# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001752724-25-161816
**Filing Date:** 2025-6
**Character Count:** 297156
**Document Hash:** b375e691df515369c3d46bb93b5854f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161816.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161816

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20260131

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04984
- **FILM NUMBER:** 251085303

**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 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           |

## Nport-Ex

**United States** 

**Securities and Exchange Commission** 

**Washington, DC 20549** 

**FORM N-Q** 

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS** 

**OF REGISTERED MANAGEMENT INVESTMENT COMPANY** 

**Investment Company Act file number: 811-04984** 

## AMERICAN BEACON FUNDS
**(Exact name of Registrant as specified in charter)** 

**220 East Las Colinas Blvd., Suite 1200** 

**Irving, Texas 75039** 

**(Address of principal executive offices) (Zip code)** 

**Gregory J. Stumm, PRESIDENT** 

**220 East Las Colinas Blvd., Suite 1200** 

**Irving, Texas 75039** 

**(Name and address of agent for service)** 

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

**Date of fiscal year end: January 31, 2026** 

**Date of reporting period: April 30, 2025** 

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

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

------

ITEM 1. SCHEDULE OF INVESTMENTS.

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Angola - 3.36%** |  |  |
|  **Foreign Corporate Obligations - 0.11%** |  |  |
|  Azule Energy Finance PLC, 8.125%, Due 1/23/2030<sup>A</sup>  | $830000 | $**800328** |
|  **Foreign Sovereign Obligations - 3.25%** |  |  |
|  Angola Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 5/9/2028<sup>B</sup>  | 5432000 | 4608509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 11/26/2029<sup>A</sup>  | 5379000 | 4288085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 4/14/2032<sup>B</sup>  | 4459000 | 3438513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 4/14/2032<sup>A</sup>  | 3475000 | 2679711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.375%, Due 5/8/2048<sup>B</sup>  | 5746000 | 4054809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.125%, Due 11/26/2049<sup>B</sup>  | 6708000 | 4662060 |
|  Republic of Angola Via Avenir Issuer II Ireland DAC, 6.927%, Due 2/19/2027<sup>B</sup>  | 985714 | 924067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **24655754** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Angola (Cost $29,970,747)** |  | **25456082** |
|  **Argentina - 3.74%** |  |  |
|  **Foreign Sovereign Obligations - 3.74%** |  |  |
|  Argentina Republic Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, Due 7/9/2029 | 15101632 | 12141712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, Due 7/9/2030<sup>C</sup>  | 2664213 | 2038123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 7/9/2035<sup>C</sup>  | 21412784 | 14151928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **28331763** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Argentina (Cost $25,043,005)** |  | **28331763** |
|  **Armenia - 0.99%** |  |  |
|  **Foreign Sovereign Obligations - 0.99%** |  |  |
|  Republic of Armenia Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 4/29/2026 | 385000000 | 970397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 4/29/2026 | 325000000 | 834614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 4/29/2028 | 2240000000 | 5711579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **7516590** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Armenia (Cost $7,362,090)** |  | **7516590** |
|  **Azerbaijan - 0.38% (Cost $2,915,243)** |  |  |
|  **Credit-Linked Notes - 0.38%** |  |  |
|  Azerbaijan Treasury Bonds (Issuer ICBC Standard Bank PLC), 7.500%, Due 5/11/2028<sup>A</sup>  | 5000000 | **2858238** |
|  **Benin - 0.93%** |  |  |
|  **Foreign Sovereign Obligations - 0.93%** |  |  |
|  Benin Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.960%, Due 2/13/2038<sup>B</sup>  | $2925000 | 2631739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 1/23/2041<sup>A</sup>  | 2480000 | 2267340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 1/19/2052<sup>A</sup>  | 2408000 | 2134585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **7033664** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Benin (Cost $7,713,489)** |  | **7033664** |
|  **Cameroon - 1.29%** |  |  |
|  **Foreign Sovereign Obligations - 1.29%** |  |  |
|  Republic of Cameroon International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 7/31/2031<sup>B</sup>  | $4141000 | 3654432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, Due 7/7/2032<sup>A</sup>  | 7364000 | 6089387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **9743819** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Cameroon (Cost $12,398,942)** |  | **9743819** |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Canada - 0.39% (Cost $3,009,395)** | |  |
|  **Foreign Corporate Obligations - 0.39%** | |  |
|  Sagicor Financial Co. Ltd., 5.300%, Due 5/13/2028<sup>A</sup>  | $3063000 | $**2988875** |
|  **Congo - 0.36% (Cost $2,600,000)** |  |  |
|  **Credit-Linked Notes - 0.36%** |  |  |
|  Democratic Republic of Congo (Issuer Tugela BV), 11.260%, Due 12/14/2027, (6 mo. USD Term SOFR + 7.000%)<sup>A</sup> <sup>D</sup> | 2600000 | **2709720** |
|  **Cote d'Ivoire - 0.74%** |  |  |
|  **Foreign Sovereign Obligations - 0.74%** |  |  |
|  Ivory Coast Government International Bonds, 6.875%, Due 10/17/2040<sup>B</sup>  | 1500000 | 1382361 |
|  Republic of Cote d'Ivoire, 6.875%, Due 4/1/2028<sup>A</sup>  | 2500000000 | 4235513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **5617874** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Cote d'Ivoire (Cost $5,380,757)** |  | **5617874** |
|  **Dominican Republic - 3.32%** |  |  |
|  **Foreign Sovereign Obligations - 3.32%** |  |  |
|  Dominican Republic Central Bank Notes, 13.000%, Due 12/5/2025<sup>B</sup>  | 105000000 | 1786309 |
|  Dominican Republic International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 8/8/2025<sup>B</sup>  | 182500000 | 3115999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 6/5/2026<sup>B</sup>  | 8850000 | 150786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 2/12/2027<sup>B</sup>  | 220000000 | 3479359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.750%, Due 9/23/2029<sup>A</sup>  | 249000000 | 4638653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.625%, Due 2/3/2033<sup>B</sup>  | 67650000 | 1334229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.625%, Due 2/3/2033<sup>A</sup>  | 54750000 | 1079808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 9/15/2035<sup>B</sup>  | 29900000 | 527178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 9/15/2035<sup>A</sup>  | 172000000 | 3032593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.750%, Due 6/1/2036<sup>B</sup>  | 207700000 | 3570561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.750%, Due 6/1/2036<sup>A</sup>  | 123000000 | 2114487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 3/15/2037<sup>A</sup>  | 19150000 | 325249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **25155211** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Dominican Republic (Cost $25,695,899)** |  | **25155211** |
|  **Ecuador - 1.57%** |  |  |
|  **Foreign Sovereign Obligations - 1.57%** |  |  |
|  Ecuador Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, Due 7/31/2030<sup>A</sup>  | $1149545 | 859113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, Due 7/31/2030<sup>B</sup>  | 1832656 | 1369635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/31/2035<sup>B</sup> <sup>C</sup> | 9091778 | 5452457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/31/2035<sup>A</sup> <sup>C</sup> | 2950930 | 1769711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/31/2040<sup>B</sup> <sup>C</sup> | 3138000 | 1636090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/31/2040<sup>A</sup> <sup>C</sup> | 1625550 | 847529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **11934535** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Ecuador (Cost $12,369,534)** |  | **11934535** |
|  **Egypt - 3.44%** |  |  |
|  **Foreign Sovereign Obligations - 3.44%** |  |  |
|  Egypt Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.483%, Due 4/6/2026 | 6500000 | 116948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.318%, Due 8/13/2027 | 171950000 | 3489505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.458%, Due 10/1/2027 | 182654000 | 3658859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.700%, Due 11/7/2027 | 10000000 | 170600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.144%, Due 12/3/2027 | 294928000 | 5887526 |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Egypt - 3.44% (continued)** | **Egypt - 3.44% (continued)** | **Egypt - 3.44% (continued)** |
|  **Foreign Sovereign Obligations - 3.44% (continued)** | **Foreign Sovereign Obligations - 3.44% (continued)** | **Foreign Sovereign Obligations - 3.44% (continued)** |
|  Egypt Government International Bonds, | Egypt Government International Bonds, | Egypt Government International Bonds, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.300%, Due 9/30/2033<sup>B</sup>  | $1769000 | $1427866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875%, Due 5/29/2050<sup>B</sup>  | 12311000 | 9287369 |
|  Egypt Treasury Bills, 25.900%, Due 5/20/2025<sup>E</sup> <sup>F</sup> | 106000000 | 2055915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **26094588** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Egypt (Cost $27,953,469)** |  | **26094588** |
|  **El Salvador - 2.41%** |  |  |
|  **Foreign Sovereign Obligations - 2.41%** |  |  |
|  El Salvador Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 1/20/2050<sup>B</sup>  | $9940000 | 7996430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 7/15/2052<sup>B</sup>  | 2600000 | 2590143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.650%, Due 11/21/2054<sup>A</sup>  | 7743000 | 7674017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **18260590** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total El Salvador (Cost $16,642,596)** |  | **18260590** |
|  **Gabon - 0.05% (Cost $416,714)** |  |  |
|  **Foreign Sovereign Obligations - 0.05%** |  |  |
|  Gabon Government International Bonds, 6.950%, Due 6/16/2025<sup>B</sup>  | 416000 | **410634** |
|  **Ghana - 2.70%** |  |  |
|  **Foreign Corporate Obligations - 0.36%** |  |  |
|  Kosmos Energy Ltd., 7.500%, Due 3/1/2028<sup>A</sup>  | 3244000 | **2756451** |
|  **Foreign Sovereign Obligations - 2.34%** |  |  |
|  Ghana Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 7/3/2026<sup>A</sup> <sup>E</sup> | 571056 | 539079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/3/2029<sup>A</sup> <sup>C</sup> | 8617448 | 7356715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 1/3/2030<sup>A</sup> <sup>E</sup> | 1066924 | 811075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/3/2035<sup>A</sup> <sup>C</sup> | 4264632 | 2899950 |
|  Republic of Ghana Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.250%, Due 6/23/2025 | 23500000 | 1647221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.000%, Due 11/2/2026 | 47576000 | 2844682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.250%, Due 1/18/2027 | 19750000 | 1121495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.950%, Due 2/11/2031, Cash (5.000%) or PIK (in-kind rate 3.950%) | 2700000 | 113882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.100%, Due 2/10/2032, Cash (5.000%) or PIK (in-kind rate 4.100%) | 9200000 | 370607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **17704706** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Ghana (Cost $26,805,878)** |  | **20461157** |
|  **Iraq - 1.08% (Cost $8,104,210)** |  |  |
|  **Foreign Sovereign Obligations - 1.08%** |  |  |
|  Iraq International Bonds, 5.800%, Due 1/15/2028<sup>B</sup>  | $8482500 | **8221510** |
|  **Ivory Coast - 2.14%** |  |  |
|  **Credit-Linked Notes - 0.31%** |  |  |
|  Republic of Cote d'Ivoire (Issuer Zambezi BV), 6.000%, Due 8/2/2026<sup>A</sup>  | 1333333334 | **2302922** |
|  **Foreign Sovereign Obligations - 1.83%** |  |  |
|  Ivory Coast Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 1/30/2032<sup>B</sup>  | 7091000 | 6939906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 3/22/2048<sup>B</sup>  | 8159000 | 6939590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **13879496** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Ivory Coast (Cost $16,325,559)** |  | **16182418** |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Jamaica - 0.43% (Cost $3,290,323)** | **Jamaica - 0.43% (Cost $3,290,323)** | **Jamaica - 0.43% (Cost $3,290,323)** |
|  **Foreign Sovereign Obligations - 0.43%** | **Foreign Sovereign Obligations - 0.43%** | **Foreign Sovereign Obligations - 0.43%** |
|  Jamaica Government International Bonds, 9.625%, Due 11/3/2030 | 500000000 | $**3265087** |
|  **Kazakhstan - 3.65%** |  |  |
|  **Foreign Sovereign Obligations - 3.65%** |  |  |
|  Kazakhstan Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.200%, Due 5/27/2025 | 2817000000 | 5445527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.670%, Due 1/21/2026 | 500000000 | 934741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 8/4/2026 | 500000000 | 911476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.900%, Due 9/16/2026 | 280000000 | 529855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 3/6/2027 | 1160000000 | 2023320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 7/3/2027 | 2574580000 | 4429223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.490%, Due 9/18/2027 | 924000000 | 1455597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.350%, Due 11/18/2027 | 1014445000 | 1960446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.400%, Due 4/12/2028 | 970000000 | 1665822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/18/2028 | 2650000000 | 3929573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.300%, Due 3/3/2029 | 1176866000 | 2263375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.680%, Due 8/13/2029 | 224390000 | 333150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 3/7/2030 | 165000000 | 282722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 4/24/2032 | 800000000 | 912975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.120%, Due 2/17/2034 | 400000000 | 585288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **27663090** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Kazakhstan (Cost $31,524,501)** |  | **27663090** |
|  **Kenya - 4.42%** |  |  |
|  **Foreign Sovereign Obligations - 4.42%** |  |  |
|  Republic of Kenya Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 2/16/2031<sup>B</sup>  | $4371000 | 4191243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 5/22/2032<sup>B</sup>  | 3253000 | 2864982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.300%, Due 1/23/2034<sup>B</sup>  | 1148000 | 884395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 3/5/2036<sup>A</sup>  | 1681000 | 1491467 |
|  Republic of Kenya Infrastructure Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 5/12/2025 | 16024384 | 123854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.200%, Due 5/25/2026 | 15500000 | 117911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 10/12/2026 | 43467948 | 327412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.850%, Due 4/2/2029 | 24550000 | 182989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.461%, Due 8/9/2032 | 1833550000 | 16804966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 1/10/2033 | 300000000 | 2218935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.750%, Due 10/8/2035 | 112000000 | 776861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.257%, Due 1/5/2037 | 152000000 | 1098126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.399%, Due 2/20/2040 | 300000000 | 2403191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **33486332** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Kenya (Cost $32,578,895)** |  | **33486332** |
|  **Kyrgyzstan - 1.66%** |  |  |
|  **Credit-Linked Notes - 1.66%** |  |  |
|  Republic of Kyrgyzstan (Issuer Aurora Australis BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 3/8/2032<sup>A</sup>  | 190000000 | 1565626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 3/19/2032<sup>A</sup>  | 55000000 | 452516 |
|  Republic of Kyrgyzstan (Issuer Rufiji BV), 8.000%, Due 5/26/2025 | 70000000 | 802939 |
|  Republic of Kyrgyzstan (Issuer Tugela BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/19/2025<sup>A</sup>  | 120500000 | 1383442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.250%, Due 9/13/2027<sup>A</sup>  | 220000000 | 2557736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 2/7/2028<sup>A</sup>  | 95000000 | 1094591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/13/2029<sup>A</sup>  | 305000000 | 2722504 |
|  Republic of Kyrgyzstan (Issuer Zambezi BV), 10.000%, Due 4/13/2028<sup>A</sup>  | 180000000 | 1966930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **12546284** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Kyrgyzstan (Cost $13,730,026)** |  | **12546284** |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Lebanon - 1.21%** | **Lebanon - 1.21%** | **Lebanon - 1.21%** |
|  **Foreign Sovereign Obligations - 1.21%** | **Foreign Sovereign Obligations - 1.21%** | **Foreign Sovereign Obligations - 1.21%** |
|  Lebanon Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 3/20/2028<sup>B</sup> <sup>E G</sup> | $12312000 | $2109046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 5/17/2033<sup>B</sup> <sup>E G</sup> | 19274000 | 3312430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 5/17/2034<sup>B</sup> <sup>E G</sup> | 12398000 | 2123802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 3/23/2037<sup>B</sup> <sup>E G</sup> | 9305000 | 1602907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **9148185** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Lebanon (Cost $9,534,371)** |  | **9148185** |
|  **Malawi - 0.84%** |  |  |
|  **Credit-Linked Notes - 0.84%** |  |  |
|  Republic of Malawi (Issuer Tugela BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 12/19/2025<sup>A</sup>  | 825000 | 867570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 8/15/2026<sup>A</sup>  | 2700000 | 1227420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 8/19/2026<sup>A</sup>  | 1000000 | 998100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 9/17/2026<sup>A</sup>  | 1989120 | 2025719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 6/2/2027<sup>A</sup>  | 800000 | 469040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 6/18/2027<sup>A</sup>  | 700000 | 287770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/20/2027<sup>A</sup>  | 500000 | 252300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 9/3/2027<sup>A</sup>  | 650000 | 266695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **6394614** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Malawi (Cost $9,007,002)** |  | **6394614** |
|  **Mongolia - 2.11%** |  |  |
|  **Credit-Linked Notes - 2.11%** |  |  |
|  Development Bank of Mongolia (Issuer Rufiji BV), Due 10/24/2031<sup>A E H</sup> | 18900000000 | 5293164 |
|  Development Bank of Mongolia (Issuer Zambezi BV), 14.000%, Due 5/12/2027<sup>A</sup>  | 27500000000 | 8427891 |
|  Republic of Mongolia (Issuer Aurora Australis BV), 10.000%, Due 11/25/2031<sup>A</sup> <sup>H</sup> | 8000000000 | 2237357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **15958412** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Mongolia (Cost $15,961,402)** |  | **15958412** |
|  **Mozambique - 3.44%** |  |  |
|  **Credit-Linked Notes - 1.62%** |  |  |
|  Republic of Mozambique (Issuer ICBC Standard Bank PLC), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.000%, Due 5/11/2025 | 100000000 | 1603881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.500%, Due 11/13/2025 | 40000000 | 609386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.500%, Due 2/11/2027<sup>H</sup>  | 46752000 | 776059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.000%, Due 5/12/2028<sup>A</sup>  | 51000000 | 766552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.000%, Due 1/15/2029<sup>A</sup>  | 130000000 | 2143937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.000%, Due 5/24/2029<sup>B</sup>  | 188500000 | 3159827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 3/14/2030<sup>B</sup>  | 199521000 | 3202795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **12262437** |
|  **Foreign Sovereign Obligations - 1.82%** |  |  |
|  Mozambique International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 9/15/2031<sup>A</sup>  | $2353000 | 1799763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 9/15/2031<sup>B</sup>  | 15750000 | 12046860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **13846623** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Mozambique (Cost $27,137,195)** |  | **26109060** |
|  **Netherlands - 0.88%** |  |  |
|  **Foreign Corporate Obligations - 0.23%** |  |  |
|  Zambezi BV, 11.500%, Due 6/22/2035<sup>A</sup>  | 13500000000 | **1772796** |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Netherlands - 0.88% (continued)** | **Netherlands - 0.88% (continued)** | **Netherlands - 0.88% (continued)** |
|  **Foreign Sovereign Obligations - 0.65%** | **Foreign Sovereign Obligations - 0.65%** | **Foreign Sovereign Obligations - 0.65%** |
|  Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 8/21/2026<sup>B</sup>  | $600000 | $616513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 12/15/2026<sup>B</sup>  | 2600000 | 2664927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 1/21/2027<sup>B</sup>  | 1600000 | 1641493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **4922933** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Netherlands (Cost $6,667,220)** |  | **6695729** |
|  **Nigeria - 4.50%** |  |  |
|  **Credit-Linked Notes - 0.96%** |  |  |
|  Federal Republic of Nigeria (Issuer ICBC Standard Bank PLC), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 11/6/2025<sup>B</sup> <sup>E</sup> | 4424651000 | 2408025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 2/5/2026<sup>B</sup> <sup>E</sup> | 9471580000 | 4844561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **7252586** |
|  **Foreign Corporate Obligations - 0.76%** |  |  |
|  Access Bank PLC, 6.125%, Due 9/21/2026<sup>A</sup>  | $1207000 | 1158913 |
|  First Bank of Nigeria Ltd. Via FBN Finance Co. BV, 8.625%, Due 10/27/2025<sup>A</sup>  | 1029000 | 1028846 |
|  IHS Holding Ltd., 7.875%, Due 5/29/2030<sup>A</sup>  | 1642000 | 1582794 |
|  United Bank for Africa PLC, 6.750%, Due 11/19/2026<sup>A</sup>  | 1984000 | 1954240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **5724793** |
|  **Foreign Sovereign Obligations - 2.78%** |  |  |
|  Nigeria Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 1/22/2026 | 856000000 | 484653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.288%, Due 3/17/2027 | 290000000 | 170080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 2/21/2031 | 1230000000 | 736401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.600%, Due 1/29/2035 | 630000000 | 457257 |
|  Nigeria Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 9/28/2028<sup>B</sup>  | $1926000 | 1732918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 3/24/2029<sup>B</sup>  | 3454000 | 3271422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, Due 2/16/2032<sup>B</sup>  | 4338000 | 3758313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.375%, Due 12/9/2034<sup>B</sup>  | 1010000 | 953723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 9/28/2051<sup>B</sup>  | 1675000 | 1247875 |
|  Nigeria OMO Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.739%, Due 6/17/2025<sup>E</sup> <sup>F</sup> | 1700000000 | 1022087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.895%, Due 9/30/2025<sup>E</sup> <sup>F</sup> | 7150000000 | 3998496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.996%, Due 12/30/2025<sup>E</sup> <sup>F</sup> | 2400000000 | 1267741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30.083%, Due 1/6/2026<sup>E</sup> <sup>F</sup> | 1900000000 | 998973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.349%, Due 2/3/2026<sup>E</sup> <sup>F</sup> | 1883827000 | 1006537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **21106476** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Nigeria (Cost $37,020,012)** |  | **34083855** |
|  **Pakistan - 2.35%** |  |  |
|  **Foreign Sovereign Obligations - 2.35%** |  |  |
|  Pakistan Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 12/5/2027<sup>B</sup>  | $5475000 | 4808539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 4/8/2031<sup>B</sup>  | 9065000 | 7121464 |
|  Pakistan Treasury Bills, 18.902%, Due 5/29/2025<sup>E</sup> <sup>F</sup> | 1663100000 | 5853968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **17783971** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Pakistan (Cost $18,565,875)** |  | **17783971** |
|  **Papua New Guinea - 0.73% (Cost $5,627,509)** |  |  |
|  **Foreign Sovereign Obligations - 0.73%** |  |  |
|  Papua New Guinea Government International Bonds, 8.375%, Due 10/4/2028<sup>B</sup>  | $5726000 | **5560981** |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Paraguay - 1.47%** | **Paraguay - 1.47%** | **Paraguay - 1.47%** |
|  **Credit-Linked Notes - 0.53%** | **Credit-Linked Notes - 0.53%** | **Credit-Linked Notes - 0.53%** |
|  Municipalidad de Asuncion (Issuer Tugela BV), 12.000%, Due 11/22/2032<sup>A</sup>  | 16600000000 | $2265367 |
|  Republic of Paraguay (Issuer Tugela BV), 9.850%, Due 2/14/2031<sup>A</sup>  | 13700000000 | 1716350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **3981717** |
|  **Foreign Sovereign Obligations - 0.94%** |  |  |
|  Paraguay Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.900%, Due 2/9/2031<sup>B</sup>  | 26400000000 | 3225635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.900%, Due 2/9/2031<sup>A</sup>  | 23803000000 | 2908326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 3/4/2035<sup>A</sup>  | 8231000000 | 1010817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **7144778** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Paraguay (Cost $12,243,875)** |  | **11126495** |
|  **Republic of Mauritius - 0.18% (Cost $1,358,686)** |  |  |
|  **Foreign Corporate Obligations - 0.18%** |  |  |
|  Axian Telecom, 7.375%, Due 2/16/2027<sup>A</sup>  | $1368000 | **1354709** |
|  **Rwanda - 0.27% (Cost $2,329,533)** |  |  |
|  **Foreign Sovereign Obligations - 0.27%** |  |  |
|  Rwanda International Government Bonds, 5.500%, Due 8/9/2031<sup>B</sup>  | 2590000 | **2030581** |
|  **Senegal - 1.14%** |  |  |
|  **Foreign Sovereign Obligations - 1.14%** |  |  |
|  Senegal Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, Due 6/10/2031<sup>B</sup>  | 2600000 | 2037707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, Due 6/8/2037<sup>B</sup>  | 9100000 | 6586496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **8624203** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Senegal (Cost $9,601,375)** |  | **8624203** |
|  **South Africa - 0.16% (Cost $1,351,067)** |  |  |
|  **Foreign Corporate Obligations - 0.16%** |  |  |
|  Liquid Telecommunications Financing PLC, 5.500%, Due 9/4/2026<sup>A</sup>  | $1443000 | **1183981** |
|  **Sri Lanka - 2.74%** |  |  |
|  **Foreign Sovereign Obligations - 2.74%** |  |  |
|  Sri Lanka Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.750%, Due 3/15/2028 | 300000000 | 1024419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 5/1/2028 | 661000000 | 2153030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 5/15/2030 | 2045000000 | 6918549 |
|  Sri Lanka Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 4/15/2028<sup>A</sup>  | $873485 | 800375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, Due 1/15/2030<sup>A</sup> <sup>C</sup> | 917288 | 747346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, Due 3/15/2033<sup>A</sup> <sup>C</sup> | 1799246 | 1245978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 6/15/2035<sup>A</sup> <sup>C</sup> | 2879527 | 1855567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 5/15/2036<sup>A</sup> <sup>C</sup> | 2106507 | 1464022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 2/15/2038<sup>A</sup> <sup>C</sup> | 5315807 | 3721065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 2/15/2038<sup>B</sup> <sup>C</sup> | 1200000 | 840000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **20770351** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Sri Lanka (Cost $20,468,308)** |  | **20770351** |
|  **Supranational - 1.79%** |  |  |
|  **Foreign Sovereign Obligations - 1.79%** |  |  |
|  Asian Development Bank, 10.000%, Due 4/12/2030 | 7000000000 | 1940911 |
|  European Bank for Reconstruction & Development, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.750%, Due 5/30/2025 | $1300000 | 1487564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 9/22/2025 | 500000 | 515777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.400%, Due 12/7/2025 | 29495000000 | 1129101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.850%, Due 2/18/2027<sup>B</sup>  | $1000000 | 1025924 |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Supranational - 1.79% (continued)** |  |  |
|  **Foreign Sovereign Obligations - 1.79% (continued)** |  |  |
|  International Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 5/2/2025 | 15000000000 | $1160976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 7/30/2026<sup>B</sup>  | 4100000 | 2345520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/15/2027 | 2685110 | 1565597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 2/5/2027 | 3100000000 | 238464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.200%, Due 11/29/2027 | 4300000000 | 1162586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.550%, Due 12/15/2028 | 1799000 | 1027623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **13600043** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational (Cost $13,859,492)** |  | **13600043** |
|  **Suriname - 1.36% (Cost $10,688,563)** |  |  |
|  **Foreign Sovereign Obligations - 1.36%** |  |  |
|  Suriname Government International Bonds, 7.950%, Due 7/15/2033, Cash (4.950%) or PIK (in-kind rate 3.000%)<sup>B</sup>  | $11260986 | **10343216** |
|  **Tajikistan - 0.48% (Cost $3,637,313)** |  |  |
|  **Foreign Sovereign Obligations - 0.48%** |  |  |
|  Republic of Tajikistan International Bonds, 7.125%, Due 9/14/2027<sup>B</sup>  | 3755833 | **3674388** |
|  **Togo - 0.19%** |  |  |
|  **Foreign Corporate Obligations - 0.19%** |  |  |
|  Ecobank Transnational, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.125%, Due 10/15/2029<sup>A</sup>  | 600000 | 618000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 6/17/2031, (5 yr. CMT + 8.211%)<sup>A</sup> <sup>D</sup> | 847000 | 823115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **1441115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Togo (Cost $1,439,634)** |  | **1441115** |
|  **Trinidad and Tobago - 0.35% (Cost $2,686,674)** |  |  |
|  **Foreign Corporate Obligations - 0.35%** |  |  |
|  Heritage Petroleum Co. Ltd., 9.000%, Due 8/12/2029<sup>A</sup>  | 2624000 | **2653336** |
|  **Tunisia - 1.45%** |  |  |
|  **Foreign Sovereign Obligations - 1.45%** |  |  |
|  Tunisian Republic, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 7/15/2026<sup>A</sup>  | 100000 | 109756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 7/15/2026<sup>B</sup>  | 9884000 | 10848305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **10958061** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Tunisia (Cost $9,647,547)** |  | **10958061** |
|  **Uganda - 3.50%** |  |  |
|  **Foreign Sovereign Obligations - 3.50%** |  |  |
|  Republic of Uganda Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.000%, Due 5/29/2025 | 7000000000 | 1914327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.500%, Due 12/18/2025 | 6400000000 | 1805802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.000%, Due 5/6/2027 | 2500000000 | 681055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 8/23/2029 | 6100000000 | 1550409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.000%, Due 11/14/2030 | 6940000000 | 1834277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.000%, Due 4/3/2031 | 3460000000 | 942079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.375%, Due 3/4/2032 | 3836900000 | 1012633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.375%, Due 2/3/2033 | 10878000000 | 2591866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 6/22/2034 | 34985700000 | 8173486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 11/8/2035 | 7800000000 | 2006439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 6/18/2043 | 17173000000 | 4008185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **26520558** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Uganda (Cost $27,713,345)** |  | **26520558** |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Ukraine - 1.61%** |  |  |
|  **Foreign Sovereign Obligations - 1.61%** |  |  |
|  Ukraine Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 2/1/2029<sup>B</sup> <sup>C</sup> | $763550 | $476608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2030<sup>B</sup> <sup>C</sup> | 205404 | 102497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 2/1/2034<sup>B</sup> <sup>C</sup> | 3639900 | 1836329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2034<sup>B</sup> <sup>C</sup> | 767563 | 296049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 2/1/2035<sup>B</sup> <sup>C</sup> | 11890966 | 5930025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2035<sup>B</sup> <sup>C</sup> | 6014145 | 3025716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 2/1/2036<sup>B</sup> <sup>C</sup> | 462847 | 223181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2036<sup>B</sup> <sup>C</sup> | 540538 | 277891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **12168296** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Ukraine (Cost $13,168,591)** |  | **12168296** |
|  **United Kingdom - 0.36%** |  |  |
|  **Foreign Corporate Obligations - 0.36%** |  |  |
|  Standard Chartered Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 5/6/2025<sup>E</sup> | 251000000 | 878259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 6/2/2025<sup>A</sup> <sup>E</sup> | 205000000 | 710951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 10/6/2025<sup>E</sup>  | 344000000 | 1145490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **2734700** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United Kingdom (Cost $2,748,229)** |  | **2734700** |
|  **United Republic of Tanzania - 0.37% (Cost $2,775,798)** |  |  |
|  **Foreign Corporate Obligations - 0.37%** |  |  |
|  HTA Group Ltd., 7.500%, Due 6/4/2029<sup>A</sup>  | $2772000 | **2778930** |
|  **United States - 7.10%** |  |  |
|  **Corporate Obligations - 7.10%** |  |  |
|  Citigroup Global Markets Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 6/20/2025<sup>A</sup> <sup>E</sup> | 3610908206 | 2164310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.690%, Due 9/9/2025<sup>A</sup>  | 90000000 | 730351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 12/4/2025<sup>A</sup> <sup>E</sup> | 4161110637 | 2240920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 1/22/2026<sup>A</sup> <sup>E</sup> | 310000000 | 5122532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 1/26/2026<sup>B</sup>  | 1060000000 | 634048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 1/29/2026<sup>A</sup> <sup>E</sup> | 55000000 | 905006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 2/10/2026<sup>A</sup> <sup>E</sup> | 8900000000 | 4692204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 2/12/2026<sup>A</sup> <sup>E</sup> | 2852460000 | 1471090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 4/8/2026<sup>A</sup>  | 76000000 | 624567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.300%, Due 6/9/2026<sup>A</sup>  | 446700000 | 3680998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.400%, Due 5/17/2029<sup>A</sup>  | 137313000 | 1136984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.000%, Due 6/11/2029<sup>A</sup>  | 50900000 | 2123707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 2/25/2031<sup>A</sup>  | 5219438057 | 3079321 |
|  Citigroup Global Markets, Inc., 20.740%, Due 11/27/2029 | 65000000 | 2904308 |
|  JPMorgan Chase Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 10/23/2025<sup>A</sup> <sup>E</sup> | 195000000 | 3431202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 1/22/2026<sup>A</sup> <sup>E</sup> | 190000000 | 3182528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 10/23/2026<sup>A</sup>  | 13500000000 | 1034763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.350%, Due 7/23/2027<sup>A</sup>  | 7600000000 | 588394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.300%, Due 8/18/2027<sup>A</sup>  | 106000000 | 2527832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.318%, Due 8/18/2027<sup>A</sup>  | 131125000 | 3127000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.576%, Due 1/11/2028<sup>A</sup>  | 80500000 | 1742449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 3/17/2028<sup>A</sup> <sup>I J</sup> | 2900000 | 1703377 |
|  Morgan Stanley Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.650%, Due 10/18/2025<sup>A</sup>  | 180000000 | 1452401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.650%, Due 10/18/2025 | 145000000 | 1173671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.150%, Due 12/15/2026<sup>A</sup>  | 6500000000 | 2361470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations** |  | **53835433** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United States (Cost $56,635,103)** |  | **53835433** |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Uruguay - 1.82%** |  |  |
|  **Foreign Sovereign Obligations - 1.82%** |  |  |
|  Uruguay Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 3/15/2028<sup>B</sup> | 51000000 | $1178044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 7/2/2040<sup>K</sup>  | 390992599 | 9745268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, Due 5/16/2045<sup>K</sup>  | 122945582 | 2885849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **13809161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Uruguay (Cost $13,467,137)** |  | **13809161** |
|  **Uzbekistan - 3.70%** |  |  |
|  **Credit-Linked Notes - 0.13%** |  |  |
|  Republic of Uzbekistan (Issuer ICBC Standard Bank PLC), 16.000%, Due 1/23/2029<sup>A</sup>  | 13125000000 | **1011608** |
|  **Foreign Corporate Obligations - 0.19%** |  |  |
|  Navoi Mining & Metallurgical Combinat, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700%, Due 10/17/2028<sup>A</sup>  | $375000 | 382194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950%, Due 10/17/2031<sup>A</sup>  | 1008000 | 1015815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **1398009** |
|  **Foreign Sovereign Obligations - 3.38%** |  |  |
|  Republic of Uzbekistan International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 10/12/2026<sup>B</sup>  | 76570000000 | 5981513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 10/12/2026<sup>A</sup>  | 62860000000 | 4910512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.625%, Due 5/29/2027<sup>A</sup>  | 53850000000 | 4238623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.500%, Due 2/25/2028<sup>A</sup>  | 111860000000 | 8639278 |
|  Uzbekneftegaz JSC, 8.750%, Due 5/7/2030<sup>A</sup>  | $1834000 | 1834000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **25603926** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Uzbekistan (Cost $28,307,196)** |  | **28013543** |
|  **Venezuela - 0.77%** |  |  |
|  **Foreign Corporate Obligations - 0.28%** |  |  |
|  Petroleos de Venezuela SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 5/16/2024<sup>B</sup> <sup>E G</sup> | 1250000 | 145000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 11/15/2026<sup>B</sup> <sup>E G</sup> | 16957239 | 1967039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **2112039** |
|  **Foreign Sovereign Obligations - 0.49%** |  |  |
|  Venezuela Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 4/21/2025<sup>B</sup> <sup>E G</sup> | 2256000 | 321480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 10/21/2026<sup>B</sup> <sup>E G</sup> | 4481500 | 806670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 5/7/2028<sup>B</sup> <sup>E G</sup> | 8208400 | 1313344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 8/5/2031<sup>B</sup> <sup>E G</sup> | 8054300 | 1308824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **3750318** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Venezuela (Cost $9,883,772)** |  | **5862357** |
|  **Vietnam - 0.21% (Cost $1,616,837)** |  |  |
|  **Foreign Sovereign Obligations - 0.21%** |  |  |
|  Viet Nam Debt & Asset Trading Corp., 1.000%, Due 10/10/2025<sup>B</sup>  | 1667000 | **1608199** |
|  **Zambia - 4.61%** |  |  |
|  **Credit-Linked Notes - 0.31%** |  |  |
|  Republic of Zambia (Issuer ICBC Standard Bank PLC), 11.000%, Due 1/27/2026<sup>A</sup>  | 67522376 | **2300696** |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Fair Value** |
|  **Zambia - 4.61% (continued)** |  |  |  |
|  **Foreign Corporate Obligations - 0.14%** |  |  |  |
|  First Quantum Minerals Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 10/15/2027<sup>B</sup>  |  | 355000 | $350646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.625%, Due 6/1/2031<sup>A</sup>  |  | 499000 | 505671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 3/1/2033<sup>A</sup>  |  | 234000 | 231522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  |  | **1087839** |
|  **Foreign Sovereign Obligations - 4.16%** |  |  |  |
|  Zambia Government Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 1/25/2026 |  | 114100000 | 4040663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 6/17/2026 |  | 12000000 | 419509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 8/18/2026 |  | 12000000 | 431784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 8/21/2026 |  | 20700000 | 702714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/29/2026 |  | 64500000 | 2266726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 12/18/2027 |  | 24795000 | 834590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 5/31/2028 |  | 42800000 | 1378770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 12/17/2028 |  | 30000000 | 977374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 7/27/2030 |  | 8000000 | 249104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 1/25/2031 |  | 84800000 | 2575908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 6/26/2033 |  | 9000000 | 248276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.490%, Due 2/17/2035 |  | 10000000 | 403701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.480%, Due 3/17/2035 |  | 26000000 | 997233 |
|  Zambia Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 6/30/2033<sup>B</sup> <sup>C</sup> | $— | 13701455 | 11902454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.500%, Due 12/31/2053<sup>B</sup>  |  | 7221861 | 4114294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  |  | **31543100** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Zambia (Cost $38,095,490)** |  |  | **34931635** |
|  | **Shares** | **Shares** |  |
|  SHORT-TERM INVESTMENTS - 7.59% (Cost $57,545,230) |  |  |  |
|  **Investment Companies - 7.59%** |  |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.25%<sup>L M</sup> |  | 57545230 | **57545230** |
|  **TOTAL INVESTMENTS - 98.33% (Cost $782,620,653)** |  |  | **745241389** |
|  **OTHER ASSETS, NET OF LIABILITIES - 1.67%** |  |  | **12674886** |
|  **TOTAL NET ASSETS - 100.00%** |  |  | $**757916275** |

---

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 $220,016,129 or 29.03% 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 April 30, 2025. 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 April 30, 2025. 

<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 $15,010,542 or 1.98% 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> Value was determined using significant unobservable inputs.

<sup>J</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 $1,703,377 or 0.22% of net assets. 

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

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

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

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

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 April 30, 2025:***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased<sup>\*</sup>** | **Currency Purchased<sup>\*</sup>** | **Currency Sold\*** | **Currency Sold\*** | **Settlement<br>Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 2843753 | USD | 2854643 | 7/10/2025 | JPM | $— | $(10890) | $(10890) |
| USD | 29502685 | EUR | 30528892 | 6/4/2025 | SSB |  | (1026207) | (1026207) |
| USD | 20321740 | EUR | 20764964 | 7/10/2025 | UAG |  | (443224) | (443224) |
| EGP | 1133289 | USD | 1100002 | 7/10/2025 | UAG | 33287 |  | 33287 |
|  |  |  |  |  |  | $33287 | $(1480321) | $(1447034) |

---

\* *All values denominated in USD.*

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

***Glossary:***

**<u>Counterparty Abbreviations:</u>**

---

| | |
|:---|:---|
|  JPM | JPMorgan Chase Bank, N.A. |
|  SSB | State Street Bank & Trust Co. |
|  UAG | UBS AG |

---

**<u>Currency Abbreviations:</u>**

---

| | |
|:---|:---|
|  AMD | Armenian Dram |
|  AZN | Azerbaijan Manat |
|  BDT | Bangladeshi Taka |
|  DOP | Dominican Peso |
|  EGP | Egyptian Pound |
|  EUR | Euro |
|  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 |
|  VND | Vietnamese Dong |
|  XOF | West African Communaute Financiere Africaine Franc |
|  ZMW | Zambian Kwacha |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

The Fund's investments are summarized by level based on the inputs used to determine their values. As of April 30, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Developing World Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Credit-Linked Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azerbaijan | $— | $2858238 | $— | $2858238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Congo |  | 2709720 |  | 2709720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast |  | 2302922 |  | 2302922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyrgyzstan |  | 12546284 |  | 12546284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malawi |  | 6394614 |  | 6394614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mongolia |  | 15958412 |  | 15958412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozambique |  | 12262437 |  | 12262437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 7252586 |  | 7252586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay |  | 3981717 |  | 3981717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 1011608 |  | 1011608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zambia |  | 2300696 |  | 2300696 |
|  Foreign Corporate Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angola |  | 800328 |  | 800328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada |  | 2988875 |  | 2988875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ghana |  | 2756451 |  | 2756451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 1772796 |  | 1772796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 5724793 |  | 5724793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Mauritius |  | 1354709 |  | 1354709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 1183981 |  | 1183981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Togo |  | 1441115 |  | 1441115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago |  | 2653336 |  | 2653336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 2734700 |  | 2734700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Republic of Tanzania |  | 2778930 |  | 2778930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 1398009 |  | 1398009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela |  | 2112039 |  | 2112039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zambia |  | 1087839 |  | 1087839 |
|  Foreign Sovereign Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angola |  | 24655754 |  | 24655754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina |  | 28331763 |  | 28331763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armenia |  | 7516590 |  | 7516590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benin |  | 7033664 |  | 7033664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cameroon |  | 9743819 |  | 9743819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cote d'Ivoire |  | 5617874 |  | 5617874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic |  | 25155211 |  | 25155211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador |  | 11934535 |  | 11934535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 26094588 |  | 26094588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador |  | 18260590 |  | 18260590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gabon |  | 410634 |  | 410634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ghana |  | 17704706 |  | 17704706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iraq |  | 8221510 |  | 8221510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast |  | 13879496 |  | 13879496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  | 3265087 |  | 3265087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan |  | 27663090 |  | 27663090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenya |  | 33486332 |  | 33486332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon |  | 9148185 |  | 9148185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozambique |  | 13846623 |  | 13846623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 4922933 |  | 4922933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 21106476 |  | 21106476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan |  | 17783971 |  | 17783971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Papua New Guinea |  | 5560981 |  | 5560981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay |  | 7144778 |  | 7144778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rwanda |  | 2030581 |  | 2030581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senegal |  | 8624203 |  | 8624203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka |  | 20770351 |  | 20770351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supranational |  | 13600043 |  | 13600043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suriname |  | 10343216 |  | 10343216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tajikistan |  | 3674388 |  | 3674388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tunisia |  | 10958061 |  | 10958061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uganda |  | 26520558 |  | 26520558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukraine |  | 12168296 |  | 12168296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay |  | 13809161 |  | 13809161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 25603926 |  | 25603926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela |  | 3750318 |  | 3750318 |

---

*See accompanying notes* 

------

**American Beacon Developing World Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Developing World Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Foreign Sovereign Obligations (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | $— | $1608199 | $— | $1608199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zambia |  | 31543100 |  | 31543100 |
|  Corporate Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 52132056 | 1703377 | 53835433 |
|  Short-Term Investments | 57545230 |  |  | 57545230 |
|  Total Investments in Securities - Assets | $57545230 | $685992782 | $1703377 | $745241389 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $33287 | $— | $33287 |
|  Total Financial Derivative Instruments - Assets | $— | $33287 | $— | $33287 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $(1480321) | $— | $(1480321) |
|  Total Financial Derivative Instruments - Liabilities | $— | $(1480321) | $— | $(1480321) |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2025, there were no transfers into or out of Level 3.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Balance as**<br>**of**<br>**1/31/2025** | **Purchases** | **Sales** | **Accrued<br>Discount<br>(Premiums)** | **Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Transfer into<br>Level 3** | **Balance as**<br>**of**<br>**4/30/2025** | **Unrealized<br>Appreciation**<br>**(Depreciation)<br>at Period End\*** |
|  Credit-Linked Notes | $4977340 | $— | $5200082 | $94845 | $69435 | $58462 | $– $– $|  | $— |
|  Foreign Corporate Obligations | $1249573 | $— | $1236568 | $44436 | $(379694) | $322253 | $– $– $|  | $— |
|  Corporate Obligations | $— | $1705882 | $— | $— | $— | $(2505) | $– $– $| 1703377 | $(2505) |
|  | $6226913 | $1705882 | $6436650 | $139281 | $(310259) | $378210 | $– $– $| 1703377 | $(2505) |

---

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

For the period ended April 30, 2025, one corporate obligation note was fair valued at $1,703,377 by the Fair Value Committee, and has 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* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 27.83% |  |  |
|  **Basic Materials - 0.05%** |  |  |
|  **Chemicals - 0.05%** |  |  |
|  Mativ Holdings, Inc., 8.000%, Due 10/1/2029<sup>A</sup>  | $5000 | $4156 |
|  **Communications - 1.47%** |  |  |
|  **Internet - 0.36%** |  |  |
|  Cogent Communications Group LLC, 7.000%, Due 6/15/2027<sup>A</sup>  | 15000 | 15070 |
|  Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, Due 8/15/2031 | 5000 | 5057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, Due 5/15/2033 | 10000 | 10195 |
|  |  | **30322** |
|  **Media - 0.65%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, Due 2/1/2031<sup>A</sup>  | 15000 | 13552 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 6.550%, Due 6/1/2034 | 15000 | 15449 |
|  Comcast Corp., 3.999%, Due 11/1/2049 | 15000 | 11300 |
|  Sirius XM Radio LLC, 4.000%, Due 7/15/2028<sup>A</sup>  | 15000 | 14063 |
|  |  | **54364** |
|  **Telecommunications - 0.46%** |  |  |
|  AT&T, Inc., 3.650%, Due 6/1/2051 | 15000 | 10550 |
|  T-Mobile USA, Inc., 3.375%, Due 4/15/2029 | 15000 | 14281 |
|  Verizon Communications, Inc., 2.550%, Due 3/21/2031 | 15000 | 13328 |
|  |  | **38159** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **122845** |
|  **Consumer, Cyclical - 2.42%** |  |  |
|  **Airlines - 0.75%** |  |  |
|  American Airlines Pass-Through Trust, 3.350%, Due 4/15/2031, 2017-2, AA | 9317 | 8781 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, Due 4/20/2029<sup>A</sup>  | 5000 | 4847 |
|  AS Mileage Plan IP Ltd., 5.021%, Due 10/20/2029<sup>A</sup>  | 40000 | 38631 |
|  JetBlue Pass-Through Trust, 4.000%, Due 5/15/2034, 2020-1, A | 11074 | 10310 |
|  |  | **62569** |
|  **Auto Manufacturers - 0.06%** |  |  |
|  General Motors Financial Co., Inc., 5.625%, Due 4/4/2032 | 5000 | **4960** |
|  **Distribution/Wholesale - 0.18%** |  |  |
|  H&E Equipment Services, Inc., 3.875%, Due 12/15/2028<sup>A</sup>  | 15000 | **14938** |
|  **Home Furnishings - 0.21%** |  |  |
|  Somnigroup International, Inc., 3.875%, Due 10/15/2031<sup>A</sup>  | 20000 | **17475** |
|  **Leisure Time - 0.71%** |  |  |
|  Carnival Corp., 4.000%, Due 8/1/2028<sup>A</sup>  | 20000 | 19075 |
|  Royal Caribbean Cruises Ltd., 5.625%, Due 9/30/2031<sup>A</sup>  | 25000 | 24815 |
|  Viking Cruises Ltd., 9.125%, Due 7/15/2031<sup>A</sup>  | 15000 | 16038 |
|  |  | **59928** |
|  **Retail - 0.51%** |  |  |
|  Beacon Roofing Supply, Inc., 6.750%, Due 4/30/2032<sup>A</sup> | 15000 | 15041 |
|  Lithia Motors, Inc., 4.375%, Due 1/15/2031<sup>A</sup>  | 30000 | 27560 |
|  |  | **42601** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **202471** |
|  **Consumer, Non-Cyclical - 2.86%** |  |  |
|  **Beverages - 0.17%** |  |  |
|  Coca-Cola Co., 5.300%, Due 5/13/2054 | 15000 | **14516** |
|  **Biotechnology - 0.11%** |  |  |
|  Amgen, Inc., 2.300%, Due 2/25/2031 | 10000 | **8782** |

---

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 27.83% (continued) |  |  |
|  **Consumer, Non-Cyclical - 2.86% (continued)** |  |  |
|  **Commercial Services - 1.21%** |  |  |
|  Block, Inc., 6.500%, Due 5/15/2032<sup>A</sup>  | $15000 | $15303 |
|  Global Payments, Inc., 3.200%, Due 8/15/2029 | 15000 | 13944 |
|  Rollins, Inc., 5.250%, Due 2/24/2035<sup>A</sup>  | 15000 | 14938 |
|  TriNet Group, Inc., 7.125%, Due 8/15/2031<sup>A</sup>  | 15000 | 15263 |
|  United Rentals North America, Inc., 6.125%, Due 3/15/2034<sup>A</sup>  | 15000 | 15154 |
|  Valvoline, Inc., 3.625%, Due 6/15/2031<sup>A</sup>  | 30000 | 26272 |
|  |  | **100874** |
|  **Food - 0.36%** |  |  |
|  Mars, Inc., 5.200%, Due 3/1/2035<sup>A</sup>  | 10000 | 10024 |
|  Post Holdings, Inc., 6.250%, Due 2/15/2032<sup>A</sup>  | 20000 | 20176 |
|  |  | **30200** |
|  **Health Care - Services - 0.28%** |  |  |
|  Centene Corp., 3.375%, Due 2/15/2030 | 15000 | 13672 |
|  Quest Diagnostics, Inc., 5.000%, Due 12/15/2034 | 10000 | 9865 |
|  |  | **23537** |
|  **Pharmaceuticals - 0.73%** |  |  |
|  BellRing Brands, Inc., 7.000%, Due 3/15/2030<sup>A</sup>  | 20000 | 20729 |
|  Cardinal Health, Inc., 5.350%, Due 11/15/2034 | 20000 | 20052 |
|  Johnson & Johnson, 4.850%, Due 3/1/2032 | 20000 | 20473 |
|  |  | **61254** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **239163** |
|  **Energy - 1.59%** |  |  |
|  **Oil & Gas - 0.84%** |  |  |
|  BP Capital Markets America, Inc., 4.812%, Due 2/13/2033 | 15000 | 14707 |
|  ConocoPhillips Co., 5.500%, Due 1/15/2055 | 5000 | 4640 |
|  HF Sinclair Corp., 5.750%, Due 1/15/2031 | 15000 | 14857 |
|  Pioneer Natural Resources Co., 1.900%, Due 8/15/2030 | 15000 | 13153 |
|  TGNR Intermediate Holdings LLC, 5.500%, Due 10/15/2029<sup>A</sup>  | 25000 | 23133 |
|  |  | **70490** |
|  **Pipelines - 0.75%** |  |  |
|  Energy Transfer LP, 5.700%, Due 4/1/2035 | 10000 | 9881 |
|  FTAI Infra Escrow Holdings LLC, 10.500%, Due 6/1/2027<sup>A</sup>  | 6000 | 6210 |
|  MPLX LP, 5.400%, Due 4/1/2035 | 20000 | 19427 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, Due 2/1/2031 | 20000 | 19412 |
|  Venture Global LNG, Inc., 8.375%, Due 6/1/2031<sup>A</sup>  | 8000 | 7734 |
|  |  | **62664** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **133154** |
|  **Financial - 13.77%** |  |  |
|  **Banks - 4.53%** |  |  |
|  Associated Banc-Corp., 6.455%, Due 8/29/2030, (1 day USD SOFR + 3.030%)<sup>B</sup>  | 15000 | 15061 |
|  Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.419%, Due 12/20/2028, (3 mo. USD Term SOFR + 1.302%)<sup>B</sup>  | 15000 | 14580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.970%, Due 3/5/2029, (3 mo. USD Term SOFR + 1.332%)<sup>B</sup>  | 10000 | 9860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.271%, Due 7/23/2029, (3 mo. USD Term SOFR + 1.572%)<sup>B</sup>  | 10000 | 9926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.518%, Due 10/25/2035, (1 day USD SOFR + 1.738%)<sup>B</sup>  | 10000 | 9788 |
|  Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, Due 3/20/2026, H, (5 yr. CMT + 3.352%)<sup>B</sup> <sup>C</sup> | 30000 | 29274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.317%, Due 10/25/2029, (1 day USD SOFR + 1.598%)<sup>B</sup>  | 10000 | 10611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.942%, Due 2/11/2031, (1 day USD SOFR + 0.887%)<sup>B</sup>  | 10000 | 10158 |
|  Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 12/10/2025, W, (5 yr. CMT + 3.597%)<sup>B</sup> <sup>C</sup> | 25000 | 24462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.057%, Due 1/25/2033, (1 day USD SOFR + 1.351%)<sup>B</sup>  | 10000 | 8774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.174%, Due 5/25/2034, (1 day USD SOFR + 2.661%)<sup>B</sup>  | 10000 | 10224 |
|  First Horizon Bank, 5.750%, Due 5/1/2030 | 15000 | 15053 |

---

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 27.83% (continued) |  |  |
|  **Financial - 13.77% (continued)** |  |  |
|  **Banks - 4.53% (continued)** |  |  |
|  Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.640%, Due 2/24/2028, (1 day USD SOFR + 1.114%)<sup>B</sup>  | $10000 | $9666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.992%, Due 1/27/2032, (1 day USD SOFR + 1.090%)<sup>B</sup>  | 10000 | 8509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.016%, Due 10/23/2035, (1 day USD SOFR + 1.420%)<sup>B</sup>  | 10000 | 9687 |
|  Huntington National Bank, 5.650%, Due 1/10/2030 | 10000 | 10304 |
|  JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.103%, Due 4/22/2031, (1 day USD SOFR + 1.435%)<sup>B</sup>  | 15000 | 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.766%, Due 4/22/2035, (1 day USD SOFR + 1.490%)<sup>B</sup>  | 10000 | 10354 |
|  M&T Bank Corp., 5.385%, Due 1/16/2036, (1 day USD SOFR + 1.610%)<sup>B</sup>  | 10000 | 9720 |
|  Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.512%, Due 7/20/2027, (1 day USD SOFR + 0.858%)<sup>B</sup>  | 10000 | 9653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.466%, Due 1/18/2035, (1 day USD SOFR + 1.730%)<sup>B</sup>  | 10000 | 10083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.484%, Due 9/16/2036, (1 day USD SOFR + 1.360%)<sup>B</sup>  | 5000 | 4163 |
|  PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.812%, Due 10/21/2032, (1 day USD SOFR + 1.259%)<sup>B</sup>  | 5000 | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.939%, Due 8/18/2034, (1 day USD SOFR + 1.946%)<sup>B</sup>  | 10000 | 10335 |
|  Regions Financial Corp., 5.722%, Due 6/6/2030, (1 day USD SOFR + 1.490%)<sup>B</sup>  | 10000 | 10210 |
|  State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.675%, Due 10/22/2032, (1 day USD SOFR + 1.050%)<sup>B</sup>  | 10000 | 9940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.821%, Due 1/26/2034, (1 day USD SOFR + 1.567%)<sup>B</sup>  | 5000 | 4916 |
|  Truist Bank, 4.632%, Due 9/17/2029, (5 yr. CMT + 1.150%)<sup>B</sup>  | 20000 | 19569 |
|  Truist Financial Corp., 7.161%, Due 10/30/2029, (1 day USD SOFR + 2.446%)<sup>B</sup>  | 10000 | 10787 |
|  Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, Due 3/15/2026, BB, (5 yr. CMT + 3.453%)<sup>B</sup> <sup>C</sup> | 24000 | 23566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.574%, Due 7/25/2029, (1 day USD SOFR + 1.740%)<sup>B</sup>  | 10000 | 10278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.389%, Due 4/24/2034, (1 day USD SOFR + 2.020%)<sup>B</sup>  | 10000 | 10032 |
|  |  | **379750** |
|  **Diversified Financial Services - 4.03%** |  |  |
|  Ally Financial, Inc., 4.700%, Due 5/15/2026, B, (5 yr. CMT + 3.868%)<sup>B</sup> <sup>C</sup> | 20000 | 18375 |
|  American Express Co., 5.667%, Due 4/25/2036, (1 day USD SOFR + 1.790%)<sup>B</sup>  | 15000 | 15379 |
|  Blackstone Holdings Finance Co. LLC, 2.550%, Due 3/30/2032<sup>A</sup>  | 15000 | 12779 |
|  Burford Capital Global Finance LLC, 9.250%, Due 7/1/2031<sup>A</sup>  | 20000 | 21069 |
|  Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, Due 9/1/2026, M, (5 yr. CMT + 3.157%)<sup>B</sup> <sup>C</sup> | 25000 | 23772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.624%, Due 10/30/2031, (1 day USD SOFR + 3.070%)<sup>B</sup>  | 11000 | 12240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.618%, Due 11/2/2032, (1 day USD SOFR + 1.265%)<sup>B</sup>  | 10000 | 8515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.051%, Due 2/1/2035, (1 day USD SOFR + 2.260%)<sup>B</sup>  | 10000 | 10240 |
|  Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2026, I, (5 yr. CMT + 3.168%)<sup>B</sup> <sup>C</sup> | 25000 | 24244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.853%, Due 5/19/2034, (1 day USD SOFR + 2.500%)<sup>B</sup>  | 15000 | 15646 |
|  CME Group, Inc., 4.400%, Due 3/15/2030 | 10000 | 10081 |
|  Encore Capital Group, Inc., 8.500%, Due 5/15/2030<sup>A</sup>  | 15000 | 15563 |
|  Jefferson Capital Holdings LLC, 8.250%, Due 5/15/2030<sup>A</sup> | 15000 | 15150 |
|  LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 11/15/2027<sup>A</sup>  | 20000 | 19907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 11/17/2028 | 25000 | 26551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, Due 3/15/2030 | 5000 | 5040 |
|  Mastercard, Inc., 4.550%, Due 1/15/2035 | 10000 | 9746 |
|  Nationstar Mortgage Holdings, Inc., 5.500%, Due 8/15/2028<sup>A</sup>  | 5000 | 4970 |
|  PennyMac Financial Services, Inc., 7.125%, Due 11/15/2030<sup>A</sup>  | 10000 | 10167 |
|  PRA Group, Inc., 5.000%, Due 10/1/2029<sup>A</sup>  | 15000 | 13662 |
|  Raymond James Financial, Inc., 3.750%, Due 4/1/2051 | 20000 | 14289 |
|  Rocket Mortgage LLC, 5.250%, Due 1/15/2028<sup>A</sup>  | 15000 | 14300 |
|  StoneX Group, Inc., 7.875%, Due 3/1/2031<sup>A</sup>  | 15000 | 15634 |
|  |  | **337319** |
|  **Insurance - 2.73%** |  |  |
|  ACE Capital Trust II, 9.700%, Due 4/1/2030 | 20000 | 23757 |

---

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 27.83% (continued) |  |  |
|  **Financial - 13.77% (continued)** |  |  |
|  **Insurance - 2.73% (continued)** |  |  |
|  Acrisure LLC/Acrisure Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2029<sup>A</sup>  | $10000 | $9474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 11/6/2030<sup>A</sup>  | 10000 | 10185 |
|  Aon Corp./Aon Global Holdings PLC, 2.050%, Due 8/23/2031 | 5000 | 4282 |
|  Aon North America, Inc., 5.450%, Due 3/1/2034 | 10000 | 10160 |
|  Chubb INA Holdings LLC, 5.000%, Due 3/15/2034 | 10000 | 10002 |
|  HUB International Ltd., 5.625%, Due 12/1/2029<sup>A</sup>  | 35000 | 34197 |
|  Marsh & McLennan Cos., Inc., 2.375%, Due 12/15/2031 | 10000 | 8629 |
|  NMI Holdings, Inc., 6.000%, Due 8/15/2029 | 15000 | 15172 |
|  Old Republic International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 3/28/2034 | 15000 | 15139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, Due 6/11/2051 | 15000 | 10346 |
|  Panther Escrow Issuer LLC, 7.125%, Due 6/1/2031<sup>A</sup>  | 15000 | 15369 |
|  Prudential Financial, Inc., 6.000%, Due 9/1/2052, (5 yr. CMT + 3.234%)<sup>B</sup>  | 29000 | 28830 |
|  Ryan Specialty LLC, 5.875%, Due 8/1/2032<sup>A</sup>  | 20000 | 19759 |
|  Teachers Insurance & Annuity Association of America, 3.300%, Due 5/15/2050<sup>A</sup>  | 20000 | 13342 |
|  |  | **228643** |
|  **Private Equity - 0.17%** |  |  |
|  HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, Due 6/15/2026<sup>A</sup>  | 15000 | **14551** |
|  **Real Estate - 0.22%** |  |  |
|  CBRE Services, Inc., 2.500%, Due 4/1/2031 | 10000 | 8727 |
|  Howard Hughes Corp., 5.375%, Due 8/1/2028<sup>A</sup>  | 10000 | 9644 |
|  |  | **18371** |
|  **REITS - 2.09%** |  |  |
|  Agree LP, 4.800%, Due 10/1/2032 | 5000 | 4821 |
|  Alexandria Real Estate Equities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, Due 7/1/2030 | 10000 | 9859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, Due 2/1/2033 | 5000 | 3890 |
|  American Homes 4 Rent LP, 2.375%, Due 7/15/2031 | 10000 | 8589 |
|  Essex Portfolio LP, 2.550%, Due 6/15/2031 | 15000 | 13271 |
|  GLP Capital LP/GLP Financing II, Inc., 3.250%, Due 1/15/2032 | 15000 | 12924 |
|  Healthcare Realty Holdings LP, 3.625%, Due 1/15/2028 | 25000 | 24203 |
|  Invitation Homes Operating Partnership LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 8/15/2031 | 10000 | 8365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 4/15/2032 | 10000 | 9291 |
|  Iron Mountain, Inc., 4.875%, Due 9/15/2029<sup>A</sup>  | 25000 | 24082 |
|  Kimco Realty OP LLC, 3.200%, Due 4/1/2032 | 5000 | 4435 |
|  Regency Centers LP, 3.700%, Due 6/15/2030 | 15000 | 14408 |
|  Rexford Industrial Realty LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, Due 12/1/2030 | 15000 | 12737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, Due 9/1/2031 | 10000 | 8329 |
|  Starwood Property Trust, Inc., 7.250%, Due 4/1/2029<sup>A</sup>  | 15000 | 15529 |
|  |  | **174733** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **1153367** |
|  **Industrial - 1.46%** |  |  |
|  **Aerospace/Defense - 0.30%** |  |  |
|  General Dynamics Corp., 4.950%, Due 8/15/2035 | 15000 | 15017 |
|  L3Harris Technologies, Inc., 5.250%, Due 6/1/2031 | 10000 | 10221 |
|  |  | **25238** |
|  **Building Materials - 0.19%** |  |  |
|  Knife River Corp., 7.750%, Due 5/1/2031<sup>A</sup>  | 15000 | **15690** |
|  **Environmental Control - 0.25%** |  |  |
|  GFL Environmental, Inc., 6.750%, Due 1/15/2031<sup>A</sup>  | 20000 | **20713** |
|  **Machinery - Diversified - 0.18%** |  |  |
|  AGCO Corp., 5.800%, Due 3/21/2034 | 15000 | **14880** |

---

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 27.83% (continued) |  |  |
|  **Industrial - 1.46% (continued)** |  |  |
|  **Transportation - 0.23%** |  |  |
|  Burlington Northern Santa Fe LLC, 4.900%, Due 4/1/2044 | $10000 | $9172 |
|  JB Hunt Transport Services, Inc., 4.900%, Due 3/15/2030 | 10000 | 10087 |
|  |  | **19259** |
|  **Trucking & Leasing - 0.31%** |  |  |
|  Fortress Transportation & Infrastructure Investors LLC, 7.875%, Due 12/1/2030<sup>A</sup>  | 25000 | **26138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **121918** |
|  **Technology - 0.78%** |  |  |
|  **Computers - 0.36%** |  |  |
|  Accenture Capital, Inc., 4.500%, Due 10/4/2034 | 15000 | 14459 |
|  Genpact Luxembourg SARL/Genpact USA, Inc., 6.000%, Due 6/4/2029 | 15000 | 15489 |
|  |  | **29948** |
|  **Semiconductors - 0.17%** |  |  |
|  Broadcom, Inc., 4.550%, Due 2/15/2032 | 15000 | **14684** |
|  **Software - 0.25%** |  |  |
|  Oracle Corp., 3.950%, Due 3/25/2051 | 15000 | 10800 |
|  Paychex, Inc., 5.100%, Due 4/15/2030 | 10000 | 10134 |
|  |  | **20934** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **65566** |
|  **Utilities - 3.43%** |  |  |
|  **Electric - 3.43%** |  |  |
|  CenterPoint Energy Houston Electric LLC, 4.950%, Due 4/1/2033 | 10000 | 9963 |
|  Cleco Securitization I LLC, 4.646%, Due 9/1/2044, A-2 | 10000 | 9500 |
|  Dominion Energy, Inc., 5.375%, Due 11/15/2032 | 10000 | 10110 |
|  DTE Electric Co., 5.200%, Due 4/1/2033 | 5000 | 5067 |
|  Duke Energy Indiana LLC, 2.750%, Due 4/1/2050 | 15000 | 9004 |
|  Duke Energy Ohio, Inc., 2.125%, Due 6/1/2030 | 15000 | 13401 |
|  Duke Energy Progress SC Storm Funding LLC, 5.404%, Due 3/1/2046, A | 4825 | 4857 |
|  Eversource Energy, 5.850%, Due 4/15/2031 | 20000 | 20912 |
|  National Rural Utilities Cooperative Finance Corp., 4.950%, Due 2/7/2030 | 10000 | 10179 |
|  OGE Energy Corp., 5.450%, Due 5/15/2029 | 10000 | 10300 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, Due 8/15/2028<sup>A</sup>  | 25000 | 23754 |
|  PECO Energy Co., 4.375%, Due 8/15/2052 | 15000 | 12296 |
|  PG&E Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.231%, Due 6/1/2042, A-2 | 10000 | 9891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.536%, Due 7/15/2049, A-3 | 10000 | 9900 |
|  PG&E Wildfire Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.377%, Due 6/3/2041, A-3 | 5000 | 4626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.451%, Due 12/1/2049, A-4 | 25000 | 21597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.674%, Due 12/1/2053, A-5 | 25000 | 21654 |
|  PPL Capital Funding, Inc., 5.250%, Due 9/1/2034 | 15000 | 14982 |
|  Public Service Co. of Oklahoma, 5.250%, Due 1/15/2033 | 15000 | 14996 |
|  Public Service Enterprise Group, Inc., 5.450%, Due 4/1/2034 | 10000 | 10094 |
|  SCE Recovery Funding LLC, 2.943%, Due 11/15/2044, A-2 | 5000 | 4102 |
|  Talen Energy Supply LLC, 8.625%, Due 6/1/2030<sup>A</sup>  | 20000 | 21352 |
|  Union Electric Co., 5.250%, Due 4/15/2035 | 10000 | 10127 |
|  XPLR Infrastructure Operating Partners LP, 8.625%, Due 3/15/2033<sup>A</sup>  | 5000 | 4975 |
|  |  | **287639** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **287639** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $2,339,094)** |  | **2330279** |

---

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 3.18% |  |  |
|  **Basic Materials - 0.36%** |  |  |
|  **Mining - 0.36%** |  |  |
|  FMG Resources August 2006 Pty. Ltd., 5.875%, Due 4/15/2030<sup>A</sup>  | $15000 | $14823 |
|  Taseko Mines Ltd., 8.250%, Due 5/1/2030<sup>A</sup>  | 15000 | 15178 |
|  |  | **30001** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **30001** |
|  **Consumer, Non-Cyclical - 0.12%** |  |  |
|  **Health Care - Products - 0.12%** |  |  |
|  Smith & Nephew PLC, 5.400%, Due 3/20/2034 | 10000 | **9967** |
|  **Energy - 0.58%** |  |  |
|  **Oil & Gas - 0.23%** |  |  |
|  Canadian Natural Resources Ltd., 5.000%, Due 12/15/2029<sup>A</sup>  | 10000 | 9956 |
|  TotalEnergies Capital SA, 5.488%, Due 4/5/2054 | 10000 | 9420 |
|  |  | **19376** |
|  **Pipelines - 0.35%** |  |  |
|  Enbridge, Inc., 5.950%, Due 4/5/2054 | 15000 | 14422 |
|  South Bow USA Infrastructure Holdings LLC, 5.026%, Due 10/1/2029<sup>A</sup>  | 15000 | 14853 |
|  |  | **29275** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **48651** |
|  **Financial - 1.90%** |  |  |
|  **Banks - 0.66%** |  |  |
|  Bank of Montreal, 3.803%, Due 12/15/2032, (5 yr. USD Swap + 1.432%)<sup>B</sup>  | 10000 | 9669 |
|  Bank of Nova Scotia, 4.740%, Due 11/10/2032, (1 day USD SOFR + 1.440%)<sup>B</sup>  | 10000 | 9878 |
|  Barclays PLC, 8.000%, Due 3/15/2029, (5 yr. CMT + 5.431%)<sup>B</sup> <sup>C</sup> | 15000 | 15456 |
|  Canadian Imperial Bank of Commerce, 5.001%, Due 4/28/2028 | 10000 | 10188 |
|  Royal Bank of Canada, 4.650%, Due 10/18/2030, (1 day USD SOFR Index + 1.080%)<sup>B</sup>  | 10000 | 9972 |
|  |  | **55163** |
|  **Diversified Financial Services - 0.81%** |  |  |
|  GGAM Finance Ltd., 8.000%, Due 6/15/2028<sup>A</sup>  | 41000 | 43030 |
|  Macquarie Airfinance Holdings Ltd., 6.500%, Due 3/26/2031<sup>A</sup>  | 24000 | 24652 |
|  |  | **67682** |
|  **Insurance - 0.19%** |  |  |
|  Jones Deslauriers Insurance Management, Inc., 10.500%, Due 12/15/2030<sup>A</sup>  | 15000 | **16136** |
|  **Private Equity - 0.24%** |  |  |
|  Brookfield Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.350%, Due 1/5/2034 | 10000 | 10536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.813%, Due 3/3/2055 | 10000 | 9513 |
|  |  | **20049** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **159030** |
|  **Industrial - 0.22%** |  |  |
|  **Transportation - 0.22%** |  |  |
|  Seaspan Corp., 5.500%, Due 8/1/2029<sup>A</sup>  | 20000 | **18245** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $264,112)** |  | **265894** |
|  ASSET-BACKED OBLIGATIONS - 8.70% |  |  |
|  Aqua Finance Trust, 3.140%, Due 7/16/2040, 2019-A A<sup>A</sup>  | 42171 | 40683 |
|  CAL Funding IV Ltd., 2.220%, Due 9/25/2045, 2020-1A A<sup>A</sup>  | 9134 | 8546 |
|  Carvana Auto Receivables Trust, 1.580%, Due 6/12/2028, 2021-N3 D | 2808 | 2711 |
|  CIT Home Equity Loan Trust, 5.560%, Due 9/20/2032, 2003-1 M2 | 63256 | 63146 |
|  Citicorp Residential Mortgage Trust, 4.683%, Due 3/25/2037, 2007-1 A5 | 2997 | 2981 |
|  CLI Funding VI LLC, 2.070%, Due 10/18/2045, 2020-3A A<sup>A</sup>  | 10133 | 9383 |
|  CLI Funding VIII LLC, 2.720%, Due 1/18/2047, 2022-1A A<sup>A</sup>  | 7315 | 6620 |
|  Conseco Finance Corp., 7.220%, Due 3/15/2028, 1997-1 M1<sup>D</sup>  | 12995 | 13091 |
|  CPS Auto Receivables Trust, 5.650%, Due 5/15/2028, 2024-A B<sup>A</sup>  | 15000 | 15067 |
|  DB Master Finance LLC, 2.493%, Due 11/20/2051, 2021-1A A2II<sup>A</sup>  | 9675 | 8913 |
|  Dell Equipment Finance Trust, 4.990%, Due 8/22/2030, 2024-2 C<sup>A</sup>  | 20000 | 20172 |
|  Exeter Automobile Receivables Trust, 1.960%, Due 1/17/2028, 2021-4A D | 18213 | 17947 |

---

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  ASSET-BACKED OBLIGATIONS - 8.70% (continued) |  |  |
|  FHF Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.940%, Due 11/15/2030, 2024-3A A2<sup>A</sup>  | $19286 | $19328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.920%, Due 2/15/2031, 2025-1A A2<sup>A</sup>  | 10000 | 10044 |
|  Finance of America Structured Securities Trust, 6.500%, Due 4/25/2073, 2023-S2 A3<sup>A</sup>  | 68083 | 68717 |
|  GSAMP Trust, 4.421%, Due 7/25/2033, 2003-SEA2 A1 | 37414 | 36844 |
|  Hyundai Auto Receivables Trust, 1.660%, Due 6/15/2028, 2021-C C | 15000 | 14610 |
|  Mid-State Capital Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.758%, Due 1/15/2040, 2005-1 B | 16977 | 17074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.787%, Due 10/15/2040, 2006-1 A<sup>A</sup>  | 27323 | 27394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.311%, Due 10/15/2040, 2006-1 B<sup>A</sup>  | 12709 | 13074 |
|  Mid-State Trust XI, 4.864%, Due 7/15/2038, 11 A1 | 14534 | 14477 |
|  MMAF Equipment Finance LLC, 4.950%, Due 7/14/2031, 2024-A A3<sup>A</sup>  | 10000 | 10135 |
|  Navient Private Education Loan Trust, 3.910%, Due 12/15/2045, 2016-AA A2A<sup>A</sup>  | 6391 | 6359 |
|  Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 12/15/2059, 2018-DA A2A<sup>A</sup>  | 6189 | 6129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.486%, Due 12/15/2059, 2019-D A2B, (1 mo. USD Term SOFR + 1.164%)<sup>A</sup> <sup>B</sup> | 7428 | 7419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.110%, Due 2/18/2070, 2021-FA A<sup>A</sup>  | 10797 | 9601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.510%, Due 10/15/2071, 2023-A A<sup>A</sup>  | 7338 | 7493 |
|  Navient Student Loan Trust, 3.390%, Due 12/15/2059, 2019-BA A2A<sup>A</sup>  | 10456 | 10257 |
|  Nissan Auto Lease Trust, 4.750%, Due 3/15/2028, 2025-A A3 | 15000 | 15149 |
|  Octane Receivables Trust, 1.210%, Due 9/20/2028, 2021-2A A<sup>A</sup>  | 150 | 149 |
|  RCKT Mortgage Trust, 6.147%, Due 6/25/2044, 2024-CES4 A1A<sup>A</sup>  | 42749 | 43174 |
|  Retained Vantage Data Centers Issuer LLC, 4.992%, Due 9/15/2049, 2024-1A A2<sup>A</sup>  | 25000 | 24736 |
|  Salomon Mortgage Loan Trust, 4.114%, Due 11/25/2033, 2001-CB4 1M1, (1 mo. USD Term SOFR + 1.614%)<sup>B</sup>  | 12532 | 14120 |
|  Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.670%, Due 10/15/2027, 2021-4 D | 12412 | 12263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.870%, Due 5/15/2031, 2025-2 B | 25000 | 25174 |
|  Sierra Timeshare Receivables Funding LLC, 1.340%, Due 11/20/2037, 2021-1A B<sup>A</sup>  | 4977 | 4865 |
|  SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.820%, Due 10/15/2035, 2017-B A2A<sup>A</sup>  | 3018 | 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.290%, Due 7/15/2053, 2020-B A1A<sup>A</sup>  | 6755 | 6363 |
|  SoFi Professional Loan Program LLC, 1.030%, Due 8/17/2043, 2021-A AFX<sup>A</sup>  | 10328 | 9028 |
|  Synchrony Card Issuance Trust, 4.780%, Due 2/15/2031, 2025-A1 A | 30000 | 30450 |
|  Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II<sup>A</sup>  | 19650 | 17815 |
|  Vantage Data Centers Issuer LLC, 2.165%, Due 10/15/2046, 2021-1A A2<sup>A</sup>  | 20000 | 19145 |
|  Westlake Automobile Receivables Trust, 4.920%, Due 11/15/2029, 2024-3A C<sup>A</sup>  | 15000 | 15048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Obligations (Cost $720,466)** |  | **728673** |
|  COLLATERALIZED MORTGAGE OBLIGATIONS - 11.69% |  |  |
|  Bear Stearns ARM Trust, 4.943%, Due 2/25/2035, 2004-12 2A1<sup>D</sup>  | 8051 | 7764 |
|  Bear Stearns Asset-Backed Securities Trust, 5.250%, Due 10/25/2033, 2003-AC5 A5 | 22826 | 22672 |
|  Brean Asset-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 10/25/2061, 2021-RM2 A<sup>A</sup> <sup>D</sup> | 38181 | 36273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 5/25/2064, 2024-RM8 A1<sup>A</sup>  | 42460 | 41368 |
|  Chase Mortgage Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 12/25/2045, 2016-SH2 M2<sup>A</sup> <sup>D</sup> | 12236 | 11316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 12/25/2045, 2016-SH2 M3<sup>A</sup> <sup>D</sup> | 24869 | 22899 |
|  CHL Mortgage Pass-Through Trust, 5.250%, Due 5/25/2034, 2004-4 A19 | 14402 | 14273 |
|  Finance of America Structured Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/25/2052, 2022-S3 A2<sup>A</sup> <sup>D</sup> | 46124 | 45825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 6/25/2069, 2019-JR2 A1<sup>A</sup>  | 26530 | 30633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 11/25/2074, 2024-S4 A3<sup>A</sup>  | 49134 | 45914 |
|  Government National Mortgage Association REMICS, 5.202%, Due 6/20/2045, 2023-32 W<sup>D</sup>  | 17941 | 18182 |
|  GreenPoint Mortgage Pass-Through Certificates, 7.182%, Due 10/25/2033, 2003-1 A1<sup>D</sup> | 22339 | 21203 |
|  Homeward Opportunities Fund Trust, 5.476%, Due 3/25/2040, 2025-RRTL1 A1<sup>A</sup>  | 25000 | 24937 |
|  JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/25/2051, 2021-INV2 A2<sup>A</sup> <sup>D</sup> | 32192 | 26139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/25/2052, 2022-1 A3<sup>A</sup> <sup>D</sup> | 44323 | 35955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.666%, Due 5/25/2055, 2025-CES1 A1<sup>A</sup> <sup>D</sup> | 33151 | 33280 |
|  New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 11/26/2035, 2016-2A A1<sup>A</sup> <sup>D</sup> | 25725 | 24862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.491%, Due 1/25/2048, 2018-4A B1, (1 mo. USD Term SOFR + 1.164%)<sup>A</sup> <sup>B</sup> | 60609 | 60449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.480%, Due 11/25/2054, 2014-3A B3<sup>A</sup> <sup>D</sup> | 17437 | 17253 |

---

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  COLLATERALIZED MORTGAGE OBLIGATIONS - 11.69% (continued) |  |  |
|  New Residential Mortgage Loan Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/25/2057, 2017-2A A3<sup>A</sup> <sup>D</sup> | $31999 | $31144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 9/25/2059, 2019-6A B2<sup>A</sup> <sup>D</sup> | 71293 | 69245 |
|  NRM FHT1 Excess Owner LLC, 6.545%, Due 3/25/2032, 2025-FHT1 A<sup>A</sup>  | 48491 | 48131 |
|  Prime Mortgage Trust, 6.000%, Due 2/25/2034, 2004-CL1 1A1 | 32523 | 32194 |
|  RCKT Mortgage Trust, 6.902%, Due 6/25/2043, 2023-CES1 M1<sup>A</sup> <sup>D</sup> | 151000 | 151823 |
|  RFMSI Trust, 5.500%, Due 12/25/2034, 2004-S9 1A23 | 11583 | 11090 |
|  Towd Point Mortgage Trust, 4.499%, Due 10/25/2064, 2024-5 A1B<sup>A</sup> <sup>D</sup> | 46996 | 46882 |
|  WaMu Mortgage Pass-Through Certificates Trust, 6.568%, Due 8/25/2033, 2003-AR7 A7<sup>D</sup> | 47625 | 46841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations (Cost $995,742)** |  | **978547** |
|  COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 6.61% |  |  |
|  Bank, 3.265%, Due 9/15/2060, 2017-BNK7 ASB | 20672 | 20390 |
|  BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.576%, Due 7/15/2056, 2023-C20 A5 | 15000 | 15467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/15/2056, 2023-C21 A5<sup>D</sup>  | 15000 | 15977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.403%, Due 9/15/2057, 2024-C28 A5 | 15000 | 15351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.532%, Due 11/15/2057, 2024-C30 A5 | 10000 | 10317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.930%, Due 2/15/2062, 2025-C32 AS | 15000 | 15371 |
|  Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.148%, Due 9/15/2053, 2020-B19 AS | 30000 | 24479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.978%, Due 12/17/2053, 2020-B21 A5 | 10000 | 8573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.254%, Due 12/17/2053, 2020-B21 AS | 10000 | 8530 |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.202%, Due 12/9/2041, 2019-OC11 A<sup>A</sup>  | 15000 | 13897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.856%, Due 12/9/2041, 2019-OC11 C<sup>A</sup>  | 10000 | 9338 |
|  COMM Mortgage Trust, 2.950%, Due 8/15/2057, 2019-GC44 A5 | 10000 | 9246 |
|  DC Office Trust, 3.174%, Due 9/15/2045, 2019-MTC D<sup>A D</sup> | 10000 | 8406 |
|  Extended Stay America Trust, 6.136%, Due 7/15/2038, 2021-ESH C, (1 mo. USD Term SOFR + 1.814%)<sup>A</sup> <sup>B</sup> | 12892 | 12844 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.566%, Due 9/25/2030, K119 A2 | 10000 | 8728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.710%, Due 9/25/2032, K-150 A2<sup>D</sup>  | 15000 | 14300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.481%, Due 7/25/2034, K-1514 A1 | 12957 | 11805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.489%, Due 9/25/2034, K-165 A2 | 5000 | 4957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.238%, Due 1/25/2035, K-1516 A1 | 50307 | 42194 |
|  Federal National Mortgage Association-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.662%, Due 9/25/2028, 2019-M1 A2<sup>D</sup>  | 22445 | 22098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.610%, Due 2/25/2031, 2019-M4 A2 | 8814 | 8510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.714%, Due 7/25/2031, 2021-M17 A2<sup>D</sup>  | 10000 | 8618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, Due 7/25/2033, 2023-M5 A2<sup>D</sup>  | 15000 | 14799 |
|  FREMF Mortgage Trust, 4.121%, Due 12/25/2050, 2018-K72 B<sup>A</sup> <sup>D</sup> | 20000 | 19698 |
|  FRESB Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.160%, Due 11/25/2027, 2018-SB45 A10F<sup>D</sup>  | 8179 | 7982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.148%, Due 7/25/2038, 2018-SB55 A5H, (30 day USD SOFR Average + 0.814%)<sup>B</sup>  | 6883 | 6856 |
|  JPMBB Commercial Mortgage Securities Trust, 3.822%, Due 7/15/2048, 2015-C30 A5 | 10000 | 9927 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, 2.840%, Due 11/15/2049, 2016-C31 A4 | 13486 | 13185 |
|  Velocity Commercial Capital Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, Due 10/26/2048, 2018-2 A<sup>A</sup> <sup>D</sup> | 11256 | 10984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.120%, Due 3/25/2049, 2019-1 M3<sup>A</sup> <sup>D</sup> | 18107 | 15946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.650%, Due 6/25/2054, 2024-3 A<sup>A</sup> <sup>D</sup> | 43916 | 44372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.670%, Due 4/25/2055, 2025-2 A<sup>A</sup> <sup>D</sup> | 100000 | 100061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Obligations (Cost $564,524)** |  | **553206** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.38% |  |  |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 7/1/2042 | 24822 | 22353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2046 | 31391 | 29121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2047 | 45192 | 40163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2048 | 85857 | 79154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2049 | 23833 | 21014 |
|  |  | **191805** |

---

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.38% (continued) | U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.38% (continued) | U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.38% (continued) |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2031 | $12846 | $12961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2037 | 29809 | 27622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/1/2037 | 31617 | 29293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/1/2040 | 44713 | 38582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2042 | 33531 | 29547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2042 | 23308 | 19933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2042 | 39400 | 34625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2042 | 40515 | 36253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/1/2043 | 24061 | 23188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2043 | 23719 | 23778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 10/1/2043 | 42352 | 43248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 12/1/2043 | 11782 | 11315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/1/2046 | 22093 | 21289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/1/2046 | 28425 | 24228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/1/2046 | 24879 | 22024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 1/1/2048 | 35496 | 31490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2048 | 19368 | 17193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2048 | 40818 | 35991 |
|  |  | **482560** |
|  Government National Mortgage Association, 3.500%, Due 4/20/2046 | 29638 | **27237** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Agency Mortgage-Backed Obligations (Cost $727,558)** |  | **701602** |
|  U.S. TREASURY OBLIGATIONS - 28.28% |  |  |
|  U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 8/15/2041 | 228000 | 152609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 2/15/2043 | 199000 | 180134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/15/2045 | 95000 | 67554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, Due 11/15/2048 | 519000 | 415342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 11/15/2054 | 104000 | 100847 |
|  |  | **916486** |
|  U.S. Treasury Inflation-Indexed Notes, 2.125%<sup>E</sup>, Due 1/15/2035<sup>E</sup>  | 37404 | **37996** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, Due 7/31/2028 | 140000 | 128767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, Due 3/31/2029 | 33000 | 31434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 4/30/2030 | 156000 | 154087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 3/31/2031 | 234000 | 237117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2032 | 138000 | 128712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 11/15/2033 | 77000 | 79226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/15/2034 | 24000 | 23471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 11/15/2034 | 346000 | 348054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 2/15/2035 | 273000 | 282768 |
|  |  | **1413636** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations (Cost $2,444,613)** |  | **2368118** |
|  MUNICIPAL OBLIGATIONS - 4.42% |  |  |
|  Bay Area Toll Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.918%, Due 4/1/2040, Series S1 | 5000 | 5588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.263%, Due 4/1/2049, Series F-2 | 10000 | 10618 |
|  Chicago Transit Authority Sales Tax Receipts Fund, 6.200%, Due 12/1/2040, Series B | 15000 | 15512 |
|  City of Los Angeles Department of Airports, 6.582%, Due 5/15/2039, Series C | 5000 | 5367 |

---

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  MUNICIPAL OBLIGATIONS - 4.42% (continued) | MUNICIPAL OBLIGATIONS - 4.42% (continued) | MUNICIPAL OBLIGATIONS - 4.42% (continued) |
|  City of New York, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.968%, Due 3/1/2036, Series G-1 | $5000 | $5256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.985%, Due 12/1/2036, Series D1 | 5000 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.517%, Due 10/1/2037 | 10000 | 10142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.846%, Due 6/1/2040, Series H-1 | 5000 | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.291%, Due 2/1/2045, Series H | 10000 | 10386 |
|  Dallas Fort Worth International Airport, 3.089%, Due 11/1/2040, Series C | 5000 | 3950 |
|  Los Angeles Community College District, 6.600%, Due 8/1/2042 | 5000 | 5456 |
|  Los Angeles County Public Works Financing Authority, 7.618%, Due 8/1/2040 | 10000 | 11630 |
|  Los Angeles Department of Water & Power, 6.574%, Due 7/1/2045 | 30000 | 31285 |
|  Louisiana Local Government Environmental Facilities & Community Development Authority, 4.475%, Due 8/1/2039, Series A | 25000 | 23838 |
|  Metropolitan Water Reclamation District of Greater Chicago, 5.720%, Due 12/1/2038 | 5000 | 5162 |
|  New York City Municipal Water Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.952%, Due 6/15/2042 | 20000 | 20647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.882%, Due 6/15/2044, Series CC | 5000 | 5108 |
|  New York State Dormitory Authority, 5.600%, Due 3/15/2040, Series D | 5000 | 5120 |
|  Oklahoma Development Finance Authority, 4.135%, Due 12/1/2033, Series A-1 | 8309 | 8186 |
|  Oregon Education Districts, 2.895%, Due 6/30/2040, Series A | 10000 | 7624 |
|  Port Authority of New York & New Jersey, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.823%, Due 6/1/2045 | 5000 | 4485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.310%, Due 8/1/2046, Series 182 | 10000 | 9493 |
|  South Carolina Student Loan Corp., 5.675%, Due 10/27/2036 | 12362 | 12286 |
|  State Board of Administration Finance Corp., 5.526%, Due 7/1/2034, Series A | 10000 | 10210 |
|  State of California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, Due 3/1/2038 | 15000 | 14937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.988%, Due 4/1/2039, Series A | 10000 | 9592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.550%, Due 4/1/2039 | 15000 | 18113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.300%, Due 10/1/2039 | 10000 | 11590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.350%, Due 11/1/2039 | 10000 | 11640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600%, Due 11/1/2040 | 5000 | 6067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 10/1/2041 | 5000 | 5144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, Due 3/1/2043 | 10000 | 9641 |
|  State of Oregon, 5.832%, Due 5/1/2045, Series B | 10000 | 10255 |
|  State of Texas, 5.517%, Due 4/1/2039 | 5000 | 5119 |
|  Texas Natural Gas Securitization Finance Corp., 5.169%, Due 4/1/2041 | 5000 | 5045 |
|  Texas Water Development Board, 4.993%, Due 10/15/2054, Series B | 5000 | 4611 |
|  University of California, 4.858%, Due 5/15/2112, Series AD | 5000 | 4139 |
|  University of Virginia, 6.200%, Due 9/1/2039 | 15000 | 16504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Obligations (Cost $373,971)** |  | **370136** |
|  **TOTAL INVESTMENTS - 99.09% (Cost $8,430,080)** |  | **8296455** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.91%** |  | **76174** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**8372629** |

---

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 $2,467,535 or 29.47% 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 April 30, 2025. 

<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.

*See accompanying notes* 

------

**American Beacon NIS Core Plus Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

April 30, 2025 (Unaudited)

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

Pty. Ltd. - Proprietary Limited.

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

The Fund's investments are summarized by level based on the inputs used to determine their values. As of April 30, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NIS Core Plus Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Corporate Obligations | $— | $2330279 | $— | $2330279 |
|  Foreign Corporate Obligations |  | 265894 |  | 265894 |
|  Asset-Backed Obligations |  | 728673 |  | 728673 |
|  Collateralized Mortgage Obligations |  | 978547 |  | 978547 |
|  Commercial Mortgage-Backed Obligations |  | 553206 |  | 553206 |
|  U.S. Agency Mortgage-Backed Obligations |  | 701602 |  | 701602 |
|  U.S. Treasury Obligations |  | 2368118 |  | 2368118 |
|  Municipal Obligations |  | 370136 |  | 370136 |
|  Total Investments in Securities - Assets | $— | $8296455 | $— | $8296455 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2025, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

**American Beacon Funds<sup>SM</sup>** 

**Supplementary Notes to Schedule of Investments** 

April 30, 2023 (Unaudited)

**Security Valuation and Fair Value Measurements** 

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

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

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

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

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

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

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

------

**American Beacon Funds<sup>SM</sup>** 

**Supplementary Notes to Schedule of Investments** 

April 30, 2023 (Unaudited)

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

*Valuation Inputs* 

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

---

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

---

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

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

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

With respect to Fund's investments that do not have readily available market quotations, the Board has designated the Manager 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 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 Fund's shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that a Fund could obtain the fair value assigned to an investment if a Fund were to sell the investment at approximately the time at which a Fund determines its NAV.

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

------

**American Beacon Funds<sup>SM</sup>** 

**Supplementary Notes to Schedule of Investments** 

April 30, 2023 (Unaudited)

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 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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AMERICAN BEACON FUNDS

- **b. Investment Company Act file number:** 811-04984

- **c. CIK number of Registrant:** 0000809593

- **d. LEI of Registrant:** 549300EXCES9V5RWB620

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 220 EAST LAS COLINAS BOULEVARD

  - **City:** IRVING

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75039

  - **Telephone number:** 817-391-6100

**Item A.2. Information about the Series.**

- **a. Name of Series:** American Beacon NIS Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000069392

- **c. LEI of Series:** 549300MEGDO7715JGW54

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $8462116.80

**Total Liabilities:** $107638.84

**Net Assets:** $8354477.96

**Delayed Delivery Securities:** $14939.10

**Cash Not Reported:** $53730.06

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -7.75000000 | **1-Year:** -157.38000000 | **5-Year:** -599.27000000 | **10-Year:** -662.15000000 | **30-Year:** -204.79000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -5.66000000 | **1-Year:** -101.04000000 | **5-Year:** -196.66000000 | **10-Year:** -50.11000000 | **30-Year:** -29.36000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221416 | 1.98%                | -0.13%               | 0.36%                |
| Class ID C000221418 | 2.03%                | -0.21%               | 0.27%                |
| Class ID C000221417 | 1.97%                | -0.04%               | 0.34%                |
| Class ID C000221415 | 2.11%                | -0.12%               | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $765.68                  | $129351.65                                 |
| Month 2  | $4304.36                 | $-36619.79                                 |
| Month 3  | $-4629.53                | $2732.92                                   |

### Schedule of Portfolio Investments

| Name                                                     | Title                                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140XMTK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42352 | PA      | $43247.95     | 0.52%             | 2043-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                 | Capital One Financial Corp.                                                           | CUSIP: 14040HCJ2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8514.99      | 0.10%             | 2032-11-02      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                 | Mars, Inc.                                                                            | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10023.88     | 0.12%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                        | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4163.21      | 0.05%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                         | LPL Holdings, Inc.                                                                    | CUSIP: 50212YAL8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5039.50      | 0.06%             | 2030-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                   | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    519000 | PA      | $415341.92    | 4.97%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                  | Starwood Property Trust, Inc.                                                         | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     15000 | PA      | $15528.45     | 0.19%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 31418ECG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23308 | PA      | $19933.28     | 0.24%             | 2042-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                           | CPS Auto Receivables Trust                                                            | CUSIP: 22411CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15000 | PA      | $15067.00     | 0.18%             | 2028-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                 | FHF Issuer Trust                                                                      | CUSIP: 30340RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10000 | PA      | $10044.00     | 0.12%             | 2031-02-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| ACE Capital Trust II                                     | ACE Capital Trust II                                                                  | CUSIP: 00440FAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $23756.89     | 0.28%             | 2030-04-01      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15258.12     | 0.18%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC              | BBCMS Mortgage Trust                                                                  | CUSIP: 05553WAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $15977.41     | 0.19%             | 2056-09-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                   | Verizon Communications, Inc.                                                          | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13327.59     | 0.16%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                                  | Canadian Natural Resources Ltd.                                                       | CUSIP: 136385BB6<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $9956.16      | 0.12%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS NATURAL GAS SECURITIZTN FIN CORP REVENUE           | Texas Natural Gas Securitization Finance Corp.                                        | CUSIP: 88258MAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5045.42      | 0.06%             | 2041-04-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                           | Mastercard, Inc.                                                                      | CUSIP: 57636QBC7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9746.06      | 0.12%             | 2035-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                               | Navient Student Loan Trust                                                            | CUSIP: 63941LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10456 | PA      | $10257.34     | 0.12%             | 2059-12-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pass-Through Certifica        | FRESB Mortgage Trust                                                                  | CUSIP: 30297PAF0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      6883 | PA      | $6855.95      | 0.08%             | 2038-07-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| COGENT COMM GROUP LLC                                    | Cogent Communications Group LLC                                                       | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15070.76     | 0.18%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                   | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    228000 | PA      | $152608.59    | 1.83%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                                       | Mativ Holdings, Inc.                                                                  | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4156.27      | 0.05%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                     | Royal Bank of Canada                                                                  | CUSIP: 78017FZT3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $9971.49      | 0.12%             | 2030-10-18      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                  | GLP Capital LP/GLP Financing II, Inc.                                                 | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              |  | US        |     15000 | PA      | $12923.78     | 0.15%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                   | FMG Resources August 2006 Pty. Ltd.                                                   | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     15000 | PA      | $14822.86     | 0.18%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                                 | Public Service Enterprise Group, Inc.                                                 | CUSIP: 744573AZ9<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10093.66     | 0.12%             | 2034-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                              | Oracle Corp.                                                                          | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     15000 | PA      | $10800.17     | 0.13%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| SCE RECOVERY FUNDING LLC                                 | SCE Recovery Funding LLC                                                              | CUSIP: 78433LAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4101.60      | 0.05%             | 2042-11-15      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                   | Bank of New York Mellon Corp.                                                         | CUSIP: 06406RBT3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10610.98     | 0.13%             | 2029-10-25      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| ROLLINS INC                                              | Rollins, Inc.                                                                         | CUSIP: 775711AA2<br>LEI: 549300F2A0BXT4SGWD84 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14938.40     | 0.18%             | 2035-02-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OLD REPUBLIC INTL CORP                                   | Old Republic International Corp.                                                      | CUSIP: 680223AM6<br>LEI: 549300IV6O2YY2A1KH37 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15138.93     | 0.18%             | 2034-03-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                    | Wells Fargo & Co.                                                                     | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10031.71     | 0.12%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                        | Post Holdings, Inc.                                                                   | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20175.98     | 0.24%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140X6M57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24061 | PA      | $23187.80     | 0.28%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mid-State Trust                                          | Mid-State Trust XI                                                                    | CUSIP: 59549WAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14534 | PA      | $14476.52     | 0.17%             | 2038-07-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| PG&E WILDFIRE RECOVERY                                   | PG&E Wildfire Recovery Funding LLC                                                    | CUSIP: 693342AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4625.54      | 0.06%             | 2039-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                      | Dominion Energy, Inc.                                                                 | CUSIP: 25746UDR7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10110.46     | 0.12%             | 2032-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OLD REPUBLIC INTL CORP                                   | Old Republic International Corp.                                                      | CUSIP: 680223AL8<br>LEI: 549300IV6O2YY2A1KH37 | Long             | DBT              | CORP              | US        |     15000 | PA      | $10346.52     | 0.12%             | 2051-06-11      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                       | Chase Mortgage Finance Corp.                                                          | CUSIP: 16164AAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24869 | PA      | $22899.07     | 0.27%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 17-2 AA PTT                                 | American Airlines Pass-Through Trust                                                  | CUSIP: 02376AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9317 | PA      | $8780.87      | 0.11%             | 2029-10-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | New York City Municipal Water Finance Authority                                       | CUSIP: 64972FK88<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20647.10     | 0.25%             | 2042-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROG SC STOR                                 | Duke Energy Progress SC Storm Funding LLC                                             | CUSIP: 26445CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4825 | PA      | $4857.26      | 0.06%             | 2044-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| OREGON EDU DISTS FULL FAITH & CREDIT PENSN OBLIGS        | Oregon Education Districts                                                            | CUSIP: 68587FBL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $7623.85      | 0.09%             | 2040-06-30      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                     | Bank of America Corp.                                                                 | CUSIP: 06051GHG7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9859.57      | 0.12%             | 2029-03-05      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                        | L3Harris Technologies, Inc.                                                           | CUSIP: 502431AT6<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10221.13     | 0.12%             | 2031-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                    | Panther Escrow Issuer LLC                                                             | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15368.87     | 0.18%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                    | American Homes 4 Rent LP                                                              | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |     10000 | PA      | $8589.41      | 0.10%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                       | BX Trust                                                                              | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $13897.00     | 0.17%             | 2041-12-09      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                    | Truist Financial Corp.                                                                | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10787.53     | 0.13%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                      | Homeward Opportunities Fund Trust                                                     | CUSIP: 437919AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25000 | PA      | $24936.98     | 0.30%             | 2040-03-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                  | MPLX LP                                                                               | CUSIP: 55336VBY5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19427.61     | 0.23%             | 2035-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                   | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     95000 | PA      | $67553.91     | 0.81%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                | Morgan Stanley Bank of America Merrill Lynch Trust                                    | CUSIP: 61766RAY2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13486 | PA      | $13184.61     | 0.16%             | 2049-11-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                 | JP Morgan Mortgage Trust                                                              | CUSIP: 46653TAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32192 | PA      | $26138.75     | 0.31%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                       | Viking Cruises Ltd.                                                                   | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     15000 | PA      | $16038.44     | 0.19%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                                   | Brookfield Finance, Inc.                                                              | CUSIP: 11271LAP7<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $9512.67      | 0.11%             | 2055-03-03      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                      | New Residential Mortgage Loan Trust                                                   | CUSIP: 64829GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25725 | PA      | $24862.47     | 0.30%             | 2035-11-26      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                   | Velocity Commercial Capital Loan Trust                                                | CUSIP: 92259QAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43916 | PA      | $44371.81     | 0.53%             | 2054-06-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                 | Alexandria Real Estate Equities, Inc.                                                 | CUSIP: 015271AV1<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |      5000 | PA      | $3889.87      | 0.05%             | 2033-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                   | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    199000 | PA      | $180133.87    | 2.16%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                               | Navient Private Education Refi Loan Trust                                             | CUSIP: 638961AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7338 | PA      | $7492.42      | 0.09%             | 2071-10-15      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities Trust                      | Brean Asset-Backed Securities Trust                                                   | CUSIP: 10637YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42460 | PA      | $41368.27     | 0.50%             | 2064-05-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured Securities Trust           | Finance of America Structured Securities Trust                                        | CUSIP: 31739TAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68083 | PA      | $68716.71     | 0.82%             | 2073-04-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                   | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     77000 | PA      | $79225.78     | 0.95%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                 | JP Morgan Mortgage Trust                                                              | CUSIP: 46658XAC9<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |     33151 | PA      | $33280.05     | 0.40%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                                 | Encore Capital Group, Inc.                                                            | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15563.12     | 0.19%             | 2030-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VALVOLINE INC                                            | Valvoline, Inc.                                                                       | CUSIP: 92047WAG6<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26271.74     | 0.31%             | 2031-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NMI HOLDINGS                                             | NMI Holdings, Inc.                                                                    | CUSIP: 629209AC1<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15171.90     | 0.18%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                             | Broadcom, Inc.                                                                        | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14684.02     | 0.18%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                       | BX Trust                                                                              | CUSIP: 05606FAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9338.14      | 0.11%             | 2041-12-09      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                            | State of California                                                                   | CUSIP: 13063BN81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9592.40      | 0.11%             | 2039-04-01      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                              | Extended Stay America Trust                                                           | CUSIP: 30227FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12892 | PA      | $12843.88     | 0.15%             | 2038-07-15      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                | Towd Point Mortgage Trust                                                             | CUSIP: 891944AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46996 | PA      | $46881.72     | 0.56%             | 2064-10-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                 | Capital One Financial Corp.                                                           | CUSIP: 14040HDF9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10240.31     | 0.12%             | 2035-02-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3132D9KM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24822 | PA      | $22353.53     | 0.27%             | 2042-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust               | JPMBB Commercial Mortgage Securities Trust                                            | CUSIP: 46644UBA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9926.96      | 0.12%             | 2048-07-15      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                             | Dell Equipment Finance Trust                                                          | CUSIP: 24704EAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20000 | PA      | $20172.69     | 0.24%             | 2030-08-22      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                         | LPL Holdings, Inc.                                                                    | CUSIP: 50212YAH7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26551.48     | 0.32%             | 2028-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                                  | PPL Capital Funding, Inc.                                                             | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14981.81     | 0.18%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                                      | Somnigroup International, Inc.                                                        | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17474.57     | 0.21%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                             | Comcast Corp.                                                                         | CUSIP: 20030NCE9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11300.42     | 0.14%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                            | State of California                                                                   | CUSIP: 13063D3S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14937.53     | 0.18%             | 2038-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                      | American Express Co.                                                                  | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15378.83     | 0.18%             | 2036-04-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA CMNTY CLG DIST                            | Los Angeles Community College District                                                | CUSIP: 54438CNZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5455.74      | 0.07%             | 2042-08-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                   | Velocity Commercial Capital Loan Trust                                                | CUSIP: 92259BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11256 | PA      | $10984.22     | 0.13%             | 2048-10-26      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                                 | Jefferson Capital Holdings LLC                                                        | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15723.42     | 0.19%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers LLC                                 | Vantage Data Centers Issuer LLC                                                       | CUSIP: 92212KAD8<br>LEI: 5493000RL8X7WTQ7HO20 | Long             | ABS-O            | CORP              | US        |     20000 | PA      | $19144.90     | 0.23%             | 2046-10-15      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                   | CUSIP: 91282CKF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    229000 | PA      | $232050.35    | 2.78%             | 2031-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                                 | Macquarie Airfinance Holdings Ltd.                                                    | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     24000 | PA      | $24652.08     | 0.30%             | 2031-03-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                   | HAT Holdings I LLC/HAT Holdings II LLC                                                | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14551.09     | 0.17%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                      | Bank of Nova Scotia                                                                   | CUSIP: 06418GAN7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $9877.87      | 0.12%             | 2032-11-10      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                              | City of New York                                                                      | CUSIP: 64966HYV6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5182.70      | 0.06%             | 2040-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                   | PNC Financial Services Group, Inc.                                                    | CUSIP: 693475BS3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10335.30     | 0.12%             | 2034-08-18      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 31335BCW4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     45192 | PA      | $40162.70     | 0.48%             | 2047-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                                   | Brookfield Finance, Inc.                                                              | CUSIP: 11271LAK8<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10536.65     | 0.13%             | 2034-01-05      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                    | General Dynamics Corp.                                                                | CUSIP: 369550BR8<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15016.58     | 0.18%             | 2035-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DC Office Trust                                          | DC Office Trust                                                                       | CUSIP: 23312BAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $8406.31      | 0.10%             | 2045-09-15      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP                                         | Knife River Corp.                                                                     | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15690.26     | 0.19%             | 2031-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.         | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137H9C98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15000 | PA      | $14300.15     | 0.17%             | 2032-09-25      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| BEACON ROOFING SUPPLY IN                                 | Beacon Roofing Supply, Inc.                                                           | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15040.77     | 0.18%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                            | Carnival Corp.                                                                        | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     20000 | PA      | $19075.00     | 0.23%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                               | Navient Private Education Refi Loan Trust                                             | CUSIP: 63940UAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6189 | PA      | $6128.65      | 0.07%             | 2059-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                   | CUSIP: 91282CCR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    140000 | PA      | $128767.19    | 1.54%             | 2028-07-31      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                              | CUSIP: 36179R7J2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29638 | PA      | $27236.88     | 0.33%             | 2046-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                                       | Regency Centers LP                                                                    | CUSIP: 75884RBA0<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |     15000 | PA      | $14408.19     | 0.17%             | 2030-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALT                                 | Rexford Industrial Realty LP                                                          | CUSIP: 76169XAA2<br>LEI: 549300028US163ELJN70 | Long             | DBT              |  | US        |     15000 | PA      | $12736.90     | 0.15%             | 2030-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                 | JP Morgan Mortgage Trust                                                              | CUSIP: 46654WAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     44323 | PA      | $35955.35     | 0.43%             | 2052-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                      | Kimco Realty OP LLC                                                                   | CUSIP: 49446RAZ2<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |      5000 | PA      | $4435.37      | 0.05%             | 2032-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                         | Coca-Cola Co.                                                                         | CUSIP: 191216DS6<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14516.24     | 0.17%             | 2054-05-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                   | Nationstar Mortgage Holdings, Inc.                                                    | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4969.71      | 0.06%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                            | PRA Group, Inc.                                                                       | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13662.17     | 0.16%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                                    | Accenture Capital, Inc.                                                               | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14458.57     | 0.17%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mid-State Trust                                          | Mid-State Capital Corp. Trust                                                         | CUSIP: 595481AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16977 | PA      | $17074.20     | 0.20%             | 2040-01-15      | Fixed         | 7.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 31418ECZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39400 | PA      | $34624.88     | 0.41%             | 2042-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                                      | Invitation Homes Operating Partnership LP                                             | CUSIP: 46188BAA0<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              |  | US        |     10000 | PA      | $8365.36      | 0.10%             | 2031-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                 | Benchmark Mortgage Trust                                                              | CUSIP: 08162WBE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30000 | PA      | $24479.08     | 0.29%             | 2053-09-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                   | General Motors Financial Co., Inc.                                                    | CUSIP: 37045XFG6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4959.77      | 0.06%             | 2032-04-04      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                                 | State of Texas                                                                        | CUSIP: 882722KF7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5118.72      | 0.06%             | 2039-04-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| GEN LUX SARL/GEN USA INC                                 | Genpact Luxembourg SARL/Genpact USA, Inc.                                             | CUSIP: 37190AAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     15000 | PA      | $15489.26     | 0.19%             | 2029-06-04      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF VIRGINIA VA UNIV REVENUES                        | University of Virginia                                                                | CUSIP: 915217RY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16503.90     | 0.20%             | 2039-09-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                        | Eversource Energy                                                                     | CUSIP: 30040WBA5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20912.38     | 0.25%             | 2031-04-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAPITAL SA                                 | TotalEnergies Capital SA                                                              | CUSIP: 89157XAB7<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |     10000 | PA      | $9419.57      | 0.11%             | 2054-04-05      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                            | State of California                                                                   | CUSIP: 13063BJC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $6066.85      | 0.07%             | 2040-11-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                           | Federal National Mortgage Association-ACES                                            | CUSIP: 3136B3XY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22445 | PA      | $22098.32     | 0.26%             | 2028-09-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                    | Wells Fargo & Co.                                                                     | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23565.60     | 0.28%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALT                                 | Rexford Industrial Realty LP                                                          | CUSIP: 76169XAB0<br>LEI: 549300028US163ELJN70 | Long             | DBT              |  | US        |     10000 | PA      | $8329.42      | 0.10%             | 2031-09-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES FINANCIAL                                  | Raymond James Financial, Inc.                                                         | CUSIP: 754730AH2<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14288.50     | 0.17%             | 2051-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE          | Dallas Fort Worth International Airport                                               | CUSIP: 2350366Z8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $3950.22      | 0.05%             | 2040-11-01      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                   | PNC Financial Services Group, Inc.                                                    | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4949.09      | 0.06%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                | Bay Area Toll Authority                                                               | CUSIP: 072024ND0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10617.59     | 0.13%             | 2049-04-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| OGE ENERGY CORP                                          | OGE Energy Corp.                                                                      | CUSIP: 670837AD5<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10300.26     | 0.12%             | 2029-05-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                        | Union Electric Co.                                                                    | CUSIP: 906548DA7<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10126.81     | 0.12%             | 2035-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                 | Targa Resources Partners LP/Targa Resources Partners Finance Corp.                    | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19411.65     | 0.23%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINA                                 | Blackstone Holdings Finance Co. LLC                                                   | CUSIP: 09261BAA8<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12618.91     | 0.15%             | 2031-03-30      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                       | Energy Transfer LP                                                                    | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9881.06      | 0.12%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                       | Ally Financial, Inc.                                                                  | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18375.10     | 0.22%             | 2026-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                            | State of California                                                                   | CUSIP: 13063D3T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9640.90      | 0.12%             | 2043-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140XHK97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22093 | PA      | $21288.86     | 0.25%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                           | Federal National Mortgage Association-ACES                                            | CUSIP: 3136BQCP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15000 | PA      | $14799.16     | 0.18%             | 2033-07-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                      | Global Payments, Inc.                                                                 | CUSIP: 37940XAB8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13944.31     | 0.17%             | 2029-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                              | City of New York                                                                      | CUSIP: 64966SNH5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10385.97     | 0.12%             | 2045-02-01      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140X6LH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28425 | PA      | $24227.65     | 0.29%             | 2046-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                 | Marsh & McLennan Cos., Inc.                                                           | CUSIP: 571748BP6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8629.56      | 0.10%             | 2031-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                        | State Street Corp.                                                                    | CUSIP: 857477CR2<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9940.24      | 0.12%             | 2032-10-22      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140XLN95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23719 | PA      | $23778.00     | 0.28%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                      | New Residential Mortgage Loan Trust                                                   | CUSIP: 64828FAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60609 | PA      | $60448.98     | 0.72%             | 2048-01-25      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3132DQDD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31391 | PA      | $29120.80     | 0.35%             | 2046-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                           | Carvana Auto Receivables Trust                                                        | CUSIP: 14687GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2808 | PA      | $2711.17      | 0.03%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS                             | City of Los Angeles Department of Airports                                            | CUSIP: 544435C32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5366.92      | 0.06%             | 2039-05-15      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association REMICS                                       | CUSIP: 38383VRB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17941 | PA      | $18181.60     | 0.22%             | 2045-06-20      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                              | Truist Bank                                                                           | CUSIP: 07330MAC1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19569.20     | 0.23%             | 2029-09-17      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                | Block, Inc.                                                                           | CUSIP: 852234AR4<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15303.14     | 0.18%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CAL Funding IV Ltd                                       | CAL Funding IV Ltd.                                                                   | CUSIP: 12807CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |      9134 | PA      | $8546.04      | 0.10%             | 2045-09-25      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                      | Sirius XM Radio LLC                                                                   | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14062.47     | 0.17%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC                                  | Duke Energy Indiana LLC                                                               | CUSIP: 26443TAC0<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |     15000 | PA      | $9003.93      | 0.11%             | 2050-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                                   | Canadian Imperial Bank of Commerce                                                    | CUSIP: 13607LNG4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10188.46     | 0.12%             | 2028-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR REVENUE                    | Los Angeles Department of Water & Power                                               | CUSIP: 544495VY7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31285.13     | 0.37%             | 2045-07-01      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                         | GGAM Finance Ltd.                                                                     | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     41000 | PA      | $43029.71     | 0.52%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust               | Bear Stearns Asset-Backed Securities Trust                                            | CUSIP: 07384YNA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22826 | PA      | $22672.16     | 0.27%             | 2033-10-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization          | Salomon Mortgage Loan Trust                                                           | CUSIP: 12489WDZ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12532 | PA      | $14119.48     | 0.17%             | 2033-11-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                                   | Regions Financial Corp.                                                               | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10210.00     | 0.12%             | 2030-06-06      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                    | Wells Fargo & Co.                                                                     | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10277.87     | 0.12%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                     | Bank of America Corp.                                                                 | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14579.56     | 0.17%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                     | Bank of America Corp.                                                                 | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9926.06      | 0.12%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                       | Chase Mortgage Finance Corp.                                                          | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12236 | PA      | $11315.96     | 0.14%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AON CORP/AON GLOBAL HOLD                                 | Aon Corp./Aon Global Holdings PLC                                                     | CUSIP: 03740LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      5000 | PA      | $4281.84      | 0.05%             | 2031-08-23      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup, Inc.                                                                       | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10224.51     | 0.12%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC              | BBCMS Mortgage Trust                                                                  | CUSIP: 07336DAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $15467.28     | 0.19%             | 2056-07-15      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Greenpoint Mortgage Pass-Through Certificates            | GreenPoint Mortgage Pass-Through Certificates                                         | CUSIP: 395387AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22339 | PA      | $21203.24     | 0.25%             | 2033-10-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                            | State of California                                                                   | CUSIP: 13063D7G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5144.13      | 0.06%             | 2041-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE                                | Texas Water Development Board                                                         | CUSIP: 88285AGV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4610.87      | 0.06%             | 2054-10-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                   | Santander Drive Auto Receivables Trust                                                | CUSIP: 80287NAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $25173.71     | 0.30%             | 2031-05-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10353.90     | 0.12%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                        | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10082.98     | 0.12%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                       | Howard Hughes Corp.                                                                   | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9643.41      | 0.12%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC                | Retained Vantage Data Centers Issuer LLC                                              | CUSIP: 76134KAH7<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $24735.88     | 0.30%             | 2049-09-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                            | State of California                                                                   | CUSIP: 13063A7D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11589.64     | 0.14%             | 2039-10-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                        | Lithia Motors, Inc.                                                                   | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27560.29     | 0.33%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                    | Port Authority of New York & New Jersey                                               | CUSIP: 73358WRQ9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9493.08      | 0.11%             | 2046-08-01      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                 | Prudential Financial, Inc.                                                            | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28829.67     | 0.35%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE         | Chicago Transit Authority Sales Tax Receipts Fund                                     | CUSIP: 16772PAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15512.16     | 0.19%             | 2040-12-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3138XBXW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11782 | PA      | $11315.17     | 0.14%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                                 | Jones Deslauriers Insurance Management, Inc.                                          | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $16136.00     | 0.19%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                  | United Rentals North America, Inc.                                                    | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15153.63     | 0.18%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                     | SoFi Professional Loan Program LLC                                                    | CUSIP: 83405YAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10328 | PA      | $9028.27      | 0.11%             | 2043-08-17      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                      | Cardinal Health, Inc.                                                                 | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20052.40     | 0.24%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                      | Charles Schwab Corp.                                                                  | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15645.68     | 0.19%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                    | GFL Environmental, Inc.                                                               | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $20713.18     | 0.25%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FTAI INFRA ESC HLDGS LLC                                 | FTAI Infra Escrow Holdings LLC                                                        | CUSIP: 30327TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $6209.63      | 0.07%             | 2027-06-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities Trust                      | Brean Asset-Backed Securities Trust                                                   | CUSIP: 10638MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     38181 | PA      | $36272.64     | 0.43%             | 2061-10-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                   | Bank of New York Mellon Corp.                                                         | CUSIP: 06406RCB1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10157.94     | 0.12%             | 2031-02-11      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORP                                     | JetBlue Pass-Through Trust                                                            | CUSIP: 477164AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11074 | PA      | $10310.49     | 0.12%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                   | ConocoPhillips Co.                                                                    | CUSIP: 20826FBM7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4639.72      | 0.06%             | 2055-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | Bank                                                                                  | CUSIP: 06541XAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20672 | PA      | $20390.16     | 0.24%             | 2060-09-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                    | DB Master Finance LLC                                                                 | CUSIP: 233046AQ4<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |      9675 | PA      | $8912.89      | 0.11%             | 2051-11-20      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.         | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137HHHY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5000 | PA      | $4957.11      | 0.06%             | 2034-09-25      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                              | RCKT Mortgage Trust                                                                   | CUSIP: 74935WAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    151000 | PA      | $151822.71    | 1.82%             | 2043-06-25      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140J72S3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19368 | PA      | $17193.29     | 0.21%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AGCO CORP                                                | AGCO Corp.                                                                            | CUSIP: 001084AS1<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14879.96     | 0.18%             | 2034-03-21      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                      | COMM Mortgage Trust                                                                   | CUSIP: 12655TBM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9245.49      | 0.11%             | 2057-08-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES                              | University of California                                                              | CUSIP: 91412GHA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4138.76      | 0.05%             | 2112-05-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                                       | Essex Portfolio LP                                                                    | CUSIP: 29717PAZ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              |  | US        |     15000 | PA      | $13270.57     | 0.16%             | 2031-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140J5MF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29809 | PA      | $27622.11     | 0.33%             | 2037-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140XKRE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33531 | PA      | $29547.07     | 0.35%             | 2042-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE     | New York State Dormitory Authority                                                    | CUSIP: 649902T37<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5120.16      | 0.06%             | 2040-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                                  | Public Service Co. of Oklahoma                                                        | CUSIP: 744533BQ2<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14996.50     | 0.18%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                        | Johnson & Johnson                                                                     | CUSIP: 478160DK7<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20472.63     | 0.25%             | 2032-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                            | State of California                                                                   | CUSIP: 13063A5G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $18112.79     | 0.22%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                   | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     24000 | PA      | $23471.25     | 0.28%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 31418EEE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40515 | PA      | $36252.61     | 0.43%             | 2042-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.         | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137FUZH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50307 | PA      | $42193.91     | 0.51%             | 2035-01-25      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                        | Iron Mountain, Inc.                                                                   | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     25000 | PA      | $24082.18     | 0.29%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140XJXT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40818 | PA      | $35991.40     | 0.43%             | 2048-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.                                    | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      5000 | PA      | $4846.67      | 0.06%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co LLC                        | Sierra Timeshare Receivables Funding LLC                                              | CUSIP: 82652QAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4977 | PA      | $4864.74      | 0.06%             | 2037-11-20      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| CIT Group Home Equity Loan Trust                         | CIT Home Equity Loan Trust                                                            | CUSIP: 12558MBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     63256 | PA      | $63146.29     | 0.76%             | 2032-09-20      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                              | City of New York                                                                      | CUSIP: 64966HTX8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5207.32      | 0.06%             | 2036-12-01      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                 | Burford Capital Global Finance LLC                                                    | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21068.88     | 0.25%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD OF ADMIN FIN CORP REVENUE                 | State Board of Administration Finance Corp.                                           | CUSIP: 341271AH7<br>LEI: 549300S34SOJ0RULXM35 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10209.68     | 0.12%             | 2034-07-01      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                       | Meta Platforms, Inc.                                                                  | CUSIP: 30303M8T2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10114.12     | 0.12%             | 2031-08-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Prime Mortgage Trust                                     | Prime Mortgage Trust                                                                  | CUSIP: 74160MDK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32522 | PA      | $32193.87     | 0.39%             | 2034-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                      | New Residential Mortgage Loan Trust                                                   | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31999 | PA      | $31144.11     | 0.37%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                            | RFMSI Trust                                                                           | CUSIP: 76111XRB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11583 | PA      | $11089.79     | 0.13%             | 2034-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                            | State of California                                                                   | CUSIP: 13063BBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11639.65     | 0.14%             | 2039-11-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Conseco Financial Corp                                   | Conseco Finance Corp.                                                                 | CUSIP: 393505SK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12995 | PA      | $13090.69     | 0.16%             | 2028-03-15      | Variable      | 7.22%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                   | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    281000 | PA      | $291054.53    | 3.48%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Citicorp Residential Mortgage Securities, Inc.           | Citicorp Residential Mortgage Trust                                                   | CUSIP: 173109AE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2997 | PA      | $2981.30      | 0.04%             | 2037-03-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                   | BP Capital Markets America, Inc.                                                      | CUSIP: 10373QBU3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14707.37     | 0.18%             | 2033-02-13      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                      | New Residential Mortgage Loan Trust                                                   | CUSIP: 64829DAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17437 | PA      | $17253.20     | 0.21%             | 2054-11-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                 | AT&T, Inc.                                                                            | CUSIP: 00206RKA9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     15000 | PA      | $10549.67     | 0.13%             | 2051-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                  | Royal Caribbean Cruises Ltd.                                                          | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     25000 | PA      | $24814.66     | 0.30%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.         | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137FQJY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12957 | PA      | $11805.12     | 0.14%             | 2034-07-25      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                             | Centene Corp.                                                                         | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13671.84     | 0.16%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 31418DUA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44713 | PA      | $38581.80     | 0.46%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                         | T-Mobile USA, Inc.                                                                    | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14281.44     | 0.17%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ASSOC BANC-CORP                                          | Associated Banc-Corp.                                                                 | CUSIP: 045487AD7<br>LEI: 549300N3CIN473IW5094 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15061.51     | 0.18%             | 2030-08-29      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                             | Enbridge, Inc.                                                                        | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $14422.39     | 0.17%             | 2054-04-05      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                    | PennyMac Financial Services, Inc.                                                     | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10167.13     | 0.12%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                  | WaMu Mortgage Pass-Through Certificates Trust                                         | CUSIP: 9292276K7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47625 | PA      | $46841.46     | 0.56%             | 2033-08-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                 | Burlington Northern Santa Fe LLC                                                      | CUSIP: 12189LAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9172.13      | 0.11%             | 2044-04-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                      | Rocket Mortgage LLC                                                                   | CUSIP: 74840LAB8<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14299.50     | 0.17%             | 2028-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                   | Velocity Commercial Capital Loan Trust                                                | CUSIP: 92257CAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18107 | PA      | $15945.80     | 0.19%             | 2049-03-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                 | Benchmark Mortgage Trust                                                              | CUSIP: 08163LAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $8572.71      | 0.10%             | 2053-12-17      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                  | Goldman Sachs Group, Inc.                                                             | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8508.53      | 0.10%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| TACO BELL FUNDING, LLC                                   | Taco Bell Funding LLC                                                                 | CUSIP: 87342RAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19650 | PA      | $17814.86     | 0.21%             | 2051-08-25      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                      | Charles Schwab Corp.                                                                  | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24244.27     | 0.29%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                    | Aon North America, Inc.                                                               | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10160.32     | 0.12%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                 | National Rural Utilities Cooperative Finance Corp.                                    | CUSIP: 63743HFX5<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10179.05     | 0.12%             | 2030-02-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TGNR INTERMEDIATE HOLDIN                                 | TGNR Intermediate Holdings LLC                                                        | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23133.15     | 0.28%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                | Amgen, Inc.                                                                           | CUSIP: 031162CW8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8781.83      | 0.11%             | 2031-02-25      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                           | Federal National Mortgage Association-ACES                                            | CUSIP: 3136B35Z9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8814 | PA      | $8509.94      | 0.10%             | 2031-02-25      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                      | Exeter Automobile Receivables Trust                                                   | CUSIP: 30165JAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18213 | PA      | $17946.99     | 0.21%             | 2028-01-17      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                 | Charter Communications Operating LLC/Charter Communications Operating Capital         | CUSIP: 161175CR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15449.03     | 0.18%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Inflation-Indexed Notes                                                 | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     37404 | PA      | $37996.16     | 0.45%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                              | RCKT Mortgage Trust                                                                   | CUSIP: 74939FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42749 | PA      | $43174.02     | 0.52%             | 2044-06-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                                             | Seaspan Corp.                                                                         | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |     20000 | PA      | $18245.11     | 0.22%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3132DN3X9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23833 | PA      | $21013.93     | 0.25%             | 2049-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                        | CBRE Services, Inc.                                                                   | CUSIP: 12505BAE0<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8727.29      | 0.10%             | 2031-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| H&E EQUIPMENT SERVICES                                   | H&E Equipment Services, Inc.                                                          | CUSIP: 404030AJ7<br>LEI: 254900KVLRCDMQRYY541 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14937.51     | 0.18%             | 2028-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC              | BBCMS Mortgage Trust                                                                  | CUSIP: 07337AAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $15370.42     | 0.18%             | 2062-02-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                               | Navient Private Education Refi Loan Trust                                             | CUSIP: 63941CAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7428 | PA      | $7419.24      | 0.09%             | 2059-12-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                | Bay Area Toll Authority                                                               | CUSIP: 072024NU2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5587.72      | 0.07%             | 2040-04-01      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.         | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137F63Z8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10000 | PA      | $8727.59      | 0.10%             | 2030-09-25      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                                    | Quest Diagnostics, Inc.                                                               | CUSIP: 74834LBG4<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9865.70      | 0.12%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                         | StoneX Group, Inc.                                                                    | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15634.03     | 0.19%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                                         | TriNet Group, Inc.                                                                    | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15262.62     | 0.18%             | 2031-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS FING AUTH LEASE REVENUE   | Los Angeles County Public Works Financing Authority                                   | CUSIP: 54473ENS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11630.36     | 0.14%             | 2040-08-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                   | CUSIP: 91282CGZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    156000 | PA      | $154086.56    | 1.84%             | 2030-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                           | PECO Energy Co.                                                                       | CUSIP: 693304BE6<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12295.96     | 0.15%             | 2052-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3132DSHB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     85857 | PA      | $79153.91     | 0.95%             | 2048-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                    | Westlake Automobile Receivables Trust                                                 | CUSIP: 96043CAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15000 | PA      | $15047.40     | 0.18%             | 2029-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                   | CCO Holdings LLC/CCO Holdings Capital Corp.                                           | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $13551.71     | 0.16%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK                                 | Huntington National Bank                                                              | CUSIP: 44644MAJ0<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10303.99     | 0.12%             | 2030-01-10      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                   | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    104000 | PA      | $100847.50    | 1.21%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON BANK                                       | First Horizon Bank                                                                    | CUSIP: 337158AJ8<br>LEI: COOWI3L2W9TPYR3WJX37 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15053.29     | 0.18%             | 2030-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                   | XPLR Infrastructure Operating Partners LP                                             | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4975.50      | 0.06%             | 2033-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                                  | Talen Energy Supply LLC                                                               | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21351.76     | 0.26%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                                 | Pioneer Natural Resources Co.                                                         | CUSIP: 723787AQ0<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13153.27     | 0.16%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS LLC                                   | Chubb INA Holdings LLC                                                                | CUSIP: 171239AK2<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10001.57     | 0.12%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PG&E RECOVERY FND LLC                                    | PG&E Recovery Funding LLC                                                             | CUSIP: 71710TAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9900.32      | 0.12%             | 2047-07-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC              | BBCMS Mortgage Trust                                                                  | CUSIP: 05493YAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $10316.78     | 0.12%             | 2057-11-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                       | Aqua Finance Trust                                                                    | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42171 | PA      | $40682.92     | 0.49%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                   | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     33000 | PA      | $31433.79     | 0.38%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140J94Q1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31617 | PA      | $29293.48     | 0.35%             | 2037-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                   | CHL Mortgage Pass-Through Trust                                                       | CUSIP: 12669FRW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14402 | PA      | $14272.67     | 0.17%             | 2034-05-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AGREE LP                                                 | Agree LP                                                                              | CUSIP: 008513AD5<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              |  | US        |      5000 | PA      | $4820.90      | 0.06%             | 2032-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                              | City of New York                                                                      | CUSIP: 64966H4K3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10142.44     | 0.12%             | 2037-10-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                     | Duke Energy Ohio, Inc.                                                                | CUSIP: 26442EAH3<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13401.02     | 0.16%             | 2030-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                        | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9652.84      | 0.12%             | 2027-07-20      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                   | Acrisure LLC/Acrisure Finance, Inc.                                                   | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10184.78     | 0.12%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                 | CenterPoint Energy Houston Electric LLC                                               | CUSIP: 15189XBB3<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9963.26      | 0.12%             | 2033-04-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 3140XGKR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35496 | PA      | $31489.92     | 0.38%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                       | Smith & Nephew PLC                                                                    | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |     10000 | PA      | $9966.85      | 0.12%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH                                 | Oklahoma Development Finance Authority                                                | CUSIP: 6789084F8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |      8309 | PA      | $8186.53      | 0.10%             | 2033-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Mid-State Trust                                          | Mid-State Capital Corp. Trust                                                         | CUSIP: 59548PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27323 | PA      | $27393.90     | 0.33%             | 2040-10-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                     | M&T Bank Corp.                                                                        | CUSIP: 55261FAV6<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9719.73      | 0.12%             | 2036-01-16      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                   | Bank of New York Mellon Corp.                                                         | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29274.00     | 0.35%             | 2026-03-20      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                         | SMB Private Education Loan Trust                                                      | CUSIP: 78449XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6755 | PA      | $6362.62      | 0.08%             | 2053-07-15      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 31417Y3A3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12846 | PA      | $12961.18     | 0.16%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                 | Alexandria Real Estate Equities, Inc.                                                 | CUSIP: 015271AN9<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |     10000 | PA      | $9858.63      | 0.12%             | 2030-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CLI Funding LLC                                          | CLI Funding VI LLC                                                                    | CUSIP: 12563LAS6<br>LEI: 549300NQLBWJD5AREU05 | Long             | ABS-O            | CORP              | US        |     10133 | PA      | $9382.79      | 0.11%             | 2045-10-18      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| PG&E WILDFIRE RECOVERY                                   | PG&E Wildfire Recovery Funding LLC                                                    | CUSIP: 693342AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $21596.70     | 0.26%             | 2047-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                                  | Nissan Auto Lease Trust                                                               | CUSIP: 65479XAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15000 | PA      | $15148.84     | 0.18%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured Securities Trust           | Finance of America Structured Securities Trust                                        | CUSIP: 31739PAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46124 | PA      | $45825.43     | 0.55%             | 2052-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                          | DTE Electric Co.                                                                      | CUSIP: 23338VAS5<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5066.55      | 0.06%             | 2033-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                               | MMAF Equipment Finance LLC                                                            | CUSIP: 55318CAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10000 | PA      | $10135.29     | 0.12%             | 2031-07-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup, Inc.                                                                       | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24462.34     | 0.29%             | 2025-12-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLECO SECURITIZATION I                                   | Cleco Securitization I LLC                                                            | CUSIP: 185512AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9499.60      | 0.11%             | 2042-09-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC              | BBCMS Mortgage Trust                                                                  | CUSIP: 07336WBA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $15351.36     | 0.18%             | 2057-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                    | Port Authority of New York & New Jersey                                               | CUSIP: 73358WXP4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4485.33      | 0.05%             | 2045-06-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                   | Santander Drive Auto Receivables Trust                                                | CUSIP: 80285VAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12412 | PA      | $12263.17     | 0.15%             | 2027-10-15      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                   | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    346000 | PA      | $348054.38    | 4.17%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                    | HUB International Ltd.                                                                | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34197.19     | 0.41%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC                                      | BellRing Brands, Inc.                                                                 | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20728.84     | 0.25%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PG&E RECOVERY FND LLC                                    | PG&E Recovery Funding LLC                                                             | CUSIP: 71710TAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9890.92      | 0.12%             | 2042-06-01      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup, Inc.                                                                       | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8773.99      | 0.11%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP                                 | Healthcare Realty Holdings LP                                                         | CUSIP: 42225UAK0<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              |  | US        |     25000 | PA      | $24203.39     | 0.29%             | 2028-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                 | Capital One Financial Corp.                                                           | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23771.89     | 0.28%             | 2026-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                     | FREMF Mortgage Trust                                                                  | CUSIP: 30307TAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     20000 | PA      | $19698.29     | 0.24%             | 2050-12-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                         | HF Sinclair Corp.                                                                     | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14856.57     | 0.18%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                   | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    138000 | PA      | $128711.95    | 1.54%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                              | Paychex, Inc.                                                                         | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10133.91     | 0.12%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                               | Navient Private Education Refi Loan Trust                                             | CUSIP: 63942GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10797 | PA      | $9601.02      | 0.11%             | 2070-02-18      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                   | NRM FHT1 Excess Owner LLC                                                             | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48491 | PA      | $48131.15     | 0.58%             | 2032-03-25      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pass-Through Certifica        | FRESB Mortgage Trust                                                                  | CUSIP: 30308AAH6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      8179 | PA      | $7982.13      | 0.10%             | 2027-11-25      | Variable      | 3.16%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                   | Acrisure LLC/Acrisure Finance, Inc.                                                   | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9473.79      | 0.11%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                 | Octane Receivables Trust                                                              | CUSIP: 67578AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       150 | PA      | $149.38       | 0.00%             | 2028-09-20      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust              | Bear Stearns ARM Trust                                                                | CUSIP: 07384M6H0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8051 | PA      | $7763.92      | 0.09%             | 2035-02-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                                | State of Oregon                                                                       | CUSIP: 68609UNU5<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10255.31     | 0.12%             | 2045-05-01      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                              | City of New York                                                                      | CUSIP: 64966HYM6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5255.81      | 0.06%             | 2036-03-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                 | FHF Issuer Trust                                                                      | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19286 | PA      | $19327.95     | 0.23%             | 2030-11-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                        | State Street Corp.                                                                    | CUSIP: 857477CA9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4915.72      | 0.06%             | 2034-01-26      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Federal National Mortgage Association                                                 | CUSIP: 31418CEF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24879 | PA      | $22023.85     | 0.26%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH  | Louisiana Local Government Environmental Facilities & Community Development Authority | CUSIP: 54627RAP5<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |     25000 | PA      | $23838.25     | 0.29%             | 2039-08-01      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                         | Bank of Montreal                                                                      | CUSIP: 06368BGS1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $9669.05      | 0.12%             | 2032-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                             | Barclays PLC                                                                          | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     15000 | PA      | $15455.87     | 0.19%             | 2029-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC                                            | CME Group, Inc.                                                                       | CUSIP: 12572QAL9<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10080.51     | 0.12%             | 2030-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp.                                                                 | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9787.69      | 0.12%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                               | Navient Private Education Loan Trust                                                  | CUSIP: 63939NAB9<br>LEI: 549300JSCKIU587G1R13 | Long             | ABS-O            | CORP              | US        |      6391 | PA      | $6359.38      | 0.08%             | 2045-12-15      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured Securities Trust           | Finance of America Structured Securities Trust                                        | CUSIP: 31741AAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49134 | PA      | $45914.03     | 0.55%             | 2074-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST STUDENT LOAN CORP EDU REVENUE          | South Carolina Student Loan Corp.                                                     | CUSIP: 83715AAJ8<br>LEI: 549300PIO3ZMSROGFF38 | Long             | DBT              | MUN               | US        |     12362 | PA      | $12286.14     | 0.15%             | 2036-10-27      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                  | Goldman Sachs Group, Inc.                                                             | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9687.19      | 0.12%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                                 | Fortress Transportation & Infrastructure Investors LLC                                | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26137.73     | 0.31%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION DIST GREATER CHICAGO      | Metropolitan Water Reclamation District of Greater Chicago                            | CUSIP: 167560PL9<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5161.56      | 0.06%             | 2038-12-01      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| JB HUNT TRANSPRT SVCS                                    | JB Hunt Transport Services, Inc.                                                      | CUSIP: 445658CG0<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10087.25     | 0.12%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                         | SMB Private Education Loan Trust                                                      | CUSIP: 83189DAB6<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |      3018 | PA      | $2978.92      | 0.04%             | 2035-10-15      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                                 | Teachers Insurance & Annuity Association of America                                   | CUSIP: 878091BG1<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13342.33     | 0.16%             | 2050-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| 6297782 LLC                                              | South Bow USA Infrastructure Holdings LLC                                             | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14853.01     | 0.18%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                         | LPL Holdings, Inc.                                                                    | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19907.27     | 0.24%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Synchrony Card Issuance Trust                            | Synchrony Card Issuance Trust                                                         | CUSIP: 87166PAP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30450.70     | 0.36%             | 2031-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                      | New Residential Mortgage Loan Trust                                                   | CUSIP: 64828GBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71293 | PA      | $69244.74     | 0.83%             | 2059-09-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                   | Venture Global LNG, Inc.                                                              | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7734.37      | 0.09%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                           | Federal National Mortgage Association-ACES                                            | CUSIP: 3136BGFQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10000 | PA      | $8617.63      | 0.10%             | 2031-07-25      | Variable      | 1.71%                 | No            |                  2 | On Loan: No      |
| CLI Funding LLC                                          | CLI Funding VIII LLC                                                                  | CUSIP: 12565KAE7<br>LEI: 254900Z4P82YK31RVL27 | Long             | ABS-O            | CORP              | US        |      7315 | PA      | $6620.17      | 0.08%             | 2047-01-18      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | New York City Municipal Water Finance Authority                                       | CUSIP: 64972FY34<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5107.58      | 0.06%             | 2044-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                         | Taseko Mines Ltd.                                                                     | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $15178.35     | 0.18%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GSAMP Trust                                              | GSAMP Trust                                                                           | CUSIP: 36228FYS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37414 | PA      | $36844.37     | 0.44%             | 2033-07-25      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                  | Goldman Sachs Group, Inc.                                                             | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9665.79      | 0.12%             | 2028-02-24      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                                      | Invitation Homes Operating Partnership LP                                             | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              |  | US        |     10000 | PA      | $9290.68      | 0.11%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PG&E WILDFIRE RECOVERY                                   | PG&E Wildfire Recovery Funding LLC                                                    | CUSIP: 693342AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $21653.87     | 0.26%             | 2051-12-01      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Mid-State Trust                                          | Mid-State Capital Corp. Trust                                                         | CUSIP: 59548PAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12709 | PA      | $13074.43     | 0.16%             | 2040-10-15      | Fixed         | 8.31%                 | No            |                  2 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                                   | AS Mileage Plan IP Ltd.                                                               | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     40000 | PA      | $38631.44     | 0.46%             | 2029-10-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                 | Benchmark Mortgage Trust                                                              | CUSIP: 08163LAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $8529.61      | 0.10%             | 2053-12-17      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured Securities Trust           | Finance of America Structured Securities Trust                                        | CUSIP: 31739GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26530 | PA      | $30632.90     | 0.37%             | 2069-06-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                           | Hyundai Auto Receivables Trust                                                        | CUSIP: 44935FAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15000 | PA      | $14610.13     | 0.17%             | 2028-06-15      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                   | Velocity Commercial Capital Loan Trust                                                | CUSIP: 922969AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100061.37    | 1.20%             | 2055-04-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                                           | Ryan Specialty LLC                                                                    | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19759.21     | 0.24%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                                 | Pattern Energy Operations LP/Pattern Energy Operations, Inc.                          | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23753.74     | 0.28%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                 | Capital One Financial Corp.                                                           | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     11000 | PA      | $12240.36     | 0.15%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-27

**Name of Applicant:** AMERICAN BEACON FUNDS

**Signature:** Sonia Bates

**Name of Signer:** Sonia Bates

**Title:** Treasurer