 7YR		ZMW		12,000,000		400,238
15.000%, Due 8/18/2026		ZMW		12,000,000		409,182
10.000%, Due 8/21/2026, Series 3Y		ZMW		7,000,000		220,653
13.000%, Due 8/29/2026, Series 10YR		ZMW		64,500,000		2,159,542
13.000%, Due 12/18/2027, Series 10YR		ZMW		24,795,000		750,768
13.000%, Due 12/17/2028, Series 10YR		ZMW		30,000,000		845,317
13.000%, Due 7/27/2030, Series 10YR		ZMW		8,000,000		204,891
13.000%, Due 1/25/2031, Series 10YR		ZMW		5,800,000		144,759
13.000%, Due 6/26/2033, Series 10Y		ZMW		9,000,000		197,727
Zambia Government International Bonds,
5.75%, Due 6/30/2033A G				1,131,021		832,329
0.50%, Due 12/31/2053A G				799,298		588,211
8.970%, Due 7/30/2027A G				13,441,000		9,822,145
Total Foreign Sovereign Obligations						21,121,598
Total Zambia (Cost $28,626,598)						26,276,542
			Shares
SHORT-TERM INVESTMENTS - 8.44% (Cost $47,141,375)
Investment Companies - 8.44%
American Beacon U.S. Government Money Market Select Fund, 5.20%K L				47,141,375		47,141,375

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Fair Value
TOTAL INVESTMENTS - 95.51% (Cost $569,014,172)	$	533,385,728
OTHER ASSETS, NET OF LIABILITIES - 4.49%		25,096,729
TOTAL NET ASSETS - 100.00%	$	558,482,457

Percentages are stated as a percent of net assets.

* In U.S. Dollars unless otherwise noted.

^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  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 $118,964,865 or 21.30% of net assets. The Fund has no right to demand registration of these securities.

^C  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 April 30, 2024. The maturity date disclosed represents the final maturity date.

^D  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.

^E  Zero coupon bond.

^F  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, LIBOR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on April 30, 2024.

^G  Default Security. At period end, the amount of securities in default was $32,200,429 or 5.77% of net assets.

^H  Value was determined using significant unobservable inputs.

^I  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 $4,983,528 or 0.89% of net assets.

^J  Inflation-Indexed Note.

^K  7-day yield.

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

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LIBOR - London Interbank Offered Rate.

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 April 30, 2024:

Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
EGP	1,217,724	USD	1,232,669	7/18/2024	BRC	$	—	$	(14,945	)	$	(14,945	)
USD	20,465,885	EUR	20,073,660	5/16/2024	SSB		392,225		—			392,225
EUR	963,319	USD	967,322	7/12/2024	UBS		—		(4,003	)		(4,003	)
USD	18,353,965	EUR	18,018,606	7/12/2024	UBS		335,359		—			335,359
						$	727,584	$	(18,948	)	$	708,636

* All values denominated in USD.

Glossary:

Counterparty Abbreviations:

BRC	Barclays Bank PLC
SSB	State Street Bank & Trust Co.
UBS	UBS AG

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

Currency Abbreviations:

AMD	Armenian Dram
AZN	Azerbaijan Manat
DOP	Dominican Peso
EGP	Egyptian Pound
EUR	Euro
GEL	Georgian Lari
GHS	Ghanaian Cedi
JMD	Jamaican Dollar
KES	Kenyan Shilling
KGS	Kyrgyzstani Som
KZT	Kazakhstani Tenge
LKR	Sri Lankan Rupee
MNT	Mongolia Tugrug
MZN	Mozambique Metical
NGN	Nigerian Naira
PKR	Pakistani Rupee
PYG	Paraguayan guarani
UAH	Ukrainian Hryvnia
UGX	Ugandan Shilling
USD	United States Dollar
UYU	Uruguayan Peso
UZS	Uzbekistani Som
VND	Vietnamese Dong
ZMW	Zambian Kwacha

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2024, the investments were classified as described below:

Developing World Income Fund	Level 1		Level 2		Level 3		Total
Assets
Credit-Linked Notes
Azerbaijan	$	—	$	2,913,299	$	—	$	2,913,299
Congo		—		2,719,860		—		2,719,860
Ghana		—		66,983		—		66,983
Kyrgyzstan		—		6,390,181		—		6,390,181
Malawi		—		4,630,005		—		4,630,005
Mongolia		—		13,195,257		—		13,195,257
Mozambique		—		7,363,519		—		7,363,519
Nigeria		—		4,758,318		—		4,758,318
Paraguay		—		4,100,598		—		4,100,598
Uzbekistan		—		998,392		—		998,392
Zambia		—		4,169,164		—		4,169,164
Foreign Sovereign Obligations
Angola		—		23,373,478		—		23,373,478
Argentina		—		11,572,577		—		11,572,577
Armenia		—		2,851,101		—		2,851,101
Benin		—		2,084,226		—		2,084,226
Cameroon		—		8,838,213		—		8,838,213
Costa Rica		—		2,608,200		—		2,608,200
Dominican Republic		—		17,829,335		—		17,829,335
Ecuador		—		11,645,358		—		11,645,358
Egypt		—		17,640,063		—		17,640,063
El Salvador		—		12,880,628		—		12,880,628
Ethiopia		—		3,187,219		—		3,187,219
Gabon		—		11,378,109		—		11,378,109
Georgia		—		2,973,510		—		2,973,510
Ghana		—		17,213,937		—		17,213,937
Iraq		—		8,504,600		—		8,504,600
Ivory Coast		—		15,850,928		—		15,850,928

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

Developing World Income Fund	Level 1		Level 2			Level 3		Total
Foreign Sovereign Obligations (continued)
Jamaica	$	—	$	673,394		$	—	$	673,394
Kazakhstan		—		20,839,847			—		20,839,847
Kenya		—		24,982,879			—		24,982,879
Lebanon		—		1,994,600			—		1,994,600
Mozambique		—		14,805,000			—		14,805,000
Nigeria		—		9,966,632			—		9,966,632
Pakistan		—		16,941,759			—		16,941,759
Papua New Guinea		—		4,729,466			—		4,729,466
Paraguay		—		3,271,881			—		3,271,881
Rwanda		—		3,149,896			—		3,149,896
Senegal		—		2,831,616			—		2,831,616
Sri Lanka		—		15,876,223			—		15,876,223
Supranational		—		15,048,185			—		15,048,185
Tajikistan		—		5,802,015			—		5,802,015
Tunisia		—		8,665,636			—		8,665,636
Uganda		—		15,745,439			—		15,745,439
Ukraine		—		—			4,983,528		4,983,528
Uruguay		—		13,631,019			—		13,631,019
Uzbekistan		—		12,732,890			—		12,732,890
Vietnam		—		1,488,631			—		1,488,631
Zambia		—		21,121,598			—		21,121,598
Foreign Corporate Obligations
Ghana		—		2,028,968			—		2,028,968
Netherlands		—		1,831,704			—		1,831,704
Nigeria		—		6,857,561			—		6,857,561
Republic of Mauritius		—		1,003,433			—		1,003,433
South Africa		—		585,000			—		585,000
Togo		—		931,020			—		931,020
Trinidad and Tobago		—		1,781,600			—		1,781,600
United Kingdom		—		1,164,847			—		1,164,847
United Republic of Tanzania		—		2,065,040			—		2,065,040
Venezuela		—		150,000			—		150,000
Zambia		—		985,780			—		985,780
Corporate Obligations
United States		—		25,840,208			—		25,840,208
Short-Term Investments		47,141,375		—			—		47,141,375
Total Investments in Securities - Assets	$	47,141,375	$	481,260,825		$	4,983,528	$	533,385,728
Financial Derivative Instruments - Assets
Forward Foreign Currency Contracts	$	—	$	727,584		$	—	$	727,584
Total Financial Derivative Instruments - Assets	$	—	$	727,584		$	—	$	727,584
Financial Derivative Instruments - Liabilities
Forward Foreign Currency Contracts	$	—	$	(18,948	)	$	—	$	(18,948	)
Total Financial Derivative Instruments - Liabilities	$	—	$	(18,948	)	$	—	$	(18,948	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 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 Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Transfer into Level 3		Transfer out of Level 3		Balance as of 4/30/2024		Unrealized Appreciation (Depreciation) at period End*
Foreign Sovereign Obligations	$	6,687,571	$	640,447	$	2,117,969	$	(25,194	)	$	(555,141	)	$	353,814	$	—	$	—	$	4,983,528	$	(3,165,159	)

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

See accompanying notes

American Beacon Developing World Income Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

For the period ended April 30, 2024, three foreign sovereign obligations were fair valued at $4,983,528 by the Fair Value Committee. Due to severe disruptions in the market brought about by the Russian attack on Ukraine, the Fair Value Committee voted to apply a 15% liquidity discount to the daily pricing vendor fair value prices, thus the foreign sovereign obligations have been 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

April 30, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 26.69%
Communications - 1.62%
Media - 1.16%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, Due 3/1/2030A	$	15,000	$	12,487
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.250%, Due 1/15/2029		15,000		12,515
6.384%, Due 10/23/2035		10,000		9,450
3.500%, Due 6/1/2041		5,000		3,199
Comcast Corp., 3.999%, Due 11/1/2049		10,000		7,573
Gray Television, Inc., 7.000%, Due 5/15/2027A		15,000		13,631
Sirius XM Radio, Inc., 4.000%, Due 7/15/2028A		15,000		13,393
				72,248
Telecommunications - 0.46%
AT&T, Inc., 3.650%, Due 6/1/2051		10,000		6,878
Cisco Systems, Inc., 5.300%, Due 2/26/2054		5,000		4,812
T-Mobile USA, Inc., 3.375%, Due 4/15/2029		10,000		9,086
Verizon Communications, Inc., 2.550%, Due 3/21/2031		10,000		8,301
				29,077
Total Communications				101,325
Consumer, Cyclical - 1.38%
Airlines - 0.69%
American Airlines Pass-Through Trust,
3.350%, Due 4/15/2031, 2017 2 AA		10,129		9,189
3.150%, Due 8/15/2033, 2019 1 Series AA		11,745		10,344
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.750%, Due 1/20/2026A		25,000		23,447
				42,980
Auto Manufacturers - 0.24%
General Motors Financial Co., Inc., 6.100%, Due 1/7/2034		15,000		14,901
Auto Parts & Equipment - 0.24%
Clarios Global LP/Clarios U.S. Finance Co., 8.500%, Due 5/15/2027A		15,000		14,979
Retail - 0.21%
Lithia Motors, Inc., 4.375%, Due 1/15/2031A		15,000		13,122
Total Consumer, Cyclical				85,982
Consumer, Non-Cyclical - 0.85%
Commercial Services - 0.34%
Global Payments, Inc., 3.200%, Due 8/15/2029		15,000		13,228
University of Southern California, 3.028%, Due 10/1/2039		10,000		7,728
				20,956
Health Care - Services - 0.28%
Centene Corp., 3.375%, Due 2/15/2030		10,000		8,712
Elevance Health, Inc., 5.125%, Due 2/15/2053		5,000		4,513
Marshfield Clinic Health System, Inc., 2.703%, Due 2/15/2030, Series 2020		5,000		4,192
				17,417
Pharmaceuticals - 0.23%
AbbVie, Inc., 5.400%, Due 3/15/2054		5,000		4,847

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 26.69% (continued)
Consumer, Non-Cyclical - 0.85% (continued)
Pharmaceuticals - 0.23% (continued)
Cardinal Health, Inc., 5.450%, Due 2/15/2034	$	10,000	$	9,800
				14,647
Total Consumer, Non-Cyclical				53,020
Energy - 1.35%
Oil & Gas - 0.55%
BP Capital Markets America, Inc., 4.812%, Due 2/13/2033		10,000		9,560
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.000%, Due 8/1/2026A		15,000		14,828
Phillips 66 Co., 5.250%, Due 6/15/2031		10,000		9,801
				34,189
Pipelines - 0.80%
Energy Transfer LP, 5.750%, Due 2/15/2033		10,000		9,923
New Fortress Energy, Inc., 8.750%, Due 3/15/2029A		15,000		14,624
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, Due 2/1/2031		10,000		9,376
Venture Global LNG, Inc., 9.500%, Due 2/1/2029A		15,000		16,127
				50,050
Total Energy				84,239
Financial - 17.77%
Banks - 5.51%
Bank of America Corp.,
3.419%, Due 12/20/2028, (3 mo. USD Term SOFR + 1.302%)B		15,000		13,899
3.970%, Due 3/5/2029, (3 mo. USD Term SOFR + 1.332%)B		10,000		9,411
5.819%, Due 9/15/2029, (Secured Overnight Financing Rate + 1.570%)B		10,000		10,055
5.288%, Due 4/25/2034, (Secured Overnight Financing Rate + 1.910%)B		10,000		9,640
Bank of New York Mellon Corp.,
3.700%, Due 3/20/2026, Series H, (5 yr. CMT + 3.352%)B C		30,000		28,026
6.317%, Due 10/25/2029, (Secured Overnight Financing Rate + 1.598%)B		10,000		10,330
4.289%, Due 6/13/2033, (Secured Overnight Financing Rate + 1.418%)B		10,000		9,180
Citigroup, Inc.,
4.000%, Due 12/10/2025, Series W, (5 yr. CMT + 3.597%)B C		25,000		23,872
2.666%, Due 1/29/2031, (Secured Overnight Financing Rate + 1.146%)B		20,000		16,976
6.174%, Due 5/25/2034, (Secured Overnight Financing Rate + 2.661%)B		10,000		9,929
Comerica, Inc., 5.982%, Due 1/30/2030, (Secured Overnight Financing Rate + 2.155%)B		10,000		9,711
First Horizon Bank, 5.750%, Due 5/1/2030		15,000		13,802
Goldman Sachs Group, Inc.,
2.640%, Due 2/24/2028, (Secured Overnight Financing Rate + 1.114%)B		10,000		9,223
1.992%, Due 1/27/2032, (Secured Overnight Financing Rate + 1.090%)B		10,000		7,895
Huntington National Bank, 5.650%, Due 1/10/2030		10,000		9,812
JPMorgan Chase & Co., 5.766%, Due 4/22/2035, (Secured Overnight Financing Rate + 1.490%)B		10,000		10,015
Morgan Stanley,
1.512%, Due 7/20/2027, (Secured Overnight Financing Rate+ 0.858%)B		10,000		9,129
2.484%, Due 9/16/2036, (Secured Overnight Financing Rate + 1.360%)B		5,000		3,857
Santander Holdings USA, Inc., 6.565%, Due 6/12/2029, (Secured Overnight Financing Rate + 2.700%)B		10,000		10,142
State Street Corp., 4.821%, Due 1/26/2034, (Secured Overnight Financing Rate + 1.567%)B		10,000		9,432
Truist Bank, 2.636%, Due 9/17/2029, (5 yr. CMT + 1.150%)B		20,000		19,263
Truist Financial Corp.,
7.161%, Due 10/30/2029, (Secured Overnight Financing Rate + 2.446%)B		10,000		10,468
5.100%, Due 3/1/2030, Series Q, (10 yr. CMT + 4.349%)B C		25,000		22,733

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 26.69% (continued)
Financial - 17.77% (continued)
Banks - 5.51% (continued)
U.S. Bancorp,
4.839%, Due 2/1/2034, (Secured Overnight Financing Rate + 1.600%)B	$	20,000	$	18,454
2.491%, Due 11/3/2036, (5 yr. CMT + 0.950%)B		10,000		7,620
Wells Fargo & Co.,
3.900%, Due 3/15/2026, Series BB, (5 yr. CMT + 3.453%)B C		12,000		11,369
5.574%, Due 7/25/2029, (Secured Overnight Financing Rate + 1.740%)B		10,000		9,966
5.389%, Due 4/24/2034, (Secured Overnight Financing Rate + 2.020%)B		10,000		9,641
				343,850
Diversified Financial Services - 6.27%
Air Lease Corp., 3.125%, Due 12/1/2030		15,000		12,831
Aircastle Ltd., 2.850%, Due 1/26/2028A		25,000		22,268
Ally Financial, Inc., 4.700%, Due 5/15/2026, Series B, (5 yr. CMT + 3.868%)B C		20,000		16,973
Blackstone Holdings Finance Co. LLC, 1.600%, Due 3/30/2031A		15,000		11,420
Burford Capital Global Finance LLC, 9.250%, Due 7/1/2031A		15,000		15,642
Capital One Financial Corp.,
3.950%, Due 9/1/2026, Series M, (5 yr. CMT + 3.157%)B C		25,000		21,586
3.273%, Due 3/1/2030, (Secured Overnight Financing Rate + 1.790%)B		15,000		13,238
2.618%, Due 11/2/2032, (Secured Overnight Financing Rate + 1.265%)B		10,000		7,835
Charles Schwab Corp.,
4.000%, Due 6/1/2026, Series I, (5 yr. CMT + 3.168%)B C		25,000		23,055
6.196%, Due 11/17/2029, (Secured Overnight Financing Rate + 1.878%)B		10,000		10,235
5.853%, Due 5/19/2034, (Secured Overnight Financing Rate + 2.500%)B		20,000		19,909
Enact Holdings, Inc., 6.500%, Due 8/15/2025A		45,000		44,955
Encore Capital Group, Inc., 9.250%, Due 4/1/2029A		15,000		15,340
Jefferson Capital Holdings LLC, 9.500%, Due 2/15/2029A		15,000		15,263
LPL Holdings, Inc.,
4.625%, Due 11/15/2027A		20,000		19,056
6.750%, Due 11/17/2028		25,000		25,698
Nasdaq, Inc., 5.550%, Due 2/15/2034		20,000		19,581
PennyMac Financial Services, Inc., 7.875%, Due 12/15/2029A		10,000		10,208
PRA Group, Inc., 8.375%, Due 2/1/2028A		10,000		9,756
Radian Group, Inc., 6.200%, Due 5/15/2029		20,000		19,864
Raymond James Financial, Inc., 3.750%, Due 4/1/2051		10,000		7,164
Rocket Mortgage LLC, 5.250%, Due 1/15/2028A		15,000		14,324
StoneX Group, Inc., 7.875%, Due 3/1/2031A		15,000		15,189
				391,390
Insurance - 1.92%
Americo Life, Inc., 3.450%, Due 4/15/2031A		10,000		7,706
Aon Corp./Aon Global Holdings PLC, 2.050%, Due 8/23/2031		5,000		3,965
Aon North America, Inc., 5.450%, Due 3/1/2034		10,000		9,784
AssuredPartners, Inc., 5.625%, Due 1/15/2029A		15,000		13,677
Chubb INA Holdings LLC, 5.000%, Due 3/15/2034		10,000		9,681
HUB International Ltd., 5.625%, Due 12/1/2029A		35,000		32,213
Marsh & McLennan Cos., Inc., 5.150%, Due 3/15/2034		5,000		4,877
Old Republic International Corp., 5.750%, Due 3/28/2034		10,000		9,742
Panther Escrow Issuer LLC, 7.125%, Due 6/1/2031A		15,000		15,080
Teachers Insurance & Annuity Association of America, 3.300%, Due 5/15/2050A		20,000		13,236
				119,961
Private Equity - 0.45%
HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, Due 6/15/2026A		30,000		27,954
Real Estate - 1.11%
CBRE Services, Inc., 2.500%, Due 4/1/2031		10,000		8,114

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 26.69% (continued)
Financial - 17.77% (continued)
Real Estate - 1.11% (continued)
Cushman & Wakefield U.S. Borrower LLC, 6.750%, Due 5/15/2028A	$	21,000	$	20,711
Greystar Real Estate Partners LLC, 7.750%, Due 9/1/2030A		15,000		15,441
Newmark Group, Inc., 7.500%, Due 1/12/2029A		25,000		25,225
				69,491
REITS - 2.51%
Alexandria Real Estate Equities, Inc., 3.375%, Due 8/15/2031		10,000		8,645
American Homes 4 Rent LP, 2.375%, Due 7/15/2031		10,000		7,917
DOC DR LLC, 3.950%, Due 1/15/2028		15,000		14,201
Essex Portfolio LP, 2.550%, Due 6/15/2031		15,000		12,158
GLP Capital LP/GLP Financing II, Inc., 4.000%, Due 1/15/2030		18,000		16,126
Healthcare Realty Holdings LP,
3.625%, Due 1/15/2028		25,000		22,744
3.100%, Due 2/15/2030		10,000		8,516
Invitation Homes Operating Partnership LP, 2.000%, Due 8/15/2031		10,000		7,731
Iron Mountain, Inc., 4.875%, Due 9/15/2029A		25,000		23,070
Kimco Realty OP LLC, 3.200%, Due 4/1/2032		5,000		4,186
Realty Income Corp., 4.900%, Due 7/15/2033		5,000		4,695
Rexford Industrial Realty LP, 2.125%, Due 12/1/2030		15,000		11,944
Starwood Property Trust, Inc., 7.250%, Due 4/1/2029A		15,000		14,814
				156,747
Total Financial				1,109,393
Industrial - 0.55%
Aerospace/Defense - 0.15%
L3Harris Technologies, Inc., 5.250%, Due 6/1/2031		10,000		9,743
Machinery - Diversified - 0.16%
AGCO Corp., 5.800%, Due 3/21/2034		10,000		9,784
Trucking & Leasing - 0.24%
Fortress Transportation & Infrastructure Investors LLC, 7.000%, Due 5/1/2031A		15,000		15,083
Total Industrial				34,610
Technology - 0.77%
Office/Business Equipment - 0.07%
CDW LLC/CDW Finance Corp., 3.276%, Due 12/1/2028		5,000		4,462
Semiconductors - 0.29%
Broadcom, Inc., 4.150%, Due 11/15/2030		20,000		18,452
Software - 0.41%
Intuit, Inc., 5.500%, Due 9/15/2053		10,000		9,781
Oracle Corp., 3.950%, Due 3/25/2051		15,000		10,718
Take-Two Interactive Software, Inc., 4.950%, Due 3/28/2028		5,000		4,892
				25,391
Total Technology				48,305
Utilities - 2.40%
Electric - 2.40%
CenterPoint Energy Houston Electric LLC, 4.950%, Due 4/1/2033		10,000		9,598
DTE Electric Co., 5.200%, Due 4/1/2033		10,000		9,818
Duke Energy Indiana LLC, 2.750%, Due 4/1/2050		15,000		8,822

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 26.69% (continued)
Utilities - 2.40% (continued)
Electric - 2.40% (continued)
Eversource Energy, 1.650%, Due 8/15/2030, Series R	$	10,000	$	7,839
NextEra Energy Capital Holdings, Inc., 5.250%, Due 3/15/2034		5,000		4,800
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, Due 8/15/2028A		25,000		22,355
PG&E Recovery Funding LLC, 5.536%, Due 7/15/2049, Series A-3		10,000		9,715
PG&E Wildfire Recovery Funding LLC,
4.377%, Due 6/3/2041, Series A-3		10,000		8,882
4.451%, Due 12/1/2049, Series A-4		15,000		12,738
4.674%, Due 12/1/2053, Series A-5		20,000		17,320
5.099%, Due 6/1/2054, Series A-5		20,000		18,483
Public Service Co. of Oklahoma, 5.250%, Due 1/15/2033		10,000		9,628
Public Service Enterprise Group, Inc., 5.450%, Due 4/1/2034		10,000		9,732
				149,730
Total Utilities				149,730
Total Corporate Obligations (Cost $1,729,670)				1,666,604
FOREIGN CORPORATE OBLIGATIONS - 4.07%
Basic Materials - 0.40%
Mining - 0.40%
BHP Billiton Finance USA Ltd., 5.250%, Due 9/8/2030		10,000		9,912
Taseko Mines Ltd., 8.250%, Due 5/1/2030A		15,000		15,233
				25,145
Total Basic Materials				25,145
Communications - 0.31%
Telecommunications - 0.31%
Altice France SA, 5.125%, Due 1/15/2029A		30,000		19,583
Consumer, Cyclical - 0.24%
Auto Parts & Equipment - 0.24%
ZF North America Capital, Inc., 6.750%, Due 4/23/2030A		15,000		15,056
Consumer, Non-Cyclical - 0.15%
Health Care - Products - 0.15%
Smith & Nephew PLC, 5.400%, Due 3/20/2034		10,000		9,645
Energy - 0.29%
Oil & Gas - 0.16%
TotalEnergies Capital SA, 5.488%, Due 4/5/2054		10,000		9,724
Pipelines - 0.13%
TransCanada PipeLines Ltd., 2.500%, Due 10/12/2031		10,000		8,098
Total Energy				17,822
Financial - 2.68%
Banks - 0.87%
Bank of Montreal, 3.803%, Due 12/15/2032, (5 yr. USD Swap + 1.432%)B		10,000		9,257
Bank of Nova Scotia, 5.650%, Due 2/1/2034		10,000		9,961
Barclays PLC,
7.385%, Due 11/2/2028, (1 yr. CMT + 3.300%)B		10,000		10,445
8.000%, Due 3/15/2029, (5 yr. CMT + 5.431%)B C		15,000		14,749
Canadian Imperial Bank of Commerce, 5.001%, Due 4/28/2028		10,000		9,803
				54,215

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 4.07% (continued)
Financial - 2.68% (continued)
Diversified Financial Services - 1.64%
GGAM Finance Ltd.,
8.000%, Due 2/15/2027A	$	30,000	$	30,803
8.000%, Due 6/15/2028A		26,000		26,765
6.875%, Due 4/15/2029A		15,000		15,003
goeasy Ltd., 7.625%, Due 7/1/2029A		15,000		15,062
Macquarie Airfinance Holdings Ltd., 6.400%, Due 3/26/2029A		15,000		14,957
				102,590
Private Equity - 0.17%
Brookfield Finance, Inc., 6.350%, Due 1/5/2034		10,000		10,279
Total Financial				167,084
Total Foreign Corporate Obligations (Cost $259,873)				254,335
ASSET-BACKED OBLIGATIONS - 11.25%
Aqua Finance Trust, 3.140%, Due 7/16/2040, 2019 A AA		57,154		53,553
CAL Funding IV Ltd., 2.220%, Due 9/25/2045, 2020 1A AA		10,431		9,351
Carvana Auto Receivables Trust, 1.580%, Due 6/12/2028, 2021 N3 D		7,735		7,423
CIT Home Equity Loan Trust, 5.560%, Due 9/20/2032, 2003 1 M2D		61,862		59,191
Citicorp Residential Mortgage Trust, 4.788%, Due 3/25/2037, 2007 1 A5D		8,637		8,515
CLI Funding VIII LLC, 2.720%, Due 1/18/2047, 2022 1A AA		8,115		7,080
Conseco Finance Corp., 7.220%, Due 3/15/2028, 1997 1 M1E		26,274		26,244
DB Master Finance LLC, 2.493%, Due 11/20/2051, 2021 1A A2IIA		9,775		8,461
Exeter Automobile Receivables Trust, 1.960%, Due 1/17/2028, 2021 4A D		25,000		23,808
Finance of America Structured Securities Trust, 2.000%, Due 4/25/2073, 2023-S2 A3A D		72,118		70,471
GSAMP Trust, 5.422%, Due 7/25/2033, 2003 SEA2 A1D		42,671		40,156
Hyundai Auto Receivables Trust, 1.660%, Due 6/15/2028, 2021 C C		15,000		13,928
Mid-State Capital Corp. Trust,
7.758%, Due 1/15/2040, 2005 1 B		31,829		31,688
5.787%, Due 10/15/2040, 2006 1 AA		34,341		33,471
8.311%, Due 10/15/2040, 2006 1 BA		15,973		16,076
Mid-State Trust XI, 4.864%, Due 7/15/2038, 11 A1		24,781		24,115
Navient Private Education Loan Trust, 3.910%, Due 12/15/2045, 2016 AA A2AA		14,317		14,052
Navient Private Education Refi Loan Trust,
4.000%, Due 12/15/2059, 2018 DA A2AA		9,015		8,734
6.486%, Due 12/15/2059, 2019 D A2B, (1 mo. USD Term SOFR + 1.164%)A B		9,468		9,478
1.110%, Due 2/18/2070, 2021 FA AA		12,841		10,795
5.510%, Due 10/15/2071, 2023 A AA		8,792		8,710
Navient Student Loan Trust, 3.390%, Due 12/15/2059, 2019 BA A2AA		14,707		14,043
Octane Receivables Trust, 1.210%, Due 9/20/2028, 2021 2A AA		6,555		6,419
Salomon Mortgage Loan Trust, 4.769%, Due 11/25/2033, 2001 CB4 1M1, (1 mo. USD Term SOFR + 1.614%)B		19,580		20,362
Santander Drive Auto Receivables Trust, 1.670%, Due 10/15/2027, 2021 4 D		20,000		19,045
Santander Retail Auto Lease Trust, 1.410%, Due 11/20/2025, 2021 B DA		23,146		23,078
Sierra Timeshare Receivables Funding LLC, 1.340%, Due 11/20/2037, 2021 1A BA		8,127		7,685
SMB Private Education Loan Trust,
2.820%, Due 10/15/2035, 2017 B A2AA		6,656		6,442
1.290%, Due 7/15/2053, 2020 B A1AA		8,770		7,934
SoFi Professional Loan Program LLC, 1.030%, Due 8/17/2043, 2021 A AFXA		5,077		4,268
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021 1A A2IIA		19,650		16,693
U.S. Small Business Administration,
4.910%, Due 1/1/2048, 2023 25A 1		19,261		18,585
4.610%, Due 2/1/2048, 2023 25B 1		14,192		13,402
4.480%, Due 4/1/2048, Class 1		9,659		9,086
4.930%, Due 6/1/2048, Class 1		24,571		23,794

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount		Fair Value
ASSET-BACKED OBLIGATIONS - 11.25% (continued)
Vantage Data Centers Issuer LLC,
3.188%, Due 7/15/2044, 2019 1A A2A	$	13,200	$	13,111
2.165%, Due 10/15/2046, 2021 1A A2A		15,000		13,562
Total Asset-Backed Obligations (Cost $719,750)				702,809
COLLATERALIZED MORTGAGE OBLIGATIONS - 7.69%
Bear Stearns ARM Trust, 4.627%, Due 2/25/2035, 2004 12 2A1E		9,728		9,267
Bear Stearns Asset-Backed Securities Trust, 5.250%, Due 10/25/2033, 2003 AC5 A5D		35,258		34,282
Brean Asset-Backed Securities Trust, 1.750%, Due 10/25/2061, 2021 RM2 AA E		42,522		37,698
Chase Mortgage Finance Corp.,
3.750%, Due 12/25/2045, 2016 SH2 M2A E		13,846		12,147
3.750%, Due 12/25/2045, 2016 SH2 M3A E		28,140		24,376
CHL Mortgage Pass-Through Trust, 5.250%, Due 5/25/2034, 2004 4 A19		15,679		14,694
Finance of America Structured Securities Trust JR2, 2.000%, Due 9/25/2069, 2019 1R AA		56,456		59,000
Government National Mortgage Association REMICS, 5.208%, Due 6/20/2045, 2023-32 WE		20,956		20,680
GreenPoint Mortgage Pass-Through Certificates, 6.724%, Due 10/25/2033, 2003 1 A1E		25,087		23,406
JP Morgan Mortgage Trust,
2.500%, Due 12/25/2051, 2021 INV2 A2A E		34,169		26,278
2.500%, Due 7/25/2052, 2022 1 A3A E		47,529		36,672
New Residential Mortgage Loan Trust,
3.750%, Due 11/26/2035, 2016 2A A1A E		30,474		28,031
6.481%, Due 1/25/2048, 2018 4A B1, (1 mo. USD Term SOFR + 1.164%)A B		68,191		66,820
5.633%, Due 11/25/2054, 2014 3A B3A E		20,969		19,938
4.000%, Due 3/25/2057, 2017 2A A3A E		38,013		35,272
Prime Mortgage Trust, 6.000%, Due 2/25/2034, 2004 CL1 1A1		21,879		20,548
Residential Funding Mortgage Securities I Trust, 5.500%, Due 12/25/2034, 2004 S9 1A23		12,291		10,968
Total Collateralized Mortgage Obligations (Cost $518,813)				480,077
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 5.71%
Bank,
4.399%, Due 8/15/2055, 2022 BNK43 A5		15,000		13,762
3.265%, Due 9/15/2060, 2017 BNK7 ASB		31,362		30,135
BBCMS Mortgage Trust, 6.000%, Due 9/15/2056, 2023 C21 A5E		15,000		15,405
Benchmark Mortgage Trust,
2.148%, Due 9/15/2053, 2020 B19 AS		30,000		22,731
1.978%, Due 12/17/2053, 2020 B21 A5		10,000		7,898
2.254%, Due 12/17/2053, 2020 B21 AS		10,000		7,780
BX Trust, 7.486%, Due 8/15/2039, 2022 GPA A, (1 mo. USD Term SOFR + 2.165%)A B		19,709		19,770
COMM Mortgage Trust, 2.950%, Due 8/15/2057, 2019 GC44 A5		10,000		8,714
DC Office Trust, 3.174%, Due 9/15/2045, 2019 MTC DA E		10,000		6,178
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
1.566%, Due 9/25/2030, K119 A2		10,000		8,080
3.710%, Due 9/25/2032, K-150 A2E		15,000		13,532
2.481%, Due 7/25/2034, K-1514 A1		13,152		11,260
1.238%, Due 1/25/2035, K-1516 A1		51,533		40,050
Federal National Mortgage Association-Aces,
3.665%, Due 9/25/2028, 2019 M1 A2E		23,325		21,909
3.610%, Due 2/25/2031, 2019 M4 A2		9,141		8,321
1.714%, Due 7/25/2031, 2021 M17 A2E		10,000		7,913
4.400%, Due 7/25/2033, 2023 M5 A2E		15,000		14,038
FREMF Mortgage Trust, 4.119%, Due 12/25/2050, 2018 K72 BA E		20,000		18,725
FRESB Mortgage Trust,
3.160%, Due 11/25/2027, 2018 SB45 A10FE		9,073		8,524
6.137%, Due 7/25/2038, 2018 SB55 A5H, (30 day USD SOFR Average + 0.814%)B		7,241		7,201
JPMBB Commercial Mortgage Securities Trust,
3.559%, Due 7/15/2048, 2015 C30 ASB		9,612		9,514
3.822%, Due 7/15/2048, 2015 C30 A5		10,000		9,621

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount		Fair Value
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 5.71% (continued)
Morgan Stanley Bank of America Merrill Lynch Trust, 2.840%, Due 11/15/2049, 2016 C31 A4	$	13,658	$	12,814
Velocity Commercial Capital Loan Trust,
4.050%, Due 10/26/2048, 2018 2 AA E		15,251		14,358
4.120%, Due 3/25/2049, 2019 1 M3A E		21,558		18,104
Total Commercial Mortgage-Backed Obligations (Cost $387,063)				356,337
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.96%
Federal Home Loan Mortgage Corp.,
3.000%, Due 7/1/2042		26,852		23,084
3.500%, Due 9/1/2046		35,173		31,362
3.000%, Due 5/1/2047		49,609		42,195
3.000%, Due 11/1/2049		26,164		22,084
				118,725
Federal National Mortgage Association,
4.500%, Due 7/1/2031		16,391		15,963
2.500%, Due 4/1/2037E		33,632		29,497
2.500%, Due 12/1/2037E		35,960		31,539
2.500%, Due 2/1/2042E		36,570		30,925
2.000%, Due 3/1/2042		25,554		20,661
2.500%, Due 4/1/2042		43,153		36,080
3.000%, Due 6/1/2042		44,158		37,967
4.000%, Due 2/1/2043E		27,176		24,967
5.000%, Due 6/1/2043E		27,237		26,252
6.000%, Due 10/1/2043E		47,542		47,525
4.000%, Due 12/1/2043		12,790		11,741
4.000%, Due 3/1/2046E		24,554		22,558
2.500%, Due 12/1/2046E		31,212		25,578
3.000%, Due 12/1/2046		27,056		22,964
3.000%, Due 1/1/2048E		39,559		33,630
3.000%, Due 2/1/2048E		21,758		18,473
3.000%, Due 8/1/2048E		44,663		37,737
				474,057
Government National Mortgage Association, 3.500%, Due 4/20/2046		32,637		29,251
Total U.S. Agency Mortgage-Backed Obligations (Cost $675,572)				622,033
U.S. TREASURY OBLIGATIONS - 28.97%
U.S. Treasury Bonds,
1.750%, Due 8/15/2041		255,000		161,766
3.875%, Due 2/15/2043		156,000		136,159
2.500%, Due 2/15/2045		58,000		39,766
3.375%, Due 11/15/2048		502,000		392,638
3.625%, Due 2/15/2053		18,000		14,694
4.750%, Due 11/15/2053		11,000		10,931
				755,954
U.S. Treasury Notes,
3.875%, Due 12/31/2027		25,000		24,200
1.000%, Due 7/31/2028		75,000		64,201
2.375%, Due 3/31/2029		300,000		269,051
3.500%, Due 4/30/2030		154,000		144,231
4.125%, Due 3/31/2031		70,000		67,594
2.875%, Due 5/15/2032		271,000		238,046
4.500%, Due 11/15/2033		159,000		156,615
4.000%, Due 2/15/2034		94,000		88,977
				1,052,915
Total U.S. Treasury Obligations (Cost $1,957,536)				1,808,869

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

	Principal Amount		Fair Value
MUNICIPAL OBLIGATIONS - 3.59%
California Health Facilities Financing Authority, 4.190%, Due 6/1/2037	$	10,000	$	8,921
California State University, 5.183%, Due 11/1/2053, Series B		10,000		9,413
City of New York, 5.828%, Due 10/1/2053, Series B-1		10,000		10,640
City Of New York General Obligation Bonds, 5.985%, Due 12/1/2036, Series D1		5,000		5,096
Commonwealth of Massachusetts, 4.110%, Due 7/15/2031, Series B		3,297		3,188
County of Riverside, 3.818%, Due 2/15/2038		15,000		13,345
Los Angeles Department of Water & Power Water System Revenue, 6.008%, Due 7/1/2039, Series C		5,000		5,120
Louisiana Local Government Environmental Facilities & Community Development Authority,
4.145%, Due 2/1/2033, Series A		25,000		23,746
4.475%, Due 8/1/2039, 2022 ELL A4		25,000		22,907
Massachusetts Water Resources Authority, 2.823%, Due 8/1/2041		5,000		3,763
New York City Transitional Finance Authority Future Tax Secured Revenue,
5.767%, Due 8/1/2036		5,000		5,017
5.508%, Due 8/1/2037		5,000		4,903
New York State Dormitory Authority, 5.600%, Due 3/15/2040, Series D		5,000		4,912
New York State Urban Development Corp., 3.900%, Due 3/15/2033, Series B		5,000		4,620
Oklahoma Development Finance Authority, 4.135%, Due 12/1/2033, Series A-1		9,320		8,916
Oregon Education Districts, 2.895%, Due 6/30/2040, Series A		10,000		7,391
South Carolina Student Loan Corp., 6.660% - 6.659%, Due 10/27/2036, (90 day SOFR + 1.311%)B		17,236		17,266
State Board of Administration Finance Corp.,
2.154%, Due 7/1/2030, Series A		5,000		4,147
5.526%, Due 7/1/2034, Series A		15,000		14,935
State of California,
7.500%, Due 4/1/2034		10,000		11,399
7.300%, Due 10/1/2039		5,000		5,658
State of Texas, 5.517%, Due 4/1/2039		20,000		20,051
Texas Transportation Commission, 2.472%, Due 10/1/2044		5,000		3,302
University of Virginia, 6.200%, Due 9/1/2039		5,000		5,280
Total Municipal Obligations (Cost $232,479)				223,936
TOTAL INVESTMENTS - 97.93% (Cost $6,480,756)				6,115,000
OTHER ASSETS, NET OF LIABILITIES - 2.07%				129,020
TOTAL NET ASSETS - 100.00%			$	6,244,020

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 $1,515,920 or 24.28% 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, LIBOR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on April 30, 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 April 30, 2024. The maturity date disclosed represents the final maturity date.

^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.

LIBOR - London Interbank Offered Rate.

See accompanying notes

American Beacon NIS Core Plus Bond Fund^SM

Schedule of Investments

April 30, 2024 (Unaudited)

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.

REIT - Real Estate Investment Trust.

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 April 30, 2024, the investments were classified as described below:

NIS Core Plus Bond Fund	Level 1		Level 2		Level 3		Total
Assets
Corporate Obligations	$	—	$	1,666,604	$	—	$	1,666,604
Foreign Corporate Obligations		—		254,335		—		254,335
Asset-Backed Obligations		—		702,809		—		702,809
Collateralized Mortgage Obligations		—		480,077		—		480,077
Commercial Mortgage-Backed Obligations		—		356,337		—		356,337
U.S. Agency Mortgage-Backed Obligations		—		622,033		—		622,033
U.S. Treasury Obligations		—		1,808,869		—		1,808,869
Municipal Obligations		—		223,936		—		223,936
Total Investments in Securities - Assets	$	—	$	6,115,000	$	—	$	6,115,000

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 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, 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 and less liquid than the

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2024 (Unaudited)

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 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, they are

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2024 (Unaudited)

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2024 (Unaudited)

provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are 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.