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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)

Rebecca L. Harris, 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: June 30, 2024

Date of reporting period: March 31, 2024

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

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

ITEM 1.

SCHEDULE OF INVESTMENTS.

American Beacon ARK Transformational Innovation Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 90.78%
Communication Services - 16.43%
Entertainment - 11.74%
ROBLOX Corp., Class A^A		288,873	$	11,029,171
Roku, Inc.^A		311,345		20,290,354

				31,319,525

Interactive Media & Services - 2.97%
Meta Platforms, Inc., Class A		9,082		4,410,038
Pinterest, Inc., Class A^A		101,866		3,531,694

				7,941,732

Media - 1.72%
Trade Desk, Inc., Class A^A		52,492		4,588,850

Total Communication Services				43,850,107

Consumer Discretionary - 11.68%
Automobiles - 8.69%
Tesla, Inc.^A		131,886		23,184,240

Diversified Consumer Services - 0.03%
2U, Inc.^{A B}		200,581		78,166

Hotels, Restaurants & Leisure - 2.96%
DraftKings, Inc., Class A^A		173,980		7,900,432

Total Consumer Discretionary				31,162,838

Financials - 22.50%
Capital Markets - 14.58%
Coinbase Global, Inc., Class A^A		101,489		26,906,764
Robinhood Markets, Inc., Class A^A		595,465		11,986,710

				38,893,474

Consumer Finance - 0.93%
SoFi Technologies, Inc.^{A B}		340,327		2,484,387

Financial Services - 6.99%
Block, Inc.^A		220,645		18,662,154

Total Financials				60,040,015

Health Care - 17.66%
Biotechnology - 12.42%
Beam Therapeutics, Inc.^A		111,525		3,684,786
Exact Sciences Corp.^A		63,161		4,361,899
Intellia Therapeutics, Inc.^A		265,623		7,307,289
Moderna, Inc.^A		25,633		2,731,452
Natera, Inc.^A		6,581		601,898
Prime Medicine, Inc.^A		90,330		632,310
Recursion Pharmaceuticals, Inc., Class A^A B		484,068		4,826,158
Twist Bioscience Corp.^A		130,918		4,491,797
Veracyte, Inc.^A		142,393		3,155,429
Verve Therapeutics, Inc.^A		100,711		1,337,442

				33,130,460

Health Care Equipment & Supplies - 0.29%
Cerus Corp.^A		413,193		780,935

See accompanying notes

American Beacon ARK Transformational Innovation Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 90.78% (continued)
Health Care - 17.66% (continued)
Health Care Technology - 1.90%
Teladoc Health, Inc.^A		336,405	$	5,079,715

Life Sciences Tools & Services - 3.05%
10X Genomics, Inc., Class A^A		149,049		5,593,809
Pacific Biosciences of California, Inc.^A		681,571		2,555,891

				8,149,700

Total Health Care				47,140,810

Industrials - 1.04%
Aerospace & Defense - 1.04%
Archer Aviation, Inc., Class A^A B		599,779		2,770,979

Information Technology - 19.62%
IT Services - 0.12%
Twilio, Inc., Class A^A		5,201		318,041

Semiconductors & Semiconductor Equipment - 1.30%
Teradyne, Inc.		30,815		3,476,857

Software - 18.20%
PagerDuty, Inc.^A		253,738		5,754,778
Palantir Technologies, Inc., Class A^A		311,312		7,163,289
UiPath, Inc., Class A^A		681,374		15,446,748
Unity Software, Inc.^A		328,613		8,773,967
Zoom Video Communications, Inc., Class A^A		174,621		11,414,975

				48,553,757

Total Information Technology				52,348,655

Materials - 1.85%
Chemicals - 1.85%
Ginkgo Bioworks Holdings, Inc.^{A B}		4,250,341		4,930,396

Total Common Stocks (Cost $271,291,533)				242,243,800

FOREIGN COMMON STOCKS - 7.91%
Health Care - 5.10%
CRISPR Therapeutics AG^{A B}		199,521		13,599,351

Information Technology - 2.81%
Shopify, Inc., Class A^A		97,269		7,506,249

Total Foreign Common Stocks (Cost $12,955,015)				21,105,600

SHORT-TERM INVESTMENTS - 0.25% (Cost $662,037)
Investment Companies - 0.25%
American Beacon U.S. Government Money Market Select Fund, 5.22%^{C D}		662,037		662,037

SECURITIES LENDING COLLATERAL - 7.40% (Cost $19,762,790)
Investment Companies - 7.40%
American Beacon U.S. Government Money Market Select Fund, 5.22%^{C D}		19,762,790		19,762,790

See accompanying notes

American Beacon ARK Transformational Innovation Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Fair Value
TOTAL INVESTMENTS - 106.34% (Cost $304,671,375)	$	283,774,227
LIABILITIES, NET OF OTHER ASSETS - (6.34%)		(16,915,044	)

TOTAL NET ASSETS - 100.00%	$	266,859,183

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at March 31, 2024.

^C	7-day yield.

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

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


ARK Transformational Innovation Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	242,243,800	$	—	$	—	$	242,243,800
Foreign Common Stocks		21,105,600		—		—		21,105,600
Short-Term Investments		662,037		—		—		662,037
Securities Lending Collateral		19,762,790		—		—		19,762,790

Total Investments in Securities - Assets	$	283,774,227	$	—	$	—	$	283,774,227

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

See accompanying notes

American Beacon Shapiro Equity Opportunities Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 99.37%
Communication Services - 14.18%
Entertainment - 10.07%
Lions Gate Entertainment Corp., Class B^A		1,169,600	$	10,888,976
Walt Disney Co.		91,550		11,202,058

				22,091,034

Interactive Media & Services - 4.11%
Alphabet, Inc., Class C^A		59,230		9,018,360

Total Communication Services				31,109,394

Consumer Discretionary - 18.58%
Automobiles - 1.81%
General Motors Co.		87,700		3,977,195

Hotels, Restaurants & Leisure - 5.00%
Penn Entertainment, Inc.^A		602,900		10,978,809

Household Durables - 5.08%
Mohawk Industries, Inc.^A		85,170		11,147,901

Leisure Products - 4.85%
Topgolf Callaway Brands Corp.^A		657,800		10,636,626

Textiles, Apparel & Luxury Goods - 1.84%
Carter’s, Inc.		47,600		4,030,768

Total Consumer Discretionary				40,771,299

Energy - 2.55%
Oil, Gas & Consumable Fuels - 2.55%
Devon Energy Corp.		111,520		5,596,073

Financials - 13.52%
Banks - 5.42%
Bank of America Corp.		314,000		11,906,880

Capital Markets - 3.47%
Nasdaq, Inc.		120,575		7,608,282

Financial Services - 4.63%
Berkshire Hathaway, Inc., Class B^A		24,155		10,157,661

Total Financials				29,672,823

Health Care - 17.18%
Health Care Equipment & Supplies - 9.34%
Baxter International, Inc.		247,700		10,586,698
Zimmer Biomet Holdings, Inc.		74,965		9,893,881

				20,480,579

Life Sciences Tools & Services - 3.20%
Avantor, Inc.^A		274,500		7,018,965

Pharmaceuticals - 4.64%
Elanco Animal Health, Inc.^A		625,700		10,186,396

Total Health Care				37,685,940

See accompanying notes

American Beacon Shapiro Equity Opportunities Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 99.37% (continued)
Industrials - 13.50%
Aerospace & Defense - 4.79%
L3Harris Technologies, Inc.		49,330	$	10,512,223

Electrical Equipment - 4.10%
Sensata Technologies Holding PLC		244,900		8,997,626

Professional Services - 4.61%
SS&C Technologies Holdings, Inc.		157,100		10,112,527

Total Industrials				29,622,376

Information Technology - 12.26%
Communications Equipment - 1.99%
Infinera Corp.^A		722,734		4,358,086

Electronic Equipment, Instruments & Components - 4.08%
Corning, Inc.		271,800		8,958,528

Semiconductors & Semiconductor Equipment - 6.19%
Micron Technology, Inc.		115,125		13,572,086

Total Information Technology				26,888,700

Materials - 7.60%
Chemicals - 2.38%
Axalta Coating Systems Ltd.^A		151,920		5,224,529

Containers & Packaging - 5.22%
Graphic Packaging Holding Co.		392,700		11,458,986

Total Materials				16,683,515

Total Common Stocks (Cost $183,854,862)				218,030,120

SHORT-TERM INVESTMENTS - 0.94% (Cost $2,066,044)
Investment Companies - 0.94%
American Beacon U.S. Government Money Market Select Fund, 5.22%^{B C}		2,066,044		2,066,044

TOTAL INVESTMENTS - 100.31% (Cost $185,920,906)				220,096,164
LIABILITIES, NET OF OTHER ASSETS - (0.31%)				(683,968	)

TOTAL NET ASSETS - 100.00%			$	219,412,196

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

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

^C	7-day yield.

PLC - Public Limited Company.

See accompanying notes

American Beacon Shapiro Equity Opportunities Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

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


Shapiro Equity Opportunities Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	218,030,120	$	—	$	—	$	218,030,120
Short-Term Investments		2,066,044		—		—		2,066,044

Total Investments in Securities - Assets	$	220,096,164	$	—	$	—	$	220,096,164

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

See accompanying notes

American Beacon Shapiro SMID Cap Equity Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 93.80%
Communication Services - 14.23%
Entertainment - 14.23%
Atlanta Braves Holdings, Inc., Class C^A		59,851	$	2,337,780
Lions Gate Entertainment Corp., Class B^A		272,726		2,539,079
Madison Square Garden Sports Corp.^A		12,343		2,277,530

				7,154,389

Total Communication Services				7,154,389

Consumer Discretionary - 18.22%
Hotels, Restaurants & Leisure - 4.99%
Penn Entertainment, Inc.^A		137,800		2,509,338

Household Durables - 5.22%
Mohawk Industries, Inc.^A		20,077		2,627,879

Leisure Products - 4.89%
Topgolf Callaway Brands Corp.^A		152,200		2,461,074

Specialty Retail - 1.18%
Urban Outfitters, Inc.^A		13,627		591,684

Textiles, Apparel & Luxury Goods - 1.94%
Carter’s, Inc.		11,500		973,820

Total Consumer Discretionary				9,163,795

Consumer Staples - 8.79%
Food Products - 8.79%
Ingredion, Inc.		22,113		2,583,904
TreeHouse Foods, Inc.^A		47,150		1,836,493

				4,420,397

Total Consumer Staples				4,420,397

Energy - 1.59%
Oil, Gas & Consumable Fuels - 1.59%
Devon Energy Corp.		15,943		800,020

Health Care - 10.04%
Health Care Equipment & Supplies - 5.16%
Envista Holdings Corp.^A		50,300		1,075,414
Varex Imaging Corp.^A		83,874		1,518,119

				2,593,533

Pharmaceuticals - 4.88%
Elanco Animal Health, Inc.^A		150,682		2,453,103

Total Health Care				5,046,636

Industrials - 17.78%
Aerospace & Defense - 4.54%
BWX Technologies, Inc.		22,242		2,282,474

Electrical Equipment - 4.58%
Sensata Technologies Holding PLC		62,638		2,301,320

Professional Services - 8.66%
Dun & Bradstreet Holdings, Inc.		196,600		1,973,864

See accompanying notes

American Beacon Shapiro SMID Cap Equity Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 93.80% (continued)
Industrials - 17.78% (continued)
Professional Services - 8.66% (continued)
SS&C Technologies Holdings, Inc.		37,000	$	2,381,690

				4,355,554

Total Industrials				8,939,348

Information Technology - 10.04%
Communications Equipment - 5.06%
Infinera Corp.^A		422,023		2,544,799

Semiconductors & Semiconductor Equipment - 4.98%
Ultra Clean Holdings, Inc.^A		54,490		2,503,270

Total Information Technology				5,048,069

Materials - 13.11%
Chemicals - 8.28%
Axalta Coating Systems Ltd.^A		52,855		1,817,684
Ecovyst, Inc.^A		210,474		2,346,785

				4,164,469

Containers & Packaging - 4.83%
Graphic Packaging Holding Co.		83,236		2,428,826

Total Materials				6,593,295

Total Common Stocks (Cost $39,445,668)				47,165,949

EXCHANGE-TRADED INSTRUMENTS - 3.10% (Cost $1,476,407)
Exchange-Traded Funds - 3.10%
SPDR S&P MidCap 400 ETF Trust^B		2,800		1,557,920

FOREIGN COMMON STOCKS - 1.93% (Cost $1,768,666)
Materials - 1.93%
Chemicals - 1.93%
Arcadium Lithium PLC^{A B}		224,720		968,543

SHORT-TERM INVESTMENTS - 1.45% (Cost $731,797)
Investment Companies - 1.45%
American Beacon U.S. Government Money Market Select Fund, 5.22%^{C D}		731,797		731,797

SECURITIES LENDING COLLATERAL - 2.30% (Cost $1,154,751)
Investment Companies - 2.30%
American Beacon U.S. Government Money Market Select Fund, 5.22%^{C D}		1,154,751		1,154,751

TOTAL INVESTMENTS - 102.58% (Cost $44,577,289)				51,578,960
LIABILITIES, NET OF OTHER ASSETS - (2.58%)				(1,297,916	)

TOTAL NET ASSETS - 100.00%			$	50,281,044

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at March 31, 2024.

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

^D	7-day yield.

See accompanying notes

American Beacon Shapiro SMID Cap Equity Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

ETF - Exchange-Traded Fund.

PLC - Public Limited Company.

SPDR - Standard & Poor’s Depositary Receipt.

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


Shapiro SMID Cap Equity Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	47,165,949	$	—	$	—	$	47,165,949
Exchange-Traded Instruments		1,557,920		—		—		1,557,920
Foreign Common Stocks		968,543		—		—		968,543
Short-Term Investments		731,797		—		—		731,797
Securities Lending Collateral		1,154,751		—		—		1,154,751

Total Investments in Securities - Assets	$	51,578,960	$	—	$	—	$	51,578,960

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

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares		Fair Value
SECURITIES HELD LONG - 100.24%
CONVERTIBLE PREFERRED STOCKS - 2.62%
Financials - 0.48%
Financial Services - 0.48%
Apollo Global Management, Inc., 6.750%, Due 07/31/2026		10,692	$	685,250

Industrials - 1.00%
Machinery - 1.00%
Chart Industries, Inc., Series B, 6.750%, Due 12/15/2025		21,569		1,424,848

Information Technology - 0.56%
Software - 0.56%
NCR Voyix Corp., Series A, 5.500%, PIK (In-kind rate 5.500%), Due 12/31/2049		767		802,474

Materials - 0.58%
Chemicals - 0.58%
Lyondellbasell Advanced Polymers, Inc., 6.000%, Due 12/31/2049		1,026		836,190

Total Convertible Preferred Stocks (Cost $3,768,608)				3,748,762

PREFERRED STOCKS - 2.73%
Financials - 2.73%
Mortgage Real Estate Investment Trusts (REITs) - 2.73%
AGNC Investment Corp.,
Series E, 6.500%, (3 mo. USD LIBOR + 4.697%)^A B		3,313		79,711
Series F, 6.125%, (3 mo. USD LIBOR + 4.993%)^A B		25,036		574,826
Annaly Capital Management, Inc., Series I, 6.750%, (3 mo. USD LIBOR + 4.989%)^{A B}		17,520		435,022
Arbor Realty Trust, Inc., Series F, 6.250%, (Secured Overnight Financing Rate + 5.440%)^{A B}		7,915		155,767
Granite Point Mortgage Trust, Inc., Series A, 7.000%, (Secured Overnight Financing Rate + 5.830%)^{A B}		11,578		208,867
MFA Financial, Inc., Series C, 6.500%, (3 mo. USD LIBOR + 5.345%)^{A B}		39,518		876,509
New York Mortgage Trust, Inc.,
Series E, 7.875%, (3 mo. USD LIBOR + 6.429%)^A B		1,078		24,762
Series F, 6.875%, (Secured Overnight Financing Rate + 6.130%)^{A B}		23,244		465,345
Redwood Trust, Inc., 10.000%, (5 yr. CMT + 6.278%)^A B		7,315		180,388
Rithm Capital Corp.,
Series B, 7.125%, (3 mo. USD LIBOR + 5.640%)^{A B}		2,395		58,486
Series C, 6.375%, (3 mo. USD LIBOR + 4.969%)^A B		36,984		836,578

				3,896,261

Total Financials				3,896,261

Total Preferred Stocks (Cost $4,150,395)				3,896,261


	Principal Amount
CONVERTIBLE OBLIGATIONS - 79.75%
Basic Materials - 0.92%
Mining - 0.92%
Century Aluminum Co., 2.750%, Due 5/1/2028^C	$	911,000		920,565
MP Materials Corp., 0.250%, Due 4/1/2026^D		452,000		396,630

				1,317,195

Total Basic Materials				1,317,195

Communications - 9.77%
Internet - 4.95%
Airbnb, Inc., Due 3/15/2026^{C E}		791,000		735,569
Cardlytics, Inc., 4.250%, Due 4/1/2029^D		542,000		591,458
Perficient, Inc., 0.125%, Due 11/15/2026^C		1,482,000		1,277,220
Snap, Inc., Due 5/1/2027^{C E}		2,347,000		1,892,386

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount		Fair Value
SECURITIES HELD LONG - 100.24% (continued)
CONVERTIBLE OBLIGATIONS - 79.75% (continued)
Communications - 9.77% (continued)
Internet - 4.95% (continued)
Upwork, Inc., 0.250%, Due 8/15/2026^C	$	326,000	$	284,239
Wayfair, Inc., 1.000%, Due 8/15/2026^C		1,485,000		1,370,804
Ziff Davis, Inc., 1.750%, Due 11/1/2026		959,000		907,406

				7,059,082

Media - 4.82%
Cable One, Inc., 1.125%, Due 3/15/2028^C		2,626,000		1,971,076
Liberty Media Corp., 3.750%, Due 3/15/2028^C		2,251,000		2,756,349
Sphere Entertainment Co., 3.500%, Due 12/1/2028^C D		1,387,000		2,155,953

				6,883,378

Total Communications				13,942,460

Consumer, Cyclical - 6.97%
Airlines - 1.03%
American Airlines Group, Inc., 6.500%, Due 7/1/2025^C		1,268,000		1,469,612

Entertainment - 2.56%
Live Nation Entertainment, Inc., 3.125%, Due 1/15/2029		1,642,000		1,969,415
Marriott Vacations Worldwide Corp., 3.250%, Due 12/15/2027^C		1,801,000		1,689,338

				3,658,753

Leisure Time - 1.57%
Liberty TripAdvisor Holdings, Inc., 0.500%, Due 6/30/2051^{C D F}		2,388,000		2,240,183

Lodging - 0.31%
Marcus Corp., 5.000%, Due 9/15/2025^C		309,000		443,415

Retail - 1.50%
Cheesecake Factory, Inc., 0.375%, Due 6/15/2026^C		2,405,000		2,140,316

Total Consumer, Cyclical				9,952,279

Consumer, Non-Cyclical - 14.72%
Agriculture - 0.58%
Turning Point Brands, Inc., 2.500%, Due 7/15/2024		857,000		833,439

Biotechnology - 1.62%
Bridgebio Pharma, Inc., 2.250%, Due 2/1/2029^C		1,350,000		1,099,371
Halozyme Therapeutics, Inc., 0.250%, Due 3/1/2027^C		1,372,000		1,214,011

				2,313,382

Commercial Services - 2.80%
Affirm Holdings, Inc., Due 11/15/2026^E		1,672,000		1,383,580
Block, Inc., 0.250%, Due 11/1/2027^C		1,422,000		1,185,237
Chegg, Inc., 0.125%, Due 3/15/2025^C		1,525,000		1,420,538

				3,989,355

Cosmetics/Personal Care - 1.10%
Beauty Health Co., 1.250%, Due 10/1/2026^C D		1,914,000		1,570,628

Health Care - Products - 4.43%
CONMED Corp., 2.250%, Due 6/15/2027^C		1,559,000		1,424,614
Enovis Corp., 3.875%, Due 10/15/2028^D		1,193,000		1,526,444
Haemonetics Corp., Due 3/1/2026^{C E}		1,377,000		1,264,224

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount		Fair Value
SECURITIES HELD LONG - 100.24% (continued)
CONVERTIBLE OBLIGATIONS - 79.75% (continued)
Consumer, Non-Cyclical - 14.72% (continued)
Health Care - Products - 4.43% (continued)
Integer Holdings Corp., 2.125%, Due 2/15/2028	$	1,466,000	$	2,115,438

				6,330,720

Pharmaceuticals - 4.19%
Coherus Biosciences, Inc., 1.500%, Due 4/15/2026^C		999,000		637,116
Collegium Pharmaceutical, Inc., 2.875%, Due 2/15/2029^C		1,720,000		2,140,540
Jazz Investments I Ltd., 1.500%, Due 8/15/2024^C		1,147,000		1,128,074
Mirum Pharmaceuticals, Inc., 4.000%, Due 5/1/2029^C D		977,000		1,100,981
Revance Therapeutics, Inc., 1.750%, Due 2/15/2027^C		1,339,000		974,123

				5,980,834

Total Consumer, Non-Cyclical				21,018,358

Diversified - 2.29%
Holding Companies - Diversified - 2.29%
RWT Holdings, Inc., 5.750%, Due 10/1/2025		3,394,000		3,275,373

Energy - 2.24%
Energy - Alternate Sources - 2.24%
NextEra Energy Partners LP, Due 6/15/2024^D E		1,677,000		1,651,845
Sunnova Energy International, Inc.,
0.250%, Due 12/1/2026^C		1,003,000		507,518
2.625%, Due 2/15/2028		819,000		329,606
Sunrun, Inc., 4.000%, Due 3/1/2030^C D		715,000		711,234

				3,200,203

Total Energy				3,200,203

Financial - 19.78%
Diversified Financial Services - 6.37%
Coinbase Global, Inc., 0.250%, Due 4/1/2030^C D		330,000		347,628
EZCORP, Inc.,
2.375%, Due 5/1/2025		594,000		584,414
3.750%, Due 12/15/2029^D		463,000		558,520
LendingTree, Inc., 0.500%, Due 7/15/2025^C		2,292,000		2,123,080
SoFi Technologies, Inc., Due 10/15/2026^{C D E}		2,528,000		2,157,648
Upstart Holdings, Inc., 0.250%, Due 8/15/2026		1,893,000		1,477,676
WisdomTree, Inc., 5.750%, Due 8/15/2028^C		1,599,000		1,850,842

				9,099,808

Real Estate - 0.42%
Realogy Group LLC/Realogy Co-Issuer Corp., 0.250%, Due 6/15/2026^C		756,000		599,130

REITS - 12.99%
Arbor Realty Trust, Inc., 7.500%, Due 8/1/2025		851,000		833,725
Blackstone Mortgage Trust, Inc., 5.500%, Due 3/15/2027		1,222,000		1,096,745
HAT Holdings I LLC/HAT Holdings II LLC, Due 5/1/2025^{D E}		2,020,000		2,063,026
MFA Financial, Inc., 6.250%, Due 6/15/2024		3,420,000		3,411,450
Pebblebrook Hotel Trust, 1.750%, Due 12/15/2026^C		2,161,000		1,938,201
PennyMac Corp.,
5.500%, Due 11/1/2024		2,508,000		2,470,380
5.500%, Due 3/15/2026		1,138,000		1,079,734
Summit Hotel Properties, Inc., 1.500%, Due 2/15/2026^C		1,921,000		1,710,650
Two Harbors Investment Corp., 6.250%, Due 1/15/2026		2,776,000		2,623,320

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount		Fair Value
SECURITIES HELD LONG - 100.24% (continued)
CONVERTIBLE OBLIGATIONS - 79.75% (continued)
Financial - 19.78% (continued)
REITS - 12.99% (continued)
Uniti Fiber Holdings, Inc., 4.000%, Due 6/15/2024^D	$	1,340,000	$	1,317,247

				18,544,478

Total Financial				28,243,416

Industrial - 5.08%
Aerospace/Defense - 0.50%
Kaman Corp., 3.250%, Due 5/1/2024^C		719,000		717,261

Electronics - 0.55%
Mesa Laboratories, Inc., 1.375%, Due 8/15/2025^C		838,000		787,718

Metal Fabricate/Hardware - 0.73%
Xometry, Inc., 1.000%, Due 2/1/2027^C		1,376,000		1,045,037

Transportation - 2.17%
Air Transport Services Group, Inc., 3.875%, Due 8/15/2029^{C D}		2,173,000		1,797,695
CryoPort, Inc., 0.750%, Due 12/1/2026^C D		1,475,000		1,297,987

				3,095,682

Trucking & Leasing - 1.13%
Greenbrier Cos., Inc., 2.875%, Due 4/15/2028^C		1,447,000		1,603,710

Total Industrial				7,249,408

Technology - 14.57%
Computers - 3.64%
3D Systems Corp., Due 11/15/2026^E		816,000		636,335
Lumentum Holdings, Inc., 0.500%, Due 12/15/2026^C		1,380,000		1,210,722
Mitek Systems, Inc., 0.750%, Due 2/1/2026^C		923,000		919,636
Super Micro Computer, Inc., Due 3/1/2029^{C D E}		247,000		274,042
Western Digital Corp., 3.000%, Due 11/15/2028^C D		1,467,000		2,149,889

				5,190,624

Software - 10.93%
Alteryx, Inc., 0.500%, Due 8/1/2024		495,000		490,446
Bentley Systems, Inc., 0.375%, Due 7/1/2027^C		1,284,000		1,151,536
CSG Systems International, Inc., 3.875%, Due 9/15/2028^{C D}		728,000		716,422
Dayforce, Inc., 0.250%, Due 3/15/2026^C		1,599,000		1,463,085
DigitalOcean Holdings, Inc., Due 12/1/2026^E		1,133,000		949,567
Envestnet, Inc., 2.625%, Due 12/1/2027^C		1,520,000		1,605,880
Evolent Health, Inc., 3.500%, Due 12/1/2029^C D		1,245,000		1,428,015
i3 Verticals LLC, 1.000%, Due 2/15/2025^C		1,044,000		1,000,152
Jamf Holding Corp., 0.125%, Due 9/1/2026^C		1,452,000		1,295,039
MicroStrategy, Inc., Due 2/15/2027^C E		854,000		1,162,550
Progress Software Corp., 3.500%, Due 3/1/2030^C D		714,000		722,925
Splunk, Inc., 1.125%, Due 6/15/2027		1,368,000		1,364,306
Veradigm, Inc., 0.875%, Due 1/1/2027		451,000		470,168
Verint Systems, Inc., 0.250%, Due 4/15/2026^C		1,904,000		1,785,000

				15,605,091

Total Technology				20,795,715

Utilities - 3.41%
Electric - 3.41%
CenterPoint Energy, Inc., 4.250%, Due 8/15/2026^D		415,000		411,058
Duke Energy Corp., 4.125%, Due 4/15/2026^C D		1,305,000		1,289,340
NRG Energy, Inc., 2.750%, Due 6/1/2048^C F		821,000		1,358,344

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount			Fair Value
SECURITIES HELD LONG - 100.24% (continued)
CONVERTIBLE OBLIGATIONS - 79.75% (continued)
Utilities - 3.41% (continued)
Electric - 3.41% (continued)
PG&E Corp., 4.250%, Due 12/1/2027^C D	$	1,804,000		$	1,812,118

					4,870,860

Total Utilities					4,870,860

Total Convertible Obligations (Cost $112,863,806)					113,865,267

FOREIGN CONVERTIBLE OBLIGATIONS - 2.63%
Basic Materials - 1.68%
Mining - 1.68%
Equinox Gold Corp., 4.750%, Due 10/15/2028^C D		1,282,000			1,491,927
SSR Mining, Inc., 2.500%, Due 4/1/2039^C F		1,020,000			910,350

					2,402,277

Communications - 0.29%
Media - 0.29%
Liberty Latin America Ltd., 2.000%, Due 7/15/2024		426,000			413,433

Energy - 0.66%
Oil & Gas - 0.66%
Kosmos Energy Ltd., 3.125%, Due 3/15/2030^C D		855,000			935,798

Total Foreign Convertible Obligations (Cost $3,496,108)					3,751,508


	Shares
EXCHANGE-TRADED INSTRUMENTS - 0.38% (Cost $528,861)
Exchange-Traded Funds - 0.38%
ProShares Short 20+ Year Treasury		23,300			540,327

SHORT-TERM INVESTMENTS - 12.13% (Cost $17,322,635)
Investment Companies - 12.13%
American Beacon U.S. Government Money Market Select Fund, 5.22%^{G H}		17,322,635			17,322,635

TOTAL SECURITIES HELD LONG (Cost $142,130,413)					143,124,760

SECURITIES SOLD SHORT - (21.00%)
COMMON STOCKS - (21.00%)
Communication Services - (3.87%)
Entertainment - (2.27%)
Live Nation Entertainment, Inc.^I		(11,347	)		(1,200,172	)
Marcus Corp.		(25,462	)		(363,088	)
Sphere Entertainment Co.^I		(34,375	)		(1,687,125	)

					(3,250,385	)

Interactive Media & Services - (0.20%)
Snap, Inc., Class A^I		(1,737	)		(19,941	)
TripAdvisor, Inc.^I		(1,916	)		(53,246	)
Ziff Davis, Inc.^I		(3,333	)		(210,112	)

					(283,299	)

Media - (1.40%)
Cable One, Inc.		(46	)		(19,464	)
Cardlytics, Inc.^I		(18,034	)		(261,313	)

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares			Fair Value
SECURITIES SOLD SHORT - (21.00%) (continued)
COMMON STOCKS - (21.00%) (continued)
Communication Services - (3.87%) (continued)
Media - (1.40%) (continued)
Liberty Media Corp.-Liberty SiriusXM, Class A^I J		(57,848	)	$	(1,718,085	)

					(1,998,862	)

Total Communication Services					(5,532,546	)

Consumer Discretionary - (0.68%)
Hotels, Restaurants & Leisure - (0.51%)
Airbnb, Inc., Class A^I		(805	)		(132,793	)
Cheesecake Factory, Inc.		(5,626	)		(203,380	)
Marriott Vacations Worldwide Corp.		(3,616	)		(389,551	)

					(725,724	)

Specialty Retail - (0.17%)
Wayfair, Inc., Class A^I		(3,569	)		(242,264	)

Total Consumer Discretionary					(967,988	)

Consumer Staples - (0.03%)
Personal Products - (0.03%)
Beauty Health Co.^I		(8,741	)		(38,810	)

Energy - (0.36%)
Oil, Gas & Consumable Fuels - (0.36%)
Kosmos Energy Ltd.^I		(85,139	)		(507,428	)

Financials - (1.66%)
Capital Markets - (0.86%)
Coinbase Global, Inc., Class A^I		(685	)		(181,607	)
WisdomTree, Inc.		(113,199	)		(1,040,299	)

					(1,221,906	)

Consumer Finance - (0.36%)
EZCORP, Inc., Class A^I		(33,318	)		(377,493	)
SoFi Technologies, Inc.^I		(18,614	)		(135,882	)

					(513,375	)

Financial Services - (0.44%)
Apollo Global Management, Inc.		(4,677	)		(525,929	)
Block, Inc.^I		(935	)		(79,082	)
I3 Verticals, Inc., Class A^I		(1,174	)		(26,873	)

					(631,884	)

Total Financials					(2,367,165	)

Health Care - (4.63%)
Biotechnology - (0.76%)
Bridgebio Pharma, Inc.^I		(5,014	)		(155,033	)
Coherus Biosciences, Inc.^I		(19,348	)		(46,242	)
Halozyme Therapeutics, Inc.^I		(6,608	)		(268,813	)
Mirum Pharmaceuticals, Inc.^I		(24,603	)		(618,027	)

					(1,088,115	)

Health Care Equipment & Supplies - (2.16%)
CONMED Corp.		(3,612	)		(289,249	)
Enovis Corp.^I		(16,321	)		(1,019,247	)
Haemonetics Corp.^I		(1,183	)		(100,969	)

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares			Fair Value
SECURITIES SOLD SHORT - (21.00%) (continued)
COMMON STOCKS - (21.00%) (continued)
Health Care - (4.63%) (continued)
Health Care Equipment & Supplies - (2.16%) (continued)
Integer Holdings Corp.^I		(14,374	)	$	(1,677,158	)

					(3,086,623	)

Health Care Technology - (0.60%)
Evolent Health, Inc., Class A^I		(24,780	)		(812,536	)
Veradigm, Inc.^I		(5,096	)		(39,239	)

					(851,775	)

Life Sciences Tools & Services - 0.00%
Mesa Laboratories, Inc.		(57	)		(6,255	)

Pharmaceuticals - (1.11%)
Collegium Pharmaceutical, Inc.^I		(39,143	)		(1,519,531	)
Revance Therapeutics, Inc.^I		(12,408	)		(61,048	)

					(1,580,579	)

Total Health Care					(6,613,347	)

Industrials - (2.74%)
Air Freight & Logistics - (0.31%)
Air Transport Services Group, Inc.^I		(32,536	)		(447,695	)

Electrical Equipment - (0.21%)
Sunrun, Inc.^I		(22,880	)		(301,559	)

Machinery - (1.37%)
Chart Industries, Inc.^I		(6,860	)		(1,129,979	)
Greenbrier Cos., Inc.		(15,850	)		(825,785	)

					(1,955,764	)

Passenger Airlines - (0.46%)
American Airlines Group, Inc.^I		(42,232	)		(648,261	)

Professional Services - (0.29%)
CSG Systems International, Inc.		(5,089	)		(262,287	)
Dayforce, Inc.^I		(2,259	)		(149,568	)
Upwork, Inc.^I		(326	)		(3,997	)

					(415,852	)

Trading Companies & Distributors - (0.10%)
Xometry, Inc., Class A^I		(8,577	)		(144,866	)

Total Industrials					(3,913,997	)

Information Technology - (3.46%)
Communications Equipment - (0.14%)
Lumentum Holdings, Inc.^I		(4,092	)		(193,756	)

IT Services - (0.07%)
Perficient, Inc.^I		(1,660	)		(93,442	)

Software - (2.15%)
Bentley Systems, Inc., Class B		(5,804	)		(303,085	)
Envestnet, Inc.^I		(12,208	)		(706,965	)
Jamf Holding Corp.^I		(4,952	)		(90,869	)
MicroStrategy, Inc., Class A^I		(478	)		(814,780	)
Mitek Systems, Inc.^I		(18,086	)		(255,013	)
NCR Voyix Corp.^I		(25,232	)		(318,680	)
Progress Software Corp.		(5,807	)		(309,571	)

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Shares			Fair Value
SECURITIES SOLD SHORT - (21.00%) (continued)
COMMON STOCKS - (21.00%) (continued)
Information Technology - (3.46%) (continued)
Software - (2.15%) (continued)
Verint Systems, Inc.^I		(8,379	)	$	(277,764	)

					(3,076,727	)

Technology Hardware, Storage & Peripherals - (1.10%)
Super Micro Computer, Inc.^I		(117	)		(118,173	)
Western Digital Corp.^I		(21,369	)		(1,458,221	)

					(1,576,394	)

Total Information Technology					(4,940,319	)

Materials - (1.16%)
Metals & Mining - (1.16%)
Century Aluminum Co.^I		(37,695	)		(580,126	)
Equinox Gold Corp.^I		(163,413	)		(983,746	)
MP Materials Corp.^I		(2,034	)		(29,086	)
SSR Mining, Inc.		(15,688	)		(69,969	)

					(1,662,927	)

Total Materials					(1,662,927	)

Real Estate - (0.66%)
Hotel & Resort REITs - (0.64%)
Pebblebrook Hotel Trust		(39,501	)		(608,710	)
Summit Hotel Properties, Inc.		(46,196	)		(300,736	)

					(909,446	)

Real Estate Management & Development - (0.02%)
Anywhere Real Estate, Inc.^I		(4,631	)		(28,620	)

Total Real Estate					(938,066	)

Utilities - (1.75%)
Electric Utilities - (1.54%)
Duke Energy Corp.		(3,117	)		(301,445	)
NRG Energy, Inc.		(18,646	)		(1,262,148	)
PG&E Corp.		(38,086	)		(638,321	)

					(2,201,914	)

Independent Power & Renewable Electricity Producers - (0.15%)
Sunnova Energy International, Inc.^I		(33,867	)		(207,605	)

Multi-Utilities - (0.06%)
CenterPoint Energy, Inc.		(3,021	)		(86,068	)

Total Utilities					(2,495,587	)

TOTAL COMMON STOCKS (Proceeds $(25,485,180))					(29,978,180	)

TOTAL SECURITIES SOLD SHORT (Proceeds $(25,485,180))					(29,978,180	)

TOTAL INVESTMENTS IN SECURITIES (EXCLUDES SECURITIES SOLD SHORT) - 100.24% (Cost $142,130,413)					143,124,760
TOTAL SECURITIES SOLD SHORT - (21.00%) (Proceeds $(25,485,180))					(29,978,180	)
OTHER ASSETS, NET OF LIABILITIES - 20.76%					29,633,516

NET ASSETS - 100.00%				$	142,780,096

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

Percentages are stated as a percent of net assets.

^A	A type of Preferred Stock that has no maturity date.

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

^C	This security or a piece thereof is held as segregated collateral. At period end, the value of these securities amounted to $80,384,591 or 56.30% of net assets.

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 $32,716,641 or 22.91% of net assets. The Fund has no right to demand registration of these securities.

^E	Zero coupon bond.

^F	Callable security.

^G	7-day yield.

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

^I	Non-income producing security.

^J	Tracking Stock - A form of common stock that is issued by a parent company and tracks the performance of a specific division of that parent company. It allows investors the chance to invest in an individual sector of a company while the parent company maintains overall control.

CMT - Constant Maturity Treasury.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

LP - Limited Partnership.

PIK - Payment in Kind.

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

SOFR - Secured Overnight Financing Rate.

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


SSI Alternative Income Fund	Level 1			Level 2		Level 3		Total
*Assets*
Convertible Preferred Stocks	$	—		$	3,748,762	$	—	$	3,748,762
Preferred Stocks		2,885,894			1,010,367		—		3,896,261
Convertible Obligations		—			113,865,267		—		113,865,267
Foreign Convertible Obligations		—			3,751,508		—		3,751,508
Exchange-Traded Instruments		540,327			—		—		540,327
Short-Term Investments		17,322,635			—		—		17,322,635

Total Investments in Securities - Assets	$	20,748,856		$	122,375,904	$	—	$	143,124,760

*Liabilities*
Common Stocks (Sold Short)	$	(29,978,180	)	$	—	$	—	$	(29,978,180	)

Total Investments in Securities - Liabilities		(29,978,180	)		—		—		(29,978,180	)

Total Investments in Securities	$	(9,229,324	)	$	122,375,904	$	—	$	113,146,580

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

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount*			Fair Value
CORPORATE OBLIGATIONS - 7.24%
Communications - 0.45%
Telecommunications - 0.45%
Consolidated Communications, Inc., 5.000%, Due 10/1/2028^A	$		185,000	$	154,077
T-Mobile USA, Inc., 5.050%, Due 7/15/2033			640,000		633,086

					787,163

Total Communications					787,163

Consumer, Cyclical - 1.49%
Airlines - 0.22%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, Due 4/20/2029^A			400,000		393,510

Auto Manufacturers - 0.82%
Ford Motor Credit Co. LLC,
5.800%, Due 3/5/2027			360,000		361,349
6.050%, Due 3/5/2031			200,000		201,686
General Motors Co., 5.600%, Due 10/15/2032			415,000		420,313
Stellantis NV, 4.250%, Due 6/16/2031^B		EUR	400,000		448,976

					1,432,324

Auto Parts & Equipment - 0.45%
American Axle & Manufacturing, Inc., 5.000%, Due 10/1/2029			610,000		549,555
Titan International, Inc., 7.000%, Due 4/30/2028			245,000		241,753

					791,308

Total Consumer, Cyclical					2,617,142

Consumer, Non-Cyclical - 1.40%
Commercial Services - 0.45%
United Rentals North America, Inc.,
6.000%, Due 12/15/2029^A			590,000		593,974
6.125%, Due 3/15/2034^A			200,000		200,305

					794,279

Food - 0.24%
General Mills, Inc., 4.950%, Due 3/29/2033			430,000		425,610

Health Care - Services - 0.36%
HCA, Inc.,
3.500%, Due 9/1/2030			115,000		104,041
5.500%, Due 6/1/2033			520,000		522,459

					626,500

Pharmaceuticals - 0.35%
CVS Health Corp., 5.300%, Due 6/1/2033			330,000		330,929
Prestige Brands, Inc., 5.125%, Due 1/15/2028^A			280,000		272,753

					603,682

Total Consumer, Non-Cyclical					2,450,071

Energy - 2.48%
Pipelines - 2.33%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, Due 6/15/2029^A			425,000		408,675
EnLink Midstream LLC,
5.625%, Due 1/15/2028^A			424,000		419,766
5.375%, Due 6/1/2029			500,000		490,627
Hess Midstream Operations LP,
5.125%, Due 6/15/2028^A			400,000		386,740

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount*

Fair Value

CORPORATE OBLIGATIONS - 7.24% (continued)

Energy - 2.48% (continued)

Pipelines - 2.33% (continued)

Hess Midstream Operations LP, (continued)

5.500%, Due 10/15/2030^A

340,000

329,365

Kinetik Holdings LP,

6.625%, Due 12/15/2028^A

100,000

101,778

5.875%, Due 6/15/2030^A

300,000

293,594

Plains All American Pipeline LP/PAA Finance Corp., 3.800%, Due 9/15/2030

330,000

302,410

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.375%, Due 2/15/2029^A

425,000

427,178

Targa Resources Corp., 6.125%, Due 3/15/2033

280,000

292,263

Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, Due 2/1/2031

650,000

621,799

4,074,195

Water - 0.15%

Solaris Midstream Holdings LLC, 7.625%, Due 4/1/2026^A

265,000

267,879

Total Energy

4,342,074

Financial - 0.66%

Diversified Financial Services - 0.66%

Burford Capital Global Finance LLC,

6.250%, Due 4/15/2028^A

210,000

204,510

9.250%, Due 7/1/2031^A

200,000

211,760

Encore Capital Group, Inc.,

5.375%, Due 2/15/2026^A

GBP

400,000

492,168

9.250%, Due 4/1/2029^A

240,000

245,913

1,154,351

Total Financial

1,154,351

Industrial - 0.39%

Aerospace/Defense - 0.39%

Howmet Aerospace, Inc.,

5.900%, Due 2/1/2027

400,000

405,810

3.000%, Due 1/15/2029

300,000

270,829

676,639

Total Industrial

676,639

Technology - 0.37%

Software - 0.37%

MSCI, Inc.,

3.875%, Due 2/15/2031^A

450,000

401,483

3.250%, Due 8/15/2033^A

300,000

247,041

648,524

Total Technology

648,524

Total Corporate Obligations (Cost $12,625,945)

12,675,964

FOREIGN CORPORATE OBLIGATIONS - 48.60%

Basic Materials - 0.33%

Chemicals - 0.33%

Sociedad Quimica y Minera de Chile SA,

6.500%, Due 11/7/2033^B

200,000

209,330

6.500%, Due 11/7/2033^A

200,000

209,330

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount*

Fair Value

FOREIGN CORPORATE OBLIGATIONS - 48.60% (continued)

Basic Materials - 0.33% (continued)

Chemicals - 0.33% (continued)

UPL Corp. Ltd., 5.250%, Due 2/27/2025, (5 yr. CMT + 3.865%)^{B C D}

230,000

155,319

573,979

Total Basic Materials

573,979

Communications - 2.33%

Advertising - 0.05%

Summer BC Holdco A SARL, 9.250%, Due 10/31/2027^B

EUR

90,105

94,439

Media - 0.40%

Virgin Media Secured Finance PLC, 5.250%, Due 5/15/2029^A

GBP

600,000

694,750

Telecommunications - 1.88%

Altice France SA, 5.500%, Due 1/15/2028^A

200,000

142,426

America Movil SAB de CV, 5.000%, Due 10/27/2026

GBP

330,000

416,493

Network i2i Ltd., 3.975%, Due 3/3/2026, (5 yr. CMT + 3.390%)^{A C D}

300,000

284,735

Orange SA, 3.625%, Due 11/16/2031^B

EUR

400,000

442,271

Sable International Finance Ltd., 5.750%, Due 9/7/2027^A

386,000

372,038

Telefonica Europe BV, 6.750%, Due 6/7/2031, (8 yr. EUR Swap + 3.615%)^{B C D}

EUR

400,000

467,142

Telesat Canada/Telesat LLC, 6.500%, Due 10/15/2027^A

716,000

300,720

Vodafone Group PLC, 4.875%, Due 10/3/2078, (5 Yr. GBP Swap + 3.267%)^{B D}

GBP

600,000

742,205

Vodafone International Financing DAC, 3.250%, Due 3/2/2029^B

EUR

120,000

129,427

3,297,457

Total Communications

4,086,646

Consumer, Cyclical - 2.20%

Auto Manufacturers - 0.54%

Jaguar Land Rover Automotive PLC, 4.500%, Due 7/15/2028^A

EUR

300,000

321,234

Volkswagen International Finance NV, 4.625%, Due 6/27/2028, (10 yr. EUR Swap + 3.982%)^{B C D}

EUR

600,000

629,509

950,743

Auto Parts & Equipment - 0.22%

Nemak SAB de CV, 2.250%, Due 7/20/2028^B

EUR

400,000

382,971

Entertainment - 0.66%

CPUK Finance Ltd., 5.876%, Due 8/28/2027^B

GBP

600,000

764,999

Inter Media & Communication SpA, 6.750%, Due 2/9/2027^B

EUR

250,000

263,636

Pinewood Finance Co. Ltd., 3.250%, Due 9/30/2025^B

GBP

100,000

123,722

1,152,357

Home Builders - 0.40%

Maison Finco PLC, 6.000%, Due 10/31/2027^A

GBP

600,000

700,493

Leisure Time - 0.17%

Pinnacle Bidco PLC, 10.000%, Due 10/11/2028^B

GBP

230,000

302,634

Retail - 0.21%

Punch Finance PLC,

6.125%, Due 6/30/2026^B

GBP

200,000

244,428

6.125%, Due 6/30/2026^A

GBP

100,000

122,214

366,642

Total Consumer, Cyclical

3,855,840

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount*			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 48.60% (continued)
Consumer, Non-Cyclical - 1.62%
Commercial Services - 0.96%
AA Bond Co. Ltd., 6.500%, Due 1/31/2026^A		GBP	470,000	$	587,243
House of HR Group BV, 9.000%, Due 11/3/2029^B		EUR	300,000		340,242
La Financiere Atalian SASU,
4.000%, Due 5/15/2024^B		EUR	100,000		87,598
5.125%, Due 5/15/2025^B		EUR	100,000		83,004
RAC Bond Co. PLC, 5.250%, Due 11/4/2046^A		GBP	500,000		590,455

					1,688,542

Food - 0.38%
Bellis Acquisition Co. PLC, 4.500%, Due 2/16/2026^A		GBP	200,000		242,964
Bimbo Bakeries USA, Inc., 6.050%, Due 1/15/2029^A	$		400,000		413,965

					656,929

Pharmaceuticals - 0.18%
Cheplapharm Arzneimittel GmbH, 5.500%, Due 1/15/2028^A			325,000		311,353

Private Placement - 0.10%
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV (SPAC), 8.500%, Due 1/15/2031^A		GBP	130,000		176,796

Total Consumer, Non-Cyclical					2,833,620

Energy - 0.23%
Oil & Gas - 0.23%
Guara Norte SARL, 5.198%, Due 6/15/2034^A			342,716		312,728
Petroleos Mexicanos, 6.625%, Due 6/15/2035			122,000		92,529

					405,257

Total Energy					405,257

Financial - 39.78%
Banks - 24.18%
Abanca Corp. Bancaria SA, 6.000%, Due 1/20/2026, (5 yr. EUR Swap + 6.570%)^{B C D}		EUR	1,000,000		1,037,044
AIB Group PLC, 6.250%, Due 6/23/2025, (5 yr. EUR Swap + 6.629%)^{B C D}		EUR	1,000,000		1,072,107
Banco Bilbao Vizcaya Argentaria SA, 8.250%, Due 11/30/2033, (5 yr. U.K. Government Bond + 3.600%)^{B D}		GBP	1,000,000		1,356,500
Banco de Sabadell SA, 5.750%, Due 3/15/2026, (5 yr. EUR Swap + 6.198%)^{B C D}		EUR	1,800,000		1,874,195
Banco Mercantil del Norte SA,
6.750%, Due 9/27/2024, (5 yr. CMT + 4.967%)^{B C D}			200,000		198,574
8.375%, Due 10/14/2030, (10 yr. CMT + 7.760%)^{B C D}			300,000		306,871
Banco Santander SA,
4.375%, Due 1/14/2026, (5 yr. EUR Swap + 4.534%)^{B C D}		EUR	1,000,000		1,009,834
4.750%, Due 11/12/2026, (5 yr. CMT + 3.753%)^C D			800,000		696,206
4.125%, Due 11/12/2027, (5 yr. EUR Swap + 4.311%)^C D		EUR	400,000		380,834
Bank of Ireland Group PLC, 6.750%, Due 3/1/2033, (5 yr. EUR Swap + 4.150%)^{B D}		EUR	240,000		276,606
Barclays PLC,
6.375%, Due 12/15/2025, (5 yr. U.K. Government Bond + 6.016%)^{B C D}		GBP	1,240,000		1,506,376
4.375%, Due 3/15/2028, (5 yr. CMT + 3.410%)^C D			1,530,000		1,253,789
9.250%, Due 9/15/2028, (5 yr. GBP Swap + 5.639%)^C D		GBP	500,000		650,588
BAWAG Group AG,
5.000%, Due 5/14/2025, (5 yr. EUR Swap + 4.415%)^{B C D}		EUR	400,000		409,100
5.125%, Due 10/1/2025, (5 yr. EUR Swap + 5.546%)^{B C D}		EUR	1,000,000		1,030,032
BBVA Bancomer SA
5.125%, Due 1/18/2033, (5 yr. CMT + 2.650%)^B D			200,000		185,893
5.875%, Due 9/13/2034, (5 yr. CMT + 4.308%)^B D			400,000		378,548
Belfius Bank SA, 3.625%, Due 4/16/2025, (5 yr. EUR Swap + 2.938%)^{B C D}		EUR	200,000		200,378

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount*			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 48.60% (continued)
Financial - 39.78% (continued)
Banks - 24.18% (continued)
BNP Paribas SA,
7.750%, Due 8/16/2029, (5 yr. CMT + 4.899%)^{B C D}	$		1,000,000	$	1,023,965
6.875%, Due 12/6/2029, (5 yr. EUR Swap + 4.645%)^{B C D}		EUR	800,000		900,624
2.588%, Due 8/12/2035, (5 yr. CMT + 2.050%)^B D			800,000		656,130
CaixaBank SA,
5.875%, Due 10/9/2027, (5 yr. EUR Swap + 6.346%)^{B C D}		EUR	600,000		635,982
3.625%, Due 9/14/2028, (5 yr. EUR Swap + 3.857%)^{B C D}		EUR	1,000,000		883,308
6.250%, Due 2/23/2033, (5 yr. EUR Swap + 3.550%)^B D		EUR	300,000		342,493
Commerzbank AG, 6.500%, Due 12/6/2032, (5 yr. EURIBOR ICE Swap + 4.300%)^{B D}		EUR	500,000		567,997
Cooperatieve Rabobank UA, 4.875%, Due 6/29/2029, (5 yr. EUR Swap + 3.717%)^{B C D}		EUR	1,200,000		1,218,561
Credit Agricole SA,
7.500%, Due 6/23/2026, (5 yr. GBP SONIA Linked ICE Swap + 4.812%)^{A C D}		GBP	800,000		1,004,671
1.874%, Due 12/9/2031, ( 5 yr. U.K. Government Bond + 1.500%)^{B D}		GBP	300,000		341,386
Danske Bank AS, 4.375%, Due 5/18/2026, (5 yr. CMT + 3.387%)^{B C D}			1,350,000		1,253,866
Deutsche Pfandbriefbank AG,
4.600%, Due 2/22/2027^B		EUR	200,000		116,516
8.474%, Due 4/28/2028, Series 3529, (5 yr. EURIBOR ICE Swap + 5.383%)^{B C D}		EUR	400,000		177,044
Erste Group Bank AG, 4.250%, Due 10/15/2027, (5 yr. EUR Swap + 4.646%)^{B C D}		EUR	600,000		582,579
HSBC Holdings PLC,
5.875%, Due 9/28/2026, (5 yr. GBP Swap + 4.276%)^C D		GBP	1,319,000		1,596,923
6.364%, Due 11/16/2032, (5 yr. EUR Swap + 3.300%)^B D		EUR	500,000		575,722
ING Groep NV, 3.875%, Due 5/16/2027, (5 yr. CMT + 2.862%)^{C D}			1,300,000		1,086,562
Intesa Sanpaolo SpA,
5.875%, Due 9/1/2031, (5 yr. EUR Swap + 6.086%)^{B C D}		EUR	1,100,000		1,117,418
8.505%, Due 9/20/2032^B		GBP	591,000		830,285
Investec PLC, 9.125%, Due 3/6/2033, (5 yr. U.K. Government Bond + 5.905%)^{B D}		GBP	500,000		670,839
Jyske Bank AS, 5.125%, Due 5/1/2035, (5 yr. EURIBOR ICE Swap + 2.500%)^{B D}		EUR	800,000		884,079
Lloyds Banking Group PLC,
7.875%, Due 6/27/2029, (5 yr. GBP SONIA Linked ICE Swap + 5.107%)^{B C D}		GBP	1,000,000		1,251,106
2.707%, Due 12/3/2035, (5 yr. U.K. Government Bond + 2.400%)^{B D}		GBP	800,000		820,016
NatWest Group PLC, 4.500%, Due 3/31/2028, (5 yr. U.K. Government Bond + 3.992%)^{C D}		GBP	1,900,000		2,055,158
Paragon Banking Group PLC, 4.375%, Due 9/25/2031, (5 yr. U.K. Government Bond + 3.956%)^{B D}		GBP	500,000		581,748
Shawbrook Group PLC, 12.250%, Due 1/4/2034, (5 yr. U.K. Government Bond + 7.948%)^{B D}		GBP	600,000		775,086
Societe Generale SA,
9.375%, Due 11/22/2027, (5 yr. CMT + 5.385%)^{B C D}			600,000		621,402
5.375%, Due 11/18/2030, (5 yr. CMT + 4.514%)^{A C D}			1,330,000		1,120,095
6.691%, Due 1/10/2034, (1 yr. CMT + 2.950%)^B D			400,000		419,210
Standard Chartered PLC, 7.750%, Due 8/15/2027, (5 yr. CMT + 4.976%)^{B C D}			800,000		810,138
Svenska Handelsbanken AB, 4.625%, Due 8/23/2032, (5 yr. U.K. Government Bond + 2.800%)^{B D}		GBP	600,000		729,982
Unicaja Banco SA, 3.125%, Due 7/19/2032, (5 yr. EUR Swap + 3.050%)^{B D}		EUR	700,000		705,414
UniCredit SpA, 3.875%, Due 6/3/2027, (5 yr. EURIBOR ICE Swap + 4.081%)^{B C D}		EUR	1,600,000		1,536,351
Virgin Money U.K. PLC, 8.250%, Due 6/17/2027, (5 yr. U.K. Government Bond + 6.357%)^{B C D}		GBP	502,000		636,039

					42,352,170

Diversified Financial Services - 2.24%
Bracken MidCo1 PLC, 6.750%, Due 11/1/2027, Cash (6.750%) or PIK (in-kind rate 7.500%)^A		GBP	500,000		593,210
Garfunkelux Holdco 3 SA, 6.750%, Due 11/1/2025^B		EUR	160,000		121,404
Jerrold Finco PLC,
4.875%, Due 1/15/2026^B		GBP	120,000		150,701
4.875%, Due 1/15/2026^A		GBP	250,000		313,960
5.250%, Due 1/15/2027^B		GBP	130,000		156,319
Julius Baer Group Ltd., 3.625%, Due 3/23/2028, (5 yr. CMT + 2.539%)^{B C D}			1,140,000		895,465
OSB Group PLC, 6.000%, Due 10/7/2026, (5 yr. U.K. Government Bond + 5.393%)^{B C D}		GBP	1,049,000		1,070,450
Sherwood Financing PLC, 6.000%, Due 11/15/2026^A		GBP	500,000		560,155

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount*			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 48.60% (continued)
Financial - 39.78% (continued)
Diversified Financial Services - 2.24% (continued)
Unifin Financiera SAB de CV,
8.375%, Due 1/27/2028^{A E}	$		200,000	$	13,000
9.875%, Due 1/28/2029^{A E}			700,000		46,375

					3,921,039

Insurance - 9.73%
Aegon Ltd., 5.625%, Due 4/15/2029, (5 yr. EUR Swap + 5.207%)^{B C D}		EUR	900,000		941,836
ASR Nederland NV, 4.625%, Due 10/19/2027, (5 yr. EUR Swap + 3.789%)^{B C D}		EUR	750,000		756,304
Athora Netherlands NV, 7.000%, Due 6/19/2025, (5 yr. EUR Swap + 6.463%)^{B C D}		EUR	900,000		970,965
Aviva PLC, 6.875%, Due 12/15/2031, (5 yr. U.K. Government Bond + 4.649%)^{B C D}		GBP	700,000		840,690
BUPA Finance PLC,
5.000%, Due 12/8/2026^B		GBP	350,000		436,241
4.000%, Due 9/24/2031, (5 yr. U.K. Government Bond + 3.170%)^{B C D}		GBP	456,000		420,144
Direct Line Insurance Group PLC, 4.750%, Due 12/7/2027, (5 yr. GBP SONIA Linked ICE Swap + 3.394%)^{B C D}		GBP	1,160,000		1,199,151
Galaxy Bidco Ltd., 6.500%, Due 7/31/2026^B		GBP	240,000		298,257
La Mondiale SAM,
4.375%, Due 4/24/2029, (5 yr. EUR Swap + 4.411%)^{B C D}		EUR	700,000		707,032
4.800%, Due 1/18/2048, (5 yr. CMT + 3.235%)^B D			800,000		747,000
Legal & General Group PLC, 5.625%, Due 3/24/2031, (5 yr. U.K. Government Bond + 5.378%)^{B C D}		GBP	1,000,000		1,136,919
Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, 3.500%, Due 12/21/2028, (5 yr. EUR Swap + 3.592%)^{B C D}		EUR	600,000		543,733
Pension Insurance Corp. PLC,
7.375%, Due 7/25/2029, (5 yr. U.K. Government Bond + 6.658%)^{C D}		GBP	664,000		821,910
4.625%, Due 5/7/2031^B		GBP	750,000		851,432
Phoenix Group Holdings PLC, 5.750%, Due 12/31/2049, (5 yr. U.K. Government Bond + 4.170%)^{B C D}		GBP	1,700,000		1,922,571
QBE Insurance Group Ltd., 5.250%, Due 5/16/2025, (5 yr. CMT + 3.047%)^{B C D}			1,000,000		971,973
Real Finance Bonds No. 6 PLC, 10.125%, Due 5/25/2033, (5 yr. U.K. Government Bond + 6.344%)^{B C D}		GBP	700,000		969,823
Rothesay Life PLC,
6.875%, Due 9/12/2028, (5 yr. U.K. Government Bond + 5.419%)^{B C D}		GBP	300,000		356,419
5.500%, Due 9/17/2029, (5 yr. U.K. Government Bond + 5.150%)^{B D}		GBP	1,000,000		1,255,960
UnipolSai Assicurazioni SpA, 6.375%, Due 4/27/2030, (5 yr. EUR Swap + 6.744%)^{B C D}		EUR	840,000		903,606

					17,051,966

Savings & Loans - 3.63%
Coventry Building Society, 6.875%, Due 9/18/2024, (5 yr. U.K. Government Bond + 6.111%)^{B C D}		GBP	1,600,000		2,009,342
Nationwide Building Society,
5.750%, Due 6/20/2027, (5 yr. U.K. Government Bond + 5.625%)^{B C D}		GBP	1,300,000		1,552,602
10.250%, Due 12/31/2049, Series CCDS^{B C F}		GBP	1,636,700		2,788,777

					6,350,721

Total Financial					69,675,896

Industrial - 0.75%
Machinery - Construction & Mining - 0.18%
Siemens Energy Finance BV, 4.000%, Due 4/5/2026^B		EUR	300,000		321,940

Transportation - 0.57%
Mobico Group PLC, 4.250%, Due 11/26/2025, (5 yr. U.K. Government Bond + 4.135%)^{B C D}		GBP	455,000		525,016

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount*			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 48.60% (continued)
Industrial - 0.75% (continued)
Transportation - 0.57% (continued)
Zenith Finco PLC, 6.500%, Due 6/30/2027^A		GBP	500,000	$	467,816

					992,832

Total Industrial					1,314,772

Utilities - 1.36%
Electric - 1.21%
ContourGlobal Power Holdings SA, 3.125%, Due 1/1/2028^A		EUR	200,000		200,181
ESB Finance DAC, 2.125%, Due 11/5/2033^B		EUR	500,000		477,409
National Grid Electricity Distribution West Midlands PLC, 3.875%, Due 10/17/2024^B		GBP	700,000		875,278
NGG Finance PLC, 5.625%, Due 6/18/2073, (12 yr. GBP Swap + 3.480%)^{B D}		GBP	100,000		124,931
SSE PLC, 8.375%, Due 11/20/2028, Series 3^B		GBP	300,000		435,070

					2,112,869

Water - 0.15%
Severn Trent Utilities Finance PLC, 6.250%, Due 6/7/2029^B		GBP	200,000		265,625

Total Utilities					2,378,494

Total Foreign Corporate Obligations (Cost $90,300,755)					85,124,504

FOREIGN SOVEREIGN OBLIGATIONS - 9.09%
BBVA Bancomer SA, 8.125%, Due 1/8/2039, (5 yr. CMT + 4.214%)^{A D}		$	200,000		207,277
Bundesrepublik Deutschland Bundesanleihe, 2.200%, Due 2/15/2034, Series 10Y^B		EUR	14,690,000		15,717,874

Total Foreign Sovereign Obligations (Cost $15,800,135)					15,925,151

ASSET-BACKED OBLIGATIONS - 13.29%
Armada Euro CLO IV DAC, 13.042%, Due 7/15/2033, 4X F, (3 mo. EUR EURIBOR + 9.100%)^{B D}		EUR	700,000		745,215
Carlyle Euro CLO DAC, 9.182%, Due 8/28/2031, 2018 2A D, (3 mo. EUR EURIBOR + 5.230%)^{A D}		EUR	500,000		501,950
Carlyle Global Market Strategies Euro CLO DAC, 8.685%, Due 5/17/2031, 2016 1A DR, (3 mo. EUR EURIBOR + 4.770%)^{A D}		EUR	500,000		519,621
CVC Cordatus Loan Fund X DAC, 9.979%, Due 1/27/2031, 10A F, (3 mo. EUR EURIBOR + 6.050%)^{A D}		EUR	1,000,000		981,464
CVC Cordatus Loan Fund XVII DAC, 10.035%, Due 11/18/2033, 17A ER, (3 mo. EUR EURIBOR + 6.120%)^{A D}		EUR	1,250,000		1,311,357
Dryden 56 Euro CLO DAC, 10.392%, Due 1/15/2032, 2017 56A F, (3 mo. EUR EURIBOR + 6.450%)^{A D}		EUR	1,100,000		1,099,191
Dryden 62 Euro CLO DAC, 8.792%, Due 7/15/2031, 2017 62X E, (3 mo. EUR EURIBOR + 4.850%)^{B D}		EUR	1,000,000		1,011,231
Harvest CLO XVI DAC, 9.512%, Due 10/15/2031, 16A ER, (3 mo. EUR EURIBOR + 5.570%)^{A D}		EUR	1,550,000		1,605,825
Penta CLO 16 DAC, 10.676%, Due 10/18/2036, Series 2024-16A, Class E, (3 mo. EUR EURIBOR + 6.790%)^{A D}		EUR	1,500,000		1,602,092
Penta CLO 9 DAC,
9.988%, Due 7/25/2036, 2021 9A E, (3 mo. EUR EURIBOR + 6.040%)^{A D}		EUR	1,000,000		1,049,986
12.688%, Due 7/25/2036, 2021 9A F, (3 mo. EUR EURIBOR + 8.740%)^{A D}		EUR	1,000,000		1,033,459
Providus CLO II DAC, 9.192%, Due 7/15/2031, 2X E, (3 mo. EUR EURIBOR + 5.250%)^{B D}		EUR	545,000		573,950
Providus CLO VI DAC, 10.025%, Due 5/20/2034, 6A E, (3 mo. EUR EURIBOR + 6.110%)^{A D}		EUR	1,250,000		1,308,474
Rockfield Park CLO DAC, 9.892%, Due 7/16/2034, 1A D, (3 mo. EUR EURIBOR + 5.950%)^{A D}		EUR	1,500,000		1,573,594
RRE 5 Loan Management DAC, 10.292%, Due 1/15/2037, 5A DR, (3 mo. EUR EURIBOR + 6.350%)^{A D}		EUR	1,000,000		1,059,217
Segovia European CLO DAC, 9.024%, Due 10/18/2031, 2018 5A E, (3 mo. EUR EURIBOR + 5.130%)^A D		EUR	1,190,000		1,228,715
Voya Euro CLO I DAC, 10.352%, Due 10/15/2030, 1X F, (3 mo. EUR EURIBOR + 6.410%)^{B D}		EUR	1,100,000		1,106,553
Voya Euro CLO II DAC, 9.962%, Due 7/15/2035, 2A ER, (3 mo. EUR EURIBOR + 6.020%)^{A D}		EUR	1,700,000		1,788,762

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount*

Fair Value

ASSET-BACKED OBLIGATIONS - 13.29% (continued)

Voya Euro CLO III DAC, 11.842%, Due 4/15/2033, 3X F, (3 mo. EUR EURIBOR + 7.900%)^{B D}

EUR

1,300,000

1,324,342

Voya Euro CLO IV DAC, 10.102%, Due 10/15/2034, 4A ER, (3 mo. EUR EURIBOR + 6.160%)^{A D}

EUR

1,750,000

1,844,450

Total Asset-Backed Obligations (Cost $25,277,211)

23,269,448

COLLATERALIZED MORTGAGE OBLIGATIONS - 1.15% (Cost $1,953,498)

Towd Point Mortgage Funding PLC, 6.622%, Due 10/20/2051, 2019 GR4A ER, (Sterling Overnight Index Average + 1.400%)^{A D}

GBP

1,600,000

2,017,055

U.S. TREASURY OBLIGATIONS - 13.80%

U.S. Treasury Notes,

4.500%, Due 11/15/2033

19,300,000

19,746,312

4.000%, Due 2/15/2034

4,490,000

4,419,844

Total U.S. Treasury Obligations (Cost $24,342,412)

24,166,156

Shares

SHORT-TERM INVESTMENTS - 5.26%

Investment Companies - 3.51%

American Beacon U.S. Government Money Market Select Fund, 5.22%^{G H}

6,137,492

6,137,492

Principal Amount*

U.S. Treasury Obligations - 1.75%

U.S. Treasury Bills, 5.385%, Due 6/6/2024

3,100,000

3,070,347

Total Short-Term Investments (Cost $9,208,712)

9,207,839

TOTAL INVESTMENTS - 98.43% (Cost $179,508,668)

172,386,117

OTHER ASSETS, NET OF LIABILITIES - 1.57%

2,756,681

TOTAL NET ASSETS - 100.00%

175,142,798

Percentages are stated as a percent of net assets.

*	In U.S. Dollars unless otherwise noted.

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 $36,887,865 or 21.06% of net assets. The Fund has no right to demand registration of these securities.

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.

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

^E	Default Security. At period end, the amount of securities in default was $59,375 or 0.03% of net assets.

^F	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.

^G	7-day yield.

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

CLO - Collateralized Loan Obligation.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

EURIBOR - Euro Interbank Offered Rate.

ICE – Intercontinental Exchange.

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

IP - Intellectual Property.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

LP - Limited Partnership.

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.

SONIA - Sterling Overnight Index Average.

SPAC - Special Purpose Acquisition Company.

Forward Foreign Currency Contracts Open on March 31, 2024:


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
USD	63,771,864	EUR	62,872,628	4/18/2024	SSB	$	899,236	$	—	$	899,236
USD	46,037,271	GBP	45,424,064	4/18/2024	SSB		613,207		—		613,207
USD	1,994,988	EUR	1,970,227	4/18/2024	SSB		24,761		—		24,761
USD	1,466,243	EUR	1,446,057	4/18/2024	SSB		20,186		—		20,186
USD	550,516	EUR	550,277	4/18/2024	SSB		239		—		239
USD	501,036	GBP	494,308	4/18/2024	SSB		6,728		—		6,728
USD	471,180	GBP	470,437	4/18/2024	SSB		743		—		743

						$	1,565,100	$	—	$	1,565,100

*	All values denominated in USD.

Glossary:


Counterparty Abbreviations:

SSB		State Street Bank & Trust Co.


Currency Abbreviations:

EUR		Euro
GBP		British Pound
USD		United States Dollar

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


TwentyFour Strategic Income Fund	Level 1		Level 2		Level 3		Total
*Assets*
Corporate Obligations	$	—	$	12,675,964	$	—	$	12,675,964
Foreign Corporate Obligations		—		85,124,504		—		85,124,504
Foreign Sovereign Obligations		—		15,925,151		—		15,925,151
Asset-Backed Obligations		—		23,269,448		—		23,269,448
Collateralized Mortgage Obligations		—		2,017,055		—		2,017,055
U.S. Treasury Obligations		—		24,166,156		—		24,166,156
Short-Term Investments		6,137,492		3,070,347		—		9,207,839

Total Investments in Securities - Assets	$	6,137,492	$	166,248,625	$	—	$	172,386,117

*Financial Derivative Instruments - Assets*
Forward Foreign Currency Contracts	$	—	$	1,565,100	$	—	$	1,565,100

Total Financial Derivative Instruments - Assets	$	—	$	1,565,100	$	—	$	1,565,100

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

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

See accompanying notes

American Beacon TwentyFour Sustainable Short Term Bond Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount*

Fair Value

CORPORATE OBLIGATIONS - 10.77%

Communications - 2.82%

Media - 1.30%

Discovery Communications LLC, 2.500%, Due 9/20/2024

GBP

100,000

124,291

Telecommunications - 1.52%

T-Mobile USA, Inc., 3.500%, Due 4/15/2025

148,000

145,129

Total Communications

269,420

Consumer, Non-Cyclical - 3.70%

Commercial Services - 1.63%

Experian Finance PLC, 2.125%, Due 9/27/2024^A

GBP

125,000

155,330

Health Care - Services - 1.44%

HCA, Inc., 5.250%, Due 6/15/2026

138,000

137,685

Pharmaceuticals - 0.63%

Becton Dickinson & Co., 3.363%, Due 6/6/2024

60,000

59,736

Total Consumer, Non-Cyclical

352,751

Financial - 2.59%

Banks - 1.28%

Bank of America Corp., 2.300%, Due 7/25/2025^A

GBP

100,000

121,767

REITS - 1.31%

Digital Stout Holding LLC, 4.250%, Due 1/17/2025^A

GBP

100,000

124,924

Total Financial

246,691

Technology - 1.66%

Software - 1.66%

Fiserv, Inc., 2.250%, Due 7/1/2025

GBP

130,000

158,043

Total Corporate Obligations (Cost $1,055,652)

1,026,905

FOREIGN CORPORATE OBLIGATIONS - 61.71%

Communications - 4.77%

Media - 1.43%

Arqiva Financing PLC, 7.210%, Due 6/30/2045^A

GBP

100,000

135,988

Telecommunications - 3.34%

Orange SA, 5.000%, Due 10/1/2026, (5 yr. EUR Swap + 3.990%)^{A B C}

EUR

100,000

109,886

Telefonica Europe BV, 3.875%, Due 6/22/2026, (8 yr. EUR Swap + 2.967%)^{A B C}

EUR

100,000

105,669

Vodafone Group PLC, 2.625%, Due 8/27/2080, (5 yr. EUR Swap + 3.002%)^{A B}

EUR

100,000

103,435

318,990

Total Communications

454,978

Consumer, Cyclical - 1.79%

Distribution/Wholesale - 1.79%

Bunzl Finance PLC, 2.250%, Due 6/11/2025^A

GBP

140,000

170,665

Consumer, Non-Cyclical - 1.93%

Food - 1.93%

Tesco Corporate Treasury Services PLC, 2.500%, Due 5/2/2025^A

GBP

150,000

183,782

Financial - 35.67%

Banks - 16.36%

ABN AMRO Bank NV, 5.250%, Due 5/26/2026^A

GBP

100,000

126,728

See accompanying notes

American Beacon TwentyFour Sustainable Short Term Bond Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Principal Amount*			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 61.71% (continued)
Financial - 35.67% (continued)
Banks - 16.36% (continued)
Argenta Spaarbank NV, 1.000%, Due 10/13/2026, (1yr. EUR Swap + 1.550%)^{A B}		EUR	100,000	$	103,234
Banco Santander SA, 1.375%, Due 7/31/2024^A		GBP	100,000		124,546
Barclays PLC, 3.750%, Due 11/22/2030, (5 yr. U.K. Government Bond + 3.750%)^{A B}		GBP	100,000		121,053
BNP Paribas SA, 2.000%, Due 5/24/2031, (5 yr. U.K. Government Bond + 1.650%)^{A B}		GBP	100,000		115,997
BPCE SA, 1.375%, Due 12/23/2026^A		GBP	100,000		114,928
HSBC Holdings PLC, 1.750%, Due 7/24/2027, (Sterling Overnight Index Average + 1.307%)^B		GBP	100,000		116,458
ING Groep NV, 5.000%, Due 8/30/2026, (Sterling Overnight Index Average + 1.510%)^{A B}		GBP	100,000		125,574
Lloyds Banking Group PLC, 1.985%, Due 12/15/2031, (5 yr. U.K. Government Bond + 1.600%)^B		GBP	120,000		137,289
NatWest Group PLC, 3.622%, Due 8/14/2030, (5 yr. U.K. Government Bond + 3.550%)^{A B}		GBP	100,000		122,466
Santander U.K. Group Holdings PLC, 3.625%, Due 1/14/2026^A		GBP	100,000		122,570
Standard Chartered PLC, 2.500%, Due 9/9/2030, (5 yr. EUR Swap + 2.800%)^{A B}		EUR	100,000		105,034
Virgin Money U.K. PLC, 5.125%, Due 12/11/2030, (5 yr. U.K. Government Bond + 5.250%)^{A B}		GBP	100,000		124,089

					1,559,966

Insurance - 13.01%
Aviva PLC, 6.125%, Due 11/14/2036, (5 yr. U.K. Government Bond + 2.850%)^{A B}		GBP	100,000		128,236
AXA SA, 3.250%, Due 5/28/2049, (3 mo. EUR EURIBOR + 3.200%)^{A B}		EUR	100,000		103,264
BUPA Finance PLC, 5.000%, Due 12/8/2026^A		GBP	100,000		124,640
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.375%, Due 5/28/2024, (3 mo. EUR EURIBOR + 5.770%)^{A B C}		EUR	100,000		107,991
CNP Assurances SACA, 4.250%, Due 6/5/2045, (5 yr. EUR Swap + 3.600%)^{A B}		EUR	100,000		107,609
Legal & General Group PLC, 5.375%, Due 10/27/2045, (5 yr. U.K. Government Bond + 4.580%)^{A B}		GBP	100,000		125,426
M&G PLC, 3.875%, Due 7/20/2049, (5 yr. U.K. Government Bond + 3.500%)^{A B}		GBP	135,000		169,228
Phoenix Group Holdings PLC, 6.625%, Due 12/18/2025^A		GBP	100,000		127,843
Rothesay Life PLC, 8.000%, Due 10/30/2025^A		GBP	190,000		246,604

					1,240,841

Real Estate - 2.32%
Heimstaden Bostad Treasury BV, 0.250%, Due 10/13/2024^A		EUR	100,000		103,731
Telereal Securitisation PLC, 1.963%, Due 12/10/2033, Series B2, (Sterling Overnight Index Average + 4.440%)^{A B}		GBP	100,000		117,493

					221,224

Savings & Loans - 3.98%
Nationwide Building Society, 5.875%, Due 12/20/2024, (5 yr. U.K. Government Bond + 5.390%)^{A B C}		GBP	200,000		249,865
Yorkshire Building Society, 6.375%, Due 11/15/2028, (1 yr. U.K. Government Bond + 2.650%)^{A B}		GBP	100,000		130,014

					379,879

Total Financial					3,401,910

Industrial - 3.83%
Miscellaneous Manufacturing - 1.28%
Siemens Financieringsmaatschappij NV, 1.000%, Due 2/20/2025^A		GBP	100,000		121,725

Transportation - 2.55%
Eversholt Funding PLC, 6.359%, Due 12/2/2025^A		GBP	100,000		128,343

See accompanying notes

American Beacon TwentyFour Sustainable Short Term Bond Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount*

Fair Value

FOREIGN CORPORATE OBLIGATIONS - 61.71% (continued)

Industrial - 3.83% (continued)

Transportation - 2.55% (continued)

Mobico Group PLC, 4.250%, Due 11/26/2025, (5 yr. U.K. Government Bond + 4.135%)^{A B C}

GBP

100,000

115,388

243,731

Total Industrial

365,456

Technology - 1.15%

Software - 1.15%

Sage Group PLC, 3.820%, Due 2/15/2028^A

EUR

100,000

109,436

Utilities - 12.57%

Electric - 9.97%

E.ON International Finance BV, 1.000%, Due 4/13/2025^A

EUR

100,000

104,961

Engie SA, 3.875%, Due 6/2/2024, Series NC10, (10 yr. EUR Swap + 2.650%)^{A B C}

EUR

100,000

107,479

Iberdrola International BV, 3.250%, Due 11/12/2024, (5 yr. EUR Swap + 2.973%)^{A B C}

EUR

100,000

106,592

National Grid Electricity Distribution West Midlands PLC, 6.000%, Due 5/9/2025^A

GBP

100,000

126,704

NGG Finance PLC, 5.625%, Due 6/18/2073, (12 yr. GBP Swap + 3.480%)^{A B}

GBP

100,000

124,931

NIE Finance PLC, 6.375%, Due 6/2/2026^A

GBP

100,000

129,210

Orsted AS, 2.250%, Due 11/24/3017, (5 yr. EUR Swap + 1.899%)^{A B}

EUR

100,000

106,116

SSE PLC, 3.740%, Due 12/31/2099, (5 yr. U.K. Government Bond + 3.756%)^{A B C}

GBP

120,000

144,075

950,068

Gas - 1.31%

APA Infrastructure Ltd., 4.250%, Due 11/26/2024^A

GBP

100,000

125,096

Water - 1.29%

Severn Trent Utilities Finance PLC, 3.625%, Due 1/16/2026^A

GBP

100,000

123,170

Total Utilities

1,198,334

Total Foreign Corporate Obligations (Cost $6,025,730)

5,884,561

FOREIGN SOVEREIGN OBLIGATIONS - 8.58%

Bundesrepublik Deutschland Bundesanleihe, 0.250%, Due 2/15/2029^A

EUR

455,000

445,424

U.K. Gilts, 3.500%, Due 10/22/2025^A

GBP

300,000

372,927

Total Foreign Sovereign Obligations (Cost $803,145)

818,351

COLLATERALIZED MORTGAGE OBLIGATIONS - 5.30%

Castell PLC, 6.050%, Due 11/25/2053, 2021 1 A, (Sterling Overnight Index Average + 0.850%)^{A B}

GBP

36,839

46,572

Together Asset-Backed Securitisation PLC, 5.921%, Due 7/12/2063, 2021 1ST1 A, (Sterling Overnight Index Average + 0.700%)^{A B}

GBP

67,767

85,521

Tower Bridge Funding PLC, 7.022%, Due 11/20/2063, 2021 2 D, (Sterling Overnight Index Average + 1.800%)^{A B}

GBP

169,000

210,662

Twin Bridges PLC, 7.323%, Due 3/12/2055, 2021 1 D, (Sterling Overnight Index Average + 2.100%)^{A B}

GBP

130,000

162,169

Total Collateralized Mortgage Obligations (Cost $548,031)

504,924

U.S. TREASURY OBLIGATIONS - 3.25% (Cost $310,636)

U.S. Treasury Notes, 4.625%, Due 3/15/2026

310,000

309,806

See accompanying notes

American Beacon TwentyFour Sustainable Short Term Bond Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)


	Fair Value
TOTAL INVESTMENTS - 89.61% (Cost $8,743,194)	$	8,544,547
OTHER ASSETS, NET OF LIABILITIES - 10.39%		990,962

TOTAL NET ASSETS - 100.00%	$	9,535,509

Percentages are stated as a percent of net assets.

*	In U.S. Dollars unless otherwise noted.

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

EURIBOR - Euro Interbank Offered Rate.

GILT - Bank of England Bonds.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

PLC - Public Limited Company.

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

REIT - Real Estate Investment Trust.

SOFR - Secured Overnight Financing Rate.

Forward Foreign Currency Contracts Open on March 31, 2024:


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
EUR	5,398	USD	5,466	4/18/2024	SSB	$	—	$	(68	)	$	(68	)
USD	6,150,546	GBP	6,045,163	4/18/2024	SSB		105,383		—			105,383
USD	1,893,761	EUR	1,867,509	4/18/2024	SSB		26,252		—			26,252
USD	133,601	GBP	133,610	4/18/2024	SSB		—		(9	)		(9	)
USD	105,162	EUR	103,756	4/18/2024	SSB		1,406		—			1,406
USD	37,249	GBP	37,204	4/18/2024	SSB		45		—			45

						$	133,086	$	(77	)	$	133,009

*	All values denominated in USD.

Glossary:


Counterparty Abbreviations:

SSB		State Street Bank & Trust Co.

Currency Abbreviations:

EUR		Euro
GBP		British Pound
USD		United States Dollar

See accompanying notes

American Beacon TwentyFour Sustainable Short Term Bond Fund^SM

Schedule of Investments

March 31, 2024 (Unaudited)

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


TwentyFour Sustainable Short Term Bond Fund	Level 1		Level 2			Level 3		Total
*Assets*
Corporate Obligations	$	—	$	1,026,905		$	—	$	1,026,905
Foreign Corporate Obligations		—		5,884,561			—		5,884,561
Foreign Sovereign Obligations		—		818,351			—		818,351
Collateralized Mortgage Obligations		—		504,924			—		504,924
U.S. Treasury Obligations		—		309,806			—		309,806

Total Investments in Securities - Assets	$	—	$	8,544,547		$	—	$	8,544,547

*Financial Derivative Instruments - Assets*
Forward Foreign Currency Contracts	$	—	$	133,086		$	—	$	133,086

Total Financial Derivative Instruments - Assets	$	—	$	133,086		$	—	$	133,086

*Financial Derivative Instruments - Liabilities*
Forward Foreign Currency Contracts	$	—	$	(77	)	$	—	$	(77	)

Total Financial Derivative Instruments - Liabilities	$	—	$	(77	)	$	—	$	(77	)

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

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2024 (Unaudited)

Security Valuation and Fair Value Measurements

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

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

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

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

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

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2024 (Unaudited)

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

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

Valuation Inputs

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


Level 1 -		Quoted prices in active markets for identical securities.

Level 2 -		Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.

Level 3 -		Prices determined using other significant unobservable inputs. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in pricing an investment.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2024 (Unaudited)

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

Common stocks, ETFs, preferred securities and financial derivative instruments, such as futures contracts or options that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange. These securities are valued using pricing service providers that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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.

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.

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^SM

Supplementary Notes to Schedules of Investments

March 31, 2024 (Unaudited)

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