# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001410368-25-032477
**Filing Date:** 2025-11
**Character Count:** 510199
**Document Hash:** c22e8448eb17791bf6b22ac91e521082
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032477.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032477

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251529292

**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 AHL Multi-Alternatives Fund (Series ID: S000081505)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000244411 | R6 Class     | AHMRX           |
| C000244412 | Y Class      | AHMYX           |
| C000244413 | A Class      | AHMAX           |
| C000244414 | C Class      | AHMCX           |

## 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: December 31, 2025** 

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

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

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

------

ITEM 1. SCHEDULE OF INVESTMENTS.

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  SHORT-TERM INVESTMENTS - 82.6% |  |  |
|  **U.S. Treasury Obligations - 82.6%** |  |  |
|  U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.181%, Due 10/2/2025<sup>A B</sup> | $100000000 | $99988854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.191%, Due 10/9/2025<sup>A B</sup> | 150000000 | 149865049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.283%, Due 10/23/2025<sup>A B</sup> | 125000000 | 124692260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.254%, Due 11/6/2025<sup>A B C</sup> | 125000000 | 124498125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.244%, Due 11/13/2025<sup>A B C</sup> | 175000000 | 174161799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.231%, Due 11/20/2025<sup>A B</sup> | 125000000 | 124310330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.276%, Due 12/11/2025<sup>A B</sup> | 100000000 | 99241681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.263%, Due 12/18/2025<sup>A B C</sup> | 150000000 | 148741655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.259%, Due 1/8/2026<sup>A B</sup> | 175000000 | 173182319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.070%, Due 1/22/2026<sup>A B C</sup> | 150000000 | 148215588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.846%, Due 2/19/202<sup>6A B C</sup> | 210000000 | 206931098 |
|  |  | **1573828758** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments (Cost $1,573,380,329)** |  | **1573828758** |
|  **TOTAL INVESTMENTS - 82.6% (Cost $1,573,380,329)** |  | **1573828758** |
|  **OTHER ASSETS, NET OF LIABILITIES - 17.4%** |  | **332145936** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**1905974694** |

---

Percentages are stated as a percent of net assets.

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

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

<sup>C</sup> All or a portion represents positions held by the American Beacon Cayman Managed Futures Strategy Fund, Ltd.

***Long Futures Contracts Open on September 30, 2025:***

**Commodity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CME Lean Hogs Futures<sup>A</sup> | 52 | October 2025 | $1888137 | $2076880 | $188743 |
|  CME Lean Hogs Futures<sup>A</sup> | 448 | December 2025 | 15899416 | 15899520 | 104 |
|  COMEX Copper Futures<sup>A</sup> | 334 | December 2025 | 38288890 | 40551775 | 2262885 |
|  COMEX Gold 100 Troy Ounces Futures<sup>A</sup> | 391 | December 2025 | 138190531 | 151442120 | 13251589 |
|  COMEX Silver Futures<sup>A</sup> | 306 | December 2025 | 59036780 | 71359200 | 12322420 |
|  ICE Brent Crude Oil Futures<sup>A</sup> | 394 | October 2025 | 26830932 | 26015820 | (815112) |
|  ICE Gas Oil Futures<sup>A</sup> | 812 | November 2025 | 57638992 | 55784400 | (1854592) |
|  ICE Robusta Coffee Futures 10-Tonne<sup>A</sup> | 11 | November 2025 | 500044 | 462000 | (38044) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 76 | March 2027 | 753335 | 660250 | (93085) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 76 | April 2027 | 753335 | 657400 | (95935) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 76 | May 2027 | 753335 | 684190 | (69145) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 76 | June 2027 | 753335 | 716490 | (36845) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 76 | July 2027 | 753335 | 725420 | (27915) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 76 | August 2027 | 753335 | 719340 | (33995) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 76 | September 2027 | 753335 | 731500 | (21835) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 76 | October 2027 | 753335 | 771400 | 18065 |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 76 | November 2027 | 753335 | 852530 | 99195 |
|  LME Nickel Futures<sup>A</sup> | 24 | November 2025 | 2209469 | 2182245 | (27224) |
|  LME Primary Aluminum Futures<sup>A</sup> | 656 | November 2025 | 43777235 | 43971188 | 193953 |
|  LME Primary Aluminum Futures<sup>A</sup> | 226 | January 2026 | 15273261 | 15161888 | (111373) |
|  LME Zinc Futures<sup>A</sup> | 169 | November 2025 | 12097584 | 12574910 | 477326 |
|  LME Zinc Futures<sup>A</sup> | 68 | January 2026 | 5021637 | 5033479 | 11842 |
|  MDE Crude Palm Oil Futures<sup>A</sup> | 474 | December 2025 | 12561792 | 12254057 | (307735) |
|  NYBOT CSC C Coffee Futures<sup>A</sup> | 434 | December 2025 | 61439106 | 61006837 | (432269) |
|  NYMEX Light Sweet Crude Oil Futures<sup>A</sup> | 324 | October 2025 | 20500402 | 20207880 | (292522) |
|  NYMEX NY Harbor ULSD Futures<sup>A</sup> | 338 | October 2025 | 33170095 | 32992924 | (177171) |
|  NYMEX NY Harbor ULSD Futures<sup>A</sup> | 8 | November 2025 | 774565 | 772901 | (1664) |
|  NYMEX Palladium Futures<sup>A</sup> | 50 | December 2025 | 5747972 | 6437000 | 689028 |
|  NYMEX Platinum Futures<sup>A</sup> | 406 | January 2026 | 28326895 | 32595710 | 4268815 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Long Futures Contracts Open on September 30, 2025 (continued):***

**Commodity Futures Contracts (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional<br>Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NYMEX Reformulated Gasoline Blendstock for Oxygen Blending RBOB Futures<sup>A</sup> | 661 | October 2025 | $54719891 | $53366893 | $(1352998) |
|  |  |  | $640673641 | $668668147 | $27994506 |

---

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Borsa Italiana FTSE/MIB Index Futures | 242 | December 2025 | $60408978 | $60367032 | $(41946) |
|  CME E-Mini NASDAQ 100 Index Futures | 144 | December 2025 | 70711314 | 71717040 | 1005726 |
|  CME E-Mini Russell 2000 Index Futures | 396 | December 2025 | 48055505 | 48618900 | 563395 |
|  CME E-Mini S&P 500 Index Futures | 284 | December 2025 | 94417539 | 95690250 | 1272711 |
|  Eurex DAX Index Futures | 42 | December 2025 | 29332794 | 29599637 | 266843 |
|  Eurex EURO STOXX 50 Futures | 1115 | December 2025 | 71229490 | 72535374 | 1305884 |
|  Euronext CAC 40 Index Futures | 622 | October 2025 | 57392099 | 57653989 | 261890 |
|  HKG Hang Seng China Enterprises Index Futures | 728 | October 2025 | 43924846 | 44791653 | 866807 |
|  HKG Hang Seng Index Futures | 313 | October 2025 | 53045284 | 54121756 | 1076472 |
|  ICE FTSE 100 Index Futures | 793 | December 2025 | 98845086 | 100331484 | 1486398 |
|  ICE U.S. Mini MSCI EAFE Index Futures | 615 | December 2025 | 85771062 | 85647975 | (123087) |
|  ICE U.S. MSCI Emerging Markets Index Futures | 1101 | December 2025 | 74019994 | 74851485 | 831491 |
|  KFE KOSPI 200 Index Futures | 556 | December 2025 | 44689002 | 47142404 | 2453402 |
|  Montreal Exchange S&P/TSX 60 Index Futures | 362 | December 2025 | 90553775 | 92225853 | 1672078 |
|  OML Stockholm OMXS30 Index Futures | 2436 | October 2025 | 68320205 | 68957554 | 637349 |
|  SAFEX FTSE/JSE Top 40 Index Futures | 596 | December 2025 | 34074086 | 35254763 | 1180677 |
|  SFE S&P ASX Share Price Index 200 Futures | 473 | December 2025 | 69641379 | 69427692 | (213687) |
|  SGX FTSE China A50 Futures | 2395 | October 2025 | 36079438 | 36200425 | 120987 |
|  SGX FTSE Taiwan Index Futures | 703 | October 2025 | 60563752 | 60127590 | (436162) |
|  SGX MSCI Singapore Index Futures | 736 | October 2025 | 25618430 | 25524214 | (94216) |
|  SGX Nikkei 225 Stock Index Futures | 390 | December 2025 | 57303726 | 59211380 | 1907654 |
|  TSE TOPIX Futures | 357 | December 2025 | 75083982 | 75824932 | 740950 |
|  |  |  | $1349081766 | $1365823382 | $16741616 |

---

**Interest Rate Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  3-Month CORRA Futures | 274 | September 2026 | $48099290 | $48122764 | $23474 |
|  3-Month CORRA Futures | 617 | March 2027 | 108275896 | 108264281 | (11615) |
|  3 Month Euro Euribor Futures | 658 | September 2027 | 189089214 | 188872788 | (216426) |
|  3 Month Euro Euribor Futures | 1293 | June 2028 | 370910234 | 370517445 | (392789) |
|  CBOT 5 Year U.S. Treasury Notes Futures | 1348 | December 2025 | 147654099 | 147195282 | (458817) |
|  CBOT 10 Year U.S. Treasury Notes Futures | 845 | December 2025 | 95473224 | 95062500 | (410724) |
|  CBOT U.S. Long Bond Futures | 273 | December 2025 | 31951721 | 31830094 | (121627) |
|  CBOT Ultra Long Term U.S. Treasury Bond Futures | 113 | December 2025 | 13678908 | 13567063 | (111845) |
|  Eurex Euro-BTP Italian Bond Futures | 1064 | December 2025 | 149361883 | 149702918 | 341035 |
|  Eurex Euro-BTP Italian Bond Futures | 690 | December 2025 | 87428523 | 87437599 | 9076 |
|  French Government Bond Futures | 109 | December 2025 | 15598209 | 15529344 | (68865) |
|  Montreal Exchange 10 Year Canadian Bond Futures | 677 | December 2025 | 59519194 | 59571330 | 52136 |
|  SFE 10 Year Australian Bond Futures | 705 | December 2025 | 53170886 | 52878370 | (292516) |
|  Three-Month SOFR Futures | 1244 | March 2027 | 301601229 | 301374550 | (226679) |
|  Three-Month SOFR Futures | 3390 | December 2027 | 821134362 | 820930875 | (203487) |
|  Three-Month SOFR Futures | 3267 | September 2028 | 790357052 | 790001438 | (355614) |
|  Three Month SONIA Index Futures | 243 | March 2027 | 78808940 | 78757262 | (51678) |
|  Three Month SONIA Index Futures | 1585 | December 2027 | 513493146 | 513278445 | (214701) |
|  |  |  | $3875606010 | $3872894348 | $(2711662) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Short Futures Contracts Open on September 30, 2025:***

**Commodity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description**  | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CBOT Corn Futures<sup>A</sup> | 2180 | December 2025 | $(46538023) | $(45289500) | $1248523 |
|  CBOT Soybean Futures<sup>A</sup> | 37 | November 2025 | (1857189) | (1853237) | 3952 |
|  CBOT Soybean Meal Futures<sup>A</sup> | 1367 | December 2025 | (39007001) | (37360110) | 1646891 |
|  CBOT Soybean Oil Futures<sup>A</sup> | 56 | December 2025 | (1673488) | (1662864) | 10624 |
|  CBOT Wheat Futures<sup>A</sup> | 1258 | December 2025 | (33346054) | (31953200) | 1392854 |
|  Euronext Milling Wheat Futures<sup>A</sup> | 1647 | December 2025 | (19659680) | (18007222) | 1652458 |
|  Euronext Rapeseed Futures<sup>A</sup> | 53 | October 2025 | (1480600) | (1449835) | 30765 |
|  Euronext Rapeseed Futures<sup>A</sup> | 131 | January 2026 | (3638958) | (3575865) | 63093 |
|  ICE Cocoa Futures<sup>A</sup> | 87 | March 2026 | (6196491) | (5553117) | 643374 |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 44 | March 2026 | (409885) | (383900) | 25985 |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 44 | April 2026 | (409885) | (386980) | 22905 |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 44 | May 2026 | (409885) | (405570) | 4315 |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 44 | June 2026 | (409885) | (427350) | (17465) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 44 | July 2026 | (409885) | (431750) | (21865) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 44 | August 2026 | (409885) | (427020) | (17135) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 44 | September 2026 | (409885) | (432190) | (22305) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 136 | October 2026 | (1479150) | (1403860) | 75290 |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 136 | November 2026 | (1479150) | (1543260) | (64110) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 60 | December 2026 | (651845) | (717900) | (66055) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 60 | January 2027 | (651845) | (669300) | (17455) |
|  ICE U.S. - Henry Ld1 Fixed Price Futures<sup>A</sup> | 60 | February 2027 | (651845) | (582000) | 69845 |
|  KCBT Hard Red Winter Wheat Futures<sup>A</sup> | 912 | December 2025 | (24651449) | (22697400) | 1954049 |
|  LME Lead Futures<sup>A</sup> | 383 | November 2025 | (18952448) | (18874144) | 78304 |
|  LME Nickel Futures<sup>A</sup> | 137 | November 2025 | (12651866) | (12456983) | 194883 |
|  LME Primary Aluminum Futures<sup>A</sup> | 99 | November 2025 | (6376492) | (6635896) | (259404) |
|  LME Zinc Futures<sup>A</sup> | 30 | November 2025 | (2210160) | (2232233) | (22073) |
|  MGE Red Wheat Futures<sup>A</sup> | 501 | December 2025 | (15033259) | (14096888) | 936371 |
|  NYBOT CSC Cocoa Futures<sup>A</sup> | 63 | December 2025 | (4416244) | (4251870) | 164374 |
|  NYBOT CSC Number 11 World Sugar Futures<sup>A</sup> | 3194 | February 2026 | (58370644) | (59382848) | (1012204) |
|  NYBOT CTN Number 2 Cotton Futures<sup>A</sup> | 391 | December 2025 | (13144345) | (12858035) | 286310 |
|  NYMEX Henry Hub Natural Gas Futures<sup>A</sup> | 2185 | October 2025 | (72031961) | (72170550) | (138589) |
|  WCE Canola Futures<sup>A</sup> | 55 | January 2026 | (496581) | (488625) | 7956 |
|  |  |  | $(389515963) | $(380661502) | $8854461 |

---

**Currency Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NYBOT FINEX U.S. Dollar Index Futures | 290 | December 2025 | $(28322281) | $(28260790) | $61491 |
|  |  |  | $(28322281) | $(28260790) | $61491 |

---

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NSE IFSC NIFTY 50 Index Futures | 322 | October 2025 | $(15961229) | $(15946406) | $14823 |
|  |  |  | $(15961229) | $(15946406) | $14823 |

---

**Interest Rate Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  3 Month Euro Euribor Futures | 1285 | December 2026 | $(369539095) | $(369526209) | $12886 |
|  CBOT 2 Year U.S. Treasury Notes Futures | 479 | December 2025 | (99749616) | (99822852) | (73236) |
|  Eurex 2 Year Euro SCHATZ Futures | 7056 | December 2025 | (886915804) | (886233176) | 682628 |
|  Eurex 5 Year Euro BOBL Futures | 533 | December 2025 | (73614169) | (73721846) | (107677) |
|  Eurex 10 Year Euro BUND Futures | 3 | December 2025 | (451421) | (452843) | (1422) |
|  Eurex 30 Year Euro BUXL Futures | 346 | December 2025 | (45367681) | (46504241) | (1136560) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Short Futures Contracts Open on September 30, 2025 (continued):***

**Interest Rate Futures Contracts (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  ICE Long Gilt Futures | 320 | December 2025 | $(38867158) | $(39094614) | $(227456) |
|  KFE 3 Year Treasury Bond Futures | 1275 | December 2025 | (97109028) | (97043762) | 65266 |
|  KFE 10 Year Treasury Bond Futures | 112 | December 2025 | (9373393) | (9369987) | 3406 |
|  SFE 3 Year Australian Bond Futures | 3276 | December 2025 | (232259045) | (231601708) | 657337 |
|  TSE Japanese 10 Year Bond Futures | 341 | December 2025 | (315707816) | (313110795) | 2597021 |
|  |  |  | $(2168954226) | $(2166482033) | $2472193 |

---

***Forward Foreign Currency Contracts Open on September 30, 2025:***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized**<br>**Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 28430 | INR | 28144 | 10/10/2025 | BNP | $286 | $– $| 286 |
| USD | 28431 | INR | 28144 | 10/10/2025 | BNP | 287 | – | 287 |
| USD | 28434 | INR | 28144 | 10/10/2025 | BNP | 290 | – | 290 |
| USD | 28435 | INR | 28144 | 10/10/2025 | BNP | 291 | – | 291 |
| USD | 28436 | INR | 28144 | 10/10/2025 | BNP | 292 | – | 292 |
| USD | 28438 | INR | 28144 | 10/10/2025 | BNP | 294 | – | 294 |
| USD | 28439 | INR | 28144 | 10/10/2025 | BNP | 295 | – | 295 |
| USD | 28442 | INR | 28144 | 10/10/2025 | BNP | 298 | – | 298 |
| USD | 28443 | INR | 28144 | 10/10/2025 | BNP | 299 | – | 299 |
| USD | 28447 | INR | 28144 | 10/10/2025 | BNP | 303 | – | 303 |
| USD | 28449 | INR | 28144 | 10/10/2025 | BNP | 305 | – | 305 |
| USD | 28456 | INR | 28144 | 10/10/2025 | BNP | 312 | – | 312 |
| USD | 28458 | INR | 28144 | 10/10/2025 | BNP | 314 | – | 314 |
| USD | 28467 | INR | 28144 | 10/10/2025 | BNP | 323 | – | 323 |
| USD | 28469 | INR | 28144 | 10/10/2025 | BNP | 325 | – | 325 |
| USD | 28484 | INR | 28144 | 10/10/2025 | BNP | 340 | – | 340 |
| USD | 28485 | INR | 28144 | 10/10/2025 | BNP | 341 | – | 341 |
| USD | 28500 | INR | 28144 | 10/10/2025 | BNP | 356 | – | 356 |
| USD | 28521 | INR | 28144 | 10/10/2025 | BNP | 377 | – | 377 |
| USD | 28523 | INR | 28144 | 10/10/2025 | BNP | 379 | – | 379 |
| USD | 28524 | INR | 28144 | 10/10/2025 | BNP | 380 | – | 380 |
| USD | 28528 | INR | 28144 | 10/10/2025 | BNP | 384 | – | 384 |
| USD | 28530 | INR | 28144 | 10/10/2025 | BNP | 386 | – | 386 |
| USD | 28532 | INR | 28144 | 10/10/2025 | BNP | 388 | – | 388 |
| USD | 28535 | INR | 28144 | 10/10/2025 | BNP | 391 | – | 391 |
| USD | 28543 | INR | 28144 | 10/10/2025 | BNP | 399 | – | 399 |
| USD | 28547 | INR | 28144 | 10/10/2025 | BNP | 403 | – | 403 |
| USD | 28549 | INR | 28144 | 10/10/2025 | BNP | 405 | – | 405 |
| USD | 28552 | INR | 28144 | 10/10/2025 | BNP | 408 | – | 408 |
| USD | 56845 | INR | 56289 | 10/10/2025 | BNP | 556 | – | 556 |
| USD | 56855 | INR | 56288 | 10/10/2025 | BNP | 567 | – | 567 |
| USD | 56856 | INR | 56288 | 10/10/2025 | BNP | 568 | – | 568 |
| USD | 56860 | INR | 56288 | 10/10/2025 | BNP | 572 | – | 572 |
| USD | 56861 | INR | 56288 | 10/10/2025 | BNP | 573 | – | 573 |
| USD | 56863 | INR | 56289 | 10/10/2025 | BNP | 574 | – | 574 |
| USD | 28433 | INR | 28144 | 10/10/2025 | BNP | 289 | – | 289 |
| USD | 28433 | INR | 28144 | 10/10/2025 | BNP | 289 | – | 289 |
| USD | 56869 | INR | 56288 | 10/10/2025 | BNP | 581 | – | 581 |
| USD | 56871 | INR | 56289 | 10/10/2025 | BNP | 582 | – | 582 |
| USD | 56874 | INR | 56288 | 10/10/2025 | BNP | 586 | – | 586 |
| USD | 56875 | INR | 56288 | 10/10/2025 | BNP | 587 | – | 587 |
| USD | 56876 | INR | 56288 | 10/10/2025 | BNP | 588 | – | 588 |
| USD | 56877 | INR | 56288 | 10/10/2025 | BNP | 589 | – | 589 |
| USD | 56881 | INR | 56288 | 10/10/2025 | BNP | 593 | – | 593 |
| USD | 56886 | INR | 56288 | 10/10/2025 | BNP | 598 | – | 598 |
| USD | 56891 | INR | 56288 | 10/10/2025 | BNP | 603 | – | 603 |
| USD | 28446 | INR | 28144 | 10/10/2025 | BNP | 302 | – | 302 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized**<br>**Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 28446 | INR | 28144 | 10/10/2025 | BNP | $302 | $– $| 302 |
| USD | 28448 | INR | 28144 | 10/10/2025 | BNP | 304 | – | 304 |
| USD | 28448 | INR | 28144 | 10/10/2025 | BNP | 304 | – | 304 |
| USD | 56898 | INR | 56288 | 10/10/2025 | BNP | 610 | – | 610 |
| USD | 56901 | INR | 56288 | 10/10/2025 | BNP | 613 | – | 613 |
| USD | 56902 | INR | 56288 | 10/10/2025 | BNP | 614 | – | 614 |
| USD | 56905 | INR | 56288 | 10/10/2025 | BNP | 617 | – | 617 |
| USD | 56906 | INR | 56288 | 10/10/2025 | BNP | 618 | – | 618 |
| USD | 28453 | INR | 28144 | 10/10/2025 | BNP | 309 | – | 309 |
| USD | 28453 | INR | 28144 | 10/10/2025 | BNP | 309 | – | 309 |
| USD | 56912 | INR | 56288 | 10/10/2025 | BNP | 624 | – | 624 |
| USD | 56913 | INR | 56288 | 10/10/2025 | BNP | 625 | – | 625 |
| USD | 56917 | INR | 56288 | 10/10/2025 | BNP | 629 | – | 629 |
| USD | 28459 | INR | 28144 | 10/10/2025 | BNP | 315 | – | 315 |
| USD | 28459 | INR | 28144 | 10/10/2025 | BNP | 315 | – | 315 |
| USD | 56919 | INR | 56289 | 10/10/2025 | BNP | 630 | – | 630 |
| USD | 56920 | INR | 56288 | 10/10/2025 | BNP | 632 | – | 632 |
| USD | 56922 | INR | 56288 | 10/10/2025 | BNP | 634 | – | 634 |
| USD | 56923 | INR | 56288 | 10/10/2025 | BNP | 635 | – | 635 |
| USD | 56924 | INR | 56288 | 10/10/2025 | BNP | 636 | – | 636 |
| USD | 28462 | INR | 28144 | 10/10/2025 | BNP | 318 | – | 318 |
| USD | 28462 | INR | 28144 | 10/10/2025 | BNP | 318 | – | 318 |
| USD | 28463 | INR | 28144 | 10/10/2025 | BNP | 319 | – | 319 |
| USD | 28463 | INR | 28144 | 10/10/2025 | BNP | 319 | – | 319 |
| USD | 56929 | INR | 56288 | 10/10/2025 | BNP | 641 | – | 641 |
| USD | 56930 | INR | 56288 | 10/10/2025 | BNP | 642 | – | 642 |
| USD | 56939 | INR | 56288 | 10/10/2025 | BNP | 651 | – | 651 |
| USD | 56951 | INR | 56288 | 10/10/2025 | BNP | 663 | – | 663 |
| USD | 56957 | INR | 56288 | 10/10/2025 | BNP | 669 | – | 669 |
| USD | 57039 | INR | 56288 | 10/10/2025 | BNP | 751 | – | 751 |
| USD | 57047 | INR | 56288 | 10/10/2025 | BNP | 759 | – | 759 |
| USD | 28526 | INR | 28144 | 10/10/2025 | BNP | 382 | – | 382 |
| USD | 28526 | INR | 28144 | 10/10/2025 | BNP | 382 | – | 382 |
| USD | 28527 | INR | 28144 | 10/10/2025 | BNP | 383 | – | 383 |
| USD | 28527 | INR | 28144 | 10/10/2025 | BNP | 383 | – | 383 |
| USD | 57058 | INR | 56288 | 10/10/2025 | BNP | 770 | – | 770 |
| USD | 57062 | INR | 56288 | 10/10/2025 | BNP | 774 | – | 774 |
| USD | 57065 | INR | 56288 | 10/10/2025 | BNP | 777 | – | 777 |
| USD | 57067 | INR | 56288 | 10/10/2025 | BNP | 779 | – | 779 |
| USD | 57078 | INR | 56288 | 10/10/2025 | BNP | 790 | – | 790 |
| USD | 57080 | INR | 56288 | 10/10/2025 | BNP | 792 | – | 792 |
| USD | 28541 | INR | 28144 | 10/10/2025 | BNP | 397 | – | 397 |
| USD | 28541 | INR | 28144 | 10/10/2025 | BNP | 397 | – | 397 |
| USD | 57094 | INR | 56288 | 10/10/2025 | BNP | 806 | – | 806 |
| USD | 57236 | INR | 56288 | 10/10/2025 | BNP | 948 | – | 948 |
| USD | 57256 | INR | 56288 | 10/10/2025 | BNP | 968 | – | 968 |
| USD | 57290 | INR | 56288 | 10/10/2025 | BNP | 1002 | – | 1002 |
| USD | 85284 | INR | 84432 | 10/10/2025 | BNP | 852 | – | 852 |
| USD | 85296 | INR | 84432 | 10/10/2025 | BNP | 864 | – | 864 |
| USD | 85298 | INR | 84432 | 10/10/2025 | BNP | 866 | – | 866 |
| USD | 85307 | INR | 84432 | 10/10/2025 | BNP | 875 | – | 875 |
| USD | 85311 | INR | 84432 | 10/10/2025 | BNP | 879 | – | 879 |
| USD | 85312 | INR | 84433 | 10/10/2025 | BNP | 879 | – | 879 |
| USD | 85316 | INR | 84433 | 10/10/2025 | BNP | 883 | – | 883 |
| USD | 85318 | INR | 84433 | 10/10/2025 | BNP | 885 | – | 885 |
| USD | 85320 | INR | 84433 | 10/10/2025 | BNP | 887 | – | 887 |
| USD | 85321 | INR | 84432 | 10/10/2025 | BNP | 889 | – | 889 |
| USD | 28441 | INR | 28144 | 10/10/2025 | BNP | 297 | – | 297 |
| USD | 28441 | INR | 28144 | 10/10/2025 | BNP | 297 | – | 297 |
| USD | 28441 | INR | 28144 | 10/10/2025 | BNP | 297 | – | 297 |
| USD | 85326 | INR | 84432 | 10/10/2025 | BNP | 894 | – | 894 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized**<br>**Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 85330 | INR | 84432 | 10/10/2025 | BNP | $898 | $– $| 898 |
| USD | 85331 | INR | 84432 | 10/10/2025 | BNP | 899 | – | 899 |
| USD | 85332 | INR | 84432 | 10/10/2025 | BNP | 900 | – | 900 |
| USD | 28444 | INR | 28144 | 10/10/2025 | BNP | 300 | – | 300 |
| USD | 28444 | INR | 28144 | 10/10/2025 | BNP | 300 | – | 300 |
| USD | 28444 | INR | 28144 | 10/10/2025 | BNP | 300 | – | 300 |
| USD | 85333 | INR | 84432 | 10/10/2025 | BNP | 901 | – | 901 |
| USD | 85337 | INR | 84432 | 10/10/2025 | BNP | 905 | – | 905 |
| USD | 85338 | INR | 84432 | 10/10/2025 | BNP | 906 | – | 906 |
| USD | 85343 | INR | 84432 | 10/10/2025 | BNP | 911 | – | 911 |
| USD | 85345 | INR | 84432 | 10/10/2025 | BNP | 913 | – | 913 |
| USD | 85346 | INR | 84433 | 10/10/2025 | BNP | 913 | – | 913 |
| USD | 85350 | INR | 84432 | 10/10/2025 | BNP | 918 | – | 918 |
| USD | 85351 | INR | 84432 | 10/10/2025 | BNP | 919 | – | 919 |
| USD | 85352 | INR | 84432 | 10/10/2025 | BNP | 920 | – | 920 |
| USD | 28451 | INR | 28144 | 10/10/2025 | BNP | 307 | – | 307 |
| USD | 28451 | INR | 28144 | 10/10/2025 | BNP | 307 | – | 307 |
| USD | 28451 | INR | 28144 | 10/10/2025 | BNP | 307 | – | 307 |
| USD | 85355 | INR | 84432 | 10/10/2025 | BNP | 923 | – | 923 |
| USD | 85357 | INR | 84432 | 10/10/2025 | BNP | 925 | – | 925 |
| USD | 85365 | INR | 84432 | 10/10/2025 | BNP | 933 | – | 933 |
| USD | 28455 | INR | 28144 | 10/10/2025 | BNP | 311 | – | 311 |
| USD | 28455 | INR | 28144 | 10/10/2025 | BNP | 311 | – | 311 |
| USD | 28455 | INR | 28144 | 10/10/2025 | BNP | 311 | – | 311 |
| USD | 85366 | INR | 84432 | 10/10/2025 | BNP | 934 | – | 934 |
| USD | 85367 | INR | 84432 | 10/10/2025 | BNP | 935 | – | 935 |
| USD | 85371 | INR | 84432 | 10/10/2025 | BNP | 939 | – | 939 |
| USD | 85376 | INR | 84432 | 10/10/2025 | BNP | 944 | – | 944 |
| USD | 85393 | INR | 84432 | 10/10/2025 | BNP | 961 | – | 961 |
| USD | 85471 | INR | 84432 | 10/10/2025 | BNP | 1039 | – | 1039 |
| USD | 85475 | INR | 84432 | 10/10/2025 | BNP | 1043 | – | 1043 |
| USD | 85531 | INR | 84432 | 10/10/2025 | BNP | 1099 | – | 1099 |
| USD | 85935 | INR | 84432 | 10/10/2025 | BNP | 1503 | – | 1503 |
| USD | 85939 | INR | 84432 | 10/10/2025 | BNP | 1507 | – | 1507 |
| USD | 56857 | INR | 56288 | 10/10/2025 | BNP | 569 | – | 569 |
| USD | 56857 | INR | 56288 | 10/10/2025 | BNP | 569 | – | 569 |
| USD | 113720 | INR | 112576 | 10/10/2025 | BNP | 1144 | – | 1144 |
| USD | 56865 | INR | 56288 | 10/10/2025 | BNP | 577 | – | 577 |
| USD | 56865 | INR | 56288 | 10/10/2025 | BNP | 577 | – | 577 |
| USD | 56866 | INR | 56288 | 10/10/2025 | BNP | 578 | – | 578 |
| USD | 56866 | INR | 56288 | 10/10/2025 | BNP | 578 | – | 578 |
| USD | 56867 | INR | 56288 | 10/10/2025 | BNP | 579 | – | 579 |
| USD | 56867 | INR | 56288 | 10/10/2025 | BNP | 579 | – | 579 |
| USD | 56872 | INR | 56288 | 10/10/2025 | BNP | 584 | – | 584 |
| USD | 56872 | INR | 56288 | 10/10/2025 | BNP | 584 | – | 584 |
| USD | 113750 | INR | 112576 | 10/10/2025 | BNP | 1174 | – | 1174 |
| USD | 113763 | INR | 112576 | 10/10/2025 | BNP | 1187 | – | 1187 |
| USD | 113767 | INR | 112576 | 10/10/2025 | BNP | 1191 | – | 1191 |
| USD | 56888 | INR | 56288 | 10/10/2025 | BNP | 600 | – | 600 |
| USD | 56888 | INR | 56288 | 10/10/2025 | BNP | 600 | – | 600 |
| USD | 56889 | INR | 56288 | 10/10/2025 | BNP | 601 | – | 601 |
| USD | 56889 | INR | 56288 | 10/10/2025 | BNP | 601 | – | 601 |
| USD | 56890 | INR | 56288 | 10/10/2025 | BNP | 602 | – | 602 |
| USD | 56890 | INR | 56288 | 10/10/2025 | BNP | 602 | – | 602 |
| USD | 56892 | INR | 56288 | 10/10/2025 | BNP | 604 | – | 604 |
| USD | 56892 | INR | 56288 | 10/10/2025 | BNP | 604 | – | 604 |
| USD | 56893 | INR | 56289 | 10/10/2025 | BNP | 604 | – | 604 |
| USD | 56893 | INR | 56289 | 10/10/2025 | BNP | 604 | – | 604 |
| USD | 56894 | INR | 56288 | 10/10/2025 | BNP | 606 | – | 606 |
| USD | 56894 | INR | 56288 | 10/10/2025 | BNP | 606 | – | 606 |
| USD | 56899 | INR | 56288 | 10/10/2025 | BNP | 611 | – | 611 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 56899 | INR | 56288 | 10/10/2025 | BNP | $611 | $– $| 611 |
| USD | 56900 | INR | 56288 | 10/10/2025 | BNP | 612 | – | 612 |
| USD | 56900 | INR | 56288 | 10/10/2025 | BNP | 612 | – | 612 |
| USD | 28450 | INR | 28144 | 10/10/2025 | BNP | 306 | – | 306 |
| USD | 28450 | INR | 28144 | 10/10/2025 | BNP | 306 | – | 306 |
| USD | 28450 | INR | 28145 | 10/10/2025 | BNP | 305 | – | 305 |
| USD | 28450 | INR | 28144 | 10/10/2025 | BNP | 306 | – | 306 |
| USD | 56903 | INR | 56288 | 10/10/2025 | BNP | 615 | – | 615 |
| USD | 56903 | INR | 56288 | 10/10/2025 | BNP | 615 | – | 615 |
| USD | 28452 | INR | 28144 | 10/10/2025 | BNP | 308 | – | 308 |
| USD | 28452 | INR | 28144 | 10/10/2025 | BNP | 308 | – | 308 |
| USD | 28452 | INR | 28144 | 10/10/2025 | BNP | 308 | – | 308 |
| USD | 28452 | INR | 28144 | 10/10/2025 | BNP | 308 | – | 308 |
| USD | 56915 | INR | 56288 | 10/10/2025 | BNP | 627 | – | 627 |
| USD | 56915 | INR | 56288 | 10/10/2025 | BNP | 627 | – | 627 |
| USD | 56916 | INR | 56288 | 10/10/2025 | BNP | 628 | – | 628 |
| USD | 56916 | INR | 56288 | 10/10/2025 | BNP | 628 | – | 628 |
| USD | 56942 | INR | 56289 | 10/10/2025 | BNP | 653 | – | 653 |
| USD | 56942 | INR | 56288 | 10/10/2025 | BNP | 654 | – | 654 |
| USD | 57057 | INR | 56288 | 10/10/2025 | BNP | 769 | – | 769 |
| USD | 57057 | INR | 56288 | 10/10/2025 | BNP | 769 | – | 769 |
| USD | 114489 | INR | 112577 | 10/10/2025 | BNP | 1912 | – | 1912 |
| USD | 114603 | INR | 112577 | 10/10/2025 | BNP | 2026 | – | 2026 |
| USD | 114636 | INR | 112577 | 10/10/2025 | BNP | 2059 | – | 2059 |
| USD | 28460 | INR | 28144 | 10/10/2025 | BNP | 316 | – | 316 |
| USD | 28460 | INR | 28144 | 10/10/2025 | BNP | 316 | – | 316 |
| USD | 28460 | INR | 28144 | 10/10/2025 | BNP | 316 | – | 316 |
| USD | 28460 | INR | 28144 | 10/10/2025 | BNP | 316 | – | 316 |
| USD | 28460 | INR | 28144 | 10/10/2025 | BNP | 316 | – | 316 |
| USD | 56873 | INR | 56288 | 10/10/2025 | BNP | 585 | – | 585 |
| USD | 56873 | INR | 56288 | 10/10/2025 | BNP | 585 | – | 585 |
| USD | 56873 | INR | 56288 | 10/10/2025 | BNP | 585 | – | 585 |
| USD | 85313 | INR | 84432 | 10/10/2025 | BNP | 881 | – | 881 |
| USD | 85313 | INR | 84433 | 10/10/2025 | BNP | 880 | – | 880 |
| USD | 56878 | INR | 56288 | 10/10/2025 | BNP | 590 | – | 590 |
| USD | 56878 | INR | 56288 | 10/10/2025 | BNP | 590 | – | 590 |
| USD | 56878 | INR | 56288 | 10/10/2025 | BNP | 590 | – | 590 |
| USD | 56882 | INR | 56288 | 10/10/2025 | BNP | 594 | – | 594 |
| USD | 56882 | INR | 56288 | 10/10/2025 | BNP | 594 | – | 594 |
| USD | 56882 | INR | 56288 | 10/10/2025 | BNP | 594 | – | 594 |
| USD | 56884 | INR | 56288 | 10/10/2025 | BNP | 596 | – | 596 |
| USD | 56884 | INR | 56288 | 10/10/2025 | BNP | 596 | – | 596 |
| USD | 56884 | INR | 56288 | 10/10/2025 | BNP | 596 | – | 596 |
| USD | 56885 | INR | 56288 | 10/10/2025 | BNP | 597 | – | 597 |
| USD | 56885 | INR | 56288 | 10/10/2025 | BNP | 597 | – | 597 |
| USD | 56885 | INR | 56288 | 10/10/2025 | BNP | 597 | – | 597 |
| USD | 85329 | INR | 84432 | 10/10/2025 | BNP | 897 | – | 897 |
| USD | 85329 | INR | 84432 | 10/10/2025 | BNP | 897 | – | 897 |
| USD | 56887 | INR | 56288 | 10/10/2025 | BNP | 599 | – | 599 |
| USD | 56887 | INR | 56288 | 10/10/2025 | BNP | 599 | – | 599 |
| USD | 56887 | INR | 56288 | 10/10/2025 | BNP | 599 | – | 599 |
| USD | 85339 | INR | 84432 | 10/10/2025 | BNP | 907 | – | 907 |
| USD | 85339 | INR | 84432 | 10/10/2025 | BNP | 907 | – | 907 |
| USD | 56895 | INR | 56288 | 10/10/2025 | BNP | 607 | – | 607 |
| USD | 56895 | INR | 56288 | 10/10/2025 | BNP | 607 | – | 607 |
| USD | 56895 | INR | 56288 | 10/10/2025 | BNP | 607 | – | 607 |
| USD | 56896 | INR | 56288 | 10/10/2025 | BNP | 608 | – | 608 |
| USD | 56896 | INR | 56288 | 10/10/2025 | BNP | 608 | – | 608 |
| USD | 56896 | INR | 56288 | 10/10/2025 | BNP | 608 | – | 608 |
| USD | 85348 | INR | 84432 | 10/10/2025 | BNP | 916 | – | 916 |
| USD | 85348 | INR | 84433 | 10/10/2025 | BNP | 915 | – | 915 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 85358 | INR | 84432 | 10/10/2025 | BNP | $926 | $— | $926 |
| USD | 85358 | INR | 84432 | 10/10/2025 | BNP | 926 |  | 926 |
| USD | 56910 | INR | 56289 | 10/10/2025 | BNP | 621 |  | 621 |
| USD | 56910 | INR | 56288 | 10/10/2025 | BNP | 622 |  | 622 |
| USD | 56910 | INR | 56288 | 10/10/2025 | BNP | 622 |  | 622 |
| USD | 171793 | INR | 168865 | 10/10/2025 | BNP | 2928 |  | 2928 |
| USD | 56897 | INR | 56288 | 10/10/2025 | BNP | 609 |  | 609 |
| USD | 56897 | INR | 56288 | 10/10/2025 | BNP | 609 |  | 609 |
| USD | 56897 | INR | 56288 | 10/10/2025 | BNP | 609 |  | 609 |
| USD | 56897 | INR | 56288 | 10/10/2025 | BNP | 609 |  | 609 |
| USD | 56909 | INR | 56288 | 10/10/2025 | BNP | 621 |  | 621 |
| USD | 56909 | INR | 56288 | 10/10/2025 | BNP | 621 |  | 621 |
| USD | 56909 | INR | 56288 | 10/10/2025 | BNP | 621 |  | 621 |
| USD | 56909 | INR | 56288 | 10/10/2025 | BNP | 621 |  | 621 |
| USD | 85349 | INR | 84432 | 10/10/2025 | BNP | 917 |  | 917 |
| USD | 85349 | INR | 84432 | 10/10/2025 | BNP | 917 |  | 917 |
| USD | 85349 | INR | 84432 | 10/10/2025 | BNP | 917 |  | 917 |
| USD | 56904 | INR | 56289 | 10/10/2025 | BNP | 615 |  | 615 |
| USD | 56904 | INR | 56288 | 10/10/2025 | BNP | 616 |  | 616 |
| USD | 56904 | INR | 56288 | 10/10/2025 | BNP | 616 |  | 616 |
| USD | 56904 | INR | 56288 | 10/10/2025 | BNP | 616 |  | 616 |
| USD | 56904 | INR | 56289 | 10/10/2025 | BNP | 615 |  | 615 |
| USD | 56870 | INR | 56288 | 10/10/2025 | BNP | 582 |  | 582 |
| USD | 56870 | INR | 56288 | 10/10/2025 | BNP | 582 |  | 582 |
| USD | 56869 | INR | 56288 | 10/10/2025 | BNP | 581 |  | 581 |
| USD | 56870 | INR | 56288 | 10/10/2025 | BNP | 582 |  | 582 |
| USD | 56870 | INR | 56288 | 10/10/2025 | BNP | 582 |  | 582 |
| USD | 56870 | INR | 56288 | 10/10/2025 | BNP | 582 |  | 582 |
| USD | 384118 | INR | 379944 | 10/10/2025 | BNP | 4174 |  | 4174 |
| USD | 741676 | INR | 731745 | 10/10/2025 | BNP | 9931 |  | 9931 |
| USD | 1379958 | INR | 1364986 | 10/10/2025 | BNP | 14972 |  | 14972 |
| INR | 985041 | USD | 996672 | 10/10/2025 | BNP |  | (11631) | (11631) |
| INR | 1013185 | USD | 1024753 | 10/10/2025 | BNP |  | (11568) | (11568) |
| INR | 1322770 | USD | 1338542 | 10/10/2025 | BNP |  | (15772) | (15772) |
| INR | 1632354 | USD | 1651177 | 10/10/2025 | BNP |  | (18823) | (18823) |
| INR | 11848641 | USD | 11855477 | 10/10/2025 | BNP |  | (6836) | (6836) |
| USD | 75352386 | INR | 74357844 | 10/17/2025 | BNP | 994542 |  | 994542 |
| USD | 428471 | PHP | 429313 | 10/20/2025 | BNP |  | (842) | (842) |
| USD | 689984 | PHP | 686902 | 10/20/2025 | BNP | 3082 |  | 3082 |
| USD | 861876 | PHP | 858627 | 10/20/2025 | BNP | 3249 |  | 3249 |
| USD | 902730 | PHP | 901558 | 10/20/2025 | BNP | 1172 |  | 1172 |
| USD | 945423 | PHP | 944489 | 10/20/2025 | BNP | 934 |  | 934 |
| PHP | 42931 | USD | 43714 | 10/20/2025 | BNP |  | (783) | (783) |
| PHP | 42931 | USD | 43782 | 10/20/2025 | BNP |  | (851) | (851) |
| PHP | 42931 | USD | 43843 | 10/20/2025 | BNP |  | (912) | (912) |
| PHP | 42931 | USD | 43845 | 10/20/2025 | BNP |  | (914) | (914) |
| PHP | 42931 | USD | 43899 | 10/20/2025 | BNP |  | (968) | (968) |
| PHP | 42931 | USD | 43905 | 10/20/2025 | BNP |  | (974) | (974) |
| PHP | 42931 | USD | 43910 | 10/20/2025 | BNP |  | (979) | (979) |
| PHP | 42931 | USD | 43912 | 10/20/2025 | BNP |  | (981) | (981) |
| PHP | 42931 | USD | 43918 | 10/20/2025 | BNP |  | (987) | (987) |
| PHP | 42931 | USD | 43925 | 10/20/2025 | BNP |  | (994) | (994) |
| PHP | 42931 | USD | 43932 | 10/20/2025 | BNP |  | (1001) | (1001) |
| PHP | 42931 | USD | 43941 | 10/20/2025 | BNP |  | (1010) | (1010) |
| PHP | 42931 | USD | 43950 | 10/20/2025 | BNP |  | (1019) | (1019) |
| PHP | 42931 | USD | 43954 | 10/20/2025 | BNP |  | (1023) | (1023) |
| PHP | 42931 | USD | 43956 | 10/20/2025 | BNP |  | (1025) | (1025) |
| PHP | 42931 | USD | 43964 | 10/20/2025 | BNP |  | (1033) | (1033) |
| PHP | 42931 | USD | 43969 | 10/20/2025 | BNP |  | (1038) | (1038) |
| PHP | 42931 | USD | 43993 | 10/20/2025 | BNP |  | (1062) | (1062) |
| PHP | 42931 | USD | 43994 | 10/20/2025 | BNP |  | (1063) | (1063) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| PHP | 42931 | USD | 43999 | 10/20/2025 | BNP | $— | $(1068) | $(1068) |
| PHP | 42931 | USD | 44001 | 10/20/2025 | BNP |  | (1070) | (1070) |
| PHP | 42931 | USD | 44032 | 10/20/2025 | BNP |  | (1101) | (1101) |
| PHP | 85863 | USD | 87561 | 10/20/2025 | BNP |  | (1698) | (1698) |
| PHP | 85863 | USD | 87611 | 10/20/2025 | BNP |  | (1748) | (1748) |
| PHP | 85863 | USD | 87621 | 10/20/2025 | BNP |  | (1758) | (1758) |
| PHP | 85863 | USD | 87805 | 10/20/2025 | BNP |  | (1942) | (1942) |
| PHP | 85863 | USD | 87806 | 10/20/2025 | BNP |  | (1943) | (1943) |
| PHP | 85863 | USD | 87811 | 10/20/2025 | BNP |  | (1948) | (1948) |
| PHP | 85863 | USD | 87815 | 10/20/2025 | BNP |  | (1952) | (1952) |
| PHP | 85863 | USD | 87817 | 10/20/2025 | BNP |  | (1954) | (1954) |
| PHP | 42931 | USD | 43911 | 10/20/2025 | BNP |  | (980) | (980) |
| PHP | 42931 | USD | 43911 | 10/20/2025 | BNP |  | (980) | (980) |
| PHP | 85863 | USD | 87823 | 10/20/2025 | BNP |  | (1960) | (1960) |
| PHP | 85863 | USD | 87851 | 10/20/2025 | BNP |  | (1988) | (1988) |
| PHP | 85863 | USD | 87861 | 10/20/2025 | BNP |  | (1998) | (1998) |
| PHP | 85863 | USD | 87875 | 10/20/2025 | BNP |  | (2012) | (2012) |
| PHP | 85863 | USD | 87885 | 10/20/2025 | BNP |  | (2022) | (2022) |
| PHP | 85863 | USD | 87894 | 10/20/2025 | BNP |  | (2031) | (2031) |
| PHP | 42931 | USD | 43958 | 10/20/2025 | BNP |  | (1027) | (1027) |
| PHP | 42931 | USD | 43958 | 10/20/2025 | BNP |  | (1027) | (1027) |
| PHP | 42931 | USD | 43973 | 10/20/2025 | BNP |  | (1042) | (1042) |
| PHP | 42931 | USD | 43973 | 10/20/2025 | BNP |  | (1042) | (1042) |
| PHP | 85863 | USD | 87987 | 10/20/2025 | BNP |  | (2124) | (2124) |
| PHP | 85863 | USD | 88013 | 10/20/2025 | BNP |  | (2150) | (2150) |
| PHP | 42931 | USD | 44011 | 10/20/2025 | BNP |  | (1080) | (1080) |
| PHP | 42931 | USD | 44010 | 10/20/2025 | BNP |  | (1079) | (1079) |
| PHP | 85863 | USD | 88032 | 10/20/2025 | BNP |  | (2169) | (2169) |
| PHP | 85863 | USD | 88049 | 10/20/2025 | BNP |  | (2186) | (2186) |
| PHP | 128794 | USD | 131701 | 10/20/2025 | BNP |  | (2907) | (2907) |
| PHP | 128794 | USD | 131739 | 10/20/2025 | BNP |  | (2945) | (2945) |
| PHP | 128794 | USD | 131926 | 10/20/2025 | BNP |  | (3132) | (3132) |
| PHP | 128794 | USD | 131956 | 10/20/2025 | BNP |  | (3162) | (3162) |
| PHP | 128794 | USD | 132118 | 10/20/2025 | BNP |  | (3324) | (3324) |
| PHP | 85863 | USD | 87835 | 10/20/2025 | BNP |  | (1972) | (1972) |
| PHP | 85863 | USD | 87835 | 10/20/2025 | BNP |  | (1972) | (1972) |
| PHP | 85863 | USD | 87996 | 10/20/2025 | BNP |  | (2133) | (2133) |
| PHP | 85863 | USD | 87996 | 10/20/2025 | BNP |  | (2133) | (2133) |
| USD | 28275 | INR | 28118 | 10/28/2025 | BNP | 157 |  | 157 |
| USD | 28284 | INR | 28118 | 10/28/2025 | BNP | 166 |  | 166 |
| USD | 28292 | INR | 28118 | 10/28/2025 | BNP | 174 |  | 174 |
| USD | 28295 | INR | 28118 | 10/28/2025 | BNP | 177 |  | 177 |
| USD | 28296 | INR | 28118 | 10/28/2025 | BNP | 178 |  | 178 |
| USD | 28297 | INR | 28118 | 10/28/2025 | BNP | 179 |  | 179 |
| USD | 28298 | INR | 28118 | 10/28/2025 | BNP | 180 |  | 180 |
| USD | 28302 | INR | 28118 | 10/28/2025 | BNP | 184 |  | 184 |
| USD | 28305 | INR | 28118 | 10/28/2025 | BNP | 187 |  | 187 |
| USD | 28309 | INR | 28118 | 10/28/2025 | BNP | 191 |  | 191 |
| USD | 28311 | INR | 28118 | 10/28/2025 | BNP | 193 |  | 193 |
| USD | 28315 | INR | 28117 | 10/28/2025 | BNP | 198 |  | 198 |
| USD | 28318 | INR | 28118 | 10/28/2025 | BNP | 200 |  | 200 |
| USD | 28319 | INR | 28118 | 10/28/2025 | BNP | 201 |  | 201 |
| USD | 28321 | INR | 28118 | 10/28/2025 | BNP | 203 |  | 203 |
| USD | 28323 | INR | 28118 | 10/28/2025 | BNP | 205 |  | 205 |
| USD | 28331 | INR | 28118 | 10/28/2025 | BNP | 213 |  | 213 |
| USD | 28358 | INR | 28118 | 10/28/2025 | BNP | 240 |  | 240 |
| USD | 28360 | INR | 28118 | 10/28/2025 | BNP | 242 |  | 242 |
| USD | 56569 | INR | 56235 | 10/28/2025 | BNP | 334 |  | 334 |
| USD | 56572 | INR | 56236 | 10/28/2025 | BNP | 336 |  | 336 |
| USD | 56573 | INR | 56236 | 10/28/2025 | BNP | 337 |  | 337 |
| USD | 56575 | INR | 56236 | 10/28/2025 | BNP | 339 |  | 339 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 56576 | INR | 56235 | 10/28/2025 | BNP | $341 | $– $| 341 |
| USD | 56577 | INR | 56236 | 10/28/2025 | BNP | 341 | – | 341 |
| USD | 56578 | INR | 56236 | 10/28/2025 | BNP | 342 | – | 342 |
| USD | 56579 | INR | 56236 | 10/28/2025 | BNP | 343 | – | 343 |
| USD | 56580 | INR | 56236 | 10/28/2025 | BNP | 344 | – | 344 |
| USD | 56586 | INR | 56236 | 10/28/2025 | BNP | 350 | – | 350 |
| USD | 56588 | INR | 56236 | 10/28/2025 | BNP | 352 | – | 352 |
| USD | 56589 | INR | 56236 | 10/28/2025 | BNP | 353 | – | 353 |
| USD | 56590 | INR | 56236 | 10/28/2025 | BNP | 354 | – | 354 |
| USD | 56596 | INR | 56236 | 10/28/2025 | BNP | 360 | – | 360 |
| USD | 56605 | INR | 56236 | 10/28/2025 | BNP | 369 | – | 369 |
| USD | 56606 | INR | 56236 | 10/28/2025 | BNP | 370 | – | 370 |
| USD | 56607 | INR | 56236 | 10/28/2025 | BNP | 371 | – | 371 |
| USD | 56608 | INR | 56236 | 10/28/2025 | BNP | 372 | – | 372 |
| USD | 56610 | INR | 56236 | 10/28/2025 | BNP | 374 | – | 374 |
| USD | 56612 | INR | 56236 | 10/28/2025 | BNP | 376 | – | 376 |
| USD | 56615 | INR | 56236 | 10/28/2025 | BNP | 379 | – | 379 |
| USD | 56621 | INR | 56235 | 10/28/2025 | BNP | 386 | – | 386 |
| USD | 56625 | INR | 56236 | 10/28/2025 | BNP | 389 | – | 389 |
| USD | 28314 | INR | 28118 | 10/28/2025 | BNP | 196 | – | 196 |
| USD | 28314 | INR | 28118 | 10/28/2025 | BNP | 196 | – | 196 |
| USD | 56633 | INR | 56236 | 10/28/2025 | BNP | 397 | – | 397 |
| USD | 56639 | INR | 56235 | 10/28/2025 | BNP | 404 | – | 404 |
| USD | 56641 | INR | 56236 | 10/28/2025 | BNP | 405 | – | 405 |
| USD | 56643 | INR | 56236 | 10/28/2025 | BNP | 407 | – | 407 |
| USD | 56647 | INR | 56235 | 10/28/2025 | BNP | 412 | – | 412 |
| USD | 56648 | INR | 56236 | 10/28/2025 | BNP | 412 | – | 412 |
| USD | 56656 | INR | 56236 | 10/28/2025 | BNP | 420 | – | 420 |
| USD | 56664 | INR | 56235 | 10/28/2025 | BNP | 429 | – | 429 |
| USD | 56673 | INR | 56236 | 10/28/2025 | BNP | 437 | – | 437 |
| USD | 84840 | INR | 84353 | 10/28/2025 | BNP | 487 | – | 487 |
| USD | 84843 | INR | 84354 | 10/28/2025 | BNP | 489 | – | 489 |
| USD | 84854 | INR | 84353 | 10/28/2025 | BNP | 501 | – | 501 |
| USD | 84865 | INR | 84354 | 10/28/2025 | BNP | 511 | – | 511 |
| USD | 84873 | INR | 84353 | 10/28/2025 | BNP | 520 | – | 520 |
| USD | 84877 | INR | 84354 | 10/28/2025 | BNP | 523 | – | 523 |
| USD | 84879 | INR | 84354 | 10/28/2025 | BNP | 525 | – | 525 |
| USD | 84882 | INR | 84354 | 10/28/2025 | BNP | 528 | – | 528 |
| USD | 84888 | INR | 84354 | 10/28/2025 | BNP | 534 | – | 534 |
| USD | 84896 | INR | 84353 | 10/28/2025 | BNP | 543 | – | 543 |
| USD | 84902 | INR | 84353 | 10/28/2025 | BNP | 549 | – | 549 |
| USD | 84907 | INR | 84354 | 10/28/2025 | BNP | 553 | – | 553 |
| USD | 84924 | INR | 84354 | 10/28/2025 | BNP | 570 | – | 570 |
| USD | 28308 | INR | 28118 | 10/28/2025 | BNP | 190 | – | 190 |
| USD | 28308 | INR | 28118 | 10/28/2025 | BNP | 190 | – | 190 |
| USD | 28308 | INR | 28118 | 10/28/2025 | BNP | 190 | – | 190 |
| USD | 84926 | INR | 84354 | 10/28/2025 | BNP | 572 | – | 572 |
| USD | 84932 | INR | 84354 | 10/28/2025 | BNP | 578 | – | 578 |
| USD | 84940 | INR | 84354 | 10/28/2025 | BNP | 586 | – | 586 |
| USD | 84944 | INR | 84354 | 10/28/2025 | BNP | 590 | – | 590 |
| USD | 84945 | INR | 84353 | 10/28/2025 | BNP | 592 | – | 592 |
| USD | 84950 | INR | 84354 | 10/28/2025 | BNP | 596 | – | 596 |
| USD | 84960 | INR | 84353 | 10/28/2025 | BNP | 607 | – | 607 |
| USD | 84980 | INR | 84354 | 10/28/2025 | BNP | 626 | – | 626 |
| USD | 84993 | INR | 84354 | 10/28/2025 | BNP | 639 | – | 639 |
| USD | 113121 | INR | 112472 | 10/28/2025 | BNP | 649 | – | 649 |
| USD | 113148 | INR | 112471 | 10/28/2025 | BNP | 677 | – | 677 |
| USD | 113155 | INR | 112471 | 10/28/2025 | BNP | 684 | – | 684 |
| USD | 113159 | INR | 112471 | 10/28/2025 | BNP | 688 | – | 688 |
| USD | 113167 | INR | 112471 | 10/28/2025 | BNP | 696 | – | 696 |
| USD | 56585 | INR | 56236 | 10/28/2025 | BNP | 349 | – | 349 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 56585 | INR | 56236 | 10/28/2025 | BNP | $349 | $– $| 349 |
| USD | 113193 | INR | 112472 | 10/28/2025 | BNP | 721 | – | 721 |
| USD | 113213 | INR | 112471 | 10/28/2025 | BNP | 742 | – | 742 |
| USD | 113239 | INR | 112472 | 10/28/2025 | BNP | 767 | – | 767 |
| USD | 113270 | INR | 112472 | 10/28/2025 | BNP | 798 | – | 798 |
| USD | 113272 | INR | 112472 | 10/28/2025 | BNP | 800 | – | 800 |
| USD | 56636 | INR | 56235 | 10/28/2025 | BNP | 401 | – | 401 |
| USD | 56636 | INR | 56236 | 10/28/2025 | BNP | 400 | – | 400 |
| USD | 113311 | INR | 112472 | 10/28/2025 | BNP | 839 | – | 839 |
| USD | 113329 | INR | 112471 | 10/28/2025 | BNP | 858 | – | 858 |
| USD | 56574 | INR | 56235 | 10/28/2025 | BNP | 339 | – | 339 |
| USD | 56574 | INR | 56236 | 10/28/2025 | BNP | 338 | – | 338 |
| USD | 56574 | INR | 56236 | 10/28/2025 | BNP | 338 | – | 338 |
| USD | 56581 | INR | 56236 | 10/28/2025 | BNP | 345 | – | 345 |
| USD | 56581 | INR | 56236 | 10/28/2025 | BNP | 345 | – | 345 |
| USD | 56581 | INR | 56236 | 10/28/2025 | BNP | 345 | – | 345 |
| USD | 56583 | INR | 56236 | 10/28/2025 | BNP | 347 | – | 347 |
| USD | 56583 | INR | 56236 | 10/28/2025 | BNP | 347 | – | 347 |
| USD | 56583 | INR | 56236 | 10/28/2025 | BNP | 347 | – | 347 |
| USD | 84892 | INR | 84354 | 10/28/2025 | BNP | 538 | – | 538 |
| USD | 84892 | INR | 84354 | 10/28/2025 | BNP | 538 | – | 538 |
| USD | 84901 | INR | 84354 | 10/28/2025 | BNP | 547 | – | 547 |
| USD | 84901 | INR | 84353 | 10/28/2025 | BNP | 548 | – | 548 |
| USD | 56609 | INR | 56236 | 10/28/2025 | BNP | 373 | – | 373 |
| USD | 56609 | INR | 56236 | 10/28/2025 | BNP | 373 | – | 373 |
| USD | 56609 | INR | 56236 | 10/28/2025 | BNP | 373 | – | 373 |
| USD | 56614 | INR | 56236 | 10/28/2025 | BNP | 378 | – | 378 |
| USD | 56614 | INR | 56236 | 10/28/2025 | BNP | 378 | – | 378 |
| USD | 56614 | INR | 56236 | 10/28/2025 | BNP | 378 | – | 378 |
| USD | 84971 | INR | 84353 | 10/28/2025 | BNP | 618 | – | 618 |
| USD | 84971 | INR | 84354 | 10/28/2025 | BNP | 617 | – | 617 |
| USD | 113169 | INR | 112472 | 10/28/2025 | BNP | 697 | – | 697 |
| USD | 113169 | INR | 112472 | 10/28/2025 | BNP | 697 | – | 697 |
| USD | 56594 | INR | 56236 | 10/28/2025 | BNP | 358 | – | 358 |
| USD | 56594 | INR | 56235 | 10/28/2025 | BNP | 359 | – | 359 |
| USD | 56594 | INR | 56236 | 10/28/2025 | BNP | 358 | – | 358 |
| USD | 56594 | INR | 56236 | 10/28/2025 | BNP | 358 | – | 358 |
| USD | 226595 | INR | 224944 | 10/28/2025 | BNP | 1651 | – | 1651 |
| USD | 424564 | INR | 421769 | 10/28/2025 | BNP | 2795 | – | 2795 |
| USD | 452983 | INR | 449887 | 10/28/2025 | BNP | 3096 | – | 3096 |
| USD | 481468 | INR | 478005 | 10/28/2025 | BNP | 3463 | – | 3463 |
| USD | 679864 | INR | 674831 | 10/28/2025 | BNP | 5033 | – | 5033 |
| USD | 820672 | INR | 815420 | 10/28/2025 | BNP | 5252 | – | 5252 |
| USD | 848666 | INR | 843538 | 10/28/2025 | BNP | 5128 | – | 5128 |
| USD | 961813 | INR | 956010 | 10/28/2025 | BNP | 5803 | – | 5803 |
| USD | 28204 | INR | 28098 | 11/10/2025 | BNP | 106 | – | 106 |
| USD | 28218 | INR | 28098 | 11/10/2025 | BNP | 120 | – | 120 |
| USD | 28221 | INR | 28098 | 11/10/2025 | BNP | 123 | – | 123 |
| USD | 28222 | INR | 28098 | 11/10/2025 | BNP | 124 | – | 124 |
| USD | 28227 | INR | 28097 | 11/10/2025 | BNP | 130 | – | 130 |
| USD | 28234 | INR | 28097 | 11/10/2025 | BNP | 137 | – | 137 |
| USD | 28237 | INR | 28097 | 11/10/2025 | BNP | 140 | – | 140 |
| USD | 28243 | INR | 28098 | 11/10/2025 | BNP | 145 | – | 145 |
| USD | 28249 | INR | 28098 | 11/10/2025 | BNP | 151 | – | 151 |
| USD | 28252 | INR | 28098 | 11/10/2025 | BNP | 154 | – | 154 |
| USD | 28258 | INR | 28098 | 11/10/2025 | BNP | 160 | – | 160 |
| USD | 28268 | INR | 28098 | 11/10/2025 | BNP | 170 | – | 170 |
| USD | 28270 | INR | 28098 | 11/10/2025 | BNP | 172 | – | 172 |
| USD | 28272 | INR | 28098 | 11/10/2025 | BNP | 174 | – | 174 |
| USD | 28274 | INR | 28098 | 11/10/2025 | BNP | 176 | – | 176 |
| USD | 28278 | INR | 28098 | 11/10/2025 | BNP | 180 | – | 180 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 28279 | INR | 28098 | 11/10/2025 | BNP | $181 | $– $| 181 |
| USD | 28280 | INR | 28097 | 11/10/2025 | BNP | 183 | – | 183 |
| USD | 28282 | INR | 28098 | 11/10/2025 | BNP | 184 | – | 184 |
| USD | 28283 | INR | 28098 | 11/10/2025 | BNP | 185 | – | 185 |
| USD | 28284 | INR | 28098 | 11/10/2025 | BNP | 186 | – | 186 |
| USD | 28285 | INR | 28097 | 11/10/2025 | BNP | 188 | – | 188 |
| USD | 28286 | INR | 28098 | 11/10/2025 | BNP | 188 | – | 188 |
| USD | 28287 | INR | 28098 | 11/10/2025 | BNP | 189 | – | 189 |
| USD | 28291 | INR | 28098 | 11/10/2025 | BNP | 193 | – | 193 |
| USD | 28292 | INR | 28097 | 11/10/2025 | BNP | 195 | – | 195 |
| USD | 28293 | INR | 28098 | 11/10/2025 | BNP | 195 | – | 195 |
| USD | 28295 | INR | 28098 | 11/10/2025 | BNP | 197 | – | 197 |
| USD | 28297 | INR | 28098 | 11/10/2025 | BNP | 199 | – | 199 |
| USD | 28298 | INR | 28098 | 11/10/2025 | BNP | 200 | – | 200 |
| USD | 28304 | INR | 28097 | 11/10/2025 | BNP | 207 | – | 207 |
| USD | 28310 | INR | 28098 | 11/10/2025 | BNP | 212 | – | 212 |
| USD | 28311 | INR | 28098 | 11/10/2025 | BNP | 213 | – | 213 |
| USD | 28319 | INR | 28098 | 11/10/2025 | BNP | 221 | – | 221 |
| USD | 28376 | INR | 28097 | 11/10/2025 | BNP | 279 | – | 279 |
| USD | 28386 | INR | 28098 | 11/10/2025 | BNP | 288 | – | 288 |
| USD | 28394 | INR | 28098 | 11/10/2025 | BNP | 296 | – | 296 |
| USD | 28409 | INR | 28097 | 11/10/2025 | BNP | 312 | – | 312 |
| USD | 28412 | INR | 28097 | 11/10/2025 | BNP | 315 | – | 315 |
| USD | 28416 | INR | 28098 | 11/10/2025 | BNP | 318 | – | 318 |
| USD | 56426 | INR | 56195 | 11/10/2025 | BNP | 231 | – | 231 |
| USD | 56430 | INR | 56195 | 11/10/2025 | BNP | 235 | – | 235 |
| USD | 56434 | INR | 56195 | 11/10/2025 | BNP | 239 | – | 239 |
| USD | 56439 | INR | 56196 | 11/10/2025 | BNP | 243 | – | 243 |
| USD | 56446 | INR | 56195 | 11/10/2025 | BNP | 251 | – | 251 |
| USD | 56462 | INR | 56195 | 11/10/2025 | BNP | 267 | – | 267 |
| USD | 56463 | INR | 56195 | 11/10/2025 | BNP | 268 | – | 268 |
| USD | 56468 | INR | 56195 | 11/10/2025 | BNP | 273 | – | 273 |
| USD | 28236 | INR | 28098 | 11/10/2025 | BNP | 138 | – | 138 |
| USD | 28236 | INR | 28097 | 11/10/2025 | BNP | 139 | – | 139 |
| USD | 56474 | INR | 56195 | 11/10/2025 | BNP | 279 | – | 279 |
| USD | 56475 | INR | 56195 | 11/10/2025 | BNP | 280 | – | 280 |
| USD | 56481 | INR | 56195 | 11/10/2025 | BNP | 286 | – | 286 |
| USD | 56484 | INR | 56195 | 11/10/2025 | BNP | 289 | – | 289 |
| USD | 56488 | INR | 56196 | 11/10/2025 | BNP | 292 | – | 292 |
| USD | 56500 | INR | 56195 | 11/10/2025 | BNP | 305 | – | 305 |
| USD | 56525 | INR | 56195 | 11/10/2025 | BNP | 330 | – | 330 |
| USD | 56534 | INR | 56196 | 11/10/2025 | BNP | 338 | – | 338 |
| USD | 56536 | INR | 56196 | 11/10/2025 | BNP | 340 | – | 340 |
| USD | 56542 | INR | 56195 | 11/10/2025 | BNP | 347 | – | 347 |
| USD | 56545 | INR | 56195 | 11/10/2025 | BNP | 350 | – | 350 |
| USD | 28273 | INR | 28098 | 11/10/2025 | BNP | 175 | – | 175 |
| USD | 28273 | INR | 28098 | 11/10/2025 | BNP | 175 | – | 175 |
| USD | 56547 | INR | 56195 | 11/10/2025 | BNP | 352 | – | 352 |
| USD | 56553 | INR | 56195 | 11/10/2025 | BNP | 358 | – | 358 |
| USD | 56555 | INR | 56195 | 11/10/2025 | BNP | 360 | – | 360 |
| USD | 56560 | INR | 56195 | 11/10/2025 | BNP | 365 | – | 365 |
| USD | 56563 | INR | 56195 | 11/10/2025 | BNP | 368 | – | 368 |
| USD | 56564 | INR | 56195 | 11/10/2025 | BNP | 369 | – | 369 |
| USD | 56566 | INR | 56196 | 11/10/2025 | BNP | 370 | – | 370 |
| USD | 56572 | INR | 56195 | 11/10/2025 | BNP | 377 | – | 377 |
| USD | 56575 | INR | 56196 | 11/10/2025 | BNP | 379 | – | 379 |
| USD | 56576 | INR | 56195 | 11/10/2025 | BNP | 381 | – | 381 |
| USD | 56577 | INR | 56195 | 11/10/2025 | BNP | 382 | – | 382 |
| USD | 56579 | INR | 56195 | 11/10/2025 | BNP | 384 | – | 384 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56582 | INR | 56196 | 11/10/2025 | BNP | 386 | – | 386 |
| USD | 56584 | INR | 56195 | 11/10/2025 | BNP | 389 | – | 389 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 56586 | INR | 56195 | 11/10/2025 | BNP | $391 | $– $| 391 |
| USD | 28294 | INR | 28098 | 11/10/2025 | BNP | 196 | – | 196 |
| USD | 28294 | INR | 28097 | 11/10/2025 | BNP | 197 | – | 197 |
| USD | 56589 | INR | 56195 | 11/10/2025 | BNP | 394 | – | 394 |
| USD | 56592 | INR | 56195 | 11/10/2025 | BNP | 397 | – | 397 |
| USD | 56593 | INR | 56195 | 11/10/2025 | BNP | 398 | – | 398 |
| USD | 56594 | INR | 56196 | 11/10/2025 | BNP | 398 | – | 398 |
| USD | 56600 | INR | 56195 | 11/10/2025 | BNP | 405 | – | 405 |
| USD | 56603 | INR | 56195 | 11/10/2025 | BNP | 408 | – | 408 |
| USD | 56604 | INR | 56195 | 11/10/2025 | BNP | 409 | – | 409 |
| USD | 56606 | INR | 56195 | 11/10/2025 | BNP | 411 | – | 411 |
| USD | 56614 | INR | 56196 | 11/10/2025 | BNP | 418 | – | 418 |
| USD | 28308 | INR | 28098 | 11/10/2025 | BNP | 210 | – | 210 |
| USD | 28308 | INR | 28098 | 11/10/2025 | BNP | 210 | – | 210 |
| USD | 56623 | INR | 56196 | 11/10/2025 | BNP | 427 | – | 427 |
| USD | 56625 | INR | 56196 | 11/10/2025 | BNP | 429 | – | 429 |
| USD | 56626 | INR | 56195 | 11/10/2025 | BNP | 431 | – | 431 |
| USD | 56644 | INR | 56195 | 11/10/2025 | BNP | 449 | – | 449 |
| USD | 56657 | INR | 56195 | 11/10/2025 | BNP | 462 | – | 462 |
| USD | 56661 | INR | 56195 | 11/10/2025 | BNP | 466 | – | 466 |
| USD | 56763 | INR | 56195 | 11/10/2025 | BNP | 568 | – | 568 |
| USD | 56788 | INR | 56195 | 11/10/2025 | BNP | 593 | – | 593 |
| USD | 56801 | INR | 56195 | 11/10/2025 | BNP | 606 | – | 606 |
| USD | 28401 | INR | 28098 | 11/10/2025 | BNP | 303 | – | 303 |
| USD | 28401 | INR | 28097 | 11/10/2025 | BNP | 304 | – | 304 |
| USD | 56806 | INR | 56196 | 11/10/2025 | BNP | 610 | – | 610 |
| USD | 56811 | INR | 56195 | 11/10/2025 | BNP | 616 | – | 616 |
| USD | 84500 | INR | 84293 | 11/10/2025 | BNP | 207 | – | 207 |
| USD | 84621 | INR | 84293 | 11/10/2025 | BNP | 328 | – | 328 |
| USD | 84647 | INR | 84293 | 11/10/2025 | BNP | 354 | – | 354 |
| USD | 28220 | INR | 28098 | 11/10/2025 | BNP | 122 | – | 122 |
| USD | 28220 | INR | 28097 | 11/10/2025 | BNP | 123 | – | 123 |
| USD | 28220 | INR | 28098 | 11/10/2025 | BNP | 122 | – | 122 |
| USD | 84666 | INR | 84293 | 11/10/2025 | BNP | 373 | – | 373 |
| USD | 84671 | INR | 84293 | 11/10/2025 | BNP | 378 | – | 378 |
| USD | 84688 | INR | 84293 | 11/10/2025 | BNP | 395 | – | 395 |
| USD | 84693 | INR | 84293 | 11/10/2025 | BNP | 400 | – | 400 |
| USD | 84712 | INR | 84293 | 11/10/2025 | BNP | 419 | – | 419 |
| USD | 84723 | INR | 84293 | 11/10/2025 | BNP | 430 | – | 430 |
| USD | 84750 | INR | 84293 | 11/10/2025 | BNP | 457 | – | 457 |
| USD | 84752 | INR | 84293 | 11/10/2025 | BNP | 459 | – | 459 |
| USD | 84753 | INR | 84293 | 11/10/2025 | BNP | 460 | – | 460 |
| USD | 84761 | INR | 84293 | 11/10/2025 | BNP | 468 | – | 468 |
| USD | 84798 | INR | 84293 | 11/10/2025 | BNP | 505 | – | 505 |
| USD | 84812 | INR | 84293 | 11/10/2025 | BNP | 519 | – | 519 |
| USD | 84816 | INR | 84292 | 11/10/2025 | BNP | 524 | – | 524 |
| USD | 84822 | INR | 84293 | 11/10/2025 | BNP | 529 | – | 529 |
| USD | 84826 | INR | 84293 | 11/10/2025 | BNP | 533 | – | 533 |
| USD | 84827 | INR | 84293 | 11/10/2025 | BNP | 534 | – | 534 |
| USD | 84830 | INR | 84293 | 11/10/2025 | BNP | 537 | – | 537 |
| USD | 84831 | INR | 84293 | 11/10/2025 | BNP | 538 | – | 538 |
| USD | 84844 | INR | 84293 | 11/10/2025 | BNP | 551 | – | 551 |
| USD | 84845 | INR | 84292 | 11/10/2025 | BNP | 553 | – | 553 |
| USD | 84847 | INR | 84292 | 11/10/2025 | BNP | 555 | – | 555 |
| USD | 84848 | INR | 84293 | 11/10/2025 | BNP | 555 | – | 555 |
| USD | 84859 | INR | 84293 | 11/10/2025 | BNP | 566 | – | 566 |
| USD | 84863 | INR | 84293 | 11/10/2025 | BNP | 570 | – | 570 |
| USD | 84866 | INR | 84293 | 11/10/2025 | BNP | 573 | – | 573 |
| USD | 84867 | INR | 84293 | 11/10/2025 | BNP | 574 | – | 574 |
| USD | 84875 | INR | 84293 | 11/10/2025 | BNP | 582 | – | 582 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84876 | INR | 84293 | 11/10/2025 | BNP | 583 | – | 583 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 84887 | INR | 84293 | 11/10/2025 | BNP | $594 | $– $| 594 |
| USD | 84898 | INR | 84293 | 11/10/2025 | BNP | 605 | – | 605 |
| USD | 84900 | INR | 84293 | 11/10/2025 | BNP | 607 | – | 607 |
| USD | 84902 | INR | 84293 | 11/10/2025 | BNP | 609 | – | 609 |
| USD | 84903 | INR | 84293 | 11/10/2025 | BNP | 610 | – | 610 |
| USD | 84954 | INR | 84293 | 11/10/2025 | BNP | 661 | – | 661 |
| USD | 85180 | INR | 84293 | 11/10/2025 | BNP | 887 | – | 887 |
| USD | 85208 | INR | 84293 | 11/10/2025 | BNP | 915 | – | 915 |
| USD | 112771 | INR | 112390 | 11/10/2025 | BNP | 381 | – | 381 |
| USD | 112886 | INR | 112390 | 11/10/2025 | BNP | 496 | – | 496 |
| USD | 112936 | INR | 112391 | 11/10/2025 | BNP | 545 | – | 545 |
| USD | 56469 | INR | 56195 | 11/10/2025 | BNP | 274 | – | 274 |
| USD | 56469 | INR | 56195 | 11/10/2025 | BNP | 274 | – | 274 |
| USD | 112943 | INR | 112390 | 11/10/2025 | BNP | 553 | – | 553 |
| USD | 112996 | INR | 112390 | 11/10/2025 | BNP | 606 | – | 606 |
| USD | 113006 | INR | 112391 | 11/10/2025 | BNP | 615 | – | 615 |
| USD | 113056 | INR | 112391 | 11/10/2025 | BNP | 665 | – | 665 |
| USD | 113064 | INR | 112390 | 11/10/2025 | BNP | 674 | – | 674 |
| USD | 113085 | INR | 112390 | 11/10/2025 | BNP | 695 | – | 695 |
| USD | 56544 | INR | 56195 | 11/10/2025 | BNP | 349 | – | 349 |
| USD | 56544 | INR | 56196 | 11/10/2025 | BNP | 348 | – | 348 |
| USD | 113088 | INR | 112390 | 11/10/2025 | BNP | 698 | – | 698 |
| USD | 56552 | INR | 56195 | 11/10/2025 | BNP | 357 | – | 357 |
| USD | 56552 | INR | 56195 | 11/10/2025 | BNP | 357 | – | 357 |
| USD | 28276 | INR | 28097 | 11/10/2025 | BNP | 179 | – | 179 |
| USD | 28276 | INR | 28098 | 11/10/2025 | BNP | 178 | – | 178 |
| USD | 28276 | INR | 28097 | 11/10/2025 | BNP | 179 | – | 179 |
| USD | 28276 | INR | 28097 | 11/10/2025 | BNP | 179 | – | 179 |
| USD | 56556 | INR | 56195 | 11/10/2025 | BNP | 361 | – | 361 |
| USD | 56556 | INR | 56195 | 11/10/2025 | BNP | 361 | – | 361 |
| USD | 56557 | INR | 56195 | 11/10/2025 | BNP | 362 | – | 362 |
| USD | 56557 | INR | 56195 | 11/10/2025 | BNP | 362 | – | 362 |
| USD | 56561 | INR | 56195 | 11/10/2025 | BNP | 366 | – | 366 |
| USD | 56561 | INR | 56195 | 11/10/2025 | BNP | 366 | – | 366 |
| USD | 113127 | INR | 112391 | 11/10/2025 | BNP | 736 | – | 736 |
| USD | 113128 | INR | 112390 | 11/10/2025 | BNP | 738 | – | 738 |
| USD | 113132 | INR | 112390 | 11/10/2025 | BNP | 742 | – | 742 |
| USD | 113134 | INR | 112390 | 11/10/2025 | BNP | 744 | – | 744 |
| USD | 113138 | INR | 112391 | 11/10/2025 | BNP | 747 | – | 747 |
| USD | 113150 | INR | 112390 | 11/10/2025 | BNP | 760 | – | 760 |
| USD | 113171 | INR | 112391 | 11/10/2025 | BNP | 780 | – | 780 |
| USD | 113195 | INR | 112390 | 11/10/2025 | BNP | 805 | – | 805 |
| USD | 56599 | INR | 56195 | 11/10/2025 | BNP | 404 | – | 404 |
| USD | 56599 | INR | 56195 | 11/10/2025 | BNP | 404 | – | 404 |
| USD | 113200 | INR | 112390 | 11/10/2025 | BNP | 810 | – | 810 |
| USD | 113211 | INR | 112390 | 11/10/2025 | BNP | 821 | – | 821 |
| USD | 56664 | INR | 56195 | 11/10/2025 | BNP | 469 | – | 469 |
| USD | 56664 | INR | 56195 | 11/10/2025 | BNP | 469 | – | 469 |
| USD | 56796 | INR | 56195 | 11/10/2025 | BNP | 601 | – | 601 |
| USD | 56796 | INR | 56196 | 11/10/2025 | BNP | 600 | – | 600 |
| USD | 140950 | INR | 140488 | 11/10/2025 | BNP | 462 | – | 462 |
| USD | 28219 | INR | 28098 | 11/10/2025 | BNP | 121 | – | 121 |
| USD | 28219 | INR | 28097 | 11/10/2025 | BNP | 122 | – | 122 |
| USD | 28219 | INR | 28098 | 11/10/2025 | BNP | 121 | – | 121 |
| USD | 28219 | INR | 28097 | 11/10/2025 | BNP | 122 | – | 122 |
| USD | 28219 | INR | 28097 | 11/10/2025 | BNP | 122 | – | 122 |
| USD | 141126 | INR | 140488 | 11/10/2025 | BNP | 638 | – | 638 |
| USD | 141140 | INR | 140489 | 11/10/2025 | BNP | 651 | – | 651 |
| USD | 141165 | INR | 140488 | 11/10/2025 | BNP | 677 | – | 677 |
| USD | 141353 | INR | 140488 | 11/10/2025 | BNP | 865 | – | 865 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;141373 | INR | 140488 | 11/10/2025 | BNP | 885 | – | 885 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 28275 | INR | 28098 | 11/10/2025 | BNP | $177 | $— | $177 |
| USD | 28275 | INR | 28098 | 11/10/2025 | BNP | 177 |  | 177 |
| USD | 28275 | INR | 28098 | 11/10/2025 | BNP | 177 |  | 177 |
| USD | 28275 | INR | 28098 | 11/10/2025 | BNP | 177 |  | 177 |
| USD | 28275 | INR | 28098 | 11/10/2025 | BNP | 177 |  | 177 |
| USD | 141425 | INR | 140488 | 11/10/2025 | BNP | 937 |  | 937 |
| USD | 141427 | INR | 140488 | 11/10/2025 | BNP | 939 |  | 939 |
| USD | 169090 | INR | 168585 | 11/10/2025 | BNP | 505 |  | 505 |
| USD | 84703 | INR | 84293 | 11/10/2025 | BNP | 410 |  | 410 |
| USD | 84703 | INR | 84293 | 11/10/2025 | BNP | 410 |  | 410 |
| USD | 84724 | INR | 84293 | 11/10/2025 | BNP | 431 |  | 431 |
| USD | 84724 | INR | 84293 | 11/10/2025 | BNP | 431 |  | 431 |
| USD | 169596 | INR | 168586 | 11/10/2025 | BNP | 1010 |  | 1010 |
| USD | 84803 | INR | 84293 | 11/10/2025 | BNP | 510 |  | 510 |
| USD | 84803 | INR | 84293 | 11/10/2025 | BNP | 510 |  | 510 |
| USD | 56546 | INR | 56195 | 11/10/2025 | BNP | 351 |  | 351 |
| USD | 56546 | INR | 56195 | 11/10/2025 | BNP | 351 |  | 351 |
| USD | 56546 | INR | 56195 | 11/10/2025 | BNP | 351 |  | 351 |
| USD | 84820 | INR | 84293 | 11/10/2025 | BNP | 527 |  | 527 |
| USD | 84820 | INR | 84293 | 11/10/2025 | BNP | 527 |  | 527 |
| USD | 56548 | INR | 56196 | 11/10/2025 | BNP | 352 |  | 352 |
| USD | 56548 | INR | 56195 | 11/10/2025 | BNP | 353 |  | 353 |
| USD | 56548 | INR | 56195 | 11/10/2025 | BNP | 353 |  | 353 |
| USD | 56550 | INR | 56196 | 11/10/2025 | BNP | 354 |  | 354 |
| USD | 56550 | INR | 56196 | 11/10/2025 | BNP | 354 |  | 354 |
| USD | 56550 | INR | 56195 | 11/10/2025 | BNP | 355 |  | 355 |
| USD | 169669 | INR | 168585 | 11/10/2025 | BNP | 1084 |  | 1084 |
| USD | 56559 | INR | 56196 | 11/10/2025 | BNP | 363 |  | 363 |
| USD | 56559 | INR | 56195 | 11/10/2025 | BNP | 364 |  | 364 |
| USD | 56559 | INR | 56195 | 11/10/2025 | BNP | 364 |  | 364 |
| USD | 84841 | INR | 84293 | 11/10/2025 | BNP | 548 |  | 548 |
| USD | 84841 | INR | 84293 | 11/10/2025 | BNP | 548 |  | 548 |
| USD | 197892 | INR | 196683 | 11/10/2025 | BNP | 1209 |  | 1209 |
| USD | 197924 | INR | 196683 | 11/10/2025 | BNP | 1241 |  | 1241 |
| USD | 197940 | INR | 196684 | 11/10/2025 | BNP | 1256 |  | 1256 |
| USD | 198267 | INR | 196683 | 11/10/2025 | BNP | 1584 |  | 1584 |
| USD | 56551 | INR | 56195 | 11/10/2025 | BNP | 356 |  | 356 |
| USD | 56551 | INR | 56195 | 11/10/2025 | BNP | 356 |  | 356 |
| USD | 56551 | INR | 56195 | 11/10/2025 | BNP | 356 |  | 356 |
| USD | 56551 | INR | 56196 | 11/10/2025 | BNP | 355 |  | 355 |
| USD | 254580 | INR | 252879 | 11/10/2025 | BNP | 1701 |  | 1701 |
| USD | 791766 | INR | 786734 | 11/10/2025 | BNP | 5032 |  | 5032 |
| USD | 171524 | PHP | 171584 | 11/17/2025 | BNP |  | (60) | (60) |
| USD | 601364 | PHP | 600542 | 11/17/2025 | BNP | 822 |  | 822 |
| USD | 643447 | PHP | 643438 | 11/17/2025 | BNP | 9 |  | 9 |
| USD | 729216 | PHP | 729230 | 11/17/2025 | BNP |  | (14) | (14) |
| USD | 730479 | PHP | 729230 | 11/17/2025 | BNP | 1249 |  | 1249 |
| USD | 816522 | PHP | 815022 | 11/17/2025 | BNP | 1500 |  | 1500 |
| USD | 816611 | PHP | 815021 | 11/17/2025 | BNP | 1590 |  | 1590 |
| USD | 898819 | PHP | 900813 | 11/17/2025 | BNP |  | (1994) | (1994) |
| USD | 902713 | PHP | 900813 | 11/17/2025 | BNP | 1900 |  | 1900 |
| USD | 945635 | PHP | 943709 | 11/17/2025 | BNP | 1926 |  | 1926 |
| PHP | 5619357 | USD | 5720380 | 11/17/2025 | BNP |  | (101023) | (101023) |
| USD | 11817175 | INR | 11813764 | 12/2/2025 | BNP | 3411 |  | 3411 |
| USD | 154963 | SGD | 155045 | 10/1/2025 | CBK |  | (82) | (82) |
| USD | 852266 | SEK | 849762 | 10/1/2025 | CBK | 2504 |  | 2504 |
| USD | 1085179 | SGD | 1085314 | 10/1/2025 | CBK |  | (135) | (135) |
| USD | 1085574 | SGD | 1085313 | 10/1/2025 | CBK | 261 |  | 261 |
| USD | 1116030 | SEK | 1115313 | 10/1/2025 | CBK | 717 |  | 717 |
| USD | 1472960 | SGD | 1472926 | 10/1/2025 | CBK | 34 |  | 34 |
| USD | 1704541 | SGD | 1705492 | 10/1/2025 | CBK |  | (951) | (951) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased<sup>\*</sup>** | **Currency Purchased<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Settlement Date** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 1704884 | SGD | 1705492 | 10/1/2025 CBK | $— | $(608) | $(608) |
| USD | 1705500 | SGD | 1705492 | 10/1/2025 CBK | 8 |  | 8 |
| USD | 1705678 | SGD | 1705493 | 10/1/2025 CBK | 185 |  | 185 |
| USD | 1705955 | SGD | 1705492 | 10/1/2025 CBK | 463 |  | 463 |
| USD | 1782987 | SGD | 1783015 | 10/1/2025 CBK |  | (28) | (28) |
| USD | 1783347 | SGD | 1783015 | 10/1/2025 CBK | 332 |  | 332 |
| USD | 1859932 | SGD | 1860538 | 10/1/2025 CBK |  | (606) | (606) |
| USD | 1860306 | SGD | 1860537 | 10/1/2025 CBK |  | (231) | (231) |
| USD | 1937804 | SGD | 1938059 | 10/1/2025 CBK |  | (255) | (255) |
| USD | 2788579 | SGD | 2790806 | 10/1/2025 CBK |  | (2227) | (2227) |
| USD | 2788903 | SGD | 2790806 | 10/1/2025 CBK |  | (1903) | (1903) |
| SEK | 1965075 | USD | 1968438 | 10/1/2025 CBK |  | (3363) | (3363) |
| SGD | 27132835 | USD | 27111880 | 10/1/2025 CBK | 20955 |  | 20955 |
| USD | 930225 | SGD | 930268 | 10/2/2025 CBK |  | (43) | (43) |
| USD | 1169327 | SEK | 1168422 | 10/2/2025 CBK | 905 |  | 905 |
| USD | 1705109 | SGD | 1705492 | 10/2/2025 CBK |  | (383) | (383) |
| USD | 1705678 | SGD | 1705493 | 10/2/2025 CBK | 185 |  | 185 |
| USD | 1783513 | SGD | 1783015 | 10/2/2025 CBK | 498 |  | 498 |
| USD | 1861100 | SGD | 1860537 | 10/2/2025 CBK | 563 |  | 563 |
| USD | 2089864 | SGD | 2093104 | 10/2/2025 CBK |  | (3240) | (3240) |
| USD | 2557485 | SGD | 2558238 | 10/2/2025 CBK |  | (753) | (753) |
| USD | 2637683 | SGD | 2635761 | 10/2/2025 CBK | 1922 |  | 1922 |
| USD | 2866306 | SGD | 2868328 | 10/2/2025 CBK |  | (2022) | (2022) |
| THB | 77173 | USD | 77192 | 10/6/2025 CBK |  | (19) | (19) |
| THB | 77173 | USD | 77367 | 10/6/2025 CBK |  | (194) | (194) |
| THB | 77173 | USD | 77382 | 10/6/2025 CBK |  | (209) | (209) |
| THB | 154347 | USD | 154391 | 10/6/2025 CBK |  | (44) | (44) |
| THB | 154347 | USD | 154792 | 10/6/2025 CBK |  | (445) | (445) |
| THB | 231520 | USD | 231636 | 10/6/2025 CBK |  | (116) | (116) |
| THB | 231520 | USD | 232177 | 10/6/2025 CBK |  | (657) | (657) |
| THB | 231520 | USD | 232226 | 10/6/2025 CBK |  | (706) | (706) |
| THB | 231520 | USD | 232228 | 10/6/2025 CBK |  | (708) | (708) |
| THB | 231520 | USD | 232301 | 10/6/2025 CBK |  | (781) | (781) |
| THB | 308694 | USD | 308826 | 10/6/2025 CBK |  | (132) | (132) |
| THB | 308694 | USD | 316344 | 10/6/2025 CBK |  | (7650) | (7650) |
| THB | 385867 | USD | 385888 | 10/6/2025 CBK |  | (21) | (21) |
| THB | 385867 | USD | 386787 | 10/6/2025 CBK |  | (920) | (920) |
| THB | 385867 | USD | 386919 | 10/6/2025 CBK |  | (1052) | (1052) |
| THB | 385867 | USD | 388834 | 10/6/2025 CBK |  | (2967) | (2967) |
| USD | 14457157 | THB | 14354257 | 10/6/2025 CBK | 102900 |  | 102900 |
| THB | 463041 | USD | 464791 | 10/6/2025 CBK |  | (1750) | (1750) |
| THB | 463041 | USD | 464916 | 10/6/2025 CBK |  | (1875) | (1875) |
| THB | 463041 | USD | 466315 | 10/6/2025 CBK |  | (3274) | (3274) |
| THB | 540214 | USD | 540193 | 10/6/2025 CBK | 21 |  | 21 |
| THB | 540214 | USD | 542681 | 10/6/2025 CBK |  | (2467) | (2467) |
| THB | 617387 | USD | 619231 | 10/6/2025 CBK |  | (1844) | (1844) |
| THB | 617387 | USD | 622116 | 10/6/2025 CBK |  | (4729) | (4729) |
| THB | 617387 | USD | 632591 | 10/6/2025 CBK |  | (15204) | (15204) |
| THB | 694561 | USD | 711872 | 10/6/2025 CBK |  | (17311) | (17311) |
| THB | 1080428 | USD | 1084511 | 10/6/2025 CBK |  | (4083) | (4083) |
| THB | 1697815 | USD | 1731225 | 10/6/2025 CBK |  | (33410) | (33410) |
| THB | 2701070 | USD | 2711925 | 10/6/2025 CBK |  | (10855) | (10855) |
| USD | 150 | SEK | 147 | 10/16/2025 CBK | 3 |  | 3 |
| USD | 267 | SEK | 263 | 10/16/2025 CBK | 4 |  | 4 |
| USD | 343 | SEK | 340 | 10/16/2025 CBK | 3 |  | 3 |
| USD | 368 | SEK | 365 | 10/16/2025 CBK | 3 |  | 3 |
| USD | 885 | SEK | 885 | 10/16/2025 CBK |  |  |  |
| USD | 2002 | SEK | 1965 | 10/16/2025 CBK | 37 |  | 37 |
| SEK | 1139 | USD | 1145 | 10/16/2025 CBK |  | (6) | (6) |
| SEK | 1953 | USD | 1970 | 10/16/2025 CBK |  | (17) | (17) |
| SEK | 3961 | USD | 4007 | 10/16/2025 CBK |  | (46) | (46) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased<sup>\*</sup>** | **Currency Purchased<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Settlement Date** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 81599 | TWD | 82155 | 10/22/2025 CBK | $— | $(556) | $(556) |
| USD | 81630 | TWD | 82155 | 10/22/2025 CBK |  | (525) | (525) |
| USD | 81686 | TWD | 82155 | 10/22/2025 CBK |  | (469) | (469) |
| USD | 81707 | TWD | 82154 | 10/22/2025 CBK |  | (447) | (447) |
| USD | 81747 | TWD | 82154 | 10/22/2025 CBK |  | (407) | (407) |
| USD | 81749 | TWD | 82155 | 10/22/2025 CBK |  | (406) | (406) |
| USD | 81798 | TWD | 82155 | 10/22/2025 CBK |  | (357) | (357) |
| USD | 81804 | TWD | 82155 | 10/22/2025 CBK |  | (351) | (351) |
| USD | 81817 | TWD | 82155 | 10/22/2025 CBK |  | (338) | (338) |
| USD | 81915 | TWD | 82155 | 10/22/2025 CBK |  | (240) | (240) |
| USD | 81943 | TWD | 82155 | 10/22/2025 CBK |  | (212) | (212) |
| USD | 81959 | TWD | 82155 | 10/22/2025 CBK |  | (196) | (196) |
| USD | 81994 | TWD | 82154 | 10/22/2025 CBK |  | (160) | (160) |
| USD | 82013 | TWD | 82155 | 10/22/2025 CBK |  | (142) | (142) |
| USD | 82019 | TWD | 82155 | 10/22/2025 CBK |  | (136) | (136) |
| USD | 82024 | TWD | 82155 | 10/22/2025 CBK |  | (131) | (131) |
| USD | 82025 | TWD | 82155 | 10/22/2025 CBK |  | (130) | (130) |
| USD | 82051 | TWD | 82154 | 10/22/2025 CBK |  | (103) | (103) |
| USD | 82056 | TWD | 82155 | 10/22/2025 CBK |  | (99) | (99) |
| USD | 82165 | TWD | 82155 | 10/22/2025 CBK | 10 |  | 10 |
| USD | 82191 | TWD | 82155 | 10/22/2025 CBK | 36 |  | 36 |
| USD | 82221 | TWD | 82155 | 10/22/2025 CBK | 66 |  | 66 |
| USD | 82226 | TWD | 82155 | 10/22/2025 CBK | 71 |  | 71 |
| USD | 82234 | TWD | 82155 | 10/22/2025 CBK | 79 |  | 79 |
| USD | 82250 | TWD | 82154 | 10/22/2025 CBK | 96 |  | 96 |
| USD | 82283 | TWD | 82154 | 10/22/2025 CBK | 129 |  | 129 |
| USD | 82284 | TWD | 82154 | 10/22/2025 CBK | 130 |  | 130 |
| USD | 82289 | TWD | 82154 | 10/22/2025 CBK | 135 |  | 135 |
| USD | 82300 | TWD | 82155 | 10/22/2025 CBK | 145 |  | 145 |
| USD | 82302 | TWD | 82155 | 10/22/2025 CBK | 147 |  | 147 |
| USD | 82756 | TWD | 82155 | 10/22/2025 CBK | 601 |  | 601 |
| USD | 82823 | TWD | 82155 | 10/22/2025 CBK | 668 |  | 668 |
| USD | 82842 | TWD | 82155 | 10/22/2025 CBK | 687 |  | 687 |
| USD | 163329 | TWD | 164310 | 10/22/2025 CBK |  | (981) | (981) |
| USD | 163472 | TWD | 164309 | 10/22/2025 CBK |  | (837) | (837) |
| USD | 163495 | TWD | 164310 | 10/22/2025 CBK |  | (815) | (815) |
| USD | 163532 | TWD | 164309 | 10/22/2025 CBK |  | (777) | (777) |
| USD | 163602 | TWD | 164310 | 10/22/2025 CBK |  | (708) | (708) |
| USD | 163848 | TWD | 164309 | 10/22/2025 CBK |  | (461) | (461) |
| USD | 163913 | TWD | 164310 | 10/22/2025 CBK |  | (397) | (397) |
| USD | 163918 | TWD | 164309 | 10/22/2025 CBK |  | (391) | (391) |
| USD | 164053 | TWD | 164310 | 10/22/2025 CBK |  | (257) | (257) |
| USD | 164214 | TWD | 164309 | 10/22/2025 CBK |  | (95) | (95) |
| USD | 164403 | TWD | 164309 | 10/22/2025 CBK | 94 |  | 94 |
| USD | 164430 | TWD | 164309 | 10/22/2025 CBK | 121 |  | 121 |
| USD | 164436 | TWD | 164310 | 10/22/2025 CBK | 126 |  | 126 |
| USD | 164437 | TWD | 164310 | 10/22/2025 CBK | 127 |  | 127 |
| USD | 164457 | TWD | 164309 | 10/22/2025 CBK | 148 |  | 148 |
| USD | 164470 | TWD | 164309 | 10/22/2025 CBK | 161 |  | 161 |
| USD | 164506 | TWD | 164309 | 10/22/2025 CBK | 197 |  | 197 |
| USD | 164517 | TWD | 164310 | 10/22/2025 CBK | 207 |  | 207 |
| USD | 164522 | TWD | 164309 | 10/22/2025 CBK | 213 |  | 213 |
| USD | 164528 | TWD | 164310 | 10/22/2025 CBK | 218 |  | 218 |
| USD | 164533 | TWD | 164309 | 10/22/2025 CBK | 224 |  | 224 |
| USD | 164539 | TWD | 164310 | 10/22/2025 CBK | 229 |  | 229 |
| USD | 164571 | TWD | 164309 | 10/22/2025 CBK | 262 |  | 262 |
| USD | 164582 | TWD | 164310 | 10/22/2025 CBK | 272 |  | 272 |
| USD | 164620 | TWD | 164310 | 10/22/2025 CBK | 310 |  | 310 |
| USD | 164720 | TWD | 164309 | 10/22/2025 CBK | 411 |  | 411 |
| USD | 166323 | TWD | 164310 | 10/22/2025 CBK | 2013 |  | 2013 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166345 | TWD | 164310 | 10/22/2025 CBK | 2035 |  | 2035 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased<sup>\*</sup>** | **Currency Purchased<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Settlement Date** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 166456 | TWD | 164310 | 10/22/2025 CBK | $2146 | $— | $2146 |
| USD | 245004 | TWD | 246465 | 10/22/2025 CBK |  | (1461) | (1461) |
| USD | 245130 | TWD | 246464 | 10/22/2025 CBK |  | (1334) | (1334) |
| USD | 245173 | TWD | 246465 | 10/22/2025 CBK |  | (1292) | (1292) |
| USD | 245212 | TWD | 246465 | 10/22/2025 CBK |  | (1253) | (1253) |
| USD | 245218 | TWD | 246464 | 10/22/2025 CBK |  | (1246) | (1246) |
| USD | 245512 | TWD | 246464 | 10/22/2025 CBK |  | (952) | (952) |
| USD | 246067 | TWD | 246464 | 10/22/2025 CBK |  | (397) | (397) |
| USD | 246150 | TWD | 246464 | 10/22/2025 CBK |  | (314) | (314) |
| USD | 246305 | TWD | 246464 | 10/22/2025 CBK |  | (159) | (159) |
| USD | 246728 | TWD | 246465 | 10/22/2025 CBK | 263 |  | 263 |
| USD | 246790 | TWD | 246464 | 10/22/2025 CBK | 326 |  | 326 |
| USD | 246824 | TWD | 246464 | 10/22/2025 CBK | 360 |  | 360 |
| USD | 246855 | TWD | 246464 | 10/22/2025 CBK | 391 |  | 391 |
| USD | 246865 | TWD | 246465 | 10/22/2025 CBK | 400 |  | 400 |
| USD | 246954 | TWD | 246464 | 10/22/2025 CBK | 490 |  | 490 |
| USD | 246962 | TWD | 246465 | 10/22/2025 CBK | 497 |  | 497 |
| USD | 307092 | MXN | 326935 | 10/22/2025 CBK |  | (19843) | (19843) |
| USD | 327437 | TWD | 328619 | 10/22/2025 CBK |  | (1182) | (1182) |
| USD | 329066 | TWD | 328619 | 10/22/2025 CBK | 447 |  | 447 |
| USD | 329137 | TWD | 328619 | 10/22/2025 CBK | 518 |  | 518 |
| USD | 329256 | TWD | 328619 | 10/22/2025 CBK | 637 |  | 637 |
| USD | 329638 | TWD | 328619 | 10/22/2025 CBK | 1019 |  | 1019 |
| USD | 332436 | TWD | 328619 | 10/22/2025 CBK | 3817 |  | 3817 |
| USD | 332646 | TWD | 328619 | 10/22/2025 CBK | 4027 |  | 4027 |
| USD | 409192 | TWD | 410774 | 10/22/2025 CBK |  | (1582) | (1582) |
| USD | 410461 | TWD | 410774 | 10/22/2025 CBK |  | (313) | (313) |
| USD | 410563 | TWD | 410774 | 10/22/2025 CBK |  | (211) | (211) |
| USD | 410576 | TWD | 410774 | 10/22/2025 CBK |  | (198) | (198) |
| USD | 410630 | TWD | 410774 | 10/22/2025 CBK |  | (144) | (144) |
| USD | 411225 | TWD | 410774 | 10/22/2025 CBK | 451 |  | 451 |
| USD | 411230 | TWD | 410774 | 10/22/2025 CBK | 456 |  | 456 |
| USD | 415643 | TWD | 410774 | 10/22/2025 CBK | 4869 |  | 4869 |
| USD | 415683 | TWD | 410774 | 10/22/2025 CBK | 4909 |  | 4909 |
| USD | 415711 | TWD | 410774 | 10/22/2025 CBK | 4937 |  | 4937 |
| USD | 417646 | TWD | 410774 | 10/22/2025 CBK | 6872 |  | 6872 |
| USD | 245266 | TWD | 246464 | 10/22/2025 CBK |  | (1198) | (1198) |
| USD | 245266 | TWD | 246464 | 10/22/2025 CBK |  | (1198) | (1198) |
| USD | 490878 | TWD | 492929 | 10/22/2025 CBK |  | (2051) | (2051) |
| USD | 490928 | TWD | 492929 | 10/22/2025 CBK |  | (2001) | (2001) |
| USD | 492578 | TWD | 492928 | 10/22/2025 CBK |  | (350) | (350) |
| USD | 493543 | TWD | 492929 | 10/22/2025 CBK | 614 |  | 614 |
| USD | 493681 | TWD | 492929 | 10/22/2025 CBK | 752 |  | 752 |
| USD | 246897 | TWD | 246464 | 10/22/2025 CBK | 433 |  | 433 |
| USD | 246897 | TWD | 246464 | 10/22/2025 CBK | 433 |  | 433 |
| USD | 246903 | TWD | 246464 | 10/22/2025 CBK | 439 |  | 439 |
| USD | 246903 | TWD | 246464 | 10/22/2025 CBK | 439 |  | 439 |
| USD | 493860 | TWD | 492929 | 10/22/2025 CBK | 931 |  | 931 |
| USD | 497578 | TWD | 492928 | 10/22/2025 CBK | 4650 |  | 4650 |
| USD | 497661 | TWD | 492929 | 10/22/2025 CBK | 4732 |  | 4732 |
| USD | 499207 | TWD | 492928 | 10/22/2025 CBK | 6279 |  | 6279 |
| USD | 546384 | MXN | 572136 | 10/22/2025 CBK |  | (25752) | (25752) |
| USD | 580181 | TWD | 575084 | 10/22/2025 CBK | 5097 |  | 5097 |
| USD | 580942 | TWD | 575084 | 10/22/2025 CBK | 5858 |  | 5858 |
| USD | 581815 | TWD | 575084 | 10/22/2025 CBK | 6731 |  | 6731 |
| USD | 581860 | TWD | 575084 | 10/22/2025 CBK | 6776 |  | 6776 |
| USD | 599039 | MXN | 626625 | 10/22/2025 CBK |  | (27586) | (27586) |
| USD | 610834 | MXN | 626625 | 10/22/2025 CBK |  | (15791) | (15791) |
| USD | 663073 | TWD | 657239 | 10/22/2025 CBK | 5834 |  | 5834 |
| USD | 745571 | TWD | 739393 | 10/22/2025 CBK | 6178 |  | 6178 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;745626 | TWD | 739393 | 10/22/2025 CBK | 6233 |  | 6233 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased<sup>\*</sup>** | **Currency Purchased<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Settlement Date** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 829826 | TWD | 821548 | 10/22/2025 CBK | $8278 | $— | $8278 |
| USD | 830786 | TWD | 821548 | 10/22/2025 CBK | 9238 |  | 9238 |
| USD | 1054417 | MXN | 1089783 | 10/22/2025 CBK |  | (35366) | (35366) |
| USD | 1222657 | MXN | 1226006 | 10/22/2025 CBK |  | (3349) | (3349) |
| USD | 1922050 | MXN | 1988855 | 10/22/2025 CBK |  | (66805) | (66805) |
| USD | 2051770 | MXN | 2155307 | 10/22/2025 CBK |  | (103537) | (103537) |
| USD | 2222691 | MXN | 2343034 | 10/22/2025 CBK |  | (120343) | (120343) |
| USD | 2269792 | MXN | 2370279 | 10/22/2025 CBK |  | (100487) | (100487) |
| TWD | 82155 | USD | 82730 | 10/22/2025 CBK |  | (575) | (575) |
| TWD | 82155 | USD | 82769 | 10/22/2025 CBK |  | (614) | (614) |
| TWD | 82155 | USD | 82797 | 10/22/2025 CBK |  | (642) | (642) |
| TWD | 82155 | USD | 82870 | 10/22/2025 CBK |  | (715) | (715) |
| TWD | 82155 | USD | 82988 | 10/22/2025 CBK |  | (833) | (833) |
| TWD | 82155 | USD | 83005 | 10/22/2025 CBK |  | (850) | (850) |
| TWD | 82155 | USD | 83094 | 10/22/2025 CBK |  | (939) | (939) |
| TWD | 82155 | USD | 83170 | 10/22/2025 CBK |  | (1015) | (1015) |
| TWD | 82155 | USD | 83176 | 10/22/2025 CBK |  | (1021) | (1021) |
| TWD | 82155 | USD | 83186 | 10/22/2025 CBK |  | (1031) | (1031) |
| TWD | 82155 | USD | 83200 | 10/22/2025 CBK |  | (1045) | (1045) |
| TWD | 82155 | USD | 83239 | 10/22/2025 CBK |  | (1084) | (1084) |
| TWD | 82155 | USD | 83249 | 10/22/2025 CBK |  | (1094) | (1094) |
| TWD | 82155 | USD | 83250 | 10/22/2025 CBK |  | (1095) | (1095) |
| TWD | 82155 | USD | 83255 | 10/22/2025 CBK |  | (1100) | (1100) |
| TWD | 82155 | USD | 83259 | 10/22/2025 CBK |  | (1104) | (1104) |
| TWD | 82155 | USD | 83263 | 10/22/2025 CBK |  | (1108) | (1108) |
| TWD | 82155 | USD | 83336 | 10/22/2025 CBK |  | (1181) | (1181) |
| TWD | 82155 | USD | 83378 | 10/22/2025 CBK |  | (1223) | (1223) |
| TWD | 82155 | USD | 83381 | 10/22/2025 CBK |  | (1226) | (1226) |
| TWD | 82155 | USD | 83400 | 10/22/2025 CBK |  | (1245) | (1245) |
| TWD | 82155 | USD | 83428 | 10/22/2025 CBK |  | (1273) | (1273) |
| TWD | 82155 | USD | 83436 | 10/22/2025 CBK |  | (1281) | (1281) |
| TWD | 82155 | USD | 83439 | 10/22/2025 CBK |  | (1284) | (1284) |
| TWD | 82155 | USD | 83442 | 10/22/2025 CBK |  | (1287) | (1287) |
| TWD | 82155 | USD | 83445 | 10/22/2025 CBK |  | (1290) | (1290) |
| TWD | 82155 | USD | 83450 | 10/22/2025 CBK |  | (1295) | (1295) |
| TWD | 82155 | USD | 83456 | 10/22/2025 CBK |  | (1301) | (1301) |
| TWD | 82155 | USD | 83478 | 10/22/2025 CBK |  | (1323) | (1323) |
| USD | 2543948 | MXN | 2615480 | 10/22/2025 CBK |  | (71532) | (71532) |
| USD | 2847328 | MXN | 2942415 | 10/22/2025 CBK |  | (95087) | (95087) |
| USD | 3151079 | MXN | 3351084 | 10/22/2025 CBK |  | (200005) | (200005) |
| USD | 3222020 | MXN | 3323839 | 10/22/2025 CBK |  | (101819) | (101819) |
| USD | 3285584 | MXN | 3432818 | 10/22/2025 CBK |  | (147234) | (147234) |
| USD | 3316022 | MXN | 3378328 | 10/22/2025 CBK |  | (62306) | (62306) |
| USD | 3445589 | MXN | 3514551 | 10/22/2025 CBK |  | (68962) | (68962) |
| USD | 3473197 | MXN | 3668190 | 10/22/2025 CBK |  | (194993) | (194993) |
| TWD | 164310 | USD | 165607 | 10/22/2025 CBK |  | (1297) | (1297) |
| TWD | 164310 | USD | 165764 | 10/22/2025 CBK |  | (1454) | (1454) |
| TWD | 164310 | USD | 166007 | 10/22/2025 CBK |  | (1697) | (1697) |
| TWD | 164310 | USD | 166274 | 10/22/2025 CBK |  | (1964) | (1964) |
| TWD | 164310 | USD | 166512 | 10/22/2025 CBK |  | (2202) | (2202) |
| TWD | 82155 | USD | 83364 | 10/22/2025 CBK |  | (1209) | (1209) |
| TWD | 82155 | USD | 83364 | 10/22/2025 CBK |  | (1209) | (1209) |
| TWD | 164310 | USD | 166728 | 10/22/2025 CBK |  | (2418) | (2418) |
| TWD | 164310 | USD | 166745 | 10/22/2025 CBK |  | (2435) | (2435) |
| TWD | 164310 | USD | 166750 | 10/22/2025 CBK |  | (2440) | (2440) |
| TWD | 82155 | USD | 83389 | 10/22/2025 CBK |  | (1234) | (1234) |
| TWD | 82155 | USD | 83389 | 10/22/2025 CBK |  | (1234) | (1234) |
| TWD | 82155 | USD | 83395 | 10/22/2025 CBK |  | (1240) | (1240) |
| TWD | 82155 | USD | 83395 | 10/22/2025 CBK |  | (1240) | (1240) |
| TWD | 164310 | USD | 166789 | 10/22/2025 CBK |  | (2479) | (2479) |
| TWD | 164310 | USD | 166801 | 10/22/2025 CBK |  | (2491) | (2491) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased<sup>\*</sup>** | **Currency Purchased<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Settlement Date** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| TWD | 164310 | USD | 166806 | 10/22/2025 CBK | $— | $(2496) | $(2496) |
| TWD | 164310 | USD | 166856 | 10/22/2025 CBK |  | (2546) | (2546) |
| TWD | 164310 | USD | 166955 | 10/22/2025 CBK |  | (2645) | (2645) |
| TWD | 164310 | USD | 167033 | 10/22/2025 CBK |  | (2723) | (2723) |
| TWD | 164310 | USD | 167056 | 10/22/2025 CBK |  | (2746) | (2746) |
| TWD | 164310 | USD | 167078 | 10/22/2025 CBK |  | (2768) | (2768) |
| USD | 5096827 | MXN | 5311507 | 10/22/2025 CBK |  | (214680) | (214680) |
| USD | 5854614 | MXN | 6021053 | 10/22/2025 CBK |  | (166439) | (166439) |
| USD | 5889027 | MXN | 6320744 | 10/22/2025 CBK |  | (431717) | (431717) |
| USD | 5945841 | MXN | 6196758 | 10/22/2025 CBK |  | (250917) | (250917) |
| MXN | 326935 | USD | 307092 | 10/22/2025 CBK | 19843 |  | 19843 |
| USD | 6105583 | MXN | 6484210 | 10/22/2025 CBK |  | (378627) | (378627) |
| USD | 6211556 | MXN | 6511455 | 10/22/2025 CBK |  | (299899) | (299899) |
| USD | 6395887 | MXN | 6620434 | 10/22/2025 CBK |  | (224547) | (224547) |
| USD | 7343926 | MXN | 7846440 | 10/22/2025 CBK |  | (502514) | (502514) |
| TWD | 246464 | USD | 250125 | 10/22/2025 CBK |  | (3661) | (3661) |
| TWD | 246464 | USD | 250175 | 10/22/2025 CBK |  | (3711) | (3711) |
| TWD | 246464 | USD | 250241 | 10/22/2025 CBK |  | (3777) | (3777) |
| TWD | 246464 | USD | 250358 | 10/22/2025 CBK |  | (3894) | (3894) |
| USD | 8158401 | MXN | 8718267 | 10/22/2025 CBK |  | (559866) | (559866) |
| USD | 8207727 | MXN | 8691022 | 10/22/2025 CBK |  | (483295) | (483295) |
| USD | 8993870 | MXN | 9450886 | 10/22/2025 CBK |  | (457016) | (457016) |
| USD | 9161275 | MXN | 9508360 | 10/22/2025 CBK |  | (347085) | (347085) |
| USD | 9180274 | MXN | 9671827 | 10/22/2025 CBK |  | (491553) | (491553) |
| USD | 9634777 | MXN | 9889784 | 10/22/2025 CBK |  | (255007) | (255007) |
| USD | 9791395 | MXN | 10461920 | 10/22/2025 CBK |  | (670525) | (670525) |
| USD | 9792254 | MXN | 10346638 | 10/22/2025 CBK |  | (554384) | (554384) |
| TWD | 328619 | USD | 333656 | 10/22/2025 CBK |  | (5037) | (5037) |
| TWD | 328619 | USD | 334012 | 10/22/2025 CBK |  | (5393) | (5393) |
| TWD | 328619 | USD | 334135 | 10/22/2025 CBK |  | (5516) | (5516) |
| USD | 10191145 | MXN | 10623013 | 10/22/2025 CBK |  | (431868) | (431868) |
| USD | 10216559 | MXN | 10516409 | 10/22/2025 CBK |  | (299850) | (299850) |
| USD | 10445896 | MXN | 11029805 | 10/22/2025 CBK |  | (583909) | (583909) |
| MXN | 572136 | USD | 546384 | 10/22/2025 CBK | 25752 |  | 25752 |
| USD | 10608922 | MXN | 11333746 | 10/22/2025 CBK |  | (724824) | (724824) |
| USD | 10681195 | MXN | 11034056 | 10/22/2025 CBK |  | (352861) | (352861) |
| USD | 10882432 | MXN | 11115789 | 10/22/2025 CBK |  | (233357) | (233357) |
| USD | 11026111 | MXN | 11637264 | 10/22/2025 CBK |  | (611153) | (611153) |
| MXN | 626625 | USD | 599039 | 10/22/2025 CBK | 27586 |  | 27586 |
| USD | 12008367 | MXN | 12679054 | 10/22/2025 CBK |  | (670687) | (670687) |
| USD | 12250913 | MXN | 12765783 | 10/22/2025 CBK |  | (514870) | (514870) |
| USD | 12695687 | MXN | 13513313 | 10/22/2025 CBK |  | (817626) | (817626) |
| USD | 12697069 | MXN | 13513313 | 10/22/2025 CBK |  | (816244) | (816244) |
| USD | 14687663 | MXN | 15692880 | 10/22/2025 CBK |  | (1005217) | (1005217) |
| TWD | 492929 | USD | 496339 | 10/22/2025 CBK |  | (3410) | (3410) |
| USD | 15010739 | MXN | 15848818 | 10/22/2025 CBK |  | (838079) | (838079) |
| USD | 16009289 | MXN | 16905405 | 10/22/2025 CBK |  | (896116) | (896116) |
| MXN | 926316 | USD | 909051 | 10/22/2025 CBK | 17265 |  | 17265 |
| USD | 18632794 | MXN | 19071208 | 10/22/2025 CBK |  | (438414) | (438414) |
| USD | 19788475 | MXN | 20621650 | 10/22/2025 CBK |  | (833175) | (833175) |
| TWD | 657238 | USD | 663887 | 10/22/2025 CBK |  | (6649) | (6649) |
| TWD | 657238 | USD | 667044 | 10/22/2025 CBK |  | (9806) | (9806) |
| MXN | 1089783 | USD | 1054417 | 10/22/2025 CBK | 35366 |  | 35366 |
| USD | 26377795 | MXN | 27495533 | 10/22/2025 CBK |  | (1117738) | (1117738) |
| TWD | 1068012 | USD | 1081228 | 10/22/2025 CBK |  | (13216) | (13216) |
| TWD | 1150167 | USD | 1162675 | 10/22/2025 CBK |  | (12508) | (12508) |
| MXN | 1988855 | USD | 1922050 | 10/22/2025 CBK | 66805 |  | 66805 |
| MXN | 2155307 | USD | 2051770 | 10/22/2025 CBK | 103537 |  | 103537 |
| MXN | 2343034 | USD | 2222691 | 10/22/2025 CBK | 120343 |  | 120343 |
| MXN | 2370279 | USD | 2269792 | 10/22/2025 CBK | 100487 |  | 100487 |
| MXN | 2615480 | USD | 2543948 | 10/22/2025 CBK | 71532 |  | 71532 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased<sup>\*</sup>** | **Currency Purchased<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Settlement Date** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| MXN | 2942415 | USD | 2847328 | 10/22/2025 CBK | $95087 | $— | $95087 |
| MXN | 3323839 | USD | 3222020 | 10/22/2025 CBK | 101819 |  | 101819 |
| MXN | 3351084 | USD | 3151079 | 10/22/2025 CBK | 200005 |  | 200005 |
| MXN | 3378328 | USD | 3316022 | 10/22/2025 CBK | 62306 |  | 62306 |
| MXN | 3432817 | USD | 3285583 | 10/22/2025 CBK | 147234 |  | 147234 |
| MXN | 3514551 | USD | 3445589 | 10/22/2025 CBK | 68962 |  | 68962 |
| MXN | 3668190 | USD | 3473197 | 10/22/2025 CBK | 194993 |  | 194993 |
| USD | 94409829 | MXN | 94620437 | 10/22/2025 CBK |  | (210608) | (210608) |
| MXN | 5176471 | USD | 5177048 | 10/22/2025 CBK |  | (577) | (577) |
| MXN | 5311507 | USD | 5096827 | 10/22/2025 CBK | 214680 |  | 214680 |
| MXN | 6021053 | USD | 5854614 | 10/22/2025 CBK | 166439 |  | 166439 |
| MXN | 6196758 | USD | 5945841 | 10/22/2025 CBK | 250917 |  | 250917 |
| MXN | 6320743 | USD | 5889026 | 10/22/2025 CBK | 431717 |  | 431717 |
| MXN | 6484211 | USD | 6105584 | 10/22/2025 CBK | 378627 |  | 378627 |
| MXN | 6511455 | USD | 6211556 | 10/22/2025 CBK | 299899 |  | 299899 |
| MXN | 6620434 | USD | 6395887 | 10/22/2025 CBK | 224547 |  | 224547 |
| MXN | 7846440 | USD | 7343926 | 10/22/2025 CBK | 502514 |  | 502514 |
| MXN | 8691022 | USD | 8207727 | 10/22/2025 CBK | 483295 |  | 483295 |
| MXN | 8718267 | USD | 8158401 | 10/22/2025 CBK | 559866 |  | 559866 |
| MXN | 9450885 | USD | 8993869 | 10/22/2025 CBK | 457016 |  | 457016 |
| MXN | 9508360 | USD | 9161275 | 10/22/2025 CBK | 347085 |  | 347085 |
| MXN | 9671827 | USD | 9180274 | 10/22/2025 CBK | 491553 |  | 491553 |
| MXN | 9889784 | USD | 9634777 | 10/22/2025 CBK | 255007 |  | 255007 |
| MXN | 10346638 | USD | 9792254 | 10/22/2025 CBK | 554384 |  | 554384 |
| MXN | 10461920 | USD | 9791395 | 10/22/2025 CBK | 670525 |  | 670525 |
| MXN | 10516409 | USD | 10216559 | 10/22/2025 CBK | 299850 |  | 299850 |
| MXN | 10623014 | USD | 10191146 | 10/22/2025 CBK | 431868 |  | 431868 |
| MXN | 11029805 | USD | 10445896 | 10/22/2025 CBK | 583909 |  | 583909 |
| MXN | 11034056 | USD | 10681195 | 10/22/2025 CBK | 352861 |  | 352861 |
| MXN | 11115790 | USD | 10882433 | 10/22/2025 CBK | 233357 |  | 233357 |
| MXN | 11333747 | USD | 10608923 | 10/22/2025 CBK | 724824 |  | 724824 |
| MXN | 11637264 | USD | 11026111 | 10/22/2025 CBK | 611153 |  | 611153 |
| MXN | 12679054 | USD | 12008367 | 10/22/2025 CBK | 670687 |  | 670687 |
| MXN | 12765783 | USD | 12250913 | 10/22/2025 CBK | 514870 |  | 514870 |
| MXN | 13513313 | USD | 12695686 | 10/22/2025 CBK | 817627 |  | 817627 |
| MXN | 13513313 | USD | 12697069 | 10/22/2025 CBK | 816244 |  | 816244 |
| MXN | 15692880 | USD | 14687663 | 10/22/2025 CBK | 1005217 |  | 1005217 |
| MXN | 15848818 | USD | 15010739 | 10/22/2025 CBK | 838079 |  | 838079 |
| MXN | 16905405 | USD | 16009289 | 10/22/2025 CBK | 896116 |  | 896116 |
| MXN | 19071208 | USD | 18632794 | 10/22/2025 CBK | 438414 |  | 438414 |
| MXN | 20621650 | USD | 19788475 | 10/22/2025 CBK | 833175 |  | 833175 |
| MXN | 27495533 | USD | 26377795 | 10/22/2025 CBK | 1117738 |  | 1117738 |
| MXN | 331757289 | USD | 314879285 | 10/22/2025 CBK | 16878004 |  | 16878004 |
| CAD | 116650 | EUR | 117591 | 10/28/2025 CBK |  | (941) | (941) |
| CAD | 117029 | EUR | 117590 | 10/28/2025 CBK |  | (561) | (561) |
| EUR | 235182 | CAD | 233507 | 10/28/2025 CBK | 1675 |  | 1675 |
| CAD | 231203 | EUR | 235182 | 10/28/2025 CBK |  | (3979) | (3979) |
| CAD | 235166 | EUR | 235182 | 10/28/2025 CBK |  | (16) | (16) |
| EUR | 1293498 | CAD | 1291003 | 10/28/2025 CBK | 2495 |  | 2495 |
| CAD | 4633031 | EUR | 4703632 | 10/28/2025 CBK |  | (70601) | (70601) |
| EUR | 40382284 | CAD | 39843131 | 10/28/2025 CBK | 539153 |  | 539153 |
| EUR | 46517283 | CAD | 45887707 | 10/28/2025 CBK | 629576 |  | 629576 |
| THB | 9972988 | USD | 9953089 | 10/28/2025 CBK | 19899 |  | 19899 |
| USD | 57918024 | TWD | 58282685 | 10/30/2025 CBK |  | (364661) | (364661) |
| USD | 656226 | NOK | 651469 | 11/5/2025 CBK | 4757 |  | 4757 |
| NOK | 2655992 | USD | 2713174 | 11/5/2025 CBK |  | (57182) | (57182) |
| NOK | 4159384 | USD | 4214455 | 11/5/2025 CBK |  | (55071) | (55071) |
| NOK | 4710627 | USD | 4724024 | 11/5/2025 CBK |  | (13397) | (13397) |
| NOK | 6865489 | USD | 6875747 | 11/5/2025 CBK |  | (10258) | (10258) |
| NOK | 8218541 | USD | 8304400 | 11/5/2025 CBK |  | (85859) | (85859) |
| NOK | 9574738 | USD | 9728297 | 11/5/2025 CBK |  | (153559) | (153559) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| NOK | 12402981 | USD | 12417486 | 11/5/2025 | CBK | $— | $(14505) | $(14505) |
| NOK | 14306869 | USD | 14528203 | 11/5/2025 | CBK |  | (221334) | (221334) |
| NOK | 14362108 | USD | 14586252 | 11/5/2025 | CBK |  | (224144) | (224144) |
| NOK | 17054099 | USD | 17064266 | 11/5/2025 | CBK |  | (10167) | (10167) |
| NOK | 17380938 | USD | 17682582 | 11/5/2025 | CBK |  | (301644) | (301644) |
| NOK | 19149477 | USD | 19477191 | 11/5/2025 | CBK |  | (327714) | (327714) |
| NOK | 20154844 | USD | 20180876 | 11/5/2025 | CBK |  | (26032) | (26032) |
| NOK | 21543162 | USD | 21915016 | 11/5/2025 | CBK |  | (371854) | (371854) |
| USD | 156420 | SGD | 155596 | 11/17/2025 | CBK | 824 |  | 824 |
| THB | 154862 | USD | 157401 | 11/17/2025 | CBK |  | (2539) | (2539) |
| THB | 154862 | USD | 157404 | 11/17/2025 | CBK |  | (2542) | (2542) |
| THB | 154862 | USD | 157446 | 11/17/2025 | CBK |  | (2584) | (2584) |
| THB | 232293 | USD | 236151 | 11/17/2025 | CBK |  | (3858) | (3858) |
| THB | 232293 | USD | 236174 | 11/17/2025 | CBK |  | (3881) | (3881) |
| THB | 232293 | USD | 236262 | 11/17/2025 | CBK |  | (3969) | (3969) |
| THB | 309725 | USD | 314894 | 11/17/2025 | CBK |  | (5169) | (5169) |
| THB | 309725 | USD | 315081 | 11/17/2025 | CBK |  | (5356) | (5356) |
| SGD | 8013195 | USD | 8109542 | 11/17/2025 | CBK |  | (96347) | (96347) |
| USD | 10581123 | SGD | 10502729 | 11/17/2025 | CBK | 78394 |  | 78394 |
| THB | 387156 | USD | 393653 | 11/17/2025 | CBK |  | (6497) | (6497) |
| SGD | 12369883 | USD | 12443819 | 11/17/2025 | CBK |  | (73936) | (73936) |
| THB | 542018 | USD | 550936 | 11/17/2025 | CBK |  | (8918) | (8918) |
| THB | 542018 | USD | 551159 | 11/17/2025 | CBK |  | (9141) | (9141) |
| USD | 27210059 | SGD | 27229298 | 11/17/2025 | CBK |  | (19239) | (19239) |
| USD | 51201086 | SGD | 51191081 | 11/17/2025 | CBK | 10005 |  | 10005 |
| SGD | 41310741 | USD | 41711218 | 11/17/2025 | CBK |  | (400477) | (400477) |
| USD | 55667935 | SGD | 55781162 | 11/17/2025 | CBK |  | (113227) | (113227) |
| THB | 14402193 | USD | 14488283 | 11/17/2025 | CBK |  | (86090) | (86090) |
| GBP | 34991407 | JPY | 35089910 | 12/2/2025 | CBK |  | (98503) | (98503) |
| GBP | 39527949 | JPY | 39628486 | 12/2/2025 | CBK |  | (100537) | (100537) |
| JPY | 270149 | GBP | 269023 | 12/2/2025 | CBK | 1126 |  | 1126 |
| USD | 1976199 | SEK | 1972686 | 12/3/2025 | CBK | 3513 |  | 3513 |
| USD | 6530447 | SEK | 6504532 | 12/3/2025 | CBK | 25915 |  | 25915 |
| SEK | 27513361 | USD | 27409827 | 12/3/2025 | CBK | 103534 |  | 103534 |
| SEK | 42751530 | USD | 42580278 | 12/3/2025 | CBK | 171252 |  | 171252 |
| SEK | 61905062 | USD | 61691599 | 12/3/2025 | CBK | 213463 |  | 213463 |
| MXN | 93628960 | USD | 93424671 | 1/29/2026 | CBK | 204289 |  | 204289 |
| USD | 468940 | EUR | 469620 | 10/1/2025 | HUB |  | (680) | (680) |
| USD | 469084 | EUR | 469620 | 10/1/2025 | HUB |  | (536) | (536) |
| USD | 469768 | EUR | 469620 | 10/1/2025 | HUB | 148 |  | 148 |
| USD | 586345 | EUR | 587025 | 10/1/2025 | HUB |  | (680) | (680) |
| USD | 703986 | EUR | 704430 | 10/1/2025 | HUB |  | (444) | (444) |
| USD | 808724 | NZD | 811650 | 10/1/2025 | HUB |  | (2926) | (2926) |
| USD | 809438 | NZD | 811650 | 10/1/2025 | HUB |  | (2212) | (2212) |
| USD | 867585 | NZD | 869625 | 10/1/2025 | HUB |  | (2040) | (2040) |
| USD | 867855 | NZD | 869625 | 10/1/2025 | HUB |  | (1770) | (1770) |
| USD | 868545 | NZD | 869625 | 10/1/2025 | HUB |  | (1080) | (1080) |
| USD | 925712 | NZD | 927600 | 10/1/2025 | HUB |  | (1888) | (1888) |
| USD | 938096 | EUR | 939241 | 10/1/2025 | HUB |  | (1145) | (1145) |
| USD | 982345 | NZD | 985575 | 10/1/2025 | HUB |  | (3230) | (3230) |
| USD | 1100024 | NZD | 1101525 | 10/1/2025 | HUB |  | (1501) | (1501) |
| USD | 1343830 | GBP | 1344899 | 10/1/2025 | HUB |  | (1069) | (1069) |
| USD | 1411799 | GBP | 1412145 | 10/1/2025 | HUB |  | (346) | (346) |
| USD | 1523639 | EUR | 1526266 | 10/1/2025 | HUB |  | (2627) | (2627) |
| USD | 1545531 | GBP | 1546634 | 10/1/2025 | HUB |  | (1103) | (1103) |
| USD | 1651136 | CAD | 1652655 | 10/1/2025 | HUB |  | (1519) | (1519) |
| USD | 1652109 | CAD | 1652655 | 10/1/2025 | HUB |  | (546) | (546) |
| USD | 1724832 | CAD | 1724510 | 10/1/2025 | HUB | 322 |  | 322 |
| USD | 1795306 | CAD | 1796364 | 10/1/2025 | HUB |  | (1058) | (1058) |
| USD | 1795964 | CAD | 1796364 | 10/1/2025 | HUB |  | (400) | (400) |
| USD | 1868326 | CAD | 1868219 | 10/1/2025 | HUB | 107 |  | 107 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1869092 | CAD | 1868219 | 10/1/2025 | HUB | $873 | $— | $873 |
| USD | 1943530 | JPY | 1960983 | 10/1/2025 | HUB |  | (17453) | (17453) |
| USD | 2014395 | GBP | 2017349 | 10/1/2025 | HUB |  | (2954) | (2954) |
| USD | 2016603 | JPY | 2028603 | 10/1/2025 | HUB |  | (12000) | (12000) |
| USD | 2150272 | GBP | 2151839 | 10/1/2025 | HUB |  | (1567) | (1567) |
| USD | 2217204 | GBP | 2219084 | 10/1/2025 | HUB |  | (1880) | (1880) |
| USD | 2218524 | GBP | 2219084 | 10/1/2025 | HUB |  | (560) | (560) |
| USD | 2350740 | GBP | 2353574 | 10/1/2025 | HUB |  | (2834) | (2834) |
| USD | 2420208 | GBP | 2420819 | 10/1/2025 | HUB |  | (611) | (611) |
| USD | 2484789 | JPY | 2501944 | 10/1/2025 | HUB |  | (17155) | (17155) |
| USD | 4153826 | JPY | 4192447 | 10/1/2025 | HUB |  | (38621) | (38621) |
| EUR | 5165823 | USD | 5166336 | 10/1/2025 | HUB |  | (513) | (513) |
| NZD | 7246877 | USD | 7250475 | 10/1/2025 | HUB |  | (3598) | (3598) |
| GBP | 17685428 | USD | 17686776 | 10/1/2025 | HUB |  | (1348) | (1348) |
| JPY | 10683977 | USD | 10666688 | 10/1/2025 | HUB | 17289 |  | 17289 |
| USD | 37571 | BRL | 37578 | 10/2/2025 | HUB |  | (7) | (7) |
| USD | 37576 | BRL | 37578 | 10/2/2025 | HUB |  | (2) | (2) |
| USD | 37599 | BRL | 37578 | 10/2/2025 | HUB | 21 |  | 21 |
| USD | 37603 | BRL | 37578 | 10/2/2025 | HUB | 25 |  | 25 |
| USD | 37605 | BRL | 37578 | 10/2/2025 | HUB | 27 |  | 27 |
| USD | 37610 | BRL | 37578 | 10/2/2025 | HUB | 32 |  | 32 |
| USD | 37613 | BRL | 37578 | 10/2/2025 | HUB | 35 |  | 35 |
| USD | 37616 | BRL | 37578 | 10/2/2025 | HUB | 38 |  | 38 |
| USD | 56409 | BRL | 56367 | 10/2/2025 | HUB | 42 |  | 42 |
| USD | 56425 | BRL | 56367 | 10/2/2025 | HUB | 58 |  | 58 |
| USD | 56488 | BRL | 56367 | 10/2/2025 | HUB | 121 |  | 121 |
| USD | 56620 | BRL | 56367 | 10/2/2025 | HUB | 253 |  | 253 |
| USD | 56629 | BRL | 56368 | 10/2/2025 | HUB | 261 |  | 261 |
| USD | 75215 | BRL | 75156 | 10/2/2025 | HUB | 59 |  | 59 |
| USD | 75245 | BRL | 75157 | 10/2/2025 | HUB | 88 |  | 88 |
| USD | 75252 | BRL | 75156 | 10/2/2025 | HUB | 96 |  | 96 |
| USD | 75265 | BRL | 75157 | 10/2/2025 | HUB | 108 |  | 108 |
| USD | 75272 | BRL | 75156 | 10/2/2025 | HUB | 116 |  | 116 |
| USD | 75280 | BRL | 75156 | 10/2/2025 | HUB | 124 |  | 124 |
| USD | 75287 | BRL | 75156 | 10/2/2025 | HUB | 131 |  | 131 |
| USD | 75313 | BRL | 75157 | 10/2/2025 | HUB | 156 |  | 156 |
| USD | 75316 | BRL | 75157 | 10/2/2025 | HUB | 159 |  | 159 |
| USD | 75322 | BRL | 75156 | 10/2/2025 | HUB | 166 |  | 166 |
| USD | 75477 | BRL | 75156 | 10/2/2025 | HUB | 321 |  | 321 |
| USD | 94014 | BRL | 93946 | 10/2/2025 | HUB | 68 |  | 68 |
| USD | 94024 | BRL | 93945 | 10/2/2025 | HUB | 79 |  | 79 |
| USD | 94047 | BRL | 93945 | 10/2/2025 | HUB | 102 |  | 102 |
| USD | 94145 | BRL | 93946 | 10/2/2025 | HUB | 199 |  | 199 |
| USD | 94157 | BRL | 93945 | 10/2/2025 | HUB | 212 |  | 212 |
| BRL | 18789 | USD | 18078 | 10/2/2025 | HUB | 711 |  | 711 |
| BRL | 18789 | USD | 18096 | 10/2/2025 | HUB | 693 |  | 693 |
| BRL | 18789 | USD | 18102 | 10/2/2025 | HUB | 687 |  | 687 |
| BRL | 18789 | USD | 18117 | 10/2/2025 | HUB | 672 |  | 672 |
| BRL | 18789 | USD | 18123 | 10/2/2025 | HUB | 666 |  | 666 |
| BRL | 18789 | USD | 18125 | 10/2/2025 | HUB | 664 |  | 664 |
| BRL | 18789 | USD | 18164 | 10/2/2025 | HUB | 625 |  | 625 |
| BRL | 18789 | USD | 18177 | 10/2/2025 | HUB | 612 |  | 612 |
| BRL | 18789 | USD | 18188 | 10/2/2025 | HUB | 601 |  | 601 |
| BRL | 18789 | USD | 18189 | 10/2/2025 | HUB | 600 |  | 600 |
| BRL | 18789 | USD | 18191 | 10/2/2025 | HUB | 598 |  | 598 |
| BRL | 18789 | USD | 18195 | 10/2/2025 | HUB | 594 |  | 594 |
| BRL | 18789 | USD | 18198 | 10/2/2025 | HUB | 591 |  | 591 |
| BRL | 18789 | USD | 18199 | 10/2/2025 | HUB | 590 |  | 590 |
| BRL | 18789 | USD | 18200 | 10/2/2025 | HUB | 589 |  | 589 |
| BRL | 18789 | USD | 18201 | 10/2/2025 | HUB | 588 |  | 588 |
| BRL | 18789 | USD | 18206 | 10/2/2025 | HUB | 583 |  | 583 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| BRL | 18789 | USD | 18209 | 10/2/2025 | HUB | $580 | $— | $580 |
| BRL | 18789 | USD | 18210 | 10/2/2025 | HUB | 579 |  | 579 |
| BRL | 18789 | USD | 18213 | 10/2/2025 | HUB | 576 |  | 576 |
| BRL | 18789 | USD | 18216 | 10/2/2025 | HUB | 573 |  | 573 |
| BRL | 18789 | USD | 18217 | 10/2/2025 | HUB | 572 |  | 572 |
| BRL | 18789 | USD | 18221 | 10/2/2025 | HUB | 568 |  | 568 |
| BRL | 18789 | USD | 18247 | 10/2/2025 | HUB | 542 |  | 542 |
| BRL | 18789 | USD | 18248 | 10/2/2025 | HUB | 541 |  | 541 |
| BRL | 18789 | USD | 18249 | 10/2/2025 | HUB | 540 |  | 540 |
| BRL | 18789 | USD | 18255 | 10/2/2025 | HUB | 534 |  | 534 |
| BRL | 18789 | USD | 18259 | 10/2/2025 | HUB | 530 |  | 530 |
| BRL | 18789 | USD | 18260 | 10/2/2025 | HUB | 529 |  | 529 |
| BRL | 18789 | USD | 18261 | 10/2/2025 | HUB | 528 |  | 528 |
| BRL | 18789 | USD | 18264 | 10/2/2025 | HUB | 525 |  | 525 |
| BRL | 18789 | USD | 18265 | 10/2/2025 | HUB | 524 |  | 524 |
| BRL | 18789 | USD | 18281 | 10/2/2025 | HUB | 508 |  | 508 |
| BRL | 18789 | USD | 18285 | 10/2/2025 | HUB | 504 |  | 504 |
| BRL | 18789 | USD | 18287 | 10/2/2025 | HUB | 502 |  | 502 |
| BRL | 18789 | USD | 18293 | 10/2/2025 | HUB | 496 |  | 496 |
| BRL | 18789 | USD | 18296 | 10/2/2025 | HUB | 493 |  | 493 |
| BRL | 18789 | USD | 18297 | 10/2/2025 | HUB | 492 |  | 492 |
| BRL | 18789 | USD | 18298 | 10/2/2025 | HUB | 491 |  | 491 |
| BRL | 18789 | USD | 18299 | 10/2/2025 | HUB | 490 |  | 490 |
| BRL | 18789 | USD | 18307 | 10/2/2025 | HUB | 482 |  | 482 |
| BRL | 18789 | USD | 18308 | 10/2/2025 | HUB | 481 |  | 481 |
| BRL | 18789 | USD | 18315 | 10/2/2025 | HUB | 474 |  | 474 |
| USD | 56417 | BRL | 56367 | 10/2/2025 | HUB | 50 |  | 50 |
| USD | 56417 | BRL | 56367 | 10/2/2025 | HUB | 50 |  | 50 |
| USD | 37614 | BRL | 37578 | 10/2/2025 | HUB | 36 |  | 36 |
| USD | 37614 | BRL | 37578 | 10/2/2025 | HUB | 36 |  | 36 |
| USD | 37614 | BRL | 37579 | 10/2/2025 | HUB | 35 |  | 35 |
| USD | 56421 | BRL | 56367 | 10/2/2025 | HUB | 54 |  | 54 |
| USD | 56421 | BRL | 56367 | 10/2/2025 | HUB | 54 |  | 54 |
| USD | 56422 | BRL | 56367 | 10/2/2025 | HUB | 55 |  | 55 |
| USD | 56422 | BRL | 56367 | 10/2/2025 | HUB | 55 |  | 55 |
| USD | 112877 | BRL | 112734 | 10/2/2025 | HUB | 143 |  | 143 |
| USD | 113084 | BRL | 112734 | 10/2/2025 | HUB | 350 |  | 350 |
| USD | 131742 | BRL | 131523 | 10/2/2025 | HUB | 219 |  | 219 |
| USD | 131752 | BRL | 131523 | 10/2/2025 | HUB | 229 |  | 229 |
| USD | 131778 | BRL | 131524 | 10/2/2025 | HUB | 254 |  | 254 |
| USD | 131783 | BRL | 131524 | 10/2/2025 | HUB | 259 |  | 259 |
| USD | 150445 | BRL | 150312 | 10/2/2025 | HUB | 133 |  | 133 |
| USD | 150628 | BRL | 150312 | 10/2/2025 | HUB | 316 |  | 316 |
| USD | 164315 | BRL | 169102 | 10/2/2025 | HUB |  | (4787) | (4787) |
| USD | 169746 | BRL | 169101 | 10/2/2025 | HUB | 645 |  | 645 |
| BRL | 37578 | USD | 36063 | 10/2/2025 | HUB | 1515 |  | 1515 |
| BRL | 37578 | USD | 36114 | 10/2/2025 | HUB | 1464 |  | 1464 |
| BRL | 37578 | USD | 36124 | 10/2/2025 | HUB | 1454 |  | 1454 |
| BRL | 37578 | USD | 36134 | 10/2/2025 | HUB | 1444 |  | 1444 |
| BRL | 37578 | USD | 36161 | 10/2/2025 | HUB | 1417 |  | 1417 |
| BRL | 37578 | USD | 36179 | 10/2/2025 | HUB | 1399 |  | 1399 |
| BRL | 37578 | USD | 36188 | 10/2/2025 | HUB | 1390 |  | 1390 |
| BRL | 37578 | USD | 36198 | 10/2/2025 | HUB | 1380 |  | 1380 |
| BRL | 37578 | USD | 36211 | 10/2/2025 | HUB | 1367 |  | 1367 |
| BRL | 18789 | USD | 18112 | 10/2/2025 | HUB | 677 |  | 677 |
| BRL | 18789 | USD | 18112 | 10/2/2025 | HUB | 677 |  | 677 |
| BRL | 18789 | USD | 18114 | 10/2/2025 | HUB | 675 |  | 675 |
| BRL | 18789 | USD | 18114 | 10/2/2025 | HUB | 675 |  | 675 |
| BRL | 18789 | USD | 18115 | 10/2/2025 | HUB | 674 |  | 674 |
| BRL | 18789 | USD | 18115 | 10/2/2025 | HUB | 674 |  | 674 |
| BRL | 37578 | USD | 36233 | 10/2/2025 | HUB | 1345 |  | 1345 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized**<br>**(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| BRL | 37578 | USD | 36234 | 10/2/2025 | HUB | $1344 | $– $| 1344 |
| BRL | 37578 | USD | 36236 | 10/2/2025 | HUB | 1342 | – | 1342 |
| BRL | 37578 | USD | 36238 | 10/2/2025 | HUB | 1340 | – | 1340 |
| BRL | 18789 | USD | 18122 | 10/2/2025 | HUB | 667 | – | 667 |
| BRL | 18789 | USD | 18122 | 10/2/2025 | HUB | 667 | – | 667 |
| BRL | 37578 | USD | 36253 | 10/2/2025 | HUB | 1325 | – | 1325 |
| BRL | 37578 | USD | 36253 | 10/2/2025 | HUB | 1325 | – | 1325 |
| BRL | 37578 | USD | 36255 | 10/2/2025 | HUB | 1323 | – | 1323 |
| BRL | 37578 | USD | 36257 | 10/2/2025 | HUB | 1321 | – | 1321 |
| BRL | 37578 | USD | 36257 | 10/2/2025 | HUB | 1321 | – | 1321 |
| BRL | 37578 | USD | 36260 | 10/2/2025 | HUB | 1318 | – | 1318 |
| BRL | 37578 | USD | 36261 | 10/2/2025 | HUB | 1317 | – | 1317 |
| BRL | 37578 | USD | 36262 | 10/2/2025 | HUB | 1316 | – | 1316 |
| BRL | 37578 | USD | 36272 | 10/2/2025 | HUB | 1306 | – | 1306 |
| BRL | 37578 | USD | 36278 | 10/2/2025 | HUB | 1300 | – | 1300 |
| BRL | 37578 | USD | 36284 | 10/2/2025 | HUB | 1294 | – | 1294 |
| BRL | 37578 | USD | 36286 | 10/2/2025 | HUB | 1292 | – | 1292 |
| BRL | 37578 | USD | 36290 | 10/2/2025 | HUB | 1288 | – | 1288 |
| BRL | 37578 | USD | 36310 | 10/2/2025 | HUB | 1268 | – | 1268 |
| BRL | 18789 | USD | 18186 | 10/2/2025 | HUB | 603 | – | 603 |
| BRL | 18789 | USD | 18186 | 10/2/2025 | HUB | 603 | – | 603 |
| BRL | 37578 | USD | 36374 | 10/2/2025 | HUB | 1204 | – | 1204 |
| BRL | 37578 | USD | 36381 | 10/2/2025 | HUB | 1197 | – | 1197 |
| BRL | 37578 | USD | 36387 | 10/2/2025 | HUB | 1191 | – | 1191 |
| BRL | 18789 | USD | 18197 | 10/2/2025 | HUB | 592 | – | 592 |
| BRL | 18789 | USD | 18197 | 10/2/2025 | HUB | 592 | – | 592 |
| BRL | 37578 | USD | 36395 | 10/2/2025 | HUB | 1183 | – | 1183 |
| BRL | 37578 | USD | 36399 | 10/2/2025 | HUB | 1179 | – | 1179 |
| BRL | 37578 | USD | 36412 | 10/2/2025 | HUB | 1166 | – | 1166 |
| BRL | 37578 | USD | 36415 | 10/2/2025 | HUB | 1163 | – | 1163 |
| BRL | 18789 | USD | 18211 | 10/2/2025 | HUB | 578 | – | 578 |
| BRL | 18789 | USD | 18211 | 10/2/2025 | HUB | 578 | – | 578 |
| BRL | 18789 | USD | 18212 | 10/2/2025 | HUB | 577 | – | 577 |
| BRL | 18789 | USD | 18212 | 10/2/2025 | HUB | 577 | – | 577 |
| BRL | 18789 | USD | 18214 | 10/2/2025 | HUB | 575 | – | 575 |
| BRL | 18789 | USD | 18214 | 10/2/2025 | HUB | 575 | – | 575 |
| BRL | 37578 | USD | 36438 | 10/2/2025 | HUB | 1140 | – | 1140 |
| BRL | 37578 | USD | 36460 | 10/2/2025 | HUB | 1118 | – | 1118 |
| BRL | 37578 | USD | 36461 | 10/2/2025 | HUB | 1117 | – | 1117 |
| BRL | 37578 | USD | 36486 | 10/2/2025 | HUB | 1092 | – | 1092 |
| BRL | 18789 | USD | 18246 | 10/2/2025 | HUB | 543 | – | 543 |
| BRL | 18789 | USD | 18246 | 10/2/2025 | HUB | 543 | – | 543 |
| BRL | 37578 | USD | 36520 | 10/2/2025 | HUB | 1058 | – | 1058 |
| BRL | 18789 | USD | 18265 | 10/2/2025 | HUB | 524 | – | 524 |
| BRL | 18789 | USD | 18264 | 10/2/2025 | HUB | 525 | – | 525 |
| BRL | 37578 | USD | 36534 | 10/2/2025 | HUB | 1044 | – | 1044 |
| BRL | 37578 | USD | 36541 | 10/2/2025 | HUB | 1037 | – | 1037 |
| BRL | 18789 | USD | 18271 | 10/2/2025 | HUB | 518 | – | 518 |
| BRL | 18789 | USD | 18272 | 10/2/2025 | HUB | 517 | – | 517 |
| BRL | 18789 | USD | 18276 | 10/2/2025 | HUB | 513 | – | 513 |
| BRL | 18789 | USD | 18276 | 10/2/2025 | HUB | 513 | – | 513 |
| BRL | 18789 | USD | 18284 | 10/2/2025 | HUB | 505 | – | 505 |
| BRL | 18789 | USD | 18284 | 10/2/2025 | HUB | 505 | – | 505 |
| BRL | 37578 | USD | 36578 | 10/2/2025 | HUB | 1000 | – | 1000 |
| BRL | 37578 | USD | 36589 | 10/2/2025 | HUB | 989 | – | 989 |
| BRL | 37578 | USD | 36592 | 10/2/2025 | HUB | 986 | – | 986 |
| BRL | 18789 | USD | 18300 | 10/2/2025 | HUB | 489 | – | 489 |
| BRL | 18789 | USD | 18300 | 10/2/2025 | HUB | 489 | – | 489 |
| BRL | 37578 | USD | 36609 | 10/2/2025 | HUB | 969 | – | 969 |
| BRL | 18789 | USD | 18310 | 10/2/2025 | HUB | 479 | – | 479 |
| BRL | 18789 | USD | 18310 | 10/2/2025 | HUB | 479 | – | 479 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized**<br>**(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| BRL | 37578 | USD | 36699 | 10/2/2025 | HUB | $879 | $– $| 879 |
| BRL | 37578 | USD | 36714 | 10/2/2025 | HUB | 864 | – | 864 |
| BRL | 56367 | USD | 54312 | 10/2/2025 | HUB | 2055 | – | 2055 |
| BRL | 56367 | USD | 54342 | 10/2/2025 | HUB | 2025 | – | 2025 |
| BRL | 18789 | USD | 18119 | 10/2/2025 | HUB | 670 | – | 670 |
| BRL | 18789 | USD | 18119 | 10/2/2025 | HUB | 670 | – | 670 |
| BRL | 18789 | USD | 18119 | 10/2/2025 | HUB | 670 | – | 670 |
| BRL | 56367 | USD | 54357 | 10/2/2025 | HUB | 2010 | – | 2010 |
| BRL | 56367 | USD | 54360 | 10/2/2025 | HUB | 2007 | – | 2007 |
| BRL | 56367 | USD | 54362 | 10/2/2025 | HUB | 2005 | – | 2005 |
| BRL | 18789 | USD | 18124 | 10/2/2025 | HUB | 665 | – | 665 |
| BRL | 18789 | USD | 18124 | 10/2/2025 | HUB | 665 | – | 665 |
| BRL | 18789 | USD | 18124 | 10/2/2025 | HUB | 665 | – | 665 |
| BRL | 56367 | USD | 54386 | 10/2/2025 | HUB | 1981 | – | 1981 |
| BRL | 56367 | USD | 54387 | 10/2/2025 | HUB | 1980 | – | 1980 |
| BRL | 56367 | USD | 54398 | 10/2/2025 | HUB | 1969 | – | 1969 |
| BRL | 18789 | USD | 18142 | 10/2/2025 | HUB | 647 | – | 647 |
| BRL | 18789 | USD | 18142 | 10/2/2025 | HUB | 647 | – | 647 |
| BRL | 18789 | USD | 18142 | 10/2/2025 | HUB | 647 | – | 647 |
| BRL | 56367 | USD | 54552 | 10/2/2025 | HUB | 1815 | – | 1815 |
| BRL | 18789 | USD | 18193 | 10/2/2025 | HUB | 596 | – | 596 |
| BRL | 18789 | USD | 18193 | 10/2/2025 | HUB | 596 | – | 596 |
| BRL | 18789 | USD | 18193 | 10/2/2025 | HUB | 596 | – | 596 |
| BRL | 56367 | USD | 54593 | 10/2/2025 | HUB | 1774 | – | 1774 |
| BRL | 56367 | USD | 54602 | 10/2/2025 | HUB | 1765 | – | 1765 |
| BRL | 56367 | USD | 54674 | 10/2/2025 | HUB | 1693 | – | 1693 |
| BRL | 56367 | USD | 54687 | 10/2/2025 | HUB | 1680 | – | 1680 |
| BRL | 56367 | USD | 54700 | 10/2/2025 | HUB | 1667 | – | 1667 |
| BRL | 56367 | USD | 54752 | 10/2/2025 | HUB | 1615 | – | 1615 |
| BRL | 56367 | USD | 54765 | 10/2/2025 | HUB | 1602 | – | 1602 |
| BRL | 56367 | USD | 54813 | 10/2/2025 | HUB | 1554 | – | 1554 |
| BRL | 56367 | USD | 54831 | 10/2/2025 | HUB | 1536 | – | 1536 |
| BRL | 56367 | USD | 54845 | 10/2/2025 | HUB | 1522 | – | 1522 |
| BRL | 56367 | USD | 54847 | 10/2/2025 | HUB | 1520 | – | 1520 |
| BRL | 56367 | USD | 54852 | 10/2/2025 | HUB | 1515 | – | 1515 |
| BRL | 56367 | USD | 54862 | 10/2/2025 | HUB | 1505 | – | 1505 |
| BRL | 56367 | USD | 54872 | 10/2/2025 | HUB | 1495 | – | 1495 |
| BRL | 18789 | USD | 18303 | 10/2/2025 | HUB | 486 | – | 486 |
| BRL | 18789 | USD | 18303 | 10/2/2025 | HUB | 486 | – | 486 |
| BRL | 18789 | USD | 18303 | 10/2/2025 | HUB | 486 | – | 486 |
| BRL | 56367 | USD | 55022 | 10/2/2025 | HUB | 1345 | – | 1345 |
| BRL | 56367 | USD | 55049 | 10/2/2025 | HUB | 1318 | – | 1318 |
| BRL | 56367 | USD | 55069 | 10/2/2025 | HUB | 1298 | – | 1298 |
| BRL | 75156 | USD | 72101 | 10/2/2025 | HUB | 3055 | – | 3055 |
| BRL | 37578 | USD | 36087 | 10/2/2025 | HUB | 1491 | – | 1491 |
| BRL | 37578 | USD | 36087 | 10/2/2025 | HUB | 1491 | – | 1491 |
| BRL | 75156 | USD | 72218 | 10/2/2025 | HUB | 2938 | – | 2938 |
| BRL | 75156 | USD | 72221 | 10/2/2025 | HUB | 2935 | – | 2935 |
| BRL | 37578 | USD | 36251 | 10/2/2025 | HUB | 1327 | – | 1327 |
| BRL | 37578 | USD | 36251 | 10/2/2025 | HUB | 1327 | – | 1327 |
| BRL | 75156 | USD | 72507 | 10/2/2025 | HUB | 2649 | – | 2649 |
| BRL | 37578 | USD | 36281 | 10/2/2025 | HUB | 1297 | – | 1297 |
| BRL | 37578 | USD | 36282 | 10/2/2025 | HUB | 1296 | – | 1296 |
| BRL | 75156 | USD | 72767 | 10/2/2025 | HUB | 2389 | – | 2389 |
| BRL | 75156 | USD | 72824 | 10/2/2025 | HUB | 2332 | – | 2332 |
| BRL | 75156 | USD | 72867 | 10/2/2025 | HUB | 2289 | – | 2289 |
| BRL | 75156 | USD | 72905 | 10/2/2025 | HUB | 2251 | – | 2251 |
| BRL | 75156 | USD | 72919 | 10/2/2025 | HUB | 2237 | – | 2237 |
| BRL | 75156 | USD | 72979 | 10/2/2025 | HUB | 2177 | – | 2177 |
| BRL | 75156 | USD | 73042 | 10/2/2025 | HUB | 2114 | – | 2114 |
| BRL | 75156 | USD | 73061 | 10/2/2025 | HUB | 2095 | – | 2095 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized**<br>**(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| BRL | 75156 | USD | 73102 | 10/2/2025 | HUB | $2054 | $— | $2054 |
| BRL | 75156 | USD | 73170 | 10/2/2025 | HUB | 1986 |  | 1986 |
| BRL | 75156 | USD | 73174 | 10/2/2025 | HUB | 1982 |  | 1982 |
| BRL | 75156 | USD | 73184 | 10/2/2025 | HUB | 1972 |  | 1972 |
| BRL | 75156 | USD | 73209 | 10/2/2025 | HUB | 1947 |  | 1947 |
| BRL | 75156 | USD | 73360 | 10/2/2025 | HUB | 1796 |  | 1796 |
| BRL | 75156 | USD | 73381 | 10/2/2025 | HUB | 1775 |  | 1775 |
| EUR | 469620 | PLN | 469871 | 10/2/2025 | HUB |  | (251) | (251) |
| BRL | 93945 | USD | 90189 | 10/2/2025 | HUB | 3756 |  | 3756 |
| BRL | 93945 | USD | 90276 | 10/2/2025 | HUB | 3669 |  | 3669 |
| BRL | 93945 | USD | 90366 | 10/2/2025 | HUB | 3579 |  | 3579 |
| BRL | 93945 | USD | 90602 | 10/2/2025 | HUB | 3343 |  | 3343 |
| BRL | 93945 | USD | 90627 | 10/2/2025 | HUB | 3318 |  | 3318 |
| BRL | 93945 | USD | 91201 | 10/2/2025 | HUB | 2744 |  | 2744 |
| BRL | 93945 | USD | 91284 | 10/2/2025 | HUB | 2661 |  | 2661 |
| BRL | 93945 | USD | 91291 | 10/2/2025 | HUB | 2654 |  | 2654 |
| BRL | 93945 | USD | 91292 | 10/2/2025 | HUB | 2653 |  | 2653 |
| BRL | 93945 | USD | 91319 | 10/2/2025 | HUB | 2626 |  | 2626 |
| BRL | 93945 | USD | 91692 | 10/2/2025 | HUB | 2253 |  | 2253 |
| BRL | 93945 | USD | 91740 | 10/2/2025 | HUB | 2205 |  | 2205 |
| BRL | 93945 | USD | 91787 | 10/2/2025 | HUB | 2158 |  | 2158 |
| USD | 586055 | EUR | 587025 | 10/2/2025 | HUB |  | (970) | (970) |
| USD | 586265 | EUR | 587025 | 10/2/2025 | HUB |  | (760) | (760) |
| BRL | 112734 | USD | 108515 | 10/2/2025 | HUB | 4219 |  | 4219 |
| BRL | 112734 | USD | 108536 | 10/2/2025 | HUB | 4198 |  | 4198 |
| BRL | 112734 | USD | 108687 | 10/2/2025 | HUB | 4047 |  | 4047 |
| BRL | 112734 | USD | 108727 | 10/2/2025 | HUB | 4007 |  | 4007 |
| BRL | 112734 | USD | 108822 | 10/2/2025 | HUB | 3912 |  | 3912 |
| BRL | 112734 | USD | 108877 | 10/2/2025 | HUB | 3857 |  | 3857 |
| BRL | 112734 | USD | 108939 | 10/2/2025 | HUB | 3795 |  | 3795 |
| BRL | 56367 | USD | 54734 | 10/2/2025 | HUB | 1633 |  | 1633 |
| BRL | 56367 | USD | 54733 | 10/2/2025 | HUB | 1634 |  | 1634 |
| BRL | 131523 | USD | 126238 | 10/2/2025 | HUB | 5285 |  | 5285 |
| BRL | 131523 | USD | 126680 | 10/2/2025 | HUB | 4843 |  | 4843 |
| BRL | 131523 | USD | 126845 | 10/2/2025 | HUB | 4678 |  | 4678 |
| USD | 713854 | BRL | 732773 | 10/2/2025 | HUB |  | (18919) | (18919) |
| USD | 810166 | NZD | 811650 | 10/2/2025 | HUB |  | (1484) | (1484) |
| USD | 878048 | BRL | 901874 | 10/2/2025 | HUB |  | (23826) | (23826) |
| USD | 926176 | NZD | 927600 | 10/2/2025 | HUB |  | (1424) | (1424) |
| USD | 927168 | NZD | 927600 | 10/2/2025 | HUB |  | (432) | (432) |
| USD | 949980 | BRL | 977030 | 10/2/2025 | HUB |  | (27050) | (27050) |
| USD | 984980 | NZD | 985575 | 10/2/2025 | HUB |  | (595) | (595) |
| USD | 985762 | NZD | 985575 | 10/2/2025 | HUB | 187 |  | 187 |
| USD | 1043496 | NZD | 1043550 | 10/2/2025 | HUB |  | (54) | (54) |
| USD | 1172027 | BRL | 1202499 | 10/2/2025 | HUB |  | (30472) | (30472) |
| BRL | 225469 | USD | 218447 | 10/2/2025 | HUB | 7022 |  | 7022 |
| AUD | 943333 | GBP | 941430 | 10/2/2025 | HUB | 1903 |  | 1903 |
| AUD | 1007741 | GBP | 1008675 | 10/2/2025 | HUB |  | (934) | (934) |
| USD | 1589535 | BRL | 1634647 | 10/2/2025 | HUB |  | (45112) | (45112) |
| USD | 1679713 | GBP | 1681125 | 10/2/2025 | HUB |  | (1412) | (1412) |
| USD | 1680475 | GBP | 1681124 | 10/2/2025 | HUB |  | (649) | (649) |
| USD | 1758045 | EUR | 1761076 | 10/2/2025 | HUB |  | (3031) | (3031) |
| USD | 1815197 | GBP | 1815615 | 10/2/2025 | HUB |  | (418) | (418) |
| USD | 30518876 | BRL | 30500928 | 10/2/2025 | HUB | 17948 |  | 17948 |
| USD | 30520884 | BRL | 30500928 | 10/2/2025 | HUB | 19956 |  | 19956 |
| USD | 33545291 | BRL | 33469468 | 10/2/2025 | HUB | 75823 |  | 75823 |
| BRL | 13423803 | USD | 13048975 | 10/2/2025 | HUB | 374828 |  | 374828 |
| BRL | 13423803 | USD | 13062646 | 10/2/2025 | HUB | 361157 |  | 361157 |
| BRL | 26847607 | USD | 26089517 | 10/2/2025 | HUB | 758090 |  | 758090 |
| BRL | 40625798 | USD | 39557238 | 10/2/2025 | HUB | 1068560 |  | 1068560 |
| GBP | 134493 | USD | 134011 | 10/6/2025 | HUB | 482 |  | 482 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized**<br>**(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 134011 | GBP | 134493 | 10/6/2025 | HUB | $— | $(482) | $(482) |
| GBP | 537973 | USD | 545182 | 10/6/2025 | HUB |  | (7209) | (7209) |
| GBP | 874206 | USD | 878870 | 10/6/2025 | HUB |  | (4664) | (4664) |
| USD | 674892 | GBP | 672466 | 10/6/2025 | HUB | 2426 |  | 2426 |
| USD | 878870 | GBP | 874206 | 10/6/2025 | HUB | 4664 |  | 4664 |
| GBP | 1479425 | USD | 1485513 | 10/6/2025 | HUB |  | (6088) | (6088) |
| GBP | 1681165 | USD | 1672599 | 10/6/2025 | HUB | 8566 |  | 8566 |
| GBP | 2017398 | USD | 2029775 | 10/6/2025 | HUB |  | (12377) | (12377) |
| USD | 1672599 | GBP | 1681165 | 10/6/2025 | HUB |  | (8566) | (8566) |
| GBP | 2353631 | USD | 2350890 | 10/6/2025 | HUB | 2741 |  | 2741 |
| GBP | 2958850 | USD | 2959039 | 10/6/2025 | HUB |  | (189) | (189) |
| USD | 2350890 | GBP | 2353631 | 10/6/2025 | HUB |  | (2741) | (2741) |
| GBP | 3967549 | USD | 3927275 | 10/6/2025 | HUB | 40274 |  | 40274 |
| USD | 2959039 | GBP | 2958850 | 10/6/2025 | HUB | 189 |  | 189 |
| GBP | 4169289 | USD | 4151628 | 10/6/2025 | HUB | 17661 |  | 17661 |
| USD | 3927276 | GBP | 3967550 | 10/6/2025 | HUB |  | (40274) | (40274) |
| GBP | 5446975 | USD | 5468740 | 10/6/2025 | HUB |  | (21765) | (21765) |
| GBP | 5581468 | USD | 5623972 | 10/6/2025 | HUB |  | (42504) | (42504) |
| GBP | 5783208 | USD | 5832734 | 10/6/2025 | HUB |  | (49526) | (49526) |
| GBP | 6791907 | USD | 6823348 | 10/6/2025 | HUB |  | (31441) | (31441) |
| GBP | 6859153 | USD | 6869290 | 10/6/2025 | HUB |  | (10137) | (10137) |
| GBP | 6993647 | USD | 7094267 | 10/6/2025 | HUB |  | (100620) | (100620) |
| USD | 5468739 | GBP | 5446974 | 10/6/2025 | HUB | 21765 |  | 21765 |
| GBP | 7464373 | USD | 7546868 | 10/6/2025 | HUB |  | (82495) | (82495) |
| USD | 6823347 | GBP | 6791906 | 10/6/2025 | HUB | 31441 |  | 31441 |
| USD | 6869290 | GBP | 6859153 | 10/6/2025 | HUB | 10137 |  | 10137 |
| GBP | 9414524 | USD | 9486190 | 10/6/2025 | HUB |  | (71666) | (71666) |
| GBP | 10816956 | USD | 10676698 | 10/6/2025 | HUB | 140258 |  | 140258 |
| GBP | 10816956 | USD | 10682431 | 10/6/2025 | HUB | 134525 |  | 134525 |
| GBP | 11768155 | USD | 11830236 | 10/6/2025 | HUB |  | (62081) | (62081) |
| USD | 9486190 | GBP | 9414524 | 10/6/2025 | HUB | 71666 |  | 71666 |
| GBP | 13045841 | USD | 13152563 | 10/6/2025 | HUB |  | (106722) | (106722) |
| USD | 10676698 | GBP | 10816956 | 10/6/2025 | HUB |  | (140258) | (140258) |
| USD | 10682431 | GBP | 10816956 | 10/6/2025 | HUB |  | (134525) | (134525) |
| GBP | 14959383 | USD | 14783785 | 10/6/2025 | HUB | 175598 |  | 175598 |
| GBP | 15601212 | USD | 15699849 | 10/6/2025 | HUB |  | (98637) | (98637) |
| USD | 12491055 | GBP | 12575115 | 10/6/2025 | HUB |  | (84060) | (84060) |
| USD | 13152563 | GBP | 13045841 | 10/6/2025 | HUB | 106722 |  | 106722 |
| USD | 14783785 | GBP | 14959383 | 10/6/2025 | HUB |  | (175598) | (175598) |
| GBP | 20711953 | USD | 20468247 | 10/6/2025 | HUB | 243706 |  | 243706 |
| USD | 17687302 | GBP | 17685856 | 10/6/2025 | HUB | 1446 |  | 1446 |
| USD | 20468248 | GBP | 20711954 | 10/6/2025 | HUB |  | (243706) | (243706) |
| GBP | 32450868 | USD | 32031108 | 10/6/2025 | HUB | 419760 |  | 419760 |
| USD | 32031108 | GBP | 32450868 | 10/6/2025 | HUB |  | (419760) | (419760) |
| USD | 34342573 | GBP | 34363014 | 10/6/2025 | HUB |  | (20441) | (20441) |
| GBP | 48032169 | USD | 47450074 | 10/6/2025 | HUB | 582095 |  | 582095 |
| USD | 47450075 | GBP | 48032170 | 10/6/2025 | HUB |  | (582095) | (582095) |
| GBP | 120169677 | USD | 119238554 | 10/6/2025 | HUB | 931123 |  | 931123 |
| USD | 2878284 | CNY | 2875922 | 10/9/2025 | HUB | 2362 |  | 2362 |
| CNY | 2875922 | USD | 2874453 | 10/9/2025 | HUB | 1469 |  | 1469 |
| USD | 2383416 | CNY | 2384911 | 10/10/2025 | HUB |  | (1495) | (1495) |
| USD | 122 | JPY | 121 | 10/16/2025 | HUB | 1 |  | 1 |
| USD | 125 | JPY | 125 | 10/16/2025 | HUB |  |  |  |
| USD | 157 | JPY | 155 | 10/16/2025 | HUB | 2 |  | 2 |
| USD | 326 | JPY | 322 | 10/16/2025 | HUB | 4 |  | 4 |
| CAD | 270 | USD | 272 | 10/16/2025 | HUB |  | (2) | (2) |
| USD | 409 | JPY | 410 | 10/16/2025 | HUB |  | (1) | (1) |
| USD | 429 | CAD | 427 | 10/16/2025 | HUB | 2 |  | 2 |
| CAD | 332 | USD | 335 | 10/16/2025 | HUB |  | (3) | (3) |
| AUD | 403 | USD | 402 | 10/16/2025 | HUB | 1 |  | 1 |
| GBP | 846 | USD | 858 | 10/16/2025 | HUB |  | (12) | (12) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized**<br>**(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 680 | AUD | 683 | 10/16/2025 | HUB | $— | $(3) | $(3) |
| GBP | 995 | USD | 995 | 10/16/2025 | HUB |  |  |  |
| USD | 821 | AUD | 825 | 10/16/2025 | HUB |  | (4) | (4) |
| GBP | 1178 | USD | 1190 | 10/16/2025 | HUB |  | (12) | (12) |
| PLN | 278 | USD | 278 | 10/16/2025 | HUB |  |  |  |
| USD | 1101 | JPY | 1103 | 10/16/2025 | HUB |  | (2) | (2) |
| USD | 2173 | AUD | 2201 | 10/16/2025 | HUB |  | (28) | (28) |
| GBP | 3689 | USD | 3698 | 10/16/2025 | HUB |  | (9) | (9) |
| USD | 3090 | JPY | 3055 | 10/16/2025 | HUB | 35 |  | 35 |
| GBP | 4562 | USD | 4534 | 10/16/2025 | HUB | 28 |  | 28 |
| USD | 3901 | JPY | 3857 | 10/16/2025 | HUB | 44 |  | 44 |
| AUD | 2680 | USD | 2679 | 10/16/2025 | HUB | 1 |  | 1 |
| USD | 5405 | AUD | 5383 | 10/16/2025 | HUB | 22 |  | 22 |
| USD | 5698 | AUD | 5760 | 10/16/2025 | HUB |  | (62) | (62) |
| AUD | 3905 | USD | 3932 | 10/16/2025 | HUB |  | (27) | (27) |
| USD | 6354 | GBP | 6362 | 10/16/2025 | HUB |  | (8) | (8) |
| USD | 6687 | AUD | 6631 | 10/16/2025 | HUB | 56 |  | 56 |
| CAD | 5430 | USD | 5497 | 10/16/2025 | HUB |  | (67) | (67) |
| USD | 9342 | GBP | 9205 | 10/16/2025 | HUB | 137 |  | 137 |
| USD | 9404 | GBP | 9409 | 10/16/2025 | HUB |  | (5) | (5) |
| USD | 11274 | AUD | 11193 | 10/16/2025 | HUB | 81 |  | 81 |
| AUD | 7719 | USD | 7722 | 10/16/2025 | HUB |  | (3) | (3) |
| JPY | 169 | USD | 170 | 10/16/2025 | HUB |  | (1) | (1) |
| AUD | 20171 | USD | 20152 | 10/16/2025 | HUB | 19 |  | 19 |
| AUD | 21849 | USD | 21757 | 10/16/2025 | HUB | 92 |  | 92 |
| AUD | 29575 | USD | 29732 | 10/16/2025 | HUB |  | (157) | (157) |
| JPY | 489 | USD | 495 | 10/16/2025 | HUB |  | (6) | (6) |
| JPY | 496 | USD | 496 | 10/16/2025 | HUB |  |  |  |
| JPY | 712 | USD | 715 | 10/16/2025 | HUB |  | (3) | (3) |
| JPY | 732 | USD | 734 | 10/16/2025 | HUB |  | (2) | (2) |
| USD | 243269 | GBP | 240026 | 10/16/2025 | HUB | 3243 |  | 3243 |
| JPY | 2133 | USD | 2134 | 10/16/2025 | HUB |  | (1) | (1) |
| JPY | 3770 | USD | 3788 | 10/16/2025 | HUB |  | (18) | (18) |
| JPY | 4512 | USD | 4533 | 10/16/2025 | HUB |  | (21) | (21) |
| USD | 697698 | AUD | 699300 | 10/16/2025 | HUB |  | (1602) | (1602) |
| JPY | 5901 | USD | 5906 | 10/16/2025 | HUB |  | (5) | (5) |
| USD | 15969768 | HKD | 15970627 | 10/16/2025 | HUB |  | (859) | (859) |
| USD | 16671963 | GBP | 16560079 | 10/16/2025 | HUB | 111884 |  | 111884 |
| USD | 16780622 | JPY | 16696152 | 10/16/2025 | HUB | 84470 |  | 84470 |
| USD | 28926131 | EUR | 28970944 | 10/16/2025 | HUB |  | (44813) | (44813) |
| JPY | 307975 | USD | 308877 | 10/16/2025 | HUB |  | (902) | (902) |
| JPY | 726430 | USD | 728630 | 10/16/2025 | HUB |  | (2200) | (2200) |
| JPY | 1096568 | USD | 1083423 | 10/16/2025 | HUB | 13145 |  | 13145 |
| CHF | 235254 | EUR | 235067 | 10/20/2025 | HUB | 187 |  | 187 |
| CHF | 586934 | EUR | 587669 | 10/20/2025 | HUB |  | (735) | (735) |
| CHF | 704421 | EUR | 705203 | 10/20/2025 | HUB |  | (782) | (782) |
| EUR | 1292872 | CHF | 1289657 | 10/20/2025 | HUB | 3215 |  | 3215 |
| CHF | 1879036 | EUR | 1880540 | 10/20/2025 | HUB |  | (1504) | (1504) |
| EUR | 1880541 | CHF | 1882151 | 10/20/2025 | HUB |  | (1610) | (1610) |
| CHF | 2115168 | EUR | 2115607 | 10/20/2025 | HUB |  | (439) | (439) |
| EUR | 2585744 | CHF | 2594988 | 10/20/2025 | HUB |  | (9244) | (9244) |
| EUR | 3290947 | CHF | 3303433 | 10/20/2025 | HUB |  | (12486) | (12486) |
| EUR | 4231217 | CHF | 4234408 | 10/20/2025 | HUB |  | (3191) | (3191) |
| CHF | 5405326 | EUR | 5406553 | 10/20/2025 | HUB |  | (1227) | (1227) |
| EUR | 5053954 | CHF | 5077411 | 10/20/2025 | HUB |  | (23457) | (23457) |
| EUR | 5053954 | CHF | 5083542 | 10/20/2025 | HUB |  | (29588) | (29588) |
| CHF | 5990299 | EUR | 5994221 | 10/20/2025 | HUB |  | (3922) | (3922) |
| CHF | 6905063 | EUR | 6934491 | 10/20/2025 | HUB |  | (29428) | (29428) |
| CHF | 7268958 | EUR | 7287092 | 10/20/2025 | HUB |  | (18134) | (18134) |
| CHF | 7739896 | EUR | 7757228 | 10/20/2025 | HUB |  | (17332) | (17332) |
| EUR | 19204793 | CHF | 19288167 | 10/20/2025 | HUB |  | (83374) | (83374) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized**<br>**(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 22405593 | CHF | 22502841 | 10/20/2025 | HUB | $— | $(97248) | $(97248) |
| EUR | 46539973 | CHF | 46751842 | 10/20/2025 | HUB |  | (211869) | (211869) |
| USD | 71839 | KRW | 71340 | 10/22/2025 | HUB | 499 |  | 499 |
| USD | 72086 | KRW | 71340 | 10/22/2025 | HUB | 746 |  | 746 |
| USD | 72164 | KRW | 71340 | 10/22/2025 | HUB | 824 |  | 824 |
| USD | 72167 | KRW | 71340 | 10/22/2025 | HUB | 827 |  | 827 |
| USD | 72323 | KRW | 71340 | 10/22/2025 | HUB | 983 |  | 983 |
| USD | 143830 | KRW | 142679 | 10/22/2025 | HUB | 1151 |  | 1151 |
| USD | 143888 | KRW | 142680 | 10/22/2025 | HUB | 1208 |  | 1208 |
| USD | 215049 | KRW | 214020 | 10/22/2025 | HUB | 1029 |  | 1029 |
| USD | 215131 | KRW | 214020 | 10/22/2025 | HUB | 1111 |  | 1111 |
| USD | 215145 | KRW | 214020 | 10/22/2025 | HUB | 1125 |  | 1125 |
| USD | 215196 | KRW | 214020 | 10/22/2025 | HUB | 1176 |  | 1176 |
| USD | 215253 | KRW | 214020 | 10/22/2025 | HUB | 1233 |  | 1233 |
| USD | 215623 | KRW | 214020 | 10/22/2025 | HUB | 1603 |  | 1603 |
| USD | 215748 | KRW | 214020 | 10/22/2025 | HUB | 1728 |  | 1728 |
| USD | 215776 | KRW | 214020 | 10/22/2025 | HUB | 1756 |  | 1756 |
| USD | 216377 | KRW | 214020 | 10/22/2025 | HUB | 2357 |  | 2357 |
| USD | 216392 | KRW | 214019 | 10/22/2025 | HUB | 2373 |  | 2373 |
| USD | 216508 | KRW | 214020 | 10/22/2025 | HUB | 2488 |  | 2488 |
| USD | 286724 | KRW | 285360 | 10/22/2025 | HUB | 1364 |  | 1364 |
| USD | 287021 | KRW | 285360 | 10/22/2025 | HUB | 1661 |  | 1661 |
| USD | 287164 | KRW | 285359 | 10/22/2025 | HUB | 1805 |  | 1805 |
| USD | 287214 | KRW | 285360 | 10/22/2025 | HUB | 1854 |  | 1854 |
| USD | 287233 | KRW | 285360 | 10/22/2025 | HUB | 1873 |  | 1873 |
| USD | 287565 | KRW | 285360 | 10/22/2025 | HUB | 2205 |  | 2205 |
| USD | 287708 | KRW | 285360 | 10/22/2025 | HUB | 2348 |  | 2348 |
| USD | 287867 | KRW | 285359 | 10/22/2025 | HUB | 2508 |  | 2508 |
| USD | 287979 | KRW | 285360 | 10/22/2025 | HUB | 2619 |  | 2619 |
| USD | 288247 | KRW | 285360 | 10/22/2025 | HUB | 2887 |  | 2887 |
| USD | 288507 | KRW | 285360 | 10/22/2025 | HUB | 3147 |  | 3147 |
| USD | 288563 | KRW | 285360 | 10/22/2025 | HUB | 3203 |  | 3203 |
| USD | 288727 | KRW | 285359 | 10/22/2025 | HUB | 3368 |  | 3368 |
| USD | 289078 | KRW | 285360 | 10/22/2025 | HUB | 3718 |  | 3718 |
| USD | 358549 | KRW | 356700 | 10/22/2025 | HUB | 1849 |  | 1849 |
| USD | 358707 | KRW | 356700 | 10/22/2025 | HUB | 2007 |  | 2007 |
| USD | 358718 | KRW | 356700 | 10/22/2025 | HUB | 2018 |  | 2018 |
| USD | 358788 | KRW | 356699 | 10/22/2025 | HUB | 2089 |  | 2089 |
| USD | 358817 | KRW | 356700 | 10/22/2025 | HUB | 2117 |  | 2117 |
| USD | 358873 | KRW | 356699 | 10/22/2025 | HUB | 2174 |  | 2174 |
| USD | 358968 | KRW | 356699 | 10/22/2025 | HUB | 2269 |  | 2269 |
| USD | 359097 | KRW | 356699 | 10/22/2025 | HUB | 2398 |  | 2398 |
| USD | 359335 | KRW | 356700 | 10/22/2025 | HUB | 2635 |  | 2635 |
| USD | 359557 | KRW | 356699 | 10/22/2025 | HUB | 2858 |  | 2858 |
| USD | 359604 | KRW | 356700 | 10/22/2025 | HUB | 2904 |  | 2904 |
| USD | 359870 | KRW | 356699 | 10/22/2025 | HUB | 3171 |  | 3171 |
| USD | 359899 | KRW | 356700 | 10/22/2025 | HUB | 3199 |  | 3199 |
| USD | 360267 | KRW | 356700 | 10/22/2025 | HUB | 3567 |  | 3567 |
| USD | 361319 | KRW | 356700 | 10/22/2025 | HUB | 4619 |  | 4619 |
| USD | 429883 | KRW | 428040 | 10/22/2025 | HUB | 1843 |  | 1843 |
| USD | 430037 | KRW | 428040 | 10/22/2025 | HUB | 1997 |  | 1997 |
| USD | 430119 | KRW | 428039 | 10/22/2025 | HUB | 2080 |  | 2080 |
| USD | 430174 | KRW | 428039 | 10/22/2025 | HUB | 2135 |  | 2135 |
| USD | 430185 | KRW | 428040 | 10/22/2025 | HUB | 2145 |  | 2145 |
| USD | 430283 | KRW | 428039 | 10/22/2025 | HUB | 2244 |  | 2244 |
| USD | 430404 | KRW | 428040 | 10/22/2025 | HUB | 2364 |  | 2364 |
| USD | 430425 | KRW | 428040 | 10/22/2025 | HUB | 2385 |  | 2385 |
| USD | 430440 | KRW | 428039 | 10/22/2025 | HUB | 2401 |  | 2401 |
| USD | 430447 | KRW | 428039 | 10/22/2025 | HUB | 2408 |  | 2408 |
| USD | 430805 | KRW | 428039 | 10/22/2025 | HUB | 2766 |  | 2766 |
| USD | 431735 | KRW | 428039 | 10/22/2025 | HUB | 3696 |  | 3696 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized**<br>**(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 431768 | KRW | 428040 | 10/22/2025 | HUB | $3728 | $– $| 3728 |
| USD | 431900 | KRW | 428039 | 10/22/2025 | HUB | 3861 | – | 3861 |
| USD | 432633 | KRW | 428039 | 10/22/2025 | HUB | 4594 | – | 4594 |
| USD | 433066 | KRW | 428039 | 10/22/2025 | HUB | 5027 | – | 5027 |
| USD | 433110 | KRW | 428040 | 10/22/2025 | HUB | 5070 | – | 5070 |
| USD | 433272 | KRW | 428039 | 10/22/2025 | HUB | 5233 | – | 5233 |
| USD | 501620 | KRW | 499380 | 10/22/2025 | HUB | 2240 | – | 2240 |
| USD | 501745 | KRW | 499379 | 10/22/2025 | HUB | 2366 | – | 2366 |
| USD | 502076 | KRW | 499379 | 10/22/2025 | HUB | 2697 | – | 2697 |
| USD | 502087 | KRW | 499379 | 10/22/2025 | HUB | 2708 | – | 2708 |
| USD | 502091 | KRW | 499379 | 10/22/2025 | HUB | 2712 | – | 2712 |
| USD | 502314 | KRW | 499379 | 10/22/2025 | HUB | 2935 | – | 2935 |
| USD | 502357 | KRW | 499379 | 10/22/2025 | HUB | 2978 | – | 2978 |
| USD | 502476 | KRW | 499379 | 10/22/2025 | HUB | 3097 | – | 3097 |
| USD | 502902 | KRW | 499379 | 10/22/2025 | HUB | 3523 | – | 3523 |
| USD | 503438 | KRW | 499380 | 10/22/2025 | HUB | 4058 | – | 4058 |
| USD | 503468 | KRW | 499379 | 10/22/2025 | HUB | 4089 | – | 4089 |
| USD | 503916 | KRW | 499379 | 10/22/2025 | HUB | 4537 | – | 4537 |
| USD | 504177 | KRW | 499379 | 10/22/2025 | HUB | 4798 | – | 4798 |
| USD | 504537 | KRW | 499379 | 10/22/2025 | HUB | 5158 | – | 5158 |
| USD | 504561 | KRW | 499379 | 10/22/2025 | HUB | 5182 | – | 5182 |
| USD | 504577 | KRW | 499379 | 10/22/2025 | HUB | 5198 | – | 5198 |
| USD | 573382 | KRW | 570719 | 10/22/2025 | HUB | 2663 | – | 2663 |
| USD | 573551 | KRW | 570720 | 10/22/2025 | HUB | 2831 | – | 2831 |
| USD | 573830 | KRW | 570719 | 10/22/2025 | HUB | 3111 | – | 3111 |
| USD | 573859 | KRW | 570719 | 10/22/2025 | HUB | 3140 | – | 3140 |
| USD | 574106 | KRW | 570719 | 10/22/2025 | HUB | 3387 | – | 3387 |
| USD | 574127 | KRW | 570719 | 10/22/2025 | HUB | 3408 | – | 3408 |
| USD | 574948 | KRW | 570719 | 10/22/2025 | HUB | 4229 | – | 4229 |
| USD | 575309 | KRW | 570720 | 10/22/2025 | HUB | 4589 | – | 4589 |
| USD | 575395 | KRW | 570720 | 10/22/2025 | HUB | 4675 | – | 4675 |
| USD | 575440 | KRW | 570719 | 10/22/2025 | HUB | 4721 | – | 4721 |
| USD | 575535 | KRW | 570719 | 10/22/2025 | HUB | 4816 | – | 4816 |
| USD | 575896 | KRW | 570719 | 10/22/2025 | HUB | 5177 | – | 5177 |
| USD | 576070 | KRW | 570719 | 10/22/2025 | HUB | 5351 | – | 5351 |
| USD | 576417 | KRW | 570720 | 10/22/2025 | HUB | 5697 | – | 5697 |
| USD | 577296 | KRW | 570719 | 10/22/2025 | HUB | 6577 | – | 6577 |
| USD | 577857 | KRW | 570719 | 10/22/2025 | HUB | 7138 | – | 7138 |
| USD | 647114 | KRW | 642059 | 10/22/2025 | HUB | 5055 | – | 5055 |
| USD | 647245 | KRW | 642060 | 10/22/2025 | HUB | 5185 | – | 5185 |
| USD | 648097 | KRW | 642059 | 10/22/2025 | HUB | 6038 | – | 6038 |
| USD | 648172 | KRW | 642059 | 10/22/2025 | HUB | 6113 | – | 6113 |
| USD | 648261 | KRW | 642059 | 10/22/2025 | HUB | 6202 | – | 6202 |
| USD | 648681 | KRW | 642059 | 10/22/2025 | HUB | 6622 | – | 6622 |
| USD | 648911 | KRW | 642060 | 10/22/2025 | HUB | 6851 | – | 6851 |
| USD | 649107 | KRW | 642059 | 10/22/2025 | HUB | 7048 | – | 7048 |
| USD | 649145 | KRW | 642060 | 10/22/2025 | HUB | 7085 | – | 7085 |
| USD | 650092 | KRW | 642059 | 10/22/2025 | HUB | 8033 | – | 8033 |
| USD | 717252 | KRW | 713399 | 10/22/2025 | HUB | 3853 | – | 3853 |
| USD | 717504 | KRW | 713399 | 10/22/2025 | HUB | 4105 | – | 4105 |
| USD | 718726 | KRW | 713399 | 10/22/2025 | HUB | 5327 | – | 5327 |
| USD | 718866 | KRW | 713399 | 10/22/2025 | HUB | 5467 | – | 5467 |
| USD | 719456 | KRW | 713400 | 10/22/2025 | HUB | 6056 | – | 6056 |
| USD | 719750 | KRW | 713399 | 10/22/2025 | HUB | 6351 | – | 6351 |
| USD | 719911 | KRW | 713399 | 10/22/2025 | HUB | 6512 | – | 6512 |
| USD | 720134 | KRW | 713399 | 10/22/2025 | HUB | 6735 | – | 6735 |
| USD | 720145 | KRW | 713399 | 10/22/2025 | HUB | 6746 | – | 6746 |
| USD | 720196 | KRW | 713399 | 10/22/2025 | HUB | 6797 | – | 6797 |
| USD | 790508 | KRW | 784739 | 10/22/2025 | HUB | 5769 | – | 5769 |
| USD | 790875 | KRW | 784739 | 10/22/2025 | HUB | 6136 | – | 6136 |
| USD | 790986 | KRW | 784739 | 10/22/2025 | HUB | 6247 | – | 6247 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 791714 | KRW | 784739 | 10/22/2025 | HUB | $6975 | $— | $6975 |
| USD | 817327 | JPY | 813152 | 10/22/2025 | HUB | 4175 |  | 4175 |
| USD | 1009872 | KRW | 998758 | 10/22/2025 | HUB | 11114 |  | 11114 |
| USD | 1027194 | JPY | 1016440 | 10/22/2025 | HUB | 10754 |  | 10754 |
| USD | 1080139 | KRW | 1070098 | 10/22/2025 | HUB | 10041 |  | 10041 |
| USD | 1556010 | JPY | 1558542 | 10/22/2025 | HUB |  | (2532) | (2532) |
| USD | 2252241 | KRW | 2211537 | 10/22/2025 | HUB | 40704 |  | 40704 |
| USD | 4384251 | JPY | 4336811 | 10/22/2025 | HUB | 47440 |  | 47440 |
| USD | 6521447 | JPY | 6505217 | 10/22/2025 | HUB | 16230 |  | 16230 |
| USD | 7179967 | JPY | 7182844 | 10/22/2025 | HUB |  | (2877) | (2877) |
| USD | 7591989 | JPY | 7589420 | 10/22/2025 | HUB | 2569 |  | 2569 |
| USD | 7669397 | JPY | 7657182 | 10/22/2025 | HUB | 12215 |  | 12215 |
| USD | 10690397 | JPY | 10706502 | 10/22/2025 | HUB |  | (16105) | (16105) |
| USD | 17902346 | JPY | 17796202 | 10/22/2025 | HUB | 106144 |  | 106144 |
| USD | 18156680 | JPY | 18037962 | 10/22/2025 | HUB | 118718 |  | 118718 |
| USD | 20072185 | JPY | 19948592 | 10/22/2025 | HUB | 123593 |  | 123593 |
| USD | 23420248 | JPY | 23273358 | 10/22/2025 | HUB | 146890 |  | 146890 |
| USD | 23425983 | JPY | 23273358 | 10/22/2025 | HUB | 152625 |  | 152625 |
| USD | 23641378 | JPY | 23784697 | 10/22/2025 | HUB |  | (143319) | (143319) |
| USD | 27848254 | JPY | 28189272 | 10/22/2025 | HUB |  | (341018) | (341018) |
| USD | 30119120 | JPY | 29922888 | 10/22/2025 | HUB | 196232 |  | 196232 |
| USD | 30511203 | JPY | 30313983 | 10/22/2025 | HUB | 197220 |  | 197220 |
| USD | 43506625 | JPY | 43221950 | 10/22/2025 | HUB | 284675 |  | 284675 |
| USD | 56875030 | JPY | 56521011 | 10/22/2025 | HUB | 354019 |  | 354019 |
| JPY | 948677 | USD | 948202 | 10/22/2025 | HUB | 475 |  | 475 |
| JPY | 1016440 | USD | 1020262 | 10/22/2025 | HUB |  | (3822) | (3822) |
| JPY | 7115080 | USD | 7111579 | 10/22/2025 | HUB | 3501 |  | 3501 |
| JPY | 14636737 | USD | 14710282 | 10/22/2025 | HUB |  | (73545) | (73545) |
| JPY | 25139951 | USD | 25163319 | 10/22/2025 | HUB |  | (23368) | (23368) |
| AUD | 118594 | EUR | 117584 | 10/27/2025 | HUB | 1010 |  | 1010 |
| USD | 289416 | CAD | 287778 | 10/27/2025 | HUB | 1638 |  | 1638 |
| CAD | 215833 | USD | 218053 | 10/27/2025 | HUB |  | (2220) | (2220) |
| CAD | 359721 | USD | 361472 | 10/27/2025 | HUB |  | (1751) | (1751) |
| EUR | 705502 | AUD | 714279 | 10/27/2025 | HUB |  | (8777) | (8777) |
| AUD | 472375 | EUR | 470334 | 10/27/2025 | HUB | 2041 |  | 2041 |
| USD | 1602527 | CAD | 1582774 | 10/27/2025 | HUB | 19753 |  | 19753 |
| USD | 1737553 | CAD | 1726662 | 10/27/2025 | HUB | 10891 |  | 10891 |
| AUD | 1766442 | EUR | 1763755 | 10/27/2025 | HUB | 2687 |  | 2687 |
| CAD | 1942495 | USD | 1957037 | 10/27/2025 | HUB |  | (14542) | (14542) |
| EUR | 3645095 | AUD | 3708305 | 10/27/2025 | HUB |  | (63210) | (63210) |
| USD | 3128435 | CAD | 3093604 | 10/27/2025 | HUB | 34831 |  | 34831 |
| AUD | 2929822 | EUR | 2939592 | 10/27/2025 | HUB |  | (9770) | (9770) |
| AUD | 2972034 | EUR | 2939592 | 10/27/2025 | HUB | 32442 |  | 32442 |
| USD | 5658357 | CAD | 5614426 | 10/27/2025 | HUB | 43931 |  | 43931 |
| USD | 5659991 | CAD | 5614427 | 10/27/2025 | HUB | 45564 |  | 45564 |
| EUR | 8680168 | AUD | 8845386 | 10/27/2025 | HUB |  | (165218) | (165218) |
| AUD | 5139766 | EUR | 5173683 | 10/27/2025 | HUB |  | (33917) | (33917) |
| AUD | 5796671 | EUR | 5761601 | 10/27/2025 | HUB | 35070 |  | 35070 |
| AUD | 6079329 | EUR | 6114352 | 10/27/2025 | HUB |  | (35023) | (35023) |
| AUD | 6142508 | EUR | 6114352 | 10/27/2025 | HUB | 28156 |  | 28156 |
| AUD | 6162792 | EUR | 6114352 | 10/27/2025 | HUB | 48440 |  | 48440 |
| USD | 10333758 | CAD | 10253643 | 10/27/2025 | HUB | 80115 |  | 80115 |
| USD | 10493107 | CAD | 10405909 | 10/27/2025 | HUB | 87198 |  | 87198 |
| AUD | 7412066 | EUR | 7407773 | 10/27/2025 | HUB | 4293 |  | 4293 |
| AUD | 7466398 | EUR | 7407773 | 10/27/2025 | HUB | 58625 |  | 58625 |
| USD | 11316794 | CAD | 11228852 | 10/27/2025 | HUB | 87942 |  | 87942 |
| USD | 12732643 | CAD | 12632459 | 10/27/2025 | HUB | 100184 |  | 100184 |
| USD | 12944463 | CAD | 12949971 | 10/27/2025 | HUB |  | (5508) | (5508) |
| USD | 13466932 | CAD | 13354844 | 10/27/2025 | HUB | 112088 |  | 112088 |
| USD | 14928283 | CAD | 14810818 | 10/27/2025 | HUB | 117465 |  | 117465 |
| USD | 15562255 | CAD | 15439671 | 10/27/2025 | HUB | 122584 |  | 122584 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| AUD | 10327315 | EUR | 10347365 | 10/27/2025 | HUB | $— | $(20050) | $(20050) |
| EUR | 42468743 | AUD | 43302458 | 10/27/2025 | HUB |  | (833715) | (833715) |
| AUD | 198585 | USD | 198651 | 10/28/2025 | HUB |  | (66) | (66) |
| USD | 1689232 | AUD | 1721067 | 10/28/2025 | HUB |  | (31835) | (31835) |
| AUD | 1257703 | USD | 1242800 | 10/28/2025 | HUB | 14903 |  | 14903 |
| AUD | 1654872 | USD | 1643682 | 10/28/2025 | HUB | 11190 |  | 11190 |
| AUD | 1787262 | USD | 1781693 | 10/28/2025 | HUB | 5569 |  | 5569 |
| AUD | 2978769 | USD | 2942697 | 10/28/2025 | HUB | 36072 |  | 36072 |
| AUD | 4485623 | USD | 4396644 | 10/28/2025 | HUB | 88979 |  | 88979 |
| AUD | 4766031 | USD | 4803749 | 10/28/2025 | HUB |  | (37718) | (37718) |
| AUD | 5097005 | USD | 5100103 | 10/28/2025 | HUB |  | (3098) | (3098) |
| AUD | 6354708 | USD | 6344534 | 10/28/2025 | HUB | 10174 |  | 10174 |
| AUD | 7480021 | USD | 7527307 | 10/28/2025 | HUB |  | (47286) | (47286) |
| AUD | 7546216 | USD | 7442650 | 10/28/2025 | HUB | 103566 |  | 103566 |
| AUD | 7744800 | USD | 7790199 | 10/28/2025 | HUB |  | (45399) | (45399) |
| AUD | 8406749 | USD | 8481750 | 10/28/2025 | HUB |  | (75001) | (75001) |
| AUD | 9134893 | USD | 9124781 | 10/28/2025 | HUB | 10112 |  | 10112 |
| AUD | 10127816 | USD | 10108343 | 10/28/2025 | HUB | 19473 |  | 19473 |
| AUD | 11054544 | USD | 10931559 | 10/28/2025 | HUB | 122985 |  | 122985 |
| AUD | 17806421 | USD | 17535800 | 10/28/2025 | HUB | 270621 |  | 270621 |
| AUD | 27023137 | USD | 26496044 | 10/28/2025 | HUB | 527093 |  | 527093 |
| USD | 176055 | NZD | 174140 | 11/3/2025 | HUB | 1915 |  | 1915 |
| NZD | 116094 | USD | 117203 | 11/3/2025 | HUB |  | (1109) | (1109) |
| USD | 238094 | NZD | 232187 | 11/3/2025 | HUB | 5907 |  | 5907 |
| NZD | 174140 | USD | 179194 | 11/3/2025 | HUB |  | (5054) | (5054) |
| NZD | 844703 | USD | 869818 | 11/3/2025 | HUB |  | (25115) | (25115) |
| NZD | 865944 | USD | 891765 | 11/3/2025 | HUB |  | (25821) | (25821) |
| USD | 2072822 | NZD | 2031639 | 11/3/2025 | HUB | 41183 |  | 41183 |
| USD | 2292592 | NZD | 2263826 | 11/3/2025 | HUB | 28766 |  | 28766 |
| USD | 2646293 | NZD | 2612107 | 11/3/2025 | HUB | 34186 |  | 34186 |
| USD | 4070544 | NZD | 4001241 | 11/3/2025 | HUB | 69303 |  | 69303 |
| NZD | 2670154 | USD | 2705175 | 11/3/2025 | HUB |  | (35021) | (35021) |
| USD | 5180967 | NZD | 5096125 | 11/3/2025 | HUB | 84842 |  | 84842 |
| USD | 6319231 | NZD | 6327102 | 11/3/2025 | HUB |  | (7871) | (7871) |
| USD | 7259863 | NZD | 7255852 | 11/3/2025 | HUB | 4011 |  | 4011 |
| USD | 8042192 | NZD | 8010461 | 11/3/2025 | HUB | 31731 |  | 31731 |
| USD | 9484105 | NZD | 9328952 | 11/3/2025 | HUB | 155153 |  | 155153 |
| NZD | 5572496 | USD | 5673619 | 11/3/2025 | HUB |  | (101123) | (101123) |
| USD | 10357545 | NZD | 10192250 | 11/3/2025 | HUB | 165295 |  | 165295 |
| USD | 10686527 | NZD | 10738661 | 11/3/2025 | HUB |  | (52134) | (52134) |
| NZD | 6527245 | USD | 6727157 | 11/3/2025 | HUB |  | (199912) | (199912) |
| USD | 11395525 | NZD | 11203474 | 11/3/2025 | HUB | 192051 |  | 192051 |
| USD | 11666816 | NZD | 11466281 | 11/3/2025 | HUB | 200535 |  | 200535 |
| USD | 14251957 | NZD | 14014343 | 11/3/2025 | HUB | 237614 |  | 237614 |
| NZD | 9698578 | USD | 9995789 | 11/3/2025 | HUB |  | (297211) | (297211) |
| NZD | 12189834 | USD | 12528183 | 11/3/2025 | HUB |  | (338349) | (338349) |
| USD | 89687390 | KRW | 88942823 | 11/3/2025 | HUB | 744567 |  | 744567 |
| USD | 18719 | BRL | 18638 | 11/4/2025 | HUB | 81 |  | 81 |
| USD | 18745 | BRL | 18639 | 11/4/2025 | HUB | 106 |  | 106 |
| USD | 37398 | BRL | 37277 | 11/4/2025 | HUB | 121 |  | 121 |
| USD | 37483 | BRL | 37277 | 11/4/2025 | HUB | 206 |  | 206 |
| USD | 37496 | BRL | 37276 | 11/4/2025 | HUB | 220 |  | 220 |
| USD | 37515 | BRL | 37277 | 11/4/2025 | HUB | 238 |  | 238 |
| USD | 37522 | BRL | 37276 | 11/4/2025 | HUB | 246 |  | 246 |
| USD | 56019 | BRL | 55915 | 11/4/2025 | HUB | 104 |  | 104 |
| USD | 74637 | BRL | 74553 | 11/4/2025 | HUB | 84 |  | 84 |
| USD | 74642 | BRL | 74554 | 11/4/2025 | HUB | 88 |  | 88 |
| USD | 74666 | BRL | 74554 | 11/4/2025 | HUB | 112 |  | 112 |
| BRL | 18638 | USD | 18152 | 11/4/2025 | HUB | 486 |  | 486 |
| BRL | 18638 | USD | 18164 | 11/4/2025 | HUB | 474 |  | 474 |
| BRL | 18638 | USD | 18174 | 11/4/2025 | HUB | 464 |  | 464 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| BRL | 18638 | USD | 18180 | 11/4/2025 | HUB | $458 | $— | $458 |
| BRL | 18638 | USD | 18658 | 11/4/2025 | HUB |  | (20) | (20) |
| EUR | 117640 | PLN | 117649 | 11/4/2025 | HUB |  | (9) | (9) |
| USD | 37372 | BRL | 37277 | 11/4/2025 | HUB | 95 |  | 95 |
| USD | 37372 | BRL | 37277 | 11/4/2025 | HUB | 95 |  | 95 |
| USD | 37372 | BRL | 37277 | 11/4/2025 | HUB | 95 |  | 95 |
| BRL | 37277 | USD | 36326 | 11/4/2025 | HUB | 951 |  | 951 |
| BRL | 37277 | USD | 36329 | 11/4/2025 | HUB | 948 |  | 948 |
| BRL | 37277 | USD | 36343 | 11/4/2025 | HUB | 934 |  | 934 |
| BRL | 37277 | USD | 36346 | 11/4/2025 | HUB | 931 |  | 931 |
| BRL | 37277 | USD | 36353 | 11/4/2025 | HUB | 924 |  | 924 |
| BRL | 37277 | USD | 37269 | 11/4/2025 | HUB | 8 |  | 8 |
| BRL | 37277 | USD | 37271 | 11/4/2025 | HUB | 6 |  | 6 |
| BRL | 37277 | USD | 37321 | 11/4/2025 | HUB |  | (44) | (44) |
| BRL | 55915 | USD | 55833 | 11/4/2025 | HUB | 82 |  | 82 |
| BRL | 55915 | USD | 55866 | 11/4/2025 | HUB | 49 |  | 49 |
| BRL | 55915 | USD | 55871 | 11/4/2025 | HUB | 44 |  | 44 |
| BRL | 55915 | USD | 55890 | 11/4/2025 | HUB | 25 |  | 25 |
| BRL | 55915 | USD | 55896 | 11/4/2025 | HUB | 19 |  | 19 |
| BRL | 55915 | USD | 55907 | 11/4/2025 | HUB | 8 |  | 8 |
| BRL | 55915 | USD | 55955 | 11/4/2025 | HUB |  | (40) | (40) |
| EUR | 352920 | PLN | 352885 | 11/4/2025 | HUB | 35 |  | 35 |
| BRL | 74554 | USD | 74460 | 11/4/2025 | HUB | 94 |  | 94 |
| BRL | 74554 | USD | 74481 | 11/4/2025 | HUB | 73 |  | 73 |
| BRL | 74554 | USD | 74522 | 11/4/2025 | HUB | 32 |  | 32 |
| BRL | 37277 | USD | 37267 | 11/4/2025 | HUB | 10 |  | 10 |
| BRL | 37277 | USD | 37267 | 11/4/2025 | HUB | 10 |  | 10 |
| BRL | 74554 | USD | 74543 | 11/4/2025 | HUB | 11 |  | 11 |
| BRL | 74554 | USD | 74552 | 11/4/2025 | HUB | 2 |  | 2 |
| BRL | 74554 | USD | 74581 | 11/4/2025 | HUB |  | (27) | (27) |
| BRL | 74554 | USD | 74637 | 11/4/2025 | HUB |  | (83) | (83) |
| PLN | 117376 | EUR | 117640 | 11/4/2025 | HUB |  | (264) | (264) |
| BRL | 93192 | USD | 93131 | 11/4/2025 | HUB | 61 |  | 61 |
| BRL | 93192 | USD | 93136 | 11/4/2025 | HUB | 56 |  | 56 |
| BRL | 111831 | USD | 111636 | 11/4/2025 | HUB | 195 |  | 195 |
| BRL | 111831 | USD | 111820 | 11/4/2025 | HUB | 11 |  | 11 |
| USD | 1467248 | BRL | 1472435 | 11/4/2025 | HUB |  | (5187) | (5187) |
| PLN | 470107 | EUR | 470561 | 11/4/2025 | HUB |  | (454) | (454) |
| PLN | 1290917 | EUR | 1294040 | 11/4/2025 | HUB |  | (3123) | (3123) |
| PLN | 7004957 | EUR | 7002575 | 11/4/2025 | HUB | 2382 |  | 2382 |
| PLN | 8763597 | EUR | 8753218 | 11/4/2025 | HUB | 10379 |  | 10379 |
| PLN | 12261502 | EUR | 12254506 | 11/4/2025 | HUB | 6996 |  | 6996 |
| PLN | 13573297 | EUR | 13560474 | 11/4/2025 | HUB | 12823 |  | 12823 |
| PLN | 14009525 | EUR | 14005150 | 11/4/2025 | HUB | 4375 |  | 4375 |
| PLN | 21023628 | EUR | 21007725 | 11/4/2025 | HUB | 15903 |  | 15903 |
| BRL | 30256409 | USD | 30285435 | 11/4/2025 | HUB |  | (29026) | (29026) |
| BRL | 30256409 | USD | 30287695 | 11/4/2025 | HUB |  | (31286) | (31286) |
| BRL | 33201151 | USD | 33288709 | 11/4/2025 | HUB |  | (87558) | (87558) |
| EUR | 117679 | USD | 118277 | 11/10/2025 | HUB |  | (598) | (598) |
| EUR | 823751 | USD | 821143 | 11/10/2025 | HUB | 2608 |  | 2608 |
| EUR | 941430 | USD | 945714 | 11/10/2025 | HUB |  | (4284) | (4284) |
| EUR | 1294466 | USD | 1298991 | 11/10/2025 | HUB |  | (4525) | (4525) |
| EUR | 2706612 | USD | 2706606 | 11/10/2025 | HUB | 6 |  | 6 |
| EUR | 3059648 | USD | 3067870 | 11/10/2025 | HUB |  | (8222) | (8222) |
| EUR | 3412684 | USD | 3411491 | 11/10/2025 | HUB | 1193 |  | 1193 |
| EUR | 3648042 | USD | 3650700 | 11/10/2025 | HUB |  | (2658) | (2658) |
| EUR | 3648042 | USD | 3665728 | 11/10/2025 | HUB |  | (17686) | (17686) |
| EUR | 5766259 | USD | 5826748 | 11/10/2025 | HUB |  | (60489) | (60489) |
| USD | 5178721 | EUR | 5177866 | 11/10/2025 | HUB | 855 |  | 855 |
| EUR | 6472332 | USD | 6503556 | 11/10/2025 | HUB |  | (31224) | (31224) |
| EUR | 9061265 | USD | 9048980 | 11/10/2025 | HUB | 12285 |  | 12285 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| EUR | 20871635 | USD | 20778590 | 11/10/2025 | HUB | $93045 | $— | $93045 |
| EUR | 38264667 | USD | 38085555 | 11/10/2025 | HUB | 179112 |  | 179112 |
| EUR | 55835850 | USD | 55597942 | 11/10/2025 | HUB | 237908 |  | 237908 |
| USD | 2884042 | CNY | 2885163 | 11/24/2025 | HUB |  | (1121) | (1121) |
| USD | 4085306 | CNY | 4081450 | 11/24/2025 | HUB | 3856 |  | 3856 |
| CNY | 1407397 | USD | 1411288 | 11/24/2025 | HUB |  | (3891) | (3891) |
| USD | 24563320 | CNY | 24488704 | 11/24/2025 | HUB | 74616 |  | 74616 |
| AUD | 674683 | GBP | 672560 | 11/25/2025 | HUB | 2123 |  | 2123 |
| AUD | 945306 | GBP | 941584 | 11/25/2025 | HUB | 3722 |  | 3722 |
| AUD | 947986 | GBP | 941584 | 11/25/2025 | HUB | 6402 |  | 6402 |
| AUD | 2028052 | GBP | 2017681 | 11/25/2025 | HUB | 10371 |  | 10371 |
| AUD | 5494823 | GBP | 5447736 | 11/25/2025 | HUB | 47087 |  | 47087 |
| COP | 50656 | USD | 49119 | 11/25/2025 | HUB | 1537 |  | 1537 |
| COP | 50656 | USD | 49142 | 11/25/2025 | HUB | 1514 |  | 1514 |
| COP | 50656 | USD | 49164 | 11/25/2025 | HUB | 1492 |  | 1492 |
| COP | 50656 | USD | 49201 | 11/25/2025 | HUB | 1455 |  | 1455 |
| COP | 101312 | USD | 98252 | 11/25/2025 | HUB | 3060 |  | 3060 |
| COP | 50656 | USD | 49132 | 11/25/2025 | HUB | 1524 |  | 1524 |
| COP | 50656 | USD | 49131 | 11/25/2025 | HUB | 1525 |  | 1525 |
| COP | 50656 | USD | 49135 | 11/25/2025 | HUB | 1521 |  | 1521 |
| COP | 50656 | USD | 49135 | 11/25/2025 | HUB | 1521 |  | 1521 |
| COP | 101312 | USD | 98272 | 11/25/2025 | HUB | 3040 |  | 3040 |
| COP | 101312 | USD | 98274 | 11/25/2025 | HUB | 3038 |  | 3038 |
| COP | 101312 | USD | 98329 | 11/25/2025 | HUB | 2983 |  | 2983 |
| COP | 101312 | USD | 98330 | 11/25/2025 | HUB | 2982 |  | 2982 |
| COP | 50656 | USD | 49179 | 11/25/2025 | HUB | 1477 |  | 1477 |
| COP | 50656 | USD | 49178 | 11/25/2025 | HUB | 1478 |  | 1478 |
| COP | 101312 | USD | 98368 | 11/25/2025 | HUB | 2944 |  | 2944 |
| COP | 101312 | USD | 98369 | 11/25/2025 | HUB | 2943 |  | 2943 |
| COP | 101312 | USD | 98370 | 11/25/2025 | HUB | 2942 |  | 2942 |
| COP | 151969 | USD | 145630 | 11/25/2025 | HUB | 6339 |  | 6339 |
| COP | 151969 | USD | 147402 | 11/25/2025 | HUB | 4567 |  | 4567 |
| COP | 151969 | USD | 147421 | 11/25/2025 | HUB | 4548 |  | 4548 |
| COP | 151969 | USD | 147496 | 11/25/2025 | HUB | 4473 |  | 4473 |
| COP | 151969 | USD | 147532 | 11/25/2025 | HUB | 4437 |  | 4437 |
| COP | 151969 | USD | 147539 | 11/25/2025 | HUB | 4430 |  | 4430 |
| COP | 151969 | USD | 147565 | 11/25/2025 | HUB | 4404 |  | 4404 |
| COP | 151969 | USD | 147584 | 11/25/2025 | HUB | 4385 |  | 4385 |
| COP | 202625 | USD | 194271 | 11/25/2025 | HUB | 8354 |  | 8354 |
| COP | 202625 | USD | 194365 | 11/25/2025 | HUB | 8260 |  | 8260 |
| COP | 202625 | USD | 194416 | 11/25/2025 | HUB | 8209 |  | 8209 |
| COP | 202625 | USD | 194566 | 11/25/2025 | HUB | 8059 |  | 8059 |
| COP | 202625 | USD | 194608 | 11/25/2025 | HUB | 8017 |  | 8017 |
| COP | 101312 | USD | 98366 | 11/25/2025 | HUB | 2946 |  | 2946 |
| COP | 101312 | USD | 98365 | 11/25/2025 | HUB | 2947 |  | 2947 |
| COP | 202625 | USD | 196761 | 11/25/2025 | HUB | 5864 |  | 5864 |
| COP | 253281 | USD | 242862 | 11/25/2025 | HUB | 10419 |  | 10419 |
| COP | 253281 | USD | 242953 | 11/25/2025 | HUB | 10328 |  | 10328 |
| COP | 253281 | USD | 243421 | 11/25/2025 | HUB | 9860 |  | 9860 |
| COP | 354593 | USD | 341144 | 11/25/2025 | HUB | 13449 |  | 13449 |
| COP | 1139765 | USD | 1106065 | 11/25/2025 | HUB | 33700 |  | 33700 |
| COP | 1139765 | USD | 1106366 | 11/25/2025 | HUB | 33399 |  | 33399 |
| COP | 14805973 | USD | 14291264 | 11/25/2025 | HUB | 514709 |  | 514709 |
| COP | 15182499 | USD | 14713152 | 11/25/2025 | HUB | 469347 |  | 469347 |
| USD | 1998844 | KRW | 2000925 | 11/26/2025 | HUB |  | (2081) | (2081) |
| AUD | 9143471 | JPY | 9096873 | 12/2/2025 | HUB | 46598 |  | 46598 |
| AUD | 9143471 | JPY | 9099852 | 12/2/2025 | HUB | 43619 |  | 43619 |
| AUD | 12302622 | JPY | 12257532 | 12/2/2025 | HUB | 45090 |  | 45090 |
| AUD | 12985841 | JPY | 12936668 | 12/2/2025 | HUB | 49173 |  | 49173 |
| AUD | 23374513 | JPY | 23279924 | 12/2/2025 | HUB | 94589 |  | 94589 |
| JPY | 265092 | AUD | 264886 | 12/2/2025 | HUB | 206 |  | 206 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 51043 | CLP | 52005 | 12/10/2025 | HUB | $– $| (962) | $(962) |
| USD | 51125 | CLP | 52006 | 12/10/2025 | HUB | – | (881) | (881) |
| USD | 51141 | CLP | 52005 | 12/10/2025 | HUB | – | (864) | (864) |
| USD | 51142 | CLP | 52006 | 12/10/2025 | HUB | – | (864) | (864) |
| USD | 51153 | CLP | 52006 | 12/10/2025 | HUB | – | (853) | (853) |
| USD | 51177 | CLP | 52006 | 12/10/2025 | HUB | – | (829) | (829) |
| USD | 51193 | CLP | 52005 | 12/10/2025 | HUB | – | (812) | (812) |
| USD | 51209 | CLP | 52006 | 12/10/2025 | HUB | – | (797) | (797) |
| USD | 101906 | CLP | 104012 | 12/10/2025 | HUB | – | (2106) | (2106) |
| USD | 101916 | CLP | 104011 | 12/10/2025 | HUB | – | (2095) | (2095) |
| USD | 102003 | CLP | 104011 | 12/10/2025 | HUB | – | (2008) | (2008) |
| USD | 102022 | CLP | 104011 | 12/10/2025 | HUB | – | (1989) | (1989) |
| USD | 102060 | CLP | 104012 | 12/10/2025 | HUB | – | (1952) | (1952) |
| USD | 102062 | CLP | 104012 | 12/10/2025 | HUB | – | (1950) | (1950) |
| USD | 102118 | CLP | 104011 | 12/10/2025 | HUB | – | (1893) | (1893) |
| USD | 102131 | CLP | 104011 | 12/10/2025 | HUB | – | (1880) | (1880) |
| USD | 102159 | CLP | 104012 | 12/10/2025 | HUB | – | (1853) | (1853) |
| USD | 102301 | CLP | 104012 | 12/10/2025 | HUB | – | (1711) | (1711) |
| USD | 51165 | CLP | 52005 | 12/10/2025 | HUB | – | (840) | (840) |
| USD | 51165 | CLP | 52006 | 12/10/2025 | HUB | – | (841) | (841) |
| USD | 51169 | CLP | 52005 | 12/10/2025 | HUB | – | (836) | (836) |
| USD | 51169 | CLP | 52006 | 12/10/2025 | HUB | – | (837) | (837) |
| USD | 102344 | CLP | 104012 | 12/10/2025 | HUB | – | (1668) | (1668) |
| USD | 51192 | CLP | 52005 | 12/10/2025 | HUB | – | (813) | (813) |
| USD | 51192 | CLP | 52006 | 12/10/2025 | HUB | – | (814) | (814) |
| USD | 102419 | CLP | 104011 | 12/10/2025 | HUB | – | (1592) | (1592) |
| USD | 102562 | CLP | 104011 | 12/10/2025 | HUB | – | (1449) | (1449) |
| USD | 152905 | CLP | 156017 | 12/10/2025 | HUB | – | (3112) | (3112) |
| USD | 153036 | CLP | 156017 | 12/10/2025 | HUB | – | (2981) | (2981) |
| USD | 153058 | CLP | 156017 | 12/10/2025 | HUB | – | (2959) | (2959) |
| USD | 153069 | CLP | 156017 | 12/10/2025 | HUB | – | (2948) | (2948) |
| USD | 153097 | CLP | 156017 | 12/10/2025 | HUB | – | (2920) | (2920) |
| USD | 204182 | CLP | 208023 | 12/10/2025 | HUB | – | (3841) | (3841) |
| USD | 204200 | CLP | 208022 | 12/10/2025 | HUB | – | (3822) | (3822) |
| USD | 204219 | CLP | 208022 | 12/10/2025 | HUB | – | (3803) | (3803) |
| USD | 204282 | CLP | 208023 | 12/10/2025 | HUB | – | (3741) | (3741) |
| USD | 205423 | CLP | 208022 | 12/10/2025 | HUB | – | (2599) | (2599) |
| USD | 205432 | CLP | 208023 | 12/10/2025 | HUB | – | (2591) | (2591) |
| USD | 207239 | CLP | 208023 | 12/10/2025 | HUB | – | (784) | (784) |
| USD | 254894 | CLP | 260028 | 12/10/2025 | HUB | – | (5134) | (5134) |
| USD | 258636 | CLP | 260028 | 12/10/2025 | HUB | – | (1392) | (1392) |
| USD | 259159 | CLP | 260029 | 12/10/2025 | HUB | – | (870) | (870) |
| USD | 259169 | CLP | 260028 | 12/10/2025 | HUB | – | (859) | (859) |
| USD | 359457 | CLP | 364039 | 12/10/2025 | HUB | – | (4582) | (4582) |
| PLN | 109932 | USD | 110378 | 12/10/2025 | HUB | – | (446) | (446) |
| USD | 461695 | CLP | 468051 | 12/10/2025 | HUB | – | (6356) | (6356) |
| USD | 462216 | CLP | 468051 | 12/10/2025 | HUB | – | (5835) | (5835) |
| PLN | 137415 | USD | 138131 | 12/10/2025 | HUB | – | (716) | (716) |
| USD | 513869 | CLP | 520056 | 12/10/2025 | HUB | – | (6187) | (6187) |
| USD | 621987 | CLP | 624068 | 12/10/2025 | HUB | – | (2081) | (2081) |
| USD | 776205 | CLP | 780085 | 12/10/2025 | HUB | – | (3880) | (3880) |
| PLN | 3518596 | USD | 3538206 | 12/10/2025 | HUB | – | (19610) | (19610) |
| PLN | 8178947 | USD | 8270268 | 12/10/2025 | HUB | – | (91321) | (91321) |
| PLN | 9542105 | USD | 9645145 | 12/10/2025 | HUB | – | (103040) | (103040) |
| PLN | 9542105 | USD | 9645906 | 12/10/2025 | HUB | – | (103801) | (103801) |
| CLP | 52006 | USD | 52562 | 12/10/2025 | HUB | – | (556) | (556) |
| CLP | 52006 | USD | 52566 | 12/10/2025 | HUB | – | (560) | (560) |
| CLP | 52006 | USD | 52572 | 12/10/2025 | HUB | – | (566) | (566) |
| CLP | 52006 | USD | 52572 | 12/10/2025 | HUB | – | (566) | (566) |
| CLP | 52006 | USD | 52577 | 12/10/2025 | HUB | – | (571) | (571) |
| CLP | 52006 | USD | 52578 | 12/10/2025 | HUB | – | (572) | (572) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| CLP | 52006 | USD | 52580 | 12/10/2025 | HUB | $– $| (574) | $(574) |
| CLP | 52006 | USD | 52588 | 12/10/2025 | HUB | – | (582) | (582) |
| CLP | 52006 | USD | 52588 | 12/10/2025 | HUB | – | (582) | (582) |
| CLP | 52006 | USD | 52590 | 12/10/2025 | HUB | – | (584) | (584) |
| CLP | 52006 | USD | 52665 | 12/10/2025 | HUB | – | (659) | (659) |
| CLP | 52006 | USD | 52670 | 12/10/2025 | HUB | – | (664) | (664) |
| CLP | 52006 | USD | 52675 | 12/10/2025 | HUB | – | (669) | (669) |
| CLP | 52006 | USD | 52675 | 12/10/2025 | HUB | – | (669) | (669) |
| CLP | 52006 | USD | 52676 | 12/10/2025 | HUB | – | (670) | (670) |
| CLP | 52006 | USD | 52692 | 12/10/2025 | HUB | – | (686) | (686) |
| CLP | 52006 | USD | 52698 | 12/10/2025 | HUB | – | (692) | (692) |
| PLN | 21820751 | USD | 21946453 | 12/10/2025 | HUB | – | (125702) | (125702) |
| CLP | 104011 | USD | 105115 | 12/10/2025 | HUB | – | (1104) | (1104) |
| CLP | 104011 | USD | 105120 | 12/10/2025 | HUB | – | (1109) | (1109) |
| CLP | 104011 | USD | 105122 | 12/10/2025 | HUB | – | (1111) | (1111) |
| CLP | 104011 | USD | 105127 | 12/10/2025 | HUB | – | (1116) | (1116) |
| CLP | 104011 | USD | 105128 | 12/10/2025 | HUB | – | (1117) | (1117) |
| CLP | 104011 | USD | 105130 | 12/10/2025 | HUB | – | (1119) | (1119) |
| CLP | 104011 | USD | 105133 | 12/10/2025 | HUB | – | (1122) | (1122) |
| CLP | 104011 | USD | 105151 | 12/10/2025 | HUB | – | (1140) | (1140) |
| CLP | 104011 | USD | 105152 | 12/10/2025 | HUB | – | (1141) | (1141) |
| CLP | 104011 | USD | 105155 | 12/10/2025 | HUB | – | (1144) | (1144) |
| CLP | 52006 | USD | 52583 | 12/10/2025 | HUB | – | (577) | (577) |
| CLP | 52006 | USD | 52583 | 12/10/2025 | HUB | – | (577) | (577) |
| CLP | 104011 | USD | 105170 | 12/10/2025 | HUB | – | (1159) | (1159) |
| CLP | 104011 | USD | 105172 | 12/10/2025 | HUB | – | (1161) | (1161) |
| CLP | 104011 | USD | 105192 | 12/10/2025 | HUB | – | (1181) | (1181) |
| CLP | 104011 | USD | 105315 | 12/10/2025 | HUB | – | (1304) | (1304) |
| CLP | 104011 | USD | 105373 | 12/10/2025 | HUB | – | (1362) | (1362) |
| CLP | 156017 | USD | 157650 | 12/10/2025 | HUB | – | (1633) | (1633) |
| CLP | 156017 | USD | 157704 | 12/10/2025 | HUB | – | (1687) | (1687) |
| CLP | 156017 | USD | 157707 | 12/10/2025 | HUB | – | (1690) | (1690) |
| CLP | 156017 | USD | 157712 | 12/10/2025 | HUB | – | (1695) | (1695) |
| CLP | 156017 | USD | 157725 | 12/10/2025 | HUB | – | (1708) | (1708) |
| CLP | 156017 | USD | 157732 | 12/10/2025 | HUB | – | (1715) | (1715) |
| CLP | 156017 | USD | 157747 | 12/10/2025 | HUB | – | (1730) | (1730) |
| CLP | 156017 | USD | 157759 | 12/10/2025 | HUB | – | (1742) | (1742) |
| CLP | 156017 | USD | 157780 | 12/10/2025 | HUB | – | (1763) | (1763) |
| CLP | 156017 | USD | 157782 | 12/10/2025 | HUB | – | (1765) | (1765) |
| CLP | 156017 | USD | 158010 | 12/10/2025 | HUB | – | (1993) | (1993) |
| CLP | 156017 | USD | 158109 | 12/10/2025 | HUB | – | (2092) | (2092) |
| CLP | 104011 | USD | 105134 | 12/10/2025 | HUB | – | (1123) | (1123) |
| CLP | 104011 | USD | 105134 | 12/10/2025 | HUB | – | (1123) | (1123) |
| CLP | 104011 | USD | 105144 | 12/10/2025 | HUB | – | (1133) | (1133) |
| CLP | 104011 | USD | 105144 | 12/10/2025 | HUB | – | (1133) | (1133) |
| CLP | 208023 | USD | 210321 | 12/10/2025 | HUB | – | (2298) | (2298) |
| CLP | 104011 | USD | 105164 | 12/10/2025 | HUB | – | (1153) | (1153) |
| CLP | 104011 | USD | 105164 | 12/10/2025 | HUB | – | (1153) | (1153) |
| CLP | 208023 | USD | 210367 | 12/10/2025 | HUB | – | (2344) | (2344) |
| CLP | 208023 | USD | 210531 | 12/10/2025 | HUB | – | (2508) | (2508) |
| CLP | 208023 | USD | 210687 | 12/10/2025 | HUB | – | (2664) | (2664) |
| CLP | 208023 | USD | 210880 | 12/10/2025 | HUB | – | (2857) | (2857) |
| CLP | 312034 | USD | 316533 | 12/10/2025 | HUB | – | (4499) | (4499) |
| CLP | 364040 | USD | 368977 | 12/10/2025 | HUB | – | (4937) | (4937) |
| CLP | 416045 | USD | 421568 | 12/10/2025 | HUB | – | (5523) | (5523) |
| CLP | 468051 | USD | 474371 | 12/10/2025 | HUB | – | (6320) | (6320) |
| CLP | 468051 | USD | 474594 | 12/10/2025 | HUB | – | (6543) | (6543) |
| CLP | 468051 | USD | 474604 | 12/10/2025 | HUB | – | (6553) | (6553) |
| CLP | 51990 | USD | 52572 | 1/23/2026 | HUB | – | (582) | (582) |
| CLP | 51990 | USD | 52603 | 1/23/2026 | HUB | – | (613) | (613) |
| CLP | 51990 | USD | 52606 | 1/23/2026 | HUB | – | (616) | (616) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| CLP | 51990 | USD | 52613 | 1/23/2026 | HUB | $– $| (623) | $(623) |
| CLP | 51990 | USD | 52637 | 1/23/2026 | HUB | – | (647) | (647) |
| CLP | 51990 | USD | 52639 | 1/23/2026 | HUB | – | (649) | (649) |
| CLP | 51990 | USD | 52642 | 1/23/2026 | HUB | – | (652) | (652) |
| CLP | 51990 | USD | 52671 | 1/23/2026 | HUB | – | (681) | (681) |
| CLP | 51990 | USD | 52676 | 1/23/2026 | HUB | – | (686) | (686) |
| CLP | 51990 | USD | 52680 | 1/23/2026 | HUB | – | (690) | (690) |
| CLP | 51990 | USD | 52683 | 1/23/2026 | HUB | – | (693) | (693) |
| CLP | 51990 | USD | 52684 | 1/23/2026 | HUB | – | (694) | (694) |
| CLP | 51990 | USD | 52689 | 1/23/2026 | HUB | – | (699) | (699) |
| CLP | 51990 | USD | 52691 | 1/23/2026 | HUB | – | (701) | (701) |
| CLP | 51990 | USD | 52696 | 1/23/2026 | HUB | – | (706) | (706) |
| CLP | 51990 | USD | 52702 | 1/23/2026 | HUB | – | (712) | (712) |
| CLP | 51990 | USD | 52704 | 1/23/2026 | HUB | – | (714) | (714) |
| CLP | 51990 | USD | 52706 | 1/23/2026 | HUB | – | (716) | (716) |
| CLP | 51990 | USD | 52707 | 1/23/2026 | HUB | – | (717) | (717) |
| CLP | 51990 | USD | 52708 | 1/23/2026 | HUB | – | (718) | (718) |
| CLP | 51990 | USD | 52710 | 1/23/2026 | HUB | – | (720) | (720) |
| CLP | 51990 | USD | 52712 | 1/23/2026 | HUB | – | (722) | (722) |
| CLP | 51990 | USD | 52712 | 1/23/2026 | HUB | – | (722) | (722) |
| CLP | 51990 | USD | 52718 | 1/23/2026 | HUB | – | (728) | (728) |
| CLP | 51990 | USD | 52720 | 1/23/2026 | HUB | – | (730) | (730) |
| CLP | 51990 | USD | 52727 | 1/23/2026 | HUB | – | (737) | (737) |
| CLP | 51990 | USD | 52752 | 1/23/2026 | HUB | – | (762) | (762) |
| CLP | 103981 | USD | 105136 | 1/23/2026 | HUB | – | (1155) | (1155) |
| CLP | 103981 | USD | 105141 | 1/23/2026 | HUB | – | (1160) | (1160) |
| CLP | 103981 | USD | 105144 | 1/23/2026 | HUB | – | (1163) | (1163) |
| CLP | 103981 | USD | 105152 | 1/23/2026 | HUB | – | (1171) | (1171) |
| CLP | 103981 | USD | 105173 | 1/23/2026 | HUB | – | (1192) | (1192) |
| CLP | 103981 | USD | 105193 | 1/23/2026 | HUB | – | (1212) | (1212) |
| CLP | 103981 | USD | 105219 | 1/23/2026 | HUB | – | (1238) | (1238) |
| CLP | 103981 | USD | 105225 | 1/23/2026 | HUB | – | (1244) | (1244) |
| CLP | 103981 | USD | 105278 | 1/23/2026 | HUB | – | (1297) | (1297) |
| CLP | 103981 | USD | 105287 | 1/23/2026 | HUB | – | (1306) | (1306) |
| CLP | 103981 | USD | 105301 | 1/23/2026 | HUB | – | (1320) | (1320) |
| CLP | 103981 | USD | 105319 | 1/23/2026 | HUB | – | (1338) | (1338) |
| CLP | 103981 | USD | 105359 | 1/23/2026 | HUB | – | (1378) | (1378) |
| CLP | 103981 | USD | 105378 | 1/23/2026 | HUB | – | (1397) | (1397) |
| CLP | 103981 | USD | 105380 | 1/23/2026 | HUB | – | (1399) | (1399) |
| CLP | 103981 | USD | 105384 | 1/23/2026 | HUB | – | (1403) | (1403) |
| CLP | 51990 | USD | 52697 | 1/23/2026 | HUB | – | (707) | (707) |
| CLP | 51990 | USD | 52697 | 1/23/2026 | HUB | – | (707) | (707) |
| CLP | 103981 | USD | 105397 | 1/23/2026 | HUB | – | (1416) | (1416) |
| CLP | 103981 | USD | 105398 | 1/23/2026 | HUB | – | (1417) | (1417) |
| CLP | 103981 | USD | 105399 | 1/23/2026 | HUB | – | (1418) | (1418) |
| CLP | 103981 | USD | 105401 | 1/23/2026 | HUB | – | (1420) | (1420) |
| CLP | 103981 | USD | 105418 | 1/23/2026 | HUB | – | (1437) | (1437) |
| CLP | 103981 | USD | 105419 | 1/23/2026 | HUB | – | (1438) | (1438) |
| CLP | 103981 | USD | 105419 | 1/23/2026 | HUB | – | (1438) | (1438) |
| CLP | 103981 | USD | 105420 | 1/23/2026 | HUB | – | (1439) | (1439) |
| CLP | 51990 | USD | 52711 | 1/23/2026 | HUB | – | (721) | (721) |
| CLP | 51990 | USD | 52711 | 1/23/2026 | HUB | – | (721) | (721) |
| CLP | 103981 | USD | 105429 | 1/23/2026 | HUB | – | (1448) | (1448) |
| CLP | 51990 | USD | 52716 | 1/23/2026 | HUB | – | (726) | (726) |
| CLP | 51990 | USD | 52716 | 1/23/2026 | HUB | – | (726) | (726) |
| CLP | 103981 | USD | 105437 | 1/23/2026 | HUB | – | (1456) | (1456) |
| CLP | 103981 | USD | 105438 | 1/23/2026 | HUB | – | (1457) | (1457) |
| CLP | 103981 | USD | 105442 | 1/23/2026 | HUB | – | (1461) | (1461) |
| CLP | 103981 | USD | 105444 | 1/23/2026 | HUB | – | (1463) | (1463) |
| CLP | 103981 | USD | 105448 | 1/23/2026 | HUB | – | (1467) | (1467) |
| CLP | 51990 | USD | 52723 | 1/23/2026 | HUB | – | (733) | (733) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| CLP | 51990 | USD | 52723 | 1/23/2026 | HUB | $— | $(733) | $(733) |
| CLP | 103981 | USD | 105450 | 1/23/2026 | HUB |  | (1469) | (1469) |
| CLP | 103981 | USD | 105469 | 1/23/2026 | HUB |  | (1488) | (1488) |
| CLP | 103981 | USD | 105483 | 1/23/2026 | HUB |  | (1502) | (1502) |
| CLP | 103981 | USD | 105493 | 1/23/2026 | HUB |  | (1512) | (1512) |
| CLP | 103981 | USD | 105500 | 1/23/2026 | HUB |  | (1519) | (1519) |
| CLP | 103981 | USD | 105565 | 1/23/2026 | HUB |  | (1584) | (1584) |
| CLP | 103981 | USD | 105568 | 1/23/2026 | HUB |  | (1587) | (1587) |
| CLP | 155971 | USD | 157754 | 1/23/2026 | HUB |  | (1783) | (1783) |
| CLP | 155971 | USD | 157828 | 1/23/2026 | HUB |  | (1857) | (1857) |
| CLP | 155971 | USD | 158039 | 1/23/2026 | HUB |  | (2068) | (2068) |
| CLP | 103981 | USD | 105290 | 1/23/2026 | HUB |  | (1309) | (1309) |
| CLP | 103981 | USD | 105290 | 1/23/2026 | HUB |  | (1309) | (1309) |
| CLP | 103981 | USD | 105349 | 1/23/2026 | HUB |  | (1368) | (1368) |
| CLP | 103981 | USD | 105349 | 1/23/2026 | HUB |  | (1368) | (1368) |
| CLP | 311942 | USD | 314815 | 1/23/2026 | HUB |  | (2873) | (2873) |
| CLP | 363933 | USD | 367096 | 1/23/2026 | HUB |  | (3163) | (3163) |
| CLP | 363933 | USD | 367570 | 1/23/2026 | HUB |  | (3637) | (3637) |
| CLP | 363933 | USD | 367915 | 1/23/2026 | HUB |  | (3982) | (3982) |
| CLP | 467913 | USD | 473181 | 1/23/2026 | HUB |  | (5268) | (5268) |
| CLP | 571894 | USD | 576973 | 1/23/2026 | HUB |  | (5079) | (5079) |
| EUR | 939241 | GBP | 939321 | 10/1/2025 | NWM |  | (80) | (80) |
| EUR | 1408861 | GBP | 1407690 | 10/1/2025 | NWM | 1171 |  | 1171 |
| GBP | 2348006 | EUR | 2348101 | 10/1/2025 | NWM |  | (95) | (95) |
| USD | 753768 | ILS | 754785 | 10/3/2025 | NWM |  | (1017) | (1017) |
| USD | 1507204 | ILS | 1509570 | 10/3/2025 | NWM |  | (2366) | (2366) |
| USD | 1657216 | ILS | 1660528 | 10/3/2025 | NWM |  | (3312) | (3312) |
| ILS | 3924884 | USD | 3941903 | 10/3/2025 | NWM |  | (17019) | (17019) |
| USD | 99 | HUF | 99 | 10/16/2025 | NWM |  |  |  |
| USD | 276 | HUF | 274 | 10/16/2025 | NWM | 2 |  | 2 |
| USD | 763 | CHF | 760 | 10/16/2025 | NWM | 3 |  | 3 |
| USD | 3209 | CHF | 3216 | 10/16/2025 | NWM |  | (7) | (7) |
| USD | 4758 | HUF | 4743 | 10/16/2025 | NWM | 15 |  | 15 |
| USD | 12043 | CHF | 12011 | 10/16/2025 | NWM | 32 |  | 32 |
| HUF | 3305 | USD | 3301 | 10/16/2025 | NWM | 4 |  | 4 |
| USD | 148134 | ILS | 150955 | 10/22/2025 | NWM |  | (2821) | (2821) |
| ILS | 301910 | USD | 299478 | 10/22/2025 | NWM | 2432 |  | 2432 |
| USD | 1477157 | ILS | 1509551 | 10/22/2025 | NWM |  | (32394) | (32394) |
| USD | 1500904 | ILS | 1509551 | 10/22/2025 | NWM |  | (8647) | (8647) |
| ILS | 754776 | USD | 735606 | 10/22/2025 | NWM | 19170 |  | 19170 |
| ILS | 754776 | USD | 751802 | 10/22/2025 | NWM | 2974 |  | 2974 |
| ILS | 905731 | USD | 882984 | 10/22/2025 | NWM | 22747 |  | 22747 |
| USD | 3941873 | ILS | 3924833 | 10/22/2025 | NWM | 17040 |  | 17040 |
| ILS | 1660506 | USD | 1657171 | 10/22/2025 | NWM | 3335 |  | 3335 |
| ILS | 2113372 | USD | 2102101 | 10/22/2025 | NWM | 11271 |  | 11271 |
| ILS | 2566237 | USD | 2524511 | 10/22/2025 | NWM | 41726 |  | 41726 |
| ILS | 2566237 | USD | 2544964 | 10/22/2025 | NWM | 21273 |  | 21273 |
| ILS | 3321012 | USD | 3270380 | 10/22/2025 | NWM | 50632 |  | 50632 |
| ILS | 3622923 | USD | 3608027 | 10/22/2025 | NWM | 14896 |  | 14896 |
| ILS | 3924833 | USD | 3890245 | 10/22/2025 | NWM | 34588 |  | 34588 |
| ILS | 11149039 | USD | 10824415 | 10/22/2025 | NWM | 324624 |  | 324624 |
| ILS | 22205645 | USD | 21567465 | 10/22/2025 | NWM | 638180 |  | 638180 |
| ILS | 26646774 | USD | 25880441 | 10/22/2025 | NWM | 766333 |  | 766333 |
| ILS | 26646774 | USD | 25880229 | 10/22/2025 | NWM | 766545 |  | 766545 |
| USD | 1993507 | PEN | 2015011 | 10/23/2025 | NWM |  | (21504) | (21504) |
| PEN | 791612 | USD | 769769 | 10/23/2025 | NWM | 21843 |  | 21843 |
| PEN | 863576 | USD | 840171 | 10/23/2025 | NWM | 23405 |  | 23405 |
| PEN | 935541 | USD | 909371 | 10/23/2025 | NWM | 26170 |  | 26170 |
| PEN | 5289405 | USD | 5136254 | 10/23/2025 | NWM | 153151 |  | 153151 |
| PEN | 5289405 | USD | 5139414 | 10/23/2025 | NWM | 149991 |  | 149991 |
| EUR | 117591 | HUF | 119402 | 10/28/2025 | NWM |  | (1811) | (1811) |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| EUR | 352772 | HUF | 351980 | 10/28/2025 | NWM | $792 | $— | $792 |
| EUR | 352772 | HUF | 352552 | 10/28/2025 | NWM | 220 |  | 220 |
| EUR | 352772 | HUF | 352909 | 10/28/2025 | NWM |  | (137) | (137) |
| EUR | 705545 | HUF | 706449 | 10/28/2025 | NWM |  | (904) | (904) |
| EUR | 1646271 | HUF | 1646584 | 10/28/2025 | NWM |  | (313) | (313) |
| EUR | 1999043 | HUF | 2000719 | 10/28/2025 | NWM |  | (1676) | (1676) |
| EUR | 2469406 | HUF | 2501861 | 10/28/2025 | NWM |  | (32455) | (32455) |
| EUR | 3762904 | HUF | 3765893 | 10/28/2025 | NWM |  | (2989) | (2989) |
| EUR | 4821221 | HUF | 4914436 | 10/28/2025 | NWM |  | (93215) | (93215) |
| HUF | 238054 | EUR | 235181 | 10/28/2025 | NWM | 2873 |  | 2873 |
| HUF | 11024730 | EUR | 10776148 | 10/28/2025 | NWM | 248582 |  | 248582 |
| HUF | 12042501 | EUR | 11752631 | 10/28/2025 | NWM | 289870 |  | 289870 |
| HUF | 15488897 | EUR | 15110524 | 10/28/2025 | NWM | 378373 |  | 378373 |
| HUF | 17203523 | EUR | 16789470 | 10/28/2025 | NWM | 414053 |  | 414053 |
| HUF | 17327936 | EUR | 16933948 | 10/28/2025 | NWM | 393988 |  | 393988 |
| HUF | 17820145 | EUR | 17418329 | 10/28/2025 | NWM | 401816 |  | 401816 |
| USD | 253507 | CHF | 252242 | 11/4/2025 | NWM | 1265 |  | 1265 |
| CHF | 630605 | USD | 631350 | 11/4/2025 | NWM |  | (745) | (745) |
| CHF | 1135090 | USD | 1136270 | 11/4/2025 | NWM |  | (1180) | (1180) |
| SEK | 117020 | EUR | 117641 | 11/4/2025 | NWM |  | (621) | (621) |
| CHF | 2270179 | USD | 2271964 | 11/4/2025 | NWM |  | (1785) | (1785) |
| CHF | 2774663 | USD | 2767887 | 11/4/2025 | NWM | 6776 |  | 6776 |
| CHF | 4792600 | USD | 4819500 | 11/4/2025 | NWM |  | (26900) | (26900) |
| CHF | 6558295 | USD | 6564067 | 11/4/2025 | NWM |  | (5772) | (5772) |
| SEK | 697458 | EUR | 705840 | 11/4/2025 | NWM |  | (8382) | (8382) |
| CHF | 9585200 | USD | 9620871 | 11/4/2025 | NWM |  | (35671) | (35671) |
| SEK | 1165695 | EUR | 1176400 | 11/4/2025 | NWM |  | (10705) | (10705) |
| CHF | 14630043 | USD | 14816663 | 11/4/2025 | NWM |  | (186620) | (186620) |
| USD | 11942329 | CHF | 11981499 | 11/4/2025 | NWM |  | (39170) | (39170) |
| SEK | 1631109 | EUR | 1646960 | 11/4/2025 | NWM |  | (15851) | (15851) |
| SEK | 1872361 | EUR | 1882240 | 11/4/2025 | NWM |  | (9879) | (9879) |
| SEK | 1877161 | EUR | 1882240 | 11/4/2025 | NWM |  | (5079) | (5079) |
| CHF | 23332396 | USD | 23504933 | 11/4/2025 | NWM |  | (172537) | (172537) |
| SEK | 1987122 | EUR | 1999880 | 11/4/2025 | NWM |  | (12758) | (12758) |
| SEK | 1991211 | EUR | 1999881 | 11/4/2025 | NWM |  | (8670) | (8670) |
| SEK | 2108034 | EUR | 2117521 | 11/4/2025 | NWM |  | (9487) | (9487) |
| SEK | 2211668 | EUR | 2235160 | 11/4/2025 | NWM |  | (23492) | (23492) |
| SEK | 2326852 | EUR | 2352801 | 11/4/2025 | NWM |  | (25949) | (25949) |
| SEK | 2460708 | EUR | 2470440 | 11/4/2025 | NWM |  | (9732) | (9732) |
| SEK | 5972881 | EUR | 5999641 | 11/4/2025 | NWM |  | (26760) | (26760) |
| GBP | 702199 | EUR | 706383 | 11/18/2025 | NWM |  | (4184) | (4184) |
| GBP | 2463115 | EUR | 2472341 | 11/18/2025 | NWM |  | (9226) | (9226) |
| EUR | 2354609 | GBP | 2354646 | 11/18/2025 | NWM |  | (37) | (37) |
| EUR | 4473757 | GBP | 4470686 | 11/18/2025 | NWM | 3071 |  | 3071 |
| EUR | 5651061 | GBP | 5660568 | 11/18/2025 | NWM |  | (9507) | (9507) |
| EUR | 7063826 | GBP | 7071353 | 11/18/2025 | NWM |  | (7527) | (7527) |
| EUR | 8005670 | GBP | 8004694 | 11/18/2025 | NWM | 976 |  | 976 |
| EUR | 10478009 | GBP | 10386108 | 11/18/2025 | NWM | 91901 |  | 91901 |
| EUR | 2571353 | JPY | 2588919 | 11/28/2025 | NWM |  | (17566) | (17566) |
| EUR | 87659773 | JPY | 88276260 | 11/28/2025 | NWM |  | (616487) | (616487) |
| ZAR | 374478 | USD | 371488 | 12/12/2025 | NWM | 2990 |  | 2990 |
| ZAR | 892986 | USD | 887884 | 12/12/2025 | NWM | 5102 |  | 5102 |
| ZAR | 4562872 | USD | 4533719 | 12/12/2025 | NWM | 29153 |  | 29153 |
| ZAR | 5098663 | USD | 5070971 | 12/12/2025 | NWM | 27692 |  | 27692 |
| ZAR | 6844308 | USD | 6803149 | 12/12/2025 | NWM | 41159 |  | 41159 |
| HUF | 5690119 | USD | 5686502 | 12/15/2025 | NWM | 3617 |  | 3617 |
| HUF | 8656877 | USD | 8653318 | 12/15/2025 | NWM | 3559 |  | 3559 |
| HUF | 9957708 | USD | 9949218 | 12/15/2025 | NWM | 8490 |  | 8490 |
| ZAR | 143581 | USD | 142991 | 1/21/2026 | NWM | 590 |  | 590 |
| ZAR | 201013 | USD | 198485 | 1/21/2026 | NWM | 2528 |  | 2528 |
| ZAR | 1091214 | USD | 1086665 | 1/21/2026 | NWM | 4549 |  | 4549 |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| ZAR | 2251331 | USD | 2240511 | 1/21/2026 | NWM | $10820 | $— | $10820 |
| ZAR | 2440874 | USD | 2427631 | 1/21/2026 | NWM | 13243 |  | 13243 |
| ZAR | 2682147 | USD | 2670469 | 1/21/2026 | NWM | 11678 |  | 11678 |
| ZAR | 2866071 | USD | 2854600 | 1/21/2026 | NWM | 11471 |  | 11471 |
| ZAR | 3755006 | USD | 3739126 | 1/21/2026 | NWM | 15880 |  | 15880 |
| ZAR | 4253850 | USD | 4224887 | 1/21/2026 | NWM | 28963 |  | 28963 |
| ZAR | 5104620 | USD | 5070509 | 1/21/2026 | NWM | 34111 |  | 34111 |
| ZAR | 5104620 | USD | 5068196 | 1/21/2026 | NWM | 36424 |  | 36424 |
| ZAR | 5706698 | USD | 5681142 | 1/21/2026 | NWM | 25556 |  | 25556 |
| ZAR | 6545109 | USD | 6512972 | 1/21/2026 | NWM | 32137 |  | 32137 |
| ZAR | 6545109 | USD | 6514503 | 1/21/2026 | NWM | 30606 |  | 30606 |
| ZAR | 6545109 | USD | 6514053 | 1/21/2026 | NWM | 31056 |  | 31056 |
| ZAR | 7656930 | USD | 7600034 | 1/21/2026 | NWM | 56896 |  | 56896 |
| ZAR | 7656930 | USD | 7605415 | 1/21/2026 | NWM | 51515 |  | 51515 |
| ZAR | 8507700 | USD | 8447915 | 1/21/2026 | NWM | 59785 |  | 59785 |
| ZAR | 9358469 | USD | 9289435 | 1/21/2026 | NWM | 69034 |  | 69034 |
| ZAR | 9358469 | USD | 9296697 | 1/21/2026 | NWM | 61772 |  | 61772 |
| ZAR | 10728587 | USD | 10691048 | 1/21/2026 | NWM | 37539 |  | 37539 |
| ZAR | 11265016 | USD | 11201575 | 1/21/2026 | NWM | 63441 |  | 63441 |
| ZAR | 11781196 | USD | 11734684 | 1/21/2026 | NWM | 46512 |  | 46512 |
| ZAR | 11801446 | USD | 11751936 | 1/21/2026 | NWM | 49510 |  | 49510 |
| USD | 2800644 | GBP | 2772831 | 10/16/2025 | SSB | 27813 |  | 27813 |
| CAD | 3369686 | USD | 3402702 | 10/16/2025 | SSB |  | (33016) | (33016) |
| USD | 21455429 | MYR | 21516080 | 10/16/2025 | SSB |  | (60651) | (60651) |
|  |  |  |  |  |  | $60734908 | $(32334023) | $28400885 |

---

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

***Glossary:***

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

---

| | |
|:---|:---|
|  BNP | BNP Paribas NA |
|  CBK | Citibank NA |
|  HUB | HSBC Bank PLC |
|  NWM | NatWest Markets PLC |
|  SSB | State Street Bank & Trust Co. |
| **<u>Currency Abbreviations:</u>** | **<u>Currency Abbreviations:</u>** |
|  AUD | Australian Dollar |
|  BRL | Brazilian Real |
|  CAD | Canadian Dollar |
|  CHF | Swiss Franc |
|  CLP | Chilean Peso |
|  CNY | Chinese Yuan |
|  COP | Colombian Peso |
|  EUR | Euro |
|  GBP | British Pound |
|  HKD | Hong Kong Dollar |
|  HUF | Hungarian Forint |
|  ILS | Israeli New Shekel |
|  INR | Indian Rupee |
|  JPY | Japanese Yen |
|  KRW | South Korean Won |
|  MXN | Mexican Peso |
|  MYR | Malaysian Ringgit |
|  NOK | Norwegian Krone |
|  NZD | New Zealand Dollar |
|  PEN | Peruvian Nuevo Sol |
|  PHP | Philippine Peso |
|  PLN | Polish Zloty |
|  SEK | Swedish Krona |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **<u>Currency Abbreviations: (continued)</u>** | **<u>Currency Abbreviations: (continued)</u>** |
|  SGD | Singapore Dollar |
|  THB | Thai Baht |
|  TWD | New Taiwan Dollar |
|  USD | United States Dollar |
|  ZAR | South African Rand |
| **<u>Index Abbreviations:</u>** | **<u>Index Abbreviations:</u>** |
|  CAC 40 | Euronet Paris - French Stock Market Index. |
|  DAX | Deutsche Boerse AG German Stock Index. |
|  EURO STOXX 50 | Eurozone Blue-chip Index. |
|  FTSE 100 | Financial Times Stock Exchange 100 Index. |
|  FTSE China A50 | Financial Times Stock Exchange China A50 Index. |
|  FTSE/JSE Top 40 | Largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index. |
|  FTSE/MIB | Borsa Italiana-Italian Stock Market Index. |
|  Hang Seng | Hong Kong Stock Market Index. |
|  KOSPI | South Korean Stock Market Index. |
|  MSCI EAFE | Morgan Stanley Capital International - Europe, Australasia, and Far East. |
|  NASDAQ | National Association of Securities Dealers Automated Quotations. |
|  Nifty 50 | National Stock Exchange FIFTY. |
|  NIKKEI 225 | Nikkei Stock Average. |
|  OMXS30 | Stockholm Stock Exchange's leading share index. |
|  Russell 2000 | U.S. Small-Cap Stock Market Index. |
|  S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |
|  S&P/TSX | Canadian Equity Market Index. |
|  TOPIX | Tokyo Stock Exchange Tokyo Price Index. |
| **<u>Exchange Abbreviations:</u>** | **<u>Exchange Abbreviations:</u>** |
|  ASX | Australian Securities Exchange. |
|  CBOT | Chicago Board of Trade. |
|  CME | Chicago Mercantile Exchange. |
|  Eurex | European derivatives exchange. |
|  Euronext | European New Exchange Technology. |
|  FinEx | Financial Instruments Exchange. |
|  HKG | Hong Kong Exchange. |
|  ICE | Intercontinental Exchange. |
|  JSE | Johannesburg Stock Exchange. |
|  KFE | Korea Exchange - KOFEX. |
|  LME | London Metal Exchange. |
|  MDE | Malaysian Derivative Exchange. |
|  MGE | Minneapolis Grain Exchange. |
|  NSE | National Stock Exchange. |
|  NYMEX | New York Mercantile Exchange. |
|  OML | OMLX: London Securities & Derivatives Exchange. |
|  SAFEX | South African Futures Exchange. |
|  SFE | Sydney Futures Exchange. |
|  SGX | Singapore Stock Exchange. |
|  TSE | Tokyo Stock Exchange. |
|  WCE | Winnipeg Commodity Exchange. |
| **<u>Other Abbreviations:</u>** | **<u>Other Abbreviations:</u>** |
|  BOBL | Medium term debt that is issued by the Federal Republic of Germany. |
|  BTP | Buoni del Tesoro Poliennali. |
|  BUND | German Federal Government Bond. |
|  Buxl | Long term debt that is issued by the Federal Republic of Germany. |
|  COMEX | The Commodity Exchange Inc. |
|  CORRA | Canadian Overnight Repo Rate Average. |
|  CSC | CEI: Coffee, Sugar and Cocoa. |
|  CTN | Cotton. |
|  EURIBOR | Euro Interbank Offered Rate. |
|  Gilt | Bank of England Bonds. |
|  IFSC | International Financial Services Centre. |
|  KCBT | The Kansas City Board of Trade. |
|  NYBOT | New York Board of Trade. |
|  RBOB | Reformulated Gasoline Blendstock for Oxygen Blending. |
|  Schatz | Short-dated equivalent of the Bobl and Bund futures. |
|  SOFR | Secured Overnight Financing Rate. |

---

*See accompanying notes* 

------

**American Beacon AHL Managed Futures Strategy Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

**<u>Other Abbreviations: (continued)</u>**

SONIA Sterling Overnight Index Average. <br> ULSD Ultra-low-sulfur diesel.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AHL Managed Futures Strategy Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Short-Term Investments | $— | $1573828758 | $— | $1573828758 |
|  Total Investments in Securities - Assets | $— | $1573828758 | $— | $1573828758 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $66468379 | $— | $— | $66468379 |
|  Forward Foreign Currency Contracts |  | 60734908 |  | 60734908 |
|  Total Financial Derivative Instruments - Assets | $66468379 | $60734908 | $— | $127203287 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Futures Contracts | $(13040951) | $— | $— | $(13040951) |
|  Forward Foreign Currency Contracts |  | (32334023) |  | (32334023) |
|  Total Financial Derivative Instruments - Liabilities | $(13040951) | $(32334023) | $— | $(45374974) |

---

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

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN SOVEREIGN OBLIGATIONS - 6.3% |  |  |
|  French Republic Government Bonds OAT, 0.600%, Due 7/25/2034<sup>A B C</sup> | 1112240 | $1217064 |
|  U.K. Inflation-Linked Gilts, 0.750%, Due 11/22/2033<sup>B C</sup> | 545540 | 697690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations (Cost $1,938,819)** |  | **1914754** |
|  **U.S. TREASURY OBLIGATIONS - 8.6%** |  |  |
|  U.S. Treasury Inflation-Indexed Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 4/15/2030<sup>B</sup> | $1522155 | 1545702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, Due 1/15/2035<sup>B</sup> | 511795 | 526807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, Due 7/15/2035<sup>B</sup> | 503010 | 507025 |
|  |  | **2579534** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations (Cost $2,577,830)** |  | **2579534** |
|  SHORT-TERM INVESTMENTS - 67.1% |  |  |
|  **U.S. Treasury Obligations - 67.1%** |  |  |
|  U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.567%, Due 10/9/2025<sup>D</sup> <sup>E F</sup> | 1100000 | 1099010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.294%, Due 10/16/2025<sup>E F</sup> | 4000000 | 3993243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.290%, Due 10/30/2025<sup>D E F</sup> | 6450000 | 6428950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.234%, Due 11/13/2025<sup>D E F</sup> | 1500000 | 1492816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.907%, Due 1/8/2026<sup>D E F</sup> | 5700000 | 5640796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.104%, Due 1/22/2026<sup>D E F</sup> | 1600000 | 1580966 |
|  |  | **20235781** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments (Cost $20,233,376)** |  | **20235781** |
|  **TOTAL INVESTMENTS - 82.0% (Cost $24,750,025)** |  | **24730069** |
|  **OTHER ASSETS, NET OF LIABILITIES - 18.0%** |  | **5419481** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**30149550** |

---

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 $1,217,064 or 4.0% of net assets. The Fund has no right to demand registration of these securities. 

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

<sup>C</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>D</sup> All or a portion represents positions held by the American Beacon Cayman Multi-Alternatives Company, Ltd.

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

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

***Long Futures Contracts Open on September 30, 2025:***

**Commodity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CME Lean Hogs Futures<sup>A</sup> | 1 | October 2025 | $36252 | $39940 | $3688 |
|  CME Lean Hogs Futures<sup>A</sup> | 3 | December 2025 | 106927 | 106470 | (457) |
|  COMEX Copper Futures<sup>A</sup> | 3 | December 2025 | 345818 | 364238 | 18420 |
|  COMEX Gold 100 Troy Ounces Futures<sup>A</sup> | 3 | December 2025 | 1060665 | 1161960 | 101295 |
|  COMEX Silver Futures<sup>A</sup> | 2 | December 2025 | 388524 | 466400 | 77876 |
|  ICE Brent Crude Oil Futures<sup>A</sup> | 3 | October 2025 | 204964 | 198090 | (6874) |
|  ICE Gas Oil Futures<sup>A</sup> | 6 | November 2025 | 426960 | 412200 | (14760) |
|  LME Primary Aluminum Futures<sup>A</sup> | 6 | November 2025 | 399415 | 402175 | 2760 |
|  LME Primary Aluminum Futures<sup>A</sup> | 2 | January 2026 | 134891 | 134176 | (715) |
|  LME Zinc Futures<sup>A</sup> | 2 | November 2025 | 142759 | 148815 | 6056 |
|  LME Zinc Futures<sup>A</sup> | 1 | January 2026 | 73964 | 74022 | 58 |
|  MDE Crude Palm Oil Futures<sup>A</sup> | 4 | December 2025 | 106309 | 103410 | (2899) |
|  NYBOT CSC C Coffee Futures<sup>A</sup> | 3 | December 2025 | 419369 | 421706 | 2337 |
|  NYMEX Light Sweet Crude Oil Futures<sup>A</sup> | 3 | October 2025 | 187725 | 187110 | (615) |
|  NYMEX NY Harbor ULSD Futures<sup>A</sup> | 3 | October 2025 | 295198 | 292837 | (2361) |
|  NYMEX Platinum Futures<sup>A</sup> | 3 | January 2026 | 209455 | 240855 | 31400 |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Long Futures Contracts Open on September 30, 2025 (continued):***

**Commodity Futures Contracts (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NYMEX Reformulated Gasoline Blendstock for Oxygen Blending RBOB Futures<sup>A</sup> | 5 | October 2025 | $414746 | $403683 | $(11063) |
|  |  |  | $4953941 | $5158087 | $204146 |

---

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Borsa Italiana FTSE/MIB Index Futures | 3 | December 2025 | $750088 | $748352 | $(1736) |
|  CME E-Mini NASDAQ 100 Index Futures | 3 | December 2025 | 1463190 | 1494105 | 30915 |
|  CME E-Mini Russell 2000 Index Futures | 3 | December 2025 | 364530 | 368325 | 3795 |
|  CME E-Mini S&P 500 Index Futures | 7 | December 2025 | 2327402 | 2358563 | 31161 |
|  Eurex DAX Index Futures | 1 | December 2025 | 698136 | 704753 | 6617 |
|  Eurex EURO STOXX 50 Futures | 21 | December 2025 | 1342107 | 1366137 | 24030 |
|  Eurex STOXX Europe 600 ESG-X Index Futures | 1 | December 2025 | 23916 | 23951 | 35 |
|  Euronext CAC 40 Index Futures | 9 | October 2025 | 831324 | 834222 | 2898 |
|  HKG Hang Seng China Enterprises Index Futures | 9 | October 2025 | 544333 | 553743 | 9410 |
|  HKG Hang Seng Index Futures | 3 | October 2025 | 509178 | 518739 | 9561 |
|  ICE FTSE 100 Index Futures | 13 | December 2025 | 1624704 | 1644778 | 20074 |
|  ICE U.S. Mini MSCI EAFE Index Futures | 5 | December 2025 | 696767 | 696325 | (442) |
|  ICE U.S. MSCI Emerging Markets Index Futures | 9 | December 2025 | 605026 | 611865 | 6839 |
|  KFE KOSPI 200 Index Futures | 8 | December 2025 | 643652 | 678308 | 34656 |
|  Montreal Exchange S&P/TSX 60 Index Futures | 7 | December 2025 | 1748992 | 1783373 | 34381 |
|  OML Stockholm OMXS30 Index Futures | 33 | October 2025 | 925672 | 934154 | 8482 |
|  SAFEX FTSE/JSE Top 40 Index Futures | 7 | December 2025 | 400058 | 414066 | 14008 |
|  SFE S&P ASX Share Price Index 200 Futures | 9 | December 2025 | 1325080 | 1321034 | (4046) |
|  SGX FTSE China A50 Futures | 38 | October 2025 | 573668 | 574370 | 702 |
|  SGX FTSE Taiwan Index Futures | 7 | October 2025 | 603730 | 598710 | (5020) |
|  SGX MSCI Singapore Index Futures | 10 | October 2025 | 348158 | 346796 | (1362) |
|  SGX Nikkei 225 Stock Index Futures | 7 | December 2025 | 1030587 | 1062768 | 32181 |
|  TSE TOPIX Futures | 8 | December 2025 | 1681742 | 1699158 | 17416 |
|  |  |  | $21062040 | $21336595 | $274555 |

---

**Interest Rate Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  3-Month CORRA Futures | 2 | September 2026 | $351137 | $351261 | $124 |
|  3-Month CORRA Futures | 5 | March 2027 | 877412 | 877344 | (68) |
|  3 Month Euro Euribor Futures | 5 | September 2027 | 1436909 | 1435204 | (1705) |
|  3 Month Euro Euribor Futures | 10 | June 2028 | 2868593 | 2865564 | (3029) |
|  CBOT 2 Year U.S. Treasury Notes Futures | 1 | December 2025 | 208750 | 208398 | (352) |
|  CBOT 5 Year U.S. Treasury Notes Futures | 19 | December 2025 | 2080486 | 2074711 | (5775) |
|  CBOT 10 Year U.S. Treasury Notes Futures | 14 | December 2025 | 1577623 | 1575000 | (2623) |
|  CBOT U.S. Long Bond Futures | 5 | December 2025 | 576693 | 582969 | 6276 |
|  CBOT Ultra Long Term U.S. Treasury Bond Futures | 4 | December 2025 | 483192 | 480250 | (2942) |
|  Eurex 5 Year Euro BOBL Futures | 1 | December 2025 | 138445 | 138315 | (130) |
|  Eurex 10 Year Euro BUND Futures | 3 | December 2025 | 454500 | 452843 | (1657) |
|  Eurex Euro-BTP Italian Bond Futures | 13 | December 2025 | 1821326 | 1829077 | 7751 |
|  Eurex Euro-BTP Italian Bond Futures | 5 | December 2025 | 633585 | 633606 | 21 |
|  French Government Bond Futures | 6 | December 2025 | 855205 | 854826 | (379) |
|  ICE Long Gilt Futures | 5 | December 2025 | 613529 | 610853 | (2676) |
|  KFE 3 Year Treasury Bond Futures | 1 | December 2025 | 76463 | 76113 | (350) |
|  KFE 10 Year Treasury Bond Futures | 4 | December 2025 | 338410 | 334642 | (3768) |
|  Montreal Exchange 10 Year Canadian Bond Futures | 16 | December 2025 | 1400798 | 1407890 | 7092 |
|  SFE 10 Year Australian Bond Futures | 14 | December 2025 | 1055279 | 1050067 | (5212) |
|  Three-Month SOFR Futures | 10 | March 2027 | 2424652 | 2422625 | (2027) |
|  Three-Month SOFR Futures | 27 | December 2027 | 6540113 | 6538387 | (1726) |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Long Futures Contracts Open on September 30, 2025 (continued):***

**Interest Rate Futures Contracts (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Three-Month SOFR Futures | 26 | September 2028 | $6289912 | $6287125 | $(2787) |
|  Three Month SONIA Index Futures | 2 | March 2027 | 648647 | 648208 | (439) |
|  Three Month SONIA Index Futures | 12 | December 2027 | 3887645 | 3886020 | (1625) |
|  |  |  | $37639304 | $37621298 | $(18006) |

---

***Short Futures Contracts Open on September 30, 2025:***

**Commodity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CBOT Corn Futures<sup>A</sup> | 17 | December 2025 | $(359361) | $(353175) | $6186 |
|  CBOT Soybean Meal Futures<sup>A</sup> | 11 | December 2025 | (313375) | (300630) | 12745 |
|  CBOT Wheat Futures<sup>A</sup> | 11 | December 2025 | (291150) | (279400) | 11750 |
|  Euronext Milling Wheat Futures<sup>A</sup> | 13 | December 2025 | (154470) | (142133) | 12337 |
|  Euronext Rapeseed Futures<sup>A</sup> | 1 | January 2026 | (27530) | (27297) | 233 |
|  ICE Cocoa Futures<sup>A</sup> | 1 | March 2026 | (67540) | (63829) | 3711 |
|  KCBT Hard Red Winter Wheat Futures<sup>A</sup> | 8 | December 2025 | (216982) | (199100) | 17882 |
|  LME Lead Futures<sup>A</sup> | 4 | November 2025 | (197841) | (197119) | 722 |
|  LME Nickel Futures<sup>A</sup> | 1 | November 2025 | (94045) | (90927) | 3118 |
|  LME Primary Aluminum Futures<sup>A</sup> | 2 | November 2025 | (131485) | (134058) | (2573) |
|  LME Zinc Futures<sup>A</sup> | 1 | November 2025 | (74319) | (74408) | (89) |
|  MGE Red Wheat Futures<sup>A</sup> | 4 | December 2025 | (119467) | (112550) | 6917 |
|  NYBOT CSC Number 11 World Sugar Futures<sup>A</sup> | 25 | February 2026 | (455335) | (464800) | (9465) |
|  NYBOT CTN Number 2 Cotton Futures<sup>A</sup> | 3 | December 2025 | (101148) | (98655) | 2493 |
|  NYMEX Henry Hub Natural Gas Futures<sup>A</sup> | 17 | October 2025 | (560930) | (561510) | (580) |
|  |  |  | $(3164978) | $(3099591) | $65387 |

---

**Currency Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NYBOT FINEX U.S. Dollar Index Futures | 2 | December 2025 | $(195028) | $(194902) | $126 |
|  |  |  | $(195028) | $(194902) | $126 |
| **Equity Futures Contracts** |  |  |  |  |  |
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NSE IFSC NIFTY 50 Index Futures | 2 | October 2025 | $(99128) | $(99046) | $82 |
|  |  |  | $(99128) | $(99046) | $82 |
| **Interest Rate Futures Contracts** |  |  |  |  |  |
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  3 Month Euro Euribor Futures | 10 | December 2026 | $(2875758) | $(2875690) | $68 |
|  Eurex 2 Year Euro SCHATZ Futures | 55 | December 2025 | (6913388) | (6907997) | 5391 |
|  Eurex 30 Year Euro BUXL Futures | 1 | December 2025 | (131105) | (134405) | (3300) |
|  SFE 3 Year Australian Bond Futures | 16 | December 2025 | (1133460) | (1131144) | 2316 |
|  |  |  | $(11053711) | $(11049236) | $4475 |

---

<sup>A</sup> *All or a portion represents positions held by the American Beacon Cayman Multi-Alternatives Company, Ltd.*

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Centrally Cleared Swap Agreements Outstanding on September 30, 2025***

**Credit Default Swaps on Credit Indices - Buy Protection<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Rate (%)** | **Payment<br>Frequency** | **Expiration<br>Date** | **Implied Credit<br>Spread at<br>9/30/2025<sup>(2)</sup><br>(%)** | **Curr** | **Notional<br>Amount<sup>(3)</sup><br>(000s)** | **Premiums<br>Paid<br>(Received)** | **Fair<br>Value<sup>(4)</sup>** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.4822 | USD | 5000 | $(114280) | $(113228) | $1052 |
|  CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.4822 | USD | 5000 | (114160) | (112671) | 1489 |
|  |  |  |  |  |  |  | $(228440) | $(225899) | $2541 |

---

**Credit Default Swaps on Credit Indices - Sell Protection<sup>(5)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Rate (%)** | **Payment<br>Frequency** | **Expiration<br>Date** | **Implied Credit<br>Spread at<br>9/30/2025<sup>(2)</sup><br>(%)** | **Curr** | **Notional<br>Amount<sup>(3)</sup><br>(000s)** | **Premiums<br>Paid<br>(Received)** | **Fair<br>Value<sup>(4)</sup>** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.4822 | USD | 10000 | $207910 | $226455 | $18545 |
|  CDX.NA.IG.S45 | 1.00 | Quarterly | 12/20/2030 | 0.5281 | USD | 5000 | 114771 | 112783 | (1988) |
|  CDX.NA.IG.S45 | 1.00 | Quarterly | 12/20/2030 | 0.5281 | USD | 5000 | 114980 | 112227 | (2753) |
|  |  |  |  |  |  |  | $437661 | $451465 | $13804 |

---

***OTC Swap Agreements Outstanding on September 30, 2025:***

**Total Return Swaps Agreements** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Description** | **Reference<br>Entity** | **Counter-<br>party** | **Floating<br>Rate** | **Payment<br>Frequency** | **Expiration<br>Date** | **Reference<br>Quantity** | **Notional<br>Amount** | **Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pay | 1-Month USD-LIBOR | BBUXALC<br>INDEX | JPM | 0.000% | Maturity | 10/6/2025 | 20000 | $2714547 | $651 | $100725 |
|  |  |  |  |  |  |  |  |  | $651 | $100725 |

---

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swaps agreements on corporate issues and sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The quoted market prices and resulting values for credit default swaps on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/ sold as of the period end. Increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

***Forward Foreign Currency Contracts Open on September 30, 2025:***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 28428 | INR | 28144 | 10/10/2025 | BNP | $284 | $– $| 284 |
| USD | 28455 | INR | 28144 | 10/10/2025 | BNP | 311 | – | 311 |
| USD | 28492 | INR | 28144 | 10/10/2025 | BNP | 348 | – | 348 |
| USD | 28646 | INR | 28144 | 10/10/2025 | BNP | 502 | – | 502 |
| USD | 28452 | INR | 28144 | 10/10/2025 | BNP | 308 | – | 308 |
| USD | 28452 | INR | 28144 | 10/10/2025 | BNP | 308 | – | 308 |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| INR | 168864 | USD | 169788 | 10/10/2025 | BNP | $— | $(924) | $(924) |
| USD | 684244 | INR | 675213 | 10/17/2025 | BNP | 9031 |  | 9031 |
| INR | 28134 | USD | 28276 | 10/17/2025 | BNP |  | (142) | (142) |
| USD | 43094 | PHP | 42932 | 10/20/2025 | BNP | 162 |  | 162 |
| PHP | 42931 | USD | 43917 | 10/20/2025 | BNP |  | (986) | (986) |
| USD | 28287 | INR | 28118 | 10/28/2025 | BNP | 169 |  | 169 |
| USD | 28289 | INR | 28118 | 10/28/2025 | BNP | 171 |  | 171 |
| USD | 28301 | INR | 28118 | 10/28/2025 | BNP | 183 |  | 183 |
| USD | 28328 | INR | 28118 | 10/28/2025 | BNP | 210 |  | 210 |
| USD | 28215 | INR | 28097 | 11/10/2025 | BNP | 118 |  | 118 |
| USD | 28266 | INR | 28098 | 11/10/2025 | BNP | 168 |  | 168 |
| USD | 28289 | INR | 28098 | 11/10/2025 | BNP | 191 |  | 191 |
| USD | 28297 | INR | 28098 | 11/10/2025 | BNP | 199 |  | 199 |
| USD | 28277 | INR | 28097 | 11/10/2025 | BNP | 180 |  | 180 |
| USD | 28277 | INR | 28098 | 11/10/2025 | BNP | 179 |  | 179 |
| USD | 42980 | PHP | 42896 | 11/17/2025 | BNP | 84 |  | 84 |
| PHP | 42896 | USD | 43667 | 11/17/2025 | BNP |  | (771) | (771) |
| USD | 77513 | SGD | 77523 | 10/1/2025 | CBK |  | (10) | (10) |
| USD | 77513 | SGD | 77523 | 10/1/2025 | CBK |  | (10) | (10) |
| SGD | 155045 | USD | 154925 | 10/1/2025 | CBK | 120 |  | 120 |
| USD | 77500 | SGD | 77523 | 10/2/2025 | CBK |  | (23) | (23) |
| USD | 77579 | SGD | 77522 | 10/2/2025 | CBK | 57 |  | 57 |
| USD | 155453 | THB | 154347 | 10/6/2025 | CBK | 1106 |  | 1106 |
| THB | 77173 | USD | 77483 | 10/6/2025 | CBK |  | (310) | (310) |
| THB | 77173 | USD | 77766 | 10/6/2025 | CBK |  | (593) | (593) |
| USD | 27170 | MXN | 27244 | 10/22/2025 | CBK |  | (74) | (74) |
| USD | 81821 | TWD | 82155 | 10/22/2025 | CBK |  | (334) | (334) |
| USD | 82289 | TWD | 82154 | 10/22/2025 | CBK | 135 |  | 135 |
| USD | 82847 | TWD | 82155 | 10/22/2025 | CBK | 692 |  | 692 |
| USD | 83201 | TWD | 82155 | 10/22/2025 | CBK | 1046 |  | 1046 |
| MXN | 15178 | USD | 14449 | 10/22/2025 | CBK | 729 |  | 729 |
| MXN | 27245 | USD | 25591 | 10/22/2025 | CBK | 1654 |  | 1654 |
| MXN | 27245 | USD | 25619 | 10/22/2025 | CBK | 1626 |  | 1626 |
| MXN | 27245 | USD | 25846 | 10/22/2025 | CBK | 1399 |  | 1399 |
| MXN | 27245 | USD | 26076 | 10/22/2025 | CBK | 1169 |  | 1169 |
| MXN | 27245 | USD | 26090 | 10/22/2025 | CBK | 1155 |  | 1155 |
| MXN | 27245 | USD | 26330 | 10/22/2025 | CBK | 915 |  | 915 |
| MXN | 27245 | USD | 26361 | 10/22/2025 | CBK | 884 |  | 884 |
| MXN | 27245 | USD | 26365 | 10/22/2025 | CBK | 880 |  | 880 |
| MXN | 27245 | USD | 26410 | 10/22/2025 | CBK | 835 |  | 835 |
| MXN | 27245 | USD | 26618 | 10/22/2025 | CBK | 627 |  | 627 |
| MXN | 27245 | USD | 26710 | 10/22/2025 | CBK | 535 |  | 535 |
| MXN | 27245 | USD | 26737 | 10/22/2025 | CBK | 508 |  | 508 |
| MXN | 27245 | USD | 26743 | 10/22/2025 | CBK | 502 |  | 502 |
| MXN | 27245 | USD | 27248 | 10/22/2025 | CBK |  | (3) | (3) |
| MXN | 27992 | USD | 26504 | 10/22/2025 | CBK | 1488 |  | 1488 |
| USD | 621362 | MXN | 626625 | 10/22/2025 | CBK |  | (5263) | (5263) |
| USD | 733966 | MXN | 735603 | 10/22/2025 | CBK |  | (1637) | (1637) |
| MXN | 45323 | USD | 43491 | 10/22/2025 | CBK | 1832 |  | 1832 |
| MXN | 52877 | USD | 50736 | 10/22/2025 | CBK | 2141 |  | 2141 |
| MXN | 54489 | USD | 50767 | 10/22/2025 | CBK | 3722 |  | 3722 |
| MXN | 54489 | USD | 51307 | 10/22/2025 | CBK | 3182 |  | 3182 |
| MXN | 54489 | USD | 52983 | 10/22/2025 | CBK | 1506 |  | 1506 |
| MXN | 63278 | USD | 59225 | 10/22/2025 | CBK | 4053 |  | 4053 |
| MXN | 66556 | USD | 63338 | 10/22/2025 | CBK | 3218 |  | 3218 |
| MXN | 70309 | USD | 65794 | 10/22/2025 | CBK | 4515 |  | 4515 |
| MXN | 78956 | USD | 74725 | 10/22/2025 | CBK | 4231 |  | 4231 |
| MXN | 81734 | USD | 77189 | 10/22/2025 | CBK | 4545 |  | 4545 |
| MXN | 81734 | USD | 78962 | 10/22/2025 | CBK | 2772 |  | 2772 |
| MXN | 81734 | USD | 79404 | 10/22/2025 | CBK | 2330 |  | 2330 |
| MXN | 81734 | USD | 79626 | 10/22/2025 | CBK | 2108 |  | 2108 |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| MXN | 84169 | USD | 79713 | 10/22/2025 | CBK | $4456 | $— | $4456 |
| MXN | 84370 | USD | 78963 | 10/22/2025 | CBK | 5407 |  | 5407 |
| MXN | 88805 | USD | 84141 | 10/22/2025 | CBK | 4664 |  | 4664 |
| MXN | 90646 | USD | 86961 | 10/22/2025 | CBK | 3685 |  | 3685 |
| MXN | 91401 | USD | 85556 | 10/22/2025 | CBK | 5845 |  | 5845 |
| MXN | 96755 | USD | 91637 | 10/22/2025 | CBK | 5118 |  | 5118 |
| MXN | 108930 | USD | 104537 | 10/22/2025 | CBK | 4393 |  | 4393 |
| MXN | 108978 | USD | 102384 | 10/22/2025 | CBK | 6594 |  | 6594 |
| MXN | 108978 | USD | 102395 | 10/22/2025 | CBK | 6583 |  | 6583 |
| MXN | 108978 | USD | 103439 | 10/22/2025 | CBK | 5539 |  | 5539 |
| MXN | 108978 | USD | 103959 | 10/22/2025 | CBK | 5019 |  | 5019 |
| MXN | 108978 | USD | 105493 | 10/22/2025 | CBK | 3485 |  | 3485 |
| MXN | 120943 | USD | 114548 | 10/22/2025 | CBK | 6395 |  | 6395 |
| MXN | 126555 | USD | 118448 | 10/22/2025 | CBK | 8107 |  | 8107 |
| MXN | 129006 | USD | 122168 | 10/22/2025 | CBK | 6838 |  | 6838 |
| TWD | 82155 | USD | 82986 | 10/22/2025 | CBK |  | (831) | (831) |
| MXN | 175964 | USD | 168855 | 10/22/2025 | CBK | 7109 |  | 7109 |
| MXN | 234619 | USD | 225081 | 10/22/2025 | CBK | 9538 |  | 9538 |
| TWD | 246464 | USD | 248032 | 10/22/2025 | CBK |  | (1568) | (1568) |
| EUR | 117591 | CAD | 117364 | 10/28/2025 | CBK | 227 |  | 227 |
| CAD | 117583 | EUR | 117591 | 10/28/2025 | CBK |  | (8) | (8) |
| CAD | 233606 | EUR | 235181 | 10/28/2025 | CBK |  | (1575) | (1575) |
| EUR | 382511 | CAD | 377404 | 10/28/2025 | CBK | 5107 |  | 5107 |
| EUR | 440624 | CAD | 434660 | 10/28/2025 | CBK | 5964 |  | 5964 |
| THB | 77310 | USD | 77156 | 10/28/2025 | CBK | 154 |  | 154 |
| USD | 571828 | TWD | 575428 | 10/30/2025 | CBK |  | (3600) | (3600) |
| NOK | 50113 | USD | 50256 | 11/5/2025 | CBK |  | (143) | (143) |
| NOK | 59780 | USD | 60739 | 11/5/2025 | CBK |  | (959) | (959) |
| NOK | 89325 | USD | 90707 | 11/5/2025 | CBK |  | (1382) | (1382) |
| NOK | 89670 | USD | 91069 | 11/5/2025 | CBK |  | (1399) | (1399) |
| NOK | 100226 | USD | 100376 | 11/5/2025 | CBK |  | (150) | (150) |
| NOK | 100226 | USD | 101273 | 11/5/2025 | CBK |  | (1047) | (1047) |
| NOK | 108518 | USD | 110401 | 11/5/2025 | CBK |  | (1883) | (1883) |
| NOK | 119560 | USD | 121606 | 11/5/2025 | CBK |  | (2046) | (2046) |
| NOK | 125283 | USD | 125430 | 11/5/2025 | CBK |  | (147) | (147) |
| NOK | 134505 | USD | 136827 | 11/5/2025 | CBK |  | (2322) | (2322) |
| NOK | 172264 | USD | 172367 | 11/5/2025 | CBK |  | (103) | (103) |
| NOK | 203584 | USD | 203847 | 11/5/2025 | CBK |  | (263) | (263) |
| USD | 78379 | SGD | 77798 | 11/17/2025 | CBK | 581 |  | 581 |
| SGD | 77798 | USD | 78263 | 11/17/2025 | CBK |  | (465) | (465) |
| SGD | 77798 | USD | 78733 | 11/17/2025 | CBK |  | (935) | (935) |
| USD | 155486 | SGD | 155596 | 11/17/2025 | CBK |  | (110) | (110) |
| USD | 388200 | SGD | 388990 | 11/17/2025 | CBK |  | (790) | (790) |
| SGD | 311192 | USD | 314209 | 11/17/2025 | CBK |  | (3017) | (3017) |
| USD | 466879 | SGD | 466788 | 11/17/2025 | CBK | 91 |  | 91 |
| THB | 154862 | USD | 155788 | 11/17/2025 | CBK |  | (926) | (926) |
| GBP | 284227 | JPY | 285027 | 12/2/2025 | CBK |  | (800) | (800) |
| GBP | 321075 | JPY | 321892 | 12/2/2025 | CBK |  | (817) | (817) |
| USD | 53528 | SEK | 53316 | 12/3/2025 | CBK | 212 |  | 212 |
| SEK | 210873 | USD | 210079 | 12/3/2025 | CBK | 794 |  | 794 |
| SEK | 327664 | USD | 326351 | 12/3/2025 | CBK | 1313 |  | 1313 |
| SEK | 474464 | USD | 472828 | 12/3/2025 | CBK | 1636 |  | 1636 |
| MXN | 727896 | USD | 726308 | 1/29/2026 | CBK | 1588 |  | 1588 |
| USD | 57903 | NZD | 57975 | 10/1/2025 | HUB |  | (72) | (72) |
| USD | 67156 | JPY | 67620 | 10/1/2025 | HUB |  | (464) | (464) |
| USD | 67164 | GBP | 67245 | 10/1/2025 | HUB |  | (81) | (81) |
| USD | 67196 | GBP | 67245 | 10/1/2025 | HUB |  | (49) | (49) |
| USD | 67197 | GBP | 67245 | 10/1/2025 | HUB |  | (48) | (48) |
| USD | 71868 | CAD | 71855 | 10/1/2025 | HUB | 13 |  | 13 |
| NZD | 57975 | USD | 58004 | 10/1/2025 | HUB |  | (29) | (29) |
| GBP | 201735 | USD | 201750 | 10/1/2025 | HUB |  | (15) | (15) |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| JPY | 67620 | USD | 67511 | 10/1/2025 | HUB | $109 | $— | $109 |
| USD | 18861 | BRL | 18789 | 10/2/2025 | HUB | 72 |  | 72 |
| USD | 57948 | NZD | 57975 | 10/2/2025 | HUB |  | (27) | (27) |
| BRL | 18789 | USD | 18120 | 10/2/2025 | HUB | 669 |  | 669 |
| BRL | 18789 | USD | 18206 | 10/2/2025 | HUB | 583 |  | 583 |
| BRL | 18789 | USD | 18240 | 10/2/2025 | HUB | 549 |  | 549 |
| BRL | 18789 | USD | 18275 | 10/2/2025 | HUB | 514 |  | 514 |
| BRL | 18789 | USD | 18312 | 10/2/2025 | HUB | 477 |  | 477 |
| USD | 184618 | BRL | 187891 | 10/2/2025 | HUB |  | (3273) | (3273) |
| USD | 242791 | BRL | 242648 | 10/2/2025 | HUB | 143 |  | 143 |
| USD | 242807 | BRL | 242648 | 10/2/2025 | HUB | 159 |  | 159 |
| USD | 266868 | BRL | 266265 | 10/2/2025 | HUB | 603 |  | 603 |
| BRL | 123007 | USD | 119572 | 10/2/2025 | HUB | 3435 |  | 3435 |
| BRL | 123007 | USD | 119698 | 10/2/2025 | HUB | 3309 |  | 3309 |
| BRL | 246014 | USD | 239067 | 10/2/2025 | HUB | 6947 |  | 6947 |
| BRL | 372268 | USD | 362476 | 10/2/2025 | HUB | 9792 |  | 9792 |
| GBP | 67247 | USD | 67516 | 10/6/2025 | HUB |  | (269) | (269) |
| GBP | 67247 | USD | 67558 | 10/6/2025 | HUB |  | (311) | (311) |
| GBP | 67247 | USD | 67660 | 10/6/2025 | HUB |  | (413) | (413) |
| GBP | 67247 | USD | 67759 | 10/6/2025 | HUB |  | (512) | (512) |
| GBP | 67247 | USD | 67990 | 10/6/2025 | HUB |  | (743) | (743) |
| GBP | 67247 | USD | 68215 | 10/6/2025 | HUB |  | (968) | (968) |
| USD | 66904 | GBP | 67247 | 10/6/2025 | HUB |  | (343) | (343) |
| GBP | 99408 | USD | 98119 | 10/6/2025 | HUB | 1289 |  | 1289 |
| GBP | 99409 | USD | 98173 | 10/6/2025 | HUB | 1236 |  | 1236 |
| GBP | 134493 | USD | 135203 | 10/6/2025 | HUB |  | (710) | (710) |
| GBP | 134493 | USD | 135593 | 10/6/2025 | HUB |  | (1100) | (1100) |
| GBP | 137479 | USD | 135865 | 10/6/2025 | HUB | 1614 |  | 1614 |
| USD | 133594 | GBP | 134493 | 10/6/2025 | HUB |  | (899) | (899) |
| GBP | 201740 | USD | 203015 | 10/6/2025 | HUB |  | (1275) | (1275) |
| USD | 199366 | GBP | 201740 | 10/6/2025 | HUB |  | (2374) | (2374) |
| USD | 201620 | GBP | 201740 | 10/6/2025 | HUB |  | (120) | (120) |
| USD | 201756 | GBP | 201740 | 10/6/2025 | HUB | 16 |  | 16 |
| GBP | 298228 | USD | 294370 | 10/6/2025 | HUB | 3858 |  | 3858 |
| USD | 271312 | GBP | 268987 | 10/6/2025 | HUB | 2325 |  | 2325 |
| GBP | 441421 | USD | 436071 | 10/6/2025 | HUB | 5350 |  | 5350 |
| USD | 70100 | CNY | 70144 | 10/10/2025 | HUB |  | (44) | (44) |
| AUD | 16 | USD | 16 | 10/16/2025 | HUB |  |  |  |
| USD | 33 | AUD | 33 | 10/16/2025 | HUB |  |  |  |
| GBP | 100 | USD | 100 | 10/16/2025 | HUB |  |  |  |
| USD | 87 | JPY | 86 | 10/16/2025 | HUB | 1 |  | 1 |
| AUD | 59 | USD | 58 | 10/16/2025 | HUB | 1 |  | 1 |
| GBP | 133 | USD | 135 | 10/16/2025 | HUB |  | (2) | (2) |
| USD | 161 | CAD | 160 | 10/16/2025 | HUB | 1 |  | 1 |
| GBP | 242 | USD | 240 | 10/16/2025 | HUB | 2 |  | 2 |
| USD | 215 | CAD | 214 | 10/16/2025 | HUB | 1 |  | 1 |
| AUD | 163 | USD | 162 | 10/16/2025 | HUB | 1 |  | 1 |
| AUD | 373 | USD | 373 | 10/16/2025 | HUB |  |  |  |
| AUD | 441 | USD | 443 | 10/16/2025 | HUB |  | (2) | (2) |
| CAD | 485 | USD | 491 | 10/16/2025 | HUB |  | (6) | (6) |
| USD | 2002 | GBP | 1975 | 10/16/2025 | HUB | 27 |  | 27 |
| JPY | 36 | USD | 36 | 10/16/2025 | HUB |  |  |  |
| JPY | 42 | USD | 42 | 10/16/2025 | HUB |  |  |  |
| USD | 6433 | AUD | 6448 | 10/16/2025 | HUB |  | (15) | (15) |
| JPY | 201 | USD | 202 | 10/16/2025 | HUB |  | (1) | (1) |
| USD | 236455 | KRW | 232651 | 10/16/2025 | HUB | 3804 |  | 3804 |
| USD | 299713 | GBP | 297702 | 10/16/2025 | HUB | 2011 |  | 2011 |
| USD | 321703 | JPY | 320084 | 10/16/2025 | HUB | 1619 |  | 1619 |
| USD | 344931 | EUR | 345465 | 10/16/2025 | HUB |  | (534) | (534) |
| JPY | 3609 | USD | 3620 | 10/16/2025 | HUB |  | (11) | (11) |
| JPY | 8375 | USD | 8400 | 10/16/2025 | HUB |  | (25) | (25) |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| JPY | 9601 | USD | 9486 | 10/16/2025 | HUB | $115 | $— | $115 |
| CHF | 117035 | EUR | 117534 | 10/20/2025 | HUB |  | (499) | (499) |
| CHF | 117241 | EUR | 117533 | 10/20/2025 | HUB |  | (292) | (292) |
| CHF | 117271 | EUR | 117534 | 10/20/2025 | HUB |  | (263) | (263) |
| CHF | 117395 | EUR | 117534 | 10/20/2025 | HUB |  | (139) | (139) |
| EUR | 117534 | CHF | 117635 | 10/20/2025 | HUB |  | (101) | (101) |
| EUR | 117534 | CHF | 118080 | 10/20/2025 | HUB |  | (546) | (546) |
| EUR | 179244 | CHF | 180022 | 10/20/2025 | HUB |  | (778) | (778) |
| EUR | 209120 | CHF | 210028 | 10/20/2025 | HUB |  | (908) | (908) |
| EUR | 434373 | CHF | 436350 | 10/20/2025 | HUB |  | (1977) | (1977) |
| USD | 67661 | JPY | 67763 | 10/22/2025 | HUB |  | (102) | (102) |
| USD | 67736 | JPY | 67763 | 10/22/2025 | HUB |  | (27) | (27) |
| USD | 67786 | JPY | 67763 | 10/22/2025 | HUB | 23 |  | 23 |
| USD | 67871 | JPY | 67763 | 10/22/2025 | HUB | 108 |  | 108 |
| USD | 67932 | JPY | 67763 | 10/22/2025 | HUB | 169 |  | 169 |
| USD | 68111 | JPY | 67763 | 10/22/2025 | HUB | 348 |  | 348 |
| USD | 68115 | JPY | 67763 | 10/22/2025 | HUB | 352 |  | 352 |
| USD | 68504 | JPY | 67763 | 10/22/2025 | HUB | 741 |  | 741 |
| USD | 71647 | KRW | 71340 | 10/22/2025 | HUB | 307 |  | 307 |
| USD | 71751 | KRW | 71340 | 10/22/2025 | HUB | 411 |  | 411 |
| USD | 71782 | KRW | 71340 | 10/22/2025 | HUB | 442 |  | 442 |
| USD | 71843 | KRW | 71340 | 10/22/2025 | HUB | 503 |  | 503 |
| USD | 71887 | KRW | 71340 | 10/22/2025 | HUB | 547 |  | 547 |
| USD | 71975 | KRW | 71340 | 10/22/2025 | HUB | 635 |  | 635 |
| USD | 72052 | KRW | 71340 | 10/22/2025 | HUB | 712 |  | 712 |
| USD | 72062 | KRW | 71340 | 10/22/2025 | HUB | 722 |  | 722 |
| USD | 161866 | JPY | 160906 | 10/22/2025 | HUB | 960 |  | 960 |
| USD | 164165 | JPY | 163092 | 10/22/2025 | HUB | 1073 |  | 1073 |
| USD | 181484 | JPY | 180367 | 10/22/2025 | HUB | 1117 |  | 1117 |
| USD | 200829 | JPY | 203288 | 10/22/2025 | HUB |  | (2459) | (2459) |
| USD | 202063 | JPY | 203288 | 10/22/2025 | HUB |  | (1225) | (1225) |
| USD | 211756 | JPY | 210428 | 10/22/2025 | HUB | 1328 |  | 1328 |
| USD | 211808 | JPY | 210428 | 10/22/2025 | HUB | 1380 |  | 1380 |
| USD | 272325 | JPY | 270551 | 10/22/2025 | HUB | 1774 |  | 1774 |
| USD | 275870 | JPY | 274087 | 10/22/2025 | HUB | 1783 |  | 1783 |
| USD | 393369 | JPY | 390795 | 10/22/2025 | HUB | 2574 |  | 2574 |
| USD | 514241 | JPY | 511040 | 10/22/2025 | HUB | 3201 |  | 3201 |
| JPY | 67763 | USD | 67730 | 10/22/2025 | HUB | 33 |  | 33 |
| JPY | 203288 | USD | 203477 | 10/22/2025 | HUB |  | (189) | (189) |
| JPY | 609864 | USD | 612322 | 10/22/2025 | HUB |  | (2458) | (2458) |
| KRW | 285360 | USD | 288048 | 10/22/2025 | HUB |  | (2688) | (2688) |
| USD | 53265 | CAD | 52851 | 10/27/2025 | HUB | 414 |  | 414 |
| USD | 53281 | CAD | 52852 | 10/27/2025 | HUB | 429 |  | 429 |
| EUR | 79818 | AUD | 81337 | 10/27/2025 | HUB |  | (1519) | (1519) |
| USD | 72754 | CAD | 71944 | 10/27/2025 | HUB | 810 |  | 810 |
| USD | 97276 | CAD | 96522 | 10/27/2025 | HUB | 754 |  | 754 |
| USD | 98777 | CAD | 97956 | 10/27/2025 | HUB | 821 |  | 821 |
| USD | 106530 | CAD | 105702 | 10/27/2025 | HUB | 828 |  | 828 |
| USD | 119858 | CAD | 118915 | 10/27/2025 | HUB | 943 |  | 943 |
| USD | 126771 | CAD | 125716 | 10/27/2025 | HUB | 1055 |  | 1055 |
| USD | 140527 | CAD | 139421 | 10/27/2025 | HUB | 1106 |  | 1106 |
| USD | 143827 | CAD | 143888 | 10/27/2025 | HUB |  | (61) | (61) |
| USD | 146494 | CAD | 145340 | 10/27/2025 | HUB | 1154 |  | 1154 |
| AUD | 116910 | EUR | 117584 | 10/27/2025 | HUB |  | (674) | (674) |
| AUD | 117356 | EUR | 117584 | 10/27/2025 | HUB |  | (228) | (228) |
| AUD | 118125 | EUR | 117584 | 10/27/2025 | HUB | 541 |  | 541 |
| AUD | 118514 | EUR | 117583 | 10/27/2025 | HUB | 931 |  | 931 |
| CAD | 215833 | USD | 217205 | 10/27/2025 | HUB |  | (1372) | (1372) |
| EUR | 390517 | AUD | 398183 | 10/27/2025 | HUB |  | (7666) | (7666) |
| AUD | 37694 | USD | 36946 | 10/28/2025 | HUB | 748 |  | 748 |
| AUD | 66195 | USD | 65287 | 10/28/2025 | HUB | 908 |  | 908 |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| AUD | 66195 | USD | 65989 | 10/28/2025 | HUB | $206 | $— | $206 |
| AUD | 66195 | USD | 66089 | 10/28/2025 | HUB | 106 |  | 106 |
| AUD | 66195 | USD | 66122 | 10/28/2025 | HUB | 73 |  | 73 |
| AUD | 66195 | USD | 66583 | 10/28/2025 | HUB |  | (388) | (388) |
| AUD | 66195 | USD | 66719 | 10/28/2025 | HUB |  | (524) | (524) |
| AUD | 66195 | USD | 66786 | 10/28/2025 | HUB |  | (591) | (591) |
| USD | 133243 | AUD | 132390 | 10/28/2025 | HUB | 853 |  | 853 |
| AUD | 132390 | USD | 130917 | 10/28/2025 | HUB | 1473 |  | 1473 |
| AUD | 132390 | USD | 132135 | 10/28/2025 | HUB | 255 |  | 255 |
| AUD | 198585 | USD | 195567 | 10/28/2025 | HUB | 3018 |  | 3018 |
| AUD | 227085 | USD | 222656 | 10/28/2025 | HUB | 4429 |  | 4429 |
| NZD | 4758 | USD | 4900 | 11/3/2025 | HUB |  | (142) | (142) |
| NZD | 6651 | USD | 6849 | 11/3/2025 | HUB |  | (198) | (198) |
| USD | 39801 | NZD | 39123 | 11/3/2025 | HUB | 678 |  | 678 |
| USD | 50658 | NZD | 49828 | 11/3/2025 | HUB | 830 |  | 830 |
| USD | 57765 | NZD | 58047 | 11/3/2025 | HUB |  | (282) | (282) |
| USD | 57975 | NZD | 58047 | 11/3/2025 | HUB |  | (72) | (72) |
| USD | 58079 | NZD | 58047 | 11/3/2025 | HUB | 32 |  | 32 |
| USD | 58277 | NZD | 58047 | 11/3/2025 | HUB | 230 |  | 230 |
| USD | 58807 | NZD | 58047 | 11/3/2025 | HUB | 760 |  | 760 |
| NZD | 51396 | USD | 52970 | 11/3/2025 | HUB |  | (1574) | (1574) |
| NZD | 53289 | USD | 54922 | 11/3/2025 | HUB |  | (1633) | (1633) |
| USD | 92734 | NZD | 91217 | 11/3/2025 | HUB | 1517 |  | 1517 |
| NZD | 58047 | USD | 59100 | 11/3/2025 | HUB |  | (1053) | (1053) |
| USD | 101274 | NZD | 99658 | 11/3/2025 | HUB | 1616 |  | 1616 |
| USD | 111423 | NZD | 109545 | 11/3/2025 | HUB | 1878 |  | 1878 |
| USD | 114076 | NZD | 112115 | 11/3/2025 | HUB | 1961 |  | 1961 |
| USD | 139352 | NZD | 137029 | 11/3/2025 | HUB | 2323 |  | 2323 |
| NZD | 232187 | USD | 238632 | 11/3/2025 | HUB |  | (6445) | (6445) |
| USD | 863763 | KRW | 856592 | 11/3/2025 | HUB | 7171 |  | 7171 |
| USD | 18573 | BRL | 18639 | 11/4/2025 | HUB |  | (66) | (66) |
| EUR | 117640 | PLN | 117381 | 11/4/2025 | HUB | 259 |  | 259 |
| PLN | 64563 | EUR | 64541 | 11/4/2025 | HUB | 22 |  | 22 |
| PLN | 80770 | EUR | 80674 | 11/4/2025 | HUB | 96 |  | 96 |
| PLN | 113008 | EUR | 112944 | 11/4/2025 | HUB | 64 |  | 64 |
| PLN | 125099 | EUR | 124981 | 11/4/2025 | HUB | 118 |  | 118 |
| PLN | 129121 | EUR | 129081 | 11/4/2025 | HUB | 40 |  | 40 |
| PLN | 193767 | EUR | 193620 | 11/4/2025 | HUB | 147 |  | 147 |
| BRL | 240703 | USD | 240934 | 11/4/2025 | HUB |  | (231) | (231) |
| BRL | 240703 | USD | 240952 | 11/4/2025 | HUB |  | (249) | (249) |
| BRL | 264130 | USD | 264827 | 11/4/2025 | HUB |  | (697) | (697) |
| EUR | 117679 | USD | 117519 | 11/10/2025 | HUB | 160 |  | 160 |
| EUR | 117679 | USD | 118247 | 11/10/2025 | HUB |  | (568) | (568) |
| EUR | 213629 | USD | 212677 | 11/10/2025 | HUB | 952 |  | 952 |
| USD | 235282 | EUR | 235358 | 11/10/2025 | HUB |  | (76) | (76) |
| EUR | 391655 | USD | 389822 | 11/10/2025 | HUB | 1833 |  | 1833 |
| EUR | 571503 | USD | 569068 | 11/10/2025 | HUB | 2435 |  | 2435 |
| USD | 211753 | CNY | 211110 | 11/24/2025 | HUB | 643 |  | 643 |
| AUD | 67837 | GBP | 67256 | 11/25/2025 | HUB | 581 |  | 581 |
| COP | 50656 | USD | 49194 | 11/25/2025 | HUB | 1462 |  | 1462 |
| COP | 150061 | USD | 144844 | 11/25/2025 | HUB | 5217 |  | 5217 |
| COP | 153877 | USD | 149120 | 11/25/2025 | HUB | 4757 |  | 4757 |
| AUD | 72352 | JPY | 71983 | 12/2/2025 | HUB | 369 |  | 369 |
| AUD | 72352 | JPY | 72007 | 12/2/2025 | HUB | 345 |  | 345 |
| AUD | 97350 | JPY | 96993 | 12/2/2025 | HUB | 357 |  | 357 |
| AUD | 102756 | JPY | 102367 | 12/2/2025 | HUB | 389 |  | 389 |
| AUD | 184962 | JPY | 184214 | 12/2/2025 | HUB | 748 |  | 748 |
| USD | 50979 | CLP | 52006 | 12/10/2025 | HUB |  | (1027) | (1027) |
| USD | 51387 | CLP | 52006 | 12/10/2025 | HUB |  | (619) | (619) |
| PLN | 26714 | USD | 26863 | 12/10/2025 | HUB |  | (149) | (149) |
| PLN | 65959 | USD | 66695 | 12/10/2025 | HUB |  | (736) | (736) |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| PLN | 76952 | USD | 77783 | 12/10/2025 | HUB | $— | $(831) | $(831) |
| PLN | 76952 | USD | 77789 | 12/10/2025 | HUB |  | (837) | (837) |
| PLN | 165667 | USD | 166621 | 12/10/2025 | HUB |  | (954) | (954) |
| CLP | 52006 | USD | 52558 | 12/10/2025 | HUB |  | (552) | (552) |
| CLP | 52006 | USD | 52568 | 12/10/2025 | HUB |  | (562) | (562) |
| CLP | 51990 | USD | 52783 | 1/23/2026 | HUB |  | (793) | (793) |
| CHF | 116 | USD | 117 | 10/16/2025 | NWM |  | (1) | (1) |
| USD | 149766 | ILS | 150955 | 10/22/2025 | NWM |  | (1189) | (1189) |
| ILS | 97117 | USD | 94289 | 10/22/2025 | NWM | 2828 |  | 2828 |
| ILS | 150955 | USD | 150019 | 10/22/2025 | NWM | 936 |  | 936 |
| ILS | 193429 | USD | 187870 | 10/22/2025 | NWM | 5559 |  | 5559 |
| ILS | 232115 | USD | 225440 | 10/22/2025 | NWM | 6675 |  | 6675 |
| ILS | 232115 | USD | 225438 | 10/22/2025 | NWM | 6677 |  | 6677 |
| USD | 71197 | PEN | 71965 | 10/23/2025 | NWM |  | (768) | (768) |
| PEN | 35982 | USD | 34940 | 10/23/2025 | NWM | 1042 |  | 1042 |
| PEN | 35982 | USD | 34962 | 10/23/2025 | NWM | 1020 |  | 1020 |
| PEN | 71965 | USD | 69952 | 10/23/2025 | NWM | 2013 |  | 2013 |
| EUR | 235182 | HUF | 236108 | 10/28/2025 | NWM |  | (926) | (926) |
| HUF | 102216 | EUR | 99911 | 10/28/2025 | NWM | 2305 |  | 2305 |
| HUF | 111653 | EUR | 108965 | 10/28/2025 | NWM | 2688 |  | 2688 |
| HUF | 143606 | EUR | 140098 | 10/28/2025 | NWM | 3508 |  | 3508 |
| HUF | 159502 | EUR | 155663 | 10/28/2025 | NWM | 3839 |  | 3839 |
| HUF | 160657 | EUR | 157004 | 10/28/2025 | NWM | 3653 |  | 3653 |
| HUF | 165220 | EUR | 161495 | 10/28/2025 | NWM | 3725 |  | 3725 |
| CHF | 126121 | USD | 126232 | 11/4/2025 | NWM |  | (111) | (111) |
| CHF | 126121 | USD | 127730 | 11/4/2025 | NWM |  | (1609) | (1609) |
| USD | 125709 | CHF | 126121 | 11/4/2025 | NWM |  | (412) | (412) |
| CHF | 252242 | USD | 254107 | 11/4/2025 | NWM |  | (1865) | (1865) |
| SEK | 116890 | EUR | 117640 | 11/4/2025 | NWM |  | (750) | (750) |
| SEK | 117113 | EUR | 117640 | 11/4/2025 | NWM |  | (527) | (527) |
| GBP | 117033 | EUR | 117730 | 11/18/2025 | NWM |  | (697) | (697) |
| EUR | 117730 | GBP | 116697 | 11/18/2025 | NWM | 1033 |  | 1033 |
| EUR | 117730 | GBP | 117855 | 11/18/2025 | NWM |  | (125) | (125) |
| EUR | 117730 | GBP | 117928 | 11/18/2025 | NWM |  | (198) | (198) |
| EUR | 20142 | JPY | 20280 | 11/28/2025 | NWM |  | (138) | (138) |
| EUR | 686629 | JPY | 691458 | 11/28/2025 | NWM |  | (4829) | (4829) |
| ZAR | 28806 | USD | 28641 | 12/12/2025 | NWM | 165 |  | 165 |
| ZAR | 28806 | USD | 28650 | 12/12/2025 | NWM | 156 |  | 156 |
| ZAR | 46090 | USD | 45796 | 12/12/2025 | NWM | 294 |  | 294 |
| ZAR | 69134 | USD | 68718 | 12/12/2025 | NWM | 416 |  | 416 |
| HUF | 42097 | USD | 42070 | 12/15/2025 | NWM | 27 |  | 27 |
| HUF | 64046 | USD | 64020 | 12/15/2025 | NWM | 26 |  | 26 |
| HUF | 73670 | USD | 73607 | 12/15/2025 | NWM | 63 |  | 63 |
| ZAR | 17246 | USD | 17163 | 1/21/2026 | NWM | 83 |  | 83 |
| ZAR | 20546 | USD | 20457 | 1/21/2026 | NWM | 89 |  | 89 |
| ZAR | 21955 | USD | 21867 | 1/21/2026 | NWM | 88 |  | 88 |
| ZAR | 28716 | USD | 28560 | 1/21/2026 | NWM | 156 |  | 156 |
| ZAR | 28764 | USD | 28642 | 1/21/2026 | NWM | 122 |  | 122 |
| ZAR | 32145 | USD | 31926 | 1/21/2026 | NWM | 219 |  | 219 |
| ZAR | 38574 | USD | 38316 | 1/21/2026 | NWM | 258 |  | 258 |
| ZAR | 38574 | USD | 38299 | 1/21/2026 | NWM | 275 |  | 275 |
| ZAR | 43714 | USD | 43518 | 1/21/2026 | NWM | 196 |  | 196 |
| ZAR | 50137 | USD | 49891 | 1/21/2026 | NWM | 246 |  | 246 |
| ZAR | 50137 | USD | 49899 | 1/21/2026 | NWM | 238 |  | 238 |
| ZAR | 50137 | USD | 49903 | 1/21/2026 | NWM | 234 |  | 234 |
| ZAR | 57861 | USD | 57431 | 1/21/2026 | NWM | 430 |  | 430 |
| ZAR | 57861 | USD | 57472 | 1/21/2026 | NWM | 389 |  | 389 |
| ZAR | 64290 | USD | 63838 | 1/21/2026 | NWM | 452 |  | 452 |
| ZAR | 70719 | USD | 70252 | 1/21/2026 | NWM | 467 |  | 467 |
| ZAR | 70719 | USD | 70197 | 1/21/2026 | NWM | 522 |  | 522 |
| ZAR | 82183 | USD | 81895 | 1/21/2026 | NWM | 288 |  | 288 |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| ZAR | 86292 | USD | 85806 | 1/21/2026 | NWM | $486 | $— | $486 |
| ZAR | 90246 | USD | 89890 | 1/21/2026 | NWM | 356 |  | 356 |
| ZAR | 90401 | USD | 90022 | 1/21/2026 | NWM | 379 |  | 379 |
| EUR | 3497 | USD | 3506 | 10/16/2025 | SSB |  | (9) | (9) |
| EUR | 5293 | USD | 5299 | 10/16/2025 | SSB |  | (6) | (6) |
| CAD | 3355 | USD | 3373 | 10/16/2025 | SSB |  | (18) | (18) |
| USD | 6200 | EUR | 6200 | 10/16/2025 | SSB |  |  |  |
| EUR | 10721 | USD | 10701 | 10/16/2025 | SSB | 20 |  | 20 |
| USD | 10515 | GBP | 10411 | 10/16/2025 | SSB | 104 |  | 104 |
| USD | 10924 | EUR | 10944 | 10/16/2025 | SSB |  | (20) | (20) |
| USD | 23267 | GBP | 23213 | 10/16/2025 | SSB | 54 |  | 54 |
| USD | 139403 | MYR | 139797 | 10/16/2025 | SSB |  | (394) | (394) |
| GBP | 701326 | USD | 700399 | 10/16/2025 | SSB | 927 |  | 927 |
| GBP | 706132 | USD | 714668 | 10/16/2025 | SSB |  | (8536) | (8536) |
| USD | 700787 | GBP | 697264 | 10/16/2025 | SSB | 3523 |  | 3523 |
| USD | 702131 | GBP | 700502 | 10/16/2025 | SSB | 1629 |  | 1629 |
| USD | 743620 | GBP | 736235 | 10/16/2025 | SSB | 7385 |  | 7385 |
| USD | 1251932 | EUR | 1247688 | 10/16/2025 | SSB | 4244 |  | 4244 |
|  |  |  |  |  |  | $394005 | $(124249) | $269756 |

---

\* *All values denominated in USD.*

***Glossary:***

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

---

| | |
|:---|:---|
|  BNP | BNP Paribas NA |
|  CBK | Citibank NA |
|  HUB | HSBC Bank PLC |
|  JPM | JPMorgan Chase Bank, N.A. |
|  NWM | NatWest Markets PLC |
|  SSB | State Street Bank & Trust Co. |
| **<u>Currency Abbreviations:</u>** | **<u>Currency Abbreviations:</u>** |
|  AUD | Australian Dollar |
|  BRL | Brazilian Real |
|  CAD | Canadian Dollar |
|  CHF | Swiss Franc |
|  CLP | Chilean Peso |
|  CNY | Chinese Yuan |
|  COP | Colombian Peso |
|  EUR | Euro |
|  GBP | British Pound |
|  HUF | Hungarian Forint |
|  ILS | Israeli New Shekel |
|  INR | Indian Rupee |
|  JPY | Japanese Yen |
|  KRW | South Korean Won |
|  MXN | Mexican Peso |
|  MYR | Malaysian Ringgit |
|  NOK | Norwegian Krone |
|  NZD | New Zealand Dollar |
|  PEN | Peruvian Nuevo Sol |
|  PHP | Philippine Peso |
|  PLN | Polish Zloty |
|  SEK | Swedish Krona |
|  SGD | Singapore Dollar |
|  THB | Thai Baht |
|  TWD | New Taiwan Dollar |
|  USD | United States Dollar |
|  ZAR | South African Rand |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **<u>Index Abbreviations:</u>** | **<u>Index Abbreviations:</u>** |
|  BBUXALC | Bloomberg Commodity ex-Agriculture and Livestock Capped Index. |
|  CAC 40 | Euronet Paris - French Stock Market Index. |
|  DAX | Deutsche Boerse AG German Stock Index. |
|  EURO STOXX 50 | Eurozone Blue-chip Index. |
|  FTSE 100 | Financial Times Stock Exchange 100 Index. |
|  FTSE China A50 | Financial Times Stock Exchange China A50 Index. |
|  FTSE/JSE Top 40 | Largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index. |
|  FTSE/MIB | Borsa Italiana-Italian Stock Market Index. |
|  Hang Seng | Hong Kong Stock Market Index. |
|  KOSPI | South Korean Stock Market Index. |
|  MSCI EAFE | Morgan Stanley Capital International - Europe, Australasia, and Far East. |
|  NASDAQ | National Association of Securities Dealers Automated Quotations. |
|  Nifty 50 | National Stock Exchange FIFTY. |
|  NIKKEI 225 | Nikkei Stock Average. |
|  OMXS30 | Stockholm Stock Exchange's leading share index. |
|  Russell 2000 | U.S. Small-Cap Stock Market Index. |
|  S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |
|  S&P/TSX | Canadian Equity Market Index. |
|  Stoxx Europe 600 | Europe Total Market Index. |
|  TOPIX | Tokyo Stock Exchange Tokyo Price Index. |
| **<u>Exchange Abbreviations:</u>** | **<u>Exchange Abbreviations:</u>** |
|  ASX | Australian Securities Exchange. |
|  CBOT | Chicago Board of Trade. |
|  CME | Chicago Mercantile Exchange. |
|  Eurex | European derivatives exchange. |
|  Euronext | European New Exchange Technology. |
|  FinEx | Financial Instruments Exchange. |
|  HKG | Hong Kong Exchange. |
|  ICE | Intercontinental Exchange. |
|  JSE | Johannesburg Stock Exchange. |
|  KFE | Korea Exchange - KOFEX. |
|  LME | London Metal Exchange. |
|  MDE | Malaysian Derivative Exchange. |
|  MGE | Minneapolis Grain Exchange. |
|  NSE | National Stock Exchange. |
|  NYMEX | New York Mercantile Exchange. |
|  OML | OMLX: London Securities & Derivatives Exchange. |
|  SAFEX | South African Futures Exchange. |
|  SFE | Sydney Futures Exchange. |
|  SGX | Singapore Stock Exchange. |
|  TSE | Tokyo Stock Exchange. |
| **<u>Other Abbreviations:</u>** | **<u>Other Abbreviations:</u>** |
|  BOBL | Medium term debt that is issued by the Federal Republic of Germany. |
|  BTP | Buoni del Tesoro Poliennali. |
|  BUND | German Federal Government Bond. |
|  Buxl | Long term debt that is issued by the Federal Republic of Germany. |
|  CDX | Credit Default Swap Index. |
|  COMEX | The Commodity Exchange Inc. |
|  CORRA | Canadian Overnight Repo Rate Average. |
|  CSC | CEI: Coffee, Sugar and Cocoa. |
|  CTN | Cotton. |
|  EURIBOR | Euro Interbank Offered Rate. |
|  Gilt | Bank of England Bonds. |
|  IFSC | International Financial Services Centre. |
|  KCBT | The Kansas City Board of Trade. |
|  LIBOR | London International Offered Rate. |
|  NYBOT | New York Board of Trade. |
|  OAT | Obligations Assimilables du Tresor. |
|  OTC | Over-the-Counter. |
|  RBOB | Reformulated Gasoline Blendstock for Oxygen Blending. |
|  Schatz | Short-dated equivalent of the Bobl and Bund futures. |
|  SOFR | Secured Overnight Financing Rate. |
|  SONIA | Sterling Overnight Index Average. |

---

*See accompanying notes* 

------

**American Beacon AHL Multi-Alternatives Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

**<u>Other Abbreviations: (continued)</u>**

ULSD Ultra-low-sulfur diesel.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AHL Multi-Alternatives Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Foreign Sovereign Obligations | $— | $1914754 | $— | $1914754 |
|  U.S. Treasury Obligations |  | 2579534 |  | 2579534 |
|  Short-Term Investments |  | 20235781 |  | 20235781 |
|  Total Investments in Securities - Assets | $— | $24730069 | $— | $24730069 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $638392 | $— | $— | $638392 |
|  Swap Contract Agreements |  | 121811 |  | 121811 |
|  Forward Foreign Currency Contracts |  | 394005 |  | 394005 |
|  Total Financial Derivative Instruments - Assets | $638392 | $515816 | $— | $1154208 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Futures Contracts | $(107627) | $— | $— | $(107627) |
|  Swap Contract Agreements |  | (4741) |  | (4741) |
|  Forward Foreign Currency Contracts |  | (124249) |  | (124249) |
|  Total Financial Derivative Instruments - Liabilities | $(107627) | $(128990) | $— | $(236617) |

---

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

*See accompanying notes* 

------

**American Beacon AHL TargetRisk Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN SOVEREIGN OBLIGATIONS - 10.4% |  |  |
|  French Republic Government Bonds OAT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.600%, Due 7/25/2034<sup>A B C</sup> | 2224480 | $2434128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.100%, Due 7/25/2053<sup>B C</sup> | 1201880 | 828763 |
|  Italy Buoni Poliennali Del Tesoro, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.400%, Due 5/15/2030<sup>B C</sup> | 1861710 | 2127295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800%, Due 5/15/2036<sup>B C D</sup> | 3112470 | 3635992 |
|  U.K. Inflation-Linked Gilts, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, Due 11/22/2032<sup>B C</sup> | 935245 | 1260165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, Due 11/22/2033<sup>B C</sup> | 6000940 | 7674593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.625%, Due 3/22/2045<sup>B C</sup> | 1673940 | 1649931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, Due 11/22/2054<sup>B C</sup> | 1072810 | 1098583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations (Cost $20,831,912)** |  | **20709450** |
|  U.S. TREASURY OBLIGATIONS - 15.8% |  |  |
|  U.S. Treasury Inflation-Indexed Bonds, 2.375%, Due 2/15/2055<sup>B</sup> | $2559275 | **2494405** |
|  U.S. Treasury Inflation-Indexed Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 4/15/2030<sup>B</sup> | 13699395 | 13911318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, Due 1/15/2035<sup>B</sup> | 8700515 | 8955724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, Due 7/15/2035<sup>B</sup> | 6036120 | 6084296 |
|  |  | **28951338** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations (Cost $31,228,088)** |  | **31445743** |
|  SHORT-TERM INVESTMENTS - 55.3% |  |  |
|  **U.S. Treasury Obligations - 55.3%** |  |  |
|  U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.211%, Due 10/2/2025<sup>D E F</sup> | 7500000 | 7499164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.237%, Due 10/16/2025<sup>D E F</sup> | 9000000 | 8984797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.298%, Due 10/30/2025<sup>D E F</sup> | 44000000 | 43856403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.883%, Due 1/8/2026<sup>D E F</sup> | 44000000 | 43542983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.825%, Due 3/5/2026<sup>D E F</sup> | 6500000 | 6395458 |
|  |  | **110278805** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments (Cost $110,274,172)** |  | **110278805** |
|  **TOTAL INVESTMENTS - 81.5% (Cost $162,334,172)** |  | **162433998** |
|  **OTHER ASSETS, NET OF LIABILITIES - 18.5%** |  | **36766734** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**199200732** |

---

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 $2,434,128 or 1.2% of net assets. The Fund has no right to demand registration of these securities. 

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

<sup>C</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>D</sup> All or a portion represents positions held by the American Beacon Cayman TargetRisk Company, Ltd.

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

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

***Long Futures Contracts Open on September 30, 2025:***

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Borsa Italiana FTSE/MIB Index Futures | 19 | December 2025 | $4751596 | $4739560 | $(12036) |
|  CME E-Mini NASDAQ 100 Index Futures | 20 | December 2025 | 9755378 | 9960700 | 205322 |
|  CME E-Mini S&P 500 ESG Index Futures | 2 | December 2025 | 575853 | 586220 | 10367 |
|  CME E-Mini S&P 500 Index Futures | 67 | December 2025 | 22275896 | 22574812 | 298916 |
|  Eurex DAX Index Futures | 9 | December 2025 | 6279801 | 6342779 | 62978 |
|  Eurex EURO STOXX 50 Futures | 154 | December 2025 | 9833320 | 10018339 | 185019 |

---

*See accompanying notes* 

------

**American Beacon AHL TargetRisk Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Long Futures Contracts Open on September 30, 2025 (continued):***

**Equity Futures Contracts (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Eurex STOXX Europe 600 ESG-X Index Futures | 12 | December 2025 | $286417 | $287408 | $991 |
|  Euronext CAC 40 Index Futures | 57 | October 2025 | 5280752 | 5283404 | 2652 |
|  HKG Hang Seng China Enterprises Index Futures | 46 | October 2025 | 2779597 | 2830242 | 50645 |
|  HKG Hang Seng Index Futures | 18 | October 2025 | 3052278 | 3112433 | 60155 |
|  ICE FTSE 100 Index Futures | 100 | December 2025 | 12538725 | 12652142 | 113417 |
|  KFE KOSPI 200 Index Futures | 56 | December 2025 | 4511793 | 4748156 | 236363 |
|  Montreal Exchange S&P/TSX 60 Index Futures | 54 | December 2025 | 13473625 | 13757448 | 283823 |
|  NSE IFSC NIFTY 50 Index Futures | 16 | October 2025 | 803417 | 792368 | (11049) |
|  OML Stockholm OMXS30 Index Futures | 186 | October 2025 | 5224746 | 5265232 | 40486 |
|  SAFEX FTSE/JSE Top 40 Index Futures | 24 | December 2025 | 1371042 | 1419655 | 48613 |
|  SFE S&P ASX Share Price Index 200 Futures | 64 | December 2025 | 9417584 | 9394022 | (23562) |
|  SGX FTSE China A50 Futures | 264 | October 2025 | 3990422 | 3990360 | (62) |
|  SGX FTSE Taiwan Index Futures | 30 | October 2025 | 2585428 | 2565900 | (19528) |
|  SGX MSCI Singapore Index Futures | 60 | October 2025 | 2090332 | 2080778 | (9554) |
|  SGX Nikkei 225 Stock Index Futures | 55 | December 2025 | 8097333 | 8350323 | 252990 |
|  TSE TOPIX Futures | 63 | December 2025 | 13254261 | 13380870 | 126609 |
|  |  |  | $142229596 | $144133151 | $1903555 |

---

**Interest Rate Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CBOT 2 Year U.S. Treasury Notes Futures | 72 | December 2025 | $15012950 | $15004688 | $(8262) |
|  CBOT 5 Year U.S. Treasury Notes Futures | 107 | December 2025 | 11705065 | 11683899 | (21166) |
|  CBOT 10 Year U.S. Treasury Notes Futures | 94 | December 2025 | 10573387 | 10575000 | 1613 |
|  CBOT U.S. Long Bond Futures | 44 | December 2025 | 5056077 | 5130125 | 74048 |
|  CBOT Ultra Long Term U.S. Treasury Bond Futures | 40 | December 2025 | 4712865 | 4802500 | 89635 |
|  Eurex 5 Year Euro BOBL Futures | 64 | December 2025 | 8856967 | 8852154 | (4813) |
|  Eurex 10 Year Euro BUND Futures | 35 | December 2025 | 5270166 | 5283169 | 13003 |
|  Eurex 30 Year Euro BUXL Futures | 25 | December 2025 | 3310857 | 3360133 | 49276 |
|  Eurex Euro-BTP Italian Bond Futures | 67 | December 2025 | 9374886 | 9426782 | 51896 |
|  French Government Bond Futures | 69 | December 2025 | 9784446 | 9830502 | 46056 |
|  ICE Long Gilt Futures | 104 | December 2025 | 12694623 | 12705749 | 11126 |
|  KFE 3 Year Treasury Bond Futures | 151 | December 2025 | 11546483 | 11493026 | (53457) |
|  KFE 10 Year Treasury Bond Futures | 66 | December 2025 | 5579328 | 5521599 | (57729) |
|  Montreal Exchange 10 Year Canadian Bond Futures | 149 | December 2025 | 12901828 | 13110972 | 209144 |
|  SFE 3 Year Australian Bond Futures | 126 | December 2025 | 8935450 | 8907758 | (27692) |
|  SFE 10 Year Australian Bond Futures | 119 | December 2025 | 8944025 | 8925569 | (18456) |
|  TSE Japanese 10 Year Bond Futures | 37 | December 2025 | 34253110 | 33973899 | (279211) |
|  |  |  | $178512513 | $178587524 | $75011 |

---

***Centrally Cleared Swap Agreements Outstanding on September 30, 2025:***

**Credit Default Swaps on Credit Indices - Buy Protection<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Rate (%)** | **Payment<br>Frequency** | **Expiration<br>Date** | **Implied Credit<br>Spread at<br>9/30/2025<sup>(2)</sup>(%)** | **Curr** | **Notional<br>Amount<sup>(3)</sup>(000s)** | **Premiums<br>Paid<br>(Received)** | **Fair<br>Value<sup>(4)</sup>** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  iTraxx Europe Crossover S43 | 5.00 | Quarterly | 6/20/2030 | 2.4479 | EUR | 4933 | $(609222) | $(616606) | $(7384) |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 10000 | (260975) | (262662) | (1687) |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 5000 | (132107) | (131331) | 776 |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 5000 | (131257) | (131331) | (74) |
|  iTraxx Europe Crossover S43 | 5.00 | Quarterly | 6/20/2030 | 2.4479 | EUR | 4933 | (608054) | (616606) | (8552) |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 5000 | (130924) | (131331) | (407) |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 5000 | (131012) | (131331) | (319) |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 5000 | (130350) | (131331) | (981) |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 5000 | (132846) | (131331) | 1515 |
|  iTraxx Europe Crossover S43 | 5.00 | Quarterly | 6/20/2030 | 2.4479 | EUR | 4933 | (619640) | (616606) | 3034 |

---

*See accompanying notes* 

------

**American Beacon AHL TargetRisk Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Centrally Cleared Swap Agreements Outstanding on September 30, 2025 (continued):***

**Credit Default Swaps on Credit Indices - Buy Protection<sup>(1)</sup> (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Rate (%)** | **Payment<br>Frequency** | **Expiration<br>Date** | **Implied Credit<br>Spread at<br>9/30/2025<sup>(2)</sup>(%)** | **Curr** | **Notional<br>Amount<sup>(3)</sup>**<br>**(000s)** | **Premiums<br>Paid<br>(Received)** | **Fair Value<sup>(4)</sup>** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 5000 | $(132656) | $(131331) | $1325 |
|  CDX.NA.HY.S44 | 5.00 | Quarterly | 6/20/2030 | 5.0000 | USD | 5000 | (387527) | (393780) | (6253) |
|  CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.4822 | USD | 10000 | (228832) | (225345) | 3487 |
|  CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.4822 | USD | 10000 | (227647) | (225345) | 2302 |
|  CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.4822 | USD | 15000 | (343080) | (338016) | 5064 |
|  CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.4822 | USD | 10000 | (228321) | (225345) | 2976 |
|  CDX.NA.HY.S44 | 5.00 | Quarterly | 6/20/2030 | 5.0000 | USD | 5000 | (389650) | (395900) | (6250) |
|  CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.4822 | USD | 10000 | (229223) | (225345) | 3878 |
|  iTraxx Europe S44 | 1.00 | Quarterly | 12/20/2030 | 0.5603 | EUR | 5000 | (125442) | (127660) | (2218) |
|  CDX.NA.IG.S45 | 1.00 | Quarterly | 12/20/2030 | 0.5222 | USD | 5000 | (110921) | (114209) | (3288) |
|  CDX.NA.IG.S45 | 1.00 | Quarterly | 12/20/2030 | 0.5222 | USD | 5000 | (110919) | (114209) | (3290) |
|  |  |  |  |  |  |  | $(5400605) | $(5416951) | $(16346) |

---

**Credit Default Swaps on Credit Indices - Sell Protection<sup>(5)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Rate (%)** | **Payment<br>Frequency** | **Expiration<br>Date** | **Implied Credit<br>Spread at<br>9/30/2025<sup>(2)</sup>(%)** | **Curr** | **Notional<br>Amount<sup>(3)</sup>**<br>**(000s)** | **Premiums<br>Paid<br>(Received)** | **Fair Value<sup>(4)</sup>** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  iTraxx Europe Crossover S43 | 5.00 | Quarterly | 6/20/2030 | 2.4479 | EUR | 14800 | $(162155) | $1849817 | $2011972 |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 35000 | 847036 | 919316 | 72280 |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 5000 | 125823 | 131331 | 5508 |
|  iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5020 | EUR | 5000 | 131308 | 131331 | 23 |
|  CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.4128 | USD | 55000 | 1400469 | 1408108 | 7639 |
|  CDX.NA.HY.S44 | 5.00 | Quarterly | 6/20/2030 | 3.0331 | USD | 20000 | 1446885 | 1595315 | 148430 |
|  iTraxx Europe S44 | 1.00 | Quarterly | 12/20/2030 | 0.5624 | EUR | 5000 | 126905 | 126386 | (519) |
|  iTraxx Europe S44 | 1.00 | Quarterly | 12/20/2030 | 0.5624 | EUR | 5000 | 126534 | 126386 | (148) |
|  iTraxx Europe Crossover S44 | 5.00 | Quarterly | 12/20/2030 | 2.6480 | EUR | 5000 | 612880 | 622204 | 9324 |
|  iTraxx Europe S44 | 1.00 | Quarterly | 12/20/2030 | 0.5624 | EUR | 5000 | 128551 | 126386 | (2165) |
|  iTraxx Europe S44 | 1.00 | Quarterly | 12/20/2030 | 0.5624 | EUR | 5000 | 127375 | 126386 | (989) |
|  iTraxx Europe S44 | 1.00 | Quarterly | 12/20/2030 | 0.5624 | EUR | 10000 | 253898 | 252773 | (1125) |
|  iTraxx Europe S44 | 1.00 | Quarterly | 12/20/2030 | 0.5624 | EUR | 5000 | 128390 | 126386 | (2004) |
|  iTraxx Europe Crossover S44 | 5.00 | Quarterly | 12/20/2030 | 2.6480 | EUR | 5000 | 623876 | 622204 | (1672) |
|  iTraxx Europe Crossover S44 | 5.00 | Quarterly | 12/20/2030 | 2.6480 | EUR | 5000 | 612122 | 622204 | 10082 |
|  iTraxx Europe S44 | 1.00 | Quarterly | 12/20/2030 | 0.5624 | EUR | 5000 | 128080 | 126386 | (1694) |
|  CDX.NA.HY.S45 | 5.00 | Quarterly | 12/20/2030 | 3.2588 | USD | 5000 | 374500 | 380750 | 6250 |
|  CDX.NA.HY.S45 | 5.00 | Quarterly | 12/20/2030 | 3.2512 | USD | 5000 | 376250 | 382500 | 6250 |
|  CDX.NA.IG.S45 | 1.00 | Quarterly | 12/20/2030 | 0.5281 | USD | 10000 | 229053 | 224455 | (4598) |
|  CDX.NA.IG.S45 | 1.00 | Quarterly | 12/20/2030 | 0.5281 | USD | 10000 | 229960 | 224455 | (5505) |
|  CDX.NA.IG.S45 | 1.00 | Quarterly | 12/20/2030 | 0.5281 | USD | 15000 | 345229 | 336681 | (8548) |
|  CDX.NA.IG.S45 | 1.00 | Quarterly | 12/20/2030 | 0.5281 | USD | 10000 | 229917 | 224455 | (5462) |
|  CDX.NA.IG.S45 | 1.00 | Quarterly | 12/20/2030 | 0.5281 | USD | 10000 | 230145 | 224455 | (5690) |
|  |  |  |  |  |  |  | $8673031 | $10910670 | $2237639 |

---

***OTC Swap Agreements Outstanding on September 30, 2025:***

**Total Return Swaps Agreements** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating<br>Rate** | **Description** | **Reference<br>Entity** | **Counter-<br>party** | **Floating<br>Rate** | **Payment<br>Frequency** | **Expiration<br>Date** | **Reference<br>Quantity** | **Notional<br>Amount** | **Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pay | 1-Month<br> USD-LIBOR | BBUXALC<br>INDEX | JPM | 0.000% | Maturity | 10/6/2025 | 269000 | $36524965 | $10638 | $1338575 |
|  |  |  |  |  |  |  |  |  | $10638 | $1338575 |

---

*See accompanying notes* 

------

**American Beacon AHL TargetRisk Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swaps agreements on corporate issues and sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The quoted market prices and resulting values for credit default swaps on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/ sold as of the period end. Increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

***Forward Foreign Currency Contracts Open on September 30, 2025:***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 62649 | USD | 62618 | 10/16/2025 | SSB | $31 | $— | $31 |
| EUR | 64286 | USD | 64367 | 10/16/2025 | SSB |  | (81) | (81) |
| GBP | 74613 | USD | 75361 | 10/16/2025 | SSB |  | (748) | (748) |
| GBP | 81619 | USD | 82030 | 10/16/2025 | SSB |  | (411) | (411) |
| GBP | 82430 | USD | 82568 | 10/16/2025 | SSB |  | (138) | (138) |
| GBP | 85210 | USD | 85265 | 10/16/2025 | SSB |  | (55) | (55) |
| USD | 68117 | CAD | 68000 | 10/16/2025 | SSB | 117 |  | 117 |
| USD | 69933 | HKD | 70000 | 10/16/2025 | SSB |  | (67) | (67) |
| USD | 70778 | HKD | 70784 | 10/16/2025 | SSB |  | (6) | (6) |
| USD | 74142 | EUR | 73739 | 10/16/2025 | SSB | 403 |  | 403 |
| USD | 80616 | SEK | 79252 | 10/16/2025 | SSB | 1364 |  | 1364 |
| USD | 83142 | JPY | 82742 | 10/16/2025 | SSB | 400 |  | 400 |
| USD | 88842 | AUD | 88135 | 10/16/2025 | SSB | 707 |  | 707 |
| CAD | 67956 | USD | 68767 | 10/16/2025 | SSB |  | (811) | (811) |
| AUD | 63444 | USD | 62970 | 10/16/2025 | SSB | 474 |  | 474 |
| USD | 96028 | AUD | 95566 | 10/16/2025 | SSB | 462 |  | 462 |
| SGD | 76592 | USD | 77164 | 10/16/2025 | SSB |  | (572) | (572) |
| USD | 98999 | HKD | 98960 | 10/16/2025 | SSB | 39 |  | 39 |
| USD | 101187 | CAD | 100502 | 10/16/2025 | SSB | 685 |  | 685 |
| USD | 104210 | SEK | 104655 | 10/16/2025 | SSB |  | (445) | (445) |
| GBP | 140489 | USD | 141197 | 10/16/2025 | SSB |  | (708) | (708) |
| USD | 106420 | AUD | 106799 | 10/16/2025 | SSB |  | (379) | (379) |
| EUR | 130908 | USD | 130953 | 10/16/2025 | SSB |  | (45) | (45) |
| CAD | 84391 | USD | 84348 | 10/16/2025 | SSB | 43 |  | 43 |
| USD | 117749 | EUR | 118358 | 10/16/2025 | SSB |  | (609) | (609) |
| AUD | 81061 | USD | 81682 | 10/16/2025 | SSB |  | (621) | (621) |
| USD | 128070 | GBP | 126745 | 10/16/2025 | SSB | 1325 |  | 1325 |
| USD | 135637 | GBP | 133777 | 10/16/2025 | SSB | 1860 |  | 1860 |
| USD | 135839 | GBP | 136820 | 10/16/2025 | SSB |  | (981) | (981) |
| USD | 136525 | AUD | 137027 | 10/16/2025 | SSB |  | (502) | (502) |
| USD | 141566 | GBP | 140847 | 10/16/2025 | SSB | 719 |  | 719 |
| CAD | 101877 | USD | 102479 | 10/16/2025 | SSB |  | (602) | (602) |
| USD | 142107 | EUR | 142943 | 10/16/2025 | SSB |  | (836) | (836) |
| USD | 144561 | GBP | 144249 | 10/16/2025 | SSB | 312 |  | 312 |
| GBP | 200511 | USD | 201245 | 10/16/2025 | SSB |  | (734) | (734) |
| EUR | 176030 | USD | 177217 | 10/16/2025 | SSB |  | (1187) | (1187) |
| CAD | 108800 | USD | 109702 | 10/16/2025 | SSB |  | (902) | (902) |
| EUR | 178774 | USD | 178863 | 10/16/2025 | SSB |  | (89) | (89) |
| USD | 153928 | AUD | 154129 | 10/16/2025 | SSB |  | (201) | (201) |
| AUD | 102277 | USD | 102280 | 10/16/2025 | SSB |  | (3) | (3) |
| CAD | 114142 | USD | 115207 | 10/16/2025 | SSB |  | (1065) | (1065) |

---

*See accompanying notes* 

------

**American Beacon AHL TargetRisk Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 30, 2025 (continued):***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased\*** | **Currency Purchased\*** | **Currency Sold\*** | **Currency Sold\*** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 193687 | USD | 193704 | 10/16/2025 | SSB | $— | $(17) | $(17) |
| AUD | 112055 | USD | 110703 | 10/16/2025 | SSB | 1352 |  | 1352 |
| GBP | 230453 | USD | 230292 | 10/16/2025 | SSB | 161 |  | 161 |
| USD | 172314 | EUR | 171780 | 10/16/2025 | SSB | 534 |  | 534 |
| CAD | 135331 | USD | 136437 | 10/16/2025 | SSB |  | (1106) | (1106) |
| GBP | 274985 | USD | 274867 | 10/16/2025 | SSB | 118 |  | 118 |
| AUD | 143681 | USD | 143293 | 10/16/2025 | SSB | 388 |  | 388 |
| CAD | 157876 | USD | 157927 | 10/16/2025 | SSB |  | (51) | (51) |
| EUR | 275609 | USD | 275099 | 10/16/2025 | SSB | 510 |  | 510 |
| USD | 234983 | EUR | 235792 | 10/16/2025 | SSB |  | (809) | (809) |
| USD | 290269 | EUR | 289492 | 10/16/2025 | SSB | 777 |  | 777 |
| USD | 312292 | EUR | 309526 | 10/16/2025 | SSB | 2766 |  | 2766 |
| USD | 341776 | JPY | 341145 | 10/16/2025 | SSB | 631 |  | 631 |
| EUR | 452898 | USD | 453377 | 10/16/2025 | SSB |  | (479) | (479) |
| GBP | 604435 | USD | 603636 | 10/16/2025 | SSB | 799 |  | 799 |
| USD | 463240 | EUR | 464745 | 10/16/2025 | SSB |  | (1505) | (1505) |
| GBP | 631627 | USD | 634599 | 10/16/2025 | SSB |  | (2972) | (2972) |
| EUR | 562649 | USD | 561945 | 10/16/2025 | SSB | 704 |  | 704 |
| EUR | 606515 | USD | 603366 | 10/16/2025 | SSB | 3149 |  | 3149 |
| HKD | 67789 | USD | 67813 | 10/16/2025 | SSB |  | (24) | (24) |
| HKD | 73205 | USD | 73229 | 10/16/2025 | SSB |  | (24) | (24) |
| EUR | 699735 | USD | 698118 | 10/16/2025 | SSB | 1617 |  | 1617 |
| USD | 597457 | EUR | 597475 | 10/16/2025 | SSB |  | (18) | (18) |
| EUR | 710609 | USD | 706919 | 10/16/2025 | SSB | 3690 |  | 3690 |
| USD | 605634 | EUR | 604786 | 10/16/2025 | SSB | 848 |  | 848 |
| USD | 711922 | EUR | 710925 | 10/16/2025 | SSB | 997 |  | 997 |
| SEK | 78016 | USD | 78377 | 10/16/2025 | SSB |  | (361) | (361) |
| HKD | 97928 | USD | 97927 | 10/16/2025 | SSB | 1 |  | 1 |
| USD | 846408 | GBP | 842153 | 10/16/2025 | SSB | 4255 |  | 4255 |
| SEK | 94174 | USD | 94448 | 10/16/2025 | SSB |  | (274) | (274) |
| HKD | 125260 | USD | 125393 | 10/16/2025 | SSB |  | (133) | (133) |
| SEK | 109658 | USD | 109596 | 10/16/2025 | SSB | 62 |  | 62 |
| USD | 1129784 | GBP | 1127163 | 10/16/2025 | SSB | 2621 |  | 2621 |
| USD | 1208539 | GBP | 1199240 | 10/16/2025 | SSB | 9299 |  | 9299 |
| GBP | 1874060 | USD | 1860513 | 10/16/2025 | SSB | 13547 |  | 13547 |
| HKD | 195035 | USD | 195073 | 10/16/2025 | SSB |  | (38) | (38) |
| USD | 1733789 | CAD | 1719281 | 10/16/2025 | SSB | 14508 |  | 14508 |
| USD | 1811368 | KRW | 1794535 | 10/16/2025 | SSB | 16833 |  | 16833 |
| USD | 2145987 | JPY | 2121681 | 10/16/2025 | SSB | 24306 |  | 24306 |
| USD | 3141120 | EUR | 3130473 | 10/16/2025 | SSB | 10647 |  | 10647 |
| JPY | 75882 | USD | 74932 | 10/16/2025 | SSB | 950 |  | 950 |
| USD | 11583968 | EUR | 11544703 | 10/16/2025 | SSB | 39265 |  | 39265 |
| JPY | 86278 | USD | 86221 | 10/16/2025 | SSB | 57 |  | 57 |
| USD | 12866407 | GBP | 12738632 | 10/16/2025 | SSB | 127775 |  | 127775 |
| JPY | 91789 | USD | 92283 | 10/16/2025 | SSB |  | (494) | (494) |
| JPY | 111822 | USD | 111849 | 10/16/2025 | SSB |  | (27) | (27) |
| JPY | 157732 | USD | 157662 | 10/16/2025 | SSB | 70 |  | 70 |
| JPY | 172111 | USD | 172623 | 10/16/2025 | SSB |  | (512) | (512) |
| JPY | 206807 | USD | 205686 | 10/16/2025 | SSB | 1121 |  | 1121 |
| JPY | 279844 | USD | 281130 | 10/16/2025 | SSB |  | (1286) | (1286) |
| EUR | 236620 | USD | 235197 | 10/23/2025 | SSB | 1423 |  | 1423 |
|  |  |  |  |  |  | $294722 | $(22928) | $271794 |

---

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

***Glossary:***

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

JPM JPMorgan Chase Bank, N.A. <br> SSB State Street Bank & Trust Co.

*See accompanying notes* 

------

**American Beacon AHL TargetRisk Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
|  AUD | Australian Dollar |
|  CAD | Canadian Dollar |
|  EUR | Euro |
|  GBP | British Pound |
|  HKD | Hong Kong Dollar |
|  JPY | Japanese Yen |
|  KRW | South Korean Won |
|  SEK | Swedish Krona |
|  SGD | Singapore Dollar |
|  USD | United States Dollar |

---

**<u>Index Abbreviations:</u>**

---

| | |
|:---|:---|
|  BBUXALC | Bloomberg Commodity ex-Agriculture and Livestock Capped Index. |
|  CAC 40 | Euronet Paris - French Stock Market Index. |
|  DAX | Deutsche Boerse AG German Stock Index. |
|  EURO STOXX 50 | Eurozone Blue-chip Index. |
|  FTSE 100 | Financial Times Stock Exchange 100 Index. |
|  FTSE China A50 | Financial Times Stock Exchange China A50 Index. |
|  FTSE/JSE Top 40 | Largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index. |
|  FTSE/MIB | Borsa Italiana-Italian Stock Market Index. |
|  Hang Seng | Hong Kong Stock Market Index. |
|  KOSPI | South Korean Stock Market Index. |
|  NASDAQ | National Association of Securities Dealers Automated Quotations. |
|  Nifty 50 | National Stock Exchange FIFTY. |
|  NIKKEI 225 | Nikkei Stock Average. |
|  OMXS30 | Stockholm Stock Exchange's leading share index. |
|  S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |
|  S&P/TSX | Canadian Equity Market Index. |
|  Stoxx Europe 600 | Europe Total Market Index. |
|  TOPIX | Tokyo Stock Exchange Tokyo Price Index. |

---

**<u>Exchange Abbreviations:</u>**

---

| | |
|:---|:---|
|  ASX | Australian Securities Exchange. |
|  CBOT | Chicago Board of Trade. |
|  CME | Chicago Mercantile Exchange. |
|  Eurex | European derivatives exchange. |
|  Euronext | European New Exchange Technology. |
|  HKG | Hong Kong Exchange. |
|  ICE | Intercontinental Exchange. |
|  JSE | Johannesburg Stock Exchange. |
|  KFE | Korea Exchange - KOFEX. |
|  NSE | National Stock Exchange. |
|  OML | OMLX: London Securities & Derivatives Exchange. |
|  SAFEX | South African Futures Exchange. |
|  SFE | Sydney Futures Exchange. |
|  SGX | Singapore Stock Exchange. |
|  TSE | Tokyo Stock Exchange. |

---

**<u>Other Abbreviations:</u>**

---

| | |
|:---|:---|
|  BOBL | Medium term debt that is issued by the Federal Republic of Germany. |
|  BTP | Buoni del Tesoro Poliennali. |
|  BUND | German Federal Government Bond. |
|  Buxl | Long term debt that is issued by the Federal Republic of Germany. |
|  CDX | Credit Default Swap Index. |
|  Gilt | Bank of England Bonds. |
|  IFSC | International Financial Services Centre. |
|  iTraxx | Credit Default Swap Index. |
|  LIBOR | London International Offered Rate. |
|  OAT | Obligations Assimilables du Tresor. |
|  OTC | Over-the-Counter. |

---

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

*See accompanying notes* 

------

**American Beacon AHL TargetRisk Fund<sup>SM</sup>** 

**Consolidated Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AHL TargetRisk Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Foreign Sovereign Obligations | $— | $20709450 | $— | $20709450 |
|  U.S. Treasury Obligations |  | 31445743 |  | 31445743 |
|  Short-Term Investments |  | 110278805 |  | 110278805 |
|  Total Investments in Securities - Assets | $— | $162433998 | $— | $162433998 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $2525143 | $— | $— | $2525143 |
|  Swap Contract Agreements |  | 3640690 |  | 3640690 |
|  Forward Foreign Currency Contracts |  | 294722 |  | 294722 |
|  Total Financial Derivative Instruments - Assets | $2525143 | $3935412 | $— | $6460555 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Futures Contracts | $(546577) | $— | $— | $(546577) |
|  Swap Contract Agreements |  | (80822) |  | (80822) |
|  Forward Foreign Currency Contracts |  | (22928) |  | (22928) |
|  Total Financial Derivative Instruments - Liabilities | $(546577) | $(103750) | $— | $(650327) |

---

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

*See accompanying notes* 

------

**American Beacon Man Large Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 98.4% |  |  |
|  **Communication Services - 13.6%** |  |  |
|  **Entertainment - 1.2%** |  |  |
|  Netflix, Inc.<sup>A</sup> | 914 | $1095813 |
|  Roku, Inc.<sup>A</sup> | 13600 | 1361768 |
|  |  | **2457581** |
|  **Interactive Media & Services - 12.4%** |  |  |
|  Alphabet, Inc., Class A | 59310 | 14418261 |
|  Meta Platforms, Inc., Class A | 11690 | 8584902 |
|  Pinterest, Inc., Class A<sup>A</sup> | 62200 | 2000974 |
|  |  | **25004137** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **27461718** |
|  **Consumer Discretionary - 8.9%** |  |  |
|  **Broadline Retail - 5.5%** |  |  |
|  Amazon.com, Inc.<sup>A</sup> | 50900 | **11176113** |
|  **Hotels, Restaurants & Leisure - 2.9%** |  |  |
|  Booking Holdings, Inc. | 1101 | **5944596** |
|  **Textiles, Apparel & Luxury Goods - 0.5%** |  |  |
|  Deckers Outdoor Corp.<sup>A</sup> | 9400 | **952878** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **18073587** |
|  **Consumer Staples - 1.4%** |  |  |
|  **Consumer Staples Distribution & Retail - 1.4%** |  |  |
|  Costco Wholesale Corp. | 2980 | **2758377** |
|  **Financials - 6.4%** |  |  |
|  **Financial Services - 5.3%** |  |  |
|  Mastercard, Inc., Class A | 13920 | 7917836 |
|  Visa, Inc., Class A | 8200 | 2799316 |
|  |  | **10717152** |
|  **Insurance - 1.1%** |  |  |
|  Aon PLC, Class A | 2140 | 763081 |
|  Arch Capital Group Ltd. | 15600 | 1415388 |
|  |  | **2178469** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **12895621** |
|  **Health Care - 11.2%** |  |  |
|  **Biotechnology - 4.0%** |  |  |
|  AbbVie, Inc. | 17900 | 4144566 |
|  Exelixis, Inc.<sup>A</sup> | 26700 | 1102710 |
|  Incyte Corp.<sup>A</sup> | 21300 | 1806453 |
|  Regeneron Pharmaceuticals, Inc. | 1960 | 1102050 |
|  |  | **8155779** |
|  **Health Care Providers & Services - 2.6%** |  |  |
|  Cardinal Health, Inc. | 6100 | 957456 |
|  Chemed Corp. | 510 | 228347 |
|  McKesson Corp. | 5120 | 3955405 |
|  |  | **5141208** |
|  **Health Care Technology - 2.0%** |  |  |
|  Veeva Systems, Inc., Class A<sup>A</sup> | 13700 | **4081367** |
|  **Pharmaceuticals - 2.6%** |  |  |
|  Merck & Co., Inc. | 30500 | 2559865 |

---

*See accompanying notes* 

------

**American Beacon Man Large Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 98.4% (continued) |  |  |
|  **Health Care - 11.2% (continued)** |  |  |
|  **Pharmaceuticals - 2.6% (continued)** |  |  |
|  Zoetis, Inc. | 17900 | $2619128 |
|  |  | **5178993** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **22557347** |
|  **Industrials - 4.0%** |  |  |
|  **Building Products - 1.2%** |  |  |
|  Trane Technologies PLC | 5590 | **2358756** |
|  **Construction & Engineering - 1.0%** |  |  |
|  EMCOR Group, Inc. | 3210 | **2085024** |
|  **Ground Transportation - 1.8%** |  |  |
|  Lyft, Inc., Class A<sup>A</sup> | 25700 | 565657 |
|  Uber Technologies, Inc.<sup>A</sup> | 31900 | 3125243 |
|  |  | **3690900** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **8134680** |
|  **Information Technology - 52.4%** |  |  |
|  **Communications Equipment - 1.9%** |  |  |
|  Arista Networks, Inc.<sup>A</sup> | 26840 | **3910856** |
|  **Electronic Equipment, Instruments & Components - 0.8%** |  |  |
|  Amphenol Corp., Class A | 13600 | **1683000** |
|  **IT Services - 3.1%** |  |  |
|  GoDaddy, Inc., Class A<sup>A</sup> | 10800 | 1477764 |
|  MongoDB, Inc.<sup>A</sup> | 5860 | 1818827 |
|  Okta, Inc.<sup>A</sup> | 18900 | 1733130 |
|  Twilio, Inc., Class A<sup>A</sup> | 12900 | 1291161 |
|  |  | **6320882** |
|  **Semiconductors & Semiconductor Equipment - 17.0%** |  |  |
|  Advanced Micro Devices, Inc.<sup>A</sup> | 26600 | 4303614 |
|  Applied Materials, Inc. | 19100 | 3910534 |
|  Broadcom, Inc. | 5490 | 1811206 |
|  Lam Research Corp. | 24600 | 3293940 |
|  Marvell Technology, Inc. | 31000 | 2606170 |
|  NVIDIA Corp. | 64500 | 12034410 |
|  Onto Innovation, Inc.<sup>A</sup> | 10700 | 1382654 |
|  QUALCOMM, Inc. | 18600 | 3094296 |
|  Teradyne, Inc. | 12900 | 1775556 |
|  |  | **34212380** |
|  **Software - 22.2%** |  |  |
|  Adobe, Inc.<sup>A</sup> | 9200 | 3245300 |
|  Atlassian Corp., Class A<sup>A</sup> | 11500 | 1836550 |
|  Autodesk, Inc.<sup>A</sup> | 4600 | 1461282 |
|  Cadence Design Systems, Inc.<sup>A</sup> | 7380 | 2592299 |
|  Datadog, Inc., Class A<sup>A</sup> | 13500 | 1922400 |
|  Dynatrace, Inc.<sup>A</sup> | 35500 | 1719975 |
|  Elastic NV<sup>A</sup> | 5700 | 481593 |
|  Fortinet, Inc.<sup>A</sup> | 55600 | 4674848 |
|  HubSpot, Inc.<sup>A</sup> | 4600 | 2151880 |
|  Intuit, Inc. | 4670 | 3189189 |
|  Manhattan Associates, Inc.<sup>A</sup> | 6000 | 1229880 |
|  Microsoft Corp. | 20120 | 10421154 |
|  Nutanix, Inc., Class A<sup>A</sup> | 27100 | 2015969 |
|  Salesforce, Inc. | 11490 | 2723130 |
|  ServiceNow, Inc.<sup>A</sup> | 3057 | 2813296 |

---

*See accompanying notes* 

------

**American Beacon Man Large Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 98.4% (continued) |  |  |
|  **Information Technology - 52.4% (continued)** |  |  |
|  **Software - 22.2% (continued)** |  |  |
|  Workday, Inc., Class A<sup>A</sup> | 9000 | $2166570 |
|  |  | **44645315** |
|  **Technology Hardware, Storage & Peripherals - 7.4%** |  |  |
|  Apple, Inc. | 38560 | 9818533 |
|  NetApp, Inc. | 20200 | 2392892 |
|  Pure Storage, Inc., Class A<sup>A</sup> | 31100 | 2606491 |
|  |  | **14817916** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **105590349** |
|  **Utilities - 0.5%** |  |  |
|  **Independent Power & Renewable Electricity Producers - 0.5%** |  |  |
|  Vistra Corp. | 5100 | **999192** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $130,864,881)** |  | **198470871** |
|  RIGHTS - 0.0% (Cost $4,590) |  |  |
|  **Health Care - 0.0%** |  |  |
|  ABIOMED, Inc.<sup>A B C</sup> | 4500 | **0** |
|  SHORT-TERM INVESTMENTS - 1.4% (Cost $2,763,362) |  |  |
|  **Investment Companies - 1.4%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>D E</sup> | 2763362 | **2763362** |
|  **TOTAL INVESTMENTS - 99.8% (Cost $133,632,833)** |  | **201234233** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.2%** |  | **416624** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**201650857** |

---

Percentages are stated as a percent of net assets.

<sup>A</sup> Non-income producing security.

<sup>B</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 $0 or 0.0% of net assets. 

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

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

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

PLC - Public Limited Company.

***Long Futures Contracts Open on September 30, 2025:***

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CME E-Mini S&P 500 Index Futures | 9 | December 2025 | $3000388 | $3032438 | $32050 |
|  |  |  | $3000388 | $3032438 | $32050 |

---

***Glossary:***

**<u>Index Abbreviations:</u>**

S&P 500 Standard & Poor's 500 Index - U.S. Equity Large-Cap Index.

*See accompanying notes* 

------

**American Beacon Man Large Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

**<u>Exchange Abbreviations:</u>**

CME Chicago Mercantile Exchange.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Man Large Cap Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $198470871 | $— | $— | $198470871 |
|  Rights |  |  | 0<sup>(1)</sup> | 0<sup>(1)</sup> |
|  Short-Term Investments | 2763362 |  |  | 2763362 |
|  Total Investments in Securities - Assets | $201234233 | $— | $0<sup>(1)</sup> | $201234233 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $32050 | $— | $— | $32050 |
|  Total Financial Derivative Instruments - Assets | $32050 | $— | $— | $32050 |

---

<sup>(1)</sup> *Includes investments held in the Fund's portfolio with $0 fair value.* 

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

*See accompanying notes* 

------

**American Beacon Man Large Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 97.9% |  |  |
|  **Communication Services - 7.9%** |  |  |
|  **Entertainment - 2.4%** |  |  |
|  Electronic Arts, Inc. | 16200 | $3267540 |
|  Walt Disney Co. | 19800 | 2267100 |
|  |  | **5534640** |
|  **Interactive Media & Services - 3.1%** |  |  |
|  Alphabet, Inc., Class A | 23800 | 5785780 |
|  Match Group, Inc. | 34700 | 1225604 |
|  |  | **7011384** |
|  **Media - 2.4%** |  |  |
|  Comcast Corp., Class A | 79500 | 2497890 |
|  Fox Corp., Class B | 26300 | 1506727 |
|  New York Times Co., Class A | 22800 | 1308720 |
|  |  | **5313337** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **17859361** |
|  **Consumer Discretionary - 6.1%** |  |  |
|  **Automobile Components - 1.3%** |  |  |
|  BorgWarner, Inc. | 51100 | 2246356 |
|  Lear Corp. | 7900 | 794819 |
|  |  | **3041175** |
|  **Broadline Retail - 2.3%** |  |  |
|  eBay, Inc. | 57300 | **5211435** |
|  **Diversified Consumer Services - 0.9%** |  |  |
|  ADT, Inc. | 66800 | 581828 |
|  Grand Canyon Education, Inc.<sup>A</sup> | 3300 | 724416 |
|  H&R Block, Inc. | 12500 | 632125 |
|  |  | **1938369** |
|  **Hotels, Restaurants & Leisure - 0.3%** |  |  |
|  Booking Holdings, Inc. | 136 | **734301** |
|  **Household Durables - 1.3%** |  |  |
|  Toll Brothers, Inc. | 21600 | **2983824** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **13909104** |
|  **Consumer Staples - 2.3%** |  |  |
|  **Beverages - 0.2%** |  |  |
|  Coca-Cola Consolidated, Inc. | 3300 | **386628** |
|  **Consumer Staples Distribution & Retail - 1.4%** |  |  |
|  Walmart, Inc. | 30900 | **3184554** |
|  **Food Products - 0.7%** |  |  |
|  Ingredion, Inc. | 13000 | **1587430** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **5158612** |
|  **Energy - 0.5%** |  |  |
|  **Oil, Gas & Consumable Fuels - 0.5%** |  |  |
|  HF Sinclair Corp. | 24300 | **1271862** |
|  **Financials - 29.4%** |  |  |
|  **Banks - 3.2%** |  |  |
|  Citigroup, Inc. | 27400 | 2781100 |

---

*See accompanying notes* 

------

**American Beacon Man Large Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 97.9% (continued) |  |  |
|  **Financials - 29.4% (continued)** |  |  |
|  **Banks - 3.2% (continued)** |  |  |
|  Citizens Financial Group, Inc. | 84100 | $4470756 |
|  |  | **7251856** |
|  **Capital Markets - 3.4%** |  |  |
|  Charles Schwab Corp. | 12300 | 1174281 |
|  MarketAxess Holdings, Inc. | 6200 | 1080350 |
|  SEI Investments Co. | 14500 | 1230325 |
|  State Street Corp. | 36200 | 4199562 |
|  |  | **7684518** |
|  **Consumer Finance - 6.5%** |  |  |
|  Ally Financial, Inc. | 100200 | 3927840 |
|  Capital One Financial Corp. | 26000 | 5527080 |
|  Synchrony Financial | 74600 | 5300330 |
|  |  | **14755250** |
|  **Financial Services - 2.9%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>A</sup> | 5870 | 2951084 |
|  PayPal Holdings, Inc.<sup>A</sup> | 34100 | 2286746 |
|  Voya Financial, Inc. | 19100 | 1428680 |
|  |  | **6666510** |
|  **Insurance - 13.4%** |  |  |
|  Allstate Corp. | 15790 | 3389324 |
|  American Financial Group, Inc. | 9500 | 1384340 |
|  American International Group, Inc. | 5200 | 408408 |
|  Arch Capital Group Ltd. | 31700 | 2876141 |
|  Assurant, Inc. | 4000 | 866400 |
|  Axis Capital Holdings Ltd. | 4400 | 421520 |
|  Chubb Ltd. | 9040 | 2551540 |
|  Cincinnati Financial Corp. | 8500 | 1343850 |
|  Everest Group Ltd. | 6340 | 2220458 |
|  Hartford Insurance Group, Inc. | 22300 | 2974597 |
|  MetLife, Inc. | 62100 | 5115177 |
|  Principal Financial Group, Inc. | 26300 | 2180533 |
|  Progressive Corp. | 10800 | 2667060 |
|  Reinsurance Group of America, Inc. | 2100 | 403473 |
|  Willis Towers Watson PLC | 4330 | 1495798 |
|  |  | **30298619** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **66656753** |
|  **Health Care - 21.1%** |  |  |
|  **Biotechnology - 6.5%** |  |  |
|  Biogen, Inc.<sup>A</sup> | 12400 | 1736992 |
|  Exact Sciences Corp.<sup>A</sup> | 9100 | 497861 |
|  Exelixis, Inc.<sup>A</sup> | 61500 | 2539950 |
|  Gilead Sciences, Inc. | 47700 | 5294700 |
|  Incyte Corp.<sup>A</sup> | 33100 | 2807211 |
|  Regeneron Pharmaceuticals, Inc. | 3330 | 1872359 |
|  |  | **14749073** |
|  **Health Care Equipment & Supplies - 2.3%** |  |  |
|  Edwards Lifesciences Corp.<sup>A</sup> | 39300 | 3056361 |
|  Hologic, Inc.<sup>A</sup> | 33600 | 2267664 |
|  |  | **5324025** |
|  **Health Care Providers & Services - 5.0%** |  |  |
|  Cardinal Health, Inc. | 25100 | 3939696 |
|  Chemed Corp. | 1340 | 599971 |
|  Cigna Group | 1360 | 392020 |

---

*See accompanying notes* 

------

**American Beacon Man Large Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 97.9% (continued) |  |  |
|  **Health Care - 21.1% (continued)** |  |  |
|  **Health Care Providers & Services - 5.0% (continued)** |  |  |
|  Elevance Health, Inc. | 6140 | $1983957 |
|  Humana, Inc. | 880 | 228950 |
|  McKesson Corp. | 5310 | 4102187 |
|  |  | **11246781** |
|  **Life Sciences Tools & Services - 1.1%** |  |  |
|  Agilent Technologies, Inc. | 19400 | **2489990** |
|  **Pharmaceuticals - 6.2%** |  |  |
|  Bristol-Myers Squibb Co. | 77200 | 3481720 |
|  Jazz Pharmaceuticals PLC<sup>A</sup> | 8900 | 1173020 |
|  Johnson & Johnson | 32000 | 5933440 |
|  Merck & Co., Inc. | 41300 | 3466309 |
|  |  | **14054489** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **47864358** |
|  **Industrials - 10.6%** |  |  |
|  **Aerospace & Defense - 3.7%** |  |  |
|  Curtiss-Wright Corp. | 3240 | 1759126 |
|  General Dynamics Corp. | 8320 | 2837120 |
|  Leonardo DRS, Inc. | 24100 | 1094140 |
|  RTX Corp. | 7100 | 1188043 |
|  Textron, Inc. | 17700 | 1495473 |
|  |  | **8373902** |
|  **Building Products - 1.3%** |  |  |
|  A.O. Smith Corp. | 22000 | 1615020 |
|  Owens Corning | 10400 | 1471184 |
|  |  | **3086204** |
|  **Commercial Services & Supplies - 0.9%** |  |  |
|  Republic Services, Inc. | 8600 | **1973528** |
|  **Construction & Engineering - 1.8%** |  |  |
|  EMCOR Group, Inc. | 3650 | 2370821 |
|  MasTec, Inc.<sup>A</sup> | 7900 | 1681199 |
|  |  | **4052020** |
|  **Machinery - 2.5%** |  |  |
|  Cummins, Inc. | 9370 | 3957607 |
|  Graco, Inc. | 21100 | 1792656 |
|  |  | **5750263** |
|  **Professional Services - 0.4%** |  |  |
|  Leidos Holdings, Inc. | 4700 | **888112** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **24124029** |
|  **Information Technology - 16.7%** |  |  |
|  **Communications Equipment - 3.6%** |  |  |
|  Cisco Systems, Inc. | 107500 | 7355150 |
|  Motorola Solutions, Inc. | 1410 | 644779 |
|  |  | **7999929** |
|  **Electronic Equipment, Instruments & Components - 1.5%** |  |  |
|  Keysight Technologies, Inc.<sup>A</sup> | 14800 | 2588816 |
|  Littelfuse, Inc. | 3200 | 828832 |
|  |  | **3417648** |

---

*See accompanying notes* 

------

**American Beacon Man Large Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 97.9% (continued) |  |  |
|  **Information Technology - 16.7% (continued)** |  |  |
|  **IT Services - 1.0%** |  |  |
|  Amdocs Ltd. | 21100 | $1731255 |
|  Twilio, Inc., Class A<sup>A</sup> | 5483 | 548793 |
|  |  | **2280048** |
|  **Semiconductors & Semiconductor Equipment - 7.0%** |  |  |
|  Advanced Micro Devices, Inc.<sup>A</sup> | 17300 | 2798967 |
|  Analog Devices, Inc. | 4100 | 1007370 |
|  Applied Materials, Inc. | 20600 | 4217644 |
|  Cirrus Logic, Inc.<sup>A</sup> | 5000 | 626450 |
|  Onto Innovation, Inc.<sup>A</sup> | 6800 | 878696 |
|  Qorvo, Inc.<sup>A</sup> | 5800 | 528264 |
|  QUALCOMM, Inc. | 16600 | 2761576 |
|  Skyworks Solutions, Inc. | 14400 | 1108512 |
|  Teradyne, Inc. | 14600 | 2009544 |
|  |  | **15937023** |
|  **Software - 3.5%** |  |  |
|  Dolby Laboratories, Inc., Class A | 18700 | 1353319 |
|  Dropbox, Inc., Class A<sup>A</sup> | 58500 | 1767285 |
|  Salesforce, Inc. | 20500 | 4858500 |
|  |  | **7979104** |
|  **Technology Hardware, Storage & Peripherals - 0.1%** |  |  |
|  NetApp, Inc. | 1800 | **213228** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **37826980** |
|  **Materials - 2.7%** |  |  |
|  **Metals & Mining - 2.7%** |  |  |
|  Newmont Corp. | 55800 | 4704498 |
|  Royal Gold, Inc. | 6900 | 1384002 |
|  |  | **6088500** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **6088500** |
|  **Real Estate - 0.6%** |  |  |
|  **Health Care REITs - 0.6%** |  |  |
|  Healthpeak Properties, Inc. | 73500 | **1407525** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $178,496,557)** |  | **222167084** |
|  FOREIGN COMMON STOCKS - 0.5% (Cost $1,216,542) |  |  |
|  **Information Technology - 0.5%** |  |  |
|  **IT Services - 0.5%** |  |  |
|  Accenture PLC, Class A | 4510 | **1112166** |
|  SHORT-TERM INVESTMENTS - 1.7% (Cost $3,797,406) |  |  |
|  **Investment Companies - 1.7%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>B C</sup> | 3797406 | **3797406** |
|  **TOTAL INVESTMENTS - 100.1% (Cost $183,510,505)** |  | **227076656** |
|  **LIABILITIES, NET OF OTHER ASSETS - (0.1%)** |  | **(235099)** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**226841557** |
|  Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> Non-income producing security.

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

*See accompanying notes* 

------

**American Beacon Man Large Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

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

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

***Long Futures Contracts Open on September 30, 2025:***

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional<br>Amount** | **Contract<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CME E-Mini S&P 500 Index Futures | 12 | December 2025 | $4007932 | $4043250 | $35318 |
|  |  |  | $4007932 | $4043250 | $35318 |

---

***Glossary:***

**<u>Index Abbreviations:</u>**

S&P 500 Standard & Poor's 500 Index - U.S. Equity Large-Cap Index.

**<u>Exchange Abbreviations:</u>**

CME Chicago Mercantile Exchange.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Man Large Cap Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $222167084 | $— | $— | $222167084 |
|  Foreign Common Stocks | 1112166 |  |  | 1112166 |
|  Short-Term Investments | 3797406 |  |  | 3797406 |
|  Total Investments in Securities - Assets | $227076656 | $— | $— | $227076656 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $35318 | $— | $— | $35318 |
|  Total Financial Derivative Instruments - Assets | $35318 | $— | $— | $35318 |

---

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

*See accompanying notes* 

------

**American Beacon Stephens Mid-Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS - 88.3%** |  |  |
|  **Communication Services - 6.8%** |  |  |
|  **Entertainment - 5.9%** |  |  |
|  Electronic Arts, Inc. | 66445 | $13401957 |
|  Live Nation Entertainment, Inc.<sup>A</sup> | 68442 | 11183423 |
|  Spotify Technology SA<sup>A</sup> | 11757 | 8206386 |
|  Take-Two Interactive Software, Inc.<sup>A</sup> | 47843 | 12360717 |
|  |  | **45152483** |
|  **Interactive Media & Services - 0.9%** |  |  |
|  Reddit, Inc., Class A<sup>A</sup> | 30234 | **6953517** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **52106000** |
|  **Consumer Discretionary - 11.0%** |  |  |
|  **Broadline Retail - 0.4%** |  |  |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>A</sup> | 26327 | **3380387** |
|  **Distributors - 0.5%** |  |  |
|  Pool Corp. | 11692 | **3625339** |
|  **Diversified Consumer Services - 0.8%** |  |  |
|  Bright Horizons Family Solutions, Inc.<sup>A</sup> | 53690 | **5829123** |
|  **Hotels, Restaurants & Leisure - 4.1%** |  |  |
|  Domino's Pizza, Inc. | 20137 | 8693344 |
|  Dutch Bros, Inc., Class A<sup>A</sup> | 97797 | 5118695 |
|  Texas Roadhouse, Inc. | 20740 | 3445951 |
|  Viking Holdings Ltd.<sup>A</sup> | 81084 | 5040181 |
|  Wingstop, Inc. | 36629 | 9218787 |
|  |  | **31516958** |
|  **Specialty Retail - 5.2%** |  |  |
|  Burlington Stores, Inc.<sup>A</sup> | 44514 | 11328813 |
|  Five Below, Inc.<sup>A</sup> | 57813 | 8943671 |
|  Ross Stores, Inc. | 70079 | 10679339 |
|  Tractor Supply Co. | 145883 | 8296366 |
|  |  | **39248189** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **83599996** |
|  **Energy - 3.5%** |  |  |
|  **Energy Equipment & Services - 1.1%** |  |  |
|  Baker Hughes Co. | 168882 | **8227931** |
|  **Oil, Gas & Consumable Fuels - 2.4%** |  |  |
|  Antero Resources Corp.<sup>A</sup> | 122519 | 4111738 |
|  Diamondback Energy, Inc. | 32948 | 4714859 |
|  Expand Energy Corp. | 91419 | 9712354 |
|  |  | **18538951** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **26766882** |
|  **Financials - 8.7%** |  |  |
|  **Capital Markets - 4.1%** |  |  |
|  Evercore, Inc., Class A | 32905 | 11099515 |
|  Robinhood Markets, Inc., Class A<sup>A</sup> | 87874 | 12581799 |
|  Tradeweb Markets, Inc., Class A | 67994 | 7545974 |
|  |  | **31227288** |
|  **Consumer Finance - 1.7%** |  |  |
|  FirstCash Holdings, Inc. | 79589 | **12608489** |

---

*See accompanying notes* 

------

**American Beacon Stephens Mid-Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 88.3% (continued) |  |  |
|  **Financials - 8.7% (continued)** |  |  |
|  **Financial Services - 1.0%** |  |  |
|  Toast, Inc., Class A<sup>A</sup> | 204340 | $**7460454** |
|  **Insurance - 1.9%** |  |  |
|  Kinsale Capital Group, Inc. | 15314 | 6512432 |
|  Ryan Specialty Holdings, Inc. | 146775 | 8272239 |
|  |  | **14784671** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **66080902** |
|  **Health Care - 13.0%** |  |  |
|  **Biotechnology - 2.0%** |  |  |
|  Exact Sciences Corp.<sup>A</sup> | 91528 | 5007497 |
|  Exelixis, Inc.<sup>A</sup> | 237224 | 9797351 |
|  |  | **14804848** |
|  **Health Care Equipment & Supplies - 4.9%** |  |  |
|  Dexcom, Inc.<sup>A</sup> | 101851 | 6853554 |
|  Hologic, Inc.<sup>A</sup> | 75366 | 5086451 |
|  IDEXX Laboratories, Inc.<sup>A</sup> | 13257 | 8469765 |
|  Insulet Corp.<sup>A</sup> | 24781 | 7650638 |
|  ResMed, Inc. | 34450 | 9429999 |
|  |  | **37490407** |
|  **Health Care Providers & Services - 1.3%** |  |  |
|  HealthEquity, Inc.<sup>A</sup> | 62809 | 5952409 |
|  Henry Schein, Inc.<sup>A B</sup> | 59813 | 3969789 |
|  |  | **9922198** |
|  **Health Care Technology - 1.0%** |  |  |
|  Veeva Systems, Inc., Class A<sup>A</sup> | 25300 | **7537123** |
|  **Life Sciences Tools & Services - 3.8%** |  |  |
|  Bio-Techne Corp. | 95181 | 5294919 |
|  ICON PLC<sup>A</sup> | 47561 | 8323175 |
|  Illumina, Inc.<sup>A</sup> | 35480 | 3369535 |
|  Medpace Holdings, Inc.<sup>A</sup> | 11092 | 5703063 |
|  Repligen Corp.<sup>A</sup> | 46512 | 6217259 |
|  |  | **28907951** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **98662527** |
|  **Industrials - 19.3%** |  |  |
|  **Aerospace & Defense - 8.4%** |  |  |
|  AeroVironment, Inc.<sup>A</sup> | 47756 | 15037887 |
|  Axon Enterprise, Inc.<sup>A</sup> | 20137 | 14451117 |
|  BWX Technologies, Inc. | 51378 | 9472562 |
|  HEICO Corp., Class A | 40562 | 10306398 |
|  L3Harris Technologies, Inc. | 31079 | 9491837 |
|  Leonardo DRS, Inc. | 118083 | 5360968 |
|  |  | **64120769** |
|  **Building Products - 0.3%** |  |  |
|  Trex Co., Inc.<sup>A</sup> | 42873 | **2215248** |
|  **Commercial Services & Supplies - 1.2%** |  |  |
|  Copart, Inc.<sup>A</sup> | 199077 | **8952493** |
|  **Electrical Equipment - 4.3%** |  |  |
|  Generac Holdings, Inc.<sup>A</sup> | 33260 | 5567724 |
|  Hubbell, Inc. | 13909 | 5985182 |
|  Rockwell Automation, Inc. | 25193 | 8805709 |

---

*See accompanying notes* 

------

**American Beacon Stephens Mid-Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 88.3% (continued) |  |  |
|  **Industrials - 19.3% (continued)** |  |  |
|  **Electrical Equipment - 4.3% (continued)** |  |  |
|  Vertiv Holdings Co., Class A | 80502 | $12144532 |
|  |  | **32503147** |
|  **Ground Transportation - 1.0%** |  |  |
|  JB Hunt Transport Services, Inc. | 27243 | 3655193 |
|  Saia, Inc.<sup>A</sup> | 13691 | 4098538 |
|  |  | **7753731** |
|  **Machinery - 1.2%** |  |  |
|  RBC Bearings, Inc.<sup>A</sup> | 22616 | **8826799** |
|  **Professional Services - 1.3%** |  |  |
|  Verisk Analytics, Inc. | 39211 | **9861958** |
|  **Trading Companies & Distributors - 1.6%** |  |  |
|  Fastenal Co. | 208945 | 10246663 |
|  SiteOne Landscape Supply, Inc.<sup>A</sup> | 16239 | 2091583 |
|  |  | **12338246** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **146572391** |
|  **Information Technology - 23.0%** |  |  |
|  **Electronic Equipment, Instruments & Components - 2.2%** |  |  |
|  Cognex Corp. | 96789 | 4384542 |
|  Coherent Corp.<sup>A</sup> | 71761 | 7730095 |
|  Keysight Technologies, Inc.<sup>A</sup> | 26470 | 4630132 |
|  |  | **16744769** |
|  **IT Services - 1.7%** |  |  |
|  MongoDB, Inc.<sup>A</sup> | 22136 | 6870572 |
|  Okta, Inc.<sup>A</sup> | 63274 | 5802226 |
|  |  | **12672798** |
|  **Semiconductors & Semiconductor Equipment - 3.7%** |  |  |
|  Astera Labs, Inc.<sup>A</sup> | 7686 | 1504919 |
|  Lattice Semiconductor Corp.<sup>A</sup> | 69036 | 5061719 |
|  Marvell Technology, Inc. | 85711 | 7205724 |
|  Microchip Technology, Inc. | 110353 | 7086869 |
|  Teradyne, Inc. | 51687 | 7114199 |
|  |  | **27973430** |
|  **Software - 14.4%** |  |  |
|  Autodesk, Inc.<sup>A</sup> | 14963 | 4753296 |
|  Cadence Design Systems, Inc.<sup>A</sup> | 30007 | 10540259 |
|  Crowdstrike Holdings, Inc., Class A<sup>A</sup> | 6848 | 3358122 |
|  CyberArk Software Ltd.<sup>A</sup> | 16588 | 8014492 |
|  Dynatrace, Inc.<sup>A</sup> | 126949 | 6150679 |
|  Fortinet, Inc.<sup>A</sup> | 45244 | 3804116 |
|  Guidewire Software, Inc.<sup>A</sup> | 54555 | 12540012 |
|  Manhattan Associates, Inc.<sup>A</sup> | 46619 | 9555963 |
|  Monday.com Ltd.<sup>A</sup> | 14272 | 2764344 |
|  Nutanix, Inc., Class A<sup>A</sup> | 82172 | 6112775 |
|  Palo Alto Networks, Inc.<sup>A</sup> | 23971 | 4880975 |
|  Procore Technologies, Inc.<sup>A</sup> | 41613 | 3034420 |
|  PTC, Inc.<sup>A</sup> | 37676 | 7648981 |
|  Roper Technologies, Inc. | 10456 | 5214303 |
|  SailPoint, Inc.<sup>A</sup> | 227721 | 5028080 |
|  Tyler Technologies, Inc.<sup>A</sup> | 16889 | 8835649 |
|  Unity Software, Inc.<sup>A</sup> | 185176 | 7414447 |
|  |  | **109650913** |

---

*See accompanying notes* 

------

**American Beacon Stephens Mid-Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 88.3% (continued) |  |  |
|  **Information Technology - 23.0% (continued)** |  |  |
|  **Technology Hardware, Storage & Peripherals - 1.0%** |  |  |
|  Pure Storage, Inc., Class A<sup>A</sup> | 96673 | $**8102164** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **175144074** |
|  **Materials - 0.4%** |  |  |
|  **Construction Materials - 0.4%** |  |  |
|  James Hardie Industries PLC<sup>A</sup> | 151578 | **2911813** |
|  **Real Estate - 1.2%** |  |  |
|  **Real Estate Management & Development - 1.2%** |  |  |
|  CoStar Group, Inc.<sup>A</sup> | 104238 | **8794560** |
|  **Utilities - 1.4%** |  |  |
|  **Independent Power & Renewable Electricity Producers - 1.4%** |  |  |
|  Vistra Corp. | 56042 | **10979749** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $536,482,378)** |  | **671618894** |
|  FOREIGN COMMON STOCKS - 1.1% (Cost $4,147,341) |  |  |
|  **Energy - 1.1%** |  |  |
|  **Energy Equipment & Services - 1.1%** |  |  |
|  TechnipFMC PLC | 216266 | **8531693** |
|  SHORT-TERM INVESTMENTS - 0.9% (Cost $7,006,913) |  |  |
|  **Investment Companies - 0.9%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>C D</sup> | 7006913 | **7006913** |
|  **TOTAL INVESTMENTS - 90.3% (Cost $547,636,632)** |  | **687157500** |
|  **OTHER ASSETS, NET OF LIABILITIES - 9.7%** |  | **74000219** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**761157719** |

---

Percentages are stated as a percent of net assets.

<sup>A</sup> Non-income producing security.

<sup>B</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at September 30, 2025.

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

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

PLC - Public Limited Company.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stephens Mid-Cap Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $671618894 | $— | $— | $671618894 |
|  Foreign Common Stocks | 8531693 |  |  | 8531693 |
|  Short-Term Investments | 7006913 |  |  | 7006913 |
|  Total Investments in Securities - Assets | $687157500 | $— | $— | $687157500 |

---

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

*See accompanying notes* 

------

**American Beacon Stephens Small Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 91.0% |  |  |
|  **Communication Services - 1.2%** |  |  |
|  **Media - 1.2%** |  |  |
|  Magnite, Inc.<sup>A</sup> | 254865 | $**5550960** |
|  **Consumer Discretionary - 10.1%** |  |  |
|  **Broadline Retail - 1.3%** |  |  |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>A</sup> | 45734 | **5872246** |
|  **Diversified Consumer Services - 0.9%** |  |  |
|  Bright Horizons Family Solutions, Inc.<sup>A</sup> | 39907 | **4332703** |
|  **Hotels, Restaurants & Leisure - 2.2%** |  |  |
|  First Watch Restaurant Group, Inc.<sup>A</sup> | 246911 | 3861688 |
|  Wingstop, Inc.<sup>B</sup> | 23745 | 5976142 |
|  |  | **9837830** |
|  **Household Durables - 0.7%** |  |  |
|  Installed Building Products, Inc. | 12311 | **3036631** |
|  **Specialty Retail - 5.0%** |  |  |
|  Academy Sports & Outdoors, Inc. | 115578 | 5781211 |
|  Boot Barn Holdings, Inc.<sup>A</sup> | 35756 | 5925484 |
|  Five Below, Inc.<sup>A</sup> | 41161 | 6367607 |
|  Revolve Group, Inc.<sup>A</sup> | 215346 | 4586870 |
|  |  | **22661172** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **45740582** |
|  **Consumer Staples - 1.5%** |  |  |
|  **Food Products - 0.7%** |  |  |
|  Simply Good Foods Co.<sup>A</sup> | 137163 | **3404386** |
|  **Personal Products - 0.8%** |  |  |
|  BellRing Brands, Inc.<sup>A</sup> | 97676 | **3550522** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **6954908** |
|  **Energy - 3.5%** |  |  |
|  **Energy Equipment & Services - 0.6%** |  |  |
|  Solaris Energy Infrastructure, Inc. | 70654 | **2824040** |
|  **Oil, Gas & Consumable Fuels - 2.9%** |  |  |
|  Antero Resources Corp.<sup>A</sup> | 67427 | 2262850 |
|  Gulfport Energy Corp.<sup>A</sup> | 12464 | 2255735 |
|  Magnolia Oil & Gas Corp., Class A | 169181 | 4038350 |
|  Viper Energy, Inc., Class A | 114731 | 4385019 |
|  |  | **12941954** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **15765994** |
|  **Financials - 10.4%** |  |  |
|  **Capital Markets - 2.5%** |  |  |
|  Piper Sandler Cos. | 21205 | 7357923 |
|  Virtu Financial, Inc., Class A | 107655 | 3821752 |
|  |  | **11179675** |
|  **Consumer Finance - 4.9%** |  |  |
|  Encore Capital Group, Inc.<sup>A</sup> | 130548 | 5449074 |
|  EZCORP, Inc., Class A<sup>A</sup> | 421666 | 8028521 |
|  FirstCash Holdings, Inc. | 53639 | 8497490 |
|  |  | **21975085** |

---

*See accompanying notes* 

------

**American Beacon Stephens Small Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 91.0% (continued) |  |  |
|  **Financials - 10.4% (continued)** |  |  |
|  **Financial Services - 0.4%** |  |  |
|  Toast, Inc., Class A<sup>A</sup> | 54427 | $**1987130** |
|  **Insurance - 2.6%** |  |  |
|  Kinsale Capital Group, Inc. | 7896 | 3357853 |
|  Palomar Holdings, Inc.<sup>A</sup> | 47810 | 5581817 |
|  Ryan Specialty Holdings, Inc. | 48616 | 2739998 |
|  |  | **11679668** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **46821558** |
|  **Health Care - 16.7%** |  |  |
|  **Biotechnology - 4.0%** |  |  |
|  Amicus Therapeutics, Inc.<sup>A</sup> | 334111 | 2632795 |
|  Exelixis, Inc.<sup>A</sup> | 138027 | 5700515 |
|  Halozyme Therapeutics, Inc.<sup>A</sup> | 92720 | 6800085 |
|  Travere Therapeutics, Inc.<sup>A</sup> | 114278 | 2731244 |
|  |  | **17864639** |
|  **Health Care Equipment & Supplies - 2.3%** |  |  |
|  Globus Medical, Inc., Class A<sup>A</sup> | 49869 | 2855998 |
|  Insulet Corp.<sup>A</sup> | 2488 | 768120 |
|  iRhythm Technologies, Inc.<sup>A</sup> | 38667 | 6650337 |
|  |  | **10274455** |
|  **Health Care Providers & Services - 0.9%** |  |  |
|  HealthEquity, Inc.<sup>A</sup> | 42815 | **4057578** |
|  **Health Care Technology - 1.7%** |  |  |
|  HealthStream, Inc. | 84281 | 2380095 |
|  Schrodinger, Inc.<sup>A</sup> | 181219 | 3635253 |
|  Simulations Plus, Inc.<sup>A B</sup> | 103410 | 1558389 |
|  |  | **7573737** |
|  **Life Sciences Tools & Services - 5.0%** |  |  |
|  Azenta, Inc.<sup>A</sup> | 78116 | 2243491 |
|  Bio-Techne Corp. | 60263 | 3352431 |
|  BioLife Solutions, Inc.<sup>A</sup> | 161286 | 4114406 |
|  ICON PLC<sup>A</sup> | 22863 | 4001025 |
|  Medpace Holdings, Inc.<sup>A</sup> | 8729 | 4488103 |
|  OmniAb, Inc.<sup>A C D</sup> | 25374 | 0 |
|  Repligen Corp.<sup>A</sup> | 34502 | 4611882 |
|  |  | **22811338** |
|  **Pharmaceuticals - 2.8%** |  |  |
|  Ligand Pharmaceuticals, Inc.<sup>A</sup> | 44489 | 7880782 |
|  Supernus Pharmaceuticals, Inc.<sup>A</sup> | 104760 | 5006480 |
|  |  | **12887262** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **75469009** |
|  **Industrials - 23.9%** |  |  |
|  **Aerospace & Defense - 10.8%** |  |  |
|  AeroVironment, Inc.<sup>A</sup> | 29884 | 9410173 |
|  BWX Technologies, Inc. | 30765 | 5672143 |
|  HEICO Corp., Class <sup>A</sup> | 8725 | 2216935 |
|  Karman Holdings, Inc.<sup>A</sup> | 114343 | 8255565 |
|  Kratos Defense & Security Solutions, Inc.<sup>A</sup> | 96172 | 8787236 |
|  Leonardo DRS, Inc. | 143436 | 6511994 |
|  VSE Corp. | 46569 | 7741630 |
|  |  | **48595676** |

---

*See accompanying notes* 

------

**American Beacon Stephens Small Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 91.0% (continued) |  |  |
|  **Industrials - 23.9% (continued)** |  |  |
|  **Air Freight & Logistics - 0.6%** |  |  |
|  Hub Group, Inc., Class A | 82811 | $**2852011** |
|  **Building Products - 1.5%** |  |  |
|  AAON, Inc.<sup>B</sup> | 42398 | 3961669 |
|  Trex Co., Inc.<sup>A</sup> | 51112 | 2640957 |
|  |  | **6602626** |
|  **Commercial Services & Supplies - 1.1%** |  |  |
|  Montrose Environmental Group, Inc.<sup>A B</sup> | 175437 | **4817500** |
|  **Electrical Equipment - 3.7%** |  |  |
|  American Superconductor Corp.<sup>A</sup> | 17914 | 1063913 |
|  Amprius Technologies, Inc.<sup>A</sup> | 285939 | 3008078 |
|  Bloom Energy Corp., Class A<sup>A B</sup> | 43456 | 3675074 |
|  Generac Holdings, Inc.<sup>A</sup> | 11803 | 1975822 |
|  Powell Industries, Inc. | 22867 | 6970090 |
|  |  | **16692977** |
|  **Machinery - 2.4%** |  |  |
|  Lindsay Corp. | 24522 | 3446812 |
|  RBC Bearings, Inc.<sup>A</sup> | 18710 | 7302326 |
|  |  | **10749138** |
|  **Professional Services - 1.3%** |  |  |
|  Maximus, Inc. | 64857 | **5925984** |
|  **Trading Companies & Distributors - 2.5%** |  |  |
|  SiteOne Landscape Supply, Inc.<sup>A</sup> | 29097 | 3747694 |
|  Titan Machinery, Inc.<sup>A B</sup> | 113832 | 1905548 |
|  Xometry, Inc., Class<sup>A</sup>  | 103935 | 5661339 |
|  |  | **11314581** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **107550493** |
|  **Information Technology - 22.3%** |  |  |
|  **Communications Equipment - 1.3%** |  |  |
|  Ciena Corp.<sup>A</sup> | 38676 | **5633933** |
|  **Electronic Equipment, Instruments & Components - 2.1%** |  |  |
|  Cognex Corp. | 62437 | 2828396 |
|  nLight, Inc.<sup>A</sup> | 224226 | 6643817 |
|  |  | **9472213** |
|  **Semiconductors & Semiconductor Equipment - 5.6%** |  |  |
|  Ambarella, Inc.<sup>A</sup> | 35741 | 2949347 |
|  Credo Technology Group Holding Ltd.<sup>A</sup> | 12634 | 1839637 |
|  Impinj, Inc.<sup>A</sup> | 9554 | 1726885 |
|  Lattice Semiconductor Corp.<sup>A</sup> | 46612 | 3417592 |
|  MACOM Technology Solutions Holdings, Inc.<sup>A</sup> | 39494 | 4916608 |
|  Power Integrations, Inc. | 53674 | 2158232 |
|  Rambus, Inc.<sup>A</sup> | 51135 | 5328267 |
|  Silicon Laboratories, Inc.<sup>A</sup> | 22567 | 2959211 |
|  |  | **25295779** |
|  **Software - 12.4%** |  |  |
|  Agilysys, Inc.<sup>A</sup> | 33253 | 3499878 |
|  Braze, Inc., Class A<sup>A</sup> | 95172 | 2706692 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>A</sup> | 211161 | 3805121 |
|  CyberArk Software Ltd.<sup>A</sup> | 13886 | 6709021 |
|  Guidewire Software, Inc.<sup>A</sup> | 22035 | 5064965 |
|  Manhattan Associates, Inc.<sup>A</sup> | 22510 | 4614100 |

---

*See accompanying notes* 

------

**American Beacon Stephens Small Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 91.0% (continued) |  |  |
|  **Information Technology - 22.3% (continued)** |  |  |
|  **Software - 12.4% (continued)** |  |  |
|  Netskope, Inc., Class A<sup>A</sup> | 266 | $6046 |
|  PAR Technology Corp.<sup>A B</sup> | 42367 | 1676886 |
|  PROS Holdings, Inc.<sup>A</sup> | 114640 | 2626402 |
|  Rubrik, Inc., Class A<sup>A</sup> | 60693 | 4991999 |
|  SentinelOne, Inc., Class A<sup>A</sup> | 177054 | 3117921 |
|  SPS Commerce, Inc.<sup>A</sup> | 27428 | 2856352 |
|  Tenable Holdings, Inc.<sup>A</sup> | 90591 | 2641634 |
|  Varonis Systems, Inc.<sup>A</sup> | 121408 | 6977318 |
|  Via Transportation, Inc., Class A<sup>A</sup> | 26235 | 1261379 |
|  Zeta Global Holdings Corp., Class A<sup>A B</sup> | 167919 | 3336550 |
|  |  | **55892264** |
|  **Technology Hardware, Storage & Peripherals - 0.9%** |  |  |
|  Pure Storage, Inc., Class A<sup>A</sup> | 48635 | **4076099** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **100370288** |
|  **Materials - 1.4%** |  |  |
|  **Chemicals - 0.9%** |  |  |
|  Balchem Corp. | 26188 | **3929771** |
|  **Construction Materials - 0.5%** |  |  |
|  James Hardie Industries PLC<sup>A</sup> | 119659 | **2298650** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **6228421** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $259,862,881)** |  | **410452213** |
|  FOREIGN COMMON STOCKS - 5.7% |  |  |
|  **Consumer Discretionary - 1.6%** |  |  |
|  **Broadline Retail - 0.6%** |  |  |
|  Global-e Online Ltd.<sup>A</sup> | 67624 | **2418234** |
|  **Hotels, Restaurants & Leisure - 1.0%** |  |  |
|  Genius Sports Ltd.<sup>A</sup> | 373384 | **4622494** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **7040728** |
|  **Energy - 1.2%** |  |  |
|  **Energy Equipment & Services - 1.2%** |  |  |
|  TechnipFMC PLC | 135945 | **5363030** |
|  **Financials - 0.4%** |  |  |
|  **Capital Markets - 0.4%** |  |  |
|  Bullish<sup>A</sup> | 29570 | **1880948** |
|  **Industrials - 0.5%** |  |  |
|  **Machinery - 0.5%** |  |  |
|  Kornit Digital Ltd.<sup>A</sup> | 177852 | **2401002** |
|  **Information Technology - 2.0%** |  |  |
|  **Electronic Equipment, Instruments & Components - 0.9%** |  |  |
|  Fabrinet<sup>A</sup> | 11224 | **4092495** |
|  **Software - 1.1%** |  |  |
|  Descartes Systems Group, Inc.<sup>A</sup> | 51552 | **4857745** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **8950240** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks (Cost $21,112,377)** |  | **25635948** |

---

*See accompanying notes* 

------

**American Beacon Stephens Small Cap Growth Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SHORT-TERM INVESTMENTS - 3.2% (Cost $14,486,076) |  |  |
|  **Investment Companies - 3.2%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>E F</sup> | 14486076 | $**14486076** |
|  SECURITIES LENDING COLLATERAL - 0.0% (Cost $68,487) |  |  |
|  **Investment Companies - 0.0%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>E F</sup> | 68487 | **68487** |
|  **TOTAL INVESTMENTS - 99.9% (Cost $295,529,821)** |  | **450642724** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.1%** |  | **443277** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**451086001** |

---

Percentages are stated as a percent of net assets.

<sup>A</sup> Non-income producing security.

<sup>B</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at September 30, 2025.

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

<sup>D</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 $0 or 0.0% of net assets. 

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

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

PLC - Public Limited Company.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stephens Small Cap Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $410452213 | $— | $0<sup>(1)</sup> | $410452213 |
|  Foreign Common Stocks | 25635948 |  |  | 25635948 |
|  Short-Term Investments | 14486076 |  |  | 14486076 |
|  Securities Lending Collateral | 68487 |  |  | 68487 |
|  Total Investments in Securities - Assets | $450642724 | $— | $0<sup>(1)</sup> | $450642724 |

---

<sup>(1)</sup> *Includes investments held in the Fund's portfolio with $0 fair value.* 

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

*See accompanying notes* 

------

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

**Supplementary Notes to Schedules of Investments** 

September 30, 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 Schedules of Investments** 

September 30, 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 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.

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.

------

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

**Supplementary Notes to Schedules of Investments** 

September 30, 2025 (unaudited)

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

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

## 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 AHL Multi-Alternatives Fund

- **b. EDGAR series identifier (if any):** S000081505

- **c. LEI of Series:** 5493000IAVDXM5WB4A86

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $35978421.34

**Total Liabilities:** $5826594.17

**Net Assets:** $30151827.17

**Amount of Assets Invested in Other Investment Companies:** $6605195.86

**Cash Not Reported:** $3769185.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -0.74000000 | **1-Year:** -21.09000000 | **5-Year:** -4515.68000000 | **10-Year:** -284.57000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244411 | -0.52%               | 2.11%                | 4.43%                |
| Class ID C000244414 | -0.64%               | 2.04%                | 4.32%                |
| Class ID C000244413 | -0.53%               | 2.12%                | 4.36%                |
| Class ID C000244412 | -0.52%               | 2.11%                | 4.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $106934.95               | $-74736.97                                 |
| Month 2  | $-62123.16               | $71749.24                                  |
| Month 3  | $20437.68                | $-51076.21                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State Street Bank & Trust Co.                    | Purchased EUR / Sold USD              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |         1 | NC      | $-9.24        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $1288.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $246.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $1613.77      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1774.25      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $-696.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         3 | NC      | $-659.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $513.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold PHP              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $83.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased PEN / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | PE        |         1 | NC      | $1041.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $-3.04        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Korea Exchange (Futures Market)                  | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | KR        |         4 | NC      | $-1430.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $3522.76      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $3685.13      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $-2.35        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $583.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased THB / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TH        |         1 | NC      | $-310.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         3 | NC      | $3795.30      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |         5 | NC      | $-67.56       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $1628.66      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bursa Malaysia                                   | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | MY        |         4 | NC      | $-2899.04     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                   | Purchased INR / Sold USD              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | IN        |         1 | NC      | $-923.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $237.89       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $-230.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $218.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold AUD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-1519.26     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-1883.32     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $2011.36      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold BRL              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $142.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1517.06      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $164.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold CHF              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-1977.45     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $-0.01        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased JPY / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |         1 | NC      | $-0.27        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $389.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ILS / Sold USD              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | IL        |         1 | NC      | $6677.22      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased NZD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | NZ        |         1 | NC      | $-1633.02     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                     | Future                                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         3 | NC      | $31399.72     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $2141.07      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $53.97        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FORWARDS HSBC COCLLATERAL                        | Collateral Position                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    160000 | NS      | $160000.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $1.51         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe                               | Future                                | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |         3 | NC      | $-6873.90     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $26.68        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $356.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe                               | Future                                | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        -1 | NC      | $3714.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1117.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         7 | NC      | $31161.37     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                   | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5700000 | PA      | $5640795.53   | 18.71%            | 2026-01-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $5118.05      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        13 | NC      | $7757.70      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased CHF / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CH        |         1 | NC      | $-292.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold TWD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $692.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $1653.60      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $485.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $442.45       | 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      | $4243.52      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         3 | NC      | $-1658.23     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CLP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-618.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         5 | NC      | $-2678.42     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased CHF / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | CH        |         1 | NC      | $-1865.26     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $254.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold SEK              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $212.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $502.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $89.46        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $635.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-967.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased INR / Sold USD              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | IN        |         1 | NC      | $-141.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased PHP / Sold USD              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | PH        |         1 | NC      | $-771.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased NZD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | NZ        |         1 | NC      | $-1053.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $206.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-72.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $7170.79      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $-673.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $0.67         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased EUR / Sold USD              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |         1 | NC      | $19.85        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CNH              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $643.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold AUD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-14.78       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased HUF / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | HU        |         1 | NC      | $26.75        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ILS / Sold USD              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | IL        |         1 | NC      | $2827.73      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Borsa Italiana SpA                               | Future                                | CUSIP: 000000000<br>LEI: 8156005391EE905D3124 | N/A              | DE               |  | IT        |         3 | NC      | $-1738.04     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $466.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -11 | NC      | $11749.81     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $-837.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Commodities Exchange Center                      | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         3 | NC      | $101144.72    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $6838.31      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| South African Futures Exchange                   | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | ZA        |         7 | NC      | $14021.95     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold TWD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-3600.32     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $3018.08      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $356.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $4052.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased CHF / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CH        |         1 | NC      | $-138.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $40.32        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-534.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Securities LLC                          | Swap                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCO              |  | US        |   2715199 | OU      | $101376.51    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1153.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-709.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased PHP / Sold USD              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | PH        |         1 | NC      | $-986.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-102.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $3721.70      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         1 | NC      | $-352.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $3434.67      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Futures Exchange Ltd.                  | Future                                | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | N/A              | DE               |  | HK        |         3 | NC      | $9563.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                               | Future                                | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |         6 | NC      | $-14759.72    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased THB / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TH        |         1 | NC      | $-925.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased CAD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CA        |         1 | NC      | $-1371.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         4 | NC      | $-2941.94     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold PLN              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $258.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased EUR / Sold HUF              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | XX        |         1 | NC      | $-925.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         6 | NC      | $-379.62      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $368.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | Future                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         3 | NC      | $2336.97      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |         7 | NC      | $34388.31     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold SGD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-789.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold CHF              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-907.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -8 | NC      | $17881.68     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                   | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6450000 | PA      | $6428949.97   | 21.32%            | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold CHF              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-545.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased KRW / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | KR        |         1 | NC      | $-2687.85     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $275.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $190.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        -9 | NC      | $82.88        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-311.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $146.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased NZD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | NZ        |         1 | NC      | $-1574.11     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased EUR / Sold USD              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |         1 | NC      | $-5.59        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         1 | NC      | $-129.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-2321.67     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $4230.53      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $9031.03      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $8106.59      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Futures Exchange Ltd.                  | Future                                | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | N/A              | DE               |  | HK        |         9 | NC      | $9411.27      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | Future                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         2 | NC      | $-714.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FORWARDS CITIBANK COC                            | Collateral Position                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    120000 | NS      | $120000.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1328.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased COP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CO        |         1 | NC      | $4756.89      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $3218.42      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $829.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $105.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $310.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $-148.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-1047.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $503.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $0.35         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $741.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                   | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3993243.00   | 13.24%            | 2025-10-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $884.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |         1 | NC      | $687.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $581.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $451.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | Future                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -1 | NC      | $3117.90      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-1224.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $7109.46      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased NZD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | NZ        |         1 | NC      | $-197.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $754.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-75.90       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased EUR / Sold GBP              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | XX        |         1 | NC      | $-125.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                     | Future                                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       -17 | NC      | $-579.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased EUR / Sold CAD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |         1 | NC      | $226.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $-388.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased EUR / Sold GBP              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | XX        |         1 | NC      | $1032.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-142.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-1399.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $1399.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-463.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $3200.90      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-743.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        13 | NC      | $-4061.39     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased EUR / Sold JPY              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | XX        |         1 | NC      | $-4828.87     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $810.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $-736.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $5019.23      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         3 | NC      | $30915.23     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $3309.41      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -54 | NC      | $5413.85      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $87.87        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $502.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -17 | NC      | $6186.07      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-27.14       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased TWD / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TW        |         1 | NC      | $-831.18      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FORWARDS JP MORGAN COC                           | Collateral Position                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    100000 | NS      | $100000.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $168.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $307.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased GBP / Sold JPY              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |         1 | NC      | $-800.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold AUD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $0.22         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | Future                                | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |        16 | NC      | $-5406.32     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        10 | NC      | $-2026.70     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased SEK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SE        |         1 | NC      | $1636.06      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $1488.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $6593.76      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Derivatives Clearing Ltd.     | Future                                | CUSIP: 000000000<br>LEI: 549300ZLWT3FK3F0FW61 | N/A              | DE               |  | SG        |         8 | NC      | $-5244.56     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Swap                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |  10000000 | OU      | $223955.50    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-120.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold MXN              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-74.43       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $915.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $1833.29      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $294.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased CAD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CA        |         1 | NC      | $-5.98        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $22.94        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $4455.84      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold CHF              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-778.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $5349.52      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $712.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | Future                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |         9 | NC      | $6839.32      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased HUF / Sold EUR              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | HU        |         1 | NC      | $2304.73      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $199.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased THB / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TH        |         1 | NC      | $-593.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-899.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        26 | NC      | $-2786.92     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | Future                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         5 | NC      | $6276.10      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold BRL              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-3272.80     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | Future                                | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DE               |  | AU        |         9 | NC      | $-4053.03     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $257.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-47.97       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased HUF / Sold EUR              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | HU        |         1 | NC      | $3652.87      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-567.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $234.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $170.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $908.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-1.95        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |         2 | NC      | $123.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                                      | Future                                | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | N/A              | DCO              |  | FR        |        -1 | NC      | $233.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold TWD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-333.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased HUF / Sold EUR              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | HU        |         1 | NC      | $3838.88      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | U.K. Inflation-Linked Gilts           | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    545540 | PA      | $698390.99    | 2.32%             | 2033-11-22      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased CAD / Sold USD              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CA        |         1 | NC      | $-17.80       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold CHF              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-100.60      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1960.79      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        13 | NC      | $-1762.73     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $729.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased COP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CO        |         1 | NC      | $1461.55      | 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      | $-0.18        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $827.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | Future                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DFE              |  | US        |        -2 | NC      | $125.65       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased CAD / Sold EUR              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CA        |         1 | NC      | $-1575.23     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $64.48        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased CHF / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CH        |         1 | NC      | $-262.60      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -11 | NC      | $12744.81     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                   | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1492815.42   | 4.95%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $-8535.99     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $179.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $507.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $959.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                                      | Future                                | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | N/A              | DE               |  | FR        |         9 | NC      | $2900.28      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1105.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1619.38      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $118.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $5407.46      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased TWD / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TW        |         1 | NC      | $-1567.89     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $179.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased HUF / Sold EUR              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | HU        |         1 | NC      | $2687.56      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $287.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased JPY / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |         1 | NC      | $115.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $411.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold AUD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $853.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                   | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1580966.27   | 5.24%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold SGD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-9.61        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $428.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $930.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased CLP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CL        |         1 | NC      | $-562.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bonds OAT  | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |   1112240 | PA      | $1218047.76   | 4.04%             | 2034-07-25      | Fixed         | 0.60%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-2459.26     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-262.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased CHF / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | CH        |         1 | NC      | $-0.75        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         1 | NC      | $34.66        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                              | Future                                | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |       -15 | NC      | $2320.75      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Stock Exchange Of India                 | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IN        |         1 | NC      | $-311.02      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-281.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $2323.33      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold TWD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $134.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold BRL              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $71.61        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        20 | NC      | $23580.27     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $389.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-48.97       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-1381.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $307.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased CAD / Sold EUR              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CA        |         1 | NC      | $-7.85        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $21.95        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $834.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        19 | NC      | $-5775.26     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased CHF / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | CH        |         1 | NC      | $-1608.79     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased GBP / Sold EUR              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | GB        |         1 | NC      | $-697.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $308.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ILS / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | IL        |         1 | NC      | $936.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $1831.86      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | Future                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |         5 | NC      | $-441.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |         3 | NC      | $9263.19      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased EUR / Sold JPY              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | XX        |         1 | NC      | $-137.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $9537.64      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased SEK / Sold EUR              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | SE        |         1 | NC      | $-750.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                     | Future                                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         5 | NC      | $-11062.70    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $-830.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | Future                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         6 | NC      | $2760.44      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $534.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CLP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-1026.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        27 | NC      | $-1725.84     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $121.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Exchange (Futures Market)                  | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | KR        |         5 | NC      | $-4595.80     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $1626.05      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold THB              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $1106.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $521.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased HUF / Sold EUR              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | HU        |         1 | NC      | $3508.09      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $3857.65      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-80.97       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $155.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1616.22      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $1472.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased GBP / Sold JPY              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |         1 | NC      | $-816.63      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased THB / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TH        |         1 | NC      | $154.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased COP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CO        |         1 | NC      | $5216.64      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1783.18      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased HUF / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | HU        |         1 | NC      | $62.81        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $1155.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased SEK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SE        |         1 | NC      | $1312.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $3485.05      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $-954.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold PHP              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $162.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold SGD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-9.61        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Swap                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   5000000 | OU      | $111532.80    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased JPY / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |         1 | NC      | $-25.36       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | Future                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -3 | NC      | $2493.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    511795 | PA      | $526807.34    | 1.75%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ILS / Sold USD              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | IL        |         1 | NC      | $6675.37      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $6946.64      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $159.54       | 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      | $-20.27       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $82.88        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-61.20       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $345.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Derivatives Clearing Ltd.     | Future                                | CUSIP: 000000000<br>LEI: 549300ZLWT3FK3F0FW61 | N/A              | DE               |  | SG        |        38 | NC      | $702.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased USD / Sold PEN              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | US        |         1 | NC      | $-768.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased JPY / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |         1 | NC      | $33.34        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $117.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $546.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $3181.75      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Commodities Exchange Center                      | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         2 | NC      | $77876.48     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $5845.36      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $156.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | Future                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |       -25 | NC      | $-9464.50     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased EUR / Sold GBP              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | XX        |         1 | NC      | $-198.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased SEK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SE        |         1 | NC      | $793.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $4545.10      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nasdaq Stockholm AB                              | Future                                | CUSIP: 000000000<br>LEI: 549300KBQIVNEJEZVL96 | N/A              | DE               |  | SE        |        33 | NC      | $8490.38      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased PEN / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | PE        |         1 | NC      | $1020.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-412.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $169.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $7384.84      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased EUR / Sold CAD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |         1 | NC      | $5106.99      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $6395.42      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $4515.04      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Swap                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   5000000 | OU      | $111532.80    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | Future                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -4 | NC      | $721.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | Future                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        14 | NC      | $-2622.96     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $415.75       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $626.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $668.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased JPY / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |         1 | NC      | $-10.56       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Derivatives Clearing Ltd.     | Future                                | CUSIP: 000000000<br>LEI: 549300ZLWT3FK3F0FW61 | N/A              | DE               |  | SG        |         7 | NC      | $32224.13     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $347.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $429.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $104.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $1236.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased SGD / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SG        |         1 | NC      | $-465.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-72.21       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $927.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Swap                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   5000000 | OU      | $-111977.75   | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| Minneapolis Grain Exchange                       | Future                                | CUSIP: 000000000<br>LEI: 549300RGCVWZUN04IA69 | N/A              | DCO              |  | US        |        -4 | NC      | $6916.98      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-0.26        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $-248.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $677.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $476.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Exchange (Futures Market)                  | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | KR        |         8 | NC      | $34655.88     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |        13 | NC      | $20094.43     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased CLP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CL        |         1 | NC      | $-551.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased PLN / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PL        |         1 | NC      | $95.65        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $-227.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $548.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased HUF / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | HU        |         1 | NC      | $26.33        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1522155 | PA      | $1545701.99   | 5.13%             | 2030-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $195.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-146.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold TWD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $1046.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Commodities Exchange Center                      | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         3 | NC      | $18419.67     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         5 | NC      | $21.03        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $0.64         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $73.28        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1073.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased EUR / Sold CAD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |         1 | NC      | $5963.52      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $3804.43      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $2435.09      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold MXN              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-5263.38     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold KRW              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $721.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1877.83      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $351.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold BRL              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-65.66       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $759.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold NZD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $229.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $108.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                     | Future                                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         3 | NC      | $-2361.18     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased JPY / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |         1 | NC      | $-0.32        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $169.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased HUF / Sold EUR              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | HU        |         1 | NC      | $3725.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ILS / Sold USD              | CUSIP: 000000000<br>LEI: 549300WHU4EIHRP28H10 | N/A              | DFE              |  | IL        |         1 | NC      | $5559.06      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $4429.36      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased CHF / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CH        |         1 | NC      | $-498.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $0.89         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $1168.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased USD / Sold CHF              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | US        |         1 | NC      | $-412.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold BRL              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $158.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $2107.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased JPY / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |         1 | NC      | $-0.96        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased USD / Sold MYR              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-394.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         5 | NC      | $-1706.69     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased NZD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | NZ        |         1 | NC      | $-141.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $6582.61      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Derivatives Clearing Ltd.     | Future                                | CUSIP: 000000000<br>LEI: 549300ZLWT3FK3F0FW61 | N/A              | DE               |  | SG        |        10 | NC      | $-1363.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $-590.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                   | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1099010.36   | 3.64%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Euronext NV                                      | Future                                | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | N/A              | DCO              |  | FR        |       -13 | NC      | $12346.56     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $-523.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $2330.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $284.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-149.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $747.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-2373.76     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-342.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased SGD / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SG        |         1 | NC      | $-3016.78     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1.04         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Exchange                                   | Future                                | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         8 | NC      | $17440.87     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $2772.18      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-958.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold SGD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $91.23        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased CLP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CL        |         1 | NC      | $-793.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold SGD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $580.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased SGD / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SG        |         1 | NC      | $-935.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $4663.74      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased BRL / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |         1 | NC      | $9791.59      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1379.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold EUR              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $541.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold BRL              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $603.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $5538.62      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased PEN / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | PE        |         1 | NC      | $2013.10      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Swap                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   5000000 | OU      | $-111977.75   | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $347.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-1100.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | Future                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         2 | NC      | $6055.50      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | Future                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         1 | NC      | $57.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $943.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                     | Future                                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         2 | NC      | $-143.32      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased JPY / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |         1 | NC      | $-188.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-1275.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $413.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                            | Future                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -2 | NC      | $-2572.56     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                            | Future                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -1 | NC      | $-89.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased CHF / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | CH        |         1 | NC      | $-111.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased SEK / Sold EUR              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | SE        |         1 | NC      | $-527.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         1 | NC      | $6622.42      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $2573.92      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $952.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased NOK / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $-2046.08     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes | CUSIP: 91282CNS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    503010 | PA      | $507024.66    | 1.68%             | 2035-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $1506.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-511.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased JPY / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |         1 | NC      | $-2458.04     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $820.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FORWARDS NATIONAL WESTMIN COC                    | Collateral Position                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    240000 | NS      | $240000.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $0.68         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $4393.38      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $182.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold JPY              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $748.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased GBP / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |         1 | NC      | $-268.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CAD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1055.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -1 | NC      | $-3302.57     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased MXN / Sold USD              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |         1 | NC      | $880.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased EUR / Sold AUD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-7666.33     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | Purchased USD / Sold INR              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $209.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased USD / Sold ILS              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | US        |         1 | NC      | $-1189.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | Future                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |        16 | NC      | $7093.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold GBP              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $2325.47      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased NZD / Sold USD              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | NZ        |         1 | NC      | $-6444.74     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Scotland PLC                       | Purchased ZAR / Sold USD              | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ZA        |         1 | NC      | $379.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** AMERICAN BEACON FUNDS

**Signature:** Sonia Bates

**Name of Signer:** Sonia Bates

**Title:** Treasurer