# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001193125-26-136613
**Filing Date:** 2026-4
**Character Count:** 457811
**Document Hash:** 69e27954675272eb42d10de80155c821
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-136613.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001193125-26-136613

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**EFFECTIVENESS DATE**: 20260401

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04984
- **FILM NUMBER:** 26826617

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

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

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

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

## Series and Classes Contracts Data

### American Beacon Developing World Income Fund (Series ID: S000044050)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000136710 | A Class        | AGUAX           |
| C000136711 | C Class        | AGECX           |
| C000136712 | R5 Class       | AGEIX           |
| C000136713 | Investor Class | AGEPX           |
| C000136714 | Y Class        | AGEYX           |

### American Beacon NIS Core Plus Bond Fund (Series ID: S000069392)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221415 | R6 Class     | NISRX           |
| C000221416 | Y Class      | NISYX           |
| C000221417 | A Class      | NISAX           |
| C000221418 | C Class      | NISCX           |

?xml version='1.0' encoding='ASCII'? N-CSR

##### [**Table of Contents**](#toc)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-4984

## AMERICAN BEACON FUNDS

#### (Exact name of registrant as specified in charter)

#### 220 East Las Colinas Boulevard, Suite 1200

#### Irving, Texas 75039

#### (Address of principal executive offices)-(Zip code)

#### GREGORY J. STUMM, PRINCIPAL EXECUTIVE OFFICER

#### 220 East Las Colinas Boulevard, 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, 2026

#### Date of reporting period: January 31, 2026
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. Reports to Shareholders

# American Beacon
![Image](g112577g71u44.jpg)

# Developing World Income Fund
Annual Shareholder Report - January 31, 2026 \| Class A: AGUAX

This annual shareholder report contains important information about American Beacon Developing World Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $147 | 1.34% |

---

## How did the Fund perform and what affected its performance?
The A Class of the Fund returned 13.77% (with sales charges) and 19.46% (without sales charges) for the twelve months ended January 31, 2026, compared to the Bloomberg Global-Aggregate Total Return Index Value Hedged USD return of 4.71% and the JPMorgan EMBI Global Diversified Index return of 13.45%.

• Developing market debt benefited from easing global monetary conditions over the period, supported by U.S. dollar weakness and the Federal Reserve's resumption of rate cuts in the second half, while geopolitical and trade-policy risks were largely concentrated in developed markets.

• The Fund's diversified strategy across local- and hard-currency developing market debt, informed by a combination of top-down macro views and bottom-up country analysis, was strong during the period.

• Positive absolute contribution to performance was driven by country exposures, with positions in Zambia, Egypt, Nigeria, Ghana, and Kenya among the largest contributors, while exposure to Senegal detracted during the period.

## **Cumulative Performance from January 31, 2016 through January 31, 2026** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g112577g70m33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **A with Sales Charge** | **Bloomberg Global-Aggregate Total Return Index Value Hedged USD** | **JPMorgan EMBI Global Diversified Index** |
| **01/2016** | $9523 | $10000 | $10000 |
| **02/2016** | $9594 | $10096 | $10191 |
| **03/2016** | $9947 | $10179 | $10523 |
| **04/2016** | $10244 | $10197 | $10710 |
| **05/2016** | $10246 | $10240 | $10691 |
| **06/2016** | $10328 | $10435 | $11051 |
| **07/2016** | $10513 | $10497 | $11250 |
| **08/2016** | $10781 | $10492 | $11452 |
| **09/2016** | $10950 | $10490 | $11498 |
| **10/2016** | $10970 | $10389 | $11355 |
| **11/2016** | $10802 | $10217 | $10891 |
| **12/2016** | $10883 | $10245 | $11035 |
| **01/2017** | $10985 | $10208 | $11195 |
| **02/2017** | $11315 | $10295 | $11419 |
| **03/2017** | $11433 | $10290 | $11462 |
| **04/2017** | $11678 | $10360 | $11633 |
| **05/2017** | $11818 | $10421 | $11736 |
| **06/2017** | $11873 | $10391 | $11719 |
| **07/2017** | $11971 | $10426 | $11817 |
| **08/2017** | $12070 | $10521 | $12026 |
| **09/2017** | $12222 | $10472 | $12028 |
| **10/2017** | $12291 | $10516 | $12072 |
| **11/2017** | $12403 | $10532 | $12078 |
| **12/2017** | $12496 | $10556 | $12167 |
| **01/2018** | $12676 | $10481 | $12162 |
| **02/2018** | $12642 | $10457 | $11920 |
| **03/2018** | $12712 | $10544 | $11955 |
| **04/2018** | $12690 | $10504 | $11781 |
| **05/2018** | $12442 | $10544 | $11670 |
| **06/2018** | $12264 | $10563 | $11531 |
| **07/2018** | $12448 | $10566 | $11826 |
| **08/2018** | $12082 | $10599 | $11621 |
| **09/2018** | $11991 | $10558 | $11797 |
| **10/2018** | $12011 | $10538 | $11543 |
| **11/2018** | $11957 | $10589 | $11494 |
| **12/2018** | $12038 | $10742 | $11649 |
| **01/2019** | $12411 | $10856 | $12163 |
| **02/2019** | $12528 | $10869 | $12284 |
| **03/2019** | $12601 | $11064 | $12459 |
| **04/2019** | $12675 | $11070 | $12489 |
| **05/2019** | $12666 | $11229 | $12540 |
| **06/2019** | $13017 | $11387 | $12967 |
| **07/2019** | $13233 | $11477 | $13124 |
| **08/2019** | $12985 | $11737 | $13222 |
| **09/2019** | $13105 | $11682 | $13162 |
| **10/2019** | $13203 | $11662 | $13199 |
| **11/2019** | $13216 | $11649 | $13136 |
| **12/2019** | $13623 | $11625 | $13400 |
| **01/2020** | $13747 | $11834 | $13604 |
| **02/2020** | $13662 | $11979 | $13473 |
| **03/2020** | $11647 | $11793 | $11607 |
| **04/2020** | $11736 | $11984 | $11868 |
| **05/2020** | $12475 | $12018 | $12588 |
| **06/2020** | $12931 | $12078 | $13030 |
| **07/2020** | $13263 | $12210 | $13514 |
| **08/2020** | $13430 | $12121 | $13583 |
| **09/2020** | $13139 | $12165 | $13332 |
| **10/2020** | $13130 | $12166 | $13328 |
| **11/2020** | $13596 | $12236 | $13842 |
| **12/2020** | $13903 | $12273 | $14105 |
| **01/2021** | $13936 | $12208 | $13952 |
| **02/2021** | $13997 | $12018 | $13596 |
| **03/2021** | $13938 | $11970 | $13465 |
| **04/2021** | $14353 | $12002 | $13763 |
| **05/2021** | $14531 | $12028 | $13909 |
| **06/2021** | $14589 | $12087 | $14011 |
| **07/2021** | $14682 | $12237 | $14070 |
| **08/2021** | $15115 | $12213 | $14208 |
| **09/2021** | $15011 | $12097 | $13913 |
| **10/2021** | $14914 | $12066 | $13916 |
| **11/2021** | $14524 | $12152 | $13660 |
| **12/2021** | $14840 | $12103 | $13852 |
| **01/2022** | $14696 | $11912 | $13458 |
| **02/2022** | $14229 | $11754 | $12577 |
| **03/2022** | $13735 | $11501 | $12464 |
| **04/2022** | $13673 | $11192 | $11767 |
| **05/2022** | $13490 | $11176 | $11770 |
| **06/2022** | $12671 | $11007 | $11038 |
| **07/2022** | $12466 | $11287 | $11358 |
| **08/2022** | $12657 | $10992 | $11250 |
| **09/2022** | $12106 | $10639 | $10534 |
| **10/2022** | $12181 | $10603 | $10550 |
| **11/2022** | $13010 | $10873 | $11351 |
| **12/2022** | $13137 | $10745 | $11388 |
| **01/2023** | $13569 | $10992 | $11749 |
| **02/2023** | $13444 | $10817 | $11490 |
| **03/2023** | $13237 | $11057 | $11600 |
| **04/2023** | $13299 | $11114 | $11662 |
| **05/2023** | $13489 | $11070 | $11595 |
| **06/2023** | $13981 | $11063 | $11854 |
| **07/2023** | $14350 | $11067 | $12081 |
| **08/2023** | $14034 | $11053 | $11899 |
| **09/2023** | $13952 | $10862 | $11589 |
| **10/2023** | $13968 | $10785 | $11432 |
| **11/2023** | $14420 | $11156 | $12080 |
| **12/2023** | $14815 | $11513 | $12651 |
| **01/2024** | $14923 | $11490 | $12522 |
| **02/2024** | $15321 | $11411 | $12645 |
| **03/2024** | $15871 | $11514 | $12909 |
| **04/2024** | $15857 | $11329 | $12641 |
| **05/2024** | $15953 | $11429 | $12869 |
| **06/2024** | $15963 | $11528 | $12948 |
| **07/2024** | $16069 | $11751 | $13190 |
| **08/2024** | $16336 | $11880 | $13496 |
| **09/2024** | $16588 | $12017 | $13745 |
| **10/2024** | $16789 | $11855 | $13509 |
| **11/2024** | $16994 | $11996 | $13670 |
| **12/2024** | $17119 | $11904 | $13478 |
| **01/2025** | $17483 | $11950 | $13672 |
| **02/2025** | $17584 | $12094 | $13887 |
| **03/2025** | $17435 | $12043 | $13781 |
| **04/2025** | $17363 | $12162 | $13750 |
| **05/2025** | $17886 | $12122 | $13904 |
| **06/2025** | $18392 | $12238 | $14239 |
| **07/2025** | $18720 | $12228 | $14420 |
| **08/2025** | $18888 | $12295 | $14654 |
| **09/2025** | $19194 | $12385 | $14915 |
| **10/2025** | $19791 | $12483 | $15233 |
| **11/2025** | $19928 | $12509 | $15296 |
| **12/2025** | $20322 | $12483 | $15406 |
| **01/2026** | $20886 | $12513 | $15511 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class A without Sales Charge<sup>Footnote Reference1</sup> | 19.46% | 8.43% | 8.17% |
| Class A with Maximum Sales Charge - 4.75%<sup>Footnote Reference1</sup> | 13.77% | 7.37% | 7.64% |
| Bloomberg Global-Aggregate Total Return Index Value Hedged USD | 4.71% | 0.50% | 2.27% |
| JPMorgan EMBI Global Diversified Index | 13.45% | 2.14% | 4.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1689197853 |
| # of Portfolio Holdings | 365 |
| Portfolio Turnover Rate | 34% |
| Total Management Fees Paid | $8775118 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g112577g21x17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Sovereign Obligations | 73.4 |
| Investment Companies | 11.8 |
| Credit-Linked Notes | 5.9 |
| Corporate Obligations | 4.9 |
| Foreign Corporate Obligations | 4.0 |

---

Excludes foreign currency derivatives.

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Suriname Government International Bonds, 8.500%, Due 11/6/2035 | 1.8 |
| Ghana Government International Bonds, 5.000%, Due 7/3/2035 | 1.7 |
| Argentina Republic Government International Bonds, 4.125%, Due 7/9/2035 | 1.7 |
| Republic of Kenya Infrastructure Bonds, 18.461%, Due 8/9/2032 | 1.5 |
| Congolese International Bonds, 9.875%, Due 11/7/2032 | 1.3 |
| Kyrgyz Republic International Bonds, 7.750%, Due 6/3/2030 | 1.3 |
| Ecuador Government International Bonds, 5.000%, Due 7/31/2040 | 1.3 |
| Argentina Republic Government International Bonds, 0.750%, Due 7/9/2030 | 1.3 |
| Mozambique International Bonds, 9.000%, Due 9/15/2031 | 1.3 |
| Ecuador Government International Bonds, 8.750%, Due 1/29/2034 | 1.2 |

---

Excludes cash equivalents.

### Top Ten Country Exposure - % Fixed Income
![Group By Industry Chart](g112577g02h07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Kenya | 3.8 |
| Uganda | 3.9 |
| Ivory Coast | 3.9 |
| Zambia | 4.5 |
| Angola | 4.5 |
| Egypt | 4.6 |
| Ghana | 4.8 |
| Argentina | 4.9 |
| Nigeria | 5.3 |
| United States | 5.5 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g112577g31l48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.3 |
| Electric | 0.4 |
| Holding Companies - Diversified | 0.5 |
| Telecommunications | 1 |
| Oil & Gas | 1.6 |
| Investment Companies | 2.7 |
| Multi-National | 3 |
| Diversified Financial Services | 4.4 |
| Banks | 7.8 |
| Foreign Sovereign Obligations | 77.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 1, 2026 at www.americanbeaconfunds.com/fund-resources/ or upon request at 800-658-5811.

The Board of Trustees ("Board") of the American Beacon Funds (the "Trust"), upon the recommendation of American Beacon Advisors, Inc. ("AmBeacon"), has approved the appointment of Ninety One North America, Inc. ("Ninety One NA") as an additional sub-advisor to the American Beacon Developing World Income Fund (the "Fund") and a new investment advisory agreement among AmBeacon, Ninety One NA and the Trust, on behalf of the Fund. Ninety One NA is appointed as a sub-advisor to the Fund effective November 12, 2025. AmBeacon currently expects to commence the allocation of a portion of the assets of the Fund to Ninety One NA on or about February 2, 2026.

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# Developing World Income Fund
![Image](g112577g71u44.jpg)

Annual Shareholder Report - January 31, 2026

# Class A: AGUAX

#### Distributed by:
Resolute Investment Distributors, Inc.

DWI_A 0126

# American Beacon
![Image](g112577g71u44.jpg)

# Developing World Income Fund
Annual Shareholder Report - January 31, 2026 \| Class C: AGECX

This annual shareholder report contains important information about American Beacon Developing World Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $226 | 2.07% |

---

## How did the Fund perform and what affected its performance?
The C Class of the Fund returned 17.58% (with sales charges) and 18.58% (without sales charges) for the twelve months ended January 31, 2026, compared to the Bloomberg Global-Aggregate Total Return Index Value Hedged USD return of 4.71% and the JPMorgan EMBI Global Diversified Index return of 13.45%.

• Developing market debt benefited from easing global monetary conditions over the period, supported by U.S. dollar weakness and the Federal Reserve's resumption of rate cuts in the second half, while geopolitical and trade-policy risks were largely concentrated in developed markets.

• The Fund's diversified strategy across local- and hard-currency developing market debt, informed by a combination of top-down macro views and bottom-up country analysis, was strong during the period.

• Positive absolute contribution to performance was driven by country exposures, with positions in Zambia, Egypt, Nigeria, Ghana, and Kenya among the largest contributors, while exposure to Senegal detracted during the period.

## **Cumulative Performance from January 31, 2016 through January 31, 2026** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g112577g05d81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **C with Sales Charge** | **Bloomberg Global-Aggregate Total Return Index Value Hedged USD** | **JPMorgan EMBI Global Diversified Index** |
| **01/2016** | $10000 | $10000 | $10000 |
| **02/2016** | $10069 | $10096 | $10191 |
| **03/2016** | $10428 | $10179 | $10523 |
| **04/2016** | $10721 | $10197 | $10710 |
| **05/2016** | $10729 | $10240 | $10691 |
| **06/2016** | $10808 | $10435 | $11051 |
| **07/2016** | $10997 | $10497 | $11250 |
| **08/2016** | $11273 | $10492 | $11452 |
| **09/2016** | $11448 | $10490 | $11498 |
| **10/2016** | $11465 | $10389 | $11355 |
| **11/2016** | $11281 | $10217 | $10891 |
| **12/2016** | $11364 | $10245 | $11035 |
| **01/2017** | $11449 | $10208 | $11195 |
| **02/2017** | $11797 | $10295 | $11419 |
| **03/2017** | $11914 | $10290 | $11462 |
| **04/2017** | $12163 | $10360 | $11633 |
| **05/2017** | $12287 | $10421 | $11736 |
| **06/2017** | $12350 | $10391 | $11719 |
| **07/2017** | $12433 | $10426 | $11817 |
| **08/2017** | $12528 | $10521 | $12026 |
| **09/2017** | $12679 | $10472 | $12028 |
| **10/2017** | $12746 | $10516 | $12072 |
| **11/2017** | $12857 | $10532 | $12078 |
| **12/2017** | $12947 | $10556 | $12167 |
| **01/2018** | $13113 | $10481 | $12162 |
| **02/2018** | $13070 | $10457 | $11920 |
| **03/2018** | $13136 | $10544 | $11955 |
| **04/2018** | $13105 | $10504 | $11781 |
| **05/2018** | $12840 | $10544 | $11670 |
| **06/2018** | $12663 | $10563 | $11531 |
| **07/2018** | $12847 | $10566 | $11826 |
| **08/2018** | $12462 | $10599 | $11621 |
| **09/2018** | $12360 | $10558 | $11797 |
| **10/2018** | $12360 | $10538 | $11543 |
| **11/2018** | $12295 | $10589 | $11494 |
| **12/2018** | $12383 | $10742 | $11649 |
| **01/2019** | $12768 | $10856 | $12163 |
| **02/2019** | $12898 | $10869 | $12284 |
| **03/2019** | $12951 | $11064 | $12459 |
| **04/2019** | $13019 | $11070 | $12489 |
| **05/2019** | $13002 | $11229 | $12540 |
| **06/2019** | $13351 | $11387 | $12967 |
| **07/2019** | $13552 | $11477 | $13124 |
| **08/2019** | $13292 | $11737 | $13222 |
| **09/2019** | $13406 | $11682 | $13162 |
| **10/2019** | $13501 | $11662 | $13199 |
| **11/2019** | $13509 | $11649 | $13136 |
| **12/2019** | $13909 | $11625 | $13400 |
| **01/2020** | $14037 | $11834 | $13604 |
| **02/2020** | $13937 | $11979 | $13473 |
| **03/2020** | $11882 | $11793 | $11607 |
| **04/2020** | $11966 | $11984 | $11868 |
| **05/2020** | $12715 | $12018 | $12588 |
| **06/2020** | $13192 | $12078 | $13030 |
| **07/2020** | $13496 | $12210 | $13514 |
| **08/2020** | $13656 | $12121 | $13583 |
| **09/2020** | $13350 | $12165 | $13332 |
| **10/2020** | $13335 | $12166 | $13328 |
| **11/2020** | $13804 | $12236 | $13842 |
| **12/2020** | $14120 | $12273 | $14105 |
| **01/2021** | $14154 | $12208 | $13952 |
| **02/2021** | $14194 | $12018 | $13596 |
| **03/2021** | $14126 | $11970 | $13465 |
| **04/2021** | $14541 | $12002 | $13763 |
| **05/2021** | $14713 | $12028 | $13909 |
| **06/2021** | $14763 | $12087 | $14011 |
| **07/2021** | $14847 | $12237 | $14070 |
| **08/2021** | $15277 | $12213 | $14208 |
| **09/2021** | $15162 | $12097 | $13913 |
| **10/2021** | $15054 | $12066 | $13916 |
| **11/2021** | $14648 | $12152 | $13660 |
| **12/2021** | $14948 | $12103 | $13852 |
| **01/2022** | $14802 | $11912 | $13458 |
| **02/2022** | $14320 | $11754 | $12577 |
| **03/2022** | $13812 | $11501 | $12464 |
| **04/2022** | $13741 | $11192 | $11767 |
| **05/2022** | $13566 | $11176 | $11770 |
| **06/2022** | $12712 | $11007 | $11038 |
| **07/2022** | $12496 | $11287 | $11358 |
| **08/2022** | $12681 | $10992 | $11250 |
| **09/2022** | $12136 | $10639 | $10534 |
| **10/2022** | $12185 | $10603 | $10550 |
| **11/2022** | $13011 | $10873 | $11351 |
| **12/2022** | $13144 | $10745 | $11388 |
| **01/2023** | $13557 | $10992 | $11749 |
| **02/2023** | $13424 | $10817 | $11490 |
| **03/2023** | $13208 | $11057 | $11600 |
| **04/2023** | $13282 | $11114 | $11662 |
| **05/2023** | $13445 | $11070 | $11595 |
| **06/2023** | $13930 | $11063 | $11854 |
| **07/2023** | $14292 | $11067 | $12081 |
| **08/2023** | $13967 | $11053 | $11899 |
| **09/2023** | $13898 | $10862 | $11589 |
| **10/2023** | $13884 | $10785 | $11432 |
| **11/2023** | $14327 | $11156 | $12080 |
| **12/2023** | $14705 | $11513 | $12651 |
| **01/2024** | $14813 | $11490 | $12522 |
| **02/2024** | $15179 | $11411 | $12645 |
| **03/2024** | $15740 | $11514 | $12909 |
| **04/2024** | $15695 | $11329 | $12641 |
| **05/2024** | $15781 | $11429 | $12869 |
| **06/2024** | $15804 | $11528 | $12948 |
| **07/2024** | $15899 | $11751 | $13190 |
| **08/2024** | $16132 | $11880 | $13496 |
| **09/2024** | $16372 | $12017 | $13745 |
| **10/2024** | $16561 | $11855 | $13509 |
| **11/2024** | $16755 | $11996 | $13670 |
| **12/2024** | $16882 | $11904 | $13478 |
| **01/2025** | $17219 | $11950 | $13672 |
| **02/2025** | $17308 | $12094 | $13887 |
| **03/2025** | $17175 | $12043 | $13781 |
| **04/2025** | $17070 | $12162 | $13750 |
| **05/2025** | $17576 | $12122 | $13904 |
| **06/2025** | $18066 | $12238 | $14239 |
| **07/2025** | $18355 | $12228 | $14420 |
| **08/2025** | $18535 | $12295 | $14654 |
| **09/2025** | $18826 | $12385 | $14915 |
| **10/2025** | $19377 | $12483 | $15233 |
| **11/2025** | $19500 | $12509 | $15296 |
| **12/2025** | $19890 | $12483 | $15406 |
| **01/2026** | $20420 | $12513 | $15511 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class C without Deferred Sales Charge<sup>Footnote Reference1</sup> | 18.58% | 7.61% | 7.40% |
| Class C with Maximum Deferred Sales Charge -1.00%<sup>Footnote Reference1</sup> | 17.58% | 7.61% | 7.40% |
| Bloomberg Global-Aggregate Total Return Index Value Hedged USD | 4.71% | 0.50% | 2.27% |
| JPMorgan EMBI Global Diversified Index | 13.45% | 2.14% | 4.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1689197853 |
| # of Portfolio Holdings | 365 |
| Portfolio Turnover Rate | 34% |
| Total Management Fees Paid | $8775118 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g112577g21x17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Sovereign Obligations | 73.4 |
| Investment Companies | 11.8 |
| Credit-Linked Notes | 5.9 |
| Corporate Obligations | 4.9 |
| Foreign Corporate Obligations | 4.0 |

---

Excludes foreign currency derivatives.

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Suriname Government International Bonds, 8.500%, Due 11/6/2035 | 1.8 |
| Ghana Government International Bonds, 5.000%, Due 7/3/2035 | 1.7 |
| Argentina Republic Government International Bonds, 4.125%, Due 7/9/2035 | 1.7 |
| Republic of Kenya Infrastructure Bonds, 18.461%, Due 8/9/2032 | 1.5 |
| Congolese International Bonds, 9.875%, Due 11/7/2032 | 1.3 |
| Kyrgyz Republic International Bonds, 7.750%, Due 6/3/2030 | 1.3 |
| Ecuador Government International Bonds, 5.000%, Due 7/31/2040 | 1.3 |
| Argentina Republic Government International Bonds, 0.750%, Due 7/9/2030 | 1.3 |
| Mozambique International Bonds, 9.000%, Due 9/15/2031 | 1.3 |
| Ecuador Government International Bonds, 8.750%, Due 1/29/2034 | 1.2 |

---

Excludes cash equivalents.

### Top Ten Country Exposure - % Fixed Income
![Group By Industry Chart](g112577g02h07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Kenya | 3.8 |
| Uganda | 3.9 |
| Ivory Coast | 3.9 |
| Zambia | 4.5 |
| Angola | 4.5 |
| Egypt | 4.6 |
| Ghana | 4.8 |
| Argentina | 4.9 |
| Nigeria | 5.3 |
| United States | 5.5 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g112577g31l48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.3 |
| Electric | 0.4 |
| Holding Companies - Diversified | 0.5 |
| Telecommunications | 1 |
| Oil & Gas | 1.6 |
| Investment Companies | 2.7 |
| Multi-National | 3 |
| Diversified Financial Services | 4.4 |
| Banks | 7.8 |
| Foreign Sovereign Obligations | 77.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 1, 2026 at www.americanbeaconfunds.com/fund-resources/ or upon request at 800-658-5811.

The Board of Trustees ("Board") of the American Beacon Funds (the "Trust"), upon the recommendation of American Beacon Advisors, Inc. ("AmBeacon"), has approved the appointment of Ninety One North America, Inc. ("Ninety One NA") as an additional sub-advisor to the American Beacon Developing World Income Fund (the "Fund") and a new investment advisory agreement among AmBeacon, Ninety One NA and the Trust, on behalf of the Fund. Ninety One NA is appointed as a sub-advisor to the Fund effective November 12, 2025. AmBeacon currently expects to commence the allocation of a portion of the assets of the Fund to Ninety One NA on or about February 2, 2026.

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# Developing World Income Fund
![Image](g112577g71u44.jpg)

Annual Shareholder Report - January 31, 2026

# Class C: AGECX

#### Distributed by:
Resolute Investment Distributors, Inc.

DWI_C 0126

# American Beacon
![Image](g112577g71u44.jpg)

# Developing World Income Fund
Annual Shareholder Report - January 31, 2026 \| Investor Class: AGEPX

This annual shareholder report contains important information about American Beacon Developing World Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $143 | 1.31% |

---

## How did the Fund perform and what affected its performance?
The Investor Class of the Fund returned 19.52% for the twelve months ended January 31, 2026, compared to the Bloomberg Global-Aggregate Total Return Index Value Hedged USD return of 4.71% and the JPMorgan EMBI Global Diversified Index return of 13.45%.

• Developing market debt benefited from easing global monetary conditions over the period, supported by U.S. dollar weakness and the Federal Reserve's resumption of rate cuts in the second half, while geopolitical and trade-policy risks were largely concentrated in developed markets.

• The Fund's diversified strategy across local- and hard-currency developing market debt, informed by a combination of top-down macro views and bottom-up country analysis, was strong during the period.

• Positive absolute contribution to performance was driven by country exposures, with positions in Zambia, Egypt, Nigeria, Ghana, and Kenya among the largest contributors, while exposure to Senegal detracted during the period.

## **Cumulative Performance from January 31, 2016 through January 31, 2026** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g112577g70j69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Bloomberg Global-Aggregate Total Return Index Value Hedged USD** | **JPMorgan EMBI Global Diversified Index** |
| **01/2016** | $10000 | $10000 | $10000 |
| **02/2016** | $10075 | $10096 | $10191 |
| **03/2016** | $10446 | $10179 | $10523 |
| **04/2016** | $10758 | $10197 | $10710 |
| **05/2016** | $10760 | $10240 | $10691 |
| **06/2016** | $10845 | $10435 | $11051 |
| **07/2016** | $11040 | $10497 | $11250 |
| **08/2016** | $11322 | $10492 | $11452 |
| **09/2016** | $11500 | $10490 | $11498 |
| **10/2016** | $11521 | $10389 | $11355 |
| **11/2016** | $11345 | $10217 | $10891 |
| **12/2016** | $11435 | $10245 | $11035 |
| **01/2017** | $11528 | $10208 | $11195 |
| **02/2017** | $11886 | $10295 | $11419 |
| **03/2017** | $12011 | $10290 | $11462 |
| **04/2017** | $12271 | $10360 | $11633 |
| **05/2017** | $12406 | $10421 | $11736 |
| **06/2017** | $12478 | $10391 | $11719 |
| **07/2017** | $12571 | $10426 | $11817 |
| **08/2017** | $12676 | $10521 | $12026 |
| **09/2017** | $12833 | $10472 | $12028 |
| **10/2017** | $12905 | $10516 | $12072 |
| **11/2017** | $13023 | $10532 | $12078 |
| **12/2017** | $13137 | $10556 | $12167 |
| **01/2018** | $13312 | $10481 | $12162 |
| **02/2018** | $13289 | $10457 | $11920 |
| **03/2018** | $13365 | $10544 | $11955 |
| **04/2018** | $13345 | $10504 | $11781 |
| **05/2018** | $13073 | $10544 | $11670 |
| **06/2018** | $12903 | $10563 | $11531 |
| **07/2018** | $13099 | $10566 | $11826 |
| **08/2018** | $12716 | $10599 | $11621 |
| **09/2018** | $12622 | $10558 | $11797 |
| **10/2018** | $12630 | $10538 | $11543 |
| **11/2018** | $12574 | $10589 | $11494 |
| **12/2018** | $12675 | $10742 | $11649 |
| **01/2019** | $13067 | $10856 | $12163 |
| **02/2019** | $13207 | $10869 | $12284 |
| **03/2019** | $13269 | $11064 | $12459 |
| **04/2019** | $13346 | $11070 | $12489 |
| **05/2019** | $13337 | $11229 | $12540 |
| **06/2019** | $13702 | $11387 | $12967 |
| **07/2019** | $13915 | $11477 | $13124 |
| **08/2019** | $13671 | $11737 | $13222 |
| **09/2019** | $13798 | $11682 | $13162 |
| **10/2019** | $13890 | $11662 | $13199 |
| **11/2019** | $13923 | $11649 | $13136 |
| **12/2019** | $14335 | $11625 | $13400 |
| **01/2020** | $14466 | $11834 | $13604 |
| **02/2020** | $14389 | $11979 | $13473 |
| **03/2020** | $12267 | $11793 | $11607 |
| **04/2020** | $12362 | $11984 | $11868 |
| **05/2020** | $13141 | $12018 | $12588 |
| **06/2020** | $13639 | $12078 | $13030 |
| **07/2020** | $13961 | $12210 | $13514 |
| **08/2020** | $14151 | $12121 | $13583 |
| **09/2020** | $13843 | $12165 | $13332 |
| **10/2020** | $13836 | $12166 | $13328 |
| **11/2020** | $14330 | $12236 | $13842 |
| **12/2020** | $14657 | $12273 | $14105 |
| **01/2021** | $14692 | $12208 | $13952 |
| **02/2021** | $14760 | $12018 | $13596 |
| **03/2021** | $14681 | $11970 | $13465 |
| **04/2021** | $15138 | $12002 | $13763 |
| **05/2021** | $15326 | $12028 | $13909 |
| **06/2021** | $15387 | $12087 | $14011 |
| **07/2021** | $15484 | $12237 | $14070 |
| **08/2021** | $15940 | $12213 | $14208 |
| **09/2021** | $15812 | $12097 | $13913 |
| **10/2021** | $15709 | $12066 | $13916 |
| **11/2021** | $15297 | $12152 | $13660 |
| **12/2021** | $15629 | $12103 | $13852 |
| **01/2022** | $15496 | $11912 | $13458 |
| **02/2022** | $15003 | $11754 | $12577 |
| **03/2022** | $14482 | $11501 | $12464 |
| **04/2022** | $14397 | $11192 | $11767 |
| **05/2022** | $14223 | $11176 | $11770 |
| **06/2022** | $13340 | $11007 | $11038 |
| **07/2022** | $13123 | $11287 | $11358 |
| **08/2022** | $13325 | $10992 | $11250 |
| **09/2022** | $12743 | $10639 | $10534 |
| **10/2022** | $12822 | $10603 | $10550 |
| **11/2022** | $13696 | $10873 | $11351 |
| **12/2022** | $13831 | $10745 | $11388 |
| **01/2023** | $14286 | $10992 | $11749 |
| **02/2023** | $14155 | $10817 | $11490 |
| **03/2023** | $13936 | $11057 | $11600 |
| **04/2023** | $14022 | $11114 | $11662 |
| **05/2023** | $14203 | $11070 | $11595 |
| **06/2023** | $14723 | $11063 | $11854 |
| **07/2023** | $15134 | $11067 | $12081 |
| **08/2023** | $14802 | $11053 | $11899 |
| **09/2023** | $14716 | $10862 | $11589 |
| **10/2023** | $14711 | $10785 | $11432 |
| **11/2023** | $15187 | $11156 | $12080 |
| **12/2023** | $15605 | $11513 | $12651 |
| **01/2024** | $15741 | $11490 | $12522 |
| **02/2024** | $16138 | $11411 | $12645 |
| **03/2024** | $16718 | $11514 | $12909 |
| **04/2024** | $16704 | $11329 | $12641 |
| **05/2024** | $16805 | $11429 | $12869 |
| **06/2024** | $16816 | $11528 | $12948 |
| **07/2024** | $16951 | $11751 | $13190 |
| **08/2024** | $17210 | $11880 | $13496 |
| **09/2024** | $17475 | $12017 | $13745 |
| **10/2024** | $17687 | $11855 | $13509 |
| **11/2024** | $17903 | $11996 | $13670 |
| **12/2024** | $18036 | $11904 | $13478 |
| **01/2025** | $18420 | $11950 | $13672 |
| **02/2025** | $18526 | $12094 | $13887 |
| **03/2025** | $18395 | $12043 | $13781 |
| **04/2025** | $18294 | $12162 | $13750 |
| **05/2025** | $18845 | $12122 | $13904 |
| **06/2025** | $19407 | $12238 | $14239 |
| **07/2025** | $19727 | $12228 | $14420 |
| **08/2025** | $19905 | $12295 | $14654 |
| **09/2025** | $20228 | $12385 | $14915 |
| **10/2025** | $20858 | $12483 | $15233 |
| **11/2025** | $21004 | $12509 | $15296 |
| **12/2025** | $21419 | $12483 | $15406 |
| **01/2026** | $22015 | $12513 | $15511 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Investor Class<sup>Footnote Reference1</sup> | 19.52% | 8.42% | 8.21% |
| Bloomberg Global-Aggregate Total Return Index Value Hedged USD | 4.71% | 0.50% | 2.27% |
| JPMorgan EMBI Global Diversified Index | 13.45% | 2.14% | 4.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1689197853 |
| # of Portfolio Holdings | 365 |
| Portfolio Turnover Rate | 34% |
| Total Management Fees Paid | $8775118 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g112577g21x17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Sovereign Obligations | 73.4 |
| Investment Companies | 11.8 |
| Credit-Linked Notes | 5.9 |
| Corporate Obligations | 4.9 |
| Foreign Corporate Obligations | 4.0 |

---

Excludes foreign currency derivatives.

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Suriname Government International Bonds, 8.500%, Due 11/6/2035 | 1.8 |
| Ghana Government International Bonds, 5.000%, Due 7/3/2035 | 1.7 |
| Argentina Republic Government International Bonds, 4.125%, Due 7/9/2035 | 1.7 |
| Republic of Kenya Infrastructure Bonds, 18.461%, Due 8/9/2032 | 1.5 |
| Congolese International Bonds, 9.875%, Due 11/7/2032 | 1.3 |
| Kyrgyz Republic International Bonds, 7.750%, Due 6/3/2030 | 1.3 |
| Ecuador Government International Bonds, 5.000%, Due 7/31/2040 | 1.3 |
| Argentina Republic Government International Bonds, 0.750%, Due 7/9/2030 | 1.3 |
| Mozambique International Bonds, 9.000%, Due 9/15/2031 | 1.3 |
| Ecuador Government International Bonds, 8.750%, Due 1/29/2034 | 1.2 |

---

Excludes cash equivalents.

### Top Ten Country Exposure - % Fixed Income
![Group By Industry Chart](g112577g02h07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Kenya | 3.8 |
| Uganda | 3.9 |
| Ivory Coast | 3.9 |
| Zambia | 4.5 |
| Angola | 4.5 |
| Egypt | 4.6 |
| Ghana | 4.8 |
| Argentina | 4.9 |
| Nigeria | 5.3 |
| United States | 5.5 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g112577g31l48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.3 |
| Electric | 0.4 |
| Holding Companies - Diversified | 0.5 |
| Telecommunications | 1 |
| Oil & Gas | 1.6 |
| Investment Companies | 2.7 |
| Multi-National | 3 |
| Diversified Financial Services | 4.4 |
| Banks | 7.8 |
| Foreign Sovereign Obligations | 77.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 1, 2026 at www.americanbeaconfunds.com/fund-resources/ or upon request at 800-658-5811.

The Board of Trustees ("Board") of the American Beacon Funds (the "Trust"), upon the recommendation of American Beacon Advisors, Inc. ("AmBeacon"), has approved the appointment of Ninety One North America, Inc. ("Ninety One NA") as an additional sub-advisor to the American Beacon Developing World Income Fund (the "Fund") and a new investment advisory agreement among AmBeacon, Ninety One NA and the Trust, on behalf of the Fund. Ninety One NA is appointed as a sub-advisor to the Fund effective November 12, 2025. AmBeacon currently expects to commence the allocation of a portion of the assets of the Fund to Ninety One NA on or about February 2, 2026.

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# Developing World Income Fund
![Image](g112577g71u44.jpg)

Annual Shareholder Report - January 31, 2026

# Investor Class: AGEPX

#### Distributed by:
Resolute Investment Distributors, Inc.

DWI_Investor 0126

# American Beacon
![Image](g112577g71u44.jpg)

# Developing World Income Fund
Annual Shareholder Report - January 31, 2026 \| Class R5: AGEIX

This annual shareholder report contains important information about American Beacon Developing World Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $115 | 1.05% |

---

## How did the Fund perform and what affected its performance?
The R5 Class of the Fund returned 19.94% for the twelve months ended January 31, 2026, compared to the Bloomberg Global-Aggregate Total Return Index Value Hedged USD return of 4.71% and the JPMorgan EMBI Global Diversified Index return of 13.45%.

• Developing market debt benefited from easing global monetary conditions over the period, supported by U.S. dollar weakness and the Federal Reserve's resumption of rate cuts in the second half, while geopolitical and trade-policy risks were largely concentrated in developed markets.

• The Fund's diversified strategy across local- and hard-currency developing market debt, informed by a combination of top-down macro views and bottom-up country analysis, was strong during the period.

• Positive absolute contribution to performance was driven by country exposures, with positions in Zambia, Egypt, Nigeria, Ghana, and Kenya among the largest contributors, while exposure to Senegal detracted during the period.

## **Cumulative Performance from January 31, 2016 through January 31, 2026** 
The initial investment, based on a $250,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g112577g19a43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R5** | **Bloomberg Global-Aggregate Total Return Index Value Hedged USD** | **JPMorgan EMBI Global Diversified Index** |
| **01/2016** | $250000 | $250000 | $250000 |
| **02/2016** | $251942 | $252403 | $254766 |
| **03/2016** | $261218 | $254481 | $263086 |
| **04/2016** | $269110 | $254913 | $267745 |
| **05/2016** | $269257 | $255991 | $267267 |
| **06/2016** | $271494 | $260864 | $276281 |
| **07/2016** | $276433 | $262422 | $281256 |
| **08/2016** | $283567 | $262289 | $286291 |
| **09/2016** | $288119 | $262257 | $287446 |
| **10/2016** | $289048 | $259714 | $283878 |
| **11/2016** | $284419 | $255425 | $272263 |
| **12/2016** | $286738 | $256125 | $275884 |
| **01/2017** | $289454 | $255192 | $279864 |
| **02/2017** | $298128 | $257377 | $285473 |
| **03/2017** | $301646 | $257258 | $286550 |
| **04/2017** | $308221 | $259002 | $290820 |
| **05/2017** | $311672 | $260514 | $293389 |
| **06/2017** | $313547 | $259785 | $292974 |
| **07/2017** | $315943 | $260639 | $295430 |
| **08/2017** | $318649 | $263014 | $300660 |
| **09/2017** | $323110 | $261800 | $300692 |
| **10/2017** | $325022 | $262904 | $301808 |
| **11/2017** | $327749 | $263311 | $301960 |
| **12/2017** | $330665 | $263900 | $304178 |
| **01/2018** | $335539 | $262016 | $304047 |
| **02/2018** | $334364 | $261425 | $297999 |
| **03/2018** | $336670 | $263593 | $298870 |
| **04/2018** | $336198 | $262612 | $294523 |
| **05/2018** | $329381 | $263593 | $291755 |
| **06/2018** | $325159 | $264084 | $288279 |
| **07/2018** | $330150 | $264157 | $295646 |
| **08/2018** | $320589 | $264969 | $290529 |
| **09/2018** | $318272 | $263955 | $294923 |
| **10/2018** | $318545 | $263439 | $288563 |
| **11/2018** | $317557 | $264728 | $287344 |
| **12/2018** | $319963 | $268552 | $291220 |
| **01/2019** | $330235 | $271397 | $304069 |
| **02/2019** | $333490 | $271723 | $307102 |
| **03/2019** | $335523 | $276589 | $311467 |
| **04/2019** | $337568 | $276754 | $312225 |
| **05/2019** | $337382 | $280737 | $313508 |
| **06/2019** | $346692 | $284673 | $324163 |
| **07/2019** | $352158 | $286913 | $328100 |
| **08/2019** | $345693 | $293420 | $330548 |
| **09/2019** | $348996 | $292060 | $329042 |
| **10/2019** | $351710 | $291556 | $329967 |
| **11/2019** | $352628 | $291214 | $328397 |
| **12/2019** | $363254 | $290617 | $335006 |
| **01/2020** | $366575 | $295861 | $340112 |
| **02/2020** | $364725 | $299482 | $336824 |
| **03/2020** | $311083 | $294821 | $290178 |
| **04/2020** | $313583 | $299594 | $296695 |
| **05/2020** | $332984 | $300443 | $314699 |
| **06/2020** | $345722 | $301943 | $325758 |
| **07/2020** | $354395 | $305243 | $337851 |
| **08/2020** | $358851 | $303030 | $339587 |
| **09/2020** | $351162 | $304137 | $333301 |
| **10/2020** | $351518 | $304159 | $333202 |
| **11/2020** | $364148 | $305895 | $346054 |
| **12/2020** | $372661 | $306835 | $352624 |
| **01/2021** | $373557 | $305189 | $348797 |
| **02/2021** | $375397 | $300442 | $339892 |
| **03/2021** | $373489 | $299258 | $336618 |
| **04/2021** | $385201 | $300040 | $344077 |
| **05/2021** | $390077 | $300710 | $347727 |
| **06/2021** | $391739 | $302176 | $350278 |
| **07/2021** | $394299 | $305932 | $351738 |
| **08/2021** | $406022 | $305320 | $355189 |
| **09/2021** | $402870 | $302437 | $347826 |
| **10/2021** | $400813 | $301646 | $347911 |
| **11/2021** | $390445 | $303798 | $341511 |
| **12/2021** | $398620 | $302566 | $346291 |
| **01/2022** | $395230 | $297812 | $336441 |
| **02/2022** | $382785 | $293851 | $314415 |
| **03/2022** | $369593 | $287516 | $311588 |
| **04/2022** | $367546 | $279789 | $294168 |
| **05/2022** | $363209 | $279404 | $294246 |
| **06/2022** | $340771 | $275163 | $275962 |
| **07/2022** | $335350 | $282172 | $283939 |
| **08/2022** | $340569 | $274806 | $281256 |
| **09/2022** | $325810 | $265984 | $263359 |
| **10/2022** | $327935 | $265074 | $263759 |
| **11/2022** | $350324 | $271829 | $283783 |
| **12/2022** | $353957 | $268620 | $284711 |
| **01/2023** | $365580 | $274808 | $293729 |
| **02/2023** | $362337 | $270424 | $287245 |
| **03/2023** | $356835 | $276421 | $290012 |
| **04/2023** | $359127 | $277844 | $291553 |
| **05/2023** | $363837 | $276750 | $289881 |
| **06/2023** | $377234 | $276585 | $296351 |
| **07/2023** | $387864 | $276674 | $302013 |
| **08/2023** | $379467 | $276327 | $297471 |
| **09/2023** | $377373 | $271561 | $289732 |
| **10/2023** | $377359 | $269633 | $285809 |
| **11/2023** | $389678 | $278904 | $301996 |
| **12/2023** | $400546 | $287817 | $316286 |
| **01/2024** | $404045 | $287253 | $313055 |
| **02/2024** | $414335 | $285282 | $316116 |
| **03/2024** | $429896 | $287855 | $322724 |
| **04/2024** | $429050 | $283220 | $316024 |
| **05/2024** | $431742 | $285726 | $321722 |
| **06/2024** | $432730 | $288206 | $323702 |
| **07/2024** | $435696 | $293773 | $329751 |
| **08/2024** | $442446 | $296990 | $337394 |
| **09/2024** | $449381 | $300437 | $343623 |
| **10/2024** | $455527 | $296371 | $337720 |
| **11/2024** | $460574 | $299892 | $341738 |
| **12/2024** | $464171 | $297591 | $336962 |
| **01/2025** | $474047 | $298744 | $341806 |
| **02/2025** | $476892 | $302341 | $347167 |
| **03/2025** | $473624 | $301079 | $344520 |
| **04/2025** | $471803 | $304043 | $343754 |
| **05/2025** | $486098 | $303038 | $347588 |
| **06/2025** | $499939 | $305940 | $355976 |
| **07/2025** | $508281 | $305695 | $360490 |
| **08/2025** | $513657 | $307371 | $366361 |
| **09/2025** | $522113 | $309635 | $372885 |
| **10/2025** | $538430 | $312079 | $380818 |
| **11/2025** | $541594 | $312735 | $382392 |
| **12/2025** | $553237 | $312065 | $385145 |
| **01/2026** | $568585 | $312819 | $387767 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class R5<sup>Footnote Reference1</sup> | 19.94% | 8.76% | 8.56% |
| Bloomberg Global-Aggregate Total Return Index Value Hedged USD | 4.71% | 0.50% | 2.27% |
| JPMorgan EMBI Global Diversified Index | 13.45% | 2.14% | 4.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1689197853 |
| # of Portfolio Holdings | 365 |
| Portfolio Turnover Rate | 34% |
| Total Management Fees Paid | $8775118 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g112577g21x17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Sovereign Obligations | 73.4 |
| Investment Companies | 11.8 |
| Credit-Linked Notes | 5.9 |
| Corporate Obligations | 4.9 |
| Foreign Corporate Obligations | 4.0 |

---

Excludes foreign currency derivatives.

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Suriname Government International Bonds, 8.500%, Due 11/6/2035 | 1.8 |
| Ghana Government International Bonds, 5.000%, Due 7/3/2035 | 1.7 |
| Argentina Republic Government International Bonds, 4.125%, Due 7/9/2035 | 1.7 |
| Republic of Kenya Infrastructure Bonds, 18.461%, Due 8/9/2032 | 1.5 |
| Congolese International Bonds, 9.875%, Due 11/7/2032 | 1.3 |
| Kyrgyz Republic International Bonds, 7.750%, Due 6/3/2030 | 1.3 |
| Ecuador Government International Bonds, 5.000%, Due 7/31/2040 | 1.3 |
| Argentina Republic Government International Bonds, 0.750%, Due 7/9/2030 | 1.3 |
| Mozambique International Bonds, 9.000%, Due 9/15/2031 | 1.3 |
| Ecuador Government International Bonds, 8.750%, Due 1/29/2034 | 1.2 |

---

Excludes cash equivalents.

### Top Ten Country Exposure - % Fixed Income
![Group By Industry Chart](g112577g02h07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Kenya | 3.8 |
| Uganda | 3.9 |
| Ivory Coast | 3.9 |
| Zambia | 4.5 |
| Angola | 4.5 |
| Egypt | 4.6 |
| Ghana | 4.8 |
| Argentina | 4.9 |
| Nigeria | 5.3 |
| United States | 5.5 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g112577g31l48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.3 |
| Electric | 0.4 |
| Holding Companies - Diversified | 0.5 |
| Telecommunications | 1 |
| Oil & Gas | 1.6 |
| Investment Companies | 2.7 |
| Multi-National | 3 |
| Diversified Financial Services | 4.4 |
| Banks | 7.8 |
| Foreign Sovereign Obligations | 77.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 1, 2026 at www.americanbeaconfunds.com/fund-resources/ or upon request at 800-658-5811.

The Board of Trustees ("Board") of the American Beacon Funds (the "Trust"), upon the recommendation of American Beacon Advisors, Inc. ("AmBeacon"), has approved the appointment of Ninety One North America, Inc. ("Ninety One NA") as an additional sub-advisor to the American Beacon Developing World Income Fund (the "Fund") and a new investment advisory agreement among AmBeacon, Ninety One NA and the Trust, on behalf of the Fund. Ninety One NA is appointed as a sub-advisor to the Fund effective November 12, 2025. AmBeacon currently expects to commence the allocation of a portion of the assets of the Fund to Ninety One NA on or about February 2, 2026.

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# Developing World Income Fund
![Image](g112577g71u44.jpg)

Annual Shareholder Report - January 31, 2026

# Class R5: AGEIX

#### Distributed by:
Resolute Investment Distributors, Inc.

DWI_R5 0126

# American Beacon
![Image](g112577g71u44.jpg)

# Developing World Income Fund
Annual Shareholder Report - January 31, 2026 \| Class Y: AGEYX

This annual shareholder report contains important information about American Beacon Developing World Income Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $118 | 1.08% |

---

## How did the Fund perform and what affected its performance?
The Y Class of the Fund returned 19.75% for the twelve months ended January 31, 2026, compared to the Bloomberg Global-Aggregate Total Return Index Value Hedged USD return of 4.71% and the JPMorgan EMBI Global Diversified Index return of 13.45%.

• Developing market debt benefited from easing global monetary conditions over the period, supported by U.S. dollar weakness and the Federal Reserve's resumption of rate cuts in the second half, while geopolitical and trade-policy risks were largely concentrated in developed markets.

• The Fund's diversified strategy across local- and hard-currency developing market debt, informed by a combination of top-down macro views and bottom-up country analysis, was strong during the period.

• Positive absolute contribution to performance was driven by country exposures, with positions in Zambia, Egypt, Nigeria, Ghana, and Kenya among the largest contributors, while exposure to Senegal detracted during the period.

## **Cumulative Performance from January 31, 2016 through January 31, 2026** 
The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g112577g69r44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Y** | **Bloomberg Global-Aggregate Total Return Index Value Hedged USD** | **JPMorgan EMBI Global Diversified Index** |
| **01/2016** | $100000 | $100000 | $100000 |
| **02/2016** | $100765 | $100961 | $101906 |
| **03/2016** | $104471 | $101792 | $105234 |
| **04/2016** | $107614 | $101965 | $107098 |
| **05/2016** | $107663 | $102396 | $106907 |
| **06/2016** | $108550 | $104346 | $110513 |
| **07/2016** | $110516 | $104969 | $112502 |
| **08/2016** | $113354 | $104915 | $114517 |
| **09/2016** | $115165 | $104903 | $114979 |
| **10/2016** | $115400 | $103886 | $113551 |
| **11/2016** | $113670 | $102170 | $108905 |
| **12/2016** | $114594 | $102450 | $110354 |
| **01/2017** | $115548 | $102077 | $111945 |
| **02/2017** | $119140 | $102951 | $114189 |
| **03/2017** | $120543 | $102903 | $114620 |
| **04/2017** | $123158 | $103601 | $116328 |
| **05/2017** | $124532 | $104206 | $117356 |
| **06/2017** | $125142 | $103914 | $117190 |
| **07/2017** | $126218 | $104255 | $118172 |
| **08/2017** | $127287 | $105206 | $120264 |
| **09/2017** | $128928 | $104720 | $120277 |
| **10/2017** | $129682 | $105162 | $120723 |
| **11/2017** | $130896 | $105325 | $120784 |
| **12/2017** | $132055 | $105560 | $121671 |
| **01/2018** | $133853 | $104807 | $121619 |
| **02/2018** | $133515 | $104570 | $119199 |
| **03/2018** | $134292 | $105437 | $119548 |
| **04/2018** | $134093 | $105045 | $117809 |
| **05/2018** | $131370 | $105437 | $116702 |
| **06/2018** | $129831 | $105634 | $115312 |
| **07/2018** | $131816 | $105663 | $118258 |
| **08/2018** | $127851 | $105987 | $116212 |
| **09/2018** | $126919 | $105582 | $117969 |
| **10/2018** | $127168 | $105376 | $115425 |
| **11/2018** | $126616 | $105891 | $114937 |
| **12/2018** | $127545 | $107421 | $116488 |
| **01/2019** | $131640 | $108559 | $121627 |
| **02/2019** | $133081 | $108689 | $122841 |
| **03/2019** | $133732 | $110636 | $124587 |
| **04/2019** | $134539 | $110702 | $124890 |
| **05/2019** | $134453 | $112295 | $125403 |
| **06/2019** | $138154 | $113869 | $129665 |
| **07/2019** | $140491 | $114765 | $131240 |
| **08/2019** | $137923 | $117368 | $132219 |
| **09/2019** | $139240 | $116824 | $131617 |
| **10/2019** | $140156 | $116622 | $131987 |
| **11/2019** | $140518 | $116485 | $131359 |
| **12/2019** | $144734 | $116247 | $134002 |
| **01/2020** | $146057 | $118344 | $136045 |
| **02/2020** | $145309 | $119793 | $134729 |
| **03/2020** | $123935 | $117929 | $116071 |
| **04/2020** | $124924 | $119838 | $118678 |
| **05/2020** | $132812 | $120177 | $125879 |
| **06/2020** | $137879 | $120777 | $130303 |
| **07/2020** | $141330 | $122097 | $135140 |
| **08/2020** | $143111 | $121212 | $135835 |
| **09/2020** | $140046 | $121655 | $133321 |
| **10/2020** | $140007 | $121664 | $133281 |
| **11/2020** | $145026 | $122358 | $138422 |
| **12/2020** | $148397 | $122734 | $141049 |
| **01/2021** | $148754 | $122076 | $139519 |
| **02/2021** | $149478 | $120177 | $135957 |
| **03/2021** | $148708 | $119703 | $134647 |
| **04/2021** | $153362 | $120016 | $137631 |
| **05/2021** | $155294 | $120284 | $139091 |
| **06/2021** | $155948 | $120871 | $140111 |
| **07/2021** | $156958 | $122373 | $140695 |
| **08/2021** | $161617 | $122128 | $142076 |
| **09/2021** | $160355 | $120975 | $139130 |
| **10/2021** | $159529 | $120658 | $139164 |
| **11/2021** | $155393 | $121519 | $136605 |
| **12/2021** | $158631 | $121026 | $138517 |
| **01/2022** | $157282 | $119125 | $134576 |
| **02/2022** | $152322 | $117540 | $125766 |
| **03/2022** | $147065 | $115006 | $124635 |
| **04/2022** | $146245 | $111916 | $117667 |
| **05/2022** | $144513 | $111761 | $117699 |
| **06/2022** | $135578 | $110065 | $110385 |
| **07/2022** | $133418 | $112869 | $113575 |
| **08/2022** | $135488 | $109922 | $112502 |
| **09/2022** | $129610 | $106394 | $105343 |
| **10/2022** | $130450 | $106029 | $105504 |
| **11/2022** | $139352 | $108731 | $113513 |
| **12/2022** | $140787 | $107448 | $113884 |
| **01/2023** | $145410 | $109923 | $117492 |
| **02/2023** | $144112 | $108170 | $114898 |
| **03/2023** | $141917 | $110568 | $116005 |
| **04/2023** | $142824 | $111138 | $116621 |
| **05/2023** | $144693 | $110700 | $115952 |
| **06/2023** | $150012 | $110634 | $118540 |
| **07/2023** | $154230 | $110670 | $120805 |
| **08/2023** | $150884 | $110531 | $118988 |
| **09/2023** | $150043 | $108625 | $115893 |
| **10/2023** | $150028 | $107853 | $114324 |
| **11/2023** | $154917 | $111562 | $120798 |
| **12/2023** | $159226 | $115127 | $126514 |
| **01/2024** | $160617 | $114901 | $125222 |
| **02/2024** | $164698 | $114113 | $126446 |
| **03/2024** | $170874 | $115142 | $129090 |
| **04/2024** | $170528 | $113288 | $126410 |
| **05/2024** | $171596 | $114290 | $128689 |
| **06/2024** | $171989 | $115282 | $129481 |
| **07/2024** | $173163 | $117509 | $131900 |
| **08/2024** | $175838 | $118796 | $134958 |
| **09/2024** | $178586 | $120175 | $137449 |
| **10/2024** | $181032 | $118549 | $135088 |
| **11/2024** | $183026 | $119957 | $136695 |
| **12/2024** | $184448 | $119036 | $134785 |
| **01/2025** | $188634 | $119497 | $136722 |
| **02/2025** | $189495 | $120936 | $138867 |
| **03/2025** | $188191 | $120432 | $137808 |
| **04/2025** | $187460 | $121617 | $137502 |
| **05/2025** | $193134 | $121215 | $139035 |
| **06/2025** | $198636 | $122376 | $142390 |
| **07/2025** | $201945 | $122278 | $144196 |
| **08/2025** | $204081 | $122948 | $146544 |
| **09/2025** | $207435 | $123854 | $149154 |
| **10/2025** | $213918 | $124832 | $152327 |
| **11/2025** | $215457 | $125094 | $152957 |
| **12/2025** | $219783 | $124826 | $154058 |
| **01/2026** | $225880 | $125128 | $155107 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>Footnote Reference1</sup> | 19.75% | 8.71% | 8.49% |
| Bloomberg Global-Aggregate Total Return Index Value Hedged USD | 4.71% | 0.50% | 2.27% |
| JPMorgan EMBI Global Diversified Index | 13.45% | 2.14% | 4.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1689197853 |
| # of Portfolio Holdings | 365 |
| Portfolio Turnover Rate | 34% |
| Total Management Fees Paid | $8775118 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g112577g21x17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Sovereign Obligations | 73.4 |
| Investment Companies | 11.8 |
| Credit-Linked Notes | 5.9 |
| Corporate Obligations | 4.9 |
| Foreign Corporate Obligations | 4.0 |

---

Excludes foreign currency derivatives.

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Suriname Government International Bonds, 8.500%, Due 11/6/2035 | 1.8 |
| Ghana Government International Bonds, 5.000%, Due 7/3/2035 | 1.7 |
| Argentina Republic Government International Bonds, 4.125%, Due 7/9/2035 | 1.7 |
| Republic of Kenya Infrastructure Bonds, 18.461%, Due 8/9/2032 | 1.5 |
| Congolese International Bonds, 9.875%, Due 11/7/2032 | 1.3 |
| Kyrgyz Republic International Bonds, 7.750%, Due 6/3/2030 | 1.3 |
| Ecuador Government International Bonds, 5.000%, Due 7/31/2040 | 1.3 |
| Argentina Republic Government International Bonds, 0.750%, Due 7/9/2030 | 1.3 |
| Mozambique International Bonds, 9.000%, Due 9/15/2031 | 1.3 |
| Ecuador Government International Bonds, 8.750%, Due 1/29/2034 | 1.2 |

---

Excludes cash equivalents.

### Top Ten Country Exposure - % Fixed Income
![Group By Industry Chart](g112577g02h07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Kenya | 3.8 |
| Uganda | 3.9 |
| Ivory Coast | 3.9 |
| Zambia | 4.5 |
| Angola | 4.5 |
| Egypt | 4.6 |
| Ghana | 4.8 |
| Argentina | 4.9 |
| Nigeria | 5.3 |
| United States | 5.5 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Country Chart](g112577g31l48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.3 |
| Electric | 0.4 |
| Holding Companies - Diversified | 0.5 |
| Telecommunications | 1 |
| Oil & Gas | 1.6 |
| Investment Companies | 2.7 |
| Multi-National | 3 |
| Diversified Financial Services | 4.4 |
| Banks | 7.8 |
| Foreign Sovereign Obligations | 77.9 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 1, 2026 at www.americanbeaconfunds.com/fund-resources/ or upon request at 800-658-5811.

The Board of Trustees ("Board") of the American Beacon Funds (the "Trust"), upon the recommendation of American Beacon Advisors, Inc. ("AmBeacon"), has approved the appointment of Ninety One North America, Inc. ("Ninety One NA") as an additional sub-advisor to the American Beacon Developing World Income Fund (the "Fund") and a new investment advisory agreement among AmBeacon, Ninety One NA and the Trust, on behalf of the Fund. Ninety One NA is appointed as a sub-advisor to the Fund effective November 12, 2025. AmBeacon currently expects to commence the allocation of a portion of the assets of the Fund to Ninety One NA on or about February 2, 2026.

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# Developing World Income Fund
![Image](g112577g71u44.jpg)

Annual Shareholder Report - January 31, 2026

# Class Y: AGEYX

#### Distributed by:
Resolute Investment Distributors, Inc.

DWI_Y 0126

# American Beacon
![Image](g112577g71u44.jpg)

# NIS Core Plus Bond Fund
Annual Shareholder Report - January 31, 2026 \| Class A: NISAX

This annual shareholder report contains important information about American Beacon NIS Core Plus Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $81 | 0.79% |

---

## How did the Fund perform and what affected its performance?
The A Class of the Fund returned 2.69% (with sales charges) and 6.69% (without sales charges) for the twelve months ended January 31, 2026, compared to the Bloomberg U.S. Aggregate Bond Index return of 6.85%.

• The investment strategy of the Fund's sub-advisor utilizes both bottom-up and top-down inputs to select the best relative value securities available across a broad range of domestic fixed income sectors.

• The period benefited from an improving policy and credit backdrop, as the Federal Reserve cut rates three times from September through December, supporting fixed income and credit assets overall, despite a rocky market environment in early April surrounding Liberation Day.

• Corporate Bonds were the largest positive contributors to performance, followed by U.S. Treasuries, Mortgage-Backed Securities, and Asset-Backed Securities, reflecting broad strength across fixed income sectors during the period.

## **Cumulative Performance from September 10, 2020 through January 31, 2026** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g112577g73i00.jpg)

---

| | | |
|:---|:---|:---|
| | **A with Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/2020** | $9625 | $10000 |
| **09/2020** | $9636 | $9987 |
| **10/2020** | $9589 | $9942 |
| **11/2020** | $9707 | $10040 |
| **12/2020** | $9768 | $10053 |
| **01/2021** | $9723 | $9981 |
| **02/2021** | $9590 | $9837 |
| **03/2021** | $9508 | $9714 |
| **04/2021** | $9591 | $9791 |
| **05/2021** | $9636 | $9823 |
| **06/2021** | $9723 | $9892 |
| **07/2021** | $9823 | $10003 |
| **08/2021** | $9819 | $9984 |
| **09/2021** | $9735 | $9897 |
| **10/2021** | $9730 | $9895 |
| **11/2021** | $9764 | $9924 |
| **12/2021** | $9741 | $9898 |
| **01/2022** | $9560 | $9685 |
| **02/2022** | $9449 | $9577 |
| **03/2022** | $9189 | $9311 |
| **04/2022** | $8851 | $8958 |
| **05/2022** | $8841 | $9015 |
| **06/2022** | $8681 | $8874 |
| **07/2022** | $8890 | $9091 |
| **08/2022** | $8689 | $8834 |
| **09/2022** | $8349 | $8452 |
| **10/2022** | $8220 | $8343 |
| **11/2022** | $8474 | $8650 |
| **12/2022** | $8477 | $8611 |
| **01/2023** | $8744 | $8876 |
| **02/2023** | $8563 | $8646 |
| **03/2023** | $8731 | $8866 |
| **04/2023** | $8796 | $8919 |
| **05/2023** | $8709 | $8822 |
| **06/2023** | $8682 | $8791 |
| **07/2023** | $8687 | $8785 |
| **08/2023** | $8652 | $8729 |
| **09/2023** | $8440 | $8507 |
| **10/2023** | $8311 | $8373 |
| **11/2023** | $8660 | $8752 |
| **12/2023** | $9012 | $9087 |
| **01/2024** | $9009 | $9062 |
| **02/2024** | $8911 | $8934 |
| **03/2024** | $9003 | $9016 |
| **04/2024** | $8789 | $8788 |
| **05/2024** | $8925 | $8937 |
| **06/2024** | $9040 | $9022 |
| **07/2024** | $9210 | $9233 |
| **08/2024** | $9372 | $9365 |
| **09/2024** | $9475 | $9491 |
| **10/2024** | $9278 | $9256 |
| **11/2024** | $9374 | $9353 |
| **12/2024** | $9231 | $9200 |
| **01/2025** | $9284 | $9249 |
| **02/2025** | $9467 | $9453 |
| **03/2025** | $9463 | $9456 |
| **04/2025** | $9495 | $9493 |
| **05/2025** | $9440 | $9425 |
| **06/2025** | $9604 | $9570 |
| **07/2025** | $9592 | $9545 |
| **08/2025** | $9694 | $9659 |
| **09/2025** | $9792 | $9765 |
| **10/2025** | $9850 | $9826 |
| **11/2025** | $9914 | $9887 |
| **12/2025** | $9883 | $9872 |
| **01/2026** | $9905 | $9883 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **Since Inception (9/10/20)** |
| Class A without Sales Charge<sup>Footnote Reference1</sup> | 6.69% | 0.37% | 0.53% |
| Class A with Maximum Sales Charge - 3.75%<sup>Footnote Reference1</sup> | 2.69% | (0.39)% | (0.18)% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | (0.20)% | (0.20)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8172347 |
| # of Portfolio Holdings | 427 |
| Portfolio Turnover Rate | 80% |
| Total Management Fees Paid | $0 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g112577g91w55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Obligations | 30.5 |
| U.S. Treasury Obligations | 24.4 |
| Collateralized Mortgage Obligations | 12.3 |
| Asset-Backed Obligations | 10.9 |
| U.S. Agency Mortgage-Backed Obligations | 8.0 |
| Commercial Mortgage-Backed Obligations | 6.7 |
| Municipal Obligations | 4.1 |
| Foreign Corporate Obligations | 2.8 |
| Foreign Sovereign Obligations | 0.3 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 3.375%, Due 11/15/2048 | 5.2 |
| U.S. Treasury Notes, 4.250%, Due 8/15/2035 | 4.6 |
| U.S. Treasury Notes, 4.500%, Due 11/15/2033 | 2.2 |
| U.S. Treasury Notes, 4.000%, Due 11/15/2035 | 2.1 |
| RCKT Mortgage Trust, Series 2023-CES1, 6.902%, Due 6/25/2043, Class M1 | 1.9 |
| U.S. Treasury Bonds, 1.750%, Due 8/15/2041 | 1.8 |
| U.S. Treasury Bonds, 4.875%, Due 8/15/2045 | 1.5 |
| U.S. Treasury Bonds, 2.500%, Due 2/15/2045 | 1.4 |
| U.S. Treasury Notes, 2.875%, Due 5/15/2032 | 1.3 |
| U.S. Treasury Bonds, 4.750%, Due 2/15/2045 | 1.1 |

---

### Top Ten Country Exposure - % Investments
![Group By Industry Chart](g112577g87o13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cameroon | 0.1 |
| Brazil | 0.1 |
| Bermuda | 0.1 |
| China | 0.2 |
| France | 0.2 |
| Mexico | 0.3 |
| United Kingdom | 0.4 |
| Ireland | 0.6 |
| Canada | 1.3 |
| United States | 96.7 |

---

### Top Ten Industry Allocations - % Investments
![Group By Country Chart](g112577g68w18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Insurance | 2.9 |
| Diversified Financial Services | 3.9 |
| Electric | 3.9 |
| Municipal | 4.1 |
| Banks | 4.7 |
| Commercial MBS | 6.7 |
| UMBS Collateral | 7.2 |
| Asset-Backed Obligations | 10.9 |
| Collateralized Mortgage Obligations | 12.3 |
| U.S. Treasury Obligations | 24.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# NIS Core Plus Bond Fund
![Image](g112577g71u44.jpg)

Annual Shareholder Report - January 31, 2026

# Class A: NISAX

#### Distributed by:
Resolute Investment Distributors, Inc.

NIS_A 0126

# American Beacon
![Image](g112577g71u44.jpg)

# NIS Core Plus Bond Fund
Annual Shareholder Report - January 31, 2026 \| Class C: NISCX

This annual shareholder report contains important information about American Beacon NIS Core Plus Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $158 | 1.54% |

---

## How did the Fund perform and what affected its performance?
The C Class of the Fund returned 4.90% (with sales charges) and 5.90% (without sales charges) for the twelve months ended January 31, 2026, compared to the Bloomberg U.S. Aggregate Bond Index return of 6.85%.

• The investment strategy of the Fund's sub-advisor utilizes both bottom-up and top-down inputs to select the best relative value securities available across a broad range of domestic fixed income sectors.

• The period benefited from an improving policy and credit backdrop, as the Federal Reserve cut rates three times from September through December, supporting fixed income and credit assets overall, despite a rocky market environment in early April surrounding Liberation Day.

• Corporate Bonds were the largest positive contributors to performance, followed by U.S. Treasuries, Mortgage-Backed Securities, and Asset-Backed Securities, reflecting broad strength across fixed income sectors during the period.

## **Cumulative Performance from September 10, 2020 through January 31, 2026** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g112577g51m00.jpg)

---

| | | |
|:---|:---|:---|
| | **C with Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/2020** | $10000 | $10000 |
| **09/2020** | $10010 | $9987 |
| **10/2020** | $9952 | $9942 |
| **11/2020** | $10069 | $10040 |
| **12/2020** | $10125 | $10053 |
| **01/2021** | $10072 | $9981 |
| **02/2021** | $9929 | $9837 |
| **03/2021** | $9837 | $9714 |
| **04/2021** | $9917 | $9791 |
| **05/2021** | $9958 | $9823 |
| **06/2021** | $10038 | $9892 |
| **07/2021** | $10139 | $10003 |
| **08/2021** | $10127 | $9984 |
| **09/2021** | $10035 | $9897 |
| **10/2021** | $10023 | $9895 |
| **11/2021** | $10053 | $9924 |
| **12/2021** | $10022 | $9898 |
| **01/2022** | $9830 | $9685 |
| **02/2022** | $9709 | $9577 |
| **03/2022** | $9437 | $9311 |
| **04/2022** | $9084 | $8958 |
| **05/2022** | $9068 | $9015 |
| **06/2022** | $8898 | $8874 |
| **07/2022** | $9107 | $9091 |
| **08/2022** | $8895 | $8834 |
| **09/2022** | $8541 | $8452 |
| **10/2022** | $8405 | $8343 |
| **11/2022** | $8669 | $8650 |
| **12/2022** | $8657 | $8611 |
| **01/2023** | $8923 | $8876 |
| **02/2023** | $8734 | $8646 |
| **03/2023** | $8899 | $8866 |
| **04/2023** | $8960 | $8919 |
| **05/2023** | $8865 | $8822 |
| **06/2023** | $8833 | $8791 |
| **07/2023** | $8833 | $8785 |
| **08/2023** | $8791 | $8729 |
| **09/2023** | $8570 | $8507 |
| **10/2023** | $8434 | $8373 |
| **11/2023** | $8783 | $8752 |
| **12/2023** | $9134 | $9087 |
| **01/2024** | $9126 | $9062 |
| **02/2024** | $9021 | $8934 |
| **03/2024** | $9109 | $9016 |
| **04/2024** | $8886 | $8788 |
| **05/2024** | $9018 | $8937 |
| **06/2024** | $9139 | $9022 |
| **07/2024** | $9305 | $9233 |
| **08/2024** | $9451 | $9365 |
| **09/2024** | $9561 | $9491 |
| **10/2024** | $9345 | $9256 |
| **11/2024** | $9447 | $9353 |
| **12/2024** | $9298 | $9200 |
| **01/2025** | $9334 | $9249 |
| **02/2025** | $9523 | $9453 |
| **03/2025** | $9503 | $9456 |
| **04/2025** | $9529 | $9493 |
| **05/2025** | $9479 | $9425 |
| **06/2025** | $9638 | $9570 |
| **07/2025** | $9608 | $9545 |
| **08/2025** | $9715 | $9659 |
| **09/2025** | $9797 | $9765 |
| **10/2025** | $9848 | $9826 |
| **11/2025** | $9907 | $9887 |
| **12/2025** | $9869 | $9872 |
| **01/2026** | $9885 | $9883 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **Since Inception (9/10/20)** |
| Class C without Deferred Sales Charge<sup>Footnote Reference1</sup> | 5.90% | (0.38)% | (0.21)% |
| Class C with Maximum Deferred Sales Charge -1.00%<sup>Footnote Reference1</sup> | 4.90% | (0.38)% | (0.21)% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | (0.20)% | (0.20)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8172347 |
| # of Portfolio Holdings | 427 |
| Portfolio Turnover Rate | 80% |
| Total Management Fees Paid | $0 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g112577g91w55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Obligations | 30.5 |
| U.S. Treasury Obligations | 24.4 |
| Collateralized Mortgage Obligations | 12.3 |
| Asset-Backed Obligations | 10.9 |
| U.S. Agency Mortgage-Backed Obligations | 8.0 |
| Commercial Mortgage-Backed Obligations | 6.7 |
| Municipal Obligations | 4.1 |
| Foreign Corporate Obligations | 2.8 |
| Foreign Sovereign Obligations | 0.3 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 3.375%, Due 11/15/2048 | 5.2 |
| U.S. Treasury Notes, 4.250%, Due 8/15/2035 | 4.6 |
| U.S. Treasury Notes, 4.500%, Due 11/15/2033 | 2.2 |
| U.S. Treasury Notes, 4.000%, Due 11/15/2035 | 2.1 |
| RCKT Mortgage Trust, Series 2023-CES1, 6.902%, Due 6/25/2043, Class M1 | 1.9 |
| U.S. Treasury Bonds, 1.750%, Due 8/15/2041 | 1.8 |
| U.S. Treasury Bonds, 4.875%, Due 8/15/2045 | 1.5 |
| U.S. Treasury Bonds, 2.500%, Due 2/15/2045 | 1.4 |
| U.S. Treasury Notes, 2.875%, Due 5/15/2032 | 1.3 |
| U.S. Treasury Bonds, 4.750%, Due 2/15/2045 | 1.1 |

---

### Top Ten Country Exposure - % Investments
![Group By Industry Chart](g112577g87o13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cameroon | 0.1 |
| Brazil | 0.1 |
| Bermuda | 0.1 |
| China | 0.2 |
| France | 0.2 |
| Mexico | 0.3 |
| United Kingdom | 0.4 |
| Ireland | 0.6 |
| Canada | 1.3 |
| United States | 96.7 |

---

### Top Ten Industry Allocations - % Investments
![Group By Country Chart](g112577g68w18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Insurance | 2.9 |
| Diversified Financial Services | 3.9 |
| Electric | 3.9 |
| Municipal | 4.1 |
| Banks | 4.7 |
| Commercial MBS | 6.7 |
| UMBS Collateral | 7.2 |
| Asset-Backed Obligations | 10.9 |
| Collateralized Mortgage Obligations | 12.3 |
| U.S. Treasury Obligations | 24.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# NIS Core Plus Bond Fund
![Image](g112577g71u44.jpg)

Annual Shareholder Report - January 31, 2026

# Class C: NISCX

#### Distributed by:
Resolute Investment Distributors, Inc.

NIS_C 0126

# American Beacon
![Image](g112577g71u44.jpg)

# NIS Core Plus Bond Fund
Annual Shareholder Report - January 31, 2026 \| Class R6: NISRX

This annual shareholder report contains important information about American Beacon NIS Core Plus Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $45 | 0.44% |

---

## How did the Fund perform and what affected its performance?
The R6 Class of the Fund returned 7.06% for the twelve months ended January 31, 2026, compared to the Bloomberg U.S. Aggregate Bond Index return of 6.85%.

• The investment strategy of the Fund's sub-advisor utilizes both bottom-up and top-down inputs to select the best relative value securities available across a broad range of domestic fixed income sectors.

• The period benefited from an improving policy and credit backdrop, as the Federal Reserve cut rates three times from September through December, supporting fixed income and credit assets overall, despite a rocky market environment in early April surrounding Liberation Day.

• Corporate Bonds were the largest positive contributors to performance, followed by U.S. Treasuries, Mortgage-Backed Securities, and Asset-Backed Securities, reflecting broad strength across fixed income sectors during the period.

## **Cumulative Performance from September 10, 2020 through January 31, 2026** 
The initial investment, based on a $10,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g112577g36w97.jpg)

---

| | | |
|:---|:---|:---|
| | **R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/2020** | $10000 | $10000 |
| **09/2020** | $10014 | $9987 |
| **10/2020** | $9968 | $9942 |
| **11/2020** | $10094 | $10040 |
| **12/2020** | $10160 | $10053 |
| **01/2021** | $10116 | $9981 |
| **02/2021** | $9980 | $9837 |
| **03/2021** | $9898 | $9714 |
| **04/2021** | $9987 | $9791 |
| **05/2021** | $10037 | $9823 |
| **06/2021** | $10127 | $9892 |
| **07/2021** | $10238 | $10003 |
| **08/2021** | $10236 | $9984 |
| **09/2021** | $10152 | $9897 |
| **10/2021** | $10160 | $9895 |
| **11/2021** | $10189 | $9924 |
| **12/2021** | $10167 | $9898 |
| **01/2022** | $9981 | $9685 |
| **02/2022** | $9868 | $9577 |
| **03/2022** | $9600 | $9311 |
| **04/2022** | $9249 | $8958 |
| **05/2022** | $9241 | $9015 |
| **06/2022** | $9077 | $8874 |
| **07/2022** | $9309 | $9091 |
| **08/2022** | $9090 | $8834 |
| **09/2022** | $8737 | $8452 |
| **10/2022** | $8605 | $8343 |
| **11/2022** | $8884 | $8650 |
| **12/2022** | $8879 | $8611 |
| **01/2023** | $9161 | $8876 |
| **02/2023** | $8974 | $8646 |
| **03/2023** | $9153 | $8866 |
| **04/2023** | $9223 | $8919 |
| **05/2023** | $9135 | $8822 |
| **06/2023** | $9120 | $8791 |
| **07/2023** | $9129 | $8785 |
| **08/2023** | $9094 | $8729 |
| **09/2023** | $8863 | $8507 |
| **10/2023** | $8731 | $8373 |
| **11/2023** | $9111 | $8752 |
| **12/2023** | $9472 | $9087 |
| **01/2024** | $9472 | $9062 |
| **02/2024** | $9371 | $8934 |
| **03/2024** | $9471 | $9016 |
| **04/2024** | $9248 | $8788 |
| **05/2024** | $9394 | $8937 |
| **06/2024** | $9530 | $9022 |
| **07/2024** | $9700 | $9233 |
| **08/2024** | $9873 | $9365 |
| **09/2024** | $9996 | $9491 |
| **10/2024** | $9780 | $9256 |
| **11/2024** | $9896 | $9353 |
| **12/2024** | $9748 | $9200 |
| **01/2025** | $9795 | $9249 |
| **02/2025** | $10002 | $9453 |
| **03/2025** | $9990 | $9456 |
| **04/2025** | $10026 | $9493 |
| **05/2025** | $9982 | $9425 |
| **06/2025** | $10158 | $9570 |
| **07/2025** | $10137 | $9545 |
| **08/2025** | $10248 | $9659 |
| **09/2025** | $10355 | $9765 |
| **10/2025** | $10419 | $9826 |
| **11/2025** | $10490 | $9887 |
| **12/2025** | $10461 | $9872 |
| **01/2026** | $10487 | $9883 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **Since Inception (9/10/20)** |
| R6 Class<sup>Footnote Reference1</sup> | 7.06% | 0.72% | 0.89% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | (0.20)% | (0.20)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8172347 |
| # of Portfolio Holdings | 427 |
| Portfolio Turnover Rate | 80% |
| Total Management Fees Paid | $0 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g112577g91w55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Obligations | 30.5 |
| U.S. Treasury Obligations | 24.4 |
| Collateralized Mortgage Obligations | 12.3 |
| Asset-Backed Obligations | 10.9 |
| U.S. Agency Mortgage-Backed Obligations | 8.0 |
| Commercial Mortgage-Backed Obligations | 6.7 |
| Municipal Obligations | 4.1 |
| Foreign Corporate Obligations | 2.8 |
| Foreign Sovereign Obligations | 0.3 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 3.375%, Due 11/15/2048 | 5.2 |
| U.S. Treasury Notes, 4.250%, Due 8/15/2035 | 4.6 |
| U.S. Treasury Notes, 4.500%, Due 11/15/2033 | 2.2 |
| U.S. Treasury Notes, 4.000%, Due 11/15/2035 | 2.1 |
| RCKT Mortgage Trust, Series 2023-CES1, 6.902%, Due 6/25/2043, Class M1 | 1.9 |
| U.S. Treasury Bonds, 1.750%, Due 8/15/2041 | 1.8 |
| U.S. Treasury Bonds, 4.875%, Due 8/15/2045 | 1.5 |
| U.S. Treasury Bonds, 2.500%, Due 2/15/2045 | 1.4 |
| U.S. Treasury Notes, 2.875%, Due 5/15/2032 | 1.3 |
| U.S. Treasury Bonds, 4.750%, Due 2/15/2045 | 1.1 |

---

### Top Ten Country Exposure - % Investments
![Group By Industry Chart](g112577g87o13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cameroon | 0.1 |
| Brazil | 0.1 |
| Bermuda | 0.1 |
| China | 0.2 |
| France | 0.2 |
| Mexico | 0.3 |
| United Kingdom | 0.4 |
| Ireland | 0.6 |
| Canada | 1.3 |
| United States | 96.7 |

---

### Top Ten Industry Allocations - % Investments
![Group By Country Chart](g112577g68w18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Insurance | 2.9 |
| Diversified Financial Services | 3.9 |
| Electric | 3.9 |
| Municipal | 4.1 |
| Banks | 4.7 |
| Commercial MBS | 6.7 |
| UMBS Collateral | 7.2 |
| Asset-Backed Obligations | 10.9 |
| Collateralized Mortgage Obligations | 12.3 |
| U.S. Treasury Obligations | 24.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# NIS Core Plus Bond Fund
![Image](g112577g71u44.jpg)

Annual Shareholder Report - January 31, 2026

# Class R6: NISRX

#### Distributed by:
Resolute Investment Distributors, Inc.

NIS_R6 0126

# American Beacon
![Image](g112577g71u44.jpg)

# NIS Core Plus Bond Fund
Annual Shareholder Report - January 31, 2026 \| Class Y: NISYX

This annual shareholder report contains important information about American Beacon NIS Core Plus Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.americanbeaconfunds.com/fund-resources/. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $56 | 0.54% |

---

## How did the Fund perform and what affected its performance?
The Y Class of the Fund returned 6.95% for the twelve months ended January 31, 2026, compared to the Bloomberg U.S. Aggregate Bond Index return of 6.85%.

• The investment strategy of the Fund's sub-advisor utilizes both bottom-up and top-down inputs to select the best relative value securities available across a broad range of domestic fixed income sectors.

• The period benefited from an improving policy and credit backdrop, as the Federal Reserve cut rates three times from September through December, supporting fixed income and credit assets overall, despite a rocky market environment in early April surrounding Liberation Day.

• Corporate Bonds were the largest positive contributors to performance, followed by U.S. Treasuries, Mortgage-Backed Securities, and Asset-Backed Securities, reflecting broad strength across fixed income sectors during the period.

## **Cumulative Performance from September 10, 2020 through January 31, 2026** 
The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g112577g17x76.jpg)

---

| | | |
|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Y** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/2020** | $100000 | $100000 |
| **09/2020** | $100137 | $99866 |
| **10/2020** | $99663 | $99420 |
| **11/2020** | $100915 | $100396 |
| **12/2020** | $101565 | $100534 |
| **01/2021** | $101121 | $99814 |
| **02/2021** | $99753 | $98372 |
| **03/2021** | $98921 | $97144 |
| **04/2021** | $99808 | $97911 |
| **05/2021** | $100297 | $98231 |
| **06/2021** | $101189 | $98921 |
| **07/2021** | $102292 | $100027 |
| **08/2021** | $102263 | $99837 |
| **09/2021** | $101412 | $98973 |
| **10/2021** | $101380 | $98945 |
| **11/2021** | $101762 | $99238 |
| **12/2021** | $101541 | $98984 |
| **01/2022** | $99675 | $96852 |
| **02/2022** | $98531 | $95771 |
| **03/2022** | $95849 | $93110 |
| **04/2022** | $92340 | $89577 |
| **05/2022** | $92253 | $90155 |
| **06/2022** | $90603 | $88740 |
| **07/2022** | $92807 | $90909 |
| **08/2022** | $90724 | $88340 |
| **09/2022** | $87189 | $84523 |
| **10/2022** | $85867 | $83428 |
| **11/2022** | $88642 | $86496 |
| **12/2022** | $88587 | $86106 |
| **01/2023** | $91390 | $88755 |
| **02/2023** | $89520 | $86460 |
| **03/2023** | $91292 | $88657 |
| **04/2023** | $91991 | $89194 |
| **05/2023** | $91099 | $88223 |
| **06/2023** | $90841 | $87908 |
| **07/2023** | $91023 | $87847 |
| **08/2023** | $90668 | $87286 |
| **09/2023** | $88360 | $85068 |
| **10/2023** | $87033 | $83725 |
| **11/2023** | $90709 | $87517 |
| **12/2023** | $94408 | $90867 |
| **01/2024** | $94401 | $90617 |
| **02/2024** | $93388 | $89337 |
| **03/2024** | $94378 | $90162 |
| **04/2024** | $92188 | $87885 |
| **05/2024** | $93750 | $89375 |
| **06/2024** | $94987 | $90221 |
| **07/2024** | $96788 | $92328 |
| **08/2024** | $98533 | $93655 |
| **09/2024** | $99645 | $94909 |
| **10/2024** | $97483 | $92555 |
| **11/2024** | $98629 | $93534 |
| **12/2024** | $97143 | $92003 |
| **01/2025** | $97722 | $92491 |
| **02/2025** | $99659 | $94526 |
| **03/2025** | $99528 | $94561 |
| **04/2025** | $99883 | $94933 |
| **05/2025** | $99440 | $94253 |
| **06/2025** | $101186 | $95703 |
| **07/2025** | $101081 | $95450 |
| **08/2025** | $102177 | $96592 |
| **09/2025** | $103238 | $97646 |
| **10/2025** | $103867 | $98256 |
| **11/2025** | $104447 | $98866 |
| **12/2025** | $104262 | $98720 |
| **01/2026** | $104518 | $98825 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **Since Inception (9/10/20)** |
| Class Y<sup>Footnote Reference1</sup> | 6.95% | 0.66% | 0.82% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | (0.20)% | (0.20)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund's performance benefited from fee waivers. For more information, visit americanbeaconfunds.com/Performance_Disclaimers.aspx.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8172347 |
| # of Portfolio Holdings | 427 |
| Portfolio Turnover Rate | 80% |
| Total Management Fees Paid | $0 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g112577g91w55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Obligations | 30.5 |
| U.S. Treasury Obligations | 24.4 |
| Collateralized Mortgage Obligations | 12.3 |
| Asset-Backed Obligations | 10.9 |
| U.S. Agency Mortgage-Backed Obligations | 8.0 |
| Commercial Mortgage-Backed Obligations | 6.7 |
| Municipal Obligations | 4.1 |
| Foreign Corporate Obligations | 2.8 |
| Foreign Sovereign Obligations | 0.3 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 3.375%, Due 11/15/2048 | 5.2 |
| U.S. Treasury Notes, 4.250%, Due 8/15/2035 | 4.6 |
| U.S. Treasury Notes, 4.500%, Due 11/15/2033 | 2.2 |
| U.S. Treasury Notes, 4.000%, Due 11/15/2035 | 2.1 |
| RCKT Mortgage Trust, Series 2023-CES1, 6.902%, Due 6/25/2043, Class M1 | 1.9 |
| U.S. Treasury Bonds, 1.750%, Due 8/15/2041 | 1.8 |
| U.S. Treasury Bonds, 4.875%, Due 8/15/2045 | 1.5 |
| U.S. Treasury Bonds, 2.500%, Due 2/15/2045 | 1.4 |
| U.S. Treasury Notes, 2.875%, Due 5/15/2032 | 1.3 |
| U.S. Treasury Bonds, 4.750%, Due 2/15/2045 | 1.1 |

---

### Top Ten Country Exposure - % Investments
![Group By Industry Chart](g112577g87o13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cameroon | 0.1 |
| Brazil | 0.1 |
| Bermuda | 0.1 |
| China | 0.2 |
| France | 0.2 |
| Mexico | 0.3 |
| United Kingdom | 0.4 |
| Ireland | 0.6 |
| Canada | 1.3 |
| United States | 96.7 |

---

### Top Ten Industry Allocations - % Investments
![Group By Country Chart](g112577g68w18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Insurance | 2.9 |
| Diversified Financial Services | 3.9 |
| Electric | 3.9 |
| Municipal | 4.1 |
| Banks | 4.7 |
| Commercial MBS | 6.7 |
| UMBS Collateral | 7.2 |
| Asset-Backed Obligations | 10.9 |
| Collateralized Mortgage Obligations | 12.3 |
| U.S. Treasury Obligations | 24.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/fund-resources/ or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# NIS Core Plus Bond Fund
![Image](g112577g71u44.jpg)

Annual Shareholder Report - January 31, 2026

# Class Y: NISYX

#### Distributed by:
Resolute Investment Distributors, Inc.

NIS_Y 0126

------

##### [**Table of Contents**](#toc)
Item 2. Code of Ethics

The registrant adopted a code of ethics (the "Code") that applies to the registrant's Principal Executive Officer and Principal Financial Officer. The registrant amended the Code on June 14, 2024 to update the name of the Principal Executive Officer. The registrant has not granted any waivers from the provisions of the Code during the period covered by the shareholder reports presented in Item 1. The Code is filed herewith as Exhibit 99.CODE ETH.

Item 3. Audit Committee Financial Expert

The registrant's Board of Trustees of the Trust has determined that Claudia Holz, a member of the Trust's Audit and Compliance Committee, is the "audit committee financial expert" as defined in Form N-CSR. Ms. Holz is considered "independent" as defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" refer to all other fees category would consist of service related to internal control reviews, strategy, and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the registrant. The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees, and all other fees by the principal accountant.

---

| | |
|:---|:---|
| (a) |  |
| Audit Fees | Fiscal Year<br>Ended |
| $148431 | 1/31/25 |
| $168460 | 1/31/26 |
| (b) |  |
| Audit Related Fees | Fiscal Year<br>Ended |
| $0 | 1/31/25 |
| $0 | 1/31/26 |
| (c) |  |
| Tax Fees<sup>(1)</sup> | Fiscal Year<br>Ended |
| $17750 | 1/31/25 |
| $18600 | 1/31/26 |
| (d) |  |
| All Other Fees | Fiscal Year<br>Ended |
| $0 | 1/31/25 |
| $0 | 1/31/26 |

---

<sup>(1)</sup> "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, tax planning, filing assistance for EU reclaims and PFIC tax services. These fees include international, federal, state, and excise tax reviews.

------

##### [**Table of Contents**](#toc)
(e)(1) Pursuant to its charter, the Trust's Audit and Compliance Committee shall have the following duties and powers pertaining to pre-approval of audit and non-audit services provided by the registrant's principal accountant:

• to approve, prior to appointment, the engagement of auditors to annually audit and provide their opinion on the Trusts' financial statements, and, in connection therewith, reviewing and evaluating matters potentially affecting the independence and capabilities of the auditors;

• to approve, prior to appointment, the engagement of the auditors to provide non-audit services to the Trusts, an investment adviser to any series of the Trusts or any entity controlling, controlled by, or under common control with an investment adviser ("adviser affiliate") that provides ongoing services to the Trusts, if the engagement relates directly to the operations and financial reporting of the Trusts;

• to consider whether the non-audit services provided by a Trust's auditor to an investment adviser or any adviser affiliate that provides ongoing services to a series of the Trusts, which services were not pre-approved by the Committee, are compatible with maintaining the auditor's independence;

• to review the arrangements for and scope of the annual audit and any special audits; and

• to review and approving the fees proposed to be charged to the Trusts by the auditors for each audit and non-audit service.

The Audit and Compliance Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services, to a subcommittee of one or more members. Any decisions of the subcommittee to grant pre-approvals shall be presented to the full audit committee at its next regularly scheduled meeting.

(e)(2) None of the fees disclosed in paragraphs (b) through (d) above were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Aggregate Non-Audit Fees for Services Rendered to the:

---

| | | | |
|:---|:---|:---|:---|
| Registrant | Adviser | Adviser's Affiliates Providing<br>Ongoing Services to Registrant | Fiscal Year<br>Ended |
| $17750 | $107469 | N/A | 1/31/25 |
| $18600 | $134250 | N/A | 1/31/26 |

---

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) The schedules of investments for each series of the Trust are included in the shareholder reports presented in Item 7.

(b) Not applicable.

------

##### [**Table of Contents**](#toc)
Financial Statements and Other Information

Name of registrant: American Beacon Funds

Date of fiscal year end: January 31, 2026

Date of reporting period: January 31, 2026

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

##### [**Table of Contents**](#toc)
![LOGO](g114933g02a01.jpg)

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  [Schedules of Investments:](#toc114933_1) |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Developing World Income Fund](#toc114933_2) | 2 |
| &nbsp;&nbsp;&nbsp; [American Beacon NIS Core Plus Bond Fund](#toc114933_3) | 18 |
|  [Financial Statements](#toc114933_4) | 32 |
|  [Notes to Financial Statements](#toc114933_5) | 36 |
|  [Financial Highlights:](#toc114933_6) |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Developing World Income Fund](#toc114933_7) | 69 |
| &nbsp;&nbsp;&nbsp; [American Beacon NIS Core Plus Bond Fund](#toc114933_8) | 74 |
|  [Results of Shareholder Meeting](#toc114933_9) | 79 |

---

---

| | |
|:---|:---|
|  <br> [Additional Fund Information](#toc114933_10) | Back Cover |

---

American Beacon Funds January 31, 2026

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Funds and Shareholders of American Beacon Developing World Income Fund and American Beacon NIS Core Plus Bond Fund:

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Beacon Developing World Income Fund and American Beacon NIS Core Plus Bond Fund (two of the funds constituting American Beacon Funds, hereafter collectively referred to as the "Funds") as of January 31, 2026, the related statements of operations for the year ended January 31, 2026, the statements of changes in net assets for each of the two years in the period ended January 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2026 and each of the financial highlights for each of the five years in the period ended January 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian, and brokers; when replies were not received from the brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

March 27, 2026

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Angola - 3.9% |  |  |
| Foreign Corporate Obligations - 0.5% |  |  |
| Azule Energy Finance PLC, 8.125%, Due 1/23/2030<sup>A</sup> | $2317000 | $2344268 |
| Sonangol Finance Ltd., 10.000%, Due 1/29/2031<sup>A</sup> | 6614000 | 6489987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Corporate Obligations |  | 8834255 |
| Foreign Sovereign Obligations - 3.4% |  |  |
| Angola Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 5/9/2028<sup>B</sup> | 5432000 | 5468696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 11/26/2029<sup>A</sup> | 6463000 | 6338690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.244%, Due 1/15/2031<sup>B</sup> | 1100000 | 1106901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 4/14/2032<sup>B</sup> | 3500000 | 3423636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 4/14/2032<sup>A</sup> | 3475000 | 3399181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, Due 10/15/2035<sup>A</sup> | 5970000 | 6000214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, Due 5/8/2048<sup>B</sup> | 17579000 | 15625604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, Due 11/26/2049<sup>B</sup> | 17293000 | 14967727 |
| Republic of Angola Via Avenir Issuer II Ireland DAC, 6.927%, Due 2/19/2027<sup>B</sup> | 739286 | 724500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 57055149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Angola (Cost $62,347,291) |  | 65889404 |
| Argentina - 4.3% |  |  |
| Foreign Corporate Obligations - 0.4% |  |  |
| Telecom Argentina SA, 8.500%, Due 1/20/2036<sup>A</sup> | 5886400 | 5940849 |
| Foreign Sovereign Obligations - 3.9% |  |  |
| Argentina Republic Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, Due 7/9/2029 | 159244 | 140135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, Due 7/9/2030<sup>C</sup> | 25190352 | 21311038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 7/9/2035<sup>C</sup> | 37024184 | 28638206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/9/2041<sup>C</sup> | 2750000 | 1988250 |
| Argentina Treasury Bonds BONTE, 29.500%, Due 5/30/2030 | 9280000000 | 7175141 |
| Bono Del Tesoro Nacional Capitalizable en Pesos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, Due 2/13/2026 | 4500000000 | 4365705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, Due 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000000 | 646844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, Due 1/15/2027 | 2480000000 | 2040083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 66305402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Argentina (Cost $65,752,685) |  | 72246251 |
| Armenia - 0.7% |  |  |
| Foreign Sovereign Obligations - 0.7% |  |  |
| Republic of Armenia Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 4/29/2026 | 385000000 | 1015580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 4/29/2026 | 325000000 | 861220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.400%, Due 4/29/2028 | 1200000000 | 3221466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 4/29/2028 | 2240000000 | 6114886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 11213152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Armenia (Cost $10,530,675) |  | 11213152 |
| Azerbaijan - 0.2% (Cost $2,924,096) |  |  |
| Credit-Linked Notes - 0.2% |  |  |
| Azerbaijan Treasury Bonds (Issuer ICBC Standard Bank PLC), 7.500%, Due 5/11/2028<sup>A</sup> | 5000000 | 2853226 |
| Barbados - 0.3% (Cost $4,466,142) |  |  |
| Foreign Sovereign Obligations - 0.3% |  |  |
| Barbados Government International Bonds, 8.000%, Due 6/26/2035<sup>A</sup> | $4459000 | 4778487 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Benin - 1.5% |  |  |
| Foreign Sovereign Obligations - 1.5% |  |  |
| Benin Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.960%, Due 2/13/2038<sup>A</sup> | $1532000 | $1600022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.960%, Due 2/13/2038<sup>B</sup> | 12628000 | 13188690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 1/23/2041<sup>A</sup> | 2480000 | 2628905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 1/23/2041<sup>B</sup> | 4158000 | 4407656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 1/19/2052<sup>A</sup> | 2408000 | 2624863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 24450136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Benin (Cost $23,197,510) |  | 24450136 |
| Cameroon - 1.3% |  |  |
| Foreign Sovereign Obligations - 1.3% |  |  |
| Republic of Cameroon International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 7/31/2031<sup>B</sup> | $11774000 | 11784489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, Due 1/30/2033<sup>B</sup> | 10928000 | 10586941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 22371430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Cameroon (Cost $21,567,297) |  | 22371430 |
| Canada - 0.2% (Cost $3,116,332) |  |  |
| Foreign Corporate Obligations - 0.2% |  |  |
| Sagicor Financial Co. Ltd., 5.300%, Due 5/13/2028<sup>A</sup> | 3124000 | 3110567 |
| Congo - 1.4% |  |  |
| Credit-Linked Notes - 0.1% |  |  |
| Democratic Republic of Congo (Issuer Tugela BV), 10.640%, Due 12/14/2027, (6 mo. USD Term SOFR + 7.000%)<sup>A</sup> <sup>D</sup> | 1733333 | 1747631 |
| Foreign Sovereign Obligations - 1.3% |  |  |
| Congolese International Bonds, 9.875%, Due 11/7/2032<sup>B</sup> | 24140000 | 22404849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Congo (Cost $23,440,828) |  | 24152480 |
| Dominican Republic - 1.2% |  |  |
| Foreign Sovereign Obligations - 1.2% |  |  |
| Dominican Republic International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 6/5/2026<sup>B</sup> | 8850000 | 141529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 2/12/2027<sup>B</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000000 | 3461784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.750%, Due 9/23/2029<sup>A</sup> | 249000000 | 4383790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.625%, Due 2/3/2033<sup>A</sup> | 54750000 | 1065509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 9/15/2035<sup>B</sup> | 29900000 | 534626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 9/15/2035<sup>A</sup> | 172000000 | 3075442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, Due 6/1/2036<sup>A</sup> | 123000000 | 2146375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, Due 6/1/2036<sup>B</sup> | 287850000 | 5023040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 3/15/2037<sup>A</sup> | 19150000 | 330357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 20162452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Dominican Republic (Cost $20,529,010) |  | 20162452 |
| Ecuador - 3.1% |  |  |
| Foreign Sovereign Obligations - 3.1% |  |  |
| Ecuador Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 1/29/2034<sup>A</sup> | $19318000 | 19511180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, Due 7/31/2035<sup>A</sup> | 2151085 | 1959638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, Due 7/31/2035<sup>B</sup> | 5019045 | 4572350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 1/29/2039<sup>A</sup> | 4906000 | 5016385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/31/2040<sup>A</sup> <sup>C</sup> | 1625550 | 1341079 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Ecuador - 3.1% (continued) |  |  |
| Foreign Sovereign Obligations - 3.1% (continued) |  |  |
| Ecuador Government International Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/31/2040<sup>B</sup> <sup>C</sup> | $24387900 | $20120018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 52520650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Ecuador (Cost $47,261,970) |  | 52520650 |
| Egypt - 4.0% |  |  |
| Foreign Sovereign Obligations - 4.0% |  |  |
| Egypt Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.483%, Due 4/6/2026 | 6500000 | 136363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25.318%, Due 8/13/2027 | 171950000 | 3732305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.458%, Due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182654000 | 3948393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.700%, Due 11/7/2027 | 10000000 | 192538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.144%, Due 12/3/2027 | 468321000 | 10175183 |
| Egypt Government International Bonds, 8.875%, Due 5/29/2050<sup>B</sup> | $15867000 | 15668563 |
| Egypt Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 27.901%, Due 2/3/2026<sup>E</sup> <sup>F</sup> | 114125000 | 2430119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27.551%, Due 4/28/2026<sup>E</sup> <sup>F</sup> | 191875000 | 3867527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.741%, Due 5/19/2026<sup>E</sup> <sup>F</sup> | 125050000 | 2487818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26.401%, Due 5/26/2026<sup>E</sup> <sup>F</sup> | 207000000 | 4099523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26.250%, Due 6/23/2026<sup>E</sup> <sup>F</sup> | 157000000 | 3053851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25.450%, Due 7/14/2026<sup>E</sup> <sup>F</sup> | 146175000 | 2803825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.241%, Due 7/28/2026<sup>E</sup> <sup>F</sup> | 206675000 | 3931759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.600%, Due 10/13/2026<sup>E</sup> <sup>F</sup> | 212675000 | 3878102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25.392%, Due 12/22/2026<sup>E</sup> <sup>F</sup> | 429650000 | 7550770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 67956639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Egypt (Cost $64,086,549) |  | 67956639 |
| El Salvador - 2.4% |  |  |
| Foreign Sovereign Obligations - 2.4% |  |  |
| El Salvador Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 4/10/2032<sup>B</sup> | $2079000 | 2234343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 1/20/2050<sup>B</sup> | 13067000 | 11988973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 7/15/2052<sup>B</sup> | 10591000 | 12023856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 7/15/2052<sup>A</sup> | 1288000 | 1462254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.650%, Due 11/21/2054<sup>A</sup> | 11907000 | 13603747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 41313173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total El Salvador (Cost $38,518,712) |  | 41313173 |
| Georgia - 0.8% |  |  |
| Foreign Corporate Obligations - 0.4% |  |  |
| Bank of Georgia JSC, 11.500%, Due 11/17/2028<sup>A</sup> | 17300000 | 6532133 |
| Foreign Sovereign Obligations - 0.4% |  |  |
| Georgia Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, Due 1/18/2028 | 5000000 | 1893607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 8/28/2029 | 3500000 | 1281753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 7/13/2034 | 8200000 | 2763162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 9/16/2036 | 5000000 | 1733241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 7671763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Georgia (Cost $14,080,002) |  | 14203896 |
| Ghana - 4.2% |  |  |
| Foreign Corporate Obligations - 0.1% |  |  |
| Kosmos Energy Ltd., 7.500%, Due 3/1/2028<sup>A</sup> | $3244000 | 2451604 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Ghana - 4.2% (continued) |  |  |
| Foreign Sovereign Obligations - 4.1% |  |  |
| Ghana Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 7/3/2026<sup>A</sup> <sup>E</sup> | $190352 | $185763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/3/2029<sup>A</sup> <sup>C</sup> | 7928592 | 7754966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 1/3/2030<sup>A</sup> <sup>E</sup> | 853641 | 746318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/3/2035<sup>A</sup> <sup>C</sup> | 32076292 | 29246067 |
| Republic of Ghana Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.000%, Due 11/2/2026 | 47576000 | 4146909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.250%, Due 1/18/2027 | 19750000 | 1708720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 2/15/2028, Cash (5.000%) or PIK (in-kind rate 3.500%) | 28000000 | 2314059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 8/15/2028 | 4000000 | 332138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.650%, Due 2/13/2029, Cash (5.000%) or PIK (in-kind rate 3.650%) | 11500000 | 896865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.800%, Due 2/12/2030, Cash (5.000%) or PIK (in-kind rate 3.800%) | 28000000 | 2086264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.950%, Due 2/11/2031, Cash (5.000%) or PIK (in-kind rate 3.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143300000 | 10224150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.100%, Due 2/10/2032, Cash (5.000%) or PIK (in-kind rate 4.100%) | 53200000 | 3657931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 2/8/2033, Cash (5.000%) or PIK (in-kind rate 4.250%) | 47800000 | 3187585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.400%, Due 2/7/2034, Cash (5.000%) or PIK (in-kind rate 4.400%) | 11100000 | 722016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.700%, Due 2/5/2036, Cash (5.000%) or PIK (in-kind rate 4.700%) | 29700000 | 1876170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 69085921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Ghana (Cost $72,001,794) |  | 71537525 |
| Iraq - 0.4% (Cost $6,903,090) |  |  |
| Foreign Sovereign Obligations - 0.4% |  |  |
| Iraq International Bonds, 5.800%, Due 1/15/2028<sup>B</sup> | $7105250 | 7070946 |
| Ivory Coast - 3.4% |  |  |
| Credit-Linked Notes - 0.1% |  |  |
| Republic of Cote d'Ivoire (Issuer Zambezi BV), 6.000%, Due 8/2/2026<sup>A</sup> | 666666666 | 1204462 |
| Foreign Sovereign Obligations - 3.3% |  |  |
| Ivory Coast Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 1/30/2032<sup>B</sup> | 4591000 | 5350122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.075%, Due 4/1/2036<sup>B</sup> | $1943000 | 2075482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 1/30/2037<sup>B</sup> | 10507000 | 11336456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 1/30/2037<sup>A</sup> | 670000 | 722892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 10/17/2040<sup>B</sup> | 7960000 | 9407649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 3/22/2048<sup>B</sup> | 17601000 | 19299401 |
| Republic of Cote d'Ivoire, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 4/1/2028<sup>B</sup> | 2074000000 | 3755739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 4/1/2028<sup>A</sup> | 2500000000 | 4527169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 56474910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Ivory Coast (Cost $51,590,864) |  | 57679372 |
| Jamaica - 0.5% |  |  |
| Foreign Corporate Obligations - 0.3% |  |  |
| Digicel International Finance Ltd./Difl U.S. LLC, 8.625%, Due 8/1/2032<sup>A</sup> | $4316000 | 4487457 |
| Foreign Sovereign Obligations - 0.2% |  |  |
| Jamaica Government International Bonds, 9.625%, Due 11/3/2030 | 500000000 | 3353175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Jamaica (Cost $7,610,988) |  | 7840632 |
| Kazakhstan - 3.3% |  |  |
| Foreign Sovereign Obligations - 3.3% |  |  |
| Kazakhstan Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 8/4/2026 | 930000000 | 1779032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 8/18/2026 | 1100000000 | 2047835 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Kazakhstan - 3.3% (continued) |  |  |
| Foreign Sovereign Obligations - 3.3% (continued) |  |  |
| Kazakhstan Government Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.900%, Due 9/16/2026 | 1830000000 | $3540943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 3/6/2027 | 1160000000 | 2112962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.400%, Due 5/19/2027 | 2946786000 | 5376821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 7/3/2027 | 2574580000 | 4585141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490%, Due 9/18/2027 | 924000000 | 1539911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, Due 10/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000000 | 1400572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.350%, Due 11/18/2027 | 2260444000 | 4335799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.400%, Due 4/12/2028 | 970000000 | 1692421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/18/2028 | 4841728000 | 7559131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.470%, Due 10/27/2028 | 1800000000 | 3073328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.300%, Due 3/3/2029 | 1176866000 | 2238979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.550%, Due 7/28/2029 | 2300000000 | 3830868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.010%, Due 8/7/2029 | 1200000000 | 2385477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.680%, Due 8/13/2029 | 2697248000 | 4104554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 3/7/2030 | 165000000 | 283025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.000%, Due 5/12/2031 | 384441000 | 695544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.600%, Due 3/6/2032 | 281000000 | 520154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 4/24/2032 | 800000000 | 942565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.450%, Due 6/5/2033 | 360000000 | 656751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.120%, Due 2/17/2034 | 400000000 | 580509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 55282322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Kazakhstan (Cost $57,926,726) |  | 55282322 |
| Kenya - 3.3% |  |  |
| Foreign Sovereign Obligations - 3.3% |  |  |
| Republic of Kenya Government International Bonds, 9.500%, Due 3/5/2036<sup>A</sup> | $10301000 | 11021431 |
| Republic of Kenya Infrastructure Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.200%, Due 5/25/2026 | 15500000 | 119939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 10/12/2026 | 43467948 | 339480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.850%, Due 4/2/2029 | 12250000 | 91345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.461%, Due 8/9/2032 | 2602800000 | 24624194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 1/10/2033 | 869000000 | 6789638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, Due 10/8/2035 | 112000000 | 857927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.938%, Due 10/27/2036 | 250000000 | 2072801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.257%, Due 1/5/2037 | 152000000 | 1192469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.399%, Due 2/20/2040 | 300000000 | 2510689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.965%, Due 1/28/2041 | 828000000 | 6470060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 56089973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Kenya (Cost $52,610,983) |  | 56089973 |
| Kyrgyzstan - 2.3% |  |  |
| Credit-Linked Notes - 1.0% |  |  |
| Republic of Kyrgyzstan (Issuer Aurora Australis BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 3/8/2032<sup>A</sup> | 190000000 | 1608862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 3/19/2032<sup>A</sup> | 55000000 | 464969 |
| Republic of Kyrgyzstan (Issuer Rufiji BV), 6.000%, Due 10/24/2030<sup>A</sup> | 200000000 | 1730132 |
| Republic of Kyrgyzstan (Issuer Tugela BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.250%, Due 9/13/2027<sup>A</sup> | 220000000 | 2577107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 2/7/2028<sup>A</sup> | 95000000 | 1093396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/13/2029<sup>A</sup> | 305000000 | 2895146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 9/20/2032<sup>A</sup> | 600000000 | 4977015 |
| Republic of Kyrgyzstan (Issuer Zambezi BV), 10.000%, Due 4/13/2028<sup>A</sup> | 180000000 | 1984837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit-Linked Notes |  | 17331464 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Kyrgyzstan - 2.3% (continued) |  |  |
| Foreign Sovereign Obligations - 1.3% |  |  |
| Kyrgyz Republic International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, Due 6/3/2030<sup>A</sup> | $18152000 | $18851183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, Due 6/3/2030<sup>B</sup> | 2700000 | 2803999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 21655182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Kyrgyzstan (Cost $38,800,107) |  | 38986646 |
| Lao People's Democratic Republic - 0.8% |  |  |
| Foreign Sovereign Obligations - 0.8% |  |  |
| Laos Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 11/12/2030<sup>A</sup> | 12558000 | 13185900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 11/12/2030<sup>B</sup> | 945000 | 992250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 14178150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Lao People's Democratic Republic (Cost $13,536,554) |  | 14178150 |
| Lebanon - 1.2% |  |  |
| Foreign Sovereign Obligations - 1.2% |  |  |
| Lebanon Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 3/20/2028<sup>B</sup> <sup>E</sup> <sup>G</sup> | 12312000 | 3605877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 5/17/2033<sup>B</sup> <sup>E</sup> <sup>G</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32650000 | 9626226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 5/17/2034<sup>B</sup> <sup>E</sup> <sup>G</sup> | 19037000 | 5552712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 3/23/2037<sup>B</sup> <sup>E</sup> <sup>G</sup> | 4207000 | 1240619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 20025434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Lebanon (Cost $14,434,843) |  | 20025434 |
| Malawi - 0.5% |  |  |
| Credit-Linked Notes - 0.5% |  |  |
| CDH Investment Bank (Issuer Tugela BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 1/4/2027<sup>A</sup> | 1500000 | 1551126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 4/30/2027<sup>A</sup> <sup>E</sup> | 200000 | 171360 |
| Republic of Malawi (Issuer Tugela BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 8/15/2026<sup>A</sup> | 2700000 | 1333986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 8/19/2026<sup>A</sup> | 1000000 | 788916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 9/17/2026<sup>A</sup> | 1989120 | 2144714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 12/18/2026<sup>A</sup> | 1000000 | 921150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 6/2/2027<sup>A</sup> | 800000 | 367182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 6/18/2027<sup>A</sup> | 700000 | 253892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/20/2027<sup>A</sup> | 500000 | 259953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 9/3/2027<sup>A</sup> | 650000 | 272547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit-Linked Notes |  | 8064826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Malawi (Cost $10,900,646) |  | 8064826 |
| Mauritius - 0.1% (Cost $2,410,714) |  |  |
| Foreign Corporate Obligations - 0.1% |  |  |
| Axian Telecom Holding & Management PLC, 7.250%, Due 7/11/2030<sup>A</sup> | 2422000 | 2456884 |
| Mongolia - 1.3% |  |  |
| Credit-Linked Notes - 1.0% |  |  |
| Development Bank of Mongolia (Issuer Rufiji BV), Due 10/24/2031<sup>A</sup> <sup>E</sup> <sup>H</sup> | 18900000000 | 5402580 |
| Development Bank of Mongolia (Issuer Zambezi BV), 14.000%, Due 5/12/2027<sup>A</sup> | 27500000000 | 8015603 |
| Republic of Mongolia (Issuer Aurora Australis BV), 12.000%, Due 11/25/2031<sup>A</sup> <sup>H</sup> | 8000000000 | 2235891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit-Linked Notes |  | 15654074 |
| Foreign Corporate Obligations - 0.3% |  |  |
| Tsetsens Mining & Energy LLC, 11.375%, Due 2/5/2031<sup>B</sup> | $5900000 | 5872506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mongolia (Cost $21,827,630) |  | 21526580 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Mozambique - 2.2% |  |  |
| Credit-Linked Notes - 0.9% |  |  |
| Republic of Mozambique (Issuer ICBC Standard Bank PLC), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.000%, Due 5/11/2025<sup>I</sup> <sup>J</sup> | 100000000 | $1564945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.500%, Due 11/13/2025<sup>I</sup> <sup>J</sup> | 40000000 | 625978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.500%, Due 2/11/2027<sup>H</sup> <sup>I</sup> <sup>J</sup> | 46752000 | 761097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.000%, Due 5/12/2028<sup>A</sup> <sup>I</sup> <sup>J</sup> | 51000000 | 671147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.000%, Due 1/15/2029<sup>A</sup> <sup>I</sup> <sup>J</sup> | 130000000 | 2085043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.000%, Due 5/24/2029<sup>B</sup> <sup>I</sup> <sup>J</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188500000 | 2866959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 3/14/2030<sup>B</sup> <sup>I</sup> <sup>J</sup> | 199521000 | 3241048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.050%, Due 9/12/2030<sup>B</sup> <sup>I</sup> <sup>J</sup> | 215000000 | 3382194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit-Linked Notes |  | 15198411 |
| Foreign Sovereign Obligations - 1.3% |  |  |
| Mozambique International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 9/15/2031<sup>B</sup> | $22113000 | 19217322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 9/15/2031<sup>A</sup> | 2353000 | 2044877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 21262199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mozambique (Cost $36,485,198) |  | 36460610 |
| Netherlands - 0.4% |  |  |
| Foreign Sovereign Obligations - 0.4% |  |  |
| Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 8/21/2026<sup>B</sup> | 600000 | 730467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 12/15/2026<sup>B</sup> | 2600000 | 2929066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 1/21/2027<sup>B</sup> | 1600000 | 1698653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.350%, Due 10/20/2027<sup>B</sup> | 6000000000 | 1659860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 7018046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Netherlands (Cost $6,469,588) |  | 7018046 |
| Nigeria - 4.6% |  |  |
| Credit-Linked Notes - 0.5% |  |  |
| Federal Republic of Nigeria (Issuer ICBC Standard Bank PLC), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 2/5/2026<sup>B</sup> <sup>E</sup> | 9471580000 | 6760732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 4/9/2026<sup>B</sup> <sup>E</sup> | 1308000000 | 899707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 7/9/2026<sup>A</sup> <sup>E</sup> | 1364000000 | 895054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit-Linked Notes |  | 8555493 |
| Foreign Corporate Obligations - 0.2% |  |  |
| Access Bank PLC, 6.125%, Due 9/21/2026<sup>A</sup> | $1207000 | 1199050 |
| United Bank for Africa PLC, 6.750%, Due 11/19/2026<sup>A</sup> | 1984000 | 1984000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Corporate Obligations |  | 3183050 |
| Foreign Sovereign Obligations - 3.9% |  |  |
| Nigeria Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.288%, Due 3/17/2027 | 290000000 | 202254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.945%, Due 8/27/2030 | 5308000000 | 3904808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 2/21/2031 | 10050000000 | 7521402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.950%, Due 6/25/2032 | 18871253000 | 13832773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.890%, Due 5/15/2033 | 6006747000 | 4745348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.600%, Due 1/29/2035 | 1350000000 | 1214637 |
| Nigeria Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 3/24/2029<sup>B</sup> | $3454000 | 3671201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 9/28/2051<sup>B</sup> | 3609000 | 3540740 |
| Nigeria OMO Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.349%, Due 2/3/2026<sup>E</sup> <sup>F</sup> | 1883827000 | 1357386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20.096%, Due 3/10/2026<sup>E</sup> <sup>F</sup> | 2500000000 | 1762089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27.073%, Due 4/7/2026<sup>E</sup> <sup>F</sup> | 10923000000 | 7580256 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Nigeria - 4.6% (continued) |  |  |
| Foreign Sovereign Obligations - 3.9% (continued) |  |  |
| Nigeria OMO Bills, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.447%, Due 5/12/2026<sup>E</sup> <sup>F</sup> | 16063282000 | $10936973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.229%, Due 6/2/2026<sup>E</sup> <sup>F</sup> | 2000000000 | 1345374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.741%, Due 7/7/2026<sup>E</sup> <sup>F</sup> | 7500000000 | 4953209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 66568450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Nigeria (Cost $75,007,389) |  | 78306993 |
| Pakistan - 3.2% |  |  |
| Foreign Corporate Obligations - 0.1% |  |  |
| Veon Midco BV, 9.000%, Due 7/15/2029<sup>A</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532000 | 1604609 |
| Foreign Sovereign Obligations - 3.1% |  |  |
| Pakistan Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 12/5/2027<sup>B</sup> | 7203000 | 7310492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 4/8/2031<sup>B</sup> | 5380000 | 5419424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, Due 4/8/2051<sup>B</sup> | 6462000 | 6494562 |
| Pakistan Investment Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 1/16/2028 | 1000000000 | 3671357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.000%, Due 9/20/2029 | 2228500000 | 8767134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 7/17/2030 | 1906000000 | 6882684 |
| Pakistan Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.098%, Due 10/15/2026<sup>E</sup> <sup>F</sup> | 2000000000 | 6657306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.190%, Due 12/10/2026<sup>E</sup> <sup>F</sup> | 2200000000 | 7214919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 52417878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Pakistan (Cost $52,140,237) |  | 54022487 |
| Papua New Guinea - 0.5% (Cost $8,319,472) |  |  |
| Foreign Sovereign Obligations - 0.5% |  |  |
| Papua New Guinea Government International Bonds, 8.375%, Due 10/4/2028<sup>B</sup> | $8326000 | 8682675 |
| Paraguay - 1.3% |  |  |
| Credit-Linked Notes - 0.4% |  |  |
| Municipalidad de Asuncion (Issuer Tugela BV), 12.000%, Due 11/22/2032<sup>A</sup> | 16600000000 | 2778581 |
| Republic of Paraguay (Issuer Tugela BV), 9.850%, Due 2/14/2031<sup>A</sup> | 13700000000 | 2118861 |
| Republic of Paraguay (Issuer Zambezi BV), 11.500%, Due 6/22/2035<sup>A</sup> | 13500000000 | 2185788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit-Linked Notes |  | 7083230 |
| Foreign Sovereign Obligations - 0.9% |  |  |
| Paraguay Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.900%, Due 2/9/2031<sup>B</sup> | 26400000000 | 3851195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.900%, Due 2/9/2031<sup>A</sup> | 23803000000 | 3472348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 3/4/2035<sup>B</sup> | 14700000000 | 2161060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 3/4/2035<sup>A</sup> | 40588000000 | 5966877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 15451480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Paraguay (Cost $20,719,717) |  | 22534710 |
| Rwanda - 0.2% (Cost $2,521,760) |  |  |
| Foreign Sovereign Obligations - 0.2% |  |  |
| Rwanda International Government Bonds, 5.500%, Due 8/9/2031<sup>B</sup> | $2790000 | 2594760 |
| Senegal - 1.1% |  |  |
| Foreign Sovereign Obligations - 1.1% |  |  |
| Senegal Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, Due 6/10/2031<sup>B</sup> | 4300000 | 2591193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, Due 5/23/2033<sup>B</sup> | 3050000 | 1756257 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Senegal - 1.1% (continued) |  |  |
| Foreign Sovereign Obligations - 1.1% (continued) |  |  |
| Senegal Government International Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, Due 6/8/2037<sup>B</sup> | 12600000 | $8200032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 3/13/2048<sup>B</sup> | $10650000 | 5720560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 18268042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Senegal (Cost $21,972,104) |  | 18268042 |
| South Africa - 0.0% (Cost $547,000) |  |  |
| Foreign Corporate Obligations - 0.0% |  |  |
| Liquid Telecommunications Financing PLC, 5.500%, Due 9/4/2026<sup>A</sup> | 547000 | 523238 |
| Sri Lanka - 2.0% |  |  |
| Foreign Sovereign Obligations - 2.0% |  |  |
| Sri Lanka Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, Due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 | 1001037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 5/1/2028 | 661000000 | 2131901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 5/15/2030 | 1195000000 | 4035864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, Due 12/15/2032 | 1928000000 | 6572904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 11/1/2033 | 1501000000 | 4430171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.700%, Due 6/15/2035 | 612000000 | 1949033 |
| Sri Lanka Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 4/15/2028<sup>A</sup> | $873485 | 850860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, Due 1/15/2030<sup>A</sup> <sup>C</sup> | 917288 | 904052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, Due 1/15/2030<sup>B</sup> <sup>C</sup> | 6100000 | 6011979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, Due 3/15/2033<sup>B</sup> <sup>C</sup> | 3400000 | 3117800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 6/15/2035<sup>B</sup> <sup>C</sup> | 3500000 | 2870000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 33875601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sri Lanka (Cost $32,953,058) |  | 33875601 |
| Supranational - 2.8% |  |  |
| Foreign Sovereign Obligations - 2.8% |  |  |
| Asian Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.400%, Due 4/15/2028 | 4000000 | 1490687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.300%, Due 9/4/2028 | 19000000000 | 5330576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 12/16/2028 | 22723400000 | 1823969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 4/12/2030 | 7000000000 | 1939895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 12/24/2030 | 12275790000 | 3416618 |
| European Bank for Reconstruction & Development, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 20.000%, Due 8/20/2026 | $4300000 | 4314190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, Due 9/25/2026<sup>B</sup> | 700000 | 704758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 1/20/2027 | 1800000 | 1791000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.850%, Due 2/18/2027<sup>B</sup> | 1000000 | 1248701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 9/10/2027<sup>B</sup> | 1500000 | 1501704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.150%, Due 12/16/2027 | 3300000 | 3258539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.200%, Due 6/22/2028<sup>B</sup> | 1700000 | 1578979 |
| International Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 7/30/2026<sup>B</sup> | 4100000 | 2392844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/15/2027 | 1342320 | 784404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 2/5/2027 | 3100000000 | 263843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.800%, Due 9/8/2027<sup>B</sup> | 7500000 | 4433599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.200%, Due 11/29/2027 | 4300000000 | 1153223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.950%, Due 12/15/2027<sup>B</sup> | 7000000000 | 1948252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.850%, Due 6/19/2028<sup>B</sup> | 190000000 | 3027486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.500%, Due 7/19/2028 | 18000000000 | 1598123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.900%, Due 10/20/2028 | 120000000 | 1938613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, Due 12/15/2028 | 1542000 | 873854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 46813857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Supranational (Cost $46,779,073) |  | 46813857 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Suriname - 2.2% |  |  |
| Foreign Sovereign Obligations - 2.2% |  |  |
| Suriname Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700%, Due 11/6/2030<sup>A</sup> | $6761000 | $6997635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 11/6/2035<sup>B</sup> | 700000 | 752472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 11/6/2035<sup>A</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27115000 | 29147540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 36897647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Suriname (Cost $35,083,914) |  | 36897647 |
| Tajikistan - 0.2% (Cost $2,937,455) |  |  |
| Foreign Sovereign Obligations - 0.2% |  |  |
| Republic of Tajikistan International Bonds, 7.125%, Due 9/14/2027<sup>B</sup> | 3004667 | 3023766 |
| Togo - 0.1% |  |  |
| Foreign Corporate Obligations - 0.1% |  |  |
| Ecobank Transnational, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.125%, Due 10/15/2029<sup>A</sup> | 1457000 | 1561241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 6/17/2031, (5 yr. CMT + 8.211%)<sup>A</sup> <sup>D</sup> | 847000 | 847847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Corporate Obligations |  | 2409088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Togo (Cost $2,354,161) |  | 2409088 |
| Trinidad and Tobago - 0.4% |  |  |
| Foreign Corporate Obligations - 0.4% |  |  |
| Heritage Petroleum Co. Ltd., 9.000%, Due 8/12/2029<sup>A</sup> | 2624000 | 2693143 |
| Port of Spain Waterfront Development, 7.875%, Due 2/19/2040<sup>B</sup> | 4009733 | 4039806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Corporate Obligations |  | 6732949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Trinidad and Tobago (Cost $6,695,423) |  | 6732949 |
| Tunisia - 0.7% |  |  |
| Foreign Sovereign Obligations - 0.7% |  |  |
| Tunisian Republic, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 7/15/2026<sup>A</sup> | 100000 | 117586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 7/15/2026<sup>B</sup> | 9597000 | 11284768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 11402354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Tunisia (Cost $10,256,956) |  | 11402354 |
| Uganda - 3.4% |  |  |
| Foreign Sovereign Obligations - 3.4% |  |  |
| Republic of Uganda Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.000%, Due 5/6/2027 | 2500000000 | 715234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 8/23/2029 | 8000000000 | 2196784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.000%, Due 11/14/2030 | 6940000000 | 1999152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.000%, Due 4/3/2031 | 3460000000 | 1028111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.375%, Due 3/4/2032 | 3836900000 | 1118730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 5/20/2032 | 2600000000 | 716818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.375%, Due 2/3/2033 | 13778000000 | 3680640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 6/22/2034 | 51741800000 | 13583164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 11/8/2035 | 37308300000 | 10733398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.800%, Due 6/23/2039 | 44439600000 | 12282585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 6/18/2043 | 34068600000 | 8859315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 56913931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Uganda (Cost $54,749,693) |  | 56913931 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Ukraine - 1.1% |  |  |
| Foreign Corporate Obligations - 0.1% |  |  |
| MHP Lux SA, 10.500%, Due 7/28/2029<sup>A</sup> | $1771000 | $1822398 |
| Foreign Sovereign Obligations - 1.0% |  |  |
| Ukraine Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 2/1/2030<sup>B</sup> <sup>C</sup> <sup>E</sup> | 205404 | 130305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2034<sup>B</sup> <sup>C</sup> | 767563 | 374674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/1/2034<sup>B</sup> <sup>C</sup> | 757900 | 477286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2035<sup>B</sup> <sup>C</sup> | 6014145 | 3399507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/1/2035<sup>B</sup> <sup>C</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19396866 | 11999334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2036<sup>B</sup> <sup>C</sup> | 540538 | 304295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/1/2036<sup>B</sup> <sup>C</sup> | 1313747 | 799065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 17484466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Ukraine (Cost $18,296,583) |  | 19306864 |
| United Republic of Tanzania - 0.05% |  |  |
| Foreign Corporate Obligations - 0.1% |  |  |
| HTA Group Ltd., 7.500%, Due 6/4/2029<sup>A</sup> | 1727000 | 1781652 |
| Credit-Linked Notes - 0.4% |  |  |
| Government of the United Republic of Tanzania (Issuer Plover SARL), 9.127%, Due 1/20/2032, (3 mo. USD Term SOFR + 5.200%)<sup>A D</sup> | 6500000 | 6709300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United Republic of Tanzania (Cost $8,254,539) |  | 8490952 |
| United States - 4.8% |  |  |
| Corporate Obligations - 4.8% |  |  |
| Citigroup Global Markets Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 2/10/2026<sup>A</sup> <sup>E</sup> | 8900000000 | 6399907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 2/12/2026<sup>A</sup> <sup>E</sup> | 2852460000 | 2042704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 4/8/2026<sup>A</sup> | 76000000 | 623268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 6/1/2026<sup>A</sup> <sup>E</sup> | 6171000000 | 4180650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.300%, Due 6/9/2026<sup>A</sup> | 446700000 | 3678543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 7/9/2026<sup>A</sup> <sup>E</sup> | 7905204559 | 5248307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 10/27/2026<sup>A</sup>  | 77000000 | 1225116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 10/29/2026<sup>A</sup> <sup>E</sup> | 64000000 | 1153705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 12/10/2026<sup>A</sup> <sup>E</sup> | 153000000 | 2718692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 9/25/2027<sup>A</sup>  | 200000000 | 3163251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.350%, Due 7/31/2028<sup>A</sup> | 6500000 | 2454970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.448%, Due 11/7/2028<sup>A</sup> | 142189406 | 3174293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.400%, Due 5/17/2029<sup>A</sup> | 137313000 | 1190417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.000%, Due 6/11/2029<sup>A</sup> | 50900000 | 3030484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20.740%, Due 11/27/2029 | 65000000 | 3811924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.743%, Due 10/16/2030<sup>A</sup> | 141376011 | 3197049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 2/25/2031<sup>A</sup> | 5219438057 | 3980736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/23/2033<sup>A</sup> | 53000000 | 2319743 |
| JPMorgan Chase Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 8/27/2026<sup>A</sup> <sup>E</sup> | 295000000 | 5483870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 10/23/2026<sup>A</sup> | 13500000000 | 1141860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.350%, Due 7/23/2027<sup>A</sup> | 7600000000 | 706300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.300%, Due 8/18/2027<sup>A</sup> | 106000000 | 2298504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25.318%, Due 8/18/2027<sup>A</sup> | 131125000 | 2843314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.576%, Due 1/11/2028<sup>A</sup> | 80500000 | 1742731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.576%, Due 1/11/2028, Series EMNT<sup>A</sup> | 80000000 | 1731907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.954%, Due 3/7/2028<sup>A</sup> | 80000000 | 1716991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 3/17/2028<sup>A</sup> | 2900000 | 1715553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.492%, Due 12/6/2028<sup>A</sup> | 178650000 | 3809817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.182%, Due 1/9/2029, Series EMNT<sup>A</sup> | 90000000 | 1908180 |
| Morgan Stanley Finance LLC, 12.150%, Due 12/15/2026<sup>A</sup> | 6500000000 | 2501205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations |  | 81193991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total United States (Cost $76,134,821) |  | 81193991 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Uruguay - 1.6% |  |  |
| Foreign Sovereign Obligations - 1.6% |  |  |
| Uruguay Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 3/15/2028<sup>B</sup> | 215000000 | $5707827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 7/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136700000 | 3991238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 10/29/2035 | 95000000 | 2558964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 7/2/2040<sup>K</sup> | 396251344 | 10960622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, Due 5/16/2045<sup>K</sup> | 124599167 | 3277573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 26496224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Uruguay (Cost $23,779,065) |  | 26496224 |
| Uzbekistan - 2.3% |  |  |
| Credit-Linked Notes - 0.3% |  |  |
| Republic of Uzbekistan (Issuer ICBC Standard Bank PLC), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 10/3/2028<sup>A</sup> | 38000000000 | 3436462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.000%, Due 1/23/2029<sup>A</sup> | 13125000000 | 1121561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit-Linked Notes |  | 4558023 |
| Foreign Sovereign Obligations - 2.0% |  |  |
| Republic of Uzbekistan International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 10/12/2026<sup>A</sup> | 62860000000 | 5302795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 10/12/2026<sup>B</sup> | 136570000000 | 11520883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.625%, Due 5/29/2027<sup>A</sup> | 53850000000 | 4600200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.500%, Due 2/25/2028<sup>A</sup> | 111860000000 | 9586439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.500%, Due 2/25/2028<sup>B</sup> | 37000000000 | 3170912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 34181229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Uzbekistan (Cost $36,305,847) |  | 38739252 |
| Venezuela - 1.3% |  |  |
| Foreign Corporate Obligations - 0.6% |  |  |
| Petroleos de Venezuela SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 5/16/2024<sup>B</sup> <sup>E</sup> <sup>G</sup> | $1250000 | 378750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 11/15/2026<sup>B</sup> <sup>E</sup> <sup>G</sup> | 23362481 | 7008744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 4/12/2027<sup>B</sup> <sup>E</sup> <sup>G</sup> | 6413600 | 1859944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Corporate Obligations |  | 9247438 |
| Foreign Sovereign Obligations - 0.7% |  |  |
| Venezuela Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 4/21/2025<sup>B</sup> <sup>E</sup> <sup>G</sup> | 2256000 | 818026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 10/21/2026<sup>B</sup> <sup>E</sup> <sup>G</sup> | 9424100 | 4147546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 5/7/2028<sup>B</sup> <sup>E</sup> <sup>G</sup> | 9650000 | 3885090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due 8/5/2031<sup>B</sup> <sup>E</sup> <sup>G</sup> | 8054300 | 3524562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 12375224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Venezuela (Cost $21,598,844) |  | 21622662 |
| Zambia - 3.9% |  |  |
| Credit-Linked Notes - 0.6% |  |  |
| Republic of Zambia (Issuer ICBC Standard Bank PLC), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 1/29/2031<sup>B</sup> | 30600000 | 1434024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/23/2033<sup>A</sup> | 94500000 | 4150699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.190%, Due 1/29/2036<sup>A</sup> | 82340000 | 4337319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit-Linked Notes |  | 9922042 |
| Foreign Sovereign Obligations - 3.3% |  |  |
| Zambia Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 6/17/2026 | 12000000 | 608264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 8/18/2026 | 12000000 | 615892 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| Zambia - 3.9% (continued) |  |  |
| Foreign Sovereign Obligations - 3.3% (continued) |  |  |
| Zambia Government Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 8/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700000 | $1036195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/29/2026 | 64500000 | 3278943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 12/18/2027 | 24795000 | 1223001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 5/31/2028 | 42800000 | 2043063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.000%, Due 11/24/2028 | 8000000 | 409894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 12/17/2028 | 30000000 | 1432766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 7/27/2030 | 8000000 | 368579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.000%, Due 8/18/2030 | 20000000 | 1078401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 1/25/2031 | 84800000 | 3866206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.100%, Due 1/26/2031 | 165000000 | 8390551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.490%, Due 6/23/2032 | 37000000 | 1972314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.490%, Due 8/18/2032 | 24000000 | 1278546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 9/29/2032 | 51000000 | 2719316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 6/26/2033 | 9000000 | 383569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.490%, Due 2/17/2035 | 10000000 | 585559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.480%, Due 3/17/2035 | 26000000 | 1514337 |
| Zambia Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 6/30/2033<sup>B</sup> <sup>C</sup> | $11737662 | 11471158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, Due 12/31/2053<sup>B</sup> | 16124161 | 11588214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations |  | 55864768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Zambia (Cost $58,996,297) |  | 65786810 |
|  | Shares |  |
| SHORT-TERM INVESTMENTS - 11.7% (Cost $197,213,529) |  |  |
| Investment Companies - 11.7% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 3.58%<sup>L</sup> <sup>M</sup> | 197213529 | 197213529 |
|  TOTAL INVESTMENTS - 99.1% (Cost $1,608,945,761) |  | 1673292271 |
|  OTHER ASSETS, NET OF LIABILITIES - 0.9% |  | 15905582 |
|  TOTAL NET ASSETS - 100.0% |  | $1689197853 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> 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 $439,057,508 or 26.0% of net assets. The Fund has no right to demand registration of these securities.

<sup>B</sup> 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.

<sup>C</sup> 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 January 31, 2026. The maturity date disclosed represents the final maturity date.

<sup>D</sup> 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 January 31, 2026.

<sup>E</sup> Zero coupon bond.

<sup>F</sup> Coupon represents a weighted average yield to maturity.

<sup>G</sup> Default Security. At period end, the amount of securities in default was $41,648,096 or 2.5% of net assets.

<sup>H</sup> 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.

<sup>I</sup> 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 $15,198,411 or 0.9% of net assets.

<sup>J</sup> Value was determined using significant unobservable inputs.

<sup>K</sup> Inflation-Indexed Note.

<sup>L</sup> 7-day yield.

<sup>M</sup> The Fund is affiliated by having the same investment advisor.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LLC - Limited Liability Company.

OMO - Open Market Operation.

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 January 31, 2026: | Forward Foreign Currency Contracts Open on January 31, 2026: | Forward Foreign Currency Contracts Open on January 31, 2026: | Forward Foreign Currency Contracts Open on January 31, 2026: | Forward Foreign Currency Contracts Open on January 31, 2026: | Forward Foreign Currency Contracts Open on January 31, 2026: | Forward Foreign Currency Contracts Open on January 31, 2026: | Forward Foreign Currency Contracts Open on January 31, 2026: | Forward Foreign Currency Contracts Open on January 31, 2026: |
| Currency<br>Purchased\* | Currency<br>Purchased\* | Currency Sold\* | Currency Sold\* | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br> Appreciation<br>(Depreciation) |
| EUR | 6890430 | USD | 6897759 | 4/15/2026 | JPM | $– | $(7329) | $(7329) |
| USD | 29948055 | EUR | 30290151 | 4/15/2026 | JPM |  | (342096) | (342096) |
| USD | 2094445 | EUR | 2133729 | 2/4/2026 | SCB |  | (39284) | (39284) |
| USD | 39936800 | EUR | 40540849 | 2/4/2026 | SCB |  | (604049) | (604049) |
|  |  |  |  |  |  | $– | $(992758) | $(992758) |

---

*\** *All values denominated in USD.* 

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Counterparty Abbreviations: | Counterparty Abbreviations: |
| JPM | JPMorgan Chase Bank, N.A. |
| SCB | Standard Chartered Bank |
| Currency Abbreviations: | Currency Abbreviations: |
| AMD | Armenian Dram |
| ARS | Argentina Peso |
| AZN | Azerbaijan Manat |
| BDT | Bangladeshi Taka |
| 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 |
| TZS | Tanzanian shilling |
| UGX | Ugandan Shilling |
| USD | United States Dollar |
| UYU | Uruguan Peso |
| UZS | Uzbekistani Som |
| XOF | West African Communaute Financiere Africaine Franc |
| ZMW | Zambian Kwacha |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

The Fund's investments are summarized by level based on the inputs used to determine their values. As of January 31, 2026, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Developing World Income Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** |
|  Credit-Linked Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azerbaijan | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $2853226 | $- | $2853226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Congo |  | 1747631 |  | 1747631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast |  | 1204462 |  | 1204462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyrgyzstan |  | 17331464 |  | 17331464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malawi |  | 8064826 |  | 8064826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mongolia |  | 15654074 |  | 15654074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mozambique |  |  | 15198411 | 15198411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 8555493 |  | 8555493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paraguay |  | 7083230 |  | 7083230 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Republic of Tanzania |  | 6709300 |  | 6709300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 4558023 |  | 4558023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zambia |  | 9922042 |  | 9922042 |
|  Foreign Corporate Obligations | Foreign Corporate Obligations | Foreign Corporate Obligations | Foreign Corporate Obligations | Foreign Corporate Obligations |
| &nbsp;&nbsp;&nbsp;&nbsp; Angola |  | 8834255 |  | 8834255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentina |  | 5940849 |  | 5940849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada |  | 3110567 |  | 3110567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia |  | 6532133 |  | 6532133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ghana |  | 2451604 |  | 2451604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  | 4487457 |  | 4487457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauritius |  | 2456884 |  | 2456884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mongolia |  | 5872506 |  | 5872506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 3183050 |  | 3183050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pakistan |  | 1604609 |  | 1604609 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 523238 |  | 523238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Togo |  | 2409088 |  | 2409088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago |  | 6732949 |  | 6732949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ukraine |  | 1822398 |  | 1822398 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Republic of Tanzania |  | 1781652 |  | 1781652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venezuela |  | 9247438 |  | 9247438 |
|  Foreign Sovereign Obligations | Foreign Sovereign Obligations | Foreign Sovereign Obligations | Foreign Sovereign Obligations | Foreign Sovereign Obligations |
| &nbsp;&nbsp;&nbsp;&nbsp; Angola |  | 57055149 |  | 57055149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentina |  | 66305402 |  | 66305402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armenia |  | 11213152 |  | 11213152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barbados |  | 4778487 |  | 4778487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benin |  | 24450136 |  | 24450136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameroon |  | 22371430 |  | 22371430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Congo |  | 22404849 |  | 22404849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic |  | 20162452 |  | 20162452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecuador |  | 52520650 |  | 52520650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 67956639 |  | 67956639 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Salvador |  | 41313173 |  | 41313173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia |  | 7671763 |  | 7671763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ghana |  | 69085921 |  | 69085921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iraq |  | 7070946 |  | 7070946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast |  | 56474910 |  | 56474910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  | 3353175 |  | 3353175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan |  | 55282322 |  | 55282322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenya |  | 56089973 |  | 56089973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyrgyzstan |  | 21655182 |  | 21655182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lao People's Democratic Republic |  | 14178150 |  | 14178150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lebanon |  | 20025434 |  | 20025434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mozambique |  | 21262199 |  | 21262199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 7018046 |  | 7018046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 66568450 |  | 66568450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pakistan |  | 52417878 |  | 52417878 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Developing World Income Fund | Level 1 | Level 2 | Level 3 | Total |
|  Foreign Sovereign Obligations (continued) | Foreign Sovereign Obligations (continued) | Foreign Sovereign Obligations (continued) | Foreign Sovereign Obligations (continued) | Foreign Sovereign Obligations (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Papua New Guinea | $- | $8682675 | $- | $8682675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paraguay |  | 15451480 |  | 15451480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rwanda |  | 2594760 |  | 2594760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senegal |  | 18268042 |  | 18268042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka |  | 33875601 |  | 33875601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supranational |  | 46813857 |  | 46813857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suriname |  | 36897647 |  | 36897647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tajikistan |  | 3023766 |  | 3023766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tunisia |  | 11402354 |  | 11402354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uganda |  | 56913931 |  | 56913931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ukraine |  | 17484466 |  | 17484466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay |  | 26496224 |  | 26496224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 34181229 |  | 34181229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venezuela |  | 12375224 |  | 12375224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zambia |  | 55864768 |  | 55864768 |
|  Corporate Obligations | Corporate Obligations | Corporate Obligations | Corporate Obligations | Corporate Obligations |
| &nbsp;&nbsp;&nbsp;&nbsp; United States |  | 81193991 |  | 81193991 |
|  Short-Term Investments | 197213529 |  |  | 197213529 |
|  Total Investments in Securities - Assets | $197213529 | $1460880331 | $15198411 | $1673292271 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $– | $(992758) | $– | $(992758) |
|  Total Financial Derivative Instruments - Liabilities | $– | $(992758) | $– | $(992758) |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended January 31, 2026, six Credit-Linked Notes with $8,575,169 fair value were transferred into 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<br>of<br>1/31/2025 | Purchases | Settlements | Accrued<br>Discount<br>(Premiums) | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br> (Depreciation) | Transfer<br>into<br>Level 3 | Transfer<br>out of<br>Level 3 | Balance as<br>of<br>1/31/2026 | Unrealized<br>Appreciation<br>(Depreciation)<br> at Year End\* |
| Credit-Linked Notes | $4977340 | $6246411 | $5200082 | $92632 | $69435 | $437506 | $8575169 | $– $| 15198411 | $646948 |
| Foreign Corporate Obligations | 1249573 |  | 1236568 | 44435 | (379693) | 322253 |  | – |  |  |
|  | $6226913 | $6246411 | $6436650 | $137067 | $(310258) | $759759 | $8575169 | $– $| 15198411 | $646948 |

---

*\** *Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at year end. This balance is included in the change in unrealized appreciation (depreciation) on the Statements of Operations.* 

For the year ended January 31, 2026, eight credit-linked notes were fair valued at $15,198,411 by the Fair Value Committee, and have been classified as Level 3 due to the lack of pricing. The Level 3 investments fair value is based on unobservable inputs that are not developed by the Manager such as investments for which fair value is determined by recent pricing obtained from brokers.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 30.5% |  |  |
| Basic Materials - 0.2% |  |  |
| Chemicals - 0.1% |  |  |
| PPG Industries, Inc., 4.375%, Due 3/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;5000 | $4985 |
| Solstice Advanced Materials, Inc., 5.625%, Due 9/30/2033<sup>A</sup> | 6000 | 6031 |
|  |  | 11016 |
| Iron & Steel - 0.1% |  |  |
| Carpenter Technology Corp., 5.625%, Due 3/1/2034<sup>A</sup> | 5000 | 5074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 16090 |
| Communications - 2.1% |  |  |
| Internet - 0.6% |  |  |
| Alphabet, Inc., 5.450%, Due 11/15/2055 | 10000 | 9753 |
| Cogent Communications Group LLC/Cogent Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 6/15/2027<sup>A</sup> | 3000 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 7/1/2032<sup>A</sup> | 17000 | 15610 |
| Match Group Holdings II LLC, 6.125%, Due 9/15/2033<sup>A</sup> | 9000 | 9033 |
| Meta Platforms, Inc., 5.500%, Due 11/15/2045 | 15000 | 14425 |
|  |  | 51808 |
| Media - 0.7% |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 2/1/2031<sup>A</sup> | 9000 | 8240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 1/15/2034<sup>A</sup> | 7000 | 5913 |
| Charter Communications Operating LLC/Charter Communications Operating Capital,<br>6.550%, Due 6/1/2034 | 15000 | 15756 |
| Gray Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 7/15/2029<sup>A</sup> | 5000 | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, Due 7/15/2032<sup>A</sup> | 3000 | 3093 |
| Sirius XM Radio LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/15/2028<sup>A</sup> | 13000 | 12699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 9/1/2031<sup>A</sup> | 5000 | 4567 |
|  |  | 55638 |
| Telecommunications - 0.8% |  |  |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, Due 11/1/2035 | 15000 | 14769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, Due 6/1/2051 | 15000 | 10515 |
| Cipher Compute LLC, 7.125%, Due 11/15/2030<sup>A</sup> | 2000 | 2061 |
| T-Mobile USA, Inc., 2.550%, Due 2/15/2031 | 15000 | 13722 |
| Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355%, Due 3/15/2032 | 15000 | 13224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 11/30/2055 | 10000 | 9871 |
| WULF Compute LLC, 7.750%, Due 10/15/2030<sup>A</sup> | 2000 | 2086 |
|  |  | 66248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 173694 |
| Consumer, Cyclical - 2.4% |  |  |
| Airlines - 0.8% |  |  |
| American Airlines Pass-Through Trust, 3.350%, Due 4/15/2031, AA, AA | 8911 | 8647 |
| AS Mileage Plan IP Ltd., 5.021%, Due 10/20/2029<sup>A</sup> | 40000 | 40454 |
| JetBlue Pass-Through Trust, 4.000%, Due 5/15/2034, 1A, A | 20184 | 19271 |
|  |  | 68372 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 30.5% (continued) |  |  |
| Consumer, Cyclical - 2.4% (continued) |  |  |
| Auto Manufacturers - 0.2% |  |  |
| Allison Transmission, Inc., 5.875%, Due 12/1/2033<sup>A</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $1014 |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, Due 4/4/2032 | 5000 | 5209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, Due 1/8/2036 | 5000 | 5022 |
| Toyota Motor Credit Corp., 4.650%, Due 9/3/2032 | 5000 | 5038 |
|  |  | 16283 |
| Auto Parts & Equipment - 0.1% |  |  |
| Clarios Global LP/Clarios U.S. Finance Co., 6.750%, Due 9/15/2032<sup>A</sup> | 4000 | 4140 |
| Entertainment - 0.1% |  |  |
| Light & Wonder International, Inc., 6.250%, Due 10/1/2033<sup>A</sup> | 5000 | 5063 |
| Warnermedia Holdings, Inc., 4.279%, Due 3/15/2032 | 8000 | 7040 |
|  |  | 12103 |
| Home Furnishings - 0.1% |  |  |
| Somnigroup International, Inc., 3.875%, Due 10/15/2031<sup>A</sup> | 6000 | 5599 |
| Housewares - 0.1% |  |  |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.500%, Due 10/15/2029<sup>A</sup> | 5000 | 4411 |
| Leisure Time - 0.6% |  |  |
| NCL Corp. Ltd., 6.750%, Due 2/1/2032<sup>A</sup> | 13000 | 13323 |
| Royal Caribbean Cruises Ltd., 5.625%, Due 9/30/2031<sup>A</sup> | 14000 | 14392 |
| Viking Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 2/15/2029<sup>A</sup> | 14000 | 14056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 10/15/2033<sup>A</sup> | 5000 | 5069 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, Due 2/15/2029<sup>A</sup> | 5000 | 5000 |
|  |  | 51840 |
| Lodging - 0.1% |  |  |
| Station Casinos LLC, 6.625%, Due 3/15/2032<sup>A</sup> | 6000 | 6137 |
| Retail - 0.3% |  |  |
| Asbury Automotive Group, Inc., 5.000%, Due 2/15/2032<sup>A</sup> | 4000 | 3887 |
| Lithia Motors, Inc., 5.500%, Due 10/1/2030<sup>A</sup> | 22000 | 22098 |
|  |  | 25985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical |  | 194870 |
| Consumer, Non-Cyclical - 3.5% |  |  |
| Beverages - 0.8% |  |  |
| Coca-Cola Co., 5.300%, Due 5/13/2054 | 15000 | 14652 |
| Constellation Brands, Inc., 4.950%, Due 11/1/2035 | 20000 | 19761 |
| PepsiCo, Inc., 1.625%, Due 5/1/2030 | 30000 | 27197 |
|  |  | 61610 |
| Biotechnology - 0.1% |  |  |
| Amgen, Inc., 2.300%, Due 2/25/2031 | 10000 | 9089 |
| Commercial Services - 1.2% |  |  |
| AMN Healthcare, Inc., 6.500%, Due 1/15/2031<sup>A</sup> | 5000 | 5065 |
| Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 5/15/2032 | 6000 | 6234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/15/2033<sup>A</sup> | 12000 | 12258 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 30.5% (continued) |  |  |
| Consumer, Non-Cyclical - 3.5% (continued) |  |  |
| Commercial Services - 1.2% (continued) |  |  |
| Global Payments, Inc., 3.200%, Due 8/15/2029 | $15000 | $14339 |
| Herc Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 3/15/2031<sup>A</sup> | 2000 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 3/15/2034<sup>A</sup> | 2000 | 2010 |
| Northwestern University, 4.643%, Due 12/1/2044 | 5000 | 4657 |
| Rollins, Inc., 5.250%, Due 2/24/2035 | 15000 | 15221 |
| United Rentals North America, Inc., 5.375%, Due 11/15/2033<sup>A</sup> | 7000 | 6996 |
| Valvoline, Inc., 3.625%, Due 6/15/2031<sup>A</sup> | 30000 | 27555 |
|  |  | 96349 |
| Cosmetics/Personal Care - 0.1% |  |  |
| Prestige Brands, Inc., 3.750%, Due 4/1/2031<sup>A</sup> | 9000 | 8412 |
| Food - 0.2% |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.750%, Due 3/31/2034<sup>A</sup> | 1000 | 983 |
| Mars, Inc., 5.200%, Due 3/1/2035<sup>A</sup> | 10000 | 10239 |
| Post Holdings, Inc., 6.250%, Due 2/15/2032<sup>A</sup> | 7000 | 7188 |
|  |  | 18410 |
| Health Care - Products - 0.1% |  |  |
| Stryker Corp., 5.200%, Due 2/10/2035 | 10000 | 10246 |
| Health Care - Services - 0.4% |  |  |
| Cigna Group, 4.875%, Due 9/15/2032 | 15000 | 15183 |
| Quest Diagnostics, Inc., 5.000%, Due 12/15/2034 | 10000 | 10088 |
| Radiology Partners, Inc., 8.500%, Due 7/15/2032<sup>A</sup> | 6000 | 6300 |
| Tenet Healthcare Corp., 5.500%, Due 11/15/2032<sup>A</sup> | 2000 | 2020 |
|  |  | 33591 |
| Pharmaceuticals - 0.6% |  |  |
| BellRing Brands, Inc., 7.000%, Due 3/15/2030<sup>A</sup> | 7000 | 7193 |
| Cardinal Health, Inc., 5.350%, Due 11/15/2034 | 10000 | 10278 |
| Eli Lilly & Co., 4.550%, Due 10/15/2032 | 15000 | 15198 |
| Sanofi SA, 4.200%, Due 11/3/2032 | 15000 | 14914 |
|  |  | 47583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-Cyclical |  | 285290 |
| Energy - 2.0% |  |  |
| Oil & Gas - 0.7% |  |  |
| Archrock Services LP/Archrock Partners Finance Corp., 6.000%, Due 2/1/2034<sup>A</sup> | 5000 | 4996 |
| BP Capital Markets America, Inc., 4.812%, Due 2/13/2033 | 15000 | 15165 |
| Permian Resources Operating LLC, 8.000%, Due 4/15/2027<sup>A</sup> | 8000 | 8073 |
| Sunoco LP, 6.625%, Due 8/15/2032<sup>A</sup> | 15000 | 15470 |
| Transocean Titan Financing Ltd., 8.375%, Due 2/1/2028<sup>A</sup> | 12143 | 12387 |
|  |  | 56091 |
| Pipelines - 1.3% |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.750%, Due 1/15/2028<sup>A</sup> | 8000 | 8003 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 7.500%, Due 12/15/2033<sup>A</sup> | 9000 | 9675 |
| Energy Transfer LP, 5.700%, Due 4/1/2035 | 15000 | 15532 |
| Enterprise Products Operating LLC, 4.600%, Due 1/15/2031 | 15000 | 15188 |
| Harvest Midstream I LP, 7.500%, Due 9/1/2028<sup>A</sup> | 13000 | 13179 |
| MPLX LP, 5.400%, Due 4/1/2035 | 10000 | 10102 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, Due 2/1/2031 | 20000 | 20187 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 30.5% (continued) |  |  |
| Energy - 2.0% (continued) |  |  |
| Pipelines - 1.3% (continued) |  |  |
| Western Midstream Operating LP, 7.250%, Due 4/1/2030<sup>A</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;6000 | $6385 |
| Williams Cos., Inc., 4.625%, Due 6/30/2030 | 10000 | 10108 |
|  |  | 108359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 164450 |
| Financial - 13.0% |  |  |
| Banks - 4.0% |  |  |
| Associated Banc-Corp., 6.455%, Due 8/29/2030, (1 day USD SOFR + 3.030%)<sup>B</sup> | 15000 | 15609 |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, Due 3/5/2029, (3 mo. USD Term SOFR + 1.332%)<sup>B</sup> | 10000 | 9985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%, Due 7/23/2029, (3 mo. USD Term SOFR + 1.572%)<sup>B</sup> | 10000 | 10047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%, Due 10/25/2035, (1 day USD SOFR + 1.738%)<sup>B</sup> | 10000 | 10206 |
| Bank of New York Mellon Corp., 6.317%, Due 10/25/2029, (1 day USD SOFR + 1.598%)<sup>B</sup> | 10000 | 10592 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 2/15/2031, HH, (5 yr. CMT + 3.001%)<sup>B</sup> <sup>C</sup> | 10000 | 10183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%, Due 1/25/2033, (1 day USD SOFR + 1.351%)<sup>B</sup> | 10000 | 9156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, Due 5/25/2034, (1 day USD SOFR + 2.661%)<sup>B</sup> | 10000 | 10588 |
| First Horizon Bank, 5.750%, Due 5/1/2030 | 15000 | 15467 |
| Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%, Due 1/27/2032, (1 day USD SOFR + 1.090%)<sup>B</sup> | 10000 | 8876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.851%, Due 4/25/2035, (1 day USD SOFR + 1.552%)<sup>B</sup> | 30000 | 31712 |
| Huntington National Bank, 5.650%, Due 1/10/2030 | 10000 | 10465 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%, Due 1/24/2031, (1 day USD SOFR + 1.010%)<sup>B</sup> | 15000 | 15477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, Due 4/22/2035, (1 day USD SOFR + 1.490%)<sup>B</sup> | 10000 | 10589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, Due 10/22/2036, (1 day USD SOFR + 1.190%)<sup>B</sup> | 15000 | 14787 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.466%, Due 1/18/2035, (1 day USD SOFR + 1.730%)<sup>B</sup> | 10000 | 10344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%, Due 9/16/2036, (1 day USD SOFR + 1.360%)<sup>B</sup> | 5000 | 4397 |
| Morgan Stanley Private Bank NA, 4.465%, Due 11/19/2031, (1 day USD SOFR + 1.020%)<sup>B</sup> | 10000 | 10003 |
| PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, Due 10/21/2032, (1 day USD SOFR + 1.259%)<sup>B</sup> | 5000 | 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.939%, Due 8/18/2034, (1 day USD SOFR + 1.946%)<sup>B</sup> | 10000 | 10689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%, Due 7/21/2036, (1 day USD SOFR + 1.417%)<sup>B</sup> | 10000 | 10239 |
| Regions Financial Corp., 5.722%, Due 6/6/2030, (1 day USD SOFR + 1.490%)<sup>B</sup> | 10000 | 10441 |
| State Street Corp., 4.675%, Due 10/22/2032, (1 day USD SOFR + 1.050%)<sup>B</sup> | 10000 | 10147 |
| Truist Bank, 4.632%, Due 9/17/2029, (5 yr. CMT + 1.150%)<sup>B</sup> | 20000 | 20119 |
| Truist Financial Corp., 5.071%, Due 5/20/2031, (1 day USD SOFR + 1.309%)<sup>B</sup> | 15000 | 15371 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%, Due 7/25/2029, (1 day USD SOFR + 1.740%)<sup>B</sup> | 10000 | 10347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, Due 4/24/2034, (1 day USD SOFR + 2.020%)<sup>B</sup> | 5000 | 5171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%, Due 4/23/2036, (1 day USD SOFR + 1.740%)<sup>B</sup> | 10000 | 10424 |
|  |  | 326503 |
| Diversified Financial Services - 3.1% |  |  |
| Ally Financial, Inc., 4.700%, Due 5/15/2026, B, (5 yr. CMT + 3.868%)<sup>B</sup> <sup>C</sup> | 20000 | 19878 |
| American Express Co., 5.667%, Due 4/25/2036, (1 day USD SOFR + 1.790%)<sup>B</sup> | 5000 | 5238 |
| Blackstone Holdings Finance Co. LLC, 2.550%, Due 3/30/2032<sup>A</sup> | 25000 | 22154 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%, Due 6/8/2034, (1 day USD SOFR + 2.860%)<sup>B</sup> | 15000 | 16107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.051%, Due 2/1/2035, (1 day USD SOFR + 2.260%)<sup>B</sup> | 10000 | 10503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.183%, Due 1/30/2036, (1 day USD SOFR + 2.036%)<sup>B</sup> | 10000 | 10353 |
| Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2026, I, (5 yr. CMT + 3.168%)<sup>B</sup> <sup>C</sup> | 25000 | 24900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853%, Due 5/19/2034, (1 day USD SOFR + 2.500%)<sup>B</sup> | 10000 | 10674 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 30.5% (continued) |  |  |
| Financial - 13.0% (continued) |  |  |
| Diversified Financial Services - 3.1% (continued) |  |  |
| CME Group, Inc., 4.400%, Due 3/15/2030 | $10000 | $10139 |
| Encore Capital Group, Inc., 6.625%, Due 4/15/2031<sup>A</sup> | 6000 | 6051 |
| Jefferson Capital Holdings LLC, 8.250%, Due 5/15/2030<sup>A</sup> | 16000 | 16858 |
| LPL Holdings, Inc., 5.200%, Due 3/15/2030 | 5000 | 5112 |
| OneMain Finance Corp., 6.125%, Due 5/15/2030 | 5000 | 5097 |
| Osaic Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 8/1/2033<sup>A</sup> | 5000 | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 8/1/2033, JAN<sup>A</sup> | 1000 | 1036 |
| PennyMac Financial Services, Inc., 6.750%, Due 2/15/2034<sup>A</sup> | 12000 | 12110 |
| Raymond James Financial, Inc., 3.750%, Due 4/1/2051 | 20000 | 14817 |
| Rocket Cos., Inc., 6.125%, Due 8/1/2030<sup>A</sup> | 5000 | 5119 |
| Rocket Mortgage LLC, 5.250%, Due 1/15/2028<sup>A</sup> | 15000 | 14601 |
| Stonex Escrow Issuer LLC, 6.875%, Due 7/15/2032<sup>A</sup> | 25000 | 25792 |
| StoneX Group, Inc., 7.875%, Due 3/1/2031<sup>A</sup> | 2000 | 2128 |
| Velocity Commercial Capital LLC, 9.375%, Due 2/15/2031<sup>A</sup> | 8000 | 8120 |
|  |  | 251970 |
| Insurance - 2.7% |  |  |
| ACE Capital Trust II, 9.700%, Due 4/1/2030 | 20000 | 23932 |
| Acrisure LLC/Acrisure Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2029<sup>A</sup> | 10000 | 9875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 11/6/2030<sup>A</sup> | 10000 | 10353 |
| Aon Corp./Aon Global Holdings PLC, 2.050%, Due 8/23/2031 | 5000 | 4428 |
| Aon North America, Inc., 5.450%, Due 3/1/2034 | 10000 | 10386 |
| HUB International Ltd., 5.625%, Due 12/1/2029<sup>A</sup> | 35000 | 34963 |
| Marsh & McLennan Cos., Inc., 2.375%, Due 12/15/2031 | 10000 | 8975 |
| NMI Holdings, Inc., 6.000%, Due 8/15/2029 | 15000 | 15478 |
| Old Republic International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 3/28/2034 | 15000 | 15568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, Due 6/11/2051 | 15000 | 10855 |
| Panther Escrow Issuer LLC, 7.125%, Due 6/1/2031<sup>A</sup> | 15000 | 15449 |
| Prudential Financial, Inc., 6.000%, Due 9/1/2052, (5 yr. CMT + 3.234%)<sup>B</sup> | 29000 | 29938 |
| Ryan Specialty LLC, 5.875%, Due 8/1/2032<sup>A</sup> | 20000 | 20332 |
| Teachers Insurance & Annuity Association of America, 3.300%, Due 5/15/2050<sup>A</sup> | 20000 | 13763 |
|  |  | 224295 |
| Investment Companies - 0.1% |  |  |
| HA Sustainable Infrastructure Capital, Inc., 6.150%, Due 1/15/2031 | 10000 | 10260 |
| Private Equity - 0.2% |  |  |
| KKR & Co., Inc., 5.100%, Due 8/7/2035 | 15000 | 14853 |
| Real Estate - 0.4% |  |  |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 4/15/2030<sup>A</sup> | 11000 | 10490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 4/15/2030<sup>A</sup> | 9000 | 9823 |
| Howard Hughes Corp., 5.375%, Due 8/1/2028<sup>A</sup> | 10000 | 9998 |
|  |  | 30311 |
| REITS - 2.5% |  |  |
| Agree LP, 2.600%, Due 6/15/2033 | 10000 | 8629 |
| American Homes 4 Rent LP, 2.375%, Due 7/15/2031 | 10000 | 8926 |
| American Tower Corp., 4.700%, Due 12/15/2032 | 10000 | 10009 |
| Essex Portfolio LP, 2.550%, Due 6/15/2031 | 15000 | 13603 |
| Extra Space Storage LP, 2.200%, Due 10/15/2030 | 10000 | 9062 |
| GLP Capital LP/GLP Financing II, Inc., 3.250%, Due 1/15/2032 | 15000 | 13579 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 30.5% (continued) |  |  |
| Financial - 13.0% (continued) |  |  |
| REITS - 2.5% (continued) |  |  |
| Healthcare Realty Holdings LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 1/15/2028 | $25000 | $24755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/15/2031 | 10000 | 8793 |
| Invitation Homes Operating Partnership LP, 4.150%, Due 4/15/2032 | 10000 | 9655 |
| Iron Mountain, Inc., 5.250%, Due 7/15/2030<sup>A</sup> | 17000 | 16833 |
| Kimco Realty OP LLC, 3.200%, Due 4/1/2032 | 5000 | 4644 |
| Regency Centers LP, 3.700%, Due 6/15/2030 | 20000 | 19572 |
| Rexford Industrial Realty LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, Due 12/1/2030 | 15000 | 13424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, Due 9/1/2031 | 10000 | 8771 |
| RHP Hotel Properties LP/RHP Finance Corp., 6.500%, Due 6/15/2033<sup>A</sup> | 6000 | 6220 |
| Starwood Property Trust, Inc., 7.250%, Due 4/1/2029<sup>A</sup> | 15000 | 15819 |
| UDR, Inc., 1.900%, Due 3/15/2033 | 15000 | 12338 |
|  |  | 204632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 1062824 |
| Industrial - 1.5% |  |  |
| Aerospace/Defense - 0.4% |  |  |
| AAR Escrow Issuer LLC, 6.750%, Due 3/15/2029<sup>A</sup> | 1000 | 1035 |
| L3Harris Technologies, Inc., 5.250%, Due 6/1/2031 | 15000 | 15612 |
| TransDigm, Inc., 7.125%, Due 12/1/2031<sup>A</sup> | 16000 | 16779 |
|  |  | 33426 |
| Building Materials - 0.4% |  |  |
| CRH America Finance, Inc., 4.400%, Due 2/9/2031 | 10000 | 10006 |
| Eagle Materials, Inc., 5.000%, Due 3/15/2036 | 15000 | 14687 |
| New Enterprise Stone & Lime Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 7/15/2028<sup>A</sup> | 3000 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 7/15/2028<sup>A</sup> | 3000 | 3015 |
|  |  | 30709 |
| Engineering & Construction - 0.0% |  |  |
| Tutor Perini Corp., 11.875%, Due 4/30/2029<sup>A</sup> | 3000 | 3312 |
| Environmental Control - 0.4% |  |  |
| Clean Harbors, Inc., 6.375%, Due 2/1/2031<sup>A</sup> | 7000 | 7167 |
| GFL Environmental, Inc., 6.750%, Due 1/15/2031<sup>A</sup> | 20000 | 20923 |
|  |  | 28090 |
| Miscellaneous Manufacturing - 0.1% |  |  |
| Axon Enterprise, Inc., 6.125%, Due 3/15/2030<sup>A</sup> | 4000 | 4112 |
| Packaging & Containers - 0.1% |  |  |
| Ball Corp., 5.500%, Due 9/15/2033 | 4000 | 4066 |
| Crown Americas LLC, 5.875%, Due 6/1/2033<sup>A</sup> | 6000 | 6137 |
|  |  | 10203 |
| Transportation - 0.1% |  |  |
| Burlington Northern Santa Fe LLC, 4.900%, Due 4/1/2044 | 10000 | 9402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 119254 |
| Technology - 1.8% |  |  |
| Computers - 0.8% |  |  |
| Apple, Inc., 4.750%, Due 5/12/2035 | 25000 | 25549 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 30.5% (continued) |  |  |
| Technology - 1.8% (continued) |  |  |
| Computers - 0.8% (continued) |  |  |
| CACI International, Inc., 6.375%, Due 6/15/2033<sup>A</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;4000 | $4150 |
| Gartner, Inc., 3.750%, Due 10/1/2030<sup>A</sup> | 25000 | 23700 |
| Genpact Luxembourg SARL/Genpact USA, Inc., 6.000%, Due 6/4/2029 | 15000 | 15718 |
|  |  | 69117 |
| Semiconductors - 0.2% |  |  |
| Amkor Technology, Inc., 5.875%, Due 10/1/2033<sup>A</sup> | 6000 | 6115 |
| Broadcom, Inc., 3.469%, Due 4/15/2034 | 15000 | 13637 |
|  |  | 19752 |
| Software - 0.8% |  |  |
| Fair Isaac Corp., 6.000%, Due 5/15/2033<sup>A</sup> | 8000 | 8151 |
| Fiserv, Inc., 5.625%, Due 8/21/2033 | 5000 | 5137 |
| Oracle Corp., 3.950%, Due 3/25/2051 | 15000 | 9835 |
| Paychex, Inc., 5.100%, Due 4/15/2030 | 10000 | 10286 |
| SS&C Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 9/30/2027<sup>A</sup> | 8000 | 7993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 6/1/2032<sup>A</sup> | 5000 | 5162 |
| Take-Two Interactive Software, Inc., 4.000%, Due 4/14/2032 | 10000 | 9697 |
| UKG, Inc., 6.875%, Due 2/1/2031<sup>A</sup> | 6000 | 5995 |
|  |  | 62256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 151125 |
| Utilities - 4.0% |  |  |
| Electric - 3.9% |  |  |
| CenterPoint Energy Houston Electric LLC, 4.950%, Due 4/1/2033 | 10000 | 10162 |
| Cleco Securitization I LLC, 4.646%, Due 9/1/2044, A-2 | 10000 | 9496 |
| Dominion Energy, Inc., 5.375%, Due 11/15/2032 | 10000 | 10399 |
| DTE Electric Co., 5.200%, Due 4/1/2033 | 10000 | 10382 |
| Duke Energy Carolinas NC Storm Funding II LLC, 5.070%, Due 1/1/2048, A-2 | 30000 | 29548 |
| Duke Energy Progress NC Storm Funding II LLC, 4.890%, Due 1/1/2048, A-1 | 10000 | 9835 |
| Duke Energy Progress SC Storm Funding LLC, 5.404%, Due 3/1/2046, A | 4751 | 4873 |
| Eversource Energy, 5.850%, Due 4/15/2031 | 20000 | 21103 |
| Lightning Power LLC, 7.250%, Due 8/15/2032<sup>A</sup> | 9000 | 9580 |
| OGE Energy Corp., 5.450%, Due 5/15/2029 | 10000 | 10356 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, Due 8/15/2028<sup>A</sup> | 25000 | 24759 |
| PECO Energy Co., 4.375%, Due 8/15/2052 | 15000 | 12357 |
| PG&E Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.231%, Due 6/1/2042, A-2 | 10000 | 10018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%, Due 7/15/2049, A-3 | 10000 | 10029 |
| PG&E Wildfire Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.377%, Due 6/3/2041, A-3 | 5000 | 4712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.081%, Due 6/1/2043, A-3 | 5000 | 4967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.451%, Due 12/1/2049, A-4 | 30000 | 26757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.674%, Due 12/1/2053, A-5 | 25000 | 21786 |
| PPL Capital Funding, Inc., 5.250%, Due 9/1/2034 | 15000 | 15297 |
| Public Service Co. of Oklahoma, 5.250%, Due 1/15/2033 | 5000 | 5116 |
| Public Service Enterprise Group, Inc., 5.450%, Due 4/1/2034 | 10000 | 10311 |
| SCE Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%, Due 11/15/2044, A-2 | 5000 | 4130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.112%, Due 12/14/2049, A-2 | 5000 | 4759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.541%, Due 9/15/2052 | 5000 | 4997 |
| Talen Energy Supply LLC, 8.625%, Due 6/1/2030<sup>A</sup> | 20000 | 21102 |
| XPLR Infrastructure Operating Partners LP, 8.625%, Due 3/15/2033<sup>A</sup> | 11000 | 11540 |
|  |  | 318371 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 30.5% (continued) |  |  |
| Utilities - 4.0% (continued) |  |  |
| Gas - 0.1% |  |  |
| Southern Co. Gas Capital Corp., 3.950%, Due 10/1/2046 | $10000 | $7794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 326165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations (Cost $2,468,682) |  | 2493762 |
| FOREIGN CORPORATE OBLIGATIONS - 2.8% |  |  |
| Basic Materials - 0.1% |  |  |
| Mining - 0.1% |  |  |
| Taseko Mines Ltd., 8.250%, Due 5/1/2030<sup>A</sup> | 11000 | 11676 |
| Consumer, Non-Cyclical - 0.1% |  |  |
| Commercial Services - 0.1% |  |  |
| Belron U.K. Finance PLC, 5.750%, Due 10/15/2029<sup>A</sup> | 7000 | 7133 |
| Energy - 0.7% |  |  |
| Oil & Gas - 0.3% |  |  |
| Petrobras Global Finance BV, 5.125%, Due 9/10/2030 | 10000 | 9892 |
| TotalEnergies Capital SA, 5.488%, Due 4/5/2054 | 10000 | 9724 |
| TotalEnergies Capital USA LLC, 4.569%, Due 1/13/2033 | 5000 | 5001 |
|  |  | 24617 |
| Pipelines - 0.4% |  |  |
| Golar LNG Ltd., 7.500%, Due 10/2/2030<sup>A</sup> | 6000 | 6005 |
| Northriver Midstream Finance LP, 6.750%, Due 7/15/2032<sup>A</sup> | 7000 | 7122 |
| South Bow USA Infrastructure Holdings LLC, 5.026%, Due 10/1/2029 | 15000 | 15230 |
|  |  | 28357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 52974 |
| Financial - 1.7% |  |  |
| Banks - 0.7% |  |  |
| Bank of Montreal, 3.803%, Due 12/15/2032, (5 yr. USD Swap + 1.432%)<sup>B</sup> | 10000 | 9900 |
| Bank of Nova Scotia, 4.338%, Due 9/15/2031, (1 day USD SOFR + 1.090%)<sup>B</sup> | 10000 | 9965 |
| Barclays PLC, 8.000%, Due 3/15/2029, (5 yr. CMT + 5.431%)<sup>B</sup> <sup>C</sup> | 15000 | 16036 |
| Canadian Imperial Bank of Commerce, 4.857%, Due 3/30/2029, (1 day USD SOFR + 1.030%)<sup>B</sup> | 10000 | 10166 |
| Royal Bank of Canada, 4.650%, Due 10/18/2030, (1 day USD SOFR Index + 1.080%)<sup>B</sup> | 10000 | 10145 |
|  |  | 56212 |
| Diversified Financial Services - 0.8% |  |  |
| GGAM Finance Ltd., 8.000%, Due 6/15/2028<sup>A</sup> | 41000 | 43169 |
| goeasy Ltd., 6.875%, Due 2/15/2031<sup>A</sup> | 5000 | 4700 |
| Macquarie Airfinance Holdings Ltd., 5.150%, Due 3/17/2030<sup>A</sup> | 10000 | 10125 |
| Phoenix Aviation Capital Ltd., 9.250%, Due 7/15/2030<sup>A</sup> | 7000 | 7336 |
|  |  | 65330 |
| Insurance - 0.1% |  |  |
| Jones Deslauriers Insurance Management, Inc., 6.875%, Due 10/1/2033<sup>A</sup> | 10000 | 9747 |
| Private Equity - 0.1% |  |  |
| Brookfield Finance, Inc., 6.350%, Due 1/5/2034 | 10000 | 10818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 142107 |
| Industrial - 0.2% |  |  |
| Aerospace/Defense - 0.0% |  |  |
| Bombardier, Inc., 6.000%, Due 2/15/2028<sup>A</sup> | 4000 | 4006 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| FOREIGN CORPORATE OBLIGATIONS - 2.8% (continued) |  |  |
| Industrial - 0.2% (continued) |  |  |
| Transportation - 0.2% |  |  |
| Seaspan Corp., 5.500%, Due 8/1/2029<sup>A</sup> | $13000 | $12364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 16370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Corporate Obligations (Cost $224,644) |  | 230260 |
| FOREIGN SOVEREIGN OBLIGATIONS - 0.3% (Cost $24,844) |  |  |
| Mexico Government International Bonds, 5.375%, Due 3/22/2033 | 25000 | 24619 |
| ASSET-BACKED OBLIGATIONS - 11.0% |  |  |
| Aqua Finance Trust, 3.140%, Due 7/16/2040, 2019-A A<sup>A</sup> | 32722 | 32000 |
| CAL Funding IV Ltd., 2.220%, Due 9/25/2045, 2020-1A A<sup>A</sup> | 8150 | 7829 |
| CarMax Auto Owner Trust, 4.080%, Due 6/16/2031, 2025-4 A4 | 35000 | 34972 |
| Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.580%, Due 6/12/2028, 2021-N3 D | 1772 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140%, Due 12/10/2030, 2025-P4 A3 | 15000 | 15055 |
| CIT Home Equity Loan Trust, 5.560%, Due 9/20/2032, 2003-1 M2 | 50513 | 50743 |
| CLI Funding VI LLC, 2.070%, Due 10/18/2045, 2020-3A A<sup>A</sup> | 8607 | 8132 |
| CLI Funding VIII LLC, 2.720%, Due 1/18/2047, 2022-1A A<sup>A</sup> | 10072 | 9366 |
| Conseco Finance Corp., 7.220%, Due 3/15/2028, 1997-1 M1<sup>D</sup> | 4734 | 4748 |
| CPS Auto Receivables Trust, 5.650%, Due 5/15/2028, 2024-A B<sup>A</sup> | 3376 | 3379 |
| DB Master Finance LLC, 2.493%, Due 11/20/2051, 2021-1A A2II<sup>A</sup> | 4800 | 4542 |
| Dell Equipment Finance Trust, 4.990%, Due 8/22/2030, 2024-2 C<sup>A</sup> | 20000 | 20180 |
| Exeter Automobile Receivables Trust, 1.960%, Due 1/17/2028, 2021-4A D | 5437 | 5420 |
| FHF Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.940%, Due 11/15/2030, 2024-3A A2<sup>A</sup> | 12280 | 12293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%, Due 2/15/2031, 2025-1A A2<sup>A</sup> | 7482 | 7481 |
| Finance of America Structured Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 4/25/2073, 2023-S2 A3<sup>A</sup> | 63123 | 64044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/25/2075, 2025-S2 A3<sup>A</sup> | 49747 | 48602 |
| GSAMP Trust, 5.421%, Due 7/25/2033, 2003-SEA2 A1 | 39637 | 39343 |
| Hyundai Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.660%, Due 6/15/2028, 2021-C C | 15000 | 14959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, Due 3/15/2032, 2025-D B | 20000 | 20151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%, Due 7/15/2032, 2025-B C | 25000 | 25506 |
| JP Morgan Mortgage Trust, 5.666%, Due 5/25/2055, 2025-CES1 A1<sup>A</sup> <sup>D</sup> | 24816 | 25112 |
| LAD Auto Receivables Trust, 4.030%, Due 1/15/2031, 2025-3A A3<sup>A</sup> | 15000 | 15026 |
| Mercedes-Benz Auto Lease Trust, 4.610%, Due 4/16/2029, 2025-A A3 | 10000 | 10128 |
| MetroNet Infrastructure Issuer LLC, 5.163%, Due 12/20/2055, 2025-4A A2<sup>A</sup> | 25000 | 25201 |
| Mid-State Capital Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.758%, Due 1/15/2040, 2005-1 B | 7672 | 7692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.787%, Due 10/15/2040, 2006-1 A<sup>A</sup> | 22130 | 22281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.311%, Due 10/15/2040, 2006-1 B<sup>A</sup> | 10293 | 10590 |
| Mid-State Trust XI, 4.864%, Due 7/15/2038, 11 A1 | 8168 | 8167 |
| MMAF Equipment Finance LLC, 4.950%, Due 7/14/2031, 2024-A A3<sup>A</sup> | 10000 | 10160 |
| Navient Private Education Loan Trust, 3.910%, Due 12/15/2045, 2016-AA A2A<sup>A</sup> | 838 | 838 |
| Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 12/15/2059, 2018-DA A2A<sup>A</sup> | 4371 | 4351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.845%, Due 12/15/2059, 2019-D A2B, (1 mo. USD Term SOFR + 1.164%)<sup>A</sup> <sup>B</sup> | 5934 | 5926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.510%, Due 10/15/2071, 2023-A A<sup>A</sup> | 6286 | 6446 |
| Navient Student Loan Trust, 3.390%, Due 12/15/2059, 2019-BA A2A<sup>A</sup> | 7751 | 7646 |
| Nissan Auto Lease Trust, 4.750%, Due 3/15/2028, 2025-A A3 | 15000 | 15176 |
| RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.147%, Due 6/25/2044, 2024-CES4 A1A<sup>A</sup> | 31870 | 32281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.313%, Due 11/25/2055, 2025-CES10 A3<sup>A</sup> | 45000 | 45127 |
| Retained Vantage Data Centers Issuer LLC, 4.992%, Due 9/15/2049, 2024-1A A2<sup>A</sup> | 25000 | 24820 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| ASSET-BACKED OBLIGATIONS - 11.0% (continued) |  |  |
| Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%, Due 5/15/2031, 2025-2 B | $25000 | $25262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680%, Due 9/15/2031, 2025-3 C | 35000 | 35251 |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.820%, Due 10/15/2035, 2017-B A2A<sup>A</sup> | 2547 | 2541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290%, Due 7/15/2053, 2020-B A1A<sup>A</sup> | 5095 | 4874 |
| SoFi Professional Loan Program LLC, 1.030%, Due 8/17/2043, 2021-A AFX<sup>A</sup> | 8756 | 7742 |
| Synchrony Card Issuance Trust, 4.780%, Due 2/15/2031, 2025-A1 A | 30000 | 30509 |
| Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II<sup>A</sup> | 19650 | 18260 |
| Triton Container Finance VIII LLC, 1.860%, Due 3/20/2046, 2021-1A A<sup>A</sup> | 11783 | 10955 |
| Vantage Data Centers Issuer LLC, 2.165%, Due 10/15/2046, 2021-1A A2<sup>A</sup> | 20000 | 19647 |
| Wendy's Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.884%, Due 3/15/2048, 2018-1A A2II<sup>A</sup> | 4599 | 4538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, Due 6/15/2049, 2019-1A A2II<sup>A</sup> | 13198 | 12903 |
| Westlake Automobile Receivables Trust, 4.920%, Due 11/15/2029, 2024-3A C<sup>A</sup> | 15000 | 15136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Obligations (Cost $881,822) |  | 895059 |
| COLLATERALIZED MORTGAGE OBLIGATIONS - 12.3% |  |  |
| Bear Stearns ARM Trust, 4.696%, Due 2/25/2035, 2004-12 2A1<sup>D</sup> | 6249 | 6150 |
| Bear Stearns Asset-Backed Securities Trust, 5.250%, Due 10/25/2033, 2003-AC5 A5 | 21818 | 21808 |
| Brean Asset-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 10/25/2061, 2021-RM2 A<sup>A</sup> <sup>D</sup> | 35899 | 35246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 5/25/2064, 2024-RM8 A1<sup>A</sup> | 37983 | 37567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 1/25/2065, 2025-RM10 A1<sup>A</sup> | 44691 | 44676 |
| Chase Mortgage Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 12/25/2045, 2016-SH2 M2<sup>A</sup> <sup>D</sup> | 11053 | 10474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 12/25/2045, 2016-SH2 M3<sup>A</sup> <sup>D</sup> | 22463 | 21117 |
| CHL Mortgage Pass-Through Trust, 5.250%, Due 5/25/2034, 2004-4 A19 | 13417 | 13469 |
| Finance of America Structured Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/25/2055, 2025-S3 A3<sup>A</sup> | 48868 | 47631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 11/25/2074, 2024-S4 A3<sup>A</sup> | 45607 | 44403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 5/25/2075, 2025-PC1 M1<sup>A</sup> | 75000 | 74574 |
| Government National Mortgage Association REMICS, 5.191%, Due 6/20/2045, 2023-32 W<sup>D</sup> | 15918 | 16423 |
| GreenPoint Mortgage Pass-Through Certificates, 7.020%, Due 10/25/2033, 2003-1 A1<sup>D</sup> | 13650 | 13427 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/25/2051, 2021-INV2 A2<sup>A</sup> <sup>D</sup> | 30585 | 25711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/25/2052, 2022-1 A3<sup>A</sup> <sup>D</sup> | 41872 | 35173 |
| New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 11/26/2035, 2016-2A A1<sup>A</sup> <sup>D</sup> | 22447 | 21959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837%, Due 1/25/2048, 2018-4A B1, (1 mo. USD Term SOFR + 1.164%)<sup>A</sup> <sup>B</sup> | 53434 | 53632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.358%, Due 11/25/2054, 2014-3A B3<sup>A</sup> <sup>D</sup> | 15252 | 15272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/25/2057, 2017-2A A3<sup>A</sup> <sup>D</sup> | 28607 | 27989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 9/25/2059, 2019-6A B2<sup>A</sup> <sup>D</sup> | 65443 | 64397 |
| NRM FHT1 Excess Owner LLC, 6.545%, Due 3/25/2032, 2025-FHT1 A<sup>A</sup> | 42533 | 43092 |
| Prime Mortgage Trust, 6.000%, Due 2/25/2034, 2004-CL1 1A1 | 88364 | 88314 |
| RCKT Mortgage Trust, 6.902%, Due 6/25/2043, 2023-CES1 M1<sup>A</sup> <sup>D</sup> | 151000 | 151398 |
| RFMSI Trust, 5.500%, Due 12/25/2034, 2004-S9 1A23 | 10552 | 10273 |
| Towd Point Mortgage Trust, 4.596%, Due 10/25/2064, 2024-5 A1B<sup>A</sup> <sup>D</sup> | 40287 | 40211 |
| WaMu Mortgage Pass-Through Certificates Trust, 5.641%, Due 8/25/2033, 2003-AR7 A7<sup>D</sup> | 40372 | 39596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations (Cost $1,007,584) |  | 1003982 |
| COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 6.7% |  |  |
| Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.265%, Due 9/15/2060, 2017-BNK7 ASB | 12862 | 12768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.506%, Due 12/15/2064, 2021-BN38 ASB | 15000 | 14180 |
| BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, Due 7/15/2056, 2023-C20 A5 | 20000 | 20969 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 6.7% (continued) |  |  |
| BBCMS Mortgage Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/15/2056, 2023-C21 A5<sup>D</sup> | $15000 | $16082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.403%, Due 9/15/2057, 2024-C28 A5 | 20000 | 20806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, Due 2/15/2062, 2025-C32 AS | 15000 | 15790 |
| Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.148%, Due 9/15/2053, 2020-B19 AS | 30000 | 25567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.978%, Due 12/17/2053, 2020-B21 A5 | 10000 | 8871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.254%, Due 12/17/2053, 2020-B21 AS | 10000 | 8781 |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.202%, Due 12/9/2041, 2019-OC11 A<sup>A</sup> | 15000 | 14287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.856%, Due 12/9/2041, 2019-OC11 C<sup>A</sup> | 10000 | 9595 |
| COMM Mortgage Trust, 2.950%, Due 8/15/2057, 2019-GC44 A5 | 10000 | 9487 |
| DC Office Trust, 3.072%, Due 9/15/2045, 2019-MTC D<sup>A</sup> <sup>D</sup> | 10000 | 8629 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.481%, Due 7/25/2034, K-1514 A1 | 12798 | 11877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.238%, Due 1/25/2035, K-1516 A1 | 47546 | 40913 |
| Federal National Mortgage Association-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.560%, Due 9/25/2028, 2019-M1 A2<sup>D</sup> | 19060 | 18942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.714%, Due 7/25/2031, 2021-M17 A2<sup>D</sup> | 10000 | 8872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.399%, Due 11/25/2031, 2022-M2 A2 | 15000 | 13686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, Due 7/25/2033, 2023-M5 A2<sup>D</sup> | 15000 | 15041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.740%, Due 3/25/2035, 2020-M23 A3 | 10000 | 8113 |
| FREMF Mortgage Trust, 3.996%, Due 12/25/2050, 2018-K72 B<sup>A</sup> <sup>D</sup> | 20000 | 19807 |
| FRESB Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160%, Due 11/25/2027, 2018-SB45 A10F<sup>D</sup> | 7119 | 7007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.601%, Due 7/25/2038, 2018-SB55 A5H, (30 day USD SOFR Average + 0.814%)<sup>B</sup> | 6081 | 6063 |
| Morgan Stanley Bank of America Merrill Lynch Trust, 2.840%, Due 11/15/2049, 2016-C31 A4 | 12591 | 12513 |
| NYC Commercial Mortgage Trust, 4.893%, Due 2/15/2042, 2025-3BP A, (1 mo. USD Term<br>SOFR + 1.213%)<sup>A</sup> <sup>B</sup> | 20000 | 20013 |
| Velocity Commercial Capital Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, Due 10/26/2048, 2018-2 A<sup>A</sup> <sup>D</sup> | 8205 | 8065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.120%, Due 3/25/2049, 2019-1 M3<sup>A</sup> <sup>D</sup> | 16051 | 14824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, Due 6/25/2054, 2024-3 A<sup>A</sup> <sup>D</sup> | 67621 | 68828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670%, Due 4/25/2055, 2025-2 A<sup>A</sup> <sup>D</sup> | 89295 | 90440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Obligations (Cost $554,852) |  | 550816 |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.0% |  |  |
| Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 7/1/2042 | 22749 | 21270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2046 | 28265 | 26681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2047 | 41807 | 38292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2048 | 80408 | 76145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2049 | 22121 | 20087 |
|  |  | 182475 |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2031 | 10336 | 10418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2037 | 26654 | 24974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/1/2037 | 28336 | 26538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/1/2040 | 41660 | 36807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2042 | 31115 | 28219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2042 | 21734 | 18968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2042 | 36292 | 32301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2042 | 37811 | 35135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/1/2043 | 21810 | 21413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2043 | 21151 | 21671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 10/1/2043 | 35439 | 36530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 12/1/2043 | 10561 | 10316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/1/2046 | 20346 | 19979 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.0% (continued) |  |  |
| Federal National Mortgage Association, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/1/2046 | $26752 | $23377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/1/2046 | 23288 | 21204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 1/1/2048 | 32893 | 30001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2048 | 17824 | 16307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2048 | 37611 | 34048 |
|  |  | 448206 |
| Government National Mortgage Association, 3.500%, Due 4/20/2046 | 27393 | 25755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Agency Mortgage-Backed Obligations (Cost $667,041) |  | 656436 |
| U.S. TREASURY OBLIGATIONS - 24.4% |  |  |
| U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 8/15/2041 | 221000 | 148631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 2/15/2043 | 39000 | 34964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/15/2045 | 165000 | 116531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 2/15/2045 | 92000 | 91145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 8/15/2045 | 120000 | 120694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, Due 11/15/2048 | 534000 | 420900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 8/15/2055 | 90000 | 88017 |
|  |  | 1020882 |
| U.S. Treasury Inflation-Indexed Notes, 1.625%, Due 4/15/2030<sup>E</sup> | 34619 | 35138 |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 4/30/2030 | 16000 | 15856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 3/31/2031 | 18000 | 18246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2032 | 113000 | 106180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 11/15/2032 | 20000 | 20134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 11/15/2033 | 176000 | 180703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/15/2034 | 49000 | 47984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 8/15/2035 | 376000 | 376353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/15/2035 | 177000 | 173377 |
|  |  | 938833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations (Cost $2,096,600) |  | 1994853 |
| MUNICIPAL OBLIGATIONS - 4.1% |  |  |
| Bay Area Toll Authority, 6.263%, Due 4/1/2049, Series F-2 | 10000 | 10469 |
| Chicago Transit Authority Sales Tax Receipts Fund, 6.200%, Due 12/1/2040, Series B | 14493 | 15328 |
| City of New York, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.968%, Due 3/1/2036, Series G-1 | 10000 | 10449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.985%, Due 12/1/2036, Series D | 4572 | 4761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.291%, Due 2/1/2045, Series H | 15000 | 15809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.559%, Due 10/1/2045, Series E-1 | 10000 | 10000 |
| City of San Antonio Electric & Gas Systems Revenue, 5.469%, Due 2/1/2045, Series A | 5000 | 5047 |
| County of Miami-Dade Water & Sewer System Revenue, 3.490%, Due 10/1/2042, Series C | 5000 | 4085 |
| Dallas Area Rapid Transit, 2.613%, Due 12/1/2048, Series A | 5000 | 3435 |
| Dallas Fort Worth International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.089%, Due 11/1/2040, Series C | 5000 | 4076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.843%, Due 11/1/2046, Series C | 5000 | 3630 |
| East Bay Municipal Utility District Water System Revenue, 5.874%, Due 6/1/2040 | 5000 | 5273 |
| Los Angeles Community College District, 6.600%, Due 8/1/2042 | 5000 | 5409 |
| Los Angeles County Public Works Financing Authority, 7.618%, Due 8/1/2040 | 15000 | 17720 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%, Due 8/1/2039, Series A | 25000 | 24275 |
| Metropolitan Transportation Authority, 6.687%, Due 11/15/2040, Series C-1 | 5000 | 5420 |
| Metropolitan Water Reclamation District of Greater Chicago, 5.720%, Due 12/1/2038 | 10000 | 10354 |
| New Jersey Transportation Trust Fund Authority, 6.561%, Due 12/15/2040, Series B | 5000 | 5590 |
| New York City Municipal Water Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.952%, Due 6/15/2042 | 20000 | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882%, Due 6/15/2044, Series CC | 5000 | 5056 |

---

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| MUNICIPAL OBLIGATIONS - 4.1% (continued) |  |  |
| Oklahoma Development Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.135%, Due 12/1/2033, Series A-1 | $&nbsp;&nbsp;&nbsp;&nbsp;7255 | $7207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.714%, Due 5/1/2052 | 5000 | 4656 |
| Oregon Education Districts, 2.895%, Due 6/30/2040, Series A | 10000 | 7940 |
| Port Authority of New York & New Jersey, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.823%, Due 6/1/2045 | 10000 | 9200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.310%, Due 8/1/2046, Series 182 | 10000 | 9761 |
| South Carolina Student Loan Corp., 5.199%, Due 10/27/2036 | 9745 | 9443 |
| State of California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, Due 3/1/2038 | 15000 | 15192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.988%, Due 4/1/2039, Series A | 10000 | 9629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, Due 4/1/2039 | 15000 | 18033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 10/1/2041 | 15000 | 15595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, Due 3/1/2043 | 10000 | 9840 |
| State of Oregon, 5.832%, Due 5/1/2045, Series B | 10000 | 10385 |
| State of Texas, 5.517%, Due 4/1/2039 | 4687 | 4790 |
| Texas Natural Gas Securitization Finance Corp., 5.169%, Due 4/1/2041 | 10000 | 10138 |
| Texas Water Development Board, 4.993%, Due 10/15/2054, Series B | 5000 | 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations (Cost $335,144) |  | 333133 |
|  TOTAL INVESTMENTS - 100.1% (Cost $8,261,213) |  | 8182920 |
|  LIABILITIES, NET OF OTHER ASSETS - (0.1%) |  | (10573) |
|  TOTAL NET ASSETS - 100.0% |  | $8172347 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> 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 $2,613,248 or 32.0% of net assets. The Fund has no right to demand registration of these securities.

<sup>B</sup> 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 January 31, 2026.

<sup>C</sup> Perpetual maturity. The date shown, if any, is the next call date.

<sup>D</sup> 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.

<sup>E</sup> Inflation-Indexed Note.

CMT - Constant Maturity Treasury.

IP - Intellectual Property.

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.

REMICS - Real Estate Mortgage Investment Conduits.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Schedule of Investments

January 31, 2026

The Fund's investments are summarized by level based on the inputs used to determine their values. As of January 31, 2026, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| NIS Core Plus Bond Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Corporate Obligations | $- | $2493762 | $- | $2493762 |
|  Foreign Corporate Obligations |  | 230260 |  | 230260 |
|  Foreign Sovereign Obligations |  | 24619 |  | 24619 |
|  Asset-Backed Obligations |  | 895059 |  | 895059 |
|  Collateralized Mortgage Obligations |  | 1003982 |  | 1003982 |
|  Commercial Mortgage-Backed Obligations |  | 550816 |  | 550816 |
|  U.S. Agency Mortgage-Backed Obligations |  | 656436 |  | 656436 |
|  U.S. Treasury Obligations |  | 1994853 |  | 1994853 |
|  Municipal Obligations |  | 333133 |  | 333133 |
|  Total Investments in Securities - Assets | $- | $8182920 | $- | $8182920 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended January 31, 2026, there were no transfers into or out of Level 3.

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Assets and Liabilities

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Developing World<br>Income Fund | NIS Core Plus<br>Bond Fund |
|  Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup> | $1476078742 | $8182920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡</sup> | 197213529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at fair value (Note 1)<sup>^\*</sup> | 6239129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 985268 | 55038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at custodian for the benefit of the broker | 1060000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 37199561 | 83693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold |  | 61712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 9309800 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for tax reclaims | 34895 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for expense reimbursement (Note 2) |  | 21132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 104945 | 25789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1728225869 | 8432856 |
|  Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 29794885 | 21167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 6389249 | 114695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends payable |  | 15888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 1180188 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 63657 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 120908 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 220982 | 29050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 155110 | 70200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 10838 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 29543 | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation from forward foreign currency contracts | 992758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 69898 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 39028016 | 260509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |  |
|  Net assets | $1689197853 | $8172347 |
|  Analysis of net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $1683621907 | $8921258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 5575946 | (748911) |
|  Net assets | $1689197853 | $8172347 |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Assets and Liabilities

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Developing World<br>Income Fund | NIS Core Plus<br>Bond Fund |
|  Shares outstanding at no par value (unlimited shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 27553923 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 163892842 | 21119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 21258108 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 2749920 | 13338 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 1737632 | 120977 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | 786734 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $214356258 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $1275058988 | $183257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $165005817 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $21374763 | $115640 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $13402027 | $1049463 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | $6823987 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $7.78 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $7.78 | $8.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $7.76 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $7.77 | $8.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $8.16 | $9.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $7.71 | $8.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | $8.67 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $1411732232 | $8261213 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $197213529 | $- |
|  <sup>^</sup> Cost of foreign currency | $6369148 | $- |
|  <sup>\*</sup> As of January 31, 2026, foreign currency denominated in Ukrainian Hryvnia has a value of $261,635. See Note 1 for details. | <sup>\*</sup> As of January 31, 2026, foreign currency denominated in Ukrainian Hryvnia has a value of $261,635. See Note 1 for details. | <sup>\*</sup> As of January 31, 2026, foreign currency denominated in Ukrainian Hryvnia has a value of $261,635. See Note 1 for details. |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Operations

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | Developing World<br>Income Fund | NIS Core Plus<br>Bond Fund |
|  | Year Ended<br>1/31/2026 | Year Ended<br>1/31/2026 |
|  Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | $3981065 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of foreign taxes)<sup>†</sup> | 121688074 | 410341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 2998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 125672137 | 410341 |
|  Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 8775118 | 46120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 84153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 784246 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 5830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 577 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 611 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 793004 | 100470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 304486 | 70230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 203332 | 68073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 363994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 12633 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 10833 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 29946 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 119178 | 12479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 85164 | 5582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 101367 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 9) | 11063 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 144050 | 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 11829585 | 316273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net fees waived and expenses (reimbursed) (Note 2) |  | (265423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11829585 | 50850 |
|  Net investment income | 113842552 | 359491 |
|  Realized and unrealized gain (loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>‡A</sup> | 9287414 | 48780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1693384) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1994545) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>B</sup> | 88581530 | 149794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1590814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1513711) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments | 94258118 | 198574 |
|  Net increase in net assets resulting from operations. | $208100670 | $558065 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes | $2340157 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>‡</sup> Foreign capital gains tax | $65792 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Developing World Income Fund | Developing World Income Fund | NIS Core Plus Bond Fund | NIS Core Plus Bond Fund |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 |
|  Increase (decrease) in net assets: |  |  |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $113842552 | $74438134 | $359491 | $279010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments in unaffiliated securities, foreign currency transactions, and forward foreign currency contracts | 5599485 | (3547326) | 48780 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities, foreign currency transactions, and forward foreign currency contracts | 88658633 | 22644946 | 149794 | (67587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 208100670 | 93535754 | 558065 | 212175 |
|  Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | (12042437) | (7652431) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | (80310495) | (55791178) | (8440) | (5982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (10783472) | (5970934) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | (1134857) | (473318) | (4761) | (4955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | (1118070) | (1035325) | (42722) | (9046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  |  | (309396) | (265017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders | (105389331) | (70923186) | (365319) | (285000) |
|  Capital share transactions (Note 10): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 1191435116 | 394255623 | 879573 | 1784030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 101968271 | 69552226 | 170022 | 97758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (445124365) | (236699482) | (766055) | (249896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from capital share transactions | 848279022 | 227108367 | 283540 | 1631892 |
|  Net increase in net assets | 950990361 | 249720935 | 476286 | 1559067 |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 738207492 | 488486557 | 7696061 | 6136994 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1689197853 | $738207492 | $8172347 | $7696061 |

---

See accompanying notes

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

1. Organization and Significant Accounting Policies

American Beacon Funds (the "Trust") is organized as a Massachusetts business trust. The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940, as amended (the "Act"), as diversified, open-end management investment companies. As of January 31, 2026, the Trust consists of twenty-six active series, two of which are presented in this filing: American Beacon Developing World Income Fund and American Beacon NIS Core Plus Bond Fund (collectively, the "Funds" and each individually a "Fund"). The remaining twenty-four active series are reported in separate filings.

American Beacon Advisors, Inc. (the "Manager") is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. ("RIM") organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. ("Topco"), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. This standard's purpose is to enhance the transparency and usefulness of income tax disclosures and provide more information about an entity's exposure to potential changes in tax laws. The ASU is effective for annual periods beginning after December 15, 2024. For the current year, Management has analyzed each Fund's income taxes paid and has determined no additional disclosures are required.

Class Disclosure

Each Fund has multiple classes of shares designed to meet the needs of different groups of investors; however not all of the Funds offer all classes. The following table sets forth the differences amongst the classes:

---

| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| R5 Class | Large institutional investors - sold directly or through intermediary channels. | $250000 |
| Y Class | Large institutional retirement plan investors - sold directly or through intermediary channels. | $100000 |
| Investor Class | All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors. | $2500 |
| A Class | All investors who invest through intermediary organizations, such as broker-dealers or third party administrator. Retail investors who invest directly through a financial intermediary such as a broker, bank, or registered investment advisor which may include a front-end sales charge and a contingent deferred sales charge ("CDSC"). | $2500 |
| C Class | Retail investors who invest directly through a financial intermediary, such as a broker or through employee directed benefit plans with applicable sales charges which may include CDSC. | $1000 |
| R6 Class | Large institutional retirement plan investors - sold through retirement plan sponsors. |  |

---

Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses are allocated daily to each class based on the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include service, distribution, transfer agent fees, and sub-transfer agent fees that vary amongst the classes as described more fully in Note 2.

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Funds in preparation of the financial statements. The Funds are considered investment companies and accordingly, follow the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*, a part of Generally Accepted Accounting Principles ("U.S. GAAP").

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Funds acts as the Funds' CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of the Funds' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statements of operations.

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Funds. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined on the basis of specific lot identification.

Currency Translation

All assets and liabilities initially expressed in foreign currency values are converted into U.S. dollar values at the mean of the bid and ask prices of such currencies against U.S. dollars as last quoted by a recognized dealer. Income, expenses, and purchases and sales of investments are translated into U.S. dollars at the rate of the exchange prevailing on the respective dates of such transactions. Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of a fund's local currency denominated assets and liabilities to U.S. dollars. On February 24, 2022, monetary policies were enacted by the National Bank of Ukraine (the "NBU"), limiting its local currency's repatriation to ensure the steady functioning of the country's financial system during the martial law legal regime. These policies significantly impact the ability of the Fund to convert local denominated assets and liabilities amounts to U.S. dollars using quoted immediate currency settlement rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and is reported with all other foreign currency gains and losses on Funds' Statements of Operations.

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

Distributions to Shareholders

The Funds distribute most or all of their net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income on a monthly basis and distributions of realized net capital gains and net gains or losses from foreign currency transactions on an annual basis. The Funds do not have a fixed dividend rate and do not guarantee that they will pay any distributions in any particular period. Dividends to shareholders are determined in accordance with federal income tax regulations, which may differ in amount and character from net investment income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Funds may designate earnings and profits distributed to shareholders on the redemption of shares.

Allocation of Income, Trust Expenses, Gains, and Losses

Investment income and realized and unrealized gains and losses from investments of the Funds are allocated daily to each class of shares based upon the relative proportion of net assets of each class to the total net assets of the Funds. Expenses directly charged or attributable to a Fund will be paid from the assets of a Fund. Generally, expenses of the Trust will be allocated among and charged to the assets of the Funds on a basis that the Trust's Board deems fair and equitable, which may be based on the relative net assets of the Funds or nature of the services performed and relative applicability to the Funds.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

Other

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities. The Trust's maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Funds and the Manager are parties to a Management Agreement that obligates the Manager to provide the Funds with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized management fee based on a percentage of each Fund's average daily net assets that is calculated and accrued daily according to the following schedule:

---

| | |
|:---|:---|
|  First $5 billion | 0.35% |
|  Next $5 billion | 0.325% |
|  Next $10 billion | 0.3% |
|  Over $20 billion | 0.275% |

---

The Trust, on behalf of the Funds, and the Manager have entered into Investment Advisory Agreements with abrdn Investments Limited and Global Evolution USA, LLC for the American Beacon Developing World Income Fund and with National Investment Services of America, LLC for the American Beacon NIS Core Plus Bond Fund. Pursuant

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##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

to the Investment Advisory Agreements, the Funds have agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on each Fund's average daily net assets according to the following schedules:

abrdn Investments Limited

---

| | | |
|:---|:---|:---|
|  All Assets | 0.5 | % |

---

Global Evolution USA, LLC

---

| | | |
|:---|:---|:---|
|  All Assets | 0.5 | % |

---

National Investment Services of America, LLC

---

| | |
|:---|:---|
|  First $1.5 billion | 0.2% |
|  Over $1.5 billion | 0.18% |

---

The Management and Sub-Advisory Fees paid by the Funds for the year ended January 31, 2026 were as follows:

Developing World Income

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $3722724 |
|  Sub-Advisory Fees | 0.50% | 5052394 |
|  Total | 0.85% | $8775118 |

---

NIS Core Plus Bond

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $29349 |
|  Sub-Advisory Fees | 0.20% | 16771 |
|  Total | 0.55% | $46120 |

---

Distribution Plans

Separate Distribution Plans (the "Distribution Plans") have been adopted pursuant to Rule 12b-1 under the Act for the A and C Classes of the Funds. Under the Distribution Plans, as compensation for distribution and shareholder servicing assistance, the Manager receives an annual fee of 0.25% of the average daily net assets of the A Class and 1.00% of the average daily net assets of the C Class. The fee will be payable without regard to whether the amount of the fee is more or less than the actual expenses incurred in a particular month by the Manager for distribution assistance.

Service Plans

The Manager and the Trust entered into Service Plans that obligate the Manager to oversee additional shareholder servicing of the Investor, A, and C Classes of the Funds. As compensation for performing the duties required under the Service Plans, the Manager receives an annualized fee up to 0.25% of the average daily net assets of the A and C Classes, and up to 0.375% of the average daily net assets of the Investor Class of the Funds.

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

customers of the intermediaries that hold positions in the R5 and Y Classes of the Funds and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. Certain services would have been provided by the Funds' transfer agent and other service providers if the shareholders' accounts were maintained directly by the Funds' transfer agent. Accordingly, the Funds, pursuant to Board approval, have agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary's average net assets in the R5 and Y Classes on an annual basis.

During the year ended January 31, 2026, the sub-transfer agent fees, as reflected in "Transfer agent fees" on the Statement of Operations, were as follows:

---

| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  Developing World Income | $837289 |
|  NIS Core Plus Bond | 83 |

---

As of January 31, 2026, the Funds owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in "Transfer agent fees payable" on the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  Developing World Income | $111856 |
|  NIS Core Plus Bond | 7 |

---

Investments in Affiliated Funds

The Funds may invest in the American Beacon U.S. Government Money Market Select Fund (the "USG Select Fund"). Cash collateral received by the Funds in connection with securities lending may also be invested in the USG Select Fund. The Funds listed below held the following shares with a January 31, 2026 fair value and dividend income earned from the investment in the USG Select Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | January 31,<br>2026<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Dividend<br>Income | January 31,<br>2026<br>Fair Value |
| U.S. Government Money Market Select | Direct | Developing<br>World Income | $197213529 | $– $– $| 3981065 | $197213529 |

---

The Funds and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund.

During the year ended January 31, 2026, the Manager earned fees on the Funds' direct investments in the USG Select Fund as shown below:

---

| | |
|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund |
|  Developing World Income . . . . . . . . . . . . . . . . . . . . . . . | $99294 |

---

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC"), the Funds, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for a fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager's asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the year ended January 31, 2026, the Developing World Income Fund participated as a lender by loaning an average amount of $6,576,040 for 3 days at an average interest rate of 4.91% with interest charges earned of $2,736. This amount is included in "Interest income" on the Statement of Operations. During the year ended January 31, 2026, the NIS Core Bond Fund did not utilize the credit facility.

Expense Reimbursement Plan

The Manager contractually agreed to reduce fees and/or reimburse expenses for the classes of the Funds, through May 31, 2026, to the extent that total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses) exceed the Funds' expense cap. For the year ended January 31, 2026, the Manager waived and/or reimbursed expenses as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Expense Cap | Expense Cap | | | Expiration of<br>Reimbursed<br>Expenses |
| Fund | Class | 2/1/2025 -<br>5/31/2025 | 6/1/2025 -<br>1/31/2026 | Reimbursed<br>Expenses | (Recouped)<br>Expenses | Expiration of<br>Reimbursed<br>Expenses |
|  NIS Core Plus Bond | Y | 0.53% | 0.53% | $5983 | $- | 2028-2029 |
|  NIS Core Plus Bond | A | 0.78% | 0.78% | 3548 |  | 2028-2029 |
|  NIS Core Plus Bond | C | 1.53% | 1.53% | 38922 |  | 2028-2029 |
|  NIS Core Plus Bond | R6 | 0.43% | 0.43% | 216970 |  | 2028-2029 |

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Of the above amounts, $21,132 was disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at January 31, 2026 for the NIS Core Plus Bond Fund.

The Funds have adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Funds for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager's waiver/reimbursement and (b) does not cause the Funds' annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or time of recoupment. The reimbursed expenses listed above will expire in 2028 and 2029. The Funds did not record a liability for potential contingent reimbursements due to the current assessment that reimbursements are uncertain. The carryover of excess expenses potentially reimbursable to the Manager, but not recorded as a liability are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Recouped<br>Expenses | Excess Expense<br>Carryover | Expired Expense<br>Carryover | Expiration of<br>Reimbursed<br>Expenses |
|  NIS Core Plus Bond | $– $|  | $174965 | 2025-2026 |
|  NIS Core Plus Bond | – | 182123 |  | 2026-2027 |
|  NIS Core Plus Bond | – | 259239 |  | 2027-2028 |

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Concentration of Ownership

From time to time, the Funds may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of the Funds' outstanding shares could have a material impact on the Funds. As of January 31, 2026, one shareholder has been identified as representing an affiliated significant ownership of approximately 53% for the NIS Core Plus Bond Fund.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

Sales Commissions

The Funds' Distributor, Resolute Investment Distributors, Inc. ("RID" or "Distributor"), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the year ended January 31, 2026, RID collected $47,619 for Developing World Income Fund from the sale of A Class Shares. There were no sales charges collected for A Class Shares of NIS Core Plus Bond Fund.

A CDSC of 1% will be deducted with respect to A Class Shares on certain purchases of $500,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Funds' Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the year ended January 31, 2026, there were no CDSC fees collected for the A Class Shares of the Funds.

A CDSC of 1.00% will be deducted with respect to C Class Shares redeemed within 12 months of purchase, unless waived as discussed in the Funds' Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the year ended January 31, 2026, CDSC fees of $867 were collected for the C Class Shares of Developing World Income Fund. There were no CDSC fees collected for the C Class Shares of NIS Core Plus Bond Fund.

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the "Trusts"), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $165,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. 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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

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 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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

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.

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| |
|:---|
| 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. |

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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 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.

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.

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.

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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

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.

OTC financial derivative instruments, such as foreign currency contracts and structured notes, 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 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 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 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

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

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.

4. Securities and Other Investments

Asset-Backed Securities ("ABS")

ABS are securities issued by trusts and special purpose entities that are backed by pools of assets, such as automobile and credit-card receivables, home equity loans, and student loans, which pass through the payments on the underlying obligations to the security holders (less servicing fees paid to the originator or fees for any credit enhancement). Typically, loans or accounts receivable paper are transferred from the originator to a specially created trust, which repackages the trust's interests as securities with a minimum denomination and a specific term. The securities are then privately placed or publicly offered. Examples include certificates for automobile receivables and so-called plastic bonds, backed by credit card receivables. The Funds are permitted to invest in ABS, subject to the Funds' rating and quality requirements.

The value of an ABS is affected by, among other things, changes in the market's perception of the asset backing the security, the creditworthiness of the servicing agent for the loan pool, the originator of the loans and the financial institution providing any credit enhancement. Payments of principal and interest passed through to holders of ABS are frequently supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guarantee by another entity or by having a priority to certain of the borrower's other assets. The degree of credit enhancement varies, and generally applies to only a portion of the ABS's par value. Value is also affected if any credit enhancement has been exhausted.

Commercial Mortgage-Backed Securities ("CMBS")

CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real estate property. CMBS are generally multi-class or passthrough securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property, such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. CMBS may be structured with multiple tranches, with subordinate tranches incurring greater risk of loss in exchange for a greater yield. The commercial mortgage loans that underlie CMBS often are structured so that a substantial portion of the loan principal, rather than being amortized over the loan term, is instead payable at maturity (as a "balloon payment"). Repayment of a significant portion of loan principal thus often depends upon the future availability of real estate financing (to refinance the loan) and/or upon the value and sale ability of the real estate at the relevant time. If borrowers are not able or willing to refinance or dispose of the encumbered property to pay the principal and interest owed on such mortgage loans, payments on the related CMBS (particularly subordinated classes of CMBS) will likely be adversely affected. The ultimate extent of the loss, if any, may only be determined after a negotiated discounted settlement, restructuring or sale of the mortgage note, or the foreclosure of the mortgage encumbering the property and subsequent liquidation of the property, which can be costly and delayed by litigation and/or bankruptcy. The NIS Core Plus Bond Fund is permitted to invest in CMBS, subject to the Fund's rating and quality requirements.

Collateralized Mortgage Obligations ("CMO")

CMOs and interests in real estate mortgage investment conduits are debt securities collateralized by mortgages or mortgage pass-through securities. CMOs divide the cash flow generated from the underlying mortgages or mortgage passthrough securities into different groups referred to as "tranches," which are then retired sequentially over time in order of priority. The principal governmental issuers of such securities are the Federal National Mortgage Association ("FNMA"), a government-sponsored corporation owned entirely by private stockholders, and the Federal Home Loan Mortgage Corp ("FHLMC"), a corporate instrumentality of the United

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

States created pursuant to an act of Congress that is owned entirely by the Federal Home Loan Banks. The issuers of CMOs are structured as trusts or corporations established for the purpose of issuing such CMOs and often have no assets other than those underlying the securities and any credit support provided. A Real Estate Mortgage Investment Conduit ("REMIC"), is a mortgage securities vehicle that holds residential or commercial mortgages and issues securities representing interests in those mortgages. A REMIC may be formed as a corporation, partnership, or segregated pool of assets. A REMIC itself is generally exempt from federal income tax, but the income from its mortgages is taxable to its investors. For investment purposes, interests in REMIC securities are virtually indistinguishable from CMOs.

The NIS Core Plus Bond Fund is permitted to invest in CMOs, subject to the Fund's rating and quality requirements.

Credit-Linked Notes

The Developing World Income Fund may invest a significant portion of its assets in credit-linked notes ("CLNs"). CLNs are derivative debt obligations that are issued by limited purpose entities, such as Special Purpose Vehicles ("SPVs"), or by financial firms, such as banks, securities firms or their affiliates. They are structured so that their performance is linked to that of an underlying bond or other debt obligation (a "reference asset"), normally by means of an embedded or underlying credit default swap. The reference assets for the CLNs in which the Fund may invest will be limited to sovereign or quasi-sovereign debt instruments or other investments in which the Fund's investment policies permit it to invest directly. The Fund may invest in CLNs when the Fund's Sub-Advisor believes that doing so is more efficient than investing in the reference assets directly or when such direct investment by the Fund is not feasible due to legal or other restrictions.

Under the terms of a CLN, the Fund will receive a fixed or variable rate of interest on the outstanding principal amount of the CLN, which in turn will be subject to reduction (potentially down to zero) if a "credit event" occurs with respect to the underlying reference asset or its issuer. Such credit events will include payment defaults on the reference asset, and normally will also include events that do not involve an actual default, such as actual or potential insolvencies, repudiations of indebtedness, moratoria on payments, reference asset restructurings, limits on the convertibility or repatriation of currencies, and the imposition of ownership restrictions. If a credit event occurs, payments on the CLN would terminate, and the Fund normally would receive delivery of the underlying reference asset (or, in some cases, a comparable "deliverable" asset) in lieu of the repayment of principal. In some cases, however, including but not limited to instances where there has been a market disruption or in which it is or has become illegal, impossible or impracticable for the Fund to purchase, hold or receive the reference assets, the Fund may receive a cash settlement based on the value of the reference asset or a comparable instrument, less fees charged and certain expenses incurred by the CLN issuer.

CLNs are debt obligations of the CLN issuers, and the Fund would have no ownership or other property interest in the reference assets (other than following a credit event that results in the reference assets being delivered to the Fund) or any direct recourse to the issuers of those reference assets.

Fixed-Income Investments

The Funds may hold debt, including government and corporate debt, and other fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Funds' NAV to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. For example, while securities with longer maturities tend to produce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are, therefore, more volatile than shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates. Fixed-income securities are also subject to credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

the security may go into default. In addition, there is prepayment risk, which is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage-backed securities ("MBS") and ABS, may be prepaid by their issuers thereby reducing the amount of interest payments. This may result in a Fund having to reinvest its proceeds in lower yielding securities. Securities underlying MBS and ABS, which may include subprime mortgages, also may be subject to a higher degree of credit risk, valuation risk, and liquidity risk.

Foreign Debt Securities

The Funds may invest in foreign fixed and floating rate income securities (including emerging market securities) all or a portion of which may be non-U.S. dollar denominated and which include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities, including Brady Bonds; (b) debt obligations of supranational entities; (c) debt obligations of the U.S. Government issued in non-dollar securities; (d) debt obligations and other fixed-income securities of foreign corporate issuers (both dollar and non-dollar denominated); and (e) U.S. corporate issuers (both Eurodollar and non-dollar denominated). There is no minimum rating criteria for the Funds' investments in such securities. The cost of servicing foreign debt will generally be adversely affected by rising international interest rates, because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. The Fund's foreign debt securities may be held outside of the United States in the primary market for the securities in the custody of certain eligible foreign banks and trust companies, as permitted under the Investment Company Act. Investing in the securities of foreign issuers involves special considerations that are not typically associated with investing in the securities of U.S. issuers and the risks similar to those of foreign securities , such as the fact that foreign markets can be extremely volatile, foreign debt securities may be less liquid than securities of U.S. issuers, and transaction fees, custodial costs, currency conversion costs and other fees are generally higher for foreign debt securities. In addition, developing markets are markets that have risks that are different and higher than those in more developed markets.

Foreign Securities

The Funds may invest in U.S. dollar-denominated and non-U.S. dollar denominated equity and debt securities of foreign issuers and foreign branches of U.S. banks, including negotiable certificates of deposit ("CDs"), bankers' acceptances, and commercial paper. Foreign issuers are issuers organized and doing business principally outside the United States and include corporations, banks, non-U.S. governments, and quasi-governmental organizations. While investments in foreign securities may be intended to reduce risk by providing further diversification, such investments involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political or social instability, nationalization, expropriation, or confiscatory taxation); the potentially adverse effects of unavailability of public information regarding issuers, different governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States; different laws and customs governing securities tracking; and possibly limited access to the courts to enforce the Funds' rights as an investor.

The prices of such securities may be more volatile than those of domestic securities. Equity securities may trade at price/earnings multiples higher than comparable U.S. securities, and such levels may not be sustainable. The economies of many of the countries in which the Fund may invest are not as developed as the U.S. economy, and individual foreign economies can differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self sufficiency, and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

Developing Market Investments

The Developing World Income Fund may invest a significant portion of its assets in debt securities associated with a particular geographic region or country, including developing markets. Developing countries include all countries in the world except the countries that are classified by MSCI Inc. as "developed markets." Developing countries typically have lower incomes, less integrated financial markets, smaller economies, and less mature political systems compared to developed countries. Developing countries are commonly located in Africa, the Asia-Pacific region, Central or Eastern Europe, the Middle East, Central America or the Caribbean, and South America. Frontier market countries have smaller, newer and/or less developed economies; less developed, less liquid and/or lower-capitalization capital markets; and less developed political and legal systems than those of other developing markets. These countries typically are located in the Asia-Pacific region, Central and Eastern Europe and the former Soviet Union, the Middle East, Central and South America, and Africa.

Illiquid and Restricted Securities

Generally, an illiquid asset is an asset that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to Rule 22e-4 under the Act or as otherwise permitted or required by SEC rules and interpretations. Historically, illiquid securities have included securities that have not been registered under the Securities Act, securities that are otherwise not readily marketable, and repurchase agreements having a remaining maturity of longer than seven calendar days. Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. These securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. A large institutional market exists for certain securities that are not registered under the Securities Act, including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. However, the fact that there are contractual or legal restrictions on resale of such investments to the general public or to certain institutions may not be indicative of their liquidity.

Limitations on resale may have an adverse effect on the marketability of portfolio securities, and a Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven calendar days. In addition, a Fund may get only limited information about an issuer, so it may be less able to predict a loss. A Fund also might have to register such restricted securities in order to dispose of them resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

In recognition of the increased size and liquidity of the institutional market for unregistered securities and the importance of institutional investors in the formation of capital, the SEC adopted Rule 144A under the Securities Act. Rule 144A is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by a Fund qualify under Rule 144A and an institutional market develops for those securities, a Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could increase the level of a Fund's illiquidity. The Manager or the Sub-Advisor, as applicable, may determine that certain securities qualified for trading under Rule 144A are liquid. Regulation S under the Securities Act permits the sale abroad of securities that are not registered for sale in the United States and includes a provision for U.S. investors, such as a Fund, to purchase such unregistered securities if certain conditions are met.

Securities sold in private placement offerings made in reliance on the "private placement" exemption from registration afforded by Section 4(a)(2) of the Securities Act and resold to qualified institutional buyers under Rule 144A under the Securities Act ("Section 4(a)(2) securities") are restricted as to disposition under the federal securities laws, and generally are sold to institutional investors, such as a Fund, that agree they are purchasing the

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

securities for investment and not with an intention to distribute to the public. Any resale by the purchaser must be pursuant to an exempt transaction and may be accomplished in accordance with Rule 144A. Section 4(a)(2) securities normally are resold to other institutional investors through or with the assistance of the issuer or dealers that make a market in the Section 4(a)(2) securities, thus providing liquidity.

The Manager and the sub-advisor will carefully monitor a Fund's investments in Section 4(a)(2) securities offered and sold under Rule 144A, focusing on such important factors, among others, as valuation, liquidity, and availability of information. Investments in Section 4(a)(2) securities could have the effect of reducing a Fund's liquidity to the extent that qualified institutional buyers no longer wish to purchase these restricted securities.

Restricted securities outstanding during the year ended January 31, 2026 are disclosed in the Notes to the Schedules of Investments.

Inflation-Indexed Linked Securities

The Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted based on the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

Municipal Securities

Municipal securities may include general obligation bonds, municipal lease obligations, resource recovery obligations, and revenue obligations. The NIS Core Plus Bond Fund may invest in municipal securities the interest on which is excludable from gross income for federal income tax purposes ("tax-exempt"), as well as municipal securities the interest on which is taxable. Municipal securities are subject to credit risk where a municipal issuer of a security might not make interest or principal payments on a security as they become due. Municipal securities are also subject to interest rate risk. A downgrade in the issuer's or security's credit rating can reduce the market value of the security. A number of municipalities may face severe financial hardship making the possibility of their defaulting on obligations, and/or declaring bankruptcy where allowable, a risk to the value of municipal securities held by the Fund. General obligation bonds are secured by the pledge of the issuer's full faith, credit, and usually, taxing power. The taxing power may be an unlimited ad valorem tax or a limited tax, usually on real estate and personal property. Most states do not tax real estate, but leave that power to local units of government. Municipal lease obligations are issued by state and local governments and authorities to acquire land and a wide variety of equipment and facilities. These obligations typically are not fully backed by the municipality's credit and thus interest thereon may become taxable if the lease is assigned. If funds are not appropriated for the following year's lease payments, a lease may terminate with the possibility of default on the lease obligation. Resource recovery obligations are a type of municipal revenue obligation issued to build facilities such as solid waste incinerators or waste-to-energy plants. Usually, a private corporation will be involved and the revenue cash flow will be supported by fees or units paid by municipalities for use of the facilities. The viability of a resource recovery project, environmental protection regulations and project operator tax incentives may affect the value and credit quality of these obligations. Revenue obligations are backed by the revenue cash flow of a project or facility. The interest on such obligations is payable only from the revenues derived from a particular project, facility, specific excise tax or other revenue source. Revenue obligations are not a debt or liability of the local or state government and do not obligate that government to levy or pledge any form of taxation or to make any appropriation for payment.

Other Investment Company Securities and Other Exchange-Traded Products

The Funds at times may invest in shares of other investment companies. The Funds may invest in securities of an investment company advised by the Manager, with respect to which the Manager also receives a management fee. Investments in the securities of other investment companies may involve duplication of advisory fees and

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Notes to Financial Statements

January 31, 2026

certain other expenses. By investing in another investment company, the Funds become a shareholder of that investment company. As a result, the Funds' shareholders indirectly will bear the Funds' proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Fund shareholders directly bear in connection with the Funds' own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Funds in their Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer's portfolio securities.

The Funds can invest free cash balances in registered open-end investment companies regulated as government money market funds under the Act, to provide liquidity or for defensive purposes. The Funds could invest in government money market funds rather than purchasing individual short-term investments. If the Funds invest in government money market funds, shareholders will bear their proportionate share of the expenses, including for example, advisory and administrative fees, of the government money market funds in which the Funds invest, including advisory fees charged by the Manager to any applicable money market funds advised by the Manager.

Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. Despite the short maturities and high credit quality of a money market fund's investments, increases in interest rates and deteriorations in the credit quality of the instruments the money market fund has purchased may reduce the money market fund's yield and can cause the price of a money market security to decrease. In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation.

Real Estate Related Investments

A Fund may gain exposure to the real estate sector by investing in real estate-linked derivatives, REITs, and common, preferred and convertible securities of issuers in real estate-related industries. Adverse economic, business or political developments affecting real estate could have a major effect on the value of a Fund's investments. Investing in securities issued by real estate and real estate-related companies may subject the Fund to risks associated with the direct ownership of real estate. Changes in interest rates, debt leverage ratios, debt maturity schedules, and the availability of credit to real estate companies may also affect the value of the Funds investment in real estate securities. Real estate securities are dependent upon specialized management skills at the operating company level, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of properties. Real estate securities are also subject to heavy cash flow dependency and defaults by borrowers. The real estate industry tends to be cyclical. Such cycles may adversely affect the value of a Fund's portfolio. A Fund will indirectly bear a proportionate share of a REIT's ongoing operating fees and expense. In addition, a REIT is subject to the possibility of failing to (a) qualify for tax-free "pass-through" of distributed net income and net realized gains under the Internal Revenue Code and (b) maintain exemption eligibility from Investment Company Act registration requirements.

Sovereign and Quasi-Sovereign Government and Supranational Debt

The Developing World Income Fund can invest in debt securities issued or guaranteed by foreign governments and their political subdivisions or agencies which involve special risks. Sovereign debt differs from debt obligations issued by private entities in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in emerging market countries; debt securities issued by government owned, controlled or sponsored entities located in emerging market countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by government owned, controlled or sponsored entities located in emerging market countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; participations in loans between emerging market governments and financial institutions; and Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness.

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January 31, 2026

Supranational entities may also issue debt securities. Supranational organizations are entities designated or supported by a government or governmental group to promote economic development. Included among these organizations are the Asian Development Bank, the European Investment Bank, the Inter-American Development Bank, the International Monetary Fund, the United Nations, the World Bank and the European Bank for Reconstruction and Development. Supranational organizations have no taxing authority and are dependent on their members for payments of interest and principal to the extent their assets are insufficient. Further, the lending activities of such entities are limited to a percentage of their total capital, reserves and net income.

U.S. Agency Obligations - Federal National Mortgage Association ("FNMA")

FNMA Guaranteed Mortgage Pass-Through Certificates or Fannie Maes represent an undivided interest in a pool of conventional mortgage loans secured by first mortgages or deeds of trust, on one family or two to four family, residential properties. The FNMA is obligated to distribute scheduled monthly installments of principal and interest on the mortgages in the pool, whether or not received, plus full principal of any foreclosed or otherwise liquidated mortgages. The obligation of the FNMA under its guarantee is solely its obligation and is not backed by, nor entitled to, the full faith and credit of the United States.

U.S. Treasury Obligations

U.S. Treasury obligations include bills (initial maturities of one year or less), notes (initial maturities between two and ten years), and bonds (initial maturities over ten years) issued by the U.S. Treasury, Separately Traded Registered Interest and Principal component parts of such obligations (known as "STRIPS") and inflation-indexed securities. The prices of these securities (like all debt securities) change between issuance and maturity in response to fluctuating market interest rates. U.S. Treasury obligations are subject to credit risk and interest rate risk.

Variable or Floating Rate Obligations

The interest rates payable on certain fixed-income securities in which the Funds may invest are not fixed and may fluctuate based upon changes in market rates. A variable rate obligation has an interest rate which is adjusted at predesignated periods in response to changes in the market rate of interest on which the interest rate is based. Variable and floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons.

The Funds may invest in floating rate debt instruments ("floaters") and engage in credit spread trades. The interest rate on a floater is a variable rate which is tied to another interest rate, such as a money-market index or U.S. Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. While, because of the interest rate reset feature, floaters provide the Funds with a certain degree of protection against rises in interest rates, the Funds will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two securities or currencies, where the value of the investment position is determined by movements in the difference between the prices or interest rates, as the case may be, of the respective securities or currencies.

5. Financial Derivative Instruments

The Funds may utilize derivative instruments to enhance return, hedge risk, gain efficient exposure to an asset class or to manage liquidity. When considering the Funds' use of derivatives, it is important to note that the Funds do not use derivatives for the purpose of creating financial leverage.

Forward Foreign Currency Contracts

The Funds may have exposure to foreign currencies for investment or hedging purposes by purchasing or selling forward currency exchange contracts in non-U.S. currencies and by purchasing securities denominated in

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Notes to Financial Statements

January 31, 2026

non-U.S. currencies. Foreign currencies may decline in value relative to the U.S. dollar and affect a Fund's investments in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Not all forward contracts require a counterparty to post collateral, which may expose a Fund to greater losses in the event of a default by a counterparty. Forward contracts are two-party contracts pursuant to which one party agrees to pay the counterparty a fixed price for an agreed upon amount of securities, or the cash value of the securities or the securities index, at an agreed upon future date. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. A Non-Deliverable Forward ("NDF") is a forward contract where there is no physical settlement of the two currencies at maturity. Rather, on the contract settlement date, a net cash settlement will be made by one party to the other based on the difference between the contracted forward rate and the prevailing spot rate, on an agreed notional amount.

The Developing World Income Fund's forward foreign currency contract notional dollar values outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of forward foreign currency contracts. For the purpose of this disclosure, volume is measured by the amounts bought and sold in USD at each month end. During the year ended January 31, 2026, the Developing World Income Fund entered into forward foreign currency contracts primarily for hedging foreign currency fluctuations.

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| | | |
|:---|:---|:---|
| Average Forward Foreign Currency Notional Amounts Outstanding<br> Year Ended January 31, 2026 | Average Forward Foreign Currency Notional Amounts Outstanding<br> Year Ended January 31, 2026 | Average Forward Foreign Currency Notional Amounts Outstanding<br> Year Ended January 31, 2026 |
| Fund | Purchased Contracts | Sold Contracts |
|  Developing World Income | $4467304 | $57041030 |

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The following is a summary of the fair valuations of the Developing World Income Fund's derivative instruments categorized by risk exposure<sup>(1)</sup>:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Fair values of financial instruments on the Statements of Assets and Liabilities as of January 31, 2026:*** | ***Fair values of financial instruments on the Statements of Assets and Liabilities as of January 31, 2026:*** | ***Fair values of financial instruments on the Statements of Assets and Liabilities as of January 31, 2026:*** | ***Fair values of financial instruments on the Statements of Assets and Liabilities as of January 31, 2026:*** | ***Fair values of financial instruments on the Statements of Assets and Liabilities as of January 31, 2026:*** | ***Fair values of financial instruments on the Statements of Assets and Liabilities as of January 31, 2026:*** | ***Fair values of financial instruments on the Statements of Assets and Liabilities as of January 31, 2026:*** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Liabilities: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Unrealized depreciation of forward foreign currency contracts | $- | $(992758) | $- | $- | $- | $(992758) |
| **The effect of financial derivative instruments on the Statements of Operations as of January 31, 2026:** | **The effect of financial derivative instruments on the Statements of Operations as of January 31, 2026:** | **The effect of financial derivative instruments on the Statements of Operations as of January 31, 2026:** | **The effect of financial derivative instruments on the Statements of Operations as of January 31, 2026:** | **The effect of financial derivative instruments on the Statements of Operations as of January 31, 2026:** | **The effect of financial derivative instruments on the Statements of Operations as of January 31, 2026:** | **The effect of financial derivative instruments on the Statements of Operations as of January 31, 2026:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Realized gain (loss) from derivatives<br>recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Forward foreign currency contracts | $- | $(1994545) | $- | $- | $- | $(1994545) |
| Net change in unrealized appreciation<br>(depreciation) of derivatives recognized<br>as a result from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Forward foreign currency contracts | $- | $(1513711) | $- | $- | $- | $(1513711) |

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<sup>(1)</sup> See Note 3 in the Notes to Financial Statements for additional information.

Offsetting Assets and Liabilities

The Funds are parties to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Funds employ multiple money managers and counterparties and have elected not to offset qualifying financial and derivative instruments on the Statements of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts

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January 31, 2026

of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, January 31, 2026.

Developing World Income

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of January 31, 2026:** |  |  |
|  | Assets | Liabilities |
| Forward Foreign Currency Contracts | $– | $992758 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities |  | 992758 |
| Total derivative assets and liabilities subject to an MNA | $– | $992758 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of January 31, 2026:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of January 31, 2026:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of January 31, 2026:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of January 31, 2026:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of January 31, 2026:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of January 31, 2026:** |
| Counterparty | Gross Amounts of<br>Liabilities Presented in<br>the Statements of<br>Assets and Liabilities | Derivatives<br>Available for<br>Offset | Gross Amounts Not Offset in the<br>Statements of Assets and Liabilities | Gross Amounts Not Offset in the<br>Statements of Assets and Liabilities |  |
| Counterparty | Gross Amounts of<br>Liabilities Presented in<br>the Statements of<br>Assets and Liabilities | Derivatives<br>Available for<br>Offset | Non-Cash Collateral<br>Received<sup>(1)</sup> | Cash Collateral<br>Received<sup>(1)</sup> | Net Amount |
| JPMorgan Chase Bank, N.A. | $349425 | $– | $– | $– | $349425 |
| Standard Chartered Bank | 643333 |  |  | (643333) |  |
| Total | $992758 | $– | $– | $(643333) | $349425 |

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<sup>(1)</sup> The securities presented here within are not subject to master netting agreements. As such, this is disclosed for informational purposes only.

6. Principal Risks

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Asset-Backed and Mortgage Related Securities Risk

Investments in asset-backed and mortgage related securities are subject to market risks for fixed-income securities which include, but are not limited to, credit risk, interest rate risk, prepayment risk and extension risk. A decline in the credit quality of the issuers of asset-backed and mortgage related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. A Collateralized Mortgage Obligation ("CMO") is a hybrid between a mortgage-backed bond and a mortgage pass-through security. Similar to a bond, interest and prepaid principal on CMOs is paid, in most cases, semiannually. CMOs may be collateralized by whole mortgage loans, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by government agencies, and their income streams. CMOs may offer a higher yield than U.S. government securities, but they may also be subject to greater price fluctuation and credit risk. Commercial mortgage-backed securities ("CMBS") include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. CMBS are subject to the risks generally associated with mortgage-backed securities. CMBS may not be backed by the full faith and credit of the U.S. Government and are subject to risk of default on the underlying mortgages. CMBS also are subject to many of the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants.

Counterparty Risk

The Funds are subject to the risk that a party or participant to a transaction, such as a broker or derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement

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payments or to otherwise honor its obligations to the Funds. As a result, a Fund may obtain no recovery of its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose a Fund to greater losses in the event of a default by a counterparty.

Credit Risk

The Funds are subject to the risk that the issuer or guarantor of an obligation, or the counterparty to a transaction, including a derivatives contract or a loan, may fail, or become less able, to make timely payments of interest or principal or otherwise honor its obligations or default completely. The strategies utilized by the sub-advisor require accurate and detailed credit analysis of issuers and there can be no assurance that its analysis will be accurate or complete. The Funds may be subject to substantial losses in the event of credit deterioration or bankruptcy of one or more issuers in its portfolio. Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument and debt obligations which are rated by rating agencies may be subject to downgrade. The credit ratings of debt instruments and investments represent the rating agencies' opinions regarding their credit quality and are not a guarantee of future credit performance of such securities. Rating agencies attempt to evaluate the safety of the timely payment of principal and interest (or dividends) and do not evaluate the risks of fluctuations in market value. The ratings assigned to securities by rating agencies do not purport to fully reflect the true risks of an investment. Further, in recent years many highly-rated structured securities have been subject to substantial losses as the economic assumptions on which their ratings were based proved to be materially inaccurate. A decline in the credit rating of an individual security held by a Fund may have an adverse impact on its price and may make it difficult for a Fund to sell it. Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer's ability to make timely payments on its obligations. Credit risk is typically greater for securities with ratings that are below investment grade (commonly referred to as "junk bonds"). Since a Fund can invest significantly in high yield investments that are considered speculative in nature, this risk maybe substantial. Changes in the actual or perceived creditworthiness of an issuer, or a downgrade or default affecting any of a Fund's securities, could affect a Fund's performance.

Currency Risk

The Funds may have exposure to foreign currencies by using various instruments described below. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Funds' investments in non-U.S. currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, non U.S. currencies.

Custody Risk

The Funds may invest in markets that are less developed than those in the U.S., which may expose the Funds to risks in the process of clearing and settling trades and the holding of securities by foreign banks, agents and depositories. Investments in frontier and emerging markets may be subject to greater custody risks than investments in more developed markets.

Cybersecurity and Operational Risk

Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Funds, their service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Funds' shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or

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January 31, 2026

proprietary information, or cause the Funds or their service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Funds or their service providers to identify all of the operational risks that may affect the Funds or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Funds cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Funds invest. The issuers of the Funds' investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Funds' investments, leading to significant loss of value.

Derivatives Risk

Derivatives may involve significant risk. The use of derivative instruments may expose a Fund to additional risks that it would not be subject to if it invested directly in the securities or other instruments underlying those securities. Derivatives can be highly complex and their use within a management strategy can require specialized skills. There can be no assurance that any strategy used will succeed. If a sub-advisor incorrectly forecasts stock market values, or the direction of interest rates or currency exchange rates in utilizing a specific derivatives strategy for a Fund, a Fund could lose money. In addition, leverage embedded in a derivative instrument can expose a Fund to greater risk and increase its costs. Gains or losses in the value of a derivative instrument may be magnified and be much greater than the derivative's original cost (generally the initial margin deposit). There may also be material and prolonged deviations between the theoretical value and realizable value of a derivative. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund's initial investment, for example, where a Fund may be called upon to deliver a security it does not own. As a result, a Fund could lose more than the amount it invests. Derivatives may at times be illiquid and may be more volatile than other types of investments. A Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Certain derivatives may also be difficult to value, and valuation may be more difficult in times of market turmoil.

A Fund may buy or sell derivatives not traded on organized exchanges. A Fund may also enter into transactions that are not cleared through clearing organizations. These types of transactions may be subject to heightened liquidity and valuation risk. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk and credit risk. As a result, a Fund may not recover its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose a Fund to greater losses in the event of a default by a counterparty. Certain derivatives require a Fund to post margin to secure its future obligation; if a Fund has insufficient cash, it may have to sell investments from its portfolio to meet daily variation margin requirements at a time when it maybe disadvantageous to do so. A Fund's use of derivatives also may create financial leverage, which may result in losses that exceed the amount originally invested and accelerate the rate of losses. Suitable derivatives may not be available in all circumstances, and there can be no assurance that a Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, suitable derivatives transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, a sub-advisor may wish to retain a Fund's position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other suitable counterparty can be found.

Although a Fund may attempt to hedge against certain risks, the hedging instruments may not perform as expected and could produce losses. Hedging instruments may also reduce or eliminate gains that may otherwise have been available had a Fund not used the hedging instruments. A Fund may not hedge certain risks in particular situations, even if suitable instruments are available.

A Fund's ability to use derivatives may also be limited by certain regulatory and tax considerations. Ongoing changes to the regulation of the derivatives markets and potential changes in the regulation of funds using

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

derivative instruments could limit a Fund's ability to pursue its investment strategies. The extent and impact of the regulation is not yet fully known and may not be for some time. New regulation may make derivatives more costly, may limit their availability, may disrupt markets, or may otherwise adversely affect their value or performance. In addition to other changes, these rules provide for central clearing of derivatives that in the past were traded exclusively over-the counter and may increase costs and margin requirements, but are expected to reduce certain counterparty risks.

Developing Markets Risk

When investing in developing markets, the risks of investing in foreign securities are heightened. Developing markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political and economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; the imposition of economic sanctions or other government restrictions; a limited number of potential buyers for such securities, resulting in increased volatility and limited liquidity for developing market securities; trading suspensions and other restrictions on investment; delays and disruptions in securities settlement procedures; greater sensitivity to interest rate changes; currency exchange rate volatility and currency inflation or deflation; and significant limitations on investor rights and recourse. The economies and political environments of developing market countries tend to be more unstable than those of developed countries, resulting in more volatile rates of return than the developed markets and substantially greater risk to investors. The governments of developing market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available or less reliable information about issuers in developing markets than would be available about issuers in developed markets, which can impede a sub-advisor's ability to accurately evaluate foreign securities. Such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Developing markets may possess less developed regulatory or legal structures governing private and foreign investment, and also may be more vulnerable to market manipulation, corruption and fraud. These matters have the potential to impact a Fund's investment objectives and performance.

The risks of investing in developing market countries are magnified in developing market countries, which generally have smaller economies and less developed capital markets and legal, regulatory and political systems than other developing market countries. The magnification of risks is generally the result of: (1) the potential for extreme price volatility and illiquidity in developing markets; (2) government ownership or control of parts of the private sector or other protectionist measures, including managed adjustments in relative currency values, trade barriers, and exchange controls; (3) large currency fluctuations; (4) fewer companies and investment opportunities; or (5) inadequate investor protections and regulatory enforcement, and the relatively new and unsettled securities laws in many developing countries. Investments that a Fund holds may be exposed to these risks, which could have a negative impact on their value.

Environmental, Social, and/or Governance Investing Risk

The Developing World Income Fund's incorporation of environmental, social and/or governance ("ESG") considerations, including criteria as determined by the sub-advisor, in its investment strategy may cause it to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the ESG investment considerations used by a Fund will result in the selection of issuers that will outperform other issuers or help reduce risk in a Fund. A Fund's ESG investment considerations may also affect a Fund's exposure to certain sectors or types of investments, which may impact a Fund's relative investment performance depending on the performance of issuers in those sectors relative to issuers in the broader market. A Fund may not be able to take advantage of certain investment opportunities due to these considerations, which

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

may adversely affect investment performance. A Fund may underperform funds that do not incorporate these considerations. A Fund's sub-advisor is dependent on available information to assist in the use of ESG investment considerations, and, because there are few generally accepted standards to use in such considerations, the information and considerations used for a Fund may differ from the information and considerations used for other funds. The limited availability of such information, as well as errors in or omissions from such information could result in incorrect evaluations of potential investments. There is no guarantee that a Fund's efforts to select investments that meet a Fund's ESG investing considerations will be successful.

Foreign Investing Risk

Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks include, but are not limited to: (1) currency exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing and financial reporting standards, (5) increased price volatility, (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays in transaction settlement in some foreign markets. To the extent the Funds invest a significant portion of its assets in securities of a single country or region, it is more likely to be affected by events or conditions of that country or region. In addition, the economies and political environments of emerging market countries tend to be more unstable than those of developed countries, resulting in more volatile rates of return than the developed markets and substantially greater risk to investors. There may be very limited oversight of certain foreign banks or securities depositories that hold foreign securities and currency and the laws of certain countries may limit the ability to recover such assets if a foreign bank or depository or their agents goes bankrupt. When investing in developing markets, the risks of investing in foreign securities are heightened.

Interest Rate Risk

Investments in fixed-income securities or derivatives that are influenced by interest rates are subject to interest rate risk. The value of the Funds' fixed-income investments typically will fall when interest rates rise. The Funds may be particularly sensitive to changes in interest rates if it invests in debt securities with intermediate and long terms to maturity. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For example, if a bond has a duration of four years, a 1% increase in interest rates could be expected to result in a 4% decrease in the value of the bond. Yields of debt securities will fluctuate over time. As of the date of this Prospectus, interest rates are historically low. During periods of very low or negative interest rates, the Funds may be unable to maintain positive returns. Certain European countries and Japan have recently experienced negative interest rates on deposits and debt securities have traded at negative yields. Negative interest rates may become more prevalent among non-U.S. issuers, and potentially within the United States. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Funds are exposed to such interest rates. To the extent the Funds hold an investment with a negative interest rate to maturity, the Funds would generate a negative return on that investment. Conversely, in the future, interest rates may rise significantly and/or rapidly, potentially resulting in substantial losses to the Funds.

Leverage Risk

A Fund's use of futures, forward foreign currency contracts, swaps and other derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies the exposure to the swings in prices of an asset or class of assets underlying a derivative instrument and results in increased volatility, which means that a Fund will have the potential for greater losses than if a Fund does not use the derivative instruments that have a leveraging effect. Leverage may result in losses that exceed the amount originally invested and may accelerate the rate of losses. Leverage tends to magnify, sometimes significantly, the effect of an increase or decrease in a Fund's exposure to an asset or class of assets and may cause a Fund's NAV to be volatile.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

Market Risk

The Funds are subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect a Fund's performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to a particular sector or geographic region, continue to recur. The value of a security may decline due to adverse issuer-specific conditions or general market conditions unrelated to a particular issuer, such as real or perceived adverse geopolitical, regulatory, market, economic or other developments that may cause broad changes in market value, changes in the general outlook for corporate earnings, changes in interest, currency or inflation rates, lack of liquidity in the markets, public perceptions concerning these developments or adverse market sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as tariffs, labor shortages or increased production costs and competitive conditions within an industry. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters, cybersecurity incidents, and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity, which may adversely affect the value of your investment. Such market disruptions have caused, and may continue to cause, broad changes in market value, negative public perceptions concerning these developments, a reduction in the willingness and ability of some lenders to extend credit, difficulties for some borrowers in obtaining financing on attractive terms, if at all, and adverse investor sentiment or publicity. Changes in value may be temporary or may last for extended periods. Adverse market events may also lead to increased shareholder redemptions, which could cause a Fund to sell investments at an inopportune time to meet redemption requests by shareholders and may increase a Fund's portfolio turnover, which could increase the costs that a Fund incurs and lower a Fund's performance. Even when securities markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market.

Policy changes by the U.S. government and/or Federal Reserve and economic and political changes within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in the U.S. presidential administration and Congress, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat or occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government's debt limit, which could result in a default on the government's obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. Global economies and financial markets are becoming increasingly interconnected, which increases the possibility of many markets being affected by events in a single country or events affecting a single or small number of issuers.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments. These fluctuations in securities prices could be a sustained trend or a drastic movement. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Market Timing Risk

The Developing World Income Fund is subject to the risk of market timing activities due to the nature of its investments, which requires the Fund in certain instances to fair value certain of its investments. Frequent trading by Fund shareholders poses risks to other shareholders in the Fund, including (i) the dilution of the Fund's NAV, (ii) an increase in the Fund's expenses, and (iii) interference with the portfolio manager's ability to execute efficient investment strategies. Because of specific securities in which the Fund may invest, it could be subject to the risk of market timing activities by shareholders. Some examples of these types of securities are high-yield and foreign securities. The limited trading activity of some high-yield securities may result in market prices that do not reflect the true market value of these securities. The Fund generally prices foreign securities using their closing prices from the foreign markets in which they trade, typically prior to the Fund's calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before the Fund price its shares. In such instances, the Fund may fair value high yield and foreign securities. However, some investors may engage in frequent short-term trading in the Fund to take advantage of any price differentials that may be reflected in the NAV of the Fund's shares. While the Manager monitors trading in the Fund, there is no guarantee that it can detect all market timing activities.

Municipal Securities Risk

The municipal securities market could be significantly affected by adverse political and legislative changes, as well as uncertainties related to taxation or the rights of municipal security holders. Changes in the financial health of a municipality may make it difficult for it to pay interest and principal when due. In addition, changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers can affect the overall municipal securities market. Changes in market conditions may directly impact the liquidity and valuation of municipal securities, which may, in turn, adversely affect the yield and value of the Fund's municipal securities investments. Declines in real estate prices and general business activity may reduce the tax revenues of state and local governments. In recent periods an increasing number of municipal issuers have defaulted on obligations, been downgraded, or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get worse. Because many municipal securities are issued to finance similar types of projects, especially those related to education, health care, housing, transportation, and utilities, conditions in those sectors can affect the overall municipal securities market.

Other Investment Companies Risk

To the extent that the Funds invest in shares of other registered investment companies, a Fund will indirectly bear the fees and expenses, including, for example, advisory and administrative fees, charged by those investment companies in addition to a Fund's direct fees and expenses. If the Funds invest in other investment companies, a Fund may receive distributions of taxable gains from portfolio transactions by that investment company and may recognize taxable gains from transactions in shares of that investment company, which could be taxable to a Fund's shareholders when distributed to them. The Funds must rely on the investment company in which it invests to achieve its investment objective. If the investment company fails to achieve its investment objective, the value of a Fund's investment may decline, adversely affecting a Fund's performance. To the extent

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

the Funds invest in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, a Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject.

Prepayment and Extension Risk

When interest rates fall, borrowers will generally repay the loans that underlie certain debt securities, especially mortgage-related and other types of ABS, more quickly than expected, causing the issuer of the security to repay the principal prior to the security's expected maturity date. A Fund may need to reinvest the proceeds at a lower interest rate, reducing its income. Securities subject to prepayment risk generally offer less potential for gains when prevailing interest rates fall. If a Fund buys those securities at a premium, accelerated prepayments on those securities could cause a Fund to lose a portion of its principal investment. The impact of prepayments on the price of a security may be difficult to predict and may increase the security's price volatility. Variable and floating rate securities may be less sensitive to prepayment risk. Extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension of a security's effective maturity, heighten interest rate risk and increase the potential for a decline in its price.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a Fund may be increased.

Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve (the "Federal Reserve") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Federal Reserve or foreign central banks to change their approach in the future as such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. It is difficult to predict the impact on various markets of significant interest rate changes or other significant policy changes. Deteriorating economic fundamentals may increase the risk of default or insolvency of particular issuers, negatively impact market value, increase market volatility, cause credit spreads to widen, reduce bank balance sheets and cause unexpected changes in interest rates. Any of these could cause an increase in market volatility, reduce liquidity across various sectors or markets or decrease confidence in the markets. Also, regulators have expressed concern that changes in interest rates may cause investors to sell fixed income securities faster than the market can absorb them, contributing to price volatility. Historical patterns of correlation among asset classes may break down in unanticipated ways during times of high volatility, disrupting investment programs and potentially causing losses.

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

Regulators in the U.S. have adopted a number of changes to regulations involving the markets and issuers, some of which apply to a Fund. The full effect of various newly adopted regulations is not currently known. Due to the scope of regulations being adopted, certain of these changes could limit a Fund's ability to pursue its

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

investment strategies or make certain investments, may make it more costly for a Fund to operate, or adversely impact performance. Additionally, it is possible that recently adopted regulations could be further revised or rescinded, which creates material uncertainty regarding their impact to a Fund.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Impacts from climate change may include significant risks to global financial assets and economic growth. A rise in sea levels, an increase in powerful storms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Certain issuers, industries and regions may be adversely affected by the impacts of climate change in ways that cannot be foreseen, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. Losses related to climate change could adversely affect, among others, corporate issuers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities.

Redemption Risk

The Funds may experience periods of heavy redemptions that could cause the Funds to sell assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in the Funds, have short investment horizons, or have unpredictable cash flow needs. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. This, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities, may result in decreased liquidity and increased volatility in the fixed-income markets, and heightened redemption risk. Heavy redemptions, whether by a few large investors or many smaller investors, could hurt the Funds' performance. This risk is heightened if the Fund invests in emerging market securities, which are generally less liquid than the securities of U.S. and other developed markets. The sale of assets to meet redemption requests may create net capital gains or losses, which could cause the Funds to have to distribute substantial capital gains.

Sovereign and Quasi Sovereign Debt Risk

An investment in sovereign and quasi-sovereign debt obligations involves special risks not present in corporate debt obligations securities are issued or guaranteed by a sovereign government or entity affiliated with or backed by a sovereign government. The issuer of the sovereign or quasi-sovereign debt that controls the repayment of the debt may be unable or unwilling to repay principal or interest when due, and a Fund may have limited recourse in the event of a default. In addition, these investments are subject to risk of payment delays or defaults due to (1) country cash flow problems, (2) insufficient foreign currency reserves, (3) political considerations, (4) large debt positions relative to the country's economy, (5) policies toward foreign lenders or investors, (6) the failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or unwillingness to repay debts. It may be particularly difficult to enforce the rights of debt holders in frontier and emerging markets. A governmental entity that defaults on an obligation may request additional time in which to pay or receive further loans or may seek to restructure its obligations to reduce interest rates or outstanding principal. There is no legal process for collecting sovereign and quasi-sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign and quasi-sovereign debt risk is increased for emerging and frontier markets issuers, which are among the largest debtors to commercial banks and foreign governments. At times, certain emerging market countries have declared moratoria on the payment of

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

principal and interest on external debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness.

U.S. Government Securities and Government-Sponsored Enterprises Risk

A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Additionally, circumstances could arise that would prevent the payment of interest or principal. This could result in losses to a Fund. Investments in government-sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. Government. These obligations vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association (''Ginnie Mae''); (ii) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal Home Loan Bank and the Federal Farm Credit Banks; (iii) supported by the discretionary authority of the U.S. Government to purchase the agency obligations, such as those of Fannie Mae and Freddie Mac or (iv) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The U.S. Government may choose not to provide financial support to U.S. Government-sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer defaulted, to the extent the Funds hold securities of such issuers, it might not be able to recover its investment from the U.S. Government. U.S. government securities and securities of government-sponsored entities are also subject to credit risk, interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially higher costs for the U.S. government to obtain new financing.

U.S. Treasury Obligations Risk

The value of U.S. Treasury obligations may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., such as a prolonged government shut down, may also cause investors to lose confidence in the U.S. government and may cause the value of U.S. Treasury obligations to decline.

Valuation Risk

This is the risk that a Fund has valued a security at a price different from the price at which it can be sold. This risk may be especially pronounced for investments, such as derivatives, which may be illiquid or which may become illiquid and for securities that trade in relatively thin markets and/or markets that experience extreme volatility. A Fund's ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents. If market conditions make it difficult to value certain investments, SEC rules and applicable accounting protocols may require a Fund may value these investments using more subjective methods, such as fair-value methodologies. Investors who purchase or redeem Fund shares on days when a Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received if a Fund had not fair-valued the securities or had used a different valuation methodology. The value of foreign securities, certain fixed-income securities and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded, but before a Fund determines its NAV.

Variable and Floating Rate Securities Risk

The coupons on certain fixed-income securities in which a Fund may invest are not fixed and may fluctuate based upon changes in market rates. The coupon on a floating rate security is generally based on an interest rate such as a money-market index, Secured Overnight Financing Rate ("SOFR") LIBOR or a Treasury bill rate. Such securities are subject to interest rate risk and may fluctuate in value in response to interest rate changes if there is

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. As short-term interest rates decline, the coupons on variable and floating rate securities typically decrease. Alternatively, during periods of rising interest rates, changes in the coupons of variable and floating rate securities may lag behind changes in market rates or may have limits on the maximum increases in the coupon rates. The value of variable and floating rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Variable and floating rate securities are less effective at locking in a particular yield and are subject to credit risk. Certain types of floating rate instruments may also be subject to greater liquidity risk than other debt securities.

7. Federal Income and Excise Taxes

It is the policy of each Fund to qualify as a regulated investment company ("RIC"), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each Fund is treated as a single entity for the purpose of determining such qualification.

The Funds do not have any unrecorded tax liabilities in the accompanying financial statements. Each of the tax years in the four year period ended January 31, 2026 remain subject to examination by the Internal Revenue Service. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in "Other expenses" on the Statements of Operations.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

Dividends are categorized in accordance with income tax regulations which may treat certain transactions differently than U.S. GAAP. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.

The tax character of distributions paid were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Developing World Income | Developing World Income | NIS Core Plus Bond | NIS Core Plus Bond |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 |
|  Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $12042437 | $7652431 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 80310495 | 55791178 | 8440 | 5982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 10783472 | 5970934 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 1134857 | 473318 | 4761 | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 1118070 | 1035325 | 42722 | 9046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  |  | 309396 | 265017 |
|  Long-term capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  |  |  |  |
|  Total distributions paid | $105389331 | $70923186 | $365319 | $285000 |

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\*For tax purposes, short-term capital gains are considered ordinary income distributions.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

As of January 31, 2026, the components of distributable earnings (deficits) on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| Developing World Income | $1620661137 | $79999868 | $(27068088) | $52931780 |
| NIS Core Plus Bond | 8275763 | 105851 | (198694) | (92843) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | Net Unrealized<br>Appreciation<br>(Depreciation) | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other (Losses) | Other Temporary<br>Differences | Distributable<br>Earnings |
| Developing World Income | $52931780 | $4827600 | $– $| (52183435) | $1 | $5575946 |
| NIS Core Plus Bond | (92843) | 18196 | – | (658376) | (15888) | (748911) |

---

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, premium amortization accruals, unused capital loss carryforwards, dividends payable, the tax deferral of losses related to straddles, interest income recognized for tax purposes on defaulted bonds, and the realization for tax purposes of unrealized gains (losses) on certain derivative instruments.

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statements of Assets and Liabilities. The Funds had no permanent differences as of January 31, 2026.

For federal income tax purposes, the Funds measure their capital loss carryforwards annually at January 31, their fiscal year end. Capital loss carryforwards retain their character as short-term and/or long-term and may be carried forward and applied against future realized capital gains with no expiration date.

As of January 31, 2026, the Funds had the following capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| Fund | Short-Term<br>Capital Loss<br>Carryforwards | Long-Term<br>Capital Loss<br>Carryforwards |
|  Developing World Income | $8305891 | $43877544 |
|  NIS Core Plus Bond | 229710 | 428666 |

---

For NIS Core Bond Fund, the ability to utilize capital loss carryforwards in the future could be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the year ended January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Purchases<br>(non-U.S.<br>Government<br>Securities) | Purchases<br>of U.S.<br>Government<br>Securities | Sales<br>(non-U.S.<br>Government<br>Securities) | Sales of U.S.<br>Government<br>Securities |
| Developing World Income | $984631794 | $- | $300799701 | $- |
| NIS Core Plus Bond | 4036001 | 3640196 | 2641569 | 3995338 |

---

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

A summary of the Funds' transactions in the USG Select Fund for the year ended January 31, 2026 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | January 31,<br>2025<br>Shares/Fair<br>Value | Purchases | Sales | January 31,<br>2026<br>Shares/Fair<br>Value |
| Developing World Income | Direct | $67784117 | $1537115845 | $1407686433 | $197213529 |

---

9. Borrowing Arrangements

Effective November 6, 2025 (the "Effective Date"), the Funds, along with certain other funds managed by the Manager ("Participating Funds"), renewed a committed revolving line of credit (the "Committed Line") agreement with State Street Bank and Trust Company (the "Bank") to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 5, 2026, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2025.

On the Effective Date, the Funds, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the "Uncommitted Line") agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 5, 2026, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2025.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Line of credit interest expense" on the Statements of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the year ended January 31, 2026, the Funds did not utilize these facilities.

10. Capital Share Transactions

The tables below summarize the activity in capital shares for each Class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2025 |
| Developing World Income Fund | Shares | Amount | Shares | Amount |
| Shares sold . . . . . . . . . . . . . . . . . . . | 22960937 | $169968816 | 5109273 | $36158346 |
| Reinvestment of dividends | 1447910 | 10528964 | 1007070 | 7081859 |
| Shares redeemed . . . . . . . . . . . . . . . | (7721777) | (56647904) | (2798732) | (19818956) |
| Net increase in shares outstanding . . . | 16687070 | $123849876 | 3317611 | $23421249 |

---

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2025 |
| Developing World Income Fund | Shares | Amount | Shares | Amount |
| Shares sold . . . . . . . . . . . . . . . . . . . | 115140706 | $847142739 | 38008537 | $269811177 |
| Reinvestment of dividends | 10842840 | 78891261 | 7856715 | 55261838 |
| Shares redeemed . . . . . . . . . . . . . . . | (40844348) | (296200573) | (23296002) | (164474131) |
| Net increase in shares outstanding . . . | 85139198 | $629833427 | 22569250 | $160598884 |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2025 |
| Developing World Income Fund | Shares | Amount | Shares | Amount |
| Shares sold . . . . . . . . . . . . . . . . . . . | 20840011 | $152105172 | 11300591 | $80191464 |
| Reinvestment of dividends | 1421794 | 10314097 | 816115 | 5732003 |
| Shares redeemed . . . . . . . . . . . . . . . | (11558992) | (83769324) | (6635879) | (47112885) |
| Net increase in shares outstanding . . . | 10702813 | $78649945 | 5480827 | $38810582 |
|  | A Class | A Class | A Class | A Class |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2025 |
| Developing World Income Fund | Shares | Amount | Shares | Amount |
| Shares sold . . . . . . . . . . . . . . . . . . . | 2335142 | $17169795 | 767835 | $5457145 |
| Reinvestment of dividends | 153659 | 1119346 | 63880 | 449187 |
| Shares redeemed . . . . . . . . . . . . . . . | (615768) | (4464844) | (414111) | (2945408) |
| Net increase in shares outstanding . . . | 1873033 | $13824297 | 417604 | $2960924 |
|  | C Class | C Class | C Class | C Class |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2025 |
| Developing World Income Fund | Shares | Amount | Shares | Amount |
| Shares sold . . . . . . . . . . . . . . . . . . . | 695114 | $5048594 | 375482 | $2637491 |
| Reinvestment of dividends | 155033 | 1114603 | 147015 | 1027339 |
| Shares redeemed . . . . . . . . . . . . . . . | (550967) | (4041720) | (335162) | (2348102) |
| Net increase in shares outstanding . . . | 299180 | $2121477 | 187335 | $1316728 |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2025 |
| NIS Core Plus Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold . . . . . . . . . . . . . . . . . . . | 710 | $6105 | 32371 | $271768 |
| Reinvestment of dividends | 527 | 4549 | 238 | 2024 |
| Shares redeemed . . . . . . . . . . . . . . . | (3083) | (26386) | (19644) | (165481) |
| Net increase (decrease) in shares outstanding | (1846) | $(15732) | 12965 | $108311 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2025 |
| NIS Core Plus Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold . . . . . . . . . . . . . . . . . . . | 411 | $3576 | 4756 | $40324 |
| Reinvestment of dividends | 135 | 1175 | 174 | 1491 |
| Shares redeemed . . . . . . . . . . . . . . . | (411) | (3569) | (4802) | (42546) |
| Net increase (decrease) in shares outstanding | 135 | $1182 | 128 | $(731) |
|  | C Class | C Class | C Class | C Class |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2025 |
| NIS Core Plus Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold . . . . . . . . . . . . . . . . . . . | 1357 | $11819 | 133657 | $1142640 |
| Reinvestment of dividends | 4357 | 37663 | 728 | 6158 |
| Shares redeemed . . . . . . . . . . . . . . . | (29072) | (252238) | (4747) | (40257) |
| Net increase (decrease) in shares outstanding | (23358) | $(202756) | 129638 | $1108541 |

---

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2026 | Year Ended<br>January 31, 2025 | Year Ended<br>January 31, 2025 |
| NIS Core Plus Bond Fund | Shares | Amount | Shares | Amount |
| Shares sold . . . . . . . . . . . . . . . . . . . | 100284 | $858073 | 38709 | $329298 |
| Reinvestment of dividends | 14656 | 126635 | 10341 | 88085 |
| Shares redeemed . . . . . . . . . . . . . . . | (56019) | (483862) | (190) | (1612) |
| Net increase in shares outstanding . . . | 58921 | $500846 | 48860 | $415771 |

---

11. Subsequent Events

The Board of Trustees of the Trust, upon the recommendation of the Manager, has approved the appointment of Ninety One North America, Inc. ("Ninety One NA") as an additional sub-advisor to the American Beacon Developing World Income Fund (the "Fund") and a new Investment advisory agreement among the Manager, Ninety One NA and the Trust, on behalf of the Fund. Ninety One NA is appointed as a sub-advisor to the Fund effective November 12, 2025. The Manage currently expects to commence the allocation of a portion of the assets of the Fund to Ninety One NA on or about February 2, 2026.

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  Net asset value, beginning of period | $7.20 | $6.93 | $6.92 | $8.16 | $8.34 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.79 <sup>A</sup> | 0.89 <sup>A</sup> | 0.68 | 0.61 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.55 | 0.24 | 0.00 <sup>B</sup> | (1.24) | (0.20) |
|  Total income (loss) from investment operations | 1.34 | 1.13 | 0.68 | (0.63) | 0.48 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.76) | (0.86) | (0.67) | (0.44) | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital<sup>C</sup> |  |  |  | (0.17) |  |
|  Total distributions | (0.76) | (0.86) | (0.67) | (0.61) | (0.66) |
|  Redemption fees added to beneficial interests<sup>B</sup> |  |  |  |  |  |
|  Net asset value, end of period | $7.78 | $7.20 | $6.93 | $6.92 | $8.16 |
|  Total return<sup>D</sup> | 19.94% | 17.33% | 10.52% | (7.50)% | 5.80% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $214356258 | $78290359 | $52304497 | $46282796 | $47897191 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.05% | 1.09% | 1.09% | 1.12% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.05% | 1.09% | 1.09% | 1.12% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 10.75% | 12.49% | 10.14% | 8.81% | 7.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 10.75% | 12.49% | 10.14% | 8.81% | 7.79% |
|  Portfolio turnover rate | 34% | 42% | 26% | 42% | 39% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Amount represents less than $0.01 per share.* 

*<sup>C</sup>* *Tax return of capital is calculated based on shares outstanding at the time of distribution.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  Net asset value, beginning of period | $7.21 | $6.93 | $6.92 | $8.16 | $8.35 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.79 <sup>A</sup> | 0.89 <sup>A</sup> | 0.67 | 0.61 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.54 | 0.25 | (0.00)<sup>B</sup> | (1.25) | (0.19) |
|  Total income (loss) from investment operations | 1.33 | 1.14 | 0.67 | (0.64) | 0.46 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.76) | (0.86) | (0.66) | (0.43) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital<sup>C</sup> |  |  |  | (0.17) |  |
|  Total distributions | (0.76) | (0.86) | (0.66) | (0.60) | (0.65) |
|  Redemption fees added to beneficial interests<sup>B</sup> |  |  |  |  |  |
|  Net asset value, end of period | $7.78 | $7.21 | $6.93 | $6.92 | $8.16 |
|  Total return<sup>D</sup> | 19.75% | 17.44% | 10.46% | (7.55)% | 5.61% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $1275058988 | $567422035 | $389293148 | $305728868 | $397300935 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.08% | 1.12% | 1.15% | 1.17% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.08% | 1.12% | 1.15% | 1.17% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 10.74% | 12.44% | 10.13% | 8.74% | 7.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 10.74% | 12.44% | 10.13% | 8.74% | 7.86% |
|  Portfolio turnover rate | 34% | 42% | 26% | 42% | 39% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Amount represents less than $0.01 per share.* 

*<sup>C</sup>* *Tax return of capital is calculated based on shares outstanding at the time of distribution.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  Net asset value, beginning of period | $7.19 | $6.92 | $6.91 | $8.15 | $8.33 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.77 <sup>A</sup> | 0.88 <sup>A</sup> | 0.65 | 0.60 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.54 | 0.23 | (0.00)<sup>B</sup> | (1.25) | (0.17) |
|  Total income (loss) from investment operations | 1.31 | 1.11 | 0.65 | (0.65) | 0.45 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.74) | (0.84) | (0.64) | (0.43) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital<sup>C</sup> |  |  |  | (0.16) |  |
|  Total distributions | (0.74) | (0.84) | (0.64) | (0.59) | (0.63) |
|  Redemption fees added to beneficial interests<sup>B</sup> |  |  |  |  |  |
|  Net asset value, end of period | $7.76 | $7.19 | $6.92 | $6.91 | $8.15 |
|  Total return<sup>D</sup> | 19.52% | 17.02% | 10.19% | (7.81)% | 5.47% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $165005817 | $75898242 | $35099499 | $35767335 | $51845178 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.31% | 1.38% | 1.41% | 1.44% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.31% | 1.38% | 1.41% | 1.44% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 10.53% | 12.34% | 9.77% | 8.38% | 7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 10.53% | 12.34% | 9.77% | 8.38% | 7.50% |
|  Portfolio turnover rate | 34% | 42% | 26% | 42% | 39% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Amount represents less than $0.01 per share.* 

*<sup>C</sup>* *Tax return of capital is calculated based on shares outstanding at the time of distribution.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class |
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  Net asset value, beginning of period | $7.20 | $6.92 | $6.92 | $8.15 | $8.34 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.77 <sup>A</sup> | 0.87 <sup>A</sup> | 0.63 | 0.66 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.54 | 0.25 | 0.01 | (1.30) | (0.17) |
|  Total income (loss) from investment operations | 1.31 | 1.12 | 0.64 | (0.64) | 0.44 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.74) | (0.84) | (0.64) | (0.43) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital<sup>B</sup> |  |  |  | (0.16) |  |
|  Total distributions | (0.74) | (0.84) | (0.64) | (0.59) | (0.63) |
|  Redemption fees added to beneficial interests<sup>C</sup> |  |  |  |  |  |
|  Net asset value, end of period | $7.77 | $7.20 | $6.92 | $6.92 | $8.15 |
|  Total return<sup>D</sup> | 19.46% | 17.15% | 9.98% | (7.67)% | 5.32% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $21374763 | $&nbsp;&nbsp;&nbsp;&nbsp;6312947 | $&nbsp;&nbsp;&nbsp;&nbsp;3179862 | $2574241 | $&nbsp;&nbsp;&nbsp;&nbsp;5855674 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.34% | 1.39% | 1.44% | 1.41% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.34% | 1.39% | 1.44% | 1.41% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 10.52% | 12.17% | 9.79% | 8.28% | 7.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 10.52% | 12.17% | 9.79% | 8.28% | 7.62% |
|  Portfolio turnover rate | 34% | 42% | 26% | 42% | 39% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Tax return of capital is calculated based on shares outstanding at the time of distribution.* 

*<sup>C</sup>* *Amount represents less than $0.01 per share.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Developing World Income Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class |
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  Net asset value, beginning of period | $7.15 | $6.88 | $6.88 | $8.11 | $8.30 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.70 <sup>A</sup> | 0.80 <sup>A</sup> | 0.60 | 0.54 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.55 | 0.26 | (0.01) | (1.24) | (0.18) |
|  Total income (loss) from investment operations | 1.25 | 1.06 | 0.59 | (0.70) | 0.38 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.69) | (0.79) | (0.59) | (0.38) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital<sup>B</sup> |  |  |  | (0.15) |  |
|  Total distributions | (0.69) | (0.79) | (0.59) | (0.53) | (0.57) |
|  Redemption fees added to beneficial interests<sup>C</sup> |  |  |  |  |  |
|  Net asset value, end of period | $7.71 | $7.15 | $6.88 | $6.88 | $8.11 |
|  Total return<sup>D</sup> | 18.58% | 16.25% | 9.26% | (8.41)% | 4.58% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $13402027 | $10283909 | $&nbsp;&nbsp;&nbsp;&nbsp;8609551 | $7880681 | $&nbsp;&nbsp;&nbsp;&nbsp;9775702 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 2.07% | 2.12% | 2.17% | 2.18% | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 2.07% | 2.12% | 2.17% | 2.18% | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 9.69% | 11.37% | 9.07% | 7.69% | 6.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 9.69% | 11.37% | 9.07% | 7.69% | 6.75% |
|  Portfolio turnover rate | 34% | 42% | 26% | 42% | 39% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Tax return of capital is calculated based on shares outstanding at the time of distribution.* 

*<sup>C</sup>* *Amount represents less than $0.01 per share.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  Net asset value, beginning of period | $8.48 | $8.56 | $8.62 | $9.69 | $10.04 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.37 <sup>A</sup> | 0.36 <sup>A</sup> | 0.32 | 0.25 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.21 | (0.06) | (0.05) | (1.06) | (0.32) |
|  Total income (loss) from investment operations | 0.58 | 0.30 | 0.27 | (0.81) | (0.14) |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.38) | (0.33) | (0.26) | (0.21) |
|  Net asset value, end of period | $8.68 | $8.48 | $8.56 | $8.62 | $9.69 |
|  Total return<sup>B</sup> | 6.95% | 3.52% | 3.29% | (8.31)% | (1.43)% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period . | $183257 | $194660 | $&nbsp;&nbsp;&nbsp;&nbsp;85621 | $86168 | $96859 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 3.67% | 4.45% | 3.19% | 3.42% | 6.02 %<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.54 %<sup>D</sup> | 0.53% | 0.53% | 0.53% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 1.23% | 0.30% | 1.17% | (0.08)% | (3.68)%<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 4.36% | 4.22% | 3.83% | 2.81% | 1.81% |
|  Portfolio turnover rate | 80% | 72% | 132% | 114% | 127% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Includes non-recurring organization and offering costs.* 

*<sup>D</sup>* *Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 0.53% for the period ended January 31, 2026.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class |
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  Net asset value, beginning of period | $8.47 | $8.56 | $8.62 | $9.69 | $10.04 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.35 <sup>A</sup> | 0.34 <sup>A</sup> | 0.30 | 0.24 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.21 | (0.08) | (0.05) | (1.07) | (0.32) |
|  Total income (loss) from investment operations | 0.56 | 0.26 | 0.25 | (0.83) | (0.17) |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.35) | (0.31) | (0.24) | (0.18) |
|  Net asset value, end of period | $8.67 | $8.47 | $8.56 | $8.62 | $9.69 |
|  Total return<sup>B</sup> | 6.69% | 3.05% | 3.04% | (8.54)% | (1.68)% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period . | $115640 | $111813 | $111937 | $111692 | $96859 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 3.90% | 4.66% | 3.45% | 3.69% | 6.29 %<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments . | 0.79 %<sup>D</sup> | 0.78% | 0.78% | 0.78% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 1.00% | 0.09% | 0.91% | (0.32)% | (3.95)%<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 4.11% | 3.97% | 3.58% | 2.59% | 1.56% |
|  Portfolio turnover rate | 80% | 72% | 132% | 114% | 127% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Includes non-recurring organization and offering costs.* 

*<sup>D</sup>* *Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 0.78% for the period ended January 31, 2026.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class |
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  Net asset value, beginning of period | $8.47 | $8.56 | $8.62 | $9.69 | $10.04 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.29 <sup>A</sup> | 0.28 <sup>A</sup> | 0.24 | 0.18 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.20 | (0.09) | (0.05) | (1.07) | (0.32) |
|  Total income (loss) from investment operations | 0.49 | 0.19 | 0.19 | (0.89) | (0.24) |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.28) | (0.25) | (0.18) | (0.11) |
|  Net asset value, end of period | $8.67 | $8.47 | $8.56 | $8.62 | $9.69 |
|  Total return<sup>B</sup> | 5.90% | 2.28% | 2.27% | (9.22)% | (2.41)% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $1049463 | $1222995 | $&nbsp;&nbsp;&nbsp;&nbsp;125830 | $125459 | $96860 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 4.65% | 5.57% | 4.20% | 4.46% | 7.05 %<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.54 %<sup>D</sup> | 1.53% | 1.53% | 1.53% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 0.25% | (0.79)% | 0.16% | (1.10)% | (4.71)%<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 3.36% | 3.25% | 2.83% | 1.83% | 0.81% |
|  Portfolio turnover rate | 80% | 72% | 132% | 114% | 127% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Includes non-recurring organization and offering costs.* 

*<sup>D</sup>* *Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 1.53% for the period ended January 31, 2026.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon NIS Core Plus Bond Fund<sup>SM</sup>

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  Net asset value, beginning of period | $8.47 | $8.56 | $8.62 | $9.69 | $10.04 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.38 <sup>A</sup> | 0.37 <sup>A</sup> | 0.33 | 0.26 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.21 | (0.08) | (0.05) | (1.06) | (0.32) |
|  Total income (loss) from investment operations | 0.59 | 0.29 | 0.28 | (0.80) | (0.13) |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.38) | (0.34) | (0.27) | (0.22) |
|  Net asset value, end of period | $8.67 | $8.47 | $8.56 | $8.62 | $9.69 |
|  Total return<sup>B</sup> | 7.06% | 3.41% | 3.40% | (8.22)% | (1.33)% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $6823987 | $6166593 | $5813606 | $6154067 | $5646506 |
|  Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 3.61% | 4.40% | 3.18% | 3.43% | 5.10 %<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.44 %<sup>D</sup> | 0.43% | 0.43% | 0.43% | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 1.29% | 0.35% | 1.18% | (0.07)% | (2.76)%<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 4.46% | 4.32% | 3.93% | 2.93% | 1.91% |
|  Portfolio turnover rate | 80% | 72% | 132% | 114% | 127% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Includes non-recurring organization and offering costs.* 

*<sup>D</sup>* *Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 0.43% for the period ended January 31, 2026.* 

See accompanying notes

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Federal Tax Information

January 31, 2026 (Unaudited)

Certain tax information regarding the Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended January 31, 2026. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended January 31, 2026.

The Funds designated the following items with regard to distributions paid during the fiscal year ended January 31, 2026. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

#### Corporate Dividends-Received Deduction:

---

| | |
|:---|:---|
|  Developing World Income | 0.0% |
|  NIS Core Plus Bond | 0.0% |

---

#### Qualified Dividend Income:

---

| | |
|:---|:---|
|  Developing World Income | 0.0% |
|  NIS Core Plus Bond | 0.0% |

---

#### Long-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Developing World Income | $0.0 |
|  NIS Core Plus Bond | 0.0 |

---

#### Short-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Developing World Income | $0.0 |
|  NIS Core Plus Bond | 0.0 |

---

#### Return of Capital Distributions:

---

| | |
|:---|:---|
|  Developing World Income | $0.0 |
|  NIS Core Plus Bond | 0.0 |

---

Shareholders received notification in January 2026 of the applicable tax information necessary to prepare their 2025 income tax returns.

------

##### [**Table of Contents**](#toc)
American Beacon Funds<sup>SM</sup>

Results of Shareholder Meeting (Unaudited)

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Developing World Income Fund and American Beacon NIS Core Plus Bond Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | For | Against | Abstain | Non-Voting |
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 | 0.000 |

---

------

##### [**Table of Contents**](#toc)
![LOGO](g114933g01a06.jpg)

Delivery of Documents

If you invest in the Fund through a financial institution, you may be able to receive the Fund's regulatory mailings, such as the Prospectus, Annual Report, Semi-Annual Report and Financial Statement Reports, by e-mail. If you are interested in this option, please go to www.icsdelivery.com and search for your financial institution's name or contact your financial institution directly.

You may request a paper copy of this document at no charge by contacting your financial institution. This document is also available for download at www.americanbeaconfunds.com or you can request an electronic copy by contacting your financial institution.

#### To obtain more information about the Fund:

---

| | |
|:---|:---|
| ![LOGO](g114933g02b06.jpg) | ![LOGO](g114933g03c06.jpg) |
| **By E-mail:** | **On the Internet:** |
| american_beacon.funds@ambeacon.com | Visit our website at<br> www.americanbeaconfunds.com |
| ![LOGO](g114933g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g114933g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g114933g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g114933g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g114933g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g114933g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g114933g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g114933g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

#### Fund Service Providers:
CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts DISTRIBUTOR Resolute Investment Distributors, Inc. Irving, Texas

*This report is prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current Prospectus or Summary Prospectus.* 

American Beacon Funds, American Beacon Developing World Income Fund and American Beacon NIS Core Plus Bond Fund are service marks of American Beacon Advisors, Inc.

AR 01/26

------

##### [**Table of Contents**](#toc)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

If any matter was submitted during the period covered by the report to a vote of shareholders of an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A], through the solicitation of proxies or otherwise, the company must furnish the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the meeting and whether it was an annual or special meeting.

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Developing World Income Fund and American Beacon NIS Core Plus Bond Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | For | Against | Abstain | Non-Voting |
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 | 0.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the meeting involved the election of directors, the name of each director elected at the meeting and the name of each other director whose term of office as a director continued after the meeting. Refer to Item 9(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A brief description of each matter voted upon at the meeting and the number of votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to each such matter, including a separate tabulation with respect to each matter or nominee for office. Refer to Item 9(1).

Item 10. Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The remuneration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

##### [**Table of Contents**](#toc)
**Disclosure Regarding the Approval of Investment Advisory Agreement**

At its November 11, 2025 meeting ("Meeting"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Funds ("Trust") considered the approval of the Investment Advisory Agreement ("Agreement") among American Beacon Advisors, Inc. (the "Manager"), the Trust, on behalf of the American Beacon Developing World Income Fund ("Fund"), and Ninety One North America, Inc. ("Ninety One NA"), the proposed additional sub-advisor for the Fund. Prior to the Meeting, information was provided to the Board by Ninety One NA in response to requests from the Board and/or the Manager in connection with the Board's consideration of the Agreement. The Board also received information from the Manager in connection with the Board's consideration of the Agreement, and the Investment Committee of the Board met with representatives of Ninety One NA.

Provided below is an overview of the primary factors the Board considered at the Meeting at which the Board considered the approval of the Agreement. In determining whether to approve the Agreement, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services to be provided; (2) the investment performance of a composite of investment accounts managed by Ninety One NA in the strategy that Ninety One NA proposed to utilize for the Fund (the "Comparable Accounts"); (3) the extent to which economies of scale, if any, have been taken into account in setting the fee schedule; (4) whether fee levels reflect these economies of scale, if any, for the benefit of investors; (5) comparisons of services and fees with contracts entered into by Ninety One NA with other clients; and (6) any other benefits anticipated to be derived by Ninety One NA from its relationship with the Fund.

The Board did not identify any particular information that was most relevant to its consideration of the Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the Trustees who are not "interested persons" of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended ("1940 Act"), provided the Board with a memorandum regarding its responsibilities pertaining to the approval of investment advisory contracts, such as the Agreement. The memorandum explained the regulatory requirements surrounding the Trustees' process for evaluating investment advisors and the terms of investment advisory contracts. Based on its evaluation, the Board concluded that the terms of the Agreement were reasonable and fair and approved the Agreement.

*Nature, Extent and Quality of the Services to be Provided by Ninety One NA*. The Board considered information regarding Ninety One NA's principal business activities and overall capabilities to perform the services under the Agreement. In addition, the Board considered the background and experience of the personnel who would be assigned responsibility for managing Ninety One NA's allocation of the Fund. The Board also considered Ninety One NA's investment resources, infrastructure and the adequacy of its compliance program. The Board considered Ninety One NA's representation regarding the sufficiency of its current staffing levels. The Board also took into consideration the Manager's recommendation of Ninety One NA. Based on this information, the Board concluded that the nature, extent and quality of the subadvisory services to be provided by Ninety One NA were appropriate for the Fund in light of its investment objective, and, thus, supported a decision to approve the Agreement.

*Performance of Ninety One NA*. The Board evaluated the information provided by Ninety One NA regarding the performance of the Comparable Accounts relative to the performance of the Fund's benchmark index and an additional index provided by Ninety One NA (the "Indices"). The Board considered information provided by Ninety One NA regarding the comparative performance of the Comparable Accounts for various periods ended June 30, 2025. Based on the foregoing information, the Board concluded that the historical investment performance record of Ninety One NA supported approval of the Agreement.

------

##### [**Table of Contents**](#toc)
Disclosure Regarding the **Approval of Investment Advisory Agreement**

*Comparisons of the Amounts to be Paid Under the Agreement with Those Under Contracts Between Ninety One NA and its Other Clients*. In evaluating the Agreement, the Board reviewed the proposed advisory fee rate for services to be performed by Ninety One NA on behalf of the Fund. The Board considered that Ninety One NA's investment advisory fee rate under the Agreement would be paid to Ninety One NA by the Fund. The Board also considered Ninety One NA's representation that the advisory fee rate is lower than its standard advisory fee rate schedule at all asset levels. In addition, the Board considered the Manager's representation that Ninety One NA's investment advisory fee rate under the Agreement would be the same as the investment advisory fee paid by the Fund to Global Evolution USA, LLC and abrdn Investments Limited, the existing sub-advisors to the Fund. After evaluating this information, the Board concluded that the advisory fee rate under the Agreement was reasonable in light of the services to be provided to the Fund.

*Costs of the Services to be Provided and Profits to be Realized by Ninety One NA and its Affiliates from its Relationship with the Fund*. The Board did not consider the costs of the services to be provided and any profits to be realized by Ninety One NA from its relationship with the Fund, noting instead the arm's-length nature of the relationship between the Manager and Ninety One NA with respect to the negotiation of the advisory fee rate on behalf of the Fund.

*Economies of Scale*. The Board considered Ninety One NA's representation that it believes that the proposed advisory fee rate for the Fund reflects long-term economies of scale.

*Benefits to Be Derived by Ninety One NA from Its Relationship with the Fund*. The Board considered Ninety One NA's representation that it will not receive any indirect benefits as a result of its relationship with the Manager.

*Board's Conclusion*. Based on the various considerations described above, the Board, including a majority of Trustees who are not "interested persons" of the Fund, the Manager or Ninety One NA, as that term is defined in the 1940 Act, concluded that the proposed investment advisory fee rate is fair and reasonable and approved the Agreement.

------

##### [**Table of Contents**](#toc)
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

The registrant has made no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees.

Item 16. Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing of this report as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based upon their review, such officers have concluded that the registrant's disclosure controls and procedures are effective in ensuring that information required to be disclosed in the report is appropriately recorded, processed, summarized and reported and made know to them by others within the registrant and by the registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not Applicable.

Item 19. Exhibits

(a)(1) Filed herewith as [EX-99.CODE ETH](d112577dex99codeeth.htm).

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as [EX-99.CERT](d112577dex99cert.htm).

(a)(3) Not applicable.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as [EX-99.906CERT](d112577dex99906cert.htm).

------

##### [**Table of Contents**](#toc)
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): American Beacon Funds

---

| | |
|:---|:---|
| By | /s/ Gregory J. Stumm |
| Gregory J. Stumm | Gregory J. Stumm |
| Principal Executive Officer | Principal Executive Officer |
| American Beacon Funds | American Beacon Funds |
| Date: April 1, 2026 | Date: April 1, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Gregory J. Stumm |
| Gregory J. Stumm | Gregory J. Stumm |
| Principal Executive Officer | Principal Executive Officer |
| American Beacon Funds | American Beacon Funds |
| Date: April 1, 2026 | Date: April 1, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Aaron Cooper |
| Aaron Cooper | Aaron Cooper |
| Principal Financial Officer | Principal Financial Officer |
| American Beacon Funds | American Beacon Funds |
| Date: April 1, 2026 | Date: April 1, 2026 |

---

## Ex-99.Code

**AMERICAN BEACON FUNDS** 

**AMERICAN BEACON SELECT FUNDS** 

**AMERICAN BEACON INSTITUTIONAL FUNDS TRUST** 

(collectively, the "Trusts")

**Code of Ethics for Principal Executive and Financial Officers** 

**Dated: June 14, 2024** 

**Purpose** 

The Trusts have adopted this Code of Ethics for Principal Executive and Financial Officers (the "Code"), which applies to the Trusts' Principal Executive Officer and Principal Financial Officer (the "Covered Officers" as set forth in Exhibit A), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that a Trust files with, or
submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**Conflicts of Interest** 

For purposes of this Code, a "conflict of interest" occurs when a Covered Officer's "personal interests" interfere with the interests of, or his/her service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Trusts.

Certain conflicts of interest arise out of the relationship between Covered Officers and the Trusts and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts.

Conflicts also may arise from a Covered Officer's position or employment at American Beacon Advisors, Inc. ("AmBeacon"), the Trusts' manager, and his/her position with each Trust. The Covered Officers may also hold positions or be employed by AmBeacon's affiliated companies, some of which may be sub-advisors to the Trusts. This Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on AmBeacon, its affiliates and the

------

Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trusts and AmBeacon and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trusts.

Each Covered Officer should not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his/her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trusts to take action, or fail to take action, for the personal benefit of the Covered Officer rather
than the benefit of the Trusts.

At times, certain situations may arise that may, or may not, be considered conflicts of interest under this Code. Covered Officers are encouraged to discuss such situations with the Trusts' Chief Legal Officer ("CLO"). Examples of these types of situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts in excess of $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trusts have current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service
providers, other than AmBeacon or its affiliates, the distributor for the Trusts' shares, or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself/herself with the disclosure requirements generally applicable to the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether
within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his/her area of responsibility, consult with other officers and
employees of the Trusts and AmBeacon with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the
Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he/she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual thereafter affirm to the Board that he/she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete at least annually the Officer Questionnaire by detailing any directorships with public or private
companies and/or material relationships or transactions with affiliated persons of any Trust or its series, except for directorships or other positions with AmBeacon and its affiliates, which are already known by the CLO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Trusts or their affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CLO promptly if he/she knows of any violations of this Code. Failure to do so is itself a violation of
this Code.

The CLO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In addition, the CLO is authorized and encouraged to consult with counsel to the Trusts and counsel to the Independent Trustees of the Trusts' Boards of Trustees. However, any approvals or waivers sought by the Covered Officers will be considered by the Independent Trustees.

The Trusts will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CLO will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take
any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CLO believes is a violation will be reported to the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to
the applicable Trust's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of AmBeacon or its
board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Independent Trustees will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

------

**Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts, AmBeacon, the distributor for the Trusts' shares, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trusts' and AmBeacon' codes of ethics under Rule 17j-1 under the Investment Company Act and the more detailed policies and procedures set forth in the Trusts' Statement of Policy on Material Non-Public Information are separate requirements applying to the Covered Officers and others, and are not part of nor replaced by this Code.

**Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

**Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board of Trustees, its counsel and AmBeacon.

**Internal Use** 

This Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

------

**EXHIBIT A** 

**Persons Covered by this Code of Ethics** 

---

| | | |
|:---|:---|:---|
|  | Position with each<u> </u><br> Trust | Name |
| Principal Executive Officer | Principal Executive Officer | Gregory J. Stumm |
| Principal Financial Officer | Principal Financial Officer | Aaron Cooper |

---

## Ex-99.Cert

EXHIBIT 99.CERT

EXHIBIT (A)(2)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Aaron Cooper, certify that:

1. I have reviewed this report on Form N-CSR of American Beacon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 1, 2026 | /s/ Aaron Cooper |
|  | Aaron Cooper |
|  | Principal Financial Officer |
|  | American Beacon Funds |

---

------

I, Gregory J. Stumm, certify that:

1. I have reviewed this report on Form N-CSR of American Beacon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 1, 2026 | /s/ Gregory J. Stumm |
|  | Gregory J. Stumm |
|  | Principal Executive Officer |
|  | American Beacon Funds |

---

## Exhibit 99.906

EXHIBIT 99.906.CERT

CERTIFICATION PERSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Gregory J. Stumm and Aaron Cooper, respectively, the Principal Executive Officer and Principal Financial Officer of the American Beacon Funds (the "Registrant"), each certify to the best of his or her knowledge and belief that:

1. The Registrant's periodic report on Form N-CSR for the period covered by the Report (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: April 1, 2026

---

| |
|:---|
| /s/ Gregory J. Stumm |
| Gregory J. Stumm |
| Principal Executive Officer |
| American Beacon Funds |
| /s/ Aaron Cooper |
| Aaron Cooper |
| Principal Financial Officer |
| American Beacon Funds |

---

This certification is being furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906 has been provided to American Beacon Funds and will be retained by American Beacon Funds and furnished to the U.S. Securities and Exchange Commission or its staff upon request.