# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001410368-25-042527
**Filing Date:** 2025-12
**Character Count:** 295269
**Document Hash:** 755e883e93f10be17be55c25142af78d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-042527.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001410368-25-042527

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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:** 251601140

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

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

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

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

## Series and Classes Contracts Data

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

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

## 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: October 31, 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** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Angola - 4.1%** |  |  |
|  **Foreign Corporate Obligations - 0.1%** |  |  |
|  Azule Energy Finance PLC, 8.125%, Due 1/23/2030<sup>A</sup>  | $830000 | $**834155** |
|  **Foreign Sovereign Obligations - 4.0%** |  |  |
|  Angola Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 5/9/2028<sup>B</sup>  | 5432000 | 5353725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 11/26/2029<sup>A</sup>  | 6463000 | 6178657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 4/14/2032<sup>B</sup>  | 6066000 | 5686710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 4/14/2032<sup>A</sup>  | 3475000 | 3257718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, Due 10/15/2035<sup>A</sup>  | 2907000 | 2810318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.375%, Due 5/8/2048<sup>B</sup>  | 17579000 | 15084097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.125%, Due 11/26/2049<sup>B</sup>  | 16593000 | 13926246 |
|  Republic of Angola Via Avenir Issuer II Ireland DAC, 6.927%, Due 2/19/2027<sup>B</sup>  | 739286 | 717154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **53014625** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Angola (Cost $52,238,863)** |  | **53848780** |
|  **Argentina - 3.5%** |  |  |
|  **Foreign Sovereign Obligations - 3.5%** |  |  |
|  Argentina Republic Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, Due 7/9/2029 | 15052953 | 12802536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, Due 7/9/2030<sup>C</sup>  | 2643280 | 2160882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 7/9/2035<sup>C</sup>  | 27707284 | 19408953 |
|  Argentina Treasury Bonds BONTE, 29.500%, Due 5/30/2030 | 7180000000 | 5709225 |
|  Bono Del Tesoro Nacional Capitalizable en Pesos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, Due 2/13/2026 | 4500000000 | 4155385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.050%, Due 1/15/2027 | 2480000000 | 2024289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **46261270** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Argentina (Cost $42,083,347)** |  | **46261270** |
|  **Armenia - 0.8%** |  |  |
|  **Foreign Sovereign Obligations - 0.8%** |  |  |
|  Republic of Armenia Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 4/29/2026 | 385000000 | 1003076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 4/29/2026 | 325000000 | 854661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.400%, Due 4/29/2028 | 1200000000 | 3138226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 4/29/2028 | 2240000000 | 5967595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **10963558** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Armenia (Cost $10,508,094)** |  | **10963558** |
|  **Azerbaijan - 0.2% (Cost $2,921,087)** |  |  |
|  **Credit-Linked Notes - 0.2%** |  |  |
|  Azerbaijan Treasury Bonds (Issuer ICBC Standard Bank PLC), 7.500%, Due 5/11/2028<sup>A</sup>  | 5000000 | **2982971** |
|  **Barbados - 0.4% (Cost $4,466,276)** |  |  |
|  **Foreign Sovereign Obligations - 0.4%** |  |  |
|  Barbados Government International Bonds, 8.000%, Due 6/26/2035<sup>A</sup>  | $4459000 | **4637360** |
|  **Benin - 1.4%** |  |  |
|  **Foreign Sovereign Obligations - 1.4%** |  |  |
|  Benin Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.960%, Due 2/13/2038<sup>B</sup>  | 8180000 | 8510073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 1/23/2041<sup>A</sup>  | 2480000 | 2643653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 1/23/2041<sup>B</sup>  | 4158000 | 4432383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 1/19/2052<sup>A</sup>  | 2408000 | 2558332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **18144441** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Benin (Cost $17,092,508)** |  | **18144441** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Cameroon - 0.9% (Cost $11,136,685)** |  |  |
|  **Foreign Sovereign Obligations - 0.9%** |  |  |
|  Republic of Cameroon International Bonds, 9.500%, Due 7/31/2031<sup>B</sup>  | $11774000 | $**11167231** |
|  **Canada - 0.3% (Cost $4,400,975)** |  |  |
|  **Foreign Corporate Obligations - 0.3%** |  |  |
|  Sagicor Financial Co. Ltd., 5.300%, Due 5/13/2028<sup>A</sup>  | 4444000 | **4395560** |
|  **China - 0.5% (Cost $6,521,240)** |  |  |
|  **Foreign Corporate Obligations - 0.5%** |  |  |
|  Plover SARL, 9.127%, Due 1/20/2032, (3 mo. USD Term SOFR + 5.200%)<sup>A</sup> <sup>D</sup> <sup>E</sup> <sup>F</sup> | 6500000 | **6521424** |
|  **Congo - 0.2% (Cost $2,166,667)** |  |  |
|  **Credit-Linked Notes - 0.2%** |  |  |
|  Democratic Republic of Congo (Issuer Tugela BV), 11.216%, Due 12/14/2027, (6 mo. USD Term SOFR + 7.000%)<sup>A</sup> <sup>D</sup> | 2166667 | **2253767** |
|  **Dominican Republic - 1.6%** |  |  |
|  **Foreign Sovereign Obligations - 1.6%** |  |  |
|  Dominican Republic Central Bank Notes, 13.000%, Due 12/5/2025<sup>B</sup>  | 105000000 | 1638821 |
|  Dominican Republic International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 6/5/2026<sup>B</sup>  | 8850000 | 138294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 2/12/2027<sup>B</sup>  | 220000000 | 3365157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.750%, Due 9/23/2029<sup>A</sup>  | 249000000 | 4296322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.625%, Due 2/3/2033<sup>A</sup>  | 54750000 | 1023420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 9/15/2035<sup>B</sup>  | 29900000 | 512488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 9/15/2035<sup>A</sup>  | 172000000 | 2948094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.750%, Due 6/1/2036<sup>B</sup>  | 287850000 | 4818408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.750%, Due 6/1/2036<sup>A</sup>  | 123000000 | 2058934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 3/15/2037<sup>A</sup>  | 19150000 | 315938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **21115876** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Dominican Republic (Cost $22,362,629)** |  | **21115876** |
|  **Ecuador - 2.4%** |  |  |
|  **Foreign Sovereign Obligations - 2.4%** |  |  |
|  Ecuador Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, Due 7/31/2030<sup>A</sup>  | $1149545 | 1047236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, Due 7/31/2030<sup>B</sup>  | 5432656 | 4949150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, Due 7/31/2035<sup>B</sup>  | 12191778 | 9326710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, Due 7/31/2035<sup>A</sup>  | 2950930 | 2257461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/31/2040<sup>B</sup> <sup>C</sup> | 17798300 | 12102844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/31/2040<sup>A</sup> <sup>C</sup> | 1625550 | 1105374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **30788775** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Ecuador (Cost $27,307,654)** |  | **30788775** |
|  **Egypt - 3.8%** |  |  |
|  **Foreign Sovereign Obligations - 3.8%** |  |  |
|  Egypt Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.483%, Due 4/6/2026 | 6500000 | 131249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.318%, Due 8/13/2027 | 171950000 | 3681792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.458%, Due 10/1/2027 | 182654000 | 3892882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.700%, Due 11/7/2027 | 10000000 | 185857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.144%, Due 12/3/2027 | 468321000 | 9988618 |
|  Egypt Government International Bonds, 8.875%, Due 5/29/2050<sup>B</sup>  | $15867000 | 15001104 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Egypt - 3.8% (continued)** |  |  |
|  **Foreign Sovereign Obligations - 3.8% (continued)** |  |  |
|  Egypt Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.901%, Due 2/3/2026<sup>G</sup> <sup>H</sup> | 114125000 | $2262697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.551%, Due 4/28/2026<sup>G</sup> <sup>H</sup> | 191875000 | 3602765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.741%, Due 5/19/2026<sup>G</sup> <sup>H</sup> | 125050000 | 2317609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.401%, Due 5/26/2026<sup>G</sup> <sup>H</sup> | 207000000 | 3820106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.250%, Due 6/23/2026<sup>G</sup> <sup>H</sup> | 157000000 | 2849280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.450%, Due 7/14/2026<sup>G</sup> <sup>H</sup> | 146175000 | 2620541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **50354500** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Egypt (Cost $47,793,345)** |  | **50354500** |
|  **El Salvador - 2.6%** |  |  |
|  **Foreign Sovereign Obligations - 2.6%** |  |  |
|  El Salvador Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 4/10/2032<sup>B</sup>  | $2079000 | 2227740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 1/20/2050<sup>B</sup>  | 15167000 | 13626688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 7/15/2052<sup>B</sup>  | 3902000 | 4294774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.650%, Due 11/21/2054<sup>A</sup>  | 11907000 | 13358300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **33507502** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total El Salvador (Cost $29,019,048)** |  | **33507502** |
|  **Georgia - 0.1% (Cost $1,886,524)** |  |  |
|  **Foreign Sovereign Obligations - 0.1%** |  |  |
|  Georgia Treasury Bonds, 9.375%, Due 1/18/2028 | 5000000 | **1887833** |
|  **Ghana - 3.4%** |  |  |
|  **Foreign Corporate Obligations - 0.2%** |  |  |
|  Kosmos Energy Ltd., 7.500%, Due 3/1/2028<sup>A</sup>  | $3244000 | **2581790** |
|  **Foreign Sovereign Obligations - 3.2%** |  |  |
|  Ghana Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 7/3/2026<sup>A</sup> <sup>G</sup> | 380704 | 369285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/3/2029<sup>A</sup> <sup>C</sup> | 9061248 | 8811987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 1/3/2030<sup>A</sup> <sup>G</sup> | 960283 | 828561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 7/3/2035<sup>A</sup> <sup>C</sup> | 16583070 | 14271389 |
|  Republic of Ghana Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.000%, Due 11/2/2026 | 47576000 | 4108486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.250%, Due 1/18/2027 | 19750000 | 1642414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 2/15/2028, Cash (5.000%) or PIK (in-kind rate 3.500%) | 28000000 | 2189135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 8/15/2028 | 4000000 | 301161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.950%, Due 2/11/2031, Cash (5.000%) or PIK (in-kind rate 3.950%) | 40400000 | 2742457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.100%, Due 2/10/2032, Cash (5.000%) or PIK (in-kind rate 4.100%) | 41100000 | 2702926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 2/8/2033, Cash (5.000%) or PIK (in-kind rate 4.250%) | 32000000 | 2051487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.400%, Due 2/7/2034, Cash (5.000%) or PIK (in-kind rate 4.400%) | 5400000 | 339390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.700%, Due 2/5/2036, Cash (5.000%) or PIK (in-kind rate 4.700%) | 20000000 | 1225878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **41584556** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Ghana (Cost $45,979,034)** |  | **44166346** |
|  **Iraq - 0.7% (Cost $8,599,490)** |  |  |
|  **Foreign Sovereign Obligations - 0.7%** |  |  |
|  Iraq International Bonds, 5.800%, Due 1/15/2028<sup>B</sup>  | $8881563 | **8850092** |
|  **Ivory Coast - 3.6%** |  |  |
|  **Credit-Linked Notes - 0.1%** |  |  |
|  Republic of Cote d'Ivoire (Issuer Zambezi BV), 6.000%, Due 8/2/2026<sup>A</sup>  | 666666666 | **1171586** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Ivory Coast - 3.6% (continued)** |  |  |
|  **Foreign Sovereign Obligations - 3.5%** |  |  |
|  Ivory Coast Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 1/30/2032<sup>B</sup>  | 4591000 | $5117120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.075%, Due 4/1/2036<sup>B</sup>  | $1943000 | 2045861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 1/30/2037<sup>B</sup>  | 6706000 | 7122452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 10/17/2040<sup>B</sup>  | 6110000 | 6843435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 3/22/2048<sup>B</sup>  | 17601000 | 18186039 |
|  Republic of Cote d'Ivoire, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 4/1/2028<sup>A</sup>  | 2500000000 | 4356337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 4/1/2028<sup>B</sup>  | 1500000000 | 2613802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **46285046** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Ivory Coast (Cost $43,738,586)** |  | **47456632** |
|  **Jamaica - 0.4%** |  |  |
|  **Foreign Corporate Obligations - 0.1%** |  |  |
|  Digicel International Finance Ltd./Difl U.S. LLC, 8.625%, Due 8/1/2032<sup>A</sup> | $1451000 | **1444464** |
|  **Foreign Sovereign Obligations - 0.3%** |  |  |
|  Jamaica Government International Bonds, 9.625%, Due 11/3/2030 | 500000000 | **3294392** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Jamaica (Cost $4,734,802)** |  | **4738856** |
|  **Kazakhstan - 3.1%** |  |  |
|  **Foreign Sovereign Obligations - 3.1%** |  |  |
|  Kazakhstan Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.670%, Due 1/21/2026 | 500000000 | 928066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 8/4/2026 | 500000000 | 890296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 8/18/2026 | 1100000000 | 1887794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.900%, Due 9/16/2026 | 1830000000 | 3322444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 3/6/2027 | 1160000000 | 1958454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.400%, Due 5/19/2027 | 1130000000 | 1918148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 7/3/2027 | 2574580000 | 4254442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.490%, Due 9/18/2027 | 924000000 | 1416335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.350%, Due 11/18/2027 | 2260444000 | 4068007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.400%, Due 4/12/2028 | 970000000 | 1566842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/18/2028 | 2650000000 | 3782434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.470%, Due 10/27/2028 | 1800000000 | 2840684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.300%, Due 3/3/2029 | 1176866000 | 2073763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.550%, Due 7/28/2029 | 2300000000 | 3510667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.010%, Due 8/7/2029 | 1200000000 | 2206516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.680%, Due 8/13/2029 | 1894390000 | 2623639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 3/7/2030 | 165000000 | 258533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 4/24/2032 | 800000000 | 834035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.120%, Due 2/17/2034 | 400000000 | 522239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **40863338** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Kazakhstan (Cost $46,598,685)** |  | **40863338** |
|  **Kenya - 5.1%** |  |  |
|  **Foreign Sovereign Obligations - 5.1%** |  |  |
|  Republic of Kenya Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 2/16/2031<sup>B</sup>  | $4371000 | 4691104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 5/22/2032<sup>B</sup>  | 3253000 | 3256900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.300%, Due 1/23/2034<sup>B</sup>  | 1148000 | 1016499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 3/5/2036<sup>A</sup>  | 14143000 | 14472123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 3/5/2036<sup>B</sup>  | 1560000 | 1596303 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Kenya - 5.1% (continued)** |  |  |
|  **Foreign Sovereign Obligations - 5.1% (continued)** |  |  |
|  Republic of Kenya Infrastructure Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.200%, Due 5/25/2026 | 15500000 | $119635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 10/12/2026 | 43467948 | 331868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.850%, Due 4/2/2029 | 12250000 | 91028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.461%, Due 8/9/2032 | 2602800000 | 24378917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 1/10/2033 | 485000000 | 3731268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.750%, Due 10/8/2035 | 112000000 | 817997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.938%, Due 10/27/2036 | 250000000 | 2019314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.257%, Due 1/5/2037 | 152000000 | 1131788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.399%, Due 2/20/2040 | 300000000 | 2478029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.965%, Due 1/28/2041 | 828000000 | 6409056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **66541829** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Kenya (Cost $63,022,360)** |  | **66541829** |
|  **Kyrgyzstan - 2.9%** |  |  |
|  **Credit-Linked Notes - 1.3%** |  |  |
|  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 | 1593219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 3/19/2032<sup>A</sup>  | 55000000 | 460503 |
|  Republic of Kyrgyzstan (Issuer Rufiji BV), 6.000%, Due 10/24/2030<sup>A</sup> | 200000000 | 1691710 |
|  Republic of Kyrgyzstan (Issuer Tugela BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.250%, Due 9/13/2027<sup>A</sup>  | 220000000 | 2562264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 2/7/2028<sup>A</sup>  | 95000000 | 1093614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/13/2029<sup>A</sup>  | 305000000 | 2838296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 9/20/2032<sup>A</sup>  | 600000000 | 4931046 |
|  Republic of Kyrgyzstan (Issuer Zambezi BV), 10.000%, Due 4/13/2028<sup>A</sup>  | 180000000 | 1979485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **17150137** |
|  **Foreign Sovereign Obligations - 1.6%** |  |  |
|  Kyrgyz Republic International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, Due 6/3/2030<sup>A</sup>  | $18152000 | 18271271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, Due 6/3/2030<sup>B</sup>  | 2000000 | 2013141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **20284412** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Kyrgyzstan (Cost $37,957,468)** |  | **37434549** |
|  **Lebanon - 1.2%** |  |  |
|  **Foreign Sovereign Obligations - 1.2%** |  |  |
|  Lebanon Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 3/20/2028<sup>B</sup> <sup>G I</sup> | 12312000 | 2807136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 5/17/2033<sup>B</sup> <sup>G I</sup> | 27552000 | 6265328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 5/17/2034<sup>B</sup> <sup>G I</sup> | 19037000 | 4359149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 3/23/2037<sup>B</sup> <sup>G</sup> <sup>I</sup> | 9305000 | 2114596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **15546209** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Lebanon (Cost $13,231,417)** |  | **15546209** |
|  **Malawi - 0.6%** |  |  |
|  **Credit-Linked Notes - 0.6%** |  |  |
|  CDH Investment Bank (Issuer Tugela BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 1/4/2027<sup>A</sup>  | 1500000 | 1535250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 4/30/2027<sup>A</sup> <sup>G</sup> | 200000 | 165560 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Malawi - 0.6% (continued)** |  |  |
|  **Credit-Linked Notes - 0.6% (continued)** |  |  |
|  Republic of Malawi (Issuer Tugela BV), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 12/19/2025<sup>A</sup>  | $825000 | $911955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 8/15/2026<sup>A</sup>  | 2700000 | 1263330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 8/19/2026<sup>A</sup>  | 1000000 | 998700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 9/17/2026<sup>A</sup>  | 1989120 | 2163765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 6/2/2027<sup>A</sup>  | 800000 | 493680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 6/18/2027<sup>A</sup>  | 700000 | 302680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/20/2027<sup>A</sup>  | 500000 | 267650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.500%, Due 9/3/2027<sup>A</sup>  | 650000 | 279305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **8381875** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Malawi (Cost $10,703,722)** |  | **8381875** |
|  **Mauritius - 0.2% (Cost $2,410,185)** |  |  |
|  **Foreign Corporate Obligations - 0.2%** |  |  |
|  Axian Telecom Holding & Management PLC, 7.250%, Due 7/11/2030<sup>A</sup>  | 2422000 | **2447830** |
|  **Mongolia - 1.2%** |  |  |
|  **Credit-Linked Notes - 1.2%** |  |  |
|  Development Bank of Mongolia (Issuer Rufiji BV), Due 10/24/2031<sup>A G J</sup> | 18900000000 | 5272631 |
|  Development Bank of Mongolia (Issuer Zambezi BV), 14.000%, Due 5/12/2027<sup>A</sup>  | 27500000000 | 8340365 |
|  Republic of Mongolia (Issuer Aurora Australis BV), 10.000%, Due 11/25/2031<sup>A</sup> <sup>J</sup> | 8000000000 | 2342523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **15955519** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Mongolia (Cost $15,957,306)** |  | **15955519** |
|  **Mozambique - 2.8%** |  |  |
|  **Credit-Linked Notes - 1.2%** |  |  |
|  Republic of Mozambique (Issuer ICBC Standard Bank PLC), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.000%, Due 5/11/2025<sup>E</sup> <sup>F</sup> | 100000000 | 1564823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.500%, Due 11/13/2025 | 40000000 | 653814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.500%, Due 2/11/2027<sup>J</sup>  | 46752000 | 768443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.000%, Due 5/12/2028<sup>A</sup>  | 51000000 | 822720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.000%, Due 1/15/2029<sup>A</sup>  | 130000000 | 2143835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.000%, Due 5/24/2029<sup>B</sup>  | 188500000 | 3253008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 3/14/2030<sup>B</sup>  | 199521000 | 3202264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.050%, Due 9/12/2030<sup>B</sup>  | 215000000 | 3447570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **15856477** |
|  **Foreign Sovereign Obligations - 1.6%** |  |  |
|  Mozambique International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 9/15/2031<sup>B</sup>  | $21213000 | 18352079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 9/15/2031<sup>A</sup>  | 2353000 | 2035659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **20387738** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Mozambique (Cost $35,620,822)** |  | **36244215** |
|  **Netherlands - 0.8%** |  |  |
|  **Foreign Corporate Obligations - 0.2%** |  |  |
|  Zambezi BV, 11.500%, Due 6/22/2035<sup>A</sup>  | 13500000000 | **2031999** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Netherlands - 0.8% (continued)** |  |  |
|  **Foreign Sovereign Obligations - 0.6%** |  |  |
|  Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 8/21/2026<sup>B</sup>  | $600000 | $721333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 12/15/2026<sup>B</sup>  | 2600000 | 3369865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 1/21/2027<sup>B</sup>  | 1600000 | 2055864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.350%, Due 10/20/2027<sup>B</sup>  | 6000000000 | 1654135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **7801197** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Netherlands (Cost $8,336,808)** |  | **9833196** |
|  **Nigeria - 4.3%** |  |  |
|  **Credit-Linked Notes - 0.8%** |  |  |
|  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>G</sup> | 4424651000 | 3070090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 2/5/2026<sup>B</sup> <sup>G</sup> | 9471580000 | 6214613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 4/9/2026<sup>B</sup> <sup>G</sup> | 1308000000 | 829069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 7/9/2026<sup>A</sup> <sup>G</sup> | 1364000000 | 827491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **10941263** |
|  **Foreign Corporate Obligations - 0.4%** |  |  |
|  Access Bank PLC, 6.125%, Due 9/21/2026<sup>A</sup>  | $1207000 | 1195665 |
|  IHS Holding Ltd., 7.875%, Due 5/29/2030<sup>A</sup>  | 1642000 | 1674953 |
|  United Bank for Africa PLC, 6.750%, Due 11/19/2026<sup>A</sup>  | 1984000 | 1985190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **4855808** |
|  **Foreign Sovereign Obligations - 3.1%** |  |  |
|  Nigeria Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 1/22/2026 | 856000000 | 585839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.288%, Due 3/17/2027 | 290000000 | 195881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 2/21/2031 | 1230000000 | 937055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.600%, Due 1/29/2035 | 630000000 | 587069 |
|  Nigeria Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 9/28/2028<sup>B</sup>  | $1926000 | 1889556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 3/24/2029<sup>B</sup>  | 3454000 | 3584554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, Due 2/16/2032<sup>B</sup>  | 4138000 | 4146995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 9/28/2051<sup>B</sup>  | 3609000 | 3343818 |
|  Nigeria OMO Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.996%, Due 12/30/2025<sup>G</sup> <sup>H</sup> | 2400000000 | 1618765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.683%, Due 1/6/2026<sup>G</sup> <sup>H</sup> | 11800000000 | 7926814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.349%, Due 2/3/2026<sup>G</sup> <sup>H</sup> | 1883827000 | 1246572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.096%, Due 3/10/2026<sup>G</sup> <sup>H</sup> | 2500000000 | 1621959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.073%, Due 4/7/2026<sup>G</sup> <sup>H</sup> | 10923000000 | 6984891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.229%, Due 6/2/2026<sup>G</sup> <sup>H</sup> | 2000000000 | 1241654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.741%, Due 7/7/2026<sup>G</sup> <sup>H</sup> | 7500000000 | 4577657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **40489079** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Nigeria (Cost $54,286,807)** |  | **56286150** |
|  **Pakistan - 2.6%** |  |  |
|  **Foreign Corporate Obligations - 0.1%** |  |  |
|  Veon Midco BV, 9.000%, Due 7/15/2029<sup>A</sup>  | $1532000 | **1592426** |
|  **Foreign Sovereign Obligations - 2.5%** |  |  |
|  Pakistan Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 12/5/2027<sup>B</sup>  | 7203000 | 7193666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 4/8/2031<sup>B</sup>  | 5380000 | 5313518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875%, Due 4/8/2051<sup>B</sup>  | 2075000 | 1981008 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Pakistan - 2.6% (continued)** |  |  |
|  **Foreign Sovereign Obligations - 2.5% (continued)** |  |  |
|  Pakistan Investment Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 1/16/2028 | 1000000000 | $3591106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.000%, Due 9/20/2029 | 2228500000 | 8514236 |
|  Pakistan Treasury Bills, 11.098%, Due 10/15/2026<sup>G</sup> <sup>H</sup> | 2000000000 | 6423056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **33016590** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Pakistan (Cost $33,886,654)** |  | **34609016** |
|  **Papua New Guinea - 0.7% (Cost $8,319,264)** |  |  |
|  **Foreign Sovereign Obligations - 0.7%** |  |  |
|  Papua New Guinea Government International Bonds, 8.375%, Due 10/4/2028<sup>B</sup>  | $8326000 | **8587520** |
|  **Paraguay - 1.0%** |  |  |
|  **Credit-Linked Notes - 0.3%** |  |  |
|  Municipalidad de Asuncion (Issuer Tugela BV), 12.000%, Due 11/22/2032<sup>A</sup>  | 16600000000 | 2588427 |
|  Republic of Paraguay (Issuer Tugela BV), 9.850%, Due 2/14/2031<sup>A</sup>  | 13700000000 | 1968669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **4557096** |
|  **Foreign Sovereign Obligations - 0.7%** |  |  |
|  Paraguay Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.900%, Due 2/9/2031<sup>B</sup>  | 26400000000 | 3515631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.900%, Due 2/9/2031<sup>A</sup>  | 23803000000 | 3169795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 3/4/2035<sup>A</sup>  | 17711000000 | 2371707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **9057133** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Paraguay (Cost $13,499,192)** |  | **13614229** |
|  **Rwanda - 0.2% (Cost $2,512,370)** |  |  |
|  **Foreign Sovereign Obligations - 0.2%** |  |  |
|  Rwanda International Government Bonds, 5.500%, Due 8/9/2031<sup>B</sup>  | $2790000 | **2530355** |
|  **Senegal - 1.8%** |  |  |
|  **Foreign Sovereign Obligations - 1.8%** |  |  |
|  Senegal Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 3/13/2028<sup>B</sup>  | 6190000 | 6035798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, Due 6/10/2031<sup>B</sup>  | $2600000 | 2047653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, Due 5/23/2033<sup>B</sup>  | 1200000 | 857895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, Due 6/8/2037<sup>B</sup>  | 11100000 | 8345260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 3/13/2048<sup>B</sup>  | $9350000 | 5975385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **23261991** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Senegal (Cost $24,252,044)** |  | **23261991** |
|  **South Africa - 0.0% (Cost $547,000)** |  |  |
|  **Foreign Corporate Obligations - 0.0%** |  |  |
|  Liquid Telecommunications Financing PLC, 5.500%, Due 9/4/2026<sup>A</sup>  | 547000 | **486488** |
|  **Sri Lanka - 2.6%** |  |  |
|  **Foreign Sovereign Obligations - 2.6%** |  |  |
|  Sri Lanka Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.750%, Due 3/15/2028 | 300000000 | 1020426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 5/1/2028 | 661000000 | 2167354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 5/15/2030 | 1195000000 | 4112736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.500%, Due 12/15/2032 | 1928000000 | 6665955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 11/1/2033 | 1501000000 | 4499253 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Sri Lanka - 2.6% (continued)** |  |  |
|  **Foreign Sovereign Obligations - 2.6% (continued)** |  |  |
|  Sri Lanka Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 4/15/2028<sup>A</sup>  | $873485 | $837454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, Due 1/15/2030<sup>A</sup> <sup>C</sup> | 917288 | 863397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 6/15/2035<sup>B</sup> <sup>C</sup> | 3500000 | 2708929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 5/15/2036<sup>B</sup> <sup>C</sup> | 2000000 | 1824676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 5/15/2036<sup>A</sup> <sup>C</sup> | 843172 | 769258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 2/15/2038<sup>B</sup> <sup>C</sup> | 5500000 | 5073725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, Due 2/15/2038<sup>A</sup> <sup>C</sup> | 3687053 | 3401290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **33944453** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Sri Lanka (Cost $31,776,591)** |  | **33944453** |
|  **Supranational - 2.4%** |  |  |
|  **Foreign Sovereign Obligations - 2.4%** |  |  |
|  Asian Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.400%, Due 4/15/2028 | 4000000 | 1464531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.300%, Due 9/4/2028 | 19000000000 | 5238481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 4/12/2030 | 7000000000 | 1930867 |
|  European Bank for Reconstruction & Development, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.400%, Due 12/7/2025 | 29495000000 | 1114685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.000%, Due 8/20/2026 | $4300000 | 4279450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.500%, Due 9/25/2026<sup>B</sup>  | 700000 | 716737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.850%, Due 2/18/2027<sup>B</sup>  | 1000000 | 1271268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.250%, Due 9/10/2027<sup>B</sup>  | 1500000 | 1541880 |
|  International Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 7/30/2026<sup>B</sup>  | 4100000 | 2439428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/15/2027 | 2013480 | 1178146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 2/5/2027 | 3100000000 | 263269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.800%, Due 9/8/2027<sup>B</sup>  | 7500000 | 4673793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.200%, Due 11/29/2027 | 4300000000 | 1142678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.500%, Due 7/19/2028 | 18000000000 | 1616568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.900%, Due 10/20/2028 | 120000000 | 1898223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.550%, Due 12/15/2028 | 1799000 | 1012975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **31782979** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational (Cost $31,435,089)** |  | **31782979** |
|  **Suriname - 3.3%** |  |  |
|  **Foreign Sovereign Obligations - 3.3%** |  |  |
|  Suriname Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.700%, Due 11/6/2030<sup>A</sup>  | $1400000 | 1382962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.950%, Due 7/15/2033, Cash (4.950%) or PIK (in-kind rate 3.000%)<sup>B</sup>  | 19610900 | 19512845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 11/6/2035<sup>A</sup>  | 22242000 | 22837260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **43733067** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Suriname (Cost $42,671,975)** |  | **43733067** |
|  **Tajikistan - 0.2% (Cost $2,928,055)** |  |  |
|  **Foreign Sovereign Obligations - 0.2%** |  |  |
|  Republic of Tajikistan International Bonds, 7.125%, Due 9/14/2027<sup>B</sup>  | 3004667 | **3013365** |
|  **Togo - 0.2%** |  |  |
|  **Foreign Corporate Obligations - 0.2%** |  |  |
|  Ecobank Transnational, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.125%, Due 10/15/2029<sup>A</sup>  | 1457000 | 1583300 |
| &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 | 857587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **2440887** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Togo (Cost $2,357,157)** |  | **2440887** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Trinidad and Tobago - 0.2% (Cost $2,673,218)** |  |  |
|  **Foreign Corporate Obligations - 0.2%** |  |  |
|  Heritage Petroleum Co. Ltd., 9.000%, Due 8/12/2029<sup>A</sup>  | $2624000 | $**2690912** |
|  **Tunisia - 0.8%** |  |  |
|  **Foreign Sovereign Obligations - 0.8%** |  |  |
|  Tunisian Republic, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 7/15/2026<sup>A</sup>  | 100000 | 114624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 7/15/2026<sup>B</sup>  | 9597000 | 11000424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **11115048** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Tunisia (Cost $10,079,247)** |  | **11115048** |
|  **Uganda - 3.3%** |  |  |
|  **Foreign Sovereign Obligations - 3.3%** |  |  |
|  Republic of Uganda Government Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.500%, Due 12/18/2025 | 6400000000 | 1857945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.000%, Due 5/6/2027 | 2500000000 | 724898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 8/23/2029 | 6100000000 | 1671942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.000%, Due 11/14/2030 | 6940000000 | 1986813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.000%, Due 4/3/2031 | 3460000000 | 1021531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.375%, Due 3/4/2032 | 3836900000 | 1104025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 5/20/2032 | 2600000000 | 703895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.375%, Due 2/3/2033 | 13778000000 | 3593074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.250%, Due 6/22/2034 | 51741800000 | 13130550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 11/8/2035 | 37308300000 | 10351567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 6/18/2043 | 26573000000 | 6509306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **42655546** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Uganda (Cost $41,759,331)** |  | **42655546** |
|  **Ukraine - 1.3%** |  |  |
|  **Foreign Sovereign Obligations - 1.3%** |  |  |
|  Ukraine Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 2/1/2030<sup>B</sup> <sup>C G</sup> | $205404 | 107925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2034<sup>B</sup> <sup>C</sup> | 767563 | 317940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/1/2034<sup>B</sup> <sup>C</sup> | 757900 | 424614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2035<sup>B</sup> <sup>C</sup> | 15614145 | 7945616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/1/2035<sup>B</sup> <sup>C</sup> | 12707066 | 7048618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2036<sup>B</sup> <sup>C</sup> | 540538 | 274951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/1/2036<sup>B</sup> <sup>C</sup> | 1313747 | 721381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **16841045** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Ukraine (Cost $17,265,265)** |  | **16841045** |
|  **United Kingdom - 0.1% (Cost $1,152,281)** |  |  |
|  **Foreign Corporate Obligations - 0.1%** |  |  |
|  ICBC Standard Bank PLC, 13.000%, Due 1/29/2031<sup>B</sup>  | 30600000 | **1321185** |
|  **United Republic of Tanzania - 0.2% (Cost $2,775,385)** |  |  |
|  **Foreign Corporate Obligations - 0.2%** |  |  |
|  HTA Group Ltd., 7.500%, Due 6/4/2029<sup>A</sup>  | $2772000 | **2874331** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **United States - 5.9%** |  |  |
|  **Corporate Obligations - 5.9%** |  |  |
|  Citigroup Global Markets Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 12/4/2025<sup>A</sup> <sup>G</sup> | 4161110637 | $2856841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 12/4/2025, Series ETMN<sup>A</sup> <sup>G</sup> | 6369442550 | 4372988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 1/22/2026<sup>A</sup> <sup>G</sup> | 310000000 | 6197769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 1/26/2026<sup>B</sup>  | 1060000000 | 736257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 1/29/2026<sup>A</sup> <sup>G</sup> | 55000000 | 1094353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 2/10/2026<sup>A</sup> <sup>G</sup> | 8900000000 | 5952109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 2/12/2026<sup>A</sup> <sup>G</sup> | 2852460000 | 1875031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 4/8/2026<sup>A</sup>  | 76000000 | 625210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.300%, Due 6/9/2026<sup>A</sup>  | 446700000 | 3693024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 7/9/2026<sup>A</sup> <sup>G</sup> | 7905204559 | 4832103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 10/27/2026<sup>A</sup>  | 77000000 | 1182480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 9/25/2027<sup>A</sup>  | 200000000 | 3088778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.350%, Due 7/31/2028<sup>A</sup>  | 6500000 | 2370893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.400%, Due 5/17/2029<sup>A</sup>  | 137313000 | 1203669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.000%, Due 6/11/2029<sup>A</sup>  | 50900000 | 2672044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.740%, Due 11/27/2029 | 65000000 | 3350864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 2/25/2031<sup>A</sup>  | 5219438057 | 3990631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/23/2033<sup>A</sup>  | 53000000 | 2001811 |
|  JPMorgan Chase Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 1/22/2026<sup>A</sup> <sup>G</sup> | 190000000 | 3786325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 8/27/2026<sup>A</sup> <sup>G</sup> | 295000000 | 5155069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 10/23/2026<sup>A</sup>  | 13500000000 | 1136488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.350%, Due 7/23/2027<sup>A</sup>  | 7600000000 | 721387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.300%, Due 8/18/2027<sup>A</sup>  | 106000000 | 2287482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.318%, Due 8/18/2027<sup>A</sup>  | 131125000 | 2829680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.576%, Due 1/11/2028<sup>A</sup>  | 80500000 | 1719571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.576%, Due 1/11/2028, Series EMNT<sup>A</sup>  | 80000000 | 1708891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.954%, Due 3/7/2028<sup>A</sup>  | 80000000 | 1691973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 3/17/2028<sup>A</sup>  | 2900000 | 1718061 |
|  Morgan Stanley Finance LLC, 12.150%, Due 12/15/2026<sup>A</sup>  | 6500000000 | 2625225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations** |  | **77477007** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United States (Cost $75,250,983)** |  | **77477007** |
|  **Uruguay - 1.8%** |  |  |
|  **Foreign Sovereign Obligations - 1.8%** |  |  |
|  Uruguay Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 3/15/2028<sup>B</sup>  | 215000000 | 5471653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 7/20/2033 | 136700000 | 3791526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 7/2/2040<sup>K</sup>  | 394263884 | 10557549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, Due 5/16/2045<sup>K</sup>  | 123974220 | 3152767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **22973495** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Uruguay (Cost $21,253,542)** |  | **22973495** |
|  **Uzbekistan - 3.2%** |  |  |
|  **Credit-Linked Notes - 0.3%** |  |  |
|  Republic of Uzbekistan (Issuer ICBC Standard Bank PLC), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 10/3/2028<sup>A</sup>  | 38000000000 | 3213595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.000%, Due 1/23/2029<sup>A</sup>  | 13125000000 | 1134733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **4348328** |
|  **Foreign Corporate Obligations - 0.4%** |  |  |
|  Navoi Mining & Metallurgical Combinat, 6.950%, Due 10/17/2031<sup>A</sup>  | $1979000 | 2118713 |
|  Uzbekneftegaz JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 11/16/2028<sup>A</sup>  | 211000 | 200136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 5/7/2030<sup>A</sup>  | 2046000 | 2181061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **4499910** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **Uzbekistan - 3.2% (continued)** |  |  |
|  **Foreign Sovereign Obligations - 2.5%** |  |  |
|  Republic of Uzbekistan International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 10/12/2026<sup>B</sup>  | 116570000000 | $9988808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.250%, Due 10/12/2026<sup>A</sup>  | 62860000000 | 5386433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.625%, Due 5/29/2027<sup>A</sup>  | 53850000000 | 4605416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.500%, Due 2/25/2028<sup>A</sup>  | 111860000000 | 9616142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.500%, Due 2/25/2028<sup>B</sup>  | 37000000000 | 3180737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **32777536** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Uzbekistan (Cost $38,907,102)** |  | **41625774** |
|  **Venezuela - 1.0%** |  |  |
|  **Foreign Corporate Obligations - 0.3%** |  |  |
|  Petroleos de Venezuela SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 5/16/2024<sup>B</sup> <sup>I</sup> | $1250000 | 276250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 11/15/2026<sup>B</sup> <sup>I</sup> | 16957239 | 3747550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **4023800** |
|  **Foreign Sovereign Obligations - 0.7%** |  |  |
|  Venezuela Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 10/21/2026<sup>B</sup> <sup>G I</sup> | 4481500 | 1326524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 9/15/2027<sup>G</sup> <sup>I</sup> | 3700000 | 1128870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 5/7/2028<sup>B</sup> <sup>G I</sup> | 12671400 | 3580938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 8/5/2031<sup>B</sup> <sup>G I</sup> | 8054300 | 2336552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 4/21/2049<sup>B</sup> <sup>G I</sup> | 2256000 | 575505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  | **8948389** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Venezuela (Cost $14,765,406)** |  | **12972189** |
|  **Zambia - 4.0%** |  |  |
|  **Credit-Linked Notes - 0.5%** |  |  |
|  Republic of Zambia (Issuer ICBC Standard Bank PLC), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 1/27/2026<sup>A</sup>  | 67522376 | 2942477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/23/2033<sup>A</sup>  | 94500000 | 3742957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Credit-Linked Notes** |  | **6685434** |
|  **Foreign Corporate Obligations - 0.1%** |  |  |
|  First Quantum Minerals Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.625%, Due 6/1/2031<sup>A</sup>  | $499000 | 522601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 3/1/2033<sup>A</sup>  | 234000 | 248691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, Due 2/15/2034<sup>A</sup>  | 412000 | 427867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations** |  | **1199159** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Fair Value** |
|  **Zambia - 4.0% (continued)** |  |  |  |
|  **Foreign Sovereign Obligations - 3.4%** |  |  |  |
|  Zambia Government Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, Due 1/25/2026 |  | 114100000 | $5114348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 6/17/2026 |  | 12000000 | 537760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, Due 8/18/2026 |  | 12000000 | 545064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 8/21/2026 |  | 20700000 | 906648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 8/29/2026 |  | 64500000 | 2884446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 12/18/2027 |  | 24795000 | 1081691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 5/31/2028 |  | 42800000 | 1790638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 12/17/2028 |  | 30000000 | 1251259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 7/27/2030 |  | 8000000 | 317725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.000%, Due 8/18/2030 |  | 20000000 | 937100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 1/25/2031 |  | 84800000 | 3322615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.490%, Due 6/23/2032 |  | 37000000 | 1730006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.490%, Due 8/18/2032 |  | 24000000 | 1124869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.500%, Due 9/29/2032 |  | 51000000 | 2395809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, Due 6/26/2033 |  | 9000000 | 334457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.490%, Due 2/17/2035 |  | 10000000 | 513917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.480%, Due 3/17/2035 |  | 26000000 | 1324132 |
|  Zambia Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 6/30/2033<sup>B</sup> <sup>C</sup> | $— | 8730960 | 8381987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.500%, Due 12/31/2053<sup>B</sup>  |  | 14731461 | 10283856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations** |  |  | **44778327** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Zambia (Cost $50,401,365)** |  |  | **52662920** |
|  | **Shares** | **Shares** |  |
|  SHORT-TERM INVESTMENTS - 9.2% (Cost $120,575,793) |  |  |  |
|  **Investment Companies - 9.2%** |  |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>L</sup> <sup>M</sup> |  | 120575793 | **120575793** |
|  **TOTAL INVESTMENTS - 99.1% (Cost $1,264,126,743)** |  |  | **1297367079** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.9%** |  |  | **11285349** |
|  **TOTAL NET ASSETS - 100.0%** |  |  | $**1308652428** |

---

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 $350,837,255 or 26.8% 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 October 31, 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 October 31, 2025. 

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

<sup>F</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 $8,086,247 or 0.6% of net assets. 

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

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

<sup>I</sup> Default Security. At period end, the amount of securities in default was $28,518,398 or 2.2% of net assets. 

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

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

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

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LLC - Limited Liability Company.

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

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.

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on October 31, 2025:***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased<sup>\*</sup>** | **Currency Purchased<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 1109546 | EUR | 1098667 | 1/13/2026 | DUB | $10879 | $– $| 10879 |
| USD | 626174 | EUR | 617781 | 1/13/2026 | MLI | 8393 | – | 8393 |
| USD | 1138894 | EUR | 1116582 | 1/13/2026 | MLI | 22312 | – | 22312 |
| USD | 1564222 | EUR | 1543901 | 1/13/2026 | MLI | 20321 | – | 20321 |
| USD | 35584783 | EUR | 35215332 | 12/4/2025 | SCB | 369451 | – | 369451 |
| USD | 2322812 | EUR | 2309202 | 12/4/2025 | SSB | 13610 | – | 13610 |
| USD | 24522240 | EUR | 24015843 | 1/13/2026 | UAG | 506397 | – | 506397 |
|  |  |  |  |  |  | $951363 | $– $| 951363 |

---

\* *All values denominated in USD.*

***Glossary:***

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

---

| | |
|:---|:---|
|  DUB | Deutsche Bank |
|  MLI | Merrill Lynch International |
|  SCB | Standard Chartered Bank |
|  SSB | State Street Bank & Trust Co. |
|  UAG | UBS AG |

---

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

---

| | |
|:---|:---|
|  AMD | Armenian Dram |
|  ARS | Argentina Peso |
|  AZN | Azerbaijan Manat |
|  BDT | Bangladeshi Taka |
|  DOP | Dominican Peso |
|  EGP | Egyptian Pound |
|  EUR | Euro |
|  GEL | Georgian Lari |
|  GHS | Ghanaian Cedi |
|  JMD | Jamaican Dollar |
|  KES | Kenyan Shilling |
|  KGS | Kyrgyzstani Som |
|  KZT | Kazakhstani Tenge |
|  LKR | Sri Lankan Rupee |
|  MNT | Mongolia Tugrug |
|  MZN | Mozambique Metical |
|  NGN | Nigerian Naira |
|  PKR | Pakistani Rupee |
|  PYG | Paraguayan Guarani |
|  TZS | Tanzanian shilling |
|  UGX | Ugandan Shilling |
|  USD | United States Dollar |
|  UYU | Uruguan Peso |
|  UZS | Uzbekistani Som |
|  VND | Vietnamese Dong |
|  XOF | West African Communaute Financiere Africaine Franc |
|  ZMW | Zambian Kwacha |

---

The Fund's investments are summarized by level based on the inputs used to determine their values. As of October 31, 2025, the investments were classified as described below:

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Developing World Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Credit-Linked Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azerbaijan | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982971 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Congo |  | 2253767 |  | 2253767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast |  | 1171586 |  | 1171586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyrgyzstan |  | 17150137 |  | 17150137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malawi |  | 8381875 |  | 8381875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mongolia |  | 15955519 |  | 15955519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozambique |  | 14291654 | 1564823 | 15856477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 10941263 |  | 10941263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay |  | 4557096 |  | 4557096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 4348328 |  | 4348328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zambia |  | 6685434 |  | 6685434 |
|  Foreign Sovereign Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angola |  | 53014625 |  | 53014625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina |  | 46261270 |  | 46261270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armenia |  | 10963558 |  | 10963558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbados |  | 4637360 |  | 4637360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benin |  | 18144441 |  | 18144441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cameroon |  | 11167231 |  | 11167231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic |  | 21115876 |  | 21115876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador |  | 30788775 |  | 30788775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 50354500 |  | 50354500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador |  | 33507502 |  | 33507502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia |  | 1887833 |  | 1887833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ghana |  | 41584556 |  | 41584556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iraq |  | 8850092 |  | 8850092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast |  | 46285046 |  | 46285046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  | 3294392 |  | 3294392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan |  | 40863338 |  | 40863338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenya |  | 66541829 |  | 66541829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyrgyzstan |  | 20284412 |  | 20284412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon |  | 15546209 |  | 15546209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozambique |  | 20387738 |  | 20387738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 7801197 |  | 7801197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 40489079 |  | 40489079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan |  | 33016590 |  | 33016590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Papua New Guinea |  | 8587520 |  | 8587520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay |  | 9057133 |  | 9057133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rwanda |  | 2530355 |  | 2530355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senegal |  | 23261991 |  | 23261991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka |  | 33944453 |  | 33944453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supranational |  | 31782979 |  | 31782979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suriname |  | 43733067 |  | 43733067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tajikistan |  | 3013365 |  | 3013365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tunisia |  | 11115048 |  | 11115048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uganda |  | 42655546 |  | 42655546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukraine |  | 16841045 |  | 16841045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay |  | 22973495 |  | 22973495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 32777536 |  | 32777536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela |  | 8948389 |  | 8948389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zambia |  | 44778327 |  | 44778327 |
|  Foreign Corporate Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angola |  | 834155 |  | 834155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada |  | 4395560 |  | 4395560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  |  | 6521424 | 6521424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ghana |  | 2581790 |  | 2581790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  | 1444464 |  | 1444464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mauritius |  | 2447830 |  | 2447830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 2031999 |  | 2031999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 4855808 |  | 4855808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan |  | 1592426 |  | 1592426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 486488 |  | 486488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Togo |  | 2440887 |  | 2440887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago |  | 2690912 |  | 2690912 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Developing World Income Fund**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Foreign Corporate Obligations (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | $— | $1321185 | $— | $1321185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Republic of Tanzania |  | 2874331 |  | 2874331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan |  | 4499910 |  | 4499910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela |  | 4023800 |  | 4023800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zambia |  | 1199159 |  | 1199159 |
|  Corporate Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 77477007 |  | 77477007 |
|  Short-Term Investments | 120575793 |  |  | 120575793 |
|  Total Investments in Securities - Assets | $120575793 | $1168705039 | $8086247 | $1297367079 |
|  ***Financial Derivative Instruments - Assets*** | **—** | **—** | **—** | **—** |
|  Forward Foreign Currency Contracts | $— | $951363 | $— | $951363 |
|  Total Financial Derivative Instruments - Assets | $— | $951363 | $— | $951363 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended October 31, 2025, there were $1,564,823 material transfers into Level 3.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Balance as**<br>**of**<br>**1/31/2025** | **Purchases** | **Sales** | **Accrued**<br>**Discount**<br>**(Premiums)** | **Realized**<br>**Gain (Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Transfer into**<br>**Level 3** | **Transfer out**<br>**of Level 3** | **Balance as**<br>**of**<br>**10/31/2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**at Period End\*** |
|  Credit-Linked Notes | $4977340 | $— | $5200082 | $94845 | $69435 | $58462 | $1564823 | $– $| 1564823 | $(35289) |
|  Foreign Corporate Obligations | 1249573 | 6521424 | 1236568 | 44252 | (379694) | 322437 |  | – | 6521424 | 184 |
|  | $6226913 | $6521424 | $6436650 | $139097 | $(310259) | $380899 | $1564823 | $– $| 8086247 | $(35105) |

---

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

For the period ended October 31, 2025, one credit-linked note and one foreign corporate obligation were fair valued at $8,086,247 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** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 30.0% |  |  |
|  **Basic Materials - 0.1%** |  |  |
|  **Chemicals - 0.1%** |  |  |
|  Solstice Advanced Materials, Inc., 5.625%, Due 9/30/2033<sup>A</sup>  | $6000 | $**6005** |
|  **Communications - 1.9%** |  |  |
|  **Internet - 0.5%** |  |  |
|  Cogent Communications Group LLC/Cogent Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 6/15/2027<sup>A</sup>  | 3000 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 7/1/2032<sup>A</sup>  | 17000 | 16234 |
|  Match Group Holdings II LLC, 6.125%, Due 9/15/2033<sup>A</sup>  | 9000 | 9060 |
|  Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, Due 8/15/2031 | 5000 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 11/15/2045 | 10000 | 9914 |
|  |  | **43276** |
|  **Media - 0.8%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 2/1/2031<sup>A</sup>  | 9000 | 8146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 1/15/2034<sup>A</sup>  | 7000 | 5878 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 6.550%, Due 6/1/2034 | 15000 | 15786 |
|  Comcast Corp., 3.999%, Due 11/1/2049 | 15000 | 11343 |
|  Gray Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 7/15/2029<sup>A</sup>  | 5000 | 5388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.625%, Due 7/15/2032<sup>A</sup>  | 3000 | 3015 |
|  Sirius XM Radio LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/15/2028<sup>A</sup>  | 13000 | 12635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 9/1/2031<sup>A</sup>  | 5000 | 4536 |
|  |  | **66727** |
|  **Telecommunications - 0.6%** |  |  |
|  AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, Due 11/1/2035 | 15000 | 14786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, Due 6/1/2051 | 15000 | 10780 |
|  T-Mobile USA, Inc., 3.375%, Due 4/15/2029 | 15000 | 14580 |
|  Verizon Communications, Inc., 2.355%, Due 3/15/2032 | 15000 | 13116 |
|  WULF Compute LLC, 7.750%, Due 10/15/2030<sup>A</sup>  | 2000 | 2078 |
|  |  | **55340** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **165343** |
|  **Consumer, Cyclical - 2.2%** |  |  |
|  **Airlines - 0.8%** |  |  |
|  American Airlines Pass-Through Trust, 3.350%, Due 4/15/2031, 2017-2, AA | 8911 | 8569 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, Due 4/20/2029<sup>A</sup>  | 5000 | 5045 |
|  AS Mileage Plan IP Ltd., 5.021%, Due 10/20/2029<sup>A</sup>  | 40000 | 39884 |
|  JetBlue Pass-Through Trust, 4.000%, Due 5/15/2034, 2020-1, A | 21166 | 20053 |
|  |  | **73551** |
|  **Auto Manufacturers - 0.2%** |  |  |
|  General Motors Financial Co., Inc., 5.625%, Due 4/4/2032 | 5000 | 5197 |
|  Toyota Motor Credit Corp., 4.650%, Due 9/3/2032 | 10000 | 10096 |
|  |  | **15293** |
|  **Auto Parts & Equipment - 0.0%** |  |  |
|  Clarios Global LP/Clarios U.S. Finance Co., 6.750%, Due 9/15/2032<sup>A</sup>  | 4000 | **4093** |
|  **Entertainment - 0.2%** |  |  |
|  Light & Wonder International, Inc., 6.250%, Due 10/1/2033<sup>A</sup>  | 5000 | 4978 |
|  Warnermedia Holdings, Inc., 4.279%, Due 3/15/2032 | 10000 | 9159 |
|  |  | **14137** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 30.0% (continued) |  |  |
|  **Consumer, Cyclical - 2.2% (continued)** |  |  |
|  **Home Furnishings - 0.1%** |  |  |
|  Somnigroup International, Inc., 3.875%, Due 10/15/2031<sup>A</sup>  | $6000 | $**5544** |
|  **Housewares - 0.0%** |  |  |
|  CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.500%, Due 10/15/2029<sup>A</sup>  | 6000 | **4199** |
|  **Leisure Time - 0.5%** |  |  |
|  NCL Corp. Ltd., 6.750%, Due 2/1/2032<sup>A</sup>  | 6000 | 6165 |
|  Royal Caribbean Cruises Ltd., 5.625%, Due 9/30/2031<sup>A</sup>  | 25000 | 25471 |
|  Viking Cruises Ltd., 5.875%, Due 10/15/2033<sup>A</sup>  | 5000 | 5083 |
|  Viking Ocean Cruises Ship VII Ltd., 5.625%, Due 2/15/2029<sup>A</sup>  | 5000 | 4995 |
|  |  | **41714** |
|  **Lodging - 0.1%** |  |  |
|  Station Casinos LLC, 6.625%, Due 3/15/2032<sup>A</sup>  | 6000 | **6098** |
|  **Retail - 0.3%** |  |  |
|  LCM Investments Holdings II LLC, 8.250%, Due 8/1/2031<sup>A</sup>  | 6000 | 6313 |
|  Lithia Motors, Inc., 5.500%, Due 10/1/2030<sup>A</sup>  | 22000 | 22038 |
|  |  | **28351** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **192980** |
|  **Consumer, Non-Cyclical - 3.7%** |  |  |
|  **Beverages - 0.7%** |  |  |
|  Coca-Cola Co., 5.300%, Due 5/13/2054 | 15000 | 14928 |
|  Constellation Brands, Inc., 4.950%, Due 11/1/2035 | 15000 | 14766 |
|  PepsiCo, Inc., 1.625%, Due 5/1/2030 | 30000 | 27055 |
|  |  | **56749** |
|  **Biotechnology - 0.1%** |  |  |
|  Amgen, Inc., 2.300%, Due 2/25/2031 | 10000 | **9034** |
|  **Commercial Services - 1.1%** |  |  |
|  AMN Healthcare, Inc., 6.500%, Due 1/15/2031<sup>A</sup>  | 5000 | 5012 |
|  Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 5/15/2032 | 6000 | 6225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/15/2033<sup>A</sup>  | 8000 | 8180 |
|  Global Payments, Inc., 3.200%, Due 8/15/2029 | 15000 | 14175 |
|  Northwestern University, 4.643%, Due 12/1/2044 | 5000 | 4764 |
|  Rollins, Inc., 5.250%, Due 2/24/2035 | 15000 | 15254 |
|  Valvoline, Inc., 3.625%, Due 6/15/2031<sup>A</sup>  | 30000 | 27371 |
|  Verisk Analytics, Inc., 4.500%, Due 8/15/2030 | 15000 | 15068 |
|  |  | **96049** |
|  **Cosmetics/Personal Care - 0.1%** |  |  |
|  Prestige Brands, Inc., 3.750%, Due 4/1/2031<sup>A</sup>  | 9000 | **8350** |
|  **Food - 0.5%** |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 2/15/2028<sup>A</sup>  | 24000 | 24030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 3/31/2034<sup>A</sup>  | 5000 | 5022 |
|  Mars, Inc., 5.200%, Due 3/1/2035<sup>A</sup>  | 10000 | 10264 |
|  Post Holdings, Inc., 6.250%, Due 2/15/2032<sup>A</sup>  | 7000 | 7195 |
|  |  | **46511** |
|  **Health Care - Services - 0.4%** |  |  |
|  Cigna Group, 4.875%, Due 9/15/2032 | 15000 | 15136 |
|  Quest Diagnostics, Inc., 5.000%, Due 12/15/2034 | 10000 | 10100 |
|  Radiology Partners, Inc., 8.500%, Due 7/15/2032<sup>A</sup>  | 6000 | 6240 |
|  |  | **31476** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 30.0% (continued) |  |  |
|  **Consumer, Non-Cyclical - 3.7% (continued)** |  |  |
|  **Pharmaceuticals - 0.8%** |  |  |
|  BellRing Brands, Inc., 7.000%, Due 3/15/2030<sup>A</sup>  | $7000 | $7218 |
|  Cardinal Health, Inc., 5.350%, Due 11/15/2034 | 20000 | 20588 |
|  Eli Lilly & Co., 4.550%, Due 10/15/2032 | 15000 | 15144 |
|  McKesson Corp., 5.250%, Due 5/30/2035 | 10000 | 10326 |
|  Sanofi SA, 4.200%, Due 11/3/2032 | 15000 | 14890 |
|  |  | **68166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **316335** |
|  **Energy - 1.7%** |  |  |
|  **Oil & Gas - 0.7%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp., 6.625%, Due 9/1/2032<sup>A</sup>  | 8000 | 8222 |
|  BP Capital Markets America, Inc., 4.812%, Due 2/13/2033 | 15000 | 15193 |
|  HF Sinclair Corp., 5.750%, Due 1/15/2031 | 15000 | 15537 |
|  Pioneer Natural Resources Co., 1.900%, Due 8/15/2030 | 15000 | 13510 |
|  Sunoco LP, 5.875%, Due 3/15/2034<sup>A</sup>  | 3000 | 3000 |
|  WBI Operating LLC, 6.250%, Due 10/15/2030<sup>A</sup>  | 6000 | 5994 |
|  |  | **61456** |
|  **Pipelines - 1.0%** |  |  |
|  CNX Midstream Partners LP, 4.750%, Due 4/15/2030<sup>A</sup>  | 5000 | 4786 |
|  Energy Transfer LP, 5.700%, Due 4/1/2035 | 15000 | 15458 |
|  Harvest Midstream I LP, 7.500%, Due 9/1/2028<sup>A</sup>  | 13000 | 13143 |
|  MPLX LP, 5.400%, Due 4/1/2035 | 10000 | 10061 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, Due 2/1/2031 | 20000 | 20046 |
|  Venture Global LNG, Inc., 8.375%, Due 6/1/2031<sup>A</sup>  | 6000 | 6160 |
|  Western Midstream Operating LP, 7.250%, Due 4/1/2030<sup>A</sup>  | 6000 | 6392 |
|  Williams Cos., Inc., 4.625%, Due 6/30/2030 | 10000 | 10074 |
|  |  | **86120** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **147576** |
|  **Financial - 12.7%** |  |  |
|  **Banks - 4.3%** |  |  |
|  Associated Banc-Corp., 6.455%, Due 8/29/2030, (1 day USD SOFR + 3.030%)<sup>B</sup>  | 15000 | 15557 |
|  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 | 14768 |
| &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 | 9960 |
| &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 | 10037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.518%, Due 10/25/2035, (1 day USD SOFR + 1.738%)<sup>B</sup>  | 10000 | 10252 |
|  Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.317%, Due 10/25/2029, (1 day USD SOFR + 1.598%)<sup>B</sup>  | 10000 | 10632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.942%, Due 2/11/2031, (1 day USD SOFR + 0.887%)<sup>B</sup>  | 10000 | 10271 |
|  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 | 24950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.057%, Due 1/25/2033, (1 day USD SOFR + 1.351%)<sup>B</sup>  | 10000 | 9137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.174%, Due 5/25/2034, (1 day USD SOFR + 2.661%)<sup>B</sup>  | 10000 | 10620 |
|  First Horizon Bank, 5.750%, Due 5/1/2030 | 15000 | 15510 |
|  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 | 9804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.992%, Due 1/27/2032, (1 day USD SOFR + 1.090%)<sup>B</sup>  | 10000 | 8843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.016%, Due 10/23/2035, (1 day USD SOFR + 1.420%)<sup>B</sup>  | 10000 | 10068 |
|  Huntington National Bank, 5.650%, Due 1/10/2030 | 10000 | 10450 |
|  JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.140%, Due 1/24/2031, (1 day USD SOFR + 1.010%)<sup>B</sup>  | 15000 | 15498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.766%, Due 4/22/2035, (1 day USD SOFR + 1.490%)<sup>B</sup>  | 10000 | 10665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.810%, Due 10/22/2036, (1 day USD SOFR + 1.190%)<sup>B</sup>  | 15000 | 14952 |
|  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 | 9809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.466%, Due 1/18/2035, (1 day USD SOFR + 1.730%)<sup>B</sup>  | 10000 | 10401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.484%, Due 9/16/2036, (1 day USD SOFR + 1.360%)<sup>B</sup>  | 5000 | 4364 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 30.0% (continued) |  |  |
|  **Financial - 12.7% (continued)** |  |  |
|  **Banks - 4.3% (continued)** |  |  |
|  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 | $5073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.939%, Due 8/18/2034, (1 day USD SOFR + 1.946%)<sup>B</sup>  | 10000 | 10731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.373%, Due 7/21/2036, (1 day USD SOFR + 1.417%)<sup>B</sup>  | 10000 | 10273 |
|  Regions Financial Corp., 5.722%, Due 6/6/2030, (1 day USD SOFR + 1.490%)<sup>B</sup>  | 10000 | 10394 |
|  State Street Corp., 4.675%, Due 10/22/2032, (1 day USD SOFR + 1.050%)<sup>B</sup>  | 10000 | 10122 |
|  Truist Bank, 4.632%, Due 9/17/2029, (5 yr. CMT + 1.150%)<sup>B</sup>  | 20000 | 20060 |
|  Truist Financial Corp., 5.071%, Due 5/20/2031, (1 day USD SOFR + 1.309%)<sup>B</sup>  | 15000 | 15354 |
|  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 | 23822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.574%, Due 7/25/2029, (1 day USD SOFR + 1.740%)<sup>B</sup>  | 10000 | 10350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.605%, Due 4/23/2036, (1 day USD SOFR + 1.740%)<sup>B</sup>  | 10000 | 10509 |
|  |  | **373236** |
|  **Diversified Financial Services - 3.1%** |  |  |
|  Ally Financial, Inc., 4.700%, Due 5/15/2026, B, (5 yr. CMT + 3.868%)<sup>B</sup> <sup>C</sup> | 20000 | 19583 |
|  American Express Co., 5.667%, Due 4/25/2036, (1 day USD SOFR + 1.790%)<sup>B</sup>  | 5000 | 5281 |
|  Blackstone Holdings Finance Co. LLC, 2.550%, Due 3/30/2032<sup>A</sup>  | 25000 | 22105 |
|  Burford Capital Global Finance LLC, 7.500%, Due 7/15/2033<sup>A</sup>  | 28000 | 27644 |
|  Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.268%, Due 5/10/2033, (1 day USD SOFR + 2.370%)<sup>B</sup>  | 10000 | 10210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.377%, Due 6/8/2034, (1 day USD SOFR + 2.860%)<sup>B</sup>  | 5000 | 5412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.051%, Due 2/1/2035, (1 day USD SOFR + 2.260%)<sup>B</sup>  | 10000 | 10603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.183%, Due 1/30/2036, (1 day USD SOFR + 2.036%)<sup>B</sup>  | 10000 | 10422 |
|  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 | 24772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.853%, Due 5/19/2034, (1 day USD SOFR + 2.500%)<sup>B</sup>  | 10000 | 10698 |
|  CME Group, Inc., 4.400%, Due 3/15/2030 | 10000 | 10120 |
|  Encore Capital Group, Inc., 6.625%, Due 4/15/2031<sup>A</sup>  | 6000 | 5954 |
|  Jefferson Capital Holdings LLC, 8.250%, Due 5/15/2030<sup>A</sup> | 16000 | 16588 |
|  LPL Holdings, Inc., 5.200%, Due 3/15/2030 | 5000 | 5107 |
|  OneMain Finance Corp., 6.125%, Due 5/15/2030 | 5000 | 5059 |
|  Osaic Holdings, Inc., 8.000%, Due 8/1/2033<sup>A</sup>  | 5000 | 5130 |
|  PennyMac Financial Services, Inc., 6.750%, Due 2/15/2034<sup>A</sup>  | 8000 | 8200 |
|  Raymond James Financial, Inc., 3.750%, Due 4/1/2051 | 20000 | 15030 |
|  Rocket Cos., Inc., 6.125%, Due 8/1/2030<sup>A</sup>  | 5000 | 5158 |
|  Rocket Mortgage LLC, 5.250%, Due 1/15/2028<sup>A</sup>  | 15000 | 14592 |
|  Stonex Escrow Issuer LLC, 6.875%, Due 7/15/2032<sup>A</sup>  | 25000 | 25865 |
|  StoneX Group, Inc., 7.875%, Due 3/1/2031<sup>A</sup>  | 2000 | 2118 |
|  |  | **265651** |
|  **Insurance - 2.6%** |  |  |
|  ACE Capital Trust II, 9.700%, Due 4/1/2030 | 20000 | 24091 |
|  Acrisure LLC/Acrisure Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2029<sup>A</sup>  | 10000 | 9900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 11/6/2030<sup>A</sup>  | 10000 | 10343 |
|  Aon Corp./Aon Global Holdings PLC, 2.050%, Due 8/23/2031 | 5000 | 4398 |
|  Aon North America, Inc., 5.450%, Due 3/1/2034 | 10000 | 10419 |
|  HUB International Ltd., 5.625%, Due 12/1/2029<sup>A</sup>  | 35000 | 34895 |
|  Marsh & McLennan Cos., Inc., 2.375%, Due 12/15/2031 | 10000 | 8903 |
|  NMI Holdings, Inc., 6.000%, Due 8/15/2029 | 15000 | 15466 |
|  Old Republic International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 3/28/2034 | 15000 | 15614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, Due 6/11/2051 | 15000 | 11027 |
|  Panther Escrow Issuer LLC, 7.125%, Due 6/1/2031<sup>A</sup>  | 15000 | 15502 |
|  Prudential Financial, Inc., 6.000%, Due 9/1/2052, (5 yr. CMT + 3.234%)<sup>B</sup>  | 29000 | 30184 |
|  Ryan Specialty LLC, 5.875%, Due 8/1/2032<sup>A</sup>  | 20000 | 20334 |
|  Teachers Insurance & Annuity Association of America, 3.300%, Due 5/15/2050<sup>A</sup>  | 20000 | 13865 |
|  |  | **224941** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 30.0% (continued) |  |  |
|  **Financial - 12.7% (continued)** |  |  |
|  **Investment Companies - 0.2%** |  |  |
|  HA Sustainable Infrastructure Capital, Inc., 6.150%, Due 1/15/2031 | $10000 | $10207 |
|  HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, Due 6/15/2026<sup>A</sup>  | 4000 | 3960 |
|  |  | **14167** |
|  **Private Equity - 0.2%** |  |  |
|  KKR & Co., Inc., 5.100%, Due 8/7/2035 | 15000 | **14968** |
|  **Real Estate - 0.1%** |  |  |
|  Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.750%, Due 4/15/2030<sup>A</sup>  | 1000 | 1088 |
|  Howard Hughes Corp., 5.375%, Due 8/1/2028<sup>A</sup>  | 10000 | 9983 |
|  |  | **11071** |
|  **REITS - 2.2%** |  |  |
|  Agree LP, 2.600%, Due 6/15/2033 | 5000 | 4308 |
|  American Homes 4 Rent LP, 2.375%, Due 7/15/2031 | 10000 | 8872 |
|  Essex Portfolio LP, 2.550%, Due 6/15/2031 | 15000 | 13493 |
|  Extra Space Storage LP, 2.200%, Due 10/15/2030 | 10000 | 8963 |
|  GLP Capital LP/GLP Financing II, Inc., 3.250%, Due 1/15/2032 | 15000 | 13464 |
|  Healthcare Realty Holdings LP, 3.625%, Due 1/15/2028 | 25000 | 24590 |
|  Invitation Homes Operating Partnership LP, 4.150%, Due 4/15/2032 | 10000 | 9675 |
|  Iron Mountain, Inc., 5.250%, Due 7/15/2030<sup>A</sup>  | 17000 | 16921 |
|  Kimco Realty OP LLC, 3.200%, Due 4/1/2032 | 5000 | 4627 |
|  Millrose Properties, Inc., 6.250%, Due 9/15/2032<sup>A</sup>  | 5000 | 5024 |
|  Regency Centers LP, 3.700%, Due 6/15/2030 | 20000 | 19526 |
|  Rexford Industrial Realty LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, Due 12/1/2030 | 15000 | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, Due 9/1/2031 | 10000 | 8724 |
|  RHP Hotel Properties LP/RHP Finance Corp., 6.500%, Due 6/15/2033<sup>A</sup>  | 6000 | 6193 |
|  Starwood Property Trust, Inc., 7.250%, Due 4/1/2029<sup>A</sup>  | 15000 | 15798 |
|  UDR, Inc., 1.900%, Due 3/15/2033 | 15000 | 12363 |
|  |  | **185941** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **1089975** |
|  **Industrial - 1.5%** |  |  |
|  **Aerospace/Defense - 0.6%** |  |  |
|  AAR Escrow Issuer LLC, 6.750%, Due 3/15/2029<sup>A</sup>  | 4000 | 4130 |
|  L3Harris Technologies, Inc., 5.250%, Due 6/1/2031 | 15000 | 15611 |
|  Spirit AeroSystems, Inc., 9.375%, Due 11/30/2029<sup>A</sup>  | 13000 | 13652 |
|  TransDigm, Inc., 7.125%, Due 12/1/2031<sup>A</sup>  | 16000 | 16693 |
|  |  | **50086** |
|  **Building Materials - 0.2%** |  |  |
|  CRH America Finance, Inc., 4.400%, Due 2/9/2031 | 10000 | 9989 |
|  JH North America Holdings, Inc., 5.875%, Due 1/31/2031<sup>A</sup>  | 4000 | 4074 |
|  New Enterprise Stone & Lime Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 7/15/2028<sup>A</sup>  | 3000 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, Due 7/15/2028<sup>A</sup>  | 3000 | 3001 |
|  |  | **20051** |
|  **Environmental Control - 0.2%** |  |  |
|  GFL Environmental, Inc., 6.750%, Due 1/15/2031<sup>A</sup>  | 20000 | **20923** |
|  **Machinery - Diversified - 0.2%** |  |  |
|  AGCO Corp., 5.800%, Due 3/21/2034 | 15000 | **15624** |
|  **Packaging & Containers - 0.1%** |  |  |
|  Ball Corp., 5.500%, Due 9/15/2033 | 4000 | 4048 |
|  Crown Americas LLC, 5.875%, Due 6/1/2033<sup>A</sup>  | 6000 | 6081 |
|  |  | **10129** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 30.0% (continued) |  |  |
|  **Industrial - 1.5% (continued)** |  |  |
|  **Transportation - 0.1%** |  |  |
|  Burlington Northern Santa Fe LLC, 4.900%, Due 4/1/2044 | $10000 | $**9498** |
|  **Trucking & Leasing - 0.1%** |  |  |
|  FTAI Aviation Investors LLC, 7.875%, Due 12/1/2030<sup>A</sup>  | 6000 | **6376** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **132687** |
|  **Technology - 1.8%** |  |  |
|  **Computers - 1.0%** |  |  |
|  Accenture Capital, Inc., 4.500%, Due 10/4/2034 | 10000 | 9860 |
|  Apple, Inc., 4.750%, Due 5/12/2035 | 25000 | 25551 |
|  CACI International, Inc., 6.375%, Due 6/15/2033<sup>A</sup>  | 4000 | 4159 |
|  Gartner, Inc., 3.750%, Due 10/1/2030<sup>A</sup>  | 25000 | 23652 |
|  Genpact Luxembourg SARL/Genpact USA, Inc., 6.000%, Due 6/4/2029 | 15000 | 15634 |
|  Science Applications International Corp., 4.875%, Due 4/1/2028<sup>A</sup>  | 4000 | 3969 |
|  |  | **82825** |
|  **Semiconductors - 0.3%** |  |  |
|  Amkor Technology, Inc., 5.875%, Due 10/1/2033<sup>A</sup>  | 6000 | 6104 |
|  Broadcom, Inc., 3.469%, Due 4/15/2034 | 15000 | 13739 |
|  Qorvo, Inc., 3.375%, Due 4/1/2031<sup>A</sup>  | 2000 | 1844 |
|  |  | **21687** |
|  **Software - 0.5%** |  |  |
|  CoreWeave, Inc., 9.250%, Due 6/1/2030<sup>A</sup>  | 6000 | 6058 |
|  Fair Isaac Corp., 6.000%, Due 5/15/2033<sup>A</sup>  | 4000 | 4072 |
|  Fiserv, Inc., 5.625%, Due 8/21/2033 | 5000 | 5159 |
|  Oracle Corp., 3.950%, Due 3/25/2051 | 15000 | 10694 |
|  Paychex, Inc., 5.100%, Due 4/15/2030 | 10000 | 10282 |
|  Take-Two Interactive Software, Inc., 4.000%, Due 4/14/2032 | 10000 | 9641 |
|  |  | **45906** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **150418** |
|  **Utilities - 4.4%** |  |  |
|  **Electric - 4.3%** |  |  |
|  AEP Texas, Inc., 5.850%, Due 10/15/2055 | 15000 | 14992 |
|  Calpine Corp., 4.500%, Due 2/15/2028<sup>A</sup>  | 13000 | 12968 |
|  CenterPoint Energy Houston Electric LLC, 4.950%, Due 4/1/2033 | 10000 | 10193 |
|  Cleco Securitization I LLC, 4.646%, Due 9/1/2044, A-2 | 10000 | 9658 |
|  Dominion Energy, Inc., 5.375%, Due 11/15/2032 | 10000 | 10401 |
|  DTE Electric Co., 5.200%, Due 4/1/2033 | 10000 | 10405 |
|  Duke Energy Carolinas NC Storm Funding II LLC, 5.070%, Due 1/1/2048, A-2 | 30000 | 30146 |
|  Duke Energy Ohio, Inc., 2.125%, Due 6/1/2030 | 15000 | 13730 |
|  Duke Energy Progress NC Storm Funding II LLC, 4.890%, Due 1/1/2048, A-1 | 10000 | 10003 |
|  Duke Energy Progress SC Storm Funding LLC, 5.404%, Due 3/1/2046, A | 4751 | 4880 |
|  Eversource Energy, 5.850%, Due 4/15/2031 | 20000 | 21132 |
|  Lightning Power LLC, 7.250%, Due 8/15/2032<sup>A</sup>  | 9000 | 9533 |
|  National Rural Utilities Cooperative Finance Corp., 4.950%, Due 2/7/2030 | 10000 | 10292 |
|  OGE Energy Corp., 5.450%, Due 5/15/2029 | 10000 | 10384 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, Due 8/15/2028<sup>A</sup>  | 25000 | 24376 |
|  PECO Energy Co., 4.375%, Due 8/15/2052 | 15000 | 12726 |
|  PG&E Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.231%, Due 6/1/2042, A-2 | 10000 | 10287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.536%, Due 7/15/2049, A-3 | 10000 | 10163 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 30.0% (continued) |  |  |
|  **Utilities - 4.4% (continued)** |  |  |
|  **Electric - 4.3% (continued)** |  |  |
|  PG&E Wildfire Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.377%, Due 6/3/2041, A-3 | $5000 | $4762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.081%, Due 6/1/2043, A-3 | 5000 | 5057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.451%, Due 12/1/2049, A-4 | 30000 | 27100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.674%, Due 12/1/2053, A-5 | 25000 | 22549 |
|  PPL Capital Funding, Inc., 5.250%, Due 9/1/2034 | 15000 | 15379 |
|  Public Service Co. of Oklahoma, 5.250%, Due 1/15/2033 | 5000 | 5136 |
|  Public Service Enterprise Group, Inc., 5.450%, Due 4/1/2034 | 10000 | 10385 |
|  SCE Recovery Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.943%, Due 11/15/2044, A-2 | 5000 | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.112%, Due 12/14/2049, A-2 | 5000 | 4864 |
|  Talen Energy Supply LLC, 8.625%, Due 6/1/2030<sup>A</sup>  | 20000 | 21223 |
|  XPLR Infrastructure Operating Partners LP, 8.625%, Due 3/15/2033<sup>A</sup>  | 17000 | 17837 |
|  |  | **374728** |
|  **Gas - 0.1%** |  |  |
|  Southern Co. Gas Capital Corp., 3.950%, Due 10/1/2046 | 10000 | **8009** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **382737** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $2,546,503)** |  | **2584056** |
|  FOREIGN CORPORATE OBLIGATIONS - 3.1% |  |  |
|  **Basic Materials - 0.2%** |  |  |
|  **Mining - 0.2%** |  |  |
|  Fortescue Treasury Pty. Ltd., 5.875%, Due 4/15/2030<sup>A</sup>  | 8000 | 8254 |
|  Taseko Mines Ltd., 8.250%, Due 5/1/2030<sup>A</sup>  | 11000 | 11630 |
|  |  | **19884** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **19884** |
|  **Energy - 1.0%** |  |  |
|  **Oil & Gas - 0.6%** |  |  |
|  Parkland Corp., 6.625%, Due 8/15/2032<sup>A</sup>  | 15000 | 15314 |
|  Petrobras Global Finance BV, 5.125%, Due 9/10/2030 | 10000 | 9865 |
|  Shelf Drilling Holdings Ltd., 9.625%, Due 4/15/2029<sup>A</sup>  | 11000 | 11545 |
|  TotalEnergies Capital SA, 5.488%, Due 4/5/2054 | 10000 | 9846 |
|  Vermilion Energy, Inc., 7.250%, Due 2/15/2033<sup>A</sup>  | 6000 | 5540 |
|  |  | **52110** |
|  **Pipelines - 0.4%** |  |  |
|  Golar LNG Ltd., 7.500%, Due 10/2/2030<sup>A</sup>  | 10000 | 9885 |
|  Northriver Midstream Finance LP, 6.750%, Due 7/15/2032<sup>A</sup>  | 7000 | 7133 |
|  South Bow USA Infrastructure Holdings LLC, 5.026%, Due 10/1/2029 | 15000 | 15153 |
|  |  | **32171** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **84281** |
|  **Financial - 1.8%** |  |  |
|  **Banks - 0.8%** |  |  |
|  Bank of Montreal, 3.803%, Due 12/15/2032, (5 yr. USD Swap + 1.432%)<sup>B</sup>  | 10000 | 9832 |
|  Bank of Nova Scotia, 4.740%, Due 11/10/2032, (1 day USD SOFR + 1.440%)<sup>B</sup>  | 10000 | 10113 |
|  Barclays PLC, 8.000%, Due 3/15/2029, (5 yr. CMT + 5.431%)<sup>B</sup> <sup>C</sup> | 15000 | 15965 |
|  Canadian Imperial Bank of Commerce, 4.857%, Due 3/30/2029, (1 day USD SOFR + 1.030%)<sup>B</sup>  | 10000 | 10152 |
|  Royal Bank of Canada, 4.650%, Due 10/18/2030, (1 day USD SOFR Index + 1.080%)<sup>B</sup>  | 10000 | 10122 |
|  Toronto-Dominion Bank, 4.928%, Due 10/15/2035 | 10000 | 10021 |
|  |  | **66205** |
|  **Diversified Financial Services - 0.8%** |  |  |
|  GGAM Finance Ltd., 8.000%, Due 6/15/2028<sup>A</sup>  | 41000 | 43486 |
|  goeasy Ltd., 6.875%, Due 2/15/2031<sup>A</sup>  | 5000 | 4886 |
|  Macquarie Airfinance Holdings Ltd., 5.150%, Due 3/17/2030<sup>A</sup>  | 10000 | 10119 |
|  Phoenix Aviation Capital Ltd., 9.250%, Due 7/15/2030<sup>A</sup>  | 7000 | 7374 |
|  |  | **65865** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 3.1% (continued) |  |  |
|  **Financial - 1.8% (continued)** |  |  |
|  **Insurance - 0.1%** |  |  |
|  Jones Deslauriers Insurance Management, Inc., 6.875%, Due 10/1/2033<sup>A</sup>  | $10000 | $**9907** |
|  **Private Equity - 0.1%** |  |  |
|  Brookfield Finance, Inc., 6.350%, Due 1/5/2034 | 10000 | **10889** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **152866** |
|  **Industrial - 0.1%** |  |  |
|  **Transportation - 0.1%** |  |  |
|  Seaspan Corp., 5.500%, Due 8/1/2029<sup>A</sup>  | 10000 | **9631** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $259,577)** |  | **266662** |
|  ASSET-BACKED OBLIGATIONS - 9.9% |  |  |
|  Aqua Finance Trust, 3.140%, Due 7/16/2040, 2019-A A<sup>A</sup>  | 35627 | 34735 |
|  CAL Funding IV Ltd., 2.220%, Due 9/25/2045, 2020-1A A<sup>A</sup>  | 8478 | 8096 |
|  Carmax Auto Owner Trust, 4.080%, Due 6/16/2031, 2025-4 A4 | 25000 | 24930 |
|  Carvana Auto Receivables Trust, 1.580%, Due 6/12/2028, 2021-N3 D | 2102 | 2039 |
|  CIT Home Equity Loan Trust, 5.560%, Due 9/20/2032, 2003-1 M2 | 55521 | 55608 |
|  Citicorp Residential Mortgage Trust, 6.546%, Due 3/25/2037, 2007-1 A5 | 826 | 822 |
|  CLI Funding VI LLC, 2.070%, Due 10/18/2045, 2020-3A A<sup>A</sup>  | 9107 | 8574 |
|  CLI Funding VIII LLC, 2.720%, Due 1/18/2047, 2022-1A A<sup>A</sup>  | 10372 | 9613 |
|  Conseco Finance Corp., 7.220%, Due 3/15/2028, 1997-1 M1<sup>D</sup>  | 7275 | 7305 |
|  CPS Auto Receivables Trust, 5.650%, Due 5/15/2028, 2024-A B<sup>A</sup>  | 9971 | 9990 |
|  DB Master Finance LLC, 2.493%, Due 11/20/2051, 2021-1A A2II<sup>A</sup>  | 4813 | 4529 |
|  Dell Equipment Finance Trust, 4.990%, Due 8/22/2030, 2024-2 C<sup>A</sup>  | 20000 | 20139 |
|  Exeter Automobile Receivables Trust, 1.960%, Due 1/17/2028, 2021-4A D | 9235 | 9180 |
|  FHF Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.940%, Due 11/15/2030, 2024-3A A2<sup>A</sup>  | 14488 | 14408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.920%, Due 2/15/2031, 2025-1A A2<sup>A</sup>  | 8778 | 8731 |
|  Finance of America Structured Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 4/25/2073, 2023-S2 A3<sup>A</sup>  | 64155 | 65004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/25/2075, 2025-S2 A3<sup>A</sup>  | 49818 | 48327 |
|  GSAMP Trust, 5.421%, Due 7/25/2033, 2003-SEA2 A1 | 41588 | 41174 |
|  Hyundai Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.660%, Due 6/15/2028, 2021-C C | 15000 | 14855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.920%, Due 7/15/2032, 2025-B C | 25000 | 25430 |
|  JP Morgan Mortgage Trust, 5.666%, Due 5/25/2055, 2025-CES1 A1<sup>A</sup> <sup>D</sup> | 27710 | 27908 |
|  Mercedes-Benz Auto Lease Trust, 4.610%, Due 4/16/2029, 2025-A A3 | 10000 | 10117 |
|  Mid-State Capital Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.758%, Due 1/15/2040, 2005-1 B | 11119 | 11165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.787%, Due 10/15/2040, 2006-1 A<sup>A</sup>  | 23646 | 23744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.311%, Due 10/15/2040, 2006-1 B<sup>A</sup>  | 10998 | 11300 |
|  Mid-State Trust XI, 4.864%, Due 7/15/2038, 11 A1 | 10373 | 10357 |
|  MMAF Equipment Finance LLC, 4.950%, Due 7/14/2031, 2024-A A3<sup>A</sup>  | 10000 | 10145 |
|  Navient Private Education Loan Trust, 3.910%, Due 12/15/2045, 2016-AA A2A<sup>A</sup>  | 2533 | 2531 |
|  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>  | 4961 | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.197%, Due 12/15/2059, 2019-D A2B, (1 mo. USD Term SOFR + 1.164%)<sup>A</sup> <sup>B</sup> | 6426 | 6406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.510%, Due 10/15/2071, 2023-A A<sup>A</sup>  | 6654 | 6828 |
|  Navient Student Loan Trust, 3.390%, Due 12/15/2059, 2019-BA A2A<sup>A</sup>  | 8660 | 8511 |
|  Nissan Auto Lease Trust, 4.750%, Due 3/15/2028, 2025-A A3 | 15000 | 15180 |
|  RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.147%, Due 6/25/2044, 2024-CES4 A1A<sup>A</sup>  | 35753 | 36153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.313%, Due 11/25/2055, 2025-CES10 A3<sup>A</sup>  | 45000 | 44856 |
|  Retained Vantage Data Centers Issuer LLC, 4.992%, Due 9/15/2049, 2024-1A A2<sup>A</sup>  | 25000 | 24999 |
|  Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.670%, Due 10/15/2027, 2021-4 D | 4947 | 4926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.870%, Due 5/15/2031, 2025-2 B | 25000 | 25159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.680%, Due 9/15/2031, 2025-3 C | 35000 | 35057 |
|  Sierra Timeshare Receivables Funding LLC, 1.340%, Due 11/20/2037, 2021-1A B<sup>A</sup>  | 3839 | 3820 |
|  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>  | 1456 | 1448 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  ASSET-BACKED OBLIGATIONS - 9.9% (continued) |  |  |
|  SMB Private Education Loan Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.290%, Due 7/15/2053, 2020-B A1A<sup>A</sup>  | $5641 | $5371 |
|  SoFi Professional Loan Program LLC, 1.030%, Due 8/17/2043, 2021-A AFX<sup>A</sup>  | 9271 | 8169 |
|  Synchrony Card Issuance Trust, 4.780%, Due 2/15/2031, 2025-A1 A | 30000 | 30507 |
|  Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II<sup>A</sup>  | 19650 | 18221 |
|  Triton Container Finance VIII LLC, 1.860%, Due 3/20/2046, 2021-1A A<sup>A</sup>  | 12208 | 11293 |
|  Vantage Data Centers Issuer LLC, 2.165%, Due 10/15/2046, 2021-1A A2<sup>A</sup>  | 20000 | 19498 |
|  Wendy's Funding LLC, 3.884%, Due 3/15/2048, 2018-1A A2II<sup>A</sup>  | 4611 | 4545 |
|  Westlake Automobile Receivables Trust, 4.920%, Due 11/15/2029, 2024-3A C<sup>A</sup>  | 15000 | 15083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Obligations (Cost $841,195)** |  | **851711** |
|  COLLATERALIZED MORTGAGE OBLIGATIONS - 11.3% |  |  |
|  Bear Stearns ARM Trust, 4.879%, Due 2/25/2035, 2004-12 2A1<sup>D</sup>  | 6486 | 6379 |
|  Bear Stearns Asset-Backed Securities Trust, 5.250%, Due 10/25/2033, 2003-AC5 A5 | 29816 | 29727 |
|  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> | 36593 | 35604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 5/25/2064, 2024-RM8 A1<sup>A</sup>  | 38824 | 38086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 1/25/2065, 2025-RM10 A1<sup>A</sup>  | 48027 | 47688 |
|  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> | 11457 | 10763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 12/25/2045, 2016-SH2 M3<sup>A</sup> <sup>D</sup> | 23285 | 21698 |
|  CHL Mortgage Pass-Through Trust, 5.250%, Due 5/25/2034, 2004-4 A19 | 13761 | 13780 |
|  Finance of America Structured Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/25/2055, 2025-S3 A3<sup>A</sup>  | 49492 | 47949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 11/25/2074, 2024-S4 A3<sup>A</sup>  | 47724 | 46066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 5/25/2075, 2025-PC1 M1<sup>A</sup>  | 75000 | 74637 |
|  Government National Mortgage Association REMICS, 5.193%, Due 6/20/2045, 2023-32 W<sup>D</sup>  | 16676 | 17154 |
|  GreenPoint Mortgage Pass-Through Certificates, 7.044%, Due 10/25/2033, 2003-1 A1<sup>D</sup> | 14843 | 14574 |
|  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> | 30990 | 26008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/25/2052, 2022-1 A3<sup>A</sup> <sup>D</sup> | 42483 | 35654 |
|  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> | 23386 | 22735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.156%, Due 1/25/2048, 2018-4A B1, (1 mo. USD Term SOFR + 1.164%)<sup>A</sup> <sup>B</sup> | 56103 | 56164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.390%, Due 11/25/2054, 2014-3A B3<sup>A</sup> <sup>D</sup> | 15946 | 15889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/25/2057, 2017-2A A3<sup>A</sup> <sup>D</sup> | 29787 | 28968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 9/25/2059, 2019-6A B2<sup>A</sup> <sup>D</sup> | 67330 | 65695 |
|  NRM FHT1 Excess Owner LLC, 6.545%, Due 3/25/2032, 2025-FHT1 A<sup>A</sup>  | 44414 | 44800 |
|  Prime Mortgage Trust, 6.000%, Due 2/25/2034, 2004-CL1 1A1 | 26116 | 26114 |
|  RCKT Mortgage Trust, 6.902%, Due 6/25/2043, 2023-CES1 M1<sup>A</sup> <sup>D</sup> | 151000 | 151726 |
|  RFMSI Trust, 5.500%, Due 12/25/2034, 2004-S9 1A23 | 10723 | 10429 |
|  Towd Point Mortgage Trust, 4.579%, Due 10/25/2064, 2024-5 A1B<sup>A</sup> <sup>D</sup> | 42534 | 42368 |
|  WaMu Mortgage Pass-Through Certificates Trust, 5.650%, Due 8/25/2033, 2003-AR7 A7<sup>D</sup> | 41302 | 41084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations (Cost $977,368)** |  | **971739** |
|  COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 6.2% |  |  |
|  Bank, 3.265%, Due 9/15/2060, 2017-BNK7 ASB | 15420 | 15274 |
|  BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.576%, Due 7/15/2056, 2023-C20 A5 | 20000 | 21014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/15/2056, 2023-C21 A5<sup>D</sup>  | 15000 | 16163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.403%, Due 9/15/2057, 2024-C28 A5 | 20000 | 20916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.586%, Due 7/15/2058, 2025-C35 A5<sup>D</sup>  | 10000 | 10559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.930%, Due 2/15/2062, 2025-C32 AS | 15000 | 15815 |
|  Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.148%, Due 9/15/2053, 2020-B19 AS | 30000 | 24970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.978%, Due 12/17/2053, 2020-B21 A5 | 10000 | 8806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.254%, Due 12/17/2053, 2020-B21 AS | 10000 | 8716 |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.202%, Due 12/9/2041, 2019-OC11 A<sup>A</sup>  | 15000 | 14197 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 6.2% (continued) |  |  |
|  BX Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.856%, Due 12/9/2041, 2019-OC11 C<sup>A</sup>  | $10000 | $9543 |
|  COMM Mortgage Trust, 2.950%, Due 8/15/2057, 2019-GC44 A5 | 10000 | 9470 |
|  DC Office Trust, 3.072%, Due 9/15/2045, 2019-MTC D<sup>A D</sup> | 10000 | 8495 |
|  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 | 8919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.481%, Due 7/25/2034, K-1514 A1 | 12851 | 11903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.238%, Due 1/25/2035, K-1516 A1 | 48078 | 41202 |
|  Federal National Mortgage Association-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.560%, Due 9/25/2028, 2019-M1 A2<sup>D</sup>  | 19123 | 18921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.714%, Due 7/25/2031, 2021-M17 A2<sup>D</sup>  | 10000 | 8778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, Due 7/25/2033, 2023-M5 A2<sup>D</sup>  | 15000 | 15027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.740%, Due 3/25/2035, 2020-M23 A3 | 10000 | 8140 |
|  FREMF Mortgage Trust, 3.996%, Due 12/25/2050, 2018-K72 B<sup>A</sup> <sup>D</sup> | 20000 | 19757 |
|  FRESB Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.160%, Due 11/25/2027, 2018-SB45 A10F<sup>D</sup>  | 7367 | 7222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.122%, Due 7/25/2038, 2018-SB55 A5H, (30 day USD SOFR Average + 0.814%)<sup>B</sup>  | 6308 | 6286 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, 2.840%, Due 11/15/2049, 2016-C31 A4 | 12666 | 12526 |
|  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> | 9246 | 9054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.120%, Due 3/25/2049, 2019-1 M3<sup>A</sup> <sup>D</sup> | 17482 | 16168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.650%, Due 6/25/2054, 2024-3 A<sup>A</sup> <sup>D</sup> | 73466 | 74577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.670%, Due 4/25/2055, 2025-2 A<sup>A</sup> <sup>D</sup> | 92310 | 92898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Obligations (Cost $541,001)** |  | **535316** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 7.8% |  |  |
|  Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 7/1/2042 | 23406 | 21865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2046 | 29189 | 27631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2047 | 42881 | 39259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2048 | 82338 | 77956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2049 | 22618 | 20524 |
|  |  | **187235** |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2031 | 11143 | 11213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2037 | 27707 | 25910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/1/2037 | 29283 | 27365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/1/2040 | 42688 | 37260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2042 | 31796 | 28570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2042 | 22298 | 19382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2042 | 37406 | 33219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2042 | 38706 | 35937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/1/2043 | 22485 | 22015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2043 | 21767 | 22199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 10/1/2043 | 37323 | 38435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 12/1/2043 | 11026 | 10772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/1/2046 | 20965 | 20527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/1/2046 | 27529 | 24075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/1/2046 | 23779 | 21671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 1/1/2048 | 33743 | 30764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/1/2048 | 18312 | 16746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2048 | 38328 | 34751 |
|  |  | **460811** |
|  Government National Mortgage Association, 3.500%, Due 4/20/2046 | 28042 | **26209** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Agency Mortgage-Backed Obligations (Cost $686,016)** |  | **674255** |
|  U.S. TREASURY OBLIGATIONS - 25.7% |  |  |
|  U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 8/15/2041 | 221000 | 151316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 2/15/2043 | 39000 | 35697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/15/2045 | 160000 | 115869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 2/15/2045 | 59000 | 59820 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  U.S. TREASURY OBLIGATIONS - 25.7% (continued) |  |  |
|  U.S. Treasury Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 8/15/2045 | $22000 | $22660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, Due 11/15/2048 | 534000 | 433187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 11/15/2054 | 84000 | 81693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 5/15/2055 | 66000 | 66866 |
|  |  | **967108** |
|  U.S. Treasury Inflation-Indexed Notes, 1.625%, Due 4/15/2030<sup>E</sup>  | 50891 | **51511** |
|  U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, Due 7/31/2028 | 34000 | 31709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, Due 3/31/2029 | 4000 | 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 4/30/2030 | 78000 | 77397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 3/31/2031 | 201000 | 204604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2032 | 180000 | 169819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 11/15/2033 | 146000 | 151361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 5/15/2035 | 104000 | 105397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 8/15/2035 | 447000 | 452588 |
|  |  | **1196715** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations (Cost $2,275,384)** |  | **2215334** |
|  MUNICIPAL OBLIGATIONS - 5.0% |  |  |
|  Bay Area Toll Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.918%, Due 4/1/2040, Series S1 | 5000 | 5749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.263%, Due 4/1/2049, Series F-2 | 10000 | 10733 |
|  Board of Regents of the University of Texas System, 3.354%, Due 8/15/2047, Series A | 5000 | 3867 |
|  Chicago Transit Authority Sales Tax Receipts Fund, 6.200%, Due 12/1/2040, Series B | 20000 | 21009 |
|  City of New York, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.968%, Due 3/1/2036, Series G-1 | 10000 | 10597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.985%, Due 12/1/2036, Series D1 | 5000 | 5256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.846%, Due 6/1/2040, Series H-1 | 5000 | 5322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.291%, Due 2/1/2045, Series H | 15000 | 15953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.559%, Due 10/1/2045, Series E-1 | 10000 | 10044 |
|  City of San Antonio Electric & Gas Systems Revenue, 5.469%, Due 2/1/2045, Series A | 5000 | 5007 |
|  County of Miami-Dade Water & Sewer System Revenue, 3.490%, Due 10/1/2042, Series C | 5000 | 4176 |
|  Dallas Area Rapid Transit, 2.613%, Due 12/1/2048, Series A | 5000 | 3491 |
|  Dallas Fort Worth International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.089%, Due 11/1/2040, Series C | 5000 | 4131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.843%, Due 11/1/2046, Series C | 5000 | 3696 |
|  East Bay Municipal Utility District Water System Revenue, 5.874%, Due 6/1/2040 | 10000 | 10682 |
|  Los Angeles Community College District, 6.600%, Due 8/1/2042 | 5000 | 5493 |
|  Los Angeles County Public Works Financing Authority, 7.618%, Due 8/1/2040 | 15000 | 18005 |
|  Los Angeles Department of Water & Power, 6.574%, Due 7/1/2045 | 30000 | 32406 |
|  Louisiana Local Government Environmental Facilities & Community Development Authority, 4.475%, Due 8/1/2039, Series A | 25000 | 24355 |
|  Metropolitan Transportation Authority, 6.687%, Due 11/15/2040, Series C1 | 10000 | 11027 |
|  Metropolitan Water Reclamation District of Greater Chicago, 5.720%, Due 12/1/2038 | 10000 | 10520 |
|  New Jersey Transportation Trust Fund Authority, 6.561%, Due 12/15/2040, Series B | 5000 | 5601 |
|  New York City Municipal Water Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.952%, Due 6/15/2042 | 20000 | 21035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.882%, Due 6/15/2044, Series CC | 5000 | 5221 |
|  New York State Dormitory Authority, 5.600%, Due 3/15/2040, Series D | 5000 | 5174 |
|  Oklahoma Development Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.135%, Due 12/1/2033, Series A-1 | 7787 | 7728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.714%, Due 5/1/2052 | 5000 | 4695 |
|  Oregon Education Districts, 2.895%, Due 6/30/2040, Series A | 10000 | 8088 |
|  Port Authority of New York & New Jersey, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.823%, Due 6/1/2045 | 10000 | 9338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.310%, Due 8/1/2046, Series 182 | 10000 | 9921 |
|  South Carolina Student Loan Corp., 5.625%, Due 10/27/2036 | 10406 | 10404 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  MUNICIPAL OBLIGATIONS - 5.0% (continued) |  |  |
|  State of California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, Due 3/1/2038 | $15000 | $15353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.988%, Due 4/1/2039, Series A | 10000 | 9773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.550%, Due 4/1/2039 | 15000 | 18331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600%, Due 11/1/2040 | 5000 | 6185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 10/1/2041 | 15000 | 15790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, Due 3/1/2043 | 10000 | 10026 |
|  State of Oregon, 5.832%, Due 5/1/2045, Series B | 10000 | 10537 |
|  State of Texas, 5.517%, Due 4/1/2039 | 5000 | 5207 |
|  Texas Natural Gas Securitization Finance Corp., 5.169%, Due 4/1/2041 | 10000 | 10273 |
|  Texas Water Development Board, 4.993%, Due 10/15/2054, Series B | 5000 | 4778 |
|  University of Virginia, 6.200%, Due 9/1/2039 | 15000 | 16635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Obligations (Cost $426,784)** |  | **431612** |
|  **TOTAL INVESTMENTS - 99.0% (Cost $8,553,828)** |  | **8530685** |
|  **OTHER ASSETS, NET OF LIABILITIES - 1.0%** |  | **88262** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**8618947** |

---

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 $2,623,116 or 30.4% 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 October 31, 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.

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 October 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NIS Core Plus Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Corporate Obligations | $— | $2584056 | $— | $2584056 |
|  Foreign Corporate Obligations |  | 266662 |  | 266662 |
|  Asset-Backed Obligations |  | 851711 |  | 851711 |
|  Collateralized Mortgage Obligations |  | 971739 |  | 971739 |
|  Commercial Mortgage-Backed Obligations |  | 535316 |  | 535316 |
|  U.S. Agency Mortgage-Backed Obligations |  | 674255 |  | 674255 |
|  U.S. Treasury Obligations |  | 2215334 |  | 2215334 |
|  Municipal Obligations |  | 431612 |  | 431612 |
|  Total Investments in Securities - Assets | $— | $8530685 | $— | $8530685 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended October 31, 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** 

October 31, 2025 (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** 

October 31, 2025 (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.

Fixed-income securities purchased on a delayed-delivery basis are marked-to-market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

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

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

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

------

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

**Supplementary Notes to Schedule of Investments** 

October 31, 2025 (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 Developing World Income Fund

- **b. EDGAR series identifier (if any):** S000044050

- **c. LEI of Series:** 5493006BLM91S7IS8616

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $1329454191.20

**Total Liabilities:** $21326202.52

**Net Assets:** $1308127988.68

**Delayed Delivery Securities:** $19842000.00

**Cash Not Reported:** $4351471.07

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -306.07000000 | **1-Year:** -4985.77000000 | **5-Year:** -3545.65000000 | **10-Year:** -11012.48000000 | **30-Year:** -2755.41000000

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

- **3-Month:** -4983.15000000 | **1-Year:** -50891.29000000 | **5-Year:** -118039.33000000 | **10-Year:** -152302.13000000 | **30-Year:** -63557.97000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000136710 | 0.90%                | 1.62%                | 3.11%                |
| Class ID C000136711 | 0.98%                | 1.57%                | 2.93%                |
| Class ID C000136712 | 1.06%                | 1.65%                | 3.13%                |
| Class ID C000136713 | 0.90%                | 1.62%                | 3.11%                |
| Class ID C000136714 | 1.06%                | 1.64%                | 3.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1942405.98              | $-46872.12                                 |
| Month 2  | $882054.66               | $8146407.38                                |
| Month 3  | $576801.56               | $25289637.70                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACCESS BANK PLC                                   | Access Bank PLC                                                    | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |      1207000 | PA      | $1195664.91   | 0.09%             | 2026-09-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                | Angola Government International Bonds                              | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      6463000 | PA      | $6178656.95   | 0.47%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                | Angola Government International Bonds                              | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      3475000 | PA      | $3257717.95   | 0.25%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                | Angolan Government International Bonds                             | CUSIP: 035198AJ9<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      2907000 | PA      | $2810317.77   | 0.21%             | 2035-10-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                  | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      2643280 | PA      | $2160881.40   | 0.17%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                  | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     27707284 | PA      | $19408952.44  | 1.48%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                  | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     15052953 | PA      | $12802536.36  | 0.98%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| AXIAN TELE HOLD PLC                               | Axian Telecom Holding & Management PLC                             | CUSIP: 05465QAA7<br>LEI: 984500B7DCD97EB04857 | Long             | DBT              | CORP              | AE        |      2422000 | PA      | $2447829.88   | 0.19%             | 2030-07-11      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                          | Azule Energy Finance PLC                                           | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |       830000 | PA      | $834154.98    | 0.06%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BARBADOS GOVT OF                                  | Barbados Government International Bonds                            | CUSIP: 067070AK8<br>LEI: 529900UD1KUUS4SFD905 | Long             | DBT              | NUSS              | BB        |      4459000 | PA      | $4637360.00   | 0.35%             | 2035-06-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                               | Benin Government International Bonds                               | CUSIP: 08205QAC2<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      2480000 | PA      | $2643653.46   | 0.20%             | 2041-01-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074PD1<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |   2001874002 | PA      | $1530574.94   | 0.12%             | 2031-02-25      | Fixed         | 18.50%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074PJ8<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |   3217564055 | PA      | $2460056.39   | 0.19%             | 2031-02-25      | Fixed         | 18.50%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074PV1<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |    137313000 | PA      | $1203668.94   | 0.09%             | 2029-05-17      | Fixed         | 12.40%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074PW9<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |    446700000 | PA      | $3693023.88   | 0.28%             | 2026-06-09      | Fixed         | 12.30%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074QP3<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |     76000000 | PA      | $625210.12    | 0.05%             | 2026-04-08      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074RX5<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |    310000000 | PA      | $6197768.84   | 0.47%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074RZ0<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |     55000000 | PA      | $1094353.30   | 0.08%             | 2026-01-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074SA4<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |   4161110637 | PA      | $2856841.01   | 0.22%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074SC0<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |   8900000000 | PA      | $5952108.92   | 0.46%             | 2026-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074SD8<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |   2852460000 | PA      | $1875030.63   | 0.14%             | 2026-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074SR7<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |     50900000 | PA      | $2672043.83   | 0.20%             | 2029-06-11      | Fixed         | 22.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074SZ9<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |     65000000 | PA      | $3350864.09   | 0.26%             | 2029-11-27      | Fixed         | 20.74%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074TA3<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |     53000000 | PA      | $2001811.43   | 0.15%             | 2033-08-23      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074TL9<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |   6369442550 | PA      | $4372987.48   | 0.33%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074TU9<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |      6500000 | PA      | $2370892.99   | 0.18%             | 2028-07-31      | Fixed         | 9.35%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074TX3<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |    200000000 | PA      | $3088778.21   | 0.24%             | 2027-09-25      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074UE3<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |     77000000 | PA      | $1182480.31   | 0.09%             | 2026-10-27      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 173074YA7<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | NG        |   7905204559 | PA      | $4832103.38   | 0.37%             | 2026-07-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                          | Digicel International Finance Ltd./Difl U.S. LLC                   | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      1451000 | PA      | $1444463.94   | 0.11%             | 2032-08-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bonds                             | CUSIP: 25714PES3<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     54750000 | PA      | $1023420.23   | 0.08%             | 2033-02-03      | Fixed         | 13.62%                | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bonds                             | CUSIP: 25714PEW4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    172000000 | PA      | $2948093.39   | 0.23%             | 2035-09-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bonds                             | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    123000000 | PA      | $2058933.85   | 0.16%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bonds                             | CUSIP: 25714PFD5<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     19150000 | PA      | $315937.74    | 0.02%             | 2037-03-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bonds                             | CUSIP: 25714WBR3<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    249000000 | PA      | $4296322.15   | 0.33%             | 2029-09-23      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| UBS AG                                            | Purchased USD / Sold EUR                                           | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |            1 | NC      | $506397.11    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                       | Purchased USD / Sold EUR                                           | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |            1 | NC      | $22312.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                       | Purchased USD / Sold EUR                                           | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |            1 | NC      | $8392.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                       | Purchased USD / Sold EUR                                           | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |            1 | NC      | $20321.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                           | Purchased USD / Sold EUR                                           | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |            1 | NC      | $369450.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | Purchased USD / Sold EUR                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |            1 | NC      | $10878.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | Purchased USD / Sold EUR                                           | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |            1 | NC      | $13610.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ECOBANK TRANSNATIONAL                             | Ecobank Transnational, Inc.                                        | CUSIP: 27889PAB9<br>LEI: 213800USCE9Y111R4656 | Long             | DBT              | CORP              | TG        |       847000 | PA      | $857587.50    | 0.07%             | 2031-06-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ECOBANK TRANSNATIONAL                             | Ecobank Transnational, Inc.                                        | CUSIP: 27889PAC7<br>LEI: 213800USCE9Y111R4656 | Long             | DBT              | CORP              | TG        |      1457000 | PA      | $1583300.00   | 0.12%             | 2029-10-15      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                           | El Salvador Government International Bonds                         | CUSIP: 283875CG5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     11907000 | PA      | $13358300.41  | 1.02%             | 2054-11-21      | Fixed         | 9.65%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                          | First Quantum Minerals Ltd.                                        | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |       499000 | PA      | $522600.70    | 0.04%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                          | First Quantum Minerals Ltd.                                        | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |       234000 | PA      | $248691.22    | 0.02%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                          | First Quantum Minerals Ltd.                                        | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |       412000 | PA      | $427866.53    | 0.03%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                 | Ghana Government International Bonds                               | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |       380704 | PA      | $369284.87    | 0.03%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                 | Ghana Government International Bonds                               | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      9061248 | PA      | $8811986.57   | 0.67%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                 | Ghana Government International Bonds                               | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |       960283 | PA      | $828561.09    | 0.06%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                 | Ghana Government International Bonds                               | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     16583070 | PA      | $14271389.05  | 1.09%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                     | HTA Group Ltd.                                                     | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |      2772000 | PA      | $2874330.60   | 0.22%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HERITAGE PETROL CO LTD                            | Heritage Petroleum Co. Ltd.                                        | CUSIP: 42727GAA6<br>LEI: 25490055MYPABN06OA04 | Long             | DBT              | CORP              | TT        |      2624000 | PA      | $2690912.00   | 0.21%             | 2029-08-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                   | IHS Holding Ltd.                                                   | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |      1642000 | PA      | $1674952.66   | 0.13%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT OF JAMAICA                             | Jamaica Government International Bonds                             | CUSIP: 470160CF7<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |    500000000 | PA      | $3294392.52   | 0.25%             | 2030-11-03      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                 | Republic of Kenya Government International Bonds                   | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     14143000 | PA      | $14472122.74  | 1.11%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                                 | Kosmos Energy Ltd.                                                 | CUSIP: 500688AD8<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |      3244000 | PA      | $2581790.28   | 0.20%             | 2028-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                              | Kyrgyz Republic International Bonds                                | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |     18152000 | PA      | $18271270.44  | 1.40%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LIQUID TELECOM FINANCE                            | Liquid Telecommunications Financing PLC                            | CUSIP: 536333AB3<br>LEI: 635400MXAVJRJJCWVI87 | Long             | DBT              | CORP              | GB        |      1119000 | PA      | $995209.74    | 0.08%             | 2026-09-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY FIN LLC                            | Morgan Stanley Finance LLC                                         | CUSIP: 61774FLZ3<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |   6500000000 | PA      | $2625225.08   | 0.20%             | 2026-12-15      | Fixed         | 12.15%                | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                          | Navoi Mining & Metallurgical Combinat                              | CUSIP: 63890CAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |      1979000 | PA      | $2118713.26   | 0.16%             | 2031-10-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                              | Paraguay Government International Bonds                            | CUSIP: 699149AP5<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |  23803000000 | PA      | $3169794.42   | 0.24%             | 2031-02-09      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                              | Paraguay Government International Bonds                            | CUSIP: 699149BX7<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |  17711000000 | PA      | $2371707.07   | 0.18%             | 2035-03-04      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                          | Uruguay Government International Bonds                             | CUSIP: 760942BF8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    136700000 | PA      | $3791526.15   | 0.29%             | 2033-07-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SAGICOR FINANCIAL CO                              | Sagicor Financial Co. Ltd.                                         | CUSIP: 78669QAA8<br>LEI: 984500P7FADAA3A50B04 | Long             | DBT              | CORP              | BM        |      4444000 | PA      | $4395560.40   | 0.34%             | 2028-05-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Republic of Zambia (Issuer ICBC Standard Bank PLC)                 | CUSIP: 85312EDT7<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |     67522376 | PA      | $2942477.16   | 0.22%             | 2026-01-27      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Republic of Mozambique (Issuer ICBC Standard Bank PLC)             | CUSIP: 85312EDZ3<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |     51000000 | PA      | $822719.66    | 0.06%             | 2028-05-12      | Fixed         | 19.00%                | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Azerbaijan Treasury Bonds (Issuer ICBC Standard Bank PLC)          | CUSIP: 85312EE25<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |      5000000 | PA      | $2982970.59   | 0.23%             | 2028-05-11      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Republic of Mozambique (Issuer ICBC Standard Bank PLC)             | CUSIP: 85312EE33<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |    130000000 | PA      | $2143835.38   | 0.16%             | 2029-01-15      | Fixed         | 18.00%                | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Republic of Uzbekistan (Issuer ICBC Standard Bank PLC)             | CUSIP: 85312EEA7<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |  13125000000 | PA      | $1134732.75   | 0.09%             | 2029-01-23      | Fixed         | 16.00%                | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Republic of Mozambique (Issuer ICBC Standard Bank PLC)             | CUSIP: 85312EEE9<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |    188500000 | PA      | $3253007.67   | 0.25%             | 2029-05-24      | Fixed         | 17.00%                | Yes           |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Federal Republic of Nigeria (Issuer ICBC Standard Bank PLC)        | CUSIP: 85312EEG4<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |   4424651000 | PA      | $3070090.05   | 0.23%             | 2025-11-06      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Federal Republic of Nigeria (Issuer ICBC Standard Bank PLC)        | CUSIP: 85312EEH2<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |   9471580000 | PA      | $6214612.45   | 0.48%             | 2026-02-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Republic of Mozambique (Issuer ICBC Standard Bank PLC)             | CUSIP: 85312EEK5<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |    199521000 | PA      | $3202264.44   | 0.24%             | 2030-03-14      | Fixed         | 14.25%                | Yes           |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | ICBC Standard Bank PLC                                             | CUSIP: 85312EEM1<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | ZM        |     94500000 | PA      | $3742957.02   | 0.29%             | 2033-08-23      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | ICBC Standard Bank PLC                                             | CUSIP: 85312EEN9<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |   1308000000 | PA      | $829069.22    | 0.06%             | 2026-04-09      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | ICBC Standard Bank PLC                                             | CUSIP: 85312EEP4<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |   1364000000 | PA      | $827491.42    | 0.06%             | 2026-07-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | ICBC Standard Bank PLC                                             | CUSIP: 85312EEQ2<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |     30600000 | PA      | $1321184.61   | 0.10%             | 2031-01-29      | Fixed         | 13.00%                | Yes           |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | ICBC Standard Bank PLC                                             | CUSIP: 85312EES8<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |    215000000 | PA      | $3447569.83   | 0.26%             | 2030-09-12      | Fixed         | 14.05%                | Yes           |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | ICBC Standard Bank PLC                                             | CUSIP: 85312EET6<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |  38000000000 | PA      | $3213595.23   | 0.25%             | 2028-10-03      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                          | Suriname Government International Bonds                            | CUSIP: 86886PAF9<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |     19842000 | PA      | $20437260.00  | 1.56%             | 2035-11-06      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UNITED BANK FOR AFRICA P                          | United Bank for Africa PLC                                         | CUSIP: 91339U2A1<br>LEI: 0292002067E3RH4D8768 | Long             | DBT              | CORP              | NG        |      1984000 | PA      | $1985190.40   | 0.15%             | 2026-11-19      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                          | Uruguay Government International Bonds                             | CUSIP: 917288BL5<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    394263884 | PA      | $10557549.14  | 0.81%             | 2040-07-02      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                          | Uruguay Government International Bonds                             | CUSIP: 917288BP6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    123974220 | PA      | $3152767.20   | 0.24%             | 2045-05-16      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                              | Republic of Uzbekistan International Bonds                         | CUSIP: 91822QVW4<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |  62860000000 | PA      | $5386432.86   | 0.41%             | 2026-10-12      | Fixed         | 16.25%                | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                              | Republic of Uzbekistan International Bonds                         | CUSIP: 91824PAB3<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |  53850000000 | PA      | $4605416.46   | 0.35%             | 2027-05-29      | Fixed         | 16.62%                | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                              | Republic of Uzbekistan International Bonds                         | CUSIP: 91824PAD9<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        | 111860000000 | PA      | $9616142.06   | 0.74%             | 2028-02-25      | Fixed         | 15.50%                | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ                                     | Uzbekneftegaz JSC                                                  | CUSIP: 91825MAB9<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |       211000 | PA      | $200136.02    | 0.02%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ                                     | Uzbekneftegaz JSC                                                  | CUSIP: 91825MAC7<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |      2046000 | PA      | $2181060.63   | 0.17%             | 2030-05-07      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bonds                           | CUSIP: 922646AS3<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      3700000 | PA      | $1128870.00   | 0.09%             | 2027-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| American Beacon U.S. Government Money Market      | American Beacon U.S. Government Money Market Fund                  | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |    120575793 | NS      | $120575793.27 | 9.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LEBANESE REPUBLIC                                 | Lebanon Government International Bonds                             | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      9305000 | PA      | $2114595.86   | 0.16%             | 2037-03-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     43467948 | PA      | $331868.31    | 0.03%             | 2026-10-12      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| SRI LANKA GOVT BOND                               | Sri Lanka Government Bonds                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |   1195000000 | PA      | $4112736.26   | 0.31%             | 2030-05-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                             | Republic of Ghana Government Bonds                                 | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     47576000 | PA      | $4108486.15   | 0.31%             | 2026-11-02      | Fixed         | 19.00%                | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds            | Nigeria Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      2586000 | PA      | $2591621.19   | 0.20%             | 2032-02-16      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |   6400000000 | PA      | $1857945.25   | 0.14%             | 2025-12-18      | Fixed         | 19.50%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     64500000 | PA      | $2884445.78   | 0.22%             | 2026-08-29      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |   2500000000 | PA      | $724897.80    | 0.06%             | 2027-05-06      | Fixed         | 16.00%                | No            |                  2 | On Loan: No      |
| TAJIKISTAN INT BOND                               | Republic of Tajikistan International Bonds                         | CUSIP: 000000000<br>LEI: 529900W1LSYUF3CYVU10 | Long             | DBT              | NUSS              | TJ        |      3004667 | PA      | $3013364.58   | 0.23%             | 2027-09-14      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NIGERIA GOVERNMENT BOND                           | Nigeria Government Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    290000000 | PA      | $195880.70    | 0.01%             | 2027-03-17      | Fixed         | 16.29%                | No            |                  2 | On Loan: No      |
| NIGERIA GOVERNMENT BOND                           | Nigeria Government Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    856000000 | PA      | $585839.09    | 0.04%             | 2026-01-22      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |   3460000000 | PA      | $1021531.40   | 0.08%             | 2031-04-03      | Fixed         | 17.00%                | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                             | Egypt Government Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     10000000 | PA      | $185856.74    | 0.01%             | 2027-11-07      | Fixed         | 15.70%                | No            |                  2 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    485000000 | PA      | $3731267.76   | 0.29%             | 2033-01-10      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     24795000 | PA      | $1081691.33   | 0.08%             | 2027-12-18      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                               | Senegal Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |      6190000 | PA      | $6035798.04   | 0.46%             | 2028-03-13      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| IVORY COAST                                       | Ivory Coast Government International Bonds                         | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     17601000 | PA      | $18186038.89  | 1.39%             | 2048-03-22      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Zambezi BV                                        | Republic of Kyrgyzstan (Issuer Zambezi BV)                         | CUSIP: 000000000<br>LEI: 724500IN99XG3EVGLT10 | Long             | SN               | CORP              | NL        |    180000000 | PA      | $1979485.42   | 0.15%             | 2028-04-13      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Angola Government International Bonds             | Angola Government International Bonds                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |       985000 | PA      | $845203.67    | 0.06%             | 2048-05-08      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Angola Government International Bonds             | Angola Government International Bonds                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      3530000 | PA      | $3479133.09   | 0.27%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                 | Lebanon Government International Bonds                             | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     19037000 | PA      | $4359149.37   | 0.33%             | 2034-05-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                 | Lebanon Government International Bonds                             | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     27552000 | PA      | $6265327.56   | 0.48%             | 2033-05-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SRI LANKA GOVT BOND                               | Sri Lanka Government Bonds                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    300000000 | PA      | $1020425.99   | 0.08%             | 2028-03-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |  13778000000 | PA      | $3593073.72   | 0.27%             | 2033-02-03      | Fixed         | 14.38%                | No            |                  2 | On Loan: No      |
| TUNISIAN REPUBLIC                                 | Tunisian Republic                                                  | CUSIP: 000000000<br>LEI: 254900B5LFB16S9T2T11 | Long             | DBT              | NUSS              | TN        |      9597000 | PA      | $11000424.44  | 0.84%             | 2026-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TUNISIAN REPUBLIC                                 | Tunisian Republic                                                  | CUSIP: 000000000<br>LEI: 254900B5LFB16S9T2T11 | Long             | DBT              | NUSS              | TN        |       100000 | PA      | $114623.58    | 0.01%             | 2026-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |   6100000000 | PA      | $1671942.20   | 0.13%             | 2029-08-23      | Fixed         | 14.25%                | No            |                  2 | On Loan: No      |
| IVORY COAST                                       | Ivory Coast Government International Bonds                         | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      6110000 | PA      | $6843434.60   | 0.52%             | 2040-10-17      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |  51741800000 | PA      | $13130549.89  | 1.00%             | 2034-06-22      | Fixed         | 14.25%                | No            |                  2 | On Loan: No      |
| GEORGIA T-BOND                                    | Georgia Treasury Bonds                                             | CUSIP: 000000000<br>LEI: 2138007T8RLEVDMLQ257 | Long             | DBT              | NUSS              | GE        |      5000000 | PA      | $1887833.34   | 0.14%             | 2028-01-18      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    112000000 | PA      | $817997.21    | 0.06%             | 2035-10-08      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                            | Mozambique International Bonds                                     | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |     21213000 | PA      | $18352078.42  | 1.40%             | 2031-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                            | Mozambique International Bonds                                     | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |      2353000 | PA      | $2035659.29   | 0.16%             | 2031-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Angola Government International Bonds             | Angola Government International Bonds                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     16593000 | PA      | $13926245.88  | 1.06%             | 2049-11-26      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                 | Lebanon Government International Bonds                             | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     12312000 | PA      | $2807136.00   | 0.21%             | 2028-03-20      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REP OF ANGOLA(AVENIR IS)                          | Republic of Angola Via Avenir Issuer II Ireland DAC                | CUSIP: 000000000<br>LEI: 635400VEZIQKZPR7KU35 | Long             | DBT              | NUSS              | IE        |       739286 | PA      | $717154.14    | 0.05%             | 2027-02-19      | Fixed         | 6.93%                 | Yes           |                  2 | On Loan: No      |
| Egypt Government International Bonds              | Egypt Government International Bonds                               | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     15867000 | PA      | $15001103.85  | 1.15%             | 2050-05-29      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     30000000 | PA      | $1251259.54   | 0.10%             | 2028-12-17      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                               | Ecuador Government International Bonds                             | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      1149545 | PA      | $1047235.50   | 0.08%             | 2030-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds            | Ecuador Government International Bonds                             | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      5432656 | PA      | $4949149.62   | 0.38%             | 2030-07-31      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                               | Ecuador Government International Bonds                             | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      2950930 | PA      | $2257461.45   | 0.17%             | 2035-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds            | Ecuador Government International Bonds                             | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     12191778 | PA      | $9326710.17   | 0.71%             | 2035-07-31      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                               | Ecuador Government International Bonds                             | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      1625550 | PA      | $1105374.00   | 0.08%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds            | Ecuador Government International Bonds                             | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     17798300 | PA      | $12102844.00  | 0.93%             | 2040-07-31      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Malawi (Issuer Tugela BV)                              | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |       700000 | PA      | $302680.00    | 0.02%             | 2027-06-18      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Malawi (Issuer Tugela BV)                              | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |       650000 | PA      | $279305.00    | 0.02%             | 2027-09-03      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Kyrgyzstan (Issuer Tugela BV)                          | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |     95000000 | PA      | $1093613.49   | 0.08%             | 2028-02-07      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| IVORY COAST                                       | Ivory Coast Government International Bonds                         | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      4591000 | PA      | $5117120.22   | 0.39%             | 2032-01-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |  37308300000 | PA      | $10351567.13  | 0.79%             | 2035-11-08      | Fixed         | 16.25%                | No            |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |   6940000000 | PA      | $1986812.62   | 0.15%             | 2030-11-14      | Fixed         | 16.00%                | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                               | Benin Government International Bonds                               | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      2408000 | PA      | $2558331.92   | 0.20%             | 2052-01-19      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    152000000 | PA      | $1131788.05   | 0.09%             | 2037-01-05      | Fixed         | 12.26%                | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                             | Republic of Ghana Government Bonds                                 | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     19750000 | PA      | $1642414.26   | 0.13%             | 2027-01-18      | Fixed         | 19.25%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    114100000 | PA      | $5114347.84   | 0.39%             | 2026-01-25      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   1160000000 | PA      | $1958454.30   | 0.15%             | 2027-03-06      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Paraguay (Issuer Tugela BV)                            | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |  13700000000 | PA      | $1968669.00   | 0.15%             | 2031-02-14      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    400000000 | PA      | $522238.64    | 0.04%             | 2034-02-17      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     12250000 | PA      | $91027.62     | 0.01%             | 2029-04-02      | Fixed         | 10.85%                | No            |                  2 | On Loan: No      |
| Pakistan Government International Bonds           | Pakistan Government International Bonds                            | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      2556000 | PA      | $2524414.49   | 0.19%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                           | Pakistan Government International Bonds                            | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      2075000 | PA      | $1981008.39   | 0.15%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                             | Egypt Government Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      6500000 | PA      | $131248.74    | 0.01%             | 2026-04-06      | Fixed         | 14.48%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     12000000 | PA      | $545063.62    | 0.04%             | 2026-08-18      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     84800000 | PA      | $3322615.28   | 0.25%             | 2031-01-25      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                               | Senegal Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     11100000 | PA      | $8345260.60   | 0.64%             | 2037-06-08      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Malawi (Issuer Tugela BV)                              | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |      2700000 | PA      | $1263330.00   | 0.10%             | 2026-08-15      | Fixed         | 18.50%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   1130000000 | PA      | $1918147.79   | 0.15%             | 2027-05-19      | Fixed         | 10.40%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF RWANDA                                | Rwanda International Government Bonds                              | CUSIP: 000000000<br>LEI: 213800DQC28OBRZDYJ87 | Long             | DBT              | NUSS              | RW        |      2790000 | PA      | $2530354.65   | 0.19%             | 2031-08-09      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     12000000 | PA      | $537760.12    | 0.04%             | 2026-06-17      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEOKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    500000000 | PA      | $890295.57    | 0.07%             | 2026-08-04      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |   3836900000 | PA      | $1104025.36   | 0.08%             | 2032-03-04      | Fixed         | 16.38%                | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds            | Nigeria Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      3609000 | PA      | $3343817.75   | 0.26%             | 2051-09-28      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Nigeria Government International Bonds            | Nigeria Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      1926000 | PA      | $1889556.54   | 0.14%             | 2028-09-28      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     42800000 | PA      | $1790638.24   | 0.14%             | 2028-05-31      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ARMENIAN TREASURY BONDS                           | Republic of Armenia Treasury Bonds                                 | CUSIP: 000000000<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |    385000000 | PA      | $1003076.01   | 0.08%             | 2026-04-29      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Republic of Mozambique (Issuer ICBC Standard Bank PLC)             | CUSIP: 000000000<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |     40000000 | PA      | $653814.26    | 0.05%             | 2025-11-13      | Fixed         | 14.50%                | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bonds                             | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    220000000 | PA      | $3365157.05   | 0.26%             | 2027-02-12      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | Republic of Mozambique (Issuer ICBC Standard Bank PLC)             | CUSIP: 000000000<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |     46752000 | PA      | $768443.25    | 0.06%             | 2027-02-11      | Variable      | 14.50%                | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds            | Nigeria Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      3454000 | PA      | $3584553.67   | 0.27%             | 2029-03-24      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Angola Government International Bonds             | Angola Government International Bonds                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      6066000 | PA      | $5686709.95   | 0.43%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                            | ICBC Standard Bank PLC                                             | CUSIP: 000000000<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |    100000000 | PA      | $1564822.78   | 0.12%             | 2025-05-11      | Fixed         | 17.00%                | No            |                  3 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    828000000 | PA      | $6409056.07   | 0.49%             | 2041-01-28      | Fixed         | 12.96%                | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Municipalidad de Asuncion (Issuer Tugela BV)                       | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |  16600000000 | PA      | $2588426.76   | 0.20%             | 2032-11-22      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEOKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   1830000000 | PA      | $3322443.81   | 0.25%             | 2026-09-16      | Fixed         | 13.90%                | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                           | European Bank for Reconstruction & Development                     | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |  29495000000 | PA      | $1114684.59   | 0.09%             | 2025-12-07      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    250000000 | PA      | $2019314.32   | 0.15%             | 2036-10-27      | Fixed         | 13.94%                | No            |                  2 | On Loan: No      |
| DOM REP CB NOTES                                  | Dominican Republic Central Bank Notes                              | CUSIP: 000000000<br>LEI: 549300DTVR57NON7XL66 | Long             | DBT              | NUSS              | DO        |    105000000 | PA      | $1638821.27   | 0.13%             | 2025-12-05      | Fixed         | 13.00%                | Yes           |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                          | Citigroup Global Markets Holdings, Inc.                            | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |   1060000000 | PA      | $736257.22    | 0.06%             | 2026-01-26      | Fixed         | 12.50%                | Yes           |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |   2600000000 | PA      | $703894.76    | 0.05%             | 2032-05-20      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                                 | International Finance Corp.                                        | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |      2013480 | PA      | $1178146.37   | 0.09%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                             | Republic of Ghana Government Bonds                                 | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     28000000 | PA      | $2189135.17   | 0.17%             | 2028-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                             | Republic of Ghana Government Bonds                                 | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     40400000 | PA      | $2742457.23   | 0.21%             | 2031-02-11      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                             | Republic of Ghana Government Bonds                                 | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     32000000 | PA      | $2051487.24   | 0.16%             | 2033-02-08      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                             | Republic of Ghana Government Bonds                                 | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     41100000 | PA      | $2702926.04   | 0.21%             | 2032-02-10      | Fixed         | 9.10%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                             | Republic of Ghana Government Bonds                                 | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      5400000 | PA      | $339389.73    | 0.03%             | 2034-02-07      | Fixed         | 9.40%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                             | Republic of Ghana Government Bonds                                 | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     20000000 | PA      | $1225877.49   | 0.09%             | 2036-02-05      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEOKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   2260444000 | PA      | $4068006.54   | 0.31%             | 2027-11-18      | Fixed         | 15.35%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   1176866000 | PA      | $2073762.71   | 0.16%             | 2029-03-03      | Fixed         | 15.30%                | No            |                  2 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    300000000 | PA      | $2478029.29   | 0.19%             | 2040-02-20      | Fixed         | 14.40%                | No            |                  2 | On Loan: No      |
| ZAMBEZI BV                                        | Development Bank of Mongolia (Issuer Zambezi BV)                   | CUSIP: 000000000<br>LEI: 724500IN99XG3EVGLT10 | Long             | SN               | CORP              | NL        |  27500000000 | PA      | $8340364.80   | 0.64%             | 2027-05-12      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| ARMENIAN TREASURY BONDS                           | Republic of Armenia Treasury Bonds                                 | CUSIP: 000000000<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |   2240000000 | PA      | $5967594.79   | 0.46%             | 2028-04-29      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Malawi (Issuer Tugela BV)                              | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |       500000 | PA      | $267650.00    | 0.02%             | 2027-08-20      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    970000000 | PA      | $1566842.23   | 0.12%             | 2028-04-12      | Fixed         | 10.40%                | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Democratic Republic of Congo (Issuer Tugela BV)                    | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |      2166667 | PA      | $2253766.67   | 0.17%             | 2027-12-14      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| ARMENIAN TREASURY BONDS                           | Republic of Armenia Treasury Bonds                                 | CUSIP: 000000000<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |    325000000 | PA      | $854661.69    | 0.07%             | 2026-04-29      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ZAMBEZI BV                                        | Zambezi BV                                                         | CUSIP: 000000000<br>LEI: 724500IN99XG3EVGLT10 | Long             | SN               | CORP              | NL        |  13500000000 | PA      | $2031998.91   | 0.16%             | 2035-06-22      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                            | Republic of Uganda Government Bonds                                | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |  26573000000 | PA      | $6509306.20   | 0.50%             | 2043-06-18      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| SRI LANKA GOVT BOND                               | Sri Lanka Government Bonds                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    661000000 | PA      | $2167353.89   | 0.17%             | 2028-05-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |      9000000 | PA      | $334457.02    | 0.03%             | 2033-06-26      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |      8000000 | PA      | $317725.08    | 0.02%             | 2030-07-27      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEOKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    500000000 | PA      | $928066.12    | 0.07%             | 2026-01-21      | Fixed         | 10.67%                | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                             | Republic of Ghana Government Bonds                                 | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      4000000 | PA      | $301160.71    | 0.02%             | 2028-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                              | Republic of Uzbekistan International Bonds                         | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        | 116570000000 | PA      | $9988808.12   | 0.76%             | 2026-10-12      | Fixed         | 16.25%                | Yes           |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Malawi (Issuer Tugela BV)                              | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |       800000 | PA      | $493680.00    | 0.04%             | 2027-06-02      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     20700000 | PA      | $906647.75    | 0.07%             | 2026-08-21      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   1894390000 | PA      | $2623639.04   | 0.20%             | 2029-08-13      | Fixed         | 7.68%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds        | Ivory Coast Government International Bonds                         | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      6706000 | PA      | $7122452.12   | 0.54%             | 2037-01-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                               | Benin Government International Bonds                               | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      8180000 | PA      | $8510072.65   | 0.65%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds  | Republic of Kenya Government International Bonds                   | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      4371000 | PA      | $4691104.15   | 0.36%             | 2031-02-16      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |   2602800000 | PA      | $24378916.50  | 1.86%             | 2032-08-09      | Fixed         | 18.46%                | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Malawi (Issuer Tugela BV)                              | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |      1000000 | PA      | $998700.00    | 0.08%             | 2026-08-19      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   2574580000 | PA      | $4254441.77   | 0.33%             | 2027-07-03      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                               | Senegal Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |      2600000 | PA      | $2047653.35   | 0.16%             | 2031-06-10      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ZAMBEZI BV                                        | Republic of Cote d'Ivoire (Issuer Zambezi BV)                      | CUSIP: 000000000<br>LEI: 724500IN99XG3EVGLT10 | Long             | SN               | CORP              | NL        |    666666666 | PA      | $1171586.15   | 0.09%             | 2026-08-02      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Zambia Government International Bonds             | Zambia Government International Bonds                              | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |      8730960 | PA      | $8381986.76   | 0.64%             | 2033-06-30      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Zambia Government International Bonds             | Zambia Government International Bonds                              | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     14731461 | PA      | $10283855.56  | 0.79%             | 2053-12-31      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    165000000 | PA      | $258533.01    | 0.02%             | 2030-03-07      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                                 | International Finance Corp.                                        | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |  18000000000 | PA      | $1616567.72   | 0.12%             | 2028-07-19      | Fixed         | 17.50%                | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                                 | International Finance Corp.                                        | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |      4100000 | PA      | $2439427.65   | 0.19%             | 2026-07-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                              | Republic of Cameroon International Bonds                           | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |     11774000 | PA      | $11167231.38  | 0.85%             | 2031-07-31      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |   7600000000 | PA      | $721386.85    | 0.06%             | 2027-07-23      | Fixed         | 18.35%                | No            |                  2 | On Loan: No      |
| NIGERIA GOVERNMENT BOND                           | Nigeria Government Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   1230000000 | PA      | $937054.69    | 0.07%             | 2031-02-21      | Fixed         | 18.50%                | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                             | Egypt Government Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    171950000 | PA      | $3681792.49   | 0.28%             | 2027-08-13      | Fixed         | 25.32%                | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                             | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     15614145 | PA      | $7945616.03   | 0.61%             | 2035-02-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                             | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       205404 | PA      | $107924.96    | 0.01%             | 2030-02-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                             | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       757900 | PA      | $424613.54    | 0.03%             | 2034-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                             | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       540538 | PA      | $274951.37    | 0.02%             | 2036-02-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                             | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       767563 | PA      | $317940.29    | 0.02%             | 2034-02-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                             | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     12707066 | PA      | $7048617.52   | 0.54%             | 2035-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                             | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      1313747 | PA      | $721380.88    | 0.06%             | 2036-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Kyrgyzstan (Issuer Tugela BV)                          | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |    305000000 | PA      | $2838296.17   | 0.22%             | 2029-09-13      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Kyrgyzstan (Issuer Tugela BV)                          | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |    220000000 | PA      | $2562264.15   | 0.20%             | 2027-09-13      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | SN               | CORP              | US        |    131125000 | PA      | $2829679.72   | 0.22%             | 2027-08-18      | Fixed         | 25.32%                | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                             | Egypt Government Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    182654000 | PA      | $3892882.20   | 0.30%             | 2027-10-01      | Fixed         | 24.46%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   2300000000 | PA      | $3510666.88   | 0.27%             | 2029-07-28      | Fixed         | 10.55%                | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |  13500000000 | PA      | $1136487.94   | 0.09%             | 2026-10-23      | Fixed         | 16.25%                | No            |                  2 | On Loan: No      |
| RUFIJI BV                                         | Development Bank of Mongolia (Issuer Rufiji BV)                    | CUSIP: 000000000<br>LEI: 2138002PSD6UU8BI9K98 | Long             | SN               | CORP              | NL        |  18900000000 | PA      | $5272631.58   | 0.40%             | 2031-10-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AURORA AUSTRALIS BV                               | Republic of Mongolia (Issuer Aurora Australis BV)                  | CUSIP: 000000000<br>LEI: 724500PTLCPQVL0B8284 | Long             | SN               | CORP              | NL        |   8000000000 | PA      | $2342522.97   | 0.18%             | 2031-11-25      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                                 | International Finance Corp.                                        | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |   4300000000 | PA      | $1142678.00   | 0.09%             | 2027-11-29      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| SRI LANKA GOVT BOND                               | Sri Lanka Government Bonds                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |   1501000000 | PA      | $4499252.95   | 0.34%             | 2033-11-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BONO TESORO CAPITALIZAB                           | Bono Del Tesoro Nacional Capitalizable en Pesos                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |   4500000000 | PA      | $4155385.24   | 0.32%             | 2026-02-13      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                             | Egypt Government Bonds                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    468321000 | PA      | $9988618.55   | 0.76%             | 2027-12-03      | Fixed         | 24.14%                | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                                 | International Finance Corp.                                        | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |      1799000 | PA      | $1012974.57   | 0.08%             | 2028-12-15      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| NEDER FINANCIERINGS-MAAT                          | Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV | CUSIP: 000000000<br>LEI: XTC5E2QFTEF0435JWL77 | Long             | DBT              | NUSS              | NL        |      2600000 | PA      | $3369865.20   | 0.26%             | 2026-12-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | SN               | CORP              | US        |    106000000 | PA      | $2287481.80   | 0.17%             | 2027-08-18      | Fixed         | 24.30%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bonds                           | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      3687053 | PA      | $3401289.54   | 0.26%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds          | Sri Lanka Government International Bonds                           | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      5500000 | PA      | $5073724.87   | 0.39%             | 2038-02-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bonds                           | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       917288 | PA      | $863397.33    | 0.07%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds          | Sri Lanka Government International Bonds                           | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      2000000 | PA      | $1824676.00   | 0.14%             | 2036-05-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bonds                           | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       843172 | PA      | $769257.86    | 0.06%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bonds                           | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       873485 | PA      | $837453.89    | 0.06%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds          | Sri Lanka Government International Bonds                           | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      3500000 | PA      | $2708929.51   | 0.21%             | 2035-06-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Malawi (Issuer Tugela BV)                              | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |       825000 | PA      | $911955.00    | 0.07%             | 2025-12-19      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                   | Nigeria OMO Bills                                                  | CUSIP: 000000000<br>LEI: 549300G1JG004Y3K8S97 | Long             | DBT              | NUSS              | NG        |   2400000000 | PA      | $1618765.10   | 0.12%             | 2025-12-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                   | Nigeria OMO Bills                                                  | CUSIP: 000000000<br>LEI: 549300G1JG004Y3K8S97 | Long             | DBT              | NUSS              | NG        |  11800000000 | PA      | $7926813.59   | 0.61%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEDER FINANCIERINGS-MAAT                          | Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV | CUSIP: 000000000<br>LEI: XTC5E2QFTEF0435JWL77 | Long             | DBT              | NUSS              | NL        |      1600000 | PA      | $2055864.00   | 0.16%             | 2027-01-21      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                               | Benin Government International Bonds                               | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      4158000 | PA      | $4432383.51   | 0.34%             | 2041-01-23      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | SN               | CORP              | US        |     80500000 | PA      | $1719571.34   | 0.13%             | 2028-01-11      | Fixed         | 22.58%                | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    800000000 | PA      | $834035.48    | 0.06%             | 2032-04-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | SN               | CORP              | US        |    190000000 | PA      | $3786325.15   | 0.29%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                                 | International Finance Corp.                                        | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |   3100000000 | PA      | $263269.50    | 0.02%             | 2027-02-05      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                               | Egypt Treasury Bills                                               | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    114125000 | PA      | $2262696.70   | 0.17%             | 2026-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NIGERIA GOVERNMENT BOND                           | Nigeria Government Bonds                                           | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    630000000 | PA      | $587069.29    | 0.04%             | 2035-01-29      | Fixed         | 22.60%                | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                           | European Bank for Reconstruction & Development                     | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |      1000000 | PA      | $1271268.00   | 0.10%             | 2027-02-18      | Fixed         | 11.85%                | Yes           |                  2 | On Loan: No      |
| NEDER FINANCIERINGS-MAAT                          | Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV | CUSIP: 000000000<br>LEI: XTC5E2QFTEF0435JWL77 | Long             | DBT              | NUSS              | NL        |       600000 | PA      | $721332.60    | 0.06%             | 2026-08-21      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                              | Republic of Uzbekistan International Bonds                         | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |  37000000000 | PA      | $3180737.14   | 0.24%             | 2028-02-25      | Fixed         | 15.50%                | Yes           |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds  | Republic of Kenya Government International Bonds                   | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      1560000 | PA      | $1596302.87   | 0.12%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   1100000000 | PA      | $1887794.32   | 0.14%             | 2026-08-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AURORA AUSTRALIS BV                               | Republic of Kyrgyzstan (Issuer Aurora Australis BV)                | CUSIP: 000000000<br>LEI: 724500PTLCPQVL0B8284 | Long             | SN               | CORP              | NL        |    190000000 | PA      | $1593218.98   | 0.12%             | 2032-03-08      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   1800000000 | PA      | $2840684.00   | 0.22%             | 2028-10-27      | Fixed         | 10.47%                | No            |                  2 | On Loan: No      |
| PAKISTAN INVESTMENT BOND                          | Pakistan Investment Bonds                                          | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |   1000000000 | PA      | $3591105.92   | 0.27%             | 2028-01-16      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| PAKISTAN INVESTMENT BOND                          | Pakistan Investment Bonds                                          | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |   2228500000 | PA      | $8514236.28   | 0.65%             | 2029-09-20      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| SRI LANKA GOVT BOND                               | Sri Lanka Government Bonds                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |   1928000000 | PA      | $6665954.53   | 0.51%             | 2032-12-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Malawi (Issuer Tugela BV)                              | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |       989120 | PA      | $1075964.74   | 0.08%             | 2026-09-17      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |      2900000 | PA      | $1718060.65   | 0.13%             | 2028-03-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AURORA AUSTRALIS BV                               | Republic of Kyrgyzstan (Issuer Aurora Australis BV)                | CUSIP: 000000000<br>LEI: 724500PTLCPQVL0B8284 | Long             | SN               | CORP              | NL        |     55000000 | PA      | $460503.14    | 0.04%             | 2032-03-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     26000000 | PA      | $1324131.63   | 0.10%             | 2035-03-17      | Fixed         | 21.48%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     10000000 | PA      | $513917.56    | 0.04%             | 2035-02-17      | Fixed         | 22.49%                | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Republic of Malawi (Issuer Tugela BV)                              | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |      1000000 | PA      | $1087800.00   | 0.08%             | 2026-09-17      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds        | Ivory Coast Government International Bonds                         | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      1943000 | PA      | $2045860.63   | 0.16%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                   | Nigeria OMO Bills                                                  | CUSIP: 000000000<br>LEI: 549300G1JG004Y3K8S97 | Long             | DBT              | NUSS              | NG        |   1883827000 | PA      | $1246572.29   | 0.10%             | 2026-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COTE D'IVOIR                          | Republic of Cote d'Ivoire                                          | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   1500000000 | PA      | $2613802.18   | 0.20%             | 2028-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF COTE D'IVOIR                          | Republic of Cote d'Ivoire                                          | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   2500000000 | PA      | $4356336.97   | 0.33%             | 2028-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ASIAN DEVELOPMENT BANK                            | Asian Development Bank                                             | CUSIP: 000000000<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |   7000000000 | PA      | $1930867.45   | 0.15%             | 2030-04-12      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                               | Egypt Treasury Bills                                               | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    191875000 | PA      | $3602764.86   | 0.28%             | 2026-04-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                               | Egypt Treasury Bills                                               | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    125050000 | PA      | $2317608.70   | 0.18%             | 2026-05-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                              | Kyrgyz Republic International Bonds                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |      2000000 | PA      | $2013141.30   | 0.15%             | 2030-06-03      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                               | Egypt Treasury Bills                                               | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    207000000 | PA      | $3820105.64   | 0.29%             | 2026-05-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BONTE                                             | Argentina Treasury Bonds BONTE                                     | CUSIP: 000000000<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   7180000000 | PA      | $5709225.16   | 0.44%             | 2030-05-30      | Fixed         | 29.50%                | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | CDH Investment Bank (Issuer Tugela BV)                             | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |       200000 | PA      | $165560.00    | 0.01%             | 2027-04-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | SN               | CORP              | US        |     80000000 | PA      | $1691972.90   | 0.13%             | 2028-03-07      | Fixed         | 21.95%                | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | SN               | CORP              | US        |     80000000 | PA      | $1708890.77   | 0.13%             | 2028-01-11      | Fixed         | 22.58%                | No            |                  2 | On Loan: No      |
| BONO TESORO CAPITALIZAB                           | Bono Del Tesoro Nacional Capitalizable en Pesos                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |   2480000000 | PA      | $2024289.20   | 0.15%             | 2027-01-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                               | Egypt Treasury Bills                                               | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    157000000 | PA      | $2849279.87   | 0.22%             | 2026-06-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                   | Nigeria OMO Bills                                                  | CUSIP: 000000000<br>LEI: 549300G1JG004Y3K8S97 | Long             | DBT              | NUSS              | NG        |   2000000000 | PA      | $1241654.12   | 0.09%             | 2026-06-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VEON MIDCO BV                                     | Veon Midco BV                                                      | CUSIP: 000000000<br>LEI: 213800GOFSH7EPKBRE50 | Long             | DBT              | CORP              | NL        |      1532000 | PA      | $1592425.80   | 0.12%             | 2029-07-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                               | Egypt Treasury Bills                                               | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    146175000 | PA      | $2620541.27   | 0.20%             | 2026-07-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                   | Nigeria OMO Bills                                                  | CUSIP: 000000000<br>LEI: 549300G1JG004Y3K8S97 | Long             | DBT              | NUSS              | NG        |  10923000000 | PA      | $6984890.73   | 0.53%             | 2026-04-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEOKAM                          | Kazakhstan Government Bonds - MEOKAM                               | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   1200000000 | PA      | $2206516.42   | 0.17%             | 2029-08-07      | Fixed         | 17.01%                | No            |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                   | Nigeria OMO Bills                                                  | CUSIP: 000000000<br>LEI: 549300G1JG004Y3K8S97 | Long             | DBT              | NUSS              | NG        |   7500000000 | PA      | $4577657.48   | 0.35%             | 2026-07-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     24000000 | PA      | $1124869.13   | 0.09%             | 2032-08-18      | Fixed         | 18.49%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     20000000 | PA      | $937099.89    | 0.07%             | 2030-08-18      | Fixed         | 18.00%                | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     37000000 | PA      | $1730005.75   | 0.13%             | 2032-06-23      | Fixed         | 18.49%                | No            |                  2 | On Loan: No      |
| ASIAN DEVELOPMENT BANK                            | Asian Development Bank                                             | CUSIP: 000000000<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | PH        |      4000000 | PA      | $1464531.37   | 0.11%             | 2028-04-15      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                           | European Bank for Reconstruction & Development                     | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | EG        |      4300000 | PA      | $4279450.30   | 0.33%             | 2026-08-20      | Fixed         | 20.00%                | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                           | JPMorgan Chase Bank NA                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | SN               | CORP              | EG        |    295000000 | PA      | $5155068.80   | 0.39%             | 2026-08-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ASIAN DEVELOPMENT BANK                            | Asian Development Bank                                             | CUSIP: 000000000<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | PH        |  19000000000 | PA      | $5238481.48   | 0.40%             | 2028-09-04      | Fixed         | 10.30%                | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Tugela BV                                                          | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |      1500000 | PA      | $1535250.00   | 0.12%             | 2027-01-04      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                                 | International Finance Corp.                                        | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |      7500000 | PA      | $4673792.65   | 0.36%             | 2027-09-08      | Fixed         | 7.80%                 | Yes           |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                           | European Bank for Reconstruction & Development                     | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |      1500000 | PA      | $1541880.00   | 0.12%             | 2027-09-10      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| ARMENIAN TREASURY BONDS                           | Republic of Armenia Treasury Bonds                                 | CUSIP: 000000000<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |   1200000000 | PA      | $3138225.80   | 0.24%             | 2028-04-29      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| TUGELA BV                                         | Tugela BV                                                          | CUSIP: 000000000<br>LEI: 7245006XUFKX4KNGKS70 | Long             | SN               | CORP              | NL        |    600000000 | PA      | $4931046.31   | 0.38%             | 2032-09-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                           | European Bank for Reconstruction & Development                     | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |       700000 | PA      | $716737.00    | 0.05%             | 2026-09-25      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                   | Nigeria OMO Bills                                                  | CUSIP: 000000000<br>LEI: 549300G1JG004Y3K8S97 | Long             | DBT              | NUSS              | NG        |   2500000000 | PA      | $1621959.35   | 0.12%             | 2026-03-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ZAMBIA GOVERNMENT BOND                            | Zambia Government Bonds                                            | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     51000000 | PA      | $2395809.17   | 0.18%             | 2032-09-29      | Fixed         | 18.50%                | No            |                  2 | On Loan: No      |
| PLOVER SARL                                       | Plover SARL                                                        | CUSIP: 000000000<br>LEI: 21380053ATVOQI4Q4C82 | Long             | SN               | CORP              | LU        |      6500000 | PA      | $6521423.87   | 0.50%             | 2032-01-20      | Floating      | 9.13%                 | No            |                  3 | On Loan: No      |
| NEDER FINANCIERINGS-MAAT                          | Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV | CUSIP: 000000000<br>LEI: XTC5E2QFTEF0435JWL77 | Long             | DBT              | NUSS              | NL        |   6000000000 | PA      | $1654135.34   | 0.13%             | 2027-10-20      | Fixed         | 10.35%                | Yes           |                  2 | On Loan: No      |
| INTL FINANCE CORP                                 | International Finance Corp.                                        | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |    120000000 | PA      | $1898222.57   | 0.15%             | 2028-10-20      | Fixed         | 8.90%                 | No            |                  2 | On Loan: No      |
| RUFIJI BV                                         | Rufiji BV                                                          | CUSIP: 000000000<br>LEI: 2138002PSD6UU8BI9K98 | Long             | SN               | CORP              | NL        |    200000000 | PA      | $1691709.55   | 0.13%             | 2030-10-24      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PAKISTAN T-BILL                                   | Pakistan Treasury Bills                                            | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |   2000000000 | PA      | $6423056.40   | 0.49%             | 2026-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Republic of Iraq                                  | Iraq International Bonds                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | IQ        |       265312 | PA      | $264372.39    | 0.02%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Pakistan Government International Bonds           | Pakistan Government International Bonds                            | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      7203000 | PA      | $7193665.63   | 0.55%             | 2027-12-05      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    924000000 | PA      | $1416335.28   | 0.11%             | 2027-09-18      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| KAZAKH GOV BOND - MEUKAM                          | Kazakhstan Government Bonds                                        | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   2650000000 | PA      | $3782434.30   | 0.29%             | 2028-04-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENYA INFRASTUCTURE BOND                          | Republic of Kenya Infrastructure Bonds                             | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     15500000 | PA      | $119635.18    | 0.01%             | 2026-05-25      | Fixed         | 10.20%                | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds  | Republic of Kenya Government International Bonds                   | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      3253000 | PA      | $3256900.22   | 0.25%             | 2032-05-22      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                           | Pakistan Government International Bonds                            | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      2824000 | PA      | $2789102.70   | 0.21%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                 | Republic of Kenya Government International Bonds                   | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      1148000 | PA      | $1016499.01   | 0.08%             | 2034-01-23      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Iraq International Bonds                          | Iraq International Bonds                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | IQ        |      8616250 | PA      | $8585719.27   | 0.66%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                           | El Salvador Government International Bonds                         | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      2079000 | PA      | $2227739.66   | 0.17%             | 2032-04-10      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| El Salvador Government International Bonds        | El Salvador Government International Bonds                         | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     15167000 | PA      | $13626687.71  | 1.04%             | 2050-01-20      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| El Salvador Government International Bonds        | El Salvador Government International Bonds                         | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      3902000 | PA      | $4294774.58   | 0.33%             | 2052-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bonds                           | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     12671400 | PA      | $3580937.64   | 0.27%             | 2028-05-07      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bonds                           | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      8054300 | PA      | $2336552.43   | 0.18%             | 2031-08-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bonds                           | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      4481500 | PA      | $1326524.00   | 0.10%             | 2026-10-21      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bonds                             | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      8850000 | PA      | $138294.16    | 0.01%             | 2026-06-05      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bonds                             | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     29900000 | PA      | $512488.33    | 0.04%             | 2035-09-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bonds                             | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    287850000 | PA      | $4818407.40   | 0.37%             | 2036-06-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                          | Suriname Government International Bonds                            | CUSIP: 000000000<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |     19610900 | PA      | $19512845.50  | 1.49%             | 2033-07-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                              | Paraguay Government International Bonds                            | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |  26400000000 | PA      | $3515631.34   | 0.27%             | 2031-02-09      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |     16957239 | PA      | $3747549.82   | 0.29%             | 2026-11-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |      1250000 | PA      | $276250.00    | 0.02%             | 2024-05-16      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                          | Uruguay Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    215000000 | PA      | $5471652.76   | 0.42%             | 2028-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bonds                           | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      2256000 | PA      | $575505.60    | 0.04%             | 2049-04-21      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Angola Government International Bonds             | Angola Government International Bonds                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     16594000 | PA      | $14238893.07  | 1.09%             | 2048-05-08      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Angola Government International Bonds             | Angola Government International Bonds                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      1902000 | PA      | $1874592.39   | 0.14%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Nigeria Government International Bonds            | Nigeria Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      1552000 | PA      | $1555373.58   | 0.12%             | 2032-02-16      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Senegal Government International Bonds            | Senegal Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |      1200000 | PA      | $857894.80    | 0.07%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Senegal Government International Bonds            | Senegal Government International Bonds                             | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |      9350000 | PA      | $5975384.63   | 0.46%             | 2048-03-13      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PNG GOVT INTL BOND                                | Papua New Guinea Government International Bonds                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | PG        |      8326000 | PA      | $8587519.66   | 0.66%             | 2028-10-04      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** AMERICAN BEACON FUNDS

**Signature:** Sonia Bates

**Name of Signer:** Sonia Bates

**Title:** Treasurer