# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001410368-25-012244
**Filing Date:** 2025-9
**Character Count:** 305570
**Document Hash:** 46f2f9f24bc7fd4602db4b9e329da370
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-012244.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001410368-25-012244

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** 251349915

**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 Small Cap Value Fund (Series ID: S000001818)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004768 | R5 Class       | AVFIX           |
| C000004769 | Investor Class | AVPAX           |
| C000004770 | Advisor Class  | AASSX           |
| C000079123 | Y Class        | ABSYX           |
| C000089424 | A Class        | ABSAX           |
| C000092341 | C Class        | ASVCX           |
| C000180103 | R6 Class       | AASRX           |

## 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: October 31, 2025** 

**Date of reporting period: July 31, 2025** 

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

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

------

ITEM 1. SCHEDULE OF INVESTMENTS.

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 53.84% |  |  |
|  **Communication Services - 3.30%** |  |  |
|  **Entertainment - 0.63%** |  |  |
|  Electronic Arts, Inc. | 2655 | $404861 |
|  Warner Bros Discovery, Inc.<sup>A</sup>  | 19799 | 260753 |
|  |  | **665614** |
|  **Interactive Media & Services - 1.01%** |  |  |
|  Alphabet, Inc., Class A | 5538 | **1062742** |
|  **Media - 1.66%** |  |  |
|  Comcast Corp., Class A | 32802 | 1090011 |
|  Omnicom Group, Inc. | 6586 | 474521 |
|  Paramount Global, Class B | 13800 | 173466 |
|  |  | **1737998** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **3466354** |
|  **Consumer Discretionary - 4.14%** |  |  |
|  **Automobile Components - 0.16%** |  |  |
|  BorgWarner, Inc. | 4700 | **172960** |
|  **Automobiles - 0.69%** |  |  |
|  General Motors Co. | 13542 | **722330** |
|  **Hotels, Restaurants & Leisure - 2.57%** |  |  |
|  Carnival Corp.<sup>A</sup>  | 52002 | 1548100 |
|  Las Vegas Sands Corp. | 11015 | 577186 |
|  Wynn Resorts Ltd. | 5310 | 578949 |
|  |  | **2704235** |
|  **Household Durables - 0.60%** |  |  |
|  Lennar Corp., Class A | 5590 | **627086** |
|  **Specialty Retail - 0.12%** |  |  |
|  Lithia Motors, Inc. | 450 | **129600** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **4356211** |
|  **Consumer Staples - 2.64%** |  |  |
|  **Beverages - 1.26%** |  |  |
|  Constellation Brands, Inc., Class A | 1900 | 317376 |
|  Keurig Dr. Pepper, Inc. | 30716 | 1002877 |
|  |  | **1320253** |
|  **Food Products - 0.63%** |  |  |
|  Conagra Brands, Inc. | 7500 | 136950 |
|  Kraft Heinz Co. | 19300 | 529978 |
|  |  | **666928** |
|  **Tobacco - 0.75%** |  |  |
|  Philip Morris International, Inc. | 4832 | **792690** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **2779871** |
|  **Energy - 6.00%** |  |  |
|  **Energy Equipment & Services - 1.80%** |  |  |
|  Baker Hughes Co. | 10200 | 459510 |
|  Halliburton Co. | 24708 | 553459 |
|  NOV, Inc. | 36600 | 460428 |
|  Schlumberger NV | 12400 | 419120 |
|  |  | **1892517** |
|  **Oil, Gas & Consumable Fuels - 4.20%** |  |  |
|  APA Corp. | 36314 | 700497 |
|  Chevron Corp. | 2686 | 407305 |
|  ConocoPhillips | 2536 | 241782 |
|  Exxon Mobil Corp. | 8626 | 963007 |
|  Murphy Oil Corp. | 3200 | 79392 |
|  Ovintiv, Inc. | 9300 | 382974 |
|  Permian Resources Corp. | 29767 | 421501 |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 53.84% (continued) |  |  |
|  **Energy - 6.00% (continued)** |  |  |
|  **Oil, Gas & Consumable Fuels - 4.20% (continued)** |  |  |
|  Phillips 66 | 5480 | $677219 |
|  Shell PLC, ADR | 7535 | 544102 |
|  |  | **4417779** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **6310296** |
|  **Financials - 11.28%** |  |  |
|  **Banks - 5.65%** |  |  |
|  Bank of America Corp. | 33140 | 1566528 |
|  Citigroup, Inc. | 11657 | 1092261 |
|  Citizens Financial Group, Inc. | 9168 | 437497 |
|  First Citizens BancShares, Inc., Class A | 175 | 349083 |
|  Truist Financial Corp. | 5700 | 249147 |
|  U.S. Bancorp | 13100 | 588976 |
|  Wells Fargo & Co. | 13637 | 1099551 |
|  Western Alliance Bancorp | 7079 | 549047 |
|  |  | **5932090** |
|  **Capital Markets - 0.58%** |  |  |
|  State Street Corp. | 5476 | **611943** |
|  **Consumer Finance - 1.17%** |  |  |
|  American Express Co. | 1905 | 570185 |
|  Capital One Financial Corp. | 1596 | 343140 |
|  SLM Corp. | 9902 | 314884 |
|  |  | **1228209** |
|  **Financial Services - 1.68%** |  |  |
|  Corebridge Financial, Inc. | 8900 | 316484 |
|  Fidelity National Information Services, Inc. | 15327 | 1217117 |
|  Fiserv, Inc.<sup>A</sup>  | 1700 | 236198 |
|  |  | **1769799** |
|  **Insurance - 2.20%** |  |  |
|  American International Group, Inc. | 16581 | 1287183 |
|  Everest Group Ltd. | 865 | 290467 |
|  Hartford Insurance Group, Inc. | 2440 | 303512 |
|  Willis Towers Watson PLC | 1357 | 428554 |
|  |  | **2309716** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **11851757** |
|  **Health Care - 6.69%** |  |  |
|  **Health Care Equipment & Supplies - 2.06%** |  |  |
|  GE HealthCare Technologies, Inc. | 8487 | 605293 |
|  Medtronic PLC | 13565 | 1224105 |
|  Solventum Corp.<sup>A</sup>  | 2100 | 149856 |
|  Zimmer Biomet Holdings, Inc. | 2072 | 189899 |
|  |  | **2169153** |
|  **Health Care Providers & Services - 2.87%** |  |  |
|  Centene Corp.<sup>A</sup>  | 4460 | 116272 |
|  Cigna Group | 550 | 147059 |
|  CVS Health Corp. | 3930 | 244053 |
|  Elevance Health, Inc. | 3020 | 854902 |
|  HCA Healthcare, Inc. | 940 | 332750 |
|  Humana, Inc. | 1610 | 402291 |
|  Labcorp Holdings, Inc. | 600 | 156048 |
|  UnitedHealth Group, Inc. | 3048 | 760659 |
|  |  | **3014034** |
|  **Life Sciences Tools & Services - 0.45%** |  |  |
|  Avantor, Inc.<sup>A</sup>  | 35333 | **474876** |
|  **Pharmaceuticals - 1.31%** |  |  |
|  GSK PLC, ADR<sup>B</sup>  | 3654 | 135746 |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 53.84% (continued) |  |  |
|  **Health Care - 6.69% (continued)** |  |  |
|  **Pharmaceuticals - 1.31% (continued)** |  |  |
|  Merck & Co., Inc. | 7531 | $588322 |
|  Sanofi SA, ADR | 14176 | 646992 |
|  |  | **1371060** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **7029123** |
|  **Industrials - 6.27%** |  |  |
|  **Aerospace & Defense - 0.72%** |  |  |
|  Boeing Co.<sup>A</sup>  | 1530 | 339415 |
|  General Dynamics Corp. | 850 | 264869 |
|  RTX Corp. | 1000 | 157570 |
|  |  | **761854** |
|  **Air Freight & Logistics - 0.58%** |  |  |
|  FedEx Corp. | 2730 | **610128** |
|  **Building Products - 0.86%** |  |  |
|  Johnson Controls International PLC | 8578 | **900690** |
|  **Construction & Engineering - 0.41%** |  |  |
|  AECOM | 2652 | 298986 |
|  Fluor Corp.<sup>A</sup>  | 2300 | 130571 |
|  |  | **429557** |
|  **Electrical Equipment - 0.73%** |  |  |
|  Vertiv Holdings Co., Class A | 5303 | **772117** |
|  **Ground Transportation - 0.61%** |  |  |
|  JB Hunt Transport Services, Inc. | 2507 | 361133 |
|  Norfolk Southern Corp. | 1000 | 278000 |
|  |  | **639133** |
|  **Machinery - 2.36%** |  |  |
|  CNH Industrial NV | 27080 | 350957 |
|  Cummins, Inc. | 1762 | 647747 |
|  Deere & Co. | 320 | 167798 |
|  Fortive Corp. | 12130 | 581391 |
|  PACCAR, Inc. | 4258 | 420520 |
|  Stanley Black & Decker, Inc. | 2500 | 169125 |
|  Timken Co. | 1900 | 144571 |
|  |  | **2482109** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **6595588** |
|  **Information Technology - 6.04%** |  |  |
|  **Communications Equipment - 1.47%** |  |  |
|  F5, Inc.<sup>A</sup>  | 4920 | **1542027** |
|  **Electronic Equipment, Instruments & Components - 0.06%** |  |  |
|  Ralliant Corp.<sup>A</sup>  | 1385 | **63322** |
|  **IT Services - 0.40%** |  |  |
|  Cognizant Technology Solutions Corp., Class A | 5849 | **419724** |
|  **Semiconductors & Semiconductor Equipment - 1.90%** |  |  |
|  Entegris, Inc. | 9139 | 717046 |
|  Microchip Technology, Inc. | 8178 | 552751 |
|  QUALCOMM, Inc. | 4986 | 731745 |
|  |  | **2001542** |
|  **Software - 2.21%** |  |  |
|  Microsoft Corp. | 320 | 170720 |
|  Oracle Corp. | 2963 | 751921 |
|  Workday, Inc., Class A<sup>A</sup>  | 6090 | 1396924 |
|  |  | **2319565** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **6346180** |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 53.84% (continued) |  |  |
|  **Materials - 2.36%** |  |  |
|  **Chemicals - 1.85%** |  |  |
|  Air Products & Chemicals, Inc. | 2877 | $828231 |
|  Axalta Coating Systems Ltd.<sup>A</sup>  | 16692 | 472717 |
|  Olin Corp. | 10200 | 193188 |
|  PPG Industries, Inc. | 4200 | 443100 |
|  |  | **1937236** |
|  **Construction Materials - 0.51%** |  |  |
|  CRH PLC | 5644 | **538720** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **2475956** |
|  **Real Estate - 1.40%** |  |  |
|  **Industrial REITs - 0.29%** |  |  |
|  Prologis, Inc. | 2882 | **307740** |
|  **Specialized REITs - 1.11%** |  |  |
|  Public Storage | 1751 | 476167 |
|  VICI Properties, Inc. | 20969 | 683589 |
|  |  | **1159756** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | **1467496** |
|  **Utilities - 3.72%** |  |  |
|  **Electric Utilities - 3.01%** |  |  |
|  Entergy Corp. | 13642 | 1233646 |
|  Pinnacle West Capital Corp. | 8058 | 730216 |
|  PPL Corp. | 11047 | 394267 |
|  Xcel Energy, Inc. | 10881 | 799101 |
|  |  | **3157230** |
|  **Multi-Utilities - 0.71%** |  |  |
|  Dominion Energy, Inc. | 12800 | **748160** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **3905390** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $42,637,799)** |  | **56584222** |
|  | **Principal Amount** |  |
|  CORPORATE OBLIGATIONS - 12.02% |  |  |
|  **Communications - 1.32%** |  |  |
|  **Internet - 0.47%** |  |  |
|  Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.200%, Due 6/3/2027 | $250000 | 237137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, Due 12/1/2029 | 250000 | 254469 |
|  |  | **491606** |
|  **Media - 0.68%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.484%, Due 10/23/2045 | 30000 | 29263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 4/1/2048 | 115000 | 101831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, Due 4/1/2061 | 85000 | 52321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, Due 6/30/2062 | 85000 | 52973 |
|  Comcast Corp., 6.550%, Due 7/1/2039 | 217000 | 237870 |
|  Cox Communications, Inc., 5.950%, Due 9/1/2054<sup>C</sup>  | 265000 | 242048 |
|  |  | **716306** |
|  **Telecommunications - 0.17%** |  |  |
|  Verizon Communications, Inc., 4.780%, Due 2/15/2035 | 181000 | **175444** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **1383356** |
|  **Consumer, Cyclical - 0.82%** |  |  |
|  **Airlines - 0.05%** |  |  |
|  American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, 2019-1, AA | 61940 | **56828** |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 12.02% (continued) |  |  |
|  **Consumer, Cyclical - 0.82% (continued)** |  |  |
|  **Retail - 0.77%** |  |  |
|  Home Depot, Inc., 2.950%, Due 6/15/2029 | $500000 | $476864 |
|  Walmart, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, Due 9/24/2029 | 150000 | 140087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.550%, Due 2/15/2030 | 169000 | 192398 |
|  |  | **809349** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **866177** |
|  **Consumer, Non-Cyclical - 0.80%** |  |  |
|  **Beverages - 0.29%** |  |  |
|  PepsiCo, Inc., 4.450%, Due 5/15/2028 | 300000 | **302769** |
|  **Pharmaceuticals - 0.51%** |  |  |
|  Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029 | 560000 | **540205** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **842974** |
|  **Energy - 0.25%** |  |  |
|  **Oil & Gas - 0.15%** |  |  |
|  BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)<sup>D</sup> <sup>E</sup> | 150000 | **155328** |
|  **Pipelines - 0.10%** |  |  |
|  ONEOK Partners LP, 6.850%, Due 10/15/2037 | 45000 | 49286 |
|  Sempra Infrastructure Partners LP, 3.250%, Due 1/15/2032<sup>C</sup>  | 65000 | 55219 |
|  |  | **104505** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **259833** |
|  **Financial - 3.28%** |  |  |
|  **Banks - 2.29%** |  |  |
|  Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.734%, Due 7/22/2027, (1 day USD SOFR + 0.960%)<sup>D</sup>  | 350000 | 340359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.482%, Due 9/21/2036, (5 yr. CMT + 1.200%)<sup>D</sup>  | 335000 | 285105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.110%, Due 1/29/2037 | 176000 | 184998 |
|  Citigroup, Inc., 5.875%, Due 1/30/2042 | 145000 | 150028 |
|  Fifth Third Bank NA, 2.250%, Due 2/1/2027 | 250000 | 242038 |
|  JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 4/1/2030, OO, (5 yr. CMT + 2.152%)<sup>D</sup> <sup>E</sup> | 120000 | 123053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/15/2040 | 313000 | 316730 |
|  Morgan Stanley, 2.484%, Due 9/16/2036, (1 day USD SOFR + 1.360%)<sup>D</sup>  | 355000 | 302196 |
|  PNC Financial Services Group, Inc., 2.550%, Due 1/22/2030 | 500000 | 462068 |
|  |  | **2406575** |
|  **Insurance - 0.99%** |  |  |
|  Berkshire Hathaway Finance Corp., 2.300%, Due 3/15/2027 | 300000 | 291880 |
|  Fidelity National Financial, Inc., 3.200%, Due 9/17/2051 | 55000 | 33775 |
|  Markel Group, Inc., 5.000%, Due 5/20/2049 | 100000 | 86799 |
|  MetLife, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 6/15/2034 | 169000 | 186249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.721%, Due 12/15/2044 | 193000 | 170516 |
|  Prudential Financial, Inc., 4.600%, Due 5/15/2044 | 313000 | 275782 |
|  |  | **1045001** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **3451576** |
|  **Industrial - 1.20%** |  |  |
|  **Aerospace/Defense - 0.22%** |  |  |
|  RTX Corp., 6.125%, Due 7/15/2038 | 217000 | **232802** |
|  **Machinery - Construction & Mining - 0.19%** |  |  |
|  Caterpillar Financial Services Corp., 4.375%, Due 8/16/2029 | 200000 | **200818** |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 12.02% (continued) |  |  |
|  **Industrial - 1.20% (continued)** |  |  |
|  **Machinery - Diversified - 0.44%** |  |  |
|  John Deere Capital Corp., 2.450%, Due 1/9/2030 | $500000 | $**461936** |
|  **Transportation - 0.35%** |  |  |
|  Burlington Northern Santa Fe LLC, 5.750%, Due 5/1/2040 | 202000 | 209398 |
|  CSX Corp., 5.500%, Due 4/15/2041 | 157000 | 155871 |
|  |  | **365269** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **1260825** |
|  **Technology - 1.95%** |  |  |
|  **Computers - 1.31%** |  |  |
|  Apple, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.400%, Due 8/5/2028 | 200000 | 184896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, Due 9/11/2029 | 300000 | 277740 |
|  Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045 | 500000 | 514141 |
|  International Business Machines Corp., 4.250%, Due 5/15/2049 | 500000 | 401317 |
|  |  | **1378094** |
|  **Semiconductors - 0.64%** |  |  |
|  Foundry JV Holdco LLC, 6.300%, Due 1/25/2039<sup>C</sup>  | 200000 | 205889 |
|  NVIDIA Corp., 1.550%, Due 6/15/2028 | 500000 | 466585 |
|  |  | **672474** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **2050568** |
|  **Utilities - 2.40%** |  |  |
|  **Electric - 2.40%** |  |  |
|  Appalachian Power Co., 4.500%, Due 3/1/2049, Y | 210000 | 170023 |
|  Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036 | 235000 | 251069 |
|  Consolidated Edison Co. of New York, Inc., 5.500%, Due 12/1/2039, 09-C | 169000 | 169334 |
|  Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 2/1/2055, A, (5 yr. CMT + 2.386%)<sup>D</sup>  | 115000 | 120365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 5/15/2055, (5 yr. CMT + 2.207%)<sup>D</sup>  | 175000 | 179278 |
|  Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 3/15/2035 | 55000 | 56100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/15/2038 | 40000 | 42406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, Due 4/15/2038 | 115000 | 121731 |
|  Duke Energy Corp., 5.800%, Due 6/15/2054 | 95000 | 92856 |
|  Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 12/1/2044 | 75000 | 61205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, Due 8/15/2045 | 30000 | 24695 |
|  Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, A-2 | 265000 | 220443 |
|  Entergy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, Due 6/15/2030 | 30000 | 27610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 12/1/2054, (5 yr. CMT + 2.670%)<sup>D</sup>  | 45000 | 46587 |
|  PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 2/15/2050 | 125000 | 94694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, Due 12/1/2053 | 95000 | 84859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/15/2054 | 155000 | 141758 |
|  Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, Due 4/1/2034 | 45000 | 45979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, Due 3/15/2035 | 70000 | 70938 |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 12.02% (continued) |  |  |
|  **Utilities - 2.40% (continued)** |  |  |
|  **Electric - 2.40% (continued)** |  |  |
|  Sempra, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.400%, Due 10/1/2054, (5 yr. CMT + 2.632%)<sup>D</sup>  | $135000 | $130605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 10/1/2054, (5 yr. CMT + 2.789%)<sup>D</sup>  | 100000 | 100925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, Due 4/1/2055, (5 yr. CMT + 2.138%)<sup>D</sup>  | 45000 | 43443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 4/1/2055, (5 yr. CMT + 2.354%)<sup>D</sup>  | 80000 | 78572 |
|  System Energy Resources, Inc., 5.300%, Due 12/15/2034 | 145000 | 142720 |
|  |  | **2518195** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **2518195** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $13,048,185)** |  | **12633504** |
|  FOREIGN CORPORATE OBLIGATIONS - 3.37% |  |  |
|  **Communications - 0.30%** |  |  |
|  **Telecommunications - 0.30%** |  |  |
|  America Movil SAB de CV, 6.375%, Due 3/1/2035 | 169000 | 183298 |
|  Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042<sup>C</sup>  | 150000 | 137276 |
|  |  | **320574** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **320574** |
|  **Consumer, Cyclical - 0.34%** |  |  |
|  **Auto Manufacturers - 0.34%** |  |  |
|  Mercedes-Benz Finance North America LLC, 5.250%, Due 11/29/2027<sup>C</sup>  | 350000 | **355862** |
|  **Consumer, Non-Cyclical - 1.45%** |  |  |
|  **Agriculture - 0.41%** |  |  |
|  BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 2/20/2034 | 35000 | 36865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.540%, Due 8/15/2047 | 260000 | 210837 |
|  Reynolds American, Inc., 5.700%, Due 8/15/2035 | 175000 | 178442 |
|  |  | **426144** |
|  **Beverages - 0.48%** |  |  |
|  Anheuser-Busch InBev Worldwide, Inc., 5.450%, Due 1/23/2039 | 500000 | **506274** |
|  **Pharmaceuticals - 0.56%** |  |  |
|  Bayer U.S. Finance II LLC, 3.950%, Due 4/15/2045<sup>C</sup>  | 245000 | 176399 |
|  Bayer U.S. Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 11/21/2026<sup>C</sup>  | 200000 | 203093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 11/21/2053<sup>C</sup>  | 200000 | 212775 |
|  |  | **592267** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **1524685** |
|  **Energy - 0.86%** |  |  |
|  **Oil & Gas - 0.38%** |  |  |
|  Saudi Arabian Oil Co., 4.375%, Due 4/16/2049<sup>C</sup>  | 500000 | **396385** |
|  **Pipelines - 0.48%** |  |  |
|  Enbridge, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.200%, Due 6/27/2054, (5 yr. CMT + 2.970%)<sup>D</sup>  | 115000 | 118460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 3/15/2055, (5 yr. CMT + 3.122%)<sup>D</sup>  | 290000 | 301937 |
|  TransCanada PipeLines Ltd., 6.100%, Due 6/1/2040 | 82000 | 83547 |
|  |  | **503944** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **900329** |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 3.37% (continued) |  |  |
|  **Financial - 0.42%** |  |  |
|  **Banks - 0.08%** |  |  |
|  HBOS PLC, 6.000%, Due 11/1/2033<sup>C</sup>  | $80000 | $**81224** |
|  **Diversified Financial Services - 0.15%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.950%, Due 3/10/2055, (5 yr. CMT + 2.720%)<sup>D</sup>  | 150000 | **156931** |
|  **Insurance - 0.19%** |  |  |
|  Fairfax Financial Holdings Ltd., 6.350%, Due 3/22/2054 | 200000 | **201701** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **439856** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $3,560,364)** |  | **3541306** |
|  FOREIGN SOVEREIGN OBLIGATIONS - 0.43% |  |  |
|  Mexico Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.280%, Due 8/14/2041 | 250000 | 191563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.771%, Due 5/24/2061 | 450000 | 263025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations (Cost $483,505)** |  | **454588** |
|  **ASSET-BACKED OBLIGATIONS - 0.98%** |  |  |
|  Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022-1 A3 | 7483 | 7474 |
|  AmeriCredit Automobile Receivables Trust, 4.380%, Due 4/18/2028, 2022-2 A3 | 4661 | 4660 |
|  BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022-A A3 | 2986 | 2982 |
|  CNH Equipment Trust, 5.420%, Due 10/15/2027, 2024-B A2A | 15784 | 15815 |
|  Compass Datacenters Issuer III LLC, 5.656%, Due 2/25/2050, 2025-1A A2<sup>C</sup>  | 75000 | 75735 |
|  Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021-2 A<sup>C</sup>  | 110000 | 105967 |
|  GM Financial Consumer Automobile Receivables Trust, 4.620%, Due 12/17/2029, 2025-1 A3 | 90000 | 90590 |
|  GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021-1 A<sup>C</sup>  | 90000 | 86730 |
|  Honda Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.880%, Due 5/15/2026, 2022-1 A3 | 3018 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.570%, Due 9/21/2029, 2025-1 A3 | 85000 | 85532 |
|  John Deere Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.320%, Due 9/15/2026, 2022-A A3 | 7533 | 7517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.740%, Due 2/16/2027, 2022-B A3 | 26782 | 26698 |
|  New Economy Assets - Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021-1 A1<sup>C</sup>  | 125000 | 102519 |
|  Porsche Financial Auto Securitization Trust, 4.440%, Due 1/22/2030, 2024-1A A3<sup>C</sup>  | 165000 | 165022 |
|  Porsche Innovative Lease Owner Trust, 4.670%, Due 11/22/2027, 2024-1A A3<sup>C</sup>  | 100000 | 100092 |
|  Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II<sup>C</sup>  | 98250 | 89095 |
|  World Omni Automobile Lease Securitization Trust, 4.420%, Due 4/17/2028, 2025-A A3 | 60000 | 60096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Obligations (Cost $1,064,320)** |  | **1029539** |
|  COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.22% |  |  |
|  BX Commercial Mortgage Trust, 5.156%, Due 9/15/2036, 2021-VOLT A, (1 mo. USD Term SOFR + 0.814%)<sup>C</sup> <sup>D</sup> | 135636 | 135382 |
|  NRTH Mortgage Trust, 5.983%, Due 3/15/2039, 2024-PARK A, (1 mo. USD Term SOFR + 1.641%)<sup>C</sup> <sup>D</sup> | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Obligations (Cost $235,401)** |  | **235382** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.29% |  |  |
|  Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2028 | 4510 | 4442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2032 | 30080 | 29083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 8/1/2033 | 11327 | 11410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2034 | 11094 | 11295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2035 | 50649 | 47188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2036 | 150583 | 137065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/1/2041 | 36819 | 35352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/1/2041 | 26123 | 25818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2041 | 122132 | 107920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2042 | 123398 | 115305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2042 | 123202 | 114609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 4/1/2047 | 112048 | 97275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2048 | 102195 | 90106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/1/2050 | 67031 | 55582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 12/1/2050 | 62377 | 51832 |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.29% (continued) |  |  |
|  Federal Home Loan Mortgage Corp., (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2051 | $120158 | $100239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 2/1/2052 | 114132 | 90210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2052 | 202426 | 158961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/1/2052 | 100048 | 83060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 3/1/2053 | 61335 | 63132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 5/1/2053 | 93866 | 89234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 8/1/2053 | 196311 | 191763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2053 | 161297 | 163566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 9/1/2053 | 108010 | 108628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 291246 | 290855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 4/1/2054 | 129895 | 133234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2054 | 96168 | 97971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 9/1/2054 | 151236 | 148138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/1/2055 | 283868 | 283753 |
|  |  | **2937026** |
|  Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2028 | 4255 | 4204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 3/1/2034 | 12525 | 12591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 4/1/2034 | 22336 | 22241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2034 | 2981 | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/1/2035 | 99450 | 90947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 12/1/2035 | 47097 | 43017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2037 | 68073 | 65339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 6/1/2038 | 2966 | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 1/1/2040 | 26075 | 25701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 5/1/2040 | 46589 | 46865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2040 | 29241 | 29415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 9/1/2040 | 25535 | 24495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/1/2041 | 50676 | 48595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2041 | 98071 | 86577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2043 | 237303 | 212330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2043 | 216032 | 193208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2045 | 51710 | 48707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/1/2045 | 23676 | 21814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 11/1/2045 | 232600 | 214021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2046 | 90767 | 83668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2046 | 24194 | 22171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2046 | 51498 | 48582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2046 | 19166 | 16897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2046 | 110977 | 98537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 3/1/2047 | 27222 | 24923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2047 | 12165 | 11789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/1/2047 | 21619 | 20975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2047 | 36148 | 33051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 4/1/2048 | 9912 | 9534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2048 | 58792 | 56934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2049 | 67475 | 64867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2049 | 138720 | 129733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2050 | 302130 | 249852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2050 | 86027 | 74553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2050 | 98558 | 81761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 10/1/2050 | 45754 | 37869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2050 | 93100 | 81162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2051 | 145352 | 115712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 4/1/2051 | 228131 | 180114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2051 | 104762 | 91390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2051 | 105364 | 91106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2051 | 122231 | 109836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 7/1/2051 | 233622 | 184212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/1/2051 | 103536 | 93582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2051 | 217389 | 180465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2051 | 75478 | 64811 |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.29% (continued) |  |  |
|  Federal National Mortgage Association, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 1/1/2052 | $356823 | $283049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2052 | 185157 | 154218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2052 | 137855 | 123672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2052 | 160914 | 149536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2052 | 259314 | 256054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 7/1/2052 | 106329 | 92375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2052 | 158867 | 151642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/1/2052 | 118236 | 115804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/1/2053 | 79408 | 77980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 6/1/2053 | 99807 | 95960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/1/2053 | 187703 | 186904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/1/2054 | 203803 | 208747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 198604 | 198887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 6/1/2054 | 37698 | 39323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 11/1/2054 | 207035 | 206298 |
|  |  | **5794482** |
|  Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 8/15/2027 | 1191 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 11/15/2027 | 1660 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 12/15/2028 | 3272 | 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/15/2033 | 11656 | 12010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/15/2033 | 16186 | 16667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/20/2034 | 16589 | 16874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 10/15/2039 | 33821 | 34060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/15/2041 | 66563 | 61511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/20/2047 | 13063 | 11948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/20/2047 | 11955 | 10932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/20/2048 | 59782 | 55734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 1/20/2050 | 27514 | 27294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/20/2050 | 25860 | 24915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 2/20/2050 | 14312 | 14199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/20/2050 | 127406 | 107450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/20/2051 | 127248 | 107146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/20/2051 | 54714 | 47931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/20/2051 | 199447 | 167901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/20/2051 | 125172 | 110969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/20/2051 | 101951 | 85825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/20/2051 | 241514 | 211422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/20/2052 | 87709 | 79265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/20/2052 | 91495 | 84932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/20/2052 | 57354 | 48282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 9/20/2052 | 119650 | 114223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/20/2053 | 231906 | 227687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/20/2053 | 184426 | 184943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/20/2054 | 171635 | 167640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/20/2055 | 44773 | 44702 |
|  |  | **2082678** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Agency Mortgage-Backed Obligations (Cost $11,665,500)** |  | **10814186** |
|  U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.86% |  |  |
|  Federal Farm Credit Banks Funding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 10/24/2029 | 250000 | 252657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 1/25/2030 | 300000 | 295960 |
|  Federal Home Loan Banks, 4.500%, Due 12/14/2029 | 350000 | 355613 |
|  |  | **904230** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Obligations (Cost $904,343)** |  | **904230** |
|  U.S. TREASURY OBLIGATIONS - 10.04% |  |  |
|  U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 8/15/2025 | 179000 | 179179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 11/15/2028 | 217000 | 225816 |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  U.S. TREASURY OBLIGATIONS - 10.04% (continued) |  |  |
|  U.S. Treasury Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 2/15/2037 | $304000 | $313310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/15/2039 | 241000 | 237761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, Due 8/15/2042 | 250000 | 189365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2049 | 500000 | 354355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 5/15/2054 | 355000 | 339968 |
|  |  | **1839754** |
|  U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.250%, Due 8/31/2025 | 3050000 | 3039700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/15/2026 | 500000 | 486797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 3/31/2027 | 250000 | 243975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 10/31/2027 | 250000 | 251016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2028 | 200000 | 194617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 8/15/2028 | 300000 | 291199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, Due 2/15/2029 | 450000 | 431139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 4/30/2029 | 300000 | 289207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 4/30/2029 | 50000 | 51215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, Due 5/15/2029 | 450000 | 425830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 8/15/2029 | 350000 | 320810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 11/15/2029 | 200000 | 183227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/31/2030 | 350000 | 343602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/28/2030 | 250000 | 250615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 4/30/2031 | 40000 | 41192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 9/30/2031 | 200000 | 195109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 1/31/2032 | 150000 | 152250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 11/15/2032 | 250000 | 249424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 2/15/2033 | 250000 | 238945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/15/2033 | 200000 | 195203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/15/2034 | 300000 | 294176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 5/15/2034 | 255000 | 256584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/15/2034 | 300000 | 290227 |
|  |  | **8716059** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations (Cost $11,010,050)** |  | **10555813** |
|  | **Shares** |  |
|  FOREIGN COMMON STOCKS - 3.91% |  |  |
|  **Communication Services - 0.33%** |  |  |
|  **Media - 0.33%** |  |  |
|  WPP PLC, ADR<sup>B</sup>  | 12800 | **346624** |
|  **Consumer Discretionary - 1.65%** |  |  |
|  **Automobile Components - 1.65%** |  |  |
|  Aptiv PLC<sup>A</sup>  | 16520 | 1133933 |
|  Magna International, Inc.<sup>B</sup>  | 14704 | 602864 |
|  |  | **1736797** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **1736797** |
|  **Consumer Staples - 0.33%** |  |  |
|  **Beverages - 0.12%** |  |  |
|  Anheuser-Busch InBev SA, ADR<sup>B</sup>  | 2200 | **126874** |
|  **Personal Products - 0.21%** |  |  |
|  Unilever PLC, ADR | 3740 | **218528** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **345402** |
|  **Financials - 0.48%** |  |  |
|  **Banks - 0.48%** |  |  |
|  Bank of Nova Scotia | 9155 | **509109** |
|  **Information Technology - 1.12%** |  |  |
|  **Communications Equipment - 0.73%** |  |  |
|  Telefonaktiebolaget LM Ericsson, ADR<sup>B</sup>  | 105830 | **764093** |

---

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  FOREIGN COMMON STOCKS - 3.91% (continued) |  |  |
|  **Information Technology - 1.12% (continued)** |  |  |
|  **Electronic Equipment, Instruments & Components - 0.39%** |  |  |
|  TE Connectivity PLC | 2008 | $**413146** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **1177239** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks (Cost $3,901,040)** |  | **4115171** |
|  SHORT-TERM INVESTMENTS - 3.50% (Cost $3,675,628) |  |  |
|  **Investment Companies - 3.50%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>F</sup> <sup>G</sup> | 3675628 | **3675628** |
|  SECURITIES LENDING COLLATERAL - 0.22% (Cost $227,095) |  |  |
|  **Investment Companies - 0.22%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>F</sup> <sup>G</sup> | 227095 | **227095** |
|  **TOTAL INVESTMENTS - 99.68% (Cost $92,413,230)** |  | **104770664** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.32%** |  | **333515** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**105104179** |

---

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 July 31, 2025.

<sup>C</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 $3,026,712 or 2.88% of net assets. The Fund has no right to demand registration of these securities. 

<sup>D</sup> Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on July 31, 2025. 

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

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

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

ADR - American Depositary Receipt.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

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

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

***Long Futures Contracts Open on July 31, 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 | 12 | September 2025 | $3746216 | $3824550 | $78334 |
|  |  |  | $3746216 | $3824550 | $78334 |

---

***Glossary:***

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

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

*See accompanying notes* 

------

**American Beacon Balanced Fund<sup>SM</sup>** 

**Schedule of Investments** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balanced Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $56584222 | $— | $— | $56584222 |
|  Corporate Obligations |  | 12633504 |  | 12633504 |
|  Foreign Corporate Obligations |  | 3541306 |  | 3541306 |
|  Foreign Sovereign Obligations |  | 454588 |  | 454588 |
|  Asset-Backed Obligations |  | 1029539 |  | 1029539 |
|  Commercial Mortgage-Backed Obligations |  | 235382 |  | 235382 |
|  U.S. Agency Mortgage-Backed Obligations |  | 10814186 |  | 10814186 |
|  U.S. Government Agency Obligations |  | 904230 |  | 904230 |
|  U.S. Treasury Obligations |  | 10555813 |  | 10555813 |
|  Foreign Common Stocks | 4115171 |  |  | 4115171 |
|  Short-Term Investments | 3675628 |  |  | 3675628 |
|  Securities Lending Collateral | 227095 |  |  | 227095 |
|  Total Investments in Securities - Assets | $64602116 | $40168548 | $— | $104770664 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $78334 | $— | $— | $78334 |
|  Total Financial Derivative Instruments - Assets | $78334 | $— | $— | $78334 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2025, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

**American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 6.48% |  |  |
|  **Communications - 1.89%** |  |  |
|  **Media - 1.89%** |  |  |
|  Walt Disney Co., 3.800%, Due 3/22/2030 | $5450000 | $**5331978** |
|  **Financial - 2.40%** |  |  |
|  **Banks - 2.40%** |  |  |
|  JPMorgan Chase & Co., 2.739%, Due 10/15/2030, (3 mo. USD Term SOFR + 1.510%)<sup>A</sup>  | 2985000 | 2780862 |
|  Wells Fargo & Co., 4.478%, Due 4/4/2031, (3 mo. USD Term SOFR + 4.032%)<sup>A</sup>  | 4030000 | 4006676 |
|  |  | **6787538** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **6787538** |
|  **Utilities - 2.19%** |  |  |
|  **Electric - 2.19%** |  |  |
|  Florida Power & Light Co., 5.000%, Due 8/1/2034 | 6170000 | **6183915** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $18,817,812)** |  | **18303431** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 48.99% |  |  |
|  Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/1/2039 | 3307850 | 3228752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 8/1/2042 | 223614 | 189144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2042 | 10806394 | 9495207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, Due 1/1/2051 | 8822409 | 6566976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 3/1/2052 | 11646839 | 9585472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2052 | 12739373 | 10487616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2052 | 10214723 | 8847932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 10/1/2052 | 10475065 | 9683517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2052 | 10800309 | 9984198 |
|  |  | **68068814** |
|  Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/1/2039 | 4410603 | 4192665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 7/1/2040 | 5533361 | 5096802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2040 | 3650623 | 3358011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2049 | 5937240 | 5568095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2050 | 5862474 | 4817344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/1/2051 | 9575353 | 7853632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2052 | 8454733 | 6952567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2052 | 19750480 | 16953907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/1/2052 | 10238070 | 9167793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 10/1/2052 | 6848832 | 6325878 |
|  |  | **70286694** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Agency Mortgage-Backed Obligations (Cost $142,677,721)** |  | **138355508** |
|  U.S. TREASURY OBLIGATIONS - 43.38% |  |  |
|  U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 8/15/2041 | 11370000 | 10089098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/15/2045 | 24005000 | 16703166 |
|  |  | **26792264** |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, Due 2/15/2032 | 31380000 | 27375373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 2/15/2033 | 35170000 | 33614827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 2/15/2034 | 35440000 | 34751966 |
|  |  | **95742166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations (Cost $126,883,116)** |  | **122534430** |
|  **TOTAL INVESTMENTS - 98.85% (Cost $288,378,649)** |  | **279193369** |
|  **OTHER ASSETS, NET OF LIABILITIES - 1.15%** |  | **3255054** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**282448423** |

---

Percentages are stated as a percent of net assets.

*See accompanying notes* 

------

**American Beacon Garcia Hamilton Quality Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

<sup>A</sup> Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on July 31, 2025. 

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

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Garcia Hamilton Quality Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Corporate Obligations | $— | $18303431 | $— | $18303431 |
|  U.S. Agency Mortgage-Backed Obligations |  | 138355508 |  | 138355508 |
|  U.S. Treasury Obligations |  | 122534430 |  | 122534430 |
|  Total Investments in Securities - Assets | $— | $279193369 | $— | $279193369 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2025, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

**American Beacon IMC International Small Cap Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Australia - 7.79%** |  |  |
|  **Foreign Common Stocks - 7.79%** |  |  |
|  Austal Ltd.<sup>A</sup>  | 191886 | $808950 |
|  Capricorn Metals Ltd.<sup>A</sup>  | 91989 | 530277 |
|  Catapult Group International Ltd.<sup>A</sup>  | 190330 | 810952 |
|  Eagers Automotive Ltd.<sup>B</sup>  | 49071 | 618726 |
|  HUB24 Ltd. | 9876 | 676887 |
|  JB Hi-Fi Ltd. | 7589 | 544769 |
|  Netwealth Group Ltd. | 33630 | 811110 |
|  Perseus Mining Ltd. | 50885 | 106933 |
|  Qantas Airways Ltd. | 72489 | 506380 |
|  SRG Global Ltd. | 587989 | 629156 |
|  Superloop Ltd.<sup>A</sup>  | 328820 | 707909 |
|  Technology One Ltd. | 26784 | 707099 |
|  Temple & Webster Group Ltd.<sup>A</sup>  | 59707 | 938931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **8398079** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Australia (Cost $6,886,314)** |  | **8398079** |
|  **Austria - 1.31%** |  |  |
|  **Foreign Common Stocks - 1.31%** |  |  |
|  BAWAG Group AG<sup>C</sup>  | 6917 | 874619 |
|  Porr AG | 15708 | 532401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **1407020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Austria (Cost $999,538)** |  | **1407020** |
|  **Brazil - 1.29%** |  |  |
|  **Foreign Common Stocks - 1.29%** |  |  |
|  Embraer SA | 46032 | 663078 |
|  Porto Seguro SA | 78275 | 725360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **1388438** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Brazil (Cost $949,510)** |  | **1388438** |
|  **Canada - 5.98%** |  |  |
|  **Foreign Common Stocks - 5.98%** |  |  |
|  5N Plus, Inc.<sup>A</sup>  | 91529 | 817129 |
|  Artemis Gold, Inc.<sup>A</sup>  | 48852 | 893763 |
|  Bombardier, Inc., Class B<sup>A</sup> <sup>B</sup> | 7264 | 847030 |
|  Definity Financial Corp. | 13427 | 723387 |
|  Finning International, Inc. | 16892 | 736099 |
|  Kinross Gold Corp. | 41955 | 671292 |
|  Lundin Gold, Inc. | 9077 | 420113 |
|  Stantec, Inc. | 6767 | 739701 |
|  TerraVest Industries, Inc.<sup>B</sup>  | 4909 | 604839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **6453353** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Canada (Cost $4,978,514)** |  | **6453353** |
|  **China - 9.31%** |  |  |
|  **Foreign Common Stocks - 9.31%** |  |  |
|  Dongfang Electric Corp. Ltd., Class H | 407324 | 962011 |
|  InnoCare Pharma Ltd.<sup>A</sup> <sup>C</sup> | 503026 | 1154717 |
|  Innovent Biologics, Inc.<sup>A</sup> <sup>C</sup> | 77374 | 965943 |
|  Inspur Digital Enterprise Technology Ltd. | 379255 | 506317 |
|  Meitu, Inc.<sup>C</sup>  | 856436 | 1317930 |
|  NetEase Cloud Music, Inc.<sup>A</sup> <sup>C</sup> | 31205 | 1009690 |
|  Pop Mart International Group Ltd.<sup>C</sup>  | 30084 | 942760 |
|  SITC International Holdings Co. Ltd. | 153823 | 498700 |
|  TCL Electronics Holdings Ltd. | 422825 | 547249 |
|  United Laboratories International Holdings Ltd. | 247962 | 466863 |
|  WuXi XDC Cayman, Inc.<sup>A</sup>  | 101907 | 749049 |

---

*See accompanying notes* 

------

**American Beacon IMC International Small Cap Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **China - 9.31% (continued)** |  |  |
|  **Foreign Common Stocks - 9.31% (continued)** |  |  |
|  XD, Inc.<sup>D</sup>  | 138031 | $921379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **10042608** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total China (Cost $6,357,337)** |  | **10042608** |
|  **Denmark - 1.44%** |  |  |
|  **Foreign Common Stocks - 1.44%** |  |  |
|  Per Aarsleff Holding AS | 8127 | 877218 |
|  Sydbank AS | 9121 | 677442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **1554660** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Denmark (Cost $1,255,036)** |  | **1554660** |
|  **Finland - 0.76% (Cost $793,137)** |  |  |
|  **Foreign Common Stocks - 0.76%** |  |  |
|  Orion OYJ, Class B | 10179 | **816624** |
|  **France - 1.30%** |  |  |
|  **Foreign Common Stocks - 1.30%** |  |  |
|  Technip Energies NV | 17071 | 737956 |
|  VusionGroup | 2583 | 666184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **1404140** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total France (Cost $1,378,912)** |  | **1404140** |
|  **Georgia - 0.76% (Cost $650,521)** |  |  |
|  **Foreign Common Stocks - 0.76%** |  |  |
|  TBC Bank Group PLC | 12734 | **815632** |
|  **Germany - 4.28%** |  |  |
|  **Foreign Common Stocks - 4.28%** |  |  |
|  Auto1 Group SE<sup>A</sup> <sup>C</sup> | 24293 | 734664 |
|  Bilfinger SE | 7082 | 765363 |
|  Hensoldt AG | 6967 | 764066 |
|  Montana Aerospace AG<sup>A</sup> <sup>C</sup> | 24742 | 865094 |
|  Scout24 SE<sup>C</sup>  | 5514 | 738748 |
|  Vossloh AG | 7641 | 752528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **4620463** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Germany (Cost $3,716,069)** |  | **4620463** |
|  **Greece - 2.16%** |  |  |
|  **Foreign Common Stocks - 2.16%** |  |  |
|  Alpha Bank SA | 256834 | 967226 |
|  Metlen Energy & Metals SA | 10357 | 571823 |
|  National Bank of Greece SA | 56509 | 792558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **2331607** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Greece (Cost $1,737,337)** |  | **2331607** |
|  **India - 5.65%** |  |  |
|  **Foreign Common Stocks - 5.65%** |  |  |
|  Choice International Ltd.<sup>A</sup>  | 90753 | 787366 |
|  Eris Lifesciences Ltd.<sup>C</sup>  | 32170 | 666509 |
|  Force Motors Ltd. | 4904 | 949688 |
|  Fortis Healthcare Ltd. | 59454 | 582366 |
|  Hitachi Energy India Ltd. | 3079 | 708074 |
|  Krishna Institute of Medical Sciences Ltd.<sup>A</sup> <sup>C</sup> | 74717 | 639752 |
|  Multi Commodity Exchange of India Ltd. | 6371 | 557398 |
|  Narayana Hrudayalaya Ltd.<sup>D</sup>  | 31149 | 683794 |

---

*See accompanying notes* 

------

**American Beacon IMC International Small Cap Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **India - 5.65% (continued)** |  |  |
|  **Foreign Common Stocks - 5.65% (continued)** |  |  |
|  Wockhardt Ltd.<sup>A</sup>  | 27380 | $522290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **6097237** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total India (Cost $5,786,847)** |  | **6097237** |
|  **Israel - 3.19%** |  |  |
|  **Foreign Common Stocks - 3.19%** |  |  |
|  Clal Insurance Enterprises Holdings Ltd. | 17481 | 842303 |
|  Elbit Systems Ltd. | 1765 | 814599 |
|  First International Bank of Israel Ltd. | 10666 | 743424 |
|  Next Vision Stabilized Systems Ltd. | 25291 | 1039958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **3440284** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Israel (Cost $2,008,435)** |  | **3440284** |
|  **Italy - 4.77%** |  |  |
|  **Foreign Common Stocks - 4.77%** |  |  |
|  Avio SpA<sup>B</sup> <sup>D</sup> | 31621 | 1082576 |
|  Banca Mediolanum SpA | 35741 | 632208 |
|  BPER Banca SpA | 67888 | 669063 |
|  Fincantieri SpA<sup>A</sup> <sup>B</sup> | 40538 | 786916 |
|  Maire SpA | 49856 | 691282 |
|  OVS SpA<sup>C</sup>  | 145248 | 603024 |
|  Webuild SpA<sup>B</sup>  | 150527 | 678880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **5143949** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Italy (Cost $3,871,841)** |  | **5143949** |
|  **Japan - 8.77%** |  |  |
|  **Foreign Common Stocks - 8.77%** |  |  |
|  BayCurrent, Inc. | 10149 | 583904 |
|  Capcom Co. Ltd. | 21764 | 559398 |
|  Japan Steel Works Ltd. | 12041 | 752243 |
|  Kandenko Co. Ltd. | 41599 | 991976 |
|  Kawasaki Heavy Industries Ltd. | 11256 | 830018 |
|  Kinden Corp. | 23585 | 745711 |
|  Namura Shipbuilding Co. Ltd.<sup>B</sup>  | 29456 | 609434 |
|  Nojima Corp. | 28269 | 649550 |
|  Rakuten Bank Ltd.<sup>A</sup>  | 14821 | 695840 |
|  Sanki Engineering Co. Ltd. | 31711 | 938923 |
|  SBI Holdings, Inc. | 18888 | 709177 |
|  SCSK Corp. | 22769 | 711758 |
|  Shimizu Corp. | 61505 | 685406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **9463338** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Japan (Cost $7,907,324)** |  | **9463338** |
|  **Mexico - 0.83% (Cost $621,256)** |  |  |
|  **Foreign Common Stocks - 0.83%** |  |  |
|  Gentera SAB de CV | 396508 | **899158** |
|  **Netherlands - 1.46%** |  |  |
|  **Foreign Common Stocks - 1.46%** |  |  |
|  Koninklijke BAM Groep NV | 83913 | 735448 |
|  Van Lanschot Kempen NV | 12863 | 841121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **1576569** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Netherlands (Cost $1,128,779)** |  | **1576569** |

---

*See accompanying notes* 

------

**American Beacon IMC International Small Cap Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Norway - 2.18%** |  |  |
|  **Foreign Common Stocks - 2.18%** |  |  |
|  Europris ASA<sup>C</sup>  | 72528 | $682578 |
|  Gjensidige Forsikring ASA | 33350 | 879338 |
|  Protector Forsikring ASA | 16129 | 789391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **2351307** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Norway (Cost $1,793,250)** |  | **2351307** |
|  **Poland - 0.75% (Cost $655,277)** |  |  |
|  **Foreign Common Stocks - 0.75%** |  |  |
|  CD Projekt SA | 12089 | **810331** |
|  **Portugal - 0.57% (Cost $611,814)** |  |  |
|  **Foreign Common Stocks - 0.57%** |  |  |
|  Sonae SGPS SA | 428477 | **618068** |
|  **Republic of Korea - 7.32%** |  |  |
|  **Foreign Common Stocks - 7.32%** |  |  |
|  Doosan Co. Ltd. | 1702 | 737599 |
|  HD Hyundai Electric Co. Ltd. | 2211 | 798753 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 3746 | 969725 |
|  Hyundai Rotem Co. Ltd. | 5921 | 862447 |
|  Korea Aerospace Industries Ltd. | 8693 | 592363 |
|  KT Corp., ADR | 30908 | 624032 |
|  LIG Nex1 Co. Ltd. | 2197 | 994892 |
|  PharmaResearch Co. Ltd. | 2860 | 1148702 |
|  Samyang Foods Co. Ltd. | 1124 | 1168739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **7897252** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Republic of Korea (Cost $4,663,778)** |  | **7897252** |
|  **Singapore - 0.80% (Cost $569,006)** |  |  |
|  **Foreign Common Stocks - 0.80%** |  |  |
|  Singapore Technologies Engineering Ltd. | 128028 | **864761** |
|  **South Korea - 6.09%** |  |  |
|  **Foreign Common Stocks - 6.09%** |  |  |
|  BHI Co. Ltd.<sup>A</sup>  | 19336 | 561899 |
|  Cosmax, Inc. | 4134 | 749712 |
|  Coway Co. Ltd. | 9162 | 719456 |
|  DB Insurance Co. Ltd. | 8048 | 742821 |
|  HD Hyundai Mipo | 5098 | 779331 |
|  KIWOOM Securities Co. Ltd. | 4822 | 749309 |
|  Kolmar Korea Co. Ltd. | 10424 | 732867 |
|  Korea Investment Holdings Co. Ltd. | 7805 | 804813 |
|  Park Systems Corp. | 3643 | 725027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **6565235** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total South Korea (Cost $5,629,636)** |  | **6565235** |
|  **Spain - 2.53%** |  |  |
|  **Foreign Common Stocks - 2.53%** |  |  |
|  Construcciones y Auxiliar de Ferrocarriles SA | 10058 | 609492 |
|  Grenergy Renovables SA<sup>A</sup>  | 8384 | 620951 |
|  Indra Sistemas SA | 19974 | 828346 |
|  Unicaja Banco SA<sup>C</sup> | 250769 | 664258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **2723047** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Spain (Cost $2,675,990)** |  | **2723047** |

---

*See accompanying notes* 

------

**American Beacon IMC International Small Cap Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Sweden - 2.12%** |  |  |
|  **Foreign Common Stocks - 2.12%** |  |  |
|  Betsson AB, Class B | 30536 | $518122 |
|  Clas Ohlson AB, Class B | 30649 | 1067631 |
|  Dynavox Group AB<sup>A</sup>  | 54200 | 700945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **2286698** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Sweden (Cost $1,683,461)** |  | **2286698** |
|  **Switzerland - 3.06%** |  |  |
|  **Foreign Common Stocks - 3.06%** |  |  |
|  Accelleron Industries AG | 9122 | 834990 |
|  R&S Group Holding AG | 16966 | 778065 |
|  Sportradar Group AG, Class A<sup>A</sup>  | 36013 | 1064905 |
|  Swissquote Group Holding SA | 922 | 618072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **3296032** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Switzerland (Cost $2,423,988)** |  | **3296032** |
|  **Taiwan - 7.46%** |  |  |
|  **Foreign Common Stocks - 7.46%** |  |  |
|  Asia Vital Components Co. Ltd. | 23801 | 736019 |
|  Bizlink Holding, Inc. | 24672 | 753034 |
|  Chenbro Micom Co. Ltd. | 52072 | 894981 |
|  Fulltech Fiber Glass Corp.<sup>A</sup>  | 518390 | 948290 |
|  Gold Circuit Electronics Ltd. | 71647 | 898963 |
|  King Slide Works Co. Ltd. | 14516 | 1296093 |
|  Taiwan Union Technology Corp. | 105393 | 963977 |
|  Tripod Technology Corp. | 57571 | 540075 |
|  United Integrated Services Co. Ltd. | 38292 | 1013508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **8044940** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Taiwan (Cost $6,054,674)** |  | **8044940** |
|  **United Kingdom - 2.85%** |  |  |
|  **Foreign Common Stocks - 2.85%** |  |  |
|  Babcock International Group PLC | 61485 | 843670 |
|  Chemring Group PLC | 95868 | 696344 |
|  Games Workshop Group PLC | 3320 | 714244 |
|  Sigmaroc PLC<sup>A</sup>  | 538140 | 820142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **3074400** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United Kingdom (Cost $2,609,511)** |  | **3074400** |
|  **United States - 0.74% (Cost $769,592)** |  |  |
|  **Common Stocks - 0.74%** |  |  |
|  MDA Space Ltd.<sup>A</sup>  | 28471 | **797254** |
|  SHORT-TERM INVESTMENTS - 1.77% (Cost $1,907,076) |  |  |
|  **Investment Companies - 1.77%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>E</sup> <sup>F</sup> | 1907076 | **1907076** |
|  **TOTAL INVESTMENTS - 99.29% (Cost $83,073,760)** |  | **107089560** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.71%** |  | **762046** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**107851606** |

---

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 July 31, 2025.

*See accompanying notes* 

------

**American Beacon IMC International Small Cap Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

<sup>C</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 $11,860,286 or 11.00% of net assets. The Fund has no right to demand registration of these securities. 

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

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

ADR - American Depositary Receipt.

PLC - Public Limited Company.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **IMC International Small Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Foreign Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $8398079 | $— | $— | $8398079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 1407020 |  |  | 1407020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1388438 |  |  | 1388438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 6453353 |  |  | 6453353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 10042608 |  |  | 10042608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 1554660 |  |  | 1554660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 816624 |  |  | 816624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 1404140 |  |  | 1404140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia | 815632 |  |  | 815632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 4620463 |  |  | 4620463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 2331607 |  |  | 2331607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 6097237 |  |  | 6097237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 3440284 |  |  | 3440284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 5143949 |  |  | 5143949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 9463338 |  |  | 9463338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 899158 |  |  | 899158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1576569 |  |  | 1576569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 2351307 |  |  | 2351307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 810331 |  |  | 810331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 618068 |  |  | 618068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 7897252 |  |  | 7897252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 864761 |  |  | 864761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 6565235 |  |  | 6565235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 2723047 |  |  | 2723047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 2286698 |  |  | 2286698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 3296032 |  |  | 3296032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 8044940 |  |  | 8044940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 3074400 |  |  | 3074400 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 797254 |  |  | 797254 |
|  Short-Term Investments | 1907076 |  |  | 1907076 |
|  Total Investments in Securities - Assets | $107089560 | $— | $— | $107089560 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2025, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

**American Beacon International Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Australia - 0.50%** |  |  |
|  **Foreign Common Stocks - 0.50%** |  |  |
|  Glencore PLC<sup>A</sup>  | 190125 | $765192 |
|  Rio Tinto PLC | 35665 | 2121193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **2886385** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Australia (Cost $3,185,101)** |  | **2886385** |
|  **Austria - 0.41% (Cost $2,595,533)** |  |  |
|  **Foreign Common Stocks - 0.41%** |  |  |
|  Mondi PLC | 172581 | **2341868** |
|  **Belgium - 1.15%** |  |  |
|  **Foreign Common Stocks - 1.15%** |  |  |
|  Anheuser-Busch InBev SA | 44477 | 2608916 |
|  KBC Group NV | 22883 | 2396227 |
|  Syensqo SA | 19960 | 1593573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **6598716** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Belgium (Cost $5,827,292)** |  | **6598716** |
|  **Canada - 2.71%** |  |  |
|  **Foreign Common Stocks - 2.71%** |  |  |
|  Barrick Mining Corp. | 76500 | 1614914 |
|  Canadian Pacific Kansas City Ltd. | 57336 | 4216612 |
|  Gildan Activewear, Inc. | 59272 | 2993972 |
|  Linamar Corp. | 62735 | 3033520 |
|  Open Text Corp.<sup>B</sup>  | 32704 | 962521 |
|  Suncor Energy, Inc. | 68865 | 2716132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **15537671** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Canada (Cost $14,951,408)** |  | **15537671** |
|  **China - 3.17%** |  |  |
|  **Foreign Common Stocks - 3.17%** |  |  |
|  AIA Group Ltd. | 423800 | 3962665 |
|  ArcelorMittal SA | 50988 | 1601319 |
|  Prudential PLC | 797630 | 10152572 |
|  Techtronic Industries Co. Ltd. | 204500 | 2456605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **18173161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total China (Cost $16,544,203)** |  | **18173161** |
|  **Denmark - 0.71% (Cost $5,740,287)** |  |  |
|  **Foreign Common Stocks - 0.71%** |  |  |
|  Novo Nordisk AS, Class B | 84879 | **4081252** |
|  **Finland - 0.38% (Cost $1,428,113)** |  |  |
|  **Foreign Common Stocks - 0.38%** |  |  |
|  Fortum OYJ | 117385 | **2155412** |
|  **France - 15.59%** |  |  |
|  **Foreign Common Stocks - 15.59%** |  |  |
|  Air Liquide SA | 17954 | 3540516 |
|  Alstom SA<sup>A</sup>  | 567867 | 13375742 |
|  Arkema SA | 64413 | 4403134 |
|  AXA SA | 19585 | 953915 |
|  BNP Paribas SA | 41967 | 3834291 |
|  Bureau Veritas SA | 96099 | 2965426 |
|  Capgemini SE | 28700 | 4287293 |
|  Cie de Saint-Gobain SA | 50760 | 5810107 |
|  Engie SA | 175197 | 3922719 |

---

*See accompanying notes* 

------

**American Beacon International Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **France - 15.59% (continued)** |  |  |
|  **Foreign Common Stocks - 15.59% (continued)** |  |  |
|  Kering SA | 34762 | $8588636 |
|  Legrand SA | 17058 | 2529682 |
|  Orange SA | 317331 | 4832731 |
|  Pernod Ricard SA | 17973 | 1853354 |
|  Rexel SA | 58773 | 1782766 |
|  Societe Generale SA | 163447 | 10437974 |
|  Teleperformance SE | 75970 | 7431660 |
|  Thales SA | 14030 | 3775401 |
|  Verallia SA<sup>C</sup>  | 142871 | 4607632 |
|  Worldline SA<sup>A</sup> <sup>B C</sup> | 152858 | 558911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **89491890** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total France (Cost $84,521,555)** |  | **89491890** |
|  **Germany - 9.59%** |  |  |
|  **Foreign Common Stocks - 9.59%** |  |  |
|  Bayerische Motoren Werke AG | 60508 | 5792056 |
|  Brenntag SE | 27488 | 1710881 |
|  Continental AG | 89104 | 7646745 |
|  Daimler Truck Holding AG | 75157 | 3673492 |
|  Deutsche Bank AG | 76282 | 2523231 |
|  Deutsche Post AG | 91324 | 4111436 |
|  Deutsche Telekom AG | 83379 | 2995387 |
|  E.ON SE | 63138 | 1149606 |
|  Heidelberg Materials AG | 2805 | 648216 |
|  Infineon Technologies AG | 101388 | 4007406 |
|  Lanxess AG | 79529 | 2196354 |
|  Mercedes-Benz Group AG | 83551 | 4776953 |
|  Merck KGaA | 16429 | 2067989 |
|  MTU Aero Engines AG | 7036 | 3036749 |
|  Puma SE | 53207 | 1132121 |
|  SAP SE | 9892 | 2831217 |
|  Siemens AG | 6113 | 1568937 |
|  Siemens Healthineers AG<sup>C</sup>  | 40154 | 2167462 |
|  Zalando SE<sup>A</sup> <sup>C</sup> | 35619 | 1045476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **55081714** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Germany (Cost $52,593,037)** |  | **55081714** |
|  **Israel - 0.73%** |  |  |
|  **Foreign Common Stocks - 0.73%** |  |  |
|  Bank Hapoalim BM | 153800 | 2897274 |
|  Wix.com Ltd.<sup>A</sup>  | 9420 | 1281403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **4178677** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Israel (Cost $4,106,281)** |  | **4178677** |
|  **Italy - 2.38%** |  |  |
|  **Foreign Common Stocks - 2.38%** |  |  |
|  Enel SpA | 234406 | 2068608 |
|  Eni SpA | 126838 | 2158185 |
|  Lottomatica Group SpA | 75962 | 2049299 |
|  UniCredit SpA | 100317 | 7398953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **13675045** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Italy (Cost $8,156,129)** |  | **13675045** |
|  **Japan - 10.83%** |  |  |
|  **Foreign Common Stocks - 10.83%** |  |  |
|  Bandai Namco Holdings, Inc. | 64400 | 2095989 |
|  FANUC Corp. | 147400 | 4174704 |

---

*See accompanying notes* 

------

**American Beacon International Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Japan - 10.83% (continued)** |  |  |
|  **Foreign Common Stocks - 10.83% (continued)** |  |  |
|  Fujitsu Ltd. | 23300 | $510653 |
|  MatsukiyoCocokara & Co. | 156600 | 3222346 |
|  Mitsui Fudosan Co. Ltd. | 174800 | 1574707 |
|  Mizuho Financial Group, Inc. | 107000 | 3180199 |
|  Murata Manufacturing Co. Ltd. | 195800 | 2944141 |
|  NEC Corp. | 108000 | 3150478 |
|  Nintendo Co. Ltd. | 11600 | 976154 |
|  Nippon Sanso Holdings Corp. | 70900 | 2526635 |
|  Nitori Holdings Co. Ltd.<sup>B</sup>  | 16100 | 1382059 |
|  Otsuka Holdings Co. Ltd. | 45000 | 2179277 |
|  Renesas Electronics Corp. | 478500 | 5920962 |
|  Resona Holdings, Inc. | 285900 | 2633389 |
|  Shimadzu Corp. | 98900 | 2203607 |
|  Shin-Etsu Chemical Co. Ltd. | 82400 | 2401512 |
|  SMC Corp. | 11300 | 3949005 |
|  Sompo Holdings, Inc. | 63500 | 1883104 |
|  SUMCO Corp. | 340200 | 2700394 |
|  Sumitomo Corp. | 206200 | 5278064 |
|  Sumitomo Mitsui Financial Group, Inc. | 37400 | 956081 |
|  Suzuki Motor Corp. | 134900 | 1490788 |
|  Tokyo Electron Ltd. | 13900 | 2519145 |
|  Toyo Suisan Kaisha Ltd. | 36500 | 2339340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **62192733** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Japan (Cost $62,725,372)** |  | **62192733** |
|  **Netherlands - 6.60%** |  |  |
|  **Foreign Common Stocks - 6.60%** |  |  |
|  Aegon Ltd. | 514586 | 3690249 |
|  Akzo Nobel NV | 64534 | 4056431 |
|  ASML Holding NV | 6235 | 4362439 |
|  Heineken NV | 39865 | 3141810 |
|  ING Groep NV | 393733 | 9206729 |
|  Koninklijke Philips NV | 135353 | 3568136 |
|  NN Group NV | 16083 | 1085817 |
|  Randstad NV | 132497 | 6326438 |
|  Universal Music Group NV | 84899 | 2458984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **37897033** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Netherlands (Cost $33,772,947)** |  | **37897033** |
|  **Republic of Korea - 5.27%** |  |  |
|  **Foreign Common Stocks - 5.27%** |  |  |
|  BGF retail Co. Ltd. | 16137 | 1316048 |
|  Hyundai Mobis Co. Ltd. | 23868 | 5068594 |
|  Kia Corp. | 13943 | 1028532 |
|  Samsung Electronics Co. Ltd. | 394126 | 20291748 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 3047 | 967842 |
|  Shinhan Financial Group Co. Ltd. | 32830 | 1609778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **30282542** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Republic of Korea (Cost $25,412,490)** |  | **30282542** |
|  **Singapore - 0.81%** |  |  |
|  **Foreign Common Stocks - 0.81%** |  |  |
|  Singapore Telecommunications Ltd. | 865200 | 2585471 |
|  United Overseas Bank Ltd. | 73700 | 2054223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **4639694** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Singapore (Cost $3,871,306)** |  | **4639694** |

---

*See accompanying notes* 

------

**American Beacon International Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **South Korea - 0.53%** |  |  |
|  **Foreign Common Stocks - 0.53%** |  |  |
|  Hana Financial Group, Inc. | 39091 | $2407248 |
|  Korea Electric Power Corp. | 23344 | 648912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **3056160** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total South Korea (Cost $2,166,403)** |  | **3056160** |
|  **Spain - 2.66%** |  |  |
|  **Foreign Common Stocks - 2.33%** |  |  |
|  Banco Santander SA | 300194 | 2581692 |
|  Bankinter SA | 216372 | 3086545 |
|  Industria de Diseno Textil SA | 33483 | 1601414 |
|  Repsol SA | 402474 | 6099546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **13369197** |
|  **Foreign Preferred Stocks - 0.33%** |  |  |
|  Grifols SA<sup>A</sup> <sup>D</sup> | 179184 | **1923178** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Spain (Cost $12,195,055)** |  | **15292375** |
|  **Sweden - 1.46%** |  |  |
|  **Foreign Common Stocks - 1.46%** |  |  |
|  Electrolux AB, Class B<sup>A</sup> <sup>B</sup> | 201549 | 1231622 |
|  Hexagon AB, Class B | 364662 | 4021275 |
|  Sandvik AB | 128377 | 3136888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **8389785** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Sweden (Cost $8,039,998)** |  | **8389785** |
|  **Switzerland - 2.34%** |  |  |
|  **Foreign Common Stocks - 2.34%** |  |  |
|  ABB Ltd. | 60305 | 3973560 |
|  Adecco Group AG | 246228 | 7802904 |
|  Cie Financiere Richemont SA, Class A | 9935 | 1631676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **13408140** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Switzerland (Cost $11,694,317)** |  | **13408140** |
|  **United Kingdom - 19.39%** |  |  |
|  **Foreign Common Stocks - 19.39%** |  |  |
|  3i Group PLC | 47972 | 2629833 |
|  AstraZeneca PLC | 51859 | 7755533 |
|  AstraZeneca PLC, ADR | 62099 | 4538816 |
|  Barclays PLC | 2561435 | 12560183 |
|  Barratt Redrow PLC | 724802 | 3580921 |
|  Berkeley Group Holdings PLC | 28517 | 1374625 |
|  British American Tobacco PLC | 150181 | 8012795 |
|  Coca-Cola Europacific Partners PLC | 22428 | 2208833 |
|  Compass Group PLC | 79584 | 2800984 |
|  Croda International PLC | 66244 | 2285112 |
|  Diageo PLC | 141524 | 3463325 |
|  Hikma Pharmaceuticals PLC | 59825 | 1551715 |
|  IMI PLC | 69586 | 2041990 |
|  JD Sports Fashion PLC | 742906 | 838464 |
|  Kingfisher PLC | 200165 | 715061 |
|  National Grid PLC | 205618 | 2878423 |
|  NatWest Group PLC | 96500 | 671623 |
|  Reckitt Benckiser Group PLC | 187627 | 14054624 |
|  RELX PLC | 130811 | 6800181 |
|  Rolls-Royce Holdings PLC | 436459 | 6179110 |
|  RS Group PLC | 194453 | 1435536 |
|  Segro PLC | 203981 | 1744014 |

---

*See accompanying notes* 

------

**American Beacon International Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **United Kingdom - 19.39% (continued)** |  |  |
|  **Foreign Common Stocks - 19.39% (continued)** |  |  |
|  Smith & Nephew PLC | 125967 | $1933915 |
|  Smiths Group PLC | 17617 | 547214 |
|  Standard Chartered PLC | 95649 | 1718568 |
|  Taylor Wimpey PLC | 3890366 | 5253412 |
|  Unilever PLC | 80763 | 4701557 |
|  WH Smith PLC | 122563 | 1659094 |
|  Whitbread PLC | 133894 | 5398531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **111333992** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United Kingdom (Cost $93,924,629)** |  | **111333992** |
|  **United States - 8.77%** |  |  |
|  **Common Stocks - 8.77%** |  |  |
|  Amcor PLC | 223293 | 2116614 |
|  Aon PLC, Class A | 6750 | 2401042 |
|  BP PLC | 697070 | 3726069 |
|  Carnival PLC<sup>A</sup>  | 142245 | 3918673 |
|  Chubb Ltd. | 5647 | 1502328 |
|  CRH PLC | 17467 | 1667225 |
|  Experian PLC | 35729 | 1889307 |
|  GSK PLC | 627849 | 11757612 |
|  ICON PLC<sup>A</sup>  | 9373 | 1585818 |
|  Roche Holding AG | 30650 | 9701588 |
|  Sanofi SA | 57707 | 5192024 |
|  Shell PLC | 135768 | 4860877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** |  | **50319177** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United States (Cost $52,343,254)** |  | **50319177** |
|  SHORT-TERM INVESTMENTS - 3.41% (Cost $19,600,011) |  |  |
|  **Investment Companies - 3.41%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>E</sup> <sup>F</sup> | 19600011 | **19600011** |
|  **TOTAL INVESTMENTS - 99.39% (Cost $525,394,721)** |  | **570613433** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.61%** |  | **3481901** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**574095334** |

---

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 July 31, 2025.

<sup>C</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 $8,379,481 or 1.46% of net assets. The Fund has no right to demand registration of these securities. 

<sup>D</sup> A type of Preferred Stock that has no maturity date.

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

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

ADR - American Depositary Receipt.

PLC - Public Limited Company.

*See accompanying notes* 

------

**American Beacon International Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

***Long Futures Contracts Open on July 31, 2025:***

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  ICE U.S. Mini MSCI EAFE Index Futures | 172 | September 2025 | $22986629 | $22475240 | $(511389) |
|  |  |  | $22986629 | $22475240 | $(511389) |

---

***Glossary:***

---

| | |
|:---|:---|
| **<u>Index Abbreviations:</u>** | **<u>Index Abbreviations:</u>** |
|  MSCI EAFE | Morgan Stanley Capital International - Europe, Australasia, and Far East. |

---

---

| | |
|:---|:---|
| **<u>Exchange Abbreviations:</u>** | **<u>Exchange Abbreviations:</u>** |
|  ICE | Intercontinental Exchange. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Foreign Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $2886385 | $— | $— | $2886385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 2341868 |  |  | 2341868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 6598716 |  |  | 6598716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 15537671 |  |  | 15537671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 18173161 |  |  | 18173161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 4081252 |  |  | 4081252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 2155412 |  |  | 2155412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 89491890 |  |  | 89491890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 55081714 |  |  | 55081714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 4178677 |  |  | 4178677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 13675045 |  |  | 13675045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 62192733 |  |  | 62192733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 37897033 |  |  | 37897033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 30282542 |  |  | 30282542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 4639694 |  |  | 4639694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 3056160 |  |  | 3056160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 13369197 |  |  | 13369197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 8389785 |  |  | 8389785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 13408140 |  |  | 13408140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 111333992 |  |  | 111333992 |
|  Foreign Preferred Stocks | Foreign Preferred Stocks | Foreign Preferred Stocks | Foreign Preferred Stocks | Foreign Preferred Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1923178 |  |  | 1923178 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 50319177 |  |  | 50319177 |
|  Short-Term Investments | 19600011 |  |  | 19600011 |
|  Total Investments in Securities - Assets | $570613433 | $— | $— | $570613433 |
|  ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** |
|  Futures Contracts | $(511389) | $— | $— | $(511389) |
|  Total Financial Derivative Instruments - Liabilities | $(511389) | $— | $— | $(511389) |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2025, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 90.16% |  |  |
|  **Communication Services - 3.75%** |  |  |
|  **Entertainment - 0.75%** |  |  |
|  Electronic Arts, Inc. | 94410 | $14396581 |
|  Warner Bros Discovery, Inc.<sup>A</sup>  | 758361 | 9987614 |
|  |  | **24384195** |
|  **Interactive Media & Services - 1.12%** |  |  |
|  Alphabet, Inc., Class A | 191993 | **36843457** |
|  **Media - 1.88%** |  |  |
|  Comcast Corp., Class A | 1177783 | 39137729 |
|  Omnicom Group, Inc. | 223575 | 16108579 |
|  Paramount Global, Class B | 518915 | 6522761 |
|  |  | **61769069** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **122996721** |
|  **Consumer Discretionary - 5.50%** |  |  |
|  **Automobile Components - 0.18%** |  |  |
|  BorgWarner, Inc. | 158825 | **5844760** |
|  **Automobiles - 0.76%** |  |  |
|  General Motors Co. | 469764 | **25057212** |
|  **Hotels, Restaurants & Leisure - 3.20%** |  |  |
|  Carnival Corp.<sup>A</sup>  | 1750427 | 52110212 |
|  Las Vegas Sands Corp. | 374209 | 19608551 |
|  Marriott International, Inc., Class A | 52802 | 13930752 |
|  Wynn Resorts Ltd. | 176631 | 19258078 |
|  |  | **104907593** |
|  **Household Durables - 0.64%** |  |  |
|  Lennar Corp., Class A | 188424 | **21137404** |
|  **Specialty Retail - 0.72%** |  |  |
|  Lithia Motors, Inc. | 15100 | 4348800 |
|  Lowe's Cos., Inc. | 85710 | 19162185 |
|  |  | **23510985** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **180457954** |
|  **Consumer Staples - 4.57%** |  |  |
|  **Beverages - 1.70%** |  |  |
|  Constellation Brands, Inc., Class A | 65200 | 10891008 |
|  Keurig Dr. Pepper, Inc. | 1021588 | 33354848 |
|  PepsiCo, Inc. | 83837 | 11562799 |
|  |  | **55808655** |
|  **Consumer Staples Distribution & Retail - 0.20%** |  |  |
|  Target Corp. | 65940 | **6626970** |
|  **Food Products - 1.34%** |  |  |
|  Conagra Brands, Inc. | 230386 | 4206848 |
|  Kraft Heinz Co. | 667225 | 18321999 |
|  Mondelez International, Inc., Class A | 179499 | 11611790 |
|  Nestle SA, ADR<sup>B</sup>  | 112201 | 9759243 |
|  |  | **43899880** |
|  **Household Products - 0.20%** |  |  |
|  Kimberly-Clark Corp. | 52676 | **6564483** |
|  **Personal Products - 0.29%** |  |  |
|  Kenvue, Inc. | 439176 | **9415934** |
|  **Tobacco - 0.84%** |  |  |
|  Philip Morris International, Inc. | 168462 | **27636191** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **149952113** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 90.16% (continued) |  |  |
|  **Energy - 8.55%** |  |  |
|  **Energy Equipment & Services - 1.93%** |  |  |
|  Baker Hughes Co. | 329806 | $14857760 |
|  Halliburton Co. | 842907 | 18881117 |
|  NOV, Inc. | 1271346 | 15993533 |
|  Schlumberger NV | 404468 | 13671018 |
|  |  | **63403428** |
|  **Oil, Gas & Consumable Fuels - 6.62%** |  |  |
|  APA Corp.<sup>B</sup>  | 1399186 | 26990298 |
|  Chevron Corp. | 191348 | 29016011 |
|  ConocoPhillips | 302866 | 28875244 |
|  EOG Resources, Inc. | 67647 | 8118993 |
|  Exxon Mobil Corp. | 480393 | 53631075 |
|  Murphy Oil Corp. | 102329 | 2538782 |
|  Ovintiv, Inc. | 336880 | 13872718 |
|  Permian Resources Corp. | 956114 | 13538574 |
|  Phillips 66 | 185405 | 22912350 |
|  Shell PLC, ADR | 246136 | 17773481 |
|  |  | **217267526** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **280670954** |
|  **Financials - 22.77%** |  |  |
|  **Banks - 9.33%** |  |  |
|  Bank of America Corp. | 1110903 | 52512385 |
|  Citigroup, Inc. | 610501 | 57203944 |
|  Citizens Financial Group, Inc. | 319475 | 15245347 |
|  First Citizens BancShares, Inc., Class A | 5765 | 11499791 |
|  JPMorgan Chase & Co. | 173372 | 51359721 |
|  PNC Financial Services Group, Inc. | 97293 | 18511939 |
|  Truist Financial Corp. | 199794 | 8732996 |
|  U.S. Bancorp | 456987 | 20546136 |
|  Wells Fargo & Co. | 646281 | 52109637 |
|  Western Alliance Bancorp | 239507 | 18576163 |
|  |  | **306298059** |
|  **Capital Markets - 3.33%** |  |  |
|  Blackrock, Inc. | 16120 | 17828881 |
|  KKR & Co., Inc. | 148543 | 21773433 |
|  LPL Financial Holdings, Inc. | 10092 | 3993707 |
|  Morgan Stanley | 158477 | 22576633 |
|  Nasdaq, Inc. | 227407 | 21881102 |
|  State Street Corp. | 189021 | 21123097 |
|  |  | **109176853** |
|  **Consumer Finance - 2.09%** |  |  |
|  American Express Co. | 152795 | 45733072 |
|  Capital One Financial Corp. | 54238 | 11661170 |
|  SLM Corp. | 352420 | 11206956 |
|  |  | **68601198** |
|  **Financial Services - 1.90%** |  |  |
|  Corebridge Financial, Inc. | 308043 | 10954009 |
|  Fidelity National Information Services, Inc. | 542435 | 43074763 |
|  Fiserv, Inc.<sup>A</sup>  | 58800 | 8169672 |
|  |  | **62198444** |
|  **Insurance - 6.12%** |  |  |
|  American International Group, Inc. | 591098 | 45886938 |
|  Aon PLC, Class A | 55702 | 19813758 |
|  Chubb Ltd. | 64149 | 17066200 |
|  Everest Group Ltd. | 29060 | 9758348 |
|  Hartford Insurance Group, Inc. | 83503 | 10386938 |
|  Marsh & McLennan Cos., Inc. | 111256 | 22162195 |
|  Progressive Corp. | 167170 | 40461827 |
|  Travelers Cos., Inc. | 73668 | 19171360 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 90.16% (continued) |  |  |
|  **Financials - 22.77% (continued)** |  |  |
|  **Insurance - 6.12% (continued)** |  |  |
|  Willis Towers Watson PLC | 51482 | $16258531 |
|  |  | **200966095** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **747240649** |
|  **Health Care - 11.87%** |  |  |
|  **Biotechnology - 0.46%** |  |  |
|  AbbVie, Inc. | 80077 | **15136155** |
|  **Health Care Equipment & Supplies - 2.75%** |  |  |
|  Abbott Laboratories | 129889 | 16390693 |
|  GE HealthCare Technologies, Inc. | 293637 | 20942191 |
|  Medtronic PLC | 462964 | 41777871 |
|  Solventum Corp.<sup>A</sup>  | 70900 | 5059424 |
|  Zimmer Biomet Holdings, Inc. | 63949 | 5860926 |
|  |  | **90031105** |
|  **Health Care Providers & Services - 5.44%** |  |  |
|  Centene Corp.<sup>A</sup>  | 153310 | 3996792 |
|  Cigna Group | 123504 | 33022500 |
|  CVS Health Corp. | 135485 | 8413618 |
|  Elevance Health, Inc. | 150381 | 42569853 |
|  HCA Healthcare, Inc. | 31021 | 10981124 |
|  Humana, Inc. | 69578 | 17385455 |
|  Labcorp Holdings, Inc. | 19880 | 5170390 |
|  McKesson Corp. | 44918 | 31152430 |
|  UnitedHealth Group, Inc. | 103665 | 25870637 |
|  |  | **178562799** |
|  **Life Sciences Tools & Services - 0.48%** |  |  |
|  Avantor, Inc.<sup>A</sup>  | 1175152 | **15794043** |
|  **Pharmaceuticals - 2.74%** |  |  |
|  GSK PLC, ADR<sup>B</sup>  | 130115 | 4833772 |
|  Johnson & Johnson | 140825 | 23199511 |
|  Merck & Co., Inc. | 354000 | 27654480 |
|  Pfizer, Inc. | 515663 | 12009791 |
|  Sanofi SA, ADR | 489071 | 22321200 |
|  |  | **90018754** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **389542856** |
|  **Industrials - 12.53%** |  |  |
|  **Aerospace & Defense - 3.62%** |  |  |
|  Boeing Co.<sup>A</sup>  | 176485 | 39151432 |
|  General Dynamics Corp. | 99722 | 31074373 |
|  Northrop Grumman Corp. | 24928 | 14373734 |
|  RTX Corp. | 217086 | 34206241 |
|  |  | **118805780** |
|  **Air Freight & Logistics - 0.63%** |  |  |
|  FedEx Corp. | 92936 | **20770267** |
|  **Building Products - 1.02%** |  |  |
|  Johnson Controls International PLC | 286523 | 30084915 |
|  Trane Technologies PLC | 7780 | 3408263 |
|  |  | **33493178** |
|  **Construction & Engineering - 0.46%** |  |  |
|  AECOM | 90619 | 10216386 |
|  Fluor Corp.<sup>A</sup>  | 82464 | 4681481 |
|  |  | **14897867** |
|  **Electrical Equipment - 1.21%** |  |  |
|  Eaton Corp. PLC | 32927 | 12667675 |
|  Vertiv Holdings Co., Class A | 186258 | 27119165 |
|  |  | **39786840** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 90.16% (continued) |  |  |
|  **Industrials - 12.53% (continued)** |  |  |
|  **Ground Transportation - 1.20%** |  |  |
|  JB Hunt Transport Services, Inc. | 85772 | $12355457 |
|  Norfolk Southern Corp. | 33361 | 9274358 |
|  Union Pacific Corp. | 80449 | 17857264 |
|  |  | **39487079** |
|  **Industrial Conglomerates - 0.46%** |  |  |
|  Honeywell International, Inc. | 67743 | **15062656** |
|  **Machinery - 3.50%** |  |  |
|  Caterpillar, Inc. | 6289 | 2754708 |
|  CNH Industrial NV | 892317 | 11564428 |
|  Cummins, Inc. | 60513 | 22245789 |
|  Deere & Co. | 11000 | 5768070 |
|  Fortive Corp. | 422854 | 20267392 |
|  Illinois Tool Works, Inc. | 46093 | 11798425 |
|  Otis Worldwide Corp. | 33870 | 2902320 |
|  PACCAR, Inc. | 269810 | 26646436 |
|  Stanley Black & Decker, Inc. | 87400 | 5912610 |
|  Timken Co. | 64632 | 4917849 |
|  |  | **114778027** |
|  **Professional Services - 0.31%** |  |  |
|  Equifax, Inc. | 42015 | **10093264** |
|  **Trading Companies & Distributors - 0.12%** |  |  |
|  WW Grainger, Inc. | 3876 | **4029257** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **411204215** |
|  **Information Technology - 8.28%** |  |  |
|  **Communications Equipment - 1.66%** |  |  |
|  F5, Inc.<sup>A</sup>  | 173403 | **54347968** |
|  **Electronic Equipment, Instruments & Components - 0.15%** |  |  |
|  CDW Corp. | 16446 | 2867853 |
|  Ralliant Corp.<sup>A</sup>  | 46154 | 2110161 |
|  |  | **4978014** |
|  **IT Services - 0.45%** |  |  |
|  Cognizant Technology Solutions Corp., Class A | 203863 | **14629209** |
|  **Semiconductors & Semiconductor Equipment - 3.55%** |  |  |
|  Analog Devices, Inc. | 89405 | 20083045 |
|  Entegris, Inc. | 308111 | 24174389 |
|  KLA Corp. | 16400 | 14416092 |
|  Microchip Technology, Inc. | 274600 | 18560214 |
|  QUALCOMM, Inc. | 170546 | 25029331 |
|  Texas Instruments, Inc. | 78864 | 14279116 |
|  |  | **116542187** |
|  **Software - 2.47%** |  |  |
|  Microsoft Corp. | 10900 | 5815150 |
|  Oracle Corp. | 104938 | 26630116 |
|  Workday, Inc., Class A<sup>A</sup>  | 212357 | 48710449 |
|  |  | **81155715** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **271653093** |
|  **Materials - 3.07%** |  |  |
|  **Chemicals - 2.32%** |  |  |
|  Air Products & Chemicals, Inc. | 97321 | 28016770 |
|  Axalta Coating Systems Ltd.<sup>A</sup>  | 609983 | 17274719 |
|  Corteva, Inc. | 29902 | 2156831 |
|  DuPont de Nemours, Inc. | 29020 | 2086538 |
|  Olin Corp. | 362926 | 6873818 |
|  PPG Industries, Inc. | 144000 | 15192000 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 90.16% (continued) |  |  |
|  **Materials - 3.07% (continued)** |  |  |
|  **Chemicals - 2.32% (continued)** |  |  |
|  Sherwin-Williams Co. | 13290 | $4397395 |
|  |  | **75998071** |
|  **Construction Materials - 0.75%** |  |  |
|  CRH PLC | 259265 | **24746844** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **100744915** |
|  **Real Estate - 2.17%** |  |  |
|  **Industrial REITs - 0.84%** |  |  |
|  Prologis, Inc. | 258247 | **27575615** |
|  **Specialized REITs - 1.33%** |  |  |
|  Public Storage | 71591 | 19468456 |
|  VICI Properties, Inc. | 744430 | 24268418 |
|  |  | **43736874** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | **71312489** |
|  **Utilities - 7.10%** |  |  |
|  **Electric Utilities - 5.73%** |  |  |
|  American Electric Power Co., Inc. | 46047 | 5209758 |
|  Duke Energy Corp. | 184021 | 22384315 |
|  Entergy Corp. | 465700 | 42113251 |
|  Exelon Corp. | 180884 | 8128927 |
|  PG&E Corp. | 813267 | 11402003 |
|  Pinnacle West Capital Corp. | 270473 | 24510263 |
|  PPL Corp. | 382573 | 13654030 |
|  Southern Co. | 218540 | 20647659 |
|  Xcel Energy, Inc. | 545495 | 40061153 |
|  |  | **188111359** |
|  **Multi-Utilities - 1.37%** |  |  |
|  Dominion Energy, Inc. | 768391 | **44912454** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **233023813** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $2,048,080,950)** |  | **2958799772** |
|  FOREIGN COMMON STOCKS - 5.73% |  |  |
|  **Communication Services - 0.36%** |  |  |
|  **Media - 0.36%** |  |  |
|  WPP PLC, ADR<sup>B</sup>  | 435346 | **11789170** |
|  **Consumer Discretionary - 1.78%** |  |  |
|  **Automobile Components - 1.78%** |  |  |
|  Aptiv PLC<sup>A</sup>  | 548547 | 37652266 |
|  Magna International, Inc.<sup>B</sup>  | 504622 | 20689502 |
|  |  | **58341768** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **58341768** |
|  **Consumer Staples - 0.69%** |  |  |
|  **Beverages - 0.24%** |  |  |
|  Anheuser-Busch InBev SA, ADR<sup>B</sup>  | 73481 | 4237649 |
|  Diageo PLC, ADR | 35893 | 3515720 |
|  |  | **7753369** |
|  **Household Products - 0.22%** |  |  |
|  Reckitt Benckiser Group PLC, ADR<sup>B</sup>  | 481502 | **7270680** |
|  **Personal Products - 0.23%** |  |  |
|  Unilever PLC, ADR | 128017 | **7480033** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **22504082** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  FOREIGN COMMON STOCKS - 5.73% (continued) |  |  |
|  **Financials - 0.53%** |  |  |
|  **Banks - 0.53%** |  |  |
|  Bank of Nova Scotia<sup>B</sup>  | 312385 | $**17371730** |
|  **Industrials - 0.12%** |  |  |
|  **Ground Transportation - 0.12%** |  |  |
|  Canadian National Railway Co.<sup>B</sup>  | 41606 | **3888081** |
|  **Information Technology - 2.25%** |  |  |
|  **Communications Equipment - 0.82%** |  |  |
|  Telefonaktiebolaget LM Ericsson, ADR<sup>B</sup>  | 3749290 | **27069874** |
|  **Electronic Equipment, Instruments & Components - 0.44%** |  |  |
|  TE Connectivity PLC | 70109 | **14424927** |
|  **IT Services - 0.57%** |  |  |
|  Accenture PLC, Class A | 69436 | **18546355** |
|  **Semiconductors & Semiconductor Equipment - 0.42%** |  |  |
|  NXP Semiconductors NV | 64726 | **13836477** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **73877633** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks (Cost $157,473,893)** |  | **187772464** |
|  SHORT-TERM INVESTMENTS - 3.88% (Cost $127,441,204) |  |  |
|  **Investment Companies - 3.88%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>C</sup> <sup>D</sup> | 127441204 | **127441204** |
|  SECURITIES LENDING COLLATERAL - 0.84% (Cost $27,666,186) |  |  |
|  **Investment Companies - 0.84%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>C</sup> <sup>D</sup> | 27666186 | **27666186** |
|  **TOTAL INVESTMENTS - 100.61% (Cost $2,360,662,233)** |  | **3301679626** |
|  **LIABILITIES, NET OF OTHER ASSETS - (0.61)%** |  | **(19915984)** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**3281763642** |

---

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 July 31, 2025.

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

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

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

***Long Futures Contracts Open on July 31, 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 | 470 | September 2025 | $143687552 | $149794875 | $6107323 |
|  |  |  | $143687552 | $149794875 | $6107323 |

---

***Glossary:***

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

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

*See accompanying notes* 

------

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

**Schedule of Investments** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |  |
|  ***Assets*** |  |  |  |  |  |
|  Common Stocks | $2958799772 | $— | $— | $2958799772 |  |
|  Foreign Common Stocks | 187772464 |  |  | 187772464 |  |
|  Short-Term Investments | 127441204 |  |  | 127441204 |  |
|  Securities Lending Collateral | 27666186 |  |  | 27666186 |  |
|  Total Investments in Securities - Assets | $3301679626 | $— | $— | $3301679626 |  |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | **** |
|  Futures Contracts | $6107323 | $— | $— | $6107323 |  |
|  Total Financial Derivative Instruments - Assets | $6107323 | $— | $— | $6107323 |  |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2025, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% |  |  |
|  **Communication Services - 1.84%** |  |  |
|  **Diversified Telecommunication Services - 0.03%** |  |  |
|  Shenandoah Telecommunications Co. | 74400 | $**1092192** |
|  **Entertainment - 0.02%** |  |  |
|  Marcus Corp. | 56030 | **917211** |
|  **Interactive Media & Services - 0.28%** |  |  |
|  Bumble, Inc., Class A<sup>A</sup>  | 288200 | 2242196 |
|  IAC, Inc.<sup>A</sup>  | 210900 | 8288370 |
|  |  | **10530566** |
|  **Media - 1.51%** |  |  |
|  Boston Omaha Corp., Class A<sup>A</sup> <sup>B</sup> | 87490 | 1176740 |
|  National CineMedia, Inc. | 1371264 | 6595780 |
|  Nexstar Media Group, Inc. | 57800 | 10814958 |
|  Stagwell, Inc.<sup>A</sup> <sup>B</sup> | 5327148 | 30524558 |
|  TEGNA, Inc. | 456200 | 7618540 |
|  |  | **56730576** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **69270545** |
|  **Consumer Discretionary - 12.48%** |  |  |
|  **Automobile Components - 2.70%** |  |  |
|  Adient PLC<sup>A</sup>  | 698025 | 14965656 |
|  American Axle & Manufacturing Holdings, Inc.<sup>A</sup>  | 1999201 | 8896445 |
|  BorgWarner, Inc. | 432469 | 15914859 |
|  Gentex Corp. | 244210 | 6452028 |
|  Gentherm, Inc.<sup>A</sup>  | 379397 | 12155880 |
|  Goodyear Tire & Rubber Co.<sup>A</sup>  | 809300 | 8319604 |
|  Lear Corp. | 212694 | 20054917 |
|  Phinia, Inc. | 92740 | 4701918 |
|  Standard Motor Products, Inc. | 61300 | 1861068 |
|  Visteon Corp.<sup>A</sup>  | 76000 | 8447400 |
|  |  | **101769775** |
|  **Automobiles - 0.49%** |  |  |
|  Thor Industries, Inc.<sup>B</sup>  | 203069 | **18477248** |
|  **Diversified Consumer Services - 0.52%** |  |  |
|  Graham Holdings Co., Class B | 6200 | 5915916 |
|  Laureate Education, Inc.<sup>A</sup>  | 423400 | 9568840 |
|  Perdoceo Education Corp. | 149780 | 4310668 |
|  |  | **19795424** |
|  **Hotels, Restaurants & Leisure - 2.64%** |  |  |
|  Cheesecake Factory, Inc.<sup>B</sup>  | 173753 | 11104554 |
|  Dave & Buster's Entertainment, Inc.<sup>A</sup>  | 486918 | 14237483 |
|  Golden Entertainment, Inc. | 277532 | 7804200 |
|  Marriott Vacations Worldwide Corp. | 493538 | 36753775 |
|  Papa John's International, Inc. | 430469 | 18256190 |
|  Travel & Leisure Co. | 189300 | 11216025 |
|  |  | **99372227** |
|  **Household Durables - 1.64%** |  |  |
|  Century Communities, Inc. | 257187 | 14477056 |
|  Ethan Allen Interiors, Inc. | 45270 | 1347688 |
|  Green Brick Partners, Inc.<sup>A</sup>  | 126200 | 7816828 |
|  Legacy Housing Corp.<sup>A</sup>  | 49260 | 1102439 |
|  Newell Brands, Inc. | 4292855 | 24082916 |
|  Tri Pointe Homes, Inc.<sup>A</sup>  | 212100 | 6532680 |
|  Whirlpool Corp.<sup>B</sup>  | 75520 | 6271181 |
|  |  | **61630788** |
|  **Leisure Products - 1.14%** |  |  |
|  Brunswick Corp. | 451559 | 26321374 |
|  Topgolf Callaway Brands Corp.<sup>A</sup>  | 249570 | 2308523 |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% (continued) |  |  |
|  **Consumer Discretionary - 12.48% (continued)** |  |  |
|  **Leisure Products - 1.14% (continued)** |  |  |
|  YETI Holdings, Inc.<sup>A</sup>  | 385573 | $14165952 |
|  |  | **42795849** |
|  **Specialty Retail - 3.35%** |  |  |
|  Academy Sports & Outdoors, Inc. | 428700 | 21773673 |
|  American Eagle Outfitters, Inc.<sup>B</sup> | 1452536 | 15687389 |
|  America's Car-Mart, Inc.<sup>A</sup>  | 11200 | 504448 |
|  Asbury Automotive Group, Inc.<sup>A</sup>  | 52900 | 11750148 |
|  Boot Barn Holdings, Inc.<sup>A</sup>  | 40501 | 6962122 |
|  Buckle, Inc. | 145100 | 7163587 |
|  Build-A-Bear Workshop, Inc. | 38180 | 1936108 |
|  Genesco, Inc.<sup>A</sup>  | 25000 | 601500 |
|  Group 1 Automotive, Inc. | 26700 | 11004405 |
|  Lithia Motors, Inc. | 51681 | 14884128 |
|  ODP Corp.<sup>A</sup>  | 324166 | 5783121 |
|  Signet Jewelers Ltd.<sup>B</sup>  | 47300 | 3741430 |
|  Sonic Automotive, Inc., Class A<sup>B</sup>  | 308668 | 22332130 |
|  Upbound Group, Inc. | 101400 | 2092389 |
|  |  | **126216578** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **470057889** |
|  **Consumer Staples - 1.88%** |  |  |
|  **Consumer Staples Distribution & Retail - 0.18%** |  |  |
|  Ingles Markets, Inc., Class A | 41300 | 2599009 |
|  United Natural Foods, Inc.<sup>A</sup>  | 120560 | 3332278 |
|  Village Super Market, Inc., Class A | 19660 | 676304 |
|  |  | **6607591** |
|  **Food Products - 0.87%** |  |  |
|  Darling Ingredients, Inc.<sup>A</sup>  | 592453 | 19183628 |
|  Fresh Del Monte Produce, Inc. | 136080 | 5115247 |
|  J&J Snack Foods Corp. | 63922 | 7216155 |
|  Seneca Foods Corp., Class A<sup>A</sup>  | 11740 | 1229530 |
|  |  | **32744560** |
|  **Household Products - 0.31%** |  |  |
|  Central Garden & Pet Co., Class A<sup>A</sup>  | 201655 | 7162786 |
|  Energizer Holdings, Inc. | 204800 | 4612096 |
|  |  | **11774882** |
|  **Personal Products - 0.42%** |  |  |
|  Herbalife Ltd.<sup>A</sup>  | 77029 | 708667 |
|  Interparfums, Inc. | 120013 | 14473568 |
|  USANA Health Sciences, Inc.<sup>A</sup>  | 25300 | 743567 |
|  |  | **15925802** |
|  **Tobacco - 0.10%** |  |  |
|  Universal Corp. | 68900 | **3752983** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **70805818** |
|  **Energy - 6.06%** |  |  |
|  **Energy Equipment & Services - 2.22%** |  |  |
|  Atlas Energy Solutions, Inc.<sup>B</sup>  | 1019876 | 13258388 |
|  Bristow Group, Inc.<sup>A</sup>  | 81260 | 2809158 |
|  Expro Group Holdings NV<sup>A</sup>  | 338561 | 3649687 |
|  Kodiak Gas Services, Inc. | 178490 | 5770582 |
|  NOV, Inc. | 2460650 | 30954977 |
|  Patterson-UTI Energy, Inc. | 1569454 | 9275473 |
|  RPC, Inc. | 613100 | 2850915 |
|  Select Water Solutions, Inc. | 765528 | 7372035 |
|  Valaris Ltd.<sup>A</sup>  | 96460 | 4690850 |
|  Weatherford International PLC | 50300 | 2844465 |
|  |  | **83476530** |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% (continued) |  |  |
|  **Energy - 6.06% (continued)** |  |  |
|  **Oil, Gas & Consumable Fuels - 3.84%** |  |  |
|  APA Corp. | 510083 | $9839501 |
|  Berry Corp. | 1239700 | 3743894 |
|  California Resources Corp. | 204800 | 9867264 |
|  CNX Resources Corp.<sup>A</sup>  | 368400 | 11166204 |
|  Core Natural Resources, Inc. | 59410 | 4385052 |
|  Crescent Energy Co., Class A | 152867 | 1412491 |
|  Delek U.S. Holdings, Inc. | 118048 | 2640734 |
|  Gulfport Energy Corp.<sup>A</sup>  | 47632 | 8294160 |
|  HF Sinclair Corp. | 172257 | 7568973 |
|  Infinity Natural Resources, Inc., Class A<sup>A</sup> | 409769 | 6109656 |
|  Magnolia Oil & Gas Corp., Class A<sup>B</sup>  | 521700 | 12426894 |
|  Murphy Oil Corp.<sup>B</sup>  | 580800 | 14409648 |
|  Northern Oil & Gas, Inc. | 643749 | 18127972 |
|  Ovintiv, Inc. | 102200 | 4208596 |
|  Riley Exploration Permian, Inc. | 61410 | 1611398 |
|  Sitio Royalties Corp., Class A | 161250 | 2929912 |
|  SM Energy Co. | 550967 | 15201180 |
|  Vital Energy, Inc.<sup>A</sup> <sup>B</sup> | 348409 | 6511764 |
|  World Kinect Corp. | 161120 | 4393742 |
|  |  | **144849035** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **228325565** |
|  **Financials - 20.34%** |  |  |
|  **Banks - 13.43%** |  |  |
|  Amalgamated Financial Corp. | 35890 | 1040451 |
|  Ameris Bancorp | 97000 | 6629950 |
|  Arrow Financial Corp. | 1100 | 29480 |
|  Associated Banc-Corp. | 497838 | 12316512 |
|  Atlantic Union Bankshares Corp. | 559128 | 17724358 |
|  Axos Financial, Inc.<sup>A</sup>  | 87900 | 7590165 |
|  Banc of California, Inc. | 11400 | 165528 |
|  Bank OZK | 161400 | 7957020 |
|  BankUnited, Inc. | 32780 | 1195487 |
|  Banner Corp. | 227761 | 14138264 |
|  Bar Harbor Bankshares | 20330 | 590383 |
|  Bridgewater Bancshares, Inc.<sup>A</sup>  | 1900 | 29564 |
|  Business First Bancshares, Inc. | 28570 | 678537 |
|  Byline Bancorp, Inc. | 64010 | 1683463 |
|  Capitol Federal Financial, Inc. | 9600 | 57792 |
|  Cathay General Bancorp | 104500 | 4725490 |
|  Central Pacific Financial Corp. | 11110 | 296193 |
|  City Holding Co. | 121302 | 14810974 |
|  Civista Bancshares, Inc. | 1000 | 19470 |
|  Coastal Financial Corp.<sup>A</sup>  | 75726 | 7284841 |
|  Community Financial System, Inc. | 220487 | 11619665 |
|  Community Trust Bancorp, Inc. | 26060 | 1406719 |
|  Community West Bancshares | 1300 | 25025 |
|  Cullen/Frost Bankers, Inc. | 102872 | 13106922 |
|  Customers Bancorp, Inc.<sup>A</sup>  | 45980 | 2931225 |
|  Eastern Bankshares, Inc. | 129493 | 2000667 |
|  Enterprise Financial Services Corp. | 46740 | 2579581 |
|  Equity Bancshares, Inc., Class A | 1200 | 45096 |
|  Farmers National Banc Corp. | 53270 | 721276 |
|  FB Financial Corp. | 340616 | 16608436 |
|  Financial Institutions, Inc. | 1400 | 35686 |
|  First Bancorp/Southern Pines NC | 313495 | 15702965 |
|  First Busey Corp. | 125310 | 2796919 |
|  First Commonwealth Financial Corp. | 149670 | 2471052 |
|  First Financial Bancorp | 133510 | 3236282 |
|  First Financial Corp. | 800 | 42840 |
|  First Hawaiian, Inc. | 1040663 | 25236078 |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% (continued) |  |  |
|  **Financials - 20.34% (continued)** |  |  |
|  **Banks - 13.43% (continued)** |  |  |
|  First Merchants Corp. | 26190 | $998363 |
|  FNB Corp. | 502900 | 7704428 |
|  Fulton Financial Corp. | 230710 | 4141244 |
|  Glacier Bancorp, Inc. | 399904 | 17527792 |
|  Great Southern Bancorp, Inc. | 17130 | 975382 |
|  Hancock Whitney Corp. | 56260 | 3359847 |
|  Hanmi Financial Corp. | 2100 | 47901 |
|  Heritage Commerce Corp. | 4400 | 40700 |
|  Hilltop Holdings, Inc. | 100140 | 2964144 |
|  HomeTrust Bancshares, Inc. | 25450 | 988987 |
|  Hope Bancorp, Inc. | 53200 | 531468 |
|  Horizon Bancorp, Inc. | 3100 | 48019 |
|  Independent Bank Corp. | 333399 | 20725836 |
|  International Bancshares Corp. | 90800 | 6190744 |
|  Kearny Financial Corp. | 4600 | 27278 |
|  Live Oak Bancshares, Inc. | 662935 | 20955375 |
|  Mercantile Bank Corp. | 23340 | 1066405 |
|  Mid Penn Bancorp, Inc. | 1400 | 38430 |
|  Midland States Bancorp, Inc. | 30780 | 522029 |
|  MidWestOne Financial Group, Inc. | 1500 | 41310 |
|  National Bank Holdings Corp., Class A | 286862 | 10631106 |
|  NBT Bancorp, Inc. | 215912 | 8934439 |
|  Northeast Community Bancorp, Inc. | 1000 | 20660 |
|  Northfield Bancorp, Inc. | 3000 | 31950 |
|  Northwest Bancshares, Inc. | 147800 | 1729260 |
|  OceanFirst Financial Corp. | 25700 | 431246 |
|  Old Second Bancorp, Inc. | 63810 | 1082856 |
|  Origin Bancorp, Inc. | 19180 | 701029 |
|  Pacific Premier Bancorp, Inc. | 42220 | 914907 |
|  Pathward Financial, Inc. | 36680 | 2773925 |
|  Peapack-Gladstone Financial Corp. | 1300 | 33124 |
|  Peoples Bancorp, Inc. | 51900 | 1486416 |
|  Preferred Bank | 22010 | 1998948 |
|  Prosperity Bancshares, Inc. | 113607 | 7568498 |
|  Provident Financial Services, Inc. | 106060 | 1932413 |
|  QCR Holdings, Inc. | 24570 | 1744470 |
|  Renasant Corp. | 940065 | 34443982 |
|  S&T Bancorp, Inc. | 53580 | 1963171 |
|  Seacoast Banking Corp. of Florida | 1170360 | 32992448 |
|  ServisFirst Bancshares, Inc. | 173015 | 13607630 |
|  Shore Bancshares, Inc. | 2400 | 37224 |
|  Sierra Bancorp | 1000 | 29320 |
|  Simmons First National Corp., Class A | 912323 | 17489232 |
|  SmartFinancial, Inc. | 16030 | 549188 |
|  Southern Missouri Bancorp, Inc. | 16320 | 882749 |
|  Southside Bancshares, Inc. | 2200 | 64768 |
|  Stellar Bancorp, Inc. | 23300 | 688049 |
|  Synovus Financial Corp. | 59874 | 2828448 |
|  Texas Capital Bancshares, Inc.<sup>A</sup>  | 400238 | 33607985 |
|  Third Coast Bancshares, Inc.<sup>A</sup>  | 1000 | 37650 |
|  Towne Bank | 32800 | 1148984 |
|  Triumph Financial, Inc.<sup>A</sup>  | 327962 | 18602005 |
|  TrustCo Bank Corp. | 23840 | 800070 |
|  Trustmark Corp. | 14290 | 532303 |
|  United Bankshares, Inc. | 81460 | 2893459 |
|  United Community Banks, Inc. | 71850 | 2191425 |
|  Univest Financial Corp. | 2100 | 60564 |
|  WaFd, Inc. | 151213 | 4401054 |
|  Washington Trust Bancorp, Inc. | 1400 | 37716 |
|  WesBanco, Inc. | 25780 | 776751 |
|  Westamerica BanCorp | 37650 | 1803435 |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% (continued) |  |  |
|  **Financials - 20.34% (continued)** |  |  |
|  **Banks - 13.43% (continued)** |  |  |
|  WSFS Financial Corp. | 55860 | $3063362 |
|  |  | **505974257** |
|  **Capital Markets - 1.92%** |  |  |
|  Acadian Asset Management, Inc. | 26300 | 1099077 |
|  Affiliated Managers Group, Inc. | 9400 | 1972778 |
|  Artisan Partners Asset Management, Inc., Class A | 49700 | 2248925 |
|  Donnelley Financial Solutions, Inc.<sup>A</sup>  | 140466 | 7439079 |
|  Federated Hermes, Inc. | 100000 | 4957000 |
|  Oppenheimer Holdings, Inc., Class A | 15990 | 1212202 |
|  Perella Weinberg Partners | 482031 | 9611698 |
|  Piper Sandler Cos. | 47113 | 14855671 |
|  Stifel Financial Corp. | 179082 | 20436838 |
|  Victory Capital Holdings, Inc., Class A | 96500 | 6649815 |
|  Virtus Investment Partners, Inc. | 9470 | 1830646 |
|  |  | **72313729** |
|  **Consumer Finance - 1.26%** |  |  |
|  Bread Financial Holdings, Inc. | 73860 | 4527618 |
|  Encore Capital Group, Inc.<sup>A</sup>  | 34440 | 1270147 |
|  Enova International, Inc.<sup>A</sup>  | 45200 | 4726112 |
|  EZCORP, Inc., Class A<sup>A</sup>  | 75810 | 1085599 |
|  Green Dot Corp., Class A<sup>A</sup>  | 74400 | 752928 |
|  LendingClub Corp.<sup>A</sup>  | 155020 | 2416762 |
|  Navient Corp. | 196380 | 2541157 |
|  Nelnet, Inc., Class A | 25570 | 3190369 |
|  Regional Management Corp. | 7200 | 239328 |
|  SLM Corp. | 800847 | 25466935 |
|  World Acceptance Corp.<sup>A</sup>  | 7190 | 1131131 |
|  |  | **47348086** |
|  **Financial Services - 1.84%** |  |  |
|  Burford Capital Ltd. | 1330693 | 17099405 |
|  Euronet Worldwide, Inc.<sup>A</sup>  | 37844 | 3677680 |
|  Merchants Bancorp | 39920 | 1169656 |
|  NCR Atleos Corp.<sup>A</sup>  | 99700 | 3050820 |
|  NMI Holdings, Inc.<sup>A</sup>  | 120699 | 4504486 |
|  PennyMac Financial Services, Inc. | 73200 | 6817848 |
|  Radian Group, Inc. | 230600 | 7519866 |
|  Walker & Dunlop, Inc. | 103206 | 7741482 |
|  WEX, Inc.<sup>A</sup>  | 105366 | 17878503 |
|  |  | **69459746** |
|  **Insurance - 1.89%** |  |  |
|  American Coastal Insurance Corp. | 65620 | 683104 |
|  Assured Guaranty Ltd. | 85800 | 7256964 |
|  Baldwin Insurance Group, Inc.<sup>A</sup> <sup>B</sup> | 412472 | 15195469 |
|  Brighthouse Financial, Inc.<sup>A</sup>  | 96210 | 4603649 |
|  CNO Financial Group, Inc. | 122630 | 4517689 |
|  Donegal Group, Inc., Class A | 38920 | 667478 |
|  Employers Holdings, Inc. | 38530 | 1590518 |
|  Genworth Financial, Inc.<sup>A</sup>  | 686700 | 5397462 |
|  Global Indemnity Group LLC, Class A | 315604 | 9502836 |
|  Heritage Insurance Holdings, Inc.<sup>A</sup>  | 35500 | 748695 |
|  Horace Mann Educators Corp. | 202351 | 8605988 |
|  Kemper Corp. | 91900 | 5660121 |
|  United Fire Group, Inc. | 34600 | 918630 |
|  Universal Insurance Holdings, Inc. | 38190 | 902812 |
|  White Mountains Insurance Group Ltd. | 2650 | 4737670 |
|  |  | **70989085** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **766084903** |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% (continued) |  |  |
|  **Health Care - 3.75%** |  |  |
|  **Biotechnology - 0.03%** |  |  |
|  Rigel Pharmaceuticals, Inc.<sup>A</sup>  | 49900 | $**1050894** |
|  **Health Care Equipment & Supplies - 1.80%** |  |  |
|  CONMED Corp. | 255576 | 13072712 |
|  Haemonetics Corp.<sup>A</sup>  | 171012 | 12661729 |
|  LivaNova PLC<sup>A</sup>  | 312600 | 13188594 |
|  Merit Medical Systems, Inc.<sup>A</sup>  | 174746 | 14828946 |
|  Solventum Corp.<sup>A</sup>  | 198709 | 14179874 |
|  |  | **67931855** |
|  **Health Care Providers & Services - 0.42%** |  |  |
|  Centene Corp.<sup>A</sup>  | 219000 | 5709330 |
|  Fulgent Genetics, Inc.<sup>A</sup>  | 87600 | 1504968 |
|  Pediatrix Medical Group, Inc.<sup>A</sup>  | 239700 | 2936325 |
|  Premier, Inc., Class A | 259200 | 5567616 |
|  |  | **15718239** |
|  **Pharmaceuticals - 1.50%** |  |  |
|  Collegium Pharmaceutical, Inc.<sup>A</sup>  | 91180 | 2722635 |
|  Harmony Biosciences Holdings, Inc.<sup>A</sup>  | 78030 | 2745095 |
|  Perrigo Co. PLC | 1201536 | 32044965 |
|  Prestige Consumer Healthcare, Inc.<sup>A</sup>  | 210142 | 15540001 |
|  SIGA Technologies, Inc. | 512416 | 3387070 |
|  |  | **56439766** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **141140754** |
|  **Industrials - 21.31%** |  |  |
|  **Aerospace & Defense - 1.54%** |  |  |
|  AAR Corp.<sup>A</sup>  | 203631 | 15213272 |
|  AerSale Corp.<sup>A</sup>  | 150900 | 911436 |
|  ATI, Inc.<sup>A</sup>  | 345778 | 26604159 |
|  Moog, Inc., Class A | 78995 | 15291852 |
|  |  | **58020719** |
|  **Air Freight & Logistics - 0.29%** |  |  |
|  Hub Group, Inc., Class A | 314719 | **11021459** |
|  **Building Products - 2.16%** |  |  |
|  Apogee Enterprises, Inc. | 159845 | 6711892 |
|  AZZ, Inc. | 108487 | 11879326 |
|  Gibraltar Industries, Inc.<sup>A</sup>  | 325190 | 21472296 |
|  Hayward Holdings, Inc.<sup>A</sup>  | 517102 | 7953029 |
|  Quanex Building Products Corp. | 548090 | 10676793 |
|  Resideo Technologies, Inc.<sup>A</sup>  | 414400 | 11313120 |
|  UFP Industries, Inc. | 116673 | 11433954 |
|  |  | **81440410** |
|  **Commercial Services & Supplies - 1.95%** |  |  |
|  Brink's Co. | 88980 | 7771513 |
|  Deluxe Corp. | 663411 | 10680917 |
|  Enviri Corp.<sup>A</sup>  | 1589111 | 14301999 |
|  Interface, Inc. | 967146 | 19942551 |
|  MillerKnoll, Inc. | 667500 | 12669150 |
|  Pitney Bowes, Inc. | 349340 | 3968502 |
|  Quad/Graphics, Inc. | 433875 | 2312554 |
|  Steelcase, Inc., Class A | 190990 | 1972927 |
|  |  | **73620113** |
|  **Construction & Engineering - 1.82%** |  |  |
|  Everus Construction Group, Inc.<sup>A</sup>  | 207677 | 15422094 |
|  Fluor Corp.<sup>A</sup>  | 441874 | 25085187 |
|  Great Lakes Dredge & Dock Corp.<sup>A</sup>  | 189500 | 2099660 |
|  NWPX Infrastructure, Inc.<sup>A</sup>  | 27600 | 1153128 |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% (continued) |  |  |
|  **Industrials - 21.31% (continued)** |  |  |
|  **Construction & Engineering - 1.82% (continued)** |  |  |
|  WillScot Holdings Corp. | 846553 | $24846331 |
|  |  | **68606400** |
|  **Electrical Equipment - 1.13%** |  |  |
|  EnerSys | 376736 | 34799104 |
|  Thermon Group Holdings, Inc.<sup>A</sup>  | 269522 | 7622082 |
|  |  | **42421186** |
|  **Ground Transportation - 1.83%** |  |  |
|  ArcBest Corp. | 148137 | 10833259 |
|  Covenant Logistics Group, Inc. | 30380 | 733677 |
|  Heartland Express, Inc. | 175700 | 1373974 |
|  Schneider National, Inc., Class B | 437106 | 10687242 |
|  U-Haul Holding Co. | 488284 | 25390768 |
|  Werner Enterprises, Inc. | 724391 | 20080118 |
|  |  | **69099038** |
|  **Machinery - 5.96%** |  |  |
|  Alamo Group, Inc. | 66194 | 14733460 |
|  Albany International Corp., Class A | 219154 | 11875955 |
|  Astec Industries, Inc. | 51140 | 2028212 |
|  Atmus Filtration Technologies, Inc. | 328982 | 12800690 |
|  Blue Bird Corp.<sup>A</sup>  | 340384 | 15245799 |
|  Enerpac Tool Group Corp. | 665088 | 25612539 |
|  Flowserve Corp. | 235803 | 13214400 |
|  Greenbrier Cos., Inc. | 162206 | 7380373 |
|  Helios Technologies, Inc. | 694869 | 25494744 |
|  Hillman Solutions Corp.<sup>A</sup>  | 1585226 | 12507433 |
|  Kennametal, Inc. | 495197 | 12261078 |
|  Manitowoc Co., Inc.<sup>A</sup>  | 48100 | 613275 |
|  Miller Industries, Inc. | 122785 | 5003489 |
|  Standex International Corp. | 149677 | 24657789 |
|  Stanley Black & Decker, Inc. | 112000 | 7576800 |
|  Terex Corp. | 89100 | 4531626 |
|  Timken Co. | 258317 | 19655341 |
|  Titan International, Inc.<sup>A</sup>  | 179300 | 1516878 |
|  Toro Co. | 106057 | 7874732 |
|  |  | **224584613** |
|  **Marine Transportation - 0.83%** |  |  |
|  Genco Shipping & Trading Ltd. | 58330 | 929197 |
|  Kirby Corp.<sup>A</sup>  | 235162 | 22413290 |
|  Matson, Inc. | 74500 | 7955110 |
|  |  | **31297597** |
|  **Passenger Airlines - 0.40%** |  |  |
|  Allegiant Travel Co.<sup>A</sup>  | 52100 | 2690444 |
|  SkyWest, Inc.<sup>A</sup>  | 91500 | 10610340 |
|  Sun Country Airlines Holdings, Inc.<sup>A</sup>  | 148400 | 1719956 |
|  |  | **15020740** |
|  **Professional Services - 1.61%** |  |  |
|  Concentrix Corp. | 229478 | 11925972 |
|  Hudson Global, Inc.<sup>A</sup>  | 46303 | 414412 |
|  ManpowerGroup, Inc. | 197540 | 8148525 |
|  Maximus, Inc. | 108412 | 8007310 |
|  Robert Half, Inc. | 455298 | 16805049 |
|  Verra Mobility Corp.<sup>A</sup>  | 600607 | 15171333 |
|  |  | **60472601** |
|  **Trading Companies & Distributors - 1.79%** |  |  |
|  Boise Cascade Co. | 179615 | 15053533 |
|  DNOW, Inc.<sup>A</sup>  | 1236261 | 19236221 |
|  GMS, Inc.<sup>A</sup>  | 28476 | 3122109 |
|  MSC Industrial Direct Co., Inc., Class A | 175330 | 15187085 |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% (continued) |  |  |
|  **Industrials - 21.31% (continued)** |  |  |
|  **Trading Companies & Distributors - 1.79% (continued)** |  |  |
|  Rush Enterprises, Inc., Class A | 213053 | $11534689 |
|  Titan Machinery, Inc.<sup>A</sup>  | 65700 | 1269324 |
|  WESCO International, Inc. | 9200 | 1904032 |
|  |  | **67306993** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **802911869** |
|  **Information Technology - 10.19%** |  |  |
|  **Communications Equipment - 4.09%** |  |  |
|  Ciena Corp.<sup>A</sup>  | 387247 | 35952011 |
|  Extreme Networks, Inc.<sup>A</sup>  | 1137215 | 20083217 |
|  F5, Inc.<sup>A</sup>  | 197296 | 61836512 |
|  Lumentum Holdings, Inc.<sup>A</sup>  | 327795 | 36083674 |
|  |  | **153955414** |
|  **Electronic Equipment, Instruments & Components - 3.49%** |  |  |
|  Arrow Electronics, Inc.<sup>A</sup>  | 17813 | 2066308 |
|  Avnet, Inc. | 781545 | 41374992 |
|  Benchmark Electronics, Inc. | 65970 | 2539845 |
|  Coherent Corp.<sup>A</sup>  | 332246 | 35749670 |
|  Kimball Electronics, Inc.<sup>A</sup>  | 68000 | 1275680 |
|  Knowles Corp.<sup>A</sup>  | 1257633 | 25542526 |
|  ScanSource, Inc.<sup>A</sup>  | 48440 | 1881410 |
|  Vishay Intertechnology, Inc. | 1127406 | 18478184 |
|  Vontier Corp. | 62700 | 2600169 |
|  |  | **131508784** |
|  **IT Services - 0.23%** |  |  |
|  ASGN, Inc.<sup>A</sup>  | 168517 | **8449442** |
|  **Semiconductors & Semiconductor Equipment - 1.83%** |  |  |
|  Cohu, Inc.<sup>A</sup>  | 763557 | 13637128 |
|  Diodes, Inc.<sup>A</sup>  | 479677 | 23681654 |
|  Ichor Holdings Ltd.<sup>A</sup>  | 238416 | 4718253 |
|  Rambus, Inc.<sup>A</sup>  | 214837 | 15882899 |
|  Veeco Instruments, Inc.<sup>A</sup>  | 528199 | 10975975 |
|  |  | **68895909** |
|  **Software - 0.51%** |  |  |
|  Adeia, Inc. | 197300 | 2555035 |
|  BlackLine, Inc.<sup>A</sup>  | 277207 | 14908193 |
|  Consensus Cloud Solutions, Inc.<sup>A</sup>  | 55340 | 1116761 |
|  Xperi, Inc.<sup>A</sup>  | 129100 | 777182 |
|  |  | **19357171** |
|  **Technology Hardware, Storage & Peripherals - 0.04%** |  |  |
|  Eastman Kodak Co.<sup>A</sup> <sup>B</sup> | 229140 | **1535238** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **383701958** |
|  **Materials - 6.98%** |  |  |
|  **Chemicals - 4.04%** |  |  |
|  AdvanSix, Inc. | 75860 | 1526303 |
|  Avient Corp. | 278026 | 8777281 |
|  Ecovyst, Inc.<sup>A</sup>  | 2267598 | 19524019 |
|  Hawkins, Inc. | 70293 | 11477441 |
|  HB Fuller Co. | 164859 | 9265076 |
|  Huntsman Corp. | 1296875 | 12579687 |
|  Ingevity Corp.<sup>A</sup>  | 49500 | 2068605 |
|  Innospec, Inc. | 87949 | 7027125 |
|  Intrepid Potash, Inc.<sup>A</sup>  | 37600 | 1251328 |
|  Koppers Holdings, Inc. | 27200 | 893792 |
|  LSB Industries, Inc.<sup>A</sup> <sup>B</sup> | 200600 | 1550638 |
|  NewMarket Corp. | 656 | 450672 |
|  Olin Corp. | 1049422 | 19876053 |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% (continued) |  |  |
|  **Materials - 6.98% (continued)** |  |  |
|  **Chemicals - 4.04% (continued)** |  |  |
|  Quaker Chemical Corp.<sup>B</sup>  | 74044 | $8472114 |
|  Scotts Miracle-Gro Co. | 120965 | 7579667 |
|  Sensient Technologies Corp. | 137235 | 15410118 |
|  Stepan Co. | 478914 | 24314464 |
|  |  | **152044383** |
|  **Containers & Packaging - 1.10%** |  |  |
|  Greif, Inc., Class A | 293992 | 18647913 |
|  Sealed Air Corp. | 410400 | 12012408 |
|  Sonoco Products Co. | 243853 | 10990455 |
|  |  | **41650776** |
|  **Metals & Mining - 1.81%** |  |  |
|  Elah Holdings, Inc.<sup>A</sup>  | 3122 | 42178 |
|  Ferroglobe PLC<sup>B</sup>  | 2607514 | 11029784 |
|  Kaiser Aluminum Corp. | 298518 | 23078427 |
|  Materion Corp. | 227212 | 23925424 |
|  Metallus, Inc.<sup>A</sup>  | 57100 | 902180 |
|  Ryerson Holding Corp. | 90400 | 1862240 |
|  SunCoke Energy, Inc. | 236150 | 1745148 |
|  Warrior Met Coal, Inc. | 106600 | 5477108 |
|  |  | **68062489** |
|  **Paper & Forest Products - 0.03%** |  |  |
|  Clearwater Paper Corp.<sup>A</sup>  | 45400 | **1024224** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **262781872** |
|  **Real Estate - 4.74%** |  |  |
|  **Hotel & Resort REITs - 0.20%** |  |  |
|  Sunstone Hotel Investors, Inc. | 849316 | **7431515** |
|  **Industrial REITs - 0.54%** |  |  |
|  Americold Realty Trust, Inc. | 460548 | 7405612 |
|  Plymouth Industrial REIT, Inc. | 902375 | 13102485 |
|  |  | **20508097** |
|  **Office REITs - 0.41%** |  |  |
|  COPT Defense Properties | 564133 | **15389548** |
|  **Real Estate Management & Development - 1.20%** |  |  |
|  Howard Hughes Holdings, Inc.<sup>A</sup>  | 70150 | 4821410 |
|  Jones Lang LaSalle, Inc.<sup>A</sup>  | 101256 | 27375572 |
|  Newmark Group, Inc., Class A | 418089 | 6342410 |
|  RMR Group, Inc., Class A | 137145 | 2202549 |
|  Seritage Growth Properties, Class A<sup>A</sup> <sup>B</sup> | 975983 | 3113386 |
|  Tejon Ranch Co.<sup>A</sup> | 76190 | 1368372 |
|  |  | **45223699** |
|  **Retail REITs - 0.89%** |  |  |
|  NETSTREIT Corp.<sup>B</sup>  | 478509 | 8723219 |
|  NNN REIT, Inc. | 238634 | 9846039 |
|  Urban Edge Properties | 758566 | 14958921 |
|  |  | **33528179** |
|  **Specialized REITs - 1.50%** |  |  |
|  Four Corners Property Trust, Inc. | 591226 | 14922544 |
|  PotlatchDeltic Corp. | 1018525 | 41647488 |
|  |  | **56570032** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | **178651070** |
|  **Utilities - 3.47%** |  |  |
|  **Electric Utilities - 1.38%** |  |  |
|  IDACORP, Inc. | 91379 | 11452530 |
|  OGE Energy Corp. | 373149 | 16948427 |
|  Otter Tail Corp. | 56950 | 4395401 |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 93.04% (continued) |  |  |
|  **Utilities - 3.47% (continued)** |  |  |
|  **Electric Utilities - 1.38% (continued)** |  |  |
|  Portland General Electric Co. | 214900 | $8836688 |
|  TXNM Energy, Inc. | 183973 | 10447827 |
|  |  | **52080873** |
|  **Gas Utilities - 0.42%** |  |  |
|  MDU Resources Group, Inc. | 719600 | 12413100 |
|  Northwest Natural Holding Co. | 90090 | 3596393 |
|  |  | **16009493** |
|  **Multi-Utilities - 1.67%** |  |  |
|  Avista Corp. | 802258 | 29924223 |
|  Black Hills Corp. | 228400 | 13196952 |
|  Northwestern Energy Group, Inc. | 365674 | 19636694 |
|  |  | **62757869** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **130848235** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $3,193,577,870)** |  | **3504580478** |
|  FOREIGN COMMON STOCKS - 3.61% |  |  |
|  **Consumer Discretionary - 0.07%** |  |  |
|  **Automobile Components - 0.07%** |  |  |
|  Garrett Motion, Inc. | 216598 | **2824438** |
|  **Consumer Staples - 0.27%** |  |  |
|  **Food Products - 0.27%** |  |  |
|  SunOpta, Inc.<sup>A</sup>  | 1724080 | **10051387** |
|  **Energy - 0.26%** |  |  |
|  **Oil, Gas & Consumable Fuels - 0.26%** |  |  |
|  Baytex Energy Corp.<sup>B</sup>  | 1687315 | 3593981 |
|  Kosmos Energy Ltd.<sup>A</sup>  | 2834007 | 6093115 |
|  |  | **9687096** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **9687096** |
|  **Financials - 2.20%** |  |  |
|  **Banks - 2.02%** |  |  |
|  Bank of NT Butterfield & Son Ltd. | 532827 | 24248957 |
|  First BanCorp | 121340 | 2527512 |
|  OFG Bancorp | 615739 | 26242796 |
|  Popular, Inc. | 201417 | 23078360 |
|  |  | **76097625** |
|  **Insurance - 0.18%** |  |  |
|  Hamilton Insurance Group Ltd., Class B<sup>A</sup>  | 91000 | 1955590 |
|  SiriusPoint Ltd.<sup>A</sup>  | 240620 | 4718558 |
|  |  | **6674148** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **82771773** |
|  **Information Technology - 0.81%** |  |  |
|  **Semiconductors & Semiconductor Equipment - 0.81%** |  |  |
|  Tower Semiconductor Ltd.<sup>A</sup>  | 667807 | **30552170** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks (Cost $81,146,865)** |  | **135886864** |
|  SHORT-TERM INVESTMENTS - 3.17% (Cost $119,594,014) |  |  |
|  **Investment Companies - 3.17%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>C</sup> <sup>D</sup> | 119594014 | **119594014** |

---

*See accompanying notes* 

------

**American Beacon Small Cap Value Fund<sup>SM</sup>** 

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SECURITIES LENDING COLLATERAL - 0.76% (Cost $28,706,944) |  |  |
|  **Investment Companies - 0.76%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>C</sup> <sup>D</sup> | 28706944 | $**28706944** |
|  **TOTAL INVESTMENTS - 100.58% (Cost $3,423,025,693)** |  | **3788768300** |
|  **LIABILITIES, NET OF OTHER ASSETS - (0.58)%** |  | **(21675821)** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**3767092479** |

---

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 July 31, 2025.

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

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

LLC - Limited Liability Company.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

***Long Futures Contracts Open on July 31, 2025:***

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CME E-Mini Russell 2000 Index Futures | 1197 | September 2025 | $133775509 | $132878970 | $(896539) |
|  |  |  | $133775509 | $132878970 | $(896539) |

---

***Glossary:***

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

Russell 2000 U.S. Small-Cap Stock Market 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 July 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $3504580478 | $— | $— | $3504580478 |
|  Foreign Common Stocks | 135886864 |  |  | 135886864 |
|  Short-Term Investments | 119594014 |  |  | 119594014 |
|  Securities Lending Collateral | 28706944 |  |  | 28706944 |
|  Total Investments in Securities - Assets | $3788768300 | $— | $— | $3788768300 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Futures Contracts | $(896539) | $— | $— | $(896539) |
|  Total Financial Derivative Instruments - Liabilities | $(896539) | $— | $— | $(896539) |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2025, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

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

**Supplementary Notes to Schedules of Investments** 

July 31, 2025 (Unaudited)

**Security Valuation and Fair Value Measurements** 

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

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

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

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

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

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

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

------

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

**Supplementary Notes to Schedules of Investments** 

July 31, 2025 (Unaudited)

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

*Valuation Inputs* 

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

---

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

---

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

Common stocks, preferred securities and financial derivative instruments, such as futures contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy. 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 Advisor 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** 

July 31, 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.

## 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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000001818

- **c. LEI of Series:** 549300BZ2EOK5FVKLA40

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3803778414.70

**Total Liabilities:** $31899056.79

**Net Assets:** $3771879357.91

**Cash Not Reported:** $12774971.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092341 | 5.71%                | 4.97%                | 1.90%                |
| Class ID C000004768 | 5.79%                | 5.07%                | 2.01%                |
| Class ID C000180103 | 5.84%                | 5.02%                | 2.05%                |
| Class ID C000079123 | 5.84%                | 5.01%                | 2.01%                |
| Class ID C000004769 | 5.78%                | 5.03%                | 2.01%                |
| Class ID C000089424 | 5.77%                | 5.05%                | 1.93%                |
| Class ID C000004770 | 5.79%                | 5.03%                | 1.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-32136808.11            | $222468877.21                              |
| Month 2  | $5820332.65              | $164774383.63                              |
| Month 3  | $21719013.25             | $53512040.45                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| WESCO International Inc                      | WESCO International, Inc.                    | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      9200 | NS      | $1904032.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Thermon Group Holdings Inc                   | Thermon Group Holdings, Inc.                 | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    269522 | NS      | $7622082.16   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| United Bankshares Inc/WV                     | United Bankshares, Inc.                      | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |     81460 | NS      | $2893459.20   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Bancshares Inc                        | Equity Bancshares, Inc.                      | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |      1200 | NS      | $45096.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Nexstar Media Group Inc                      | Nexstar Media Group, Inc.                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     57800 | NS      | $10814958.00  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| AdvanSix Inc                                 | AdvanSix, Inc.                               | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     75860 | NS      | $1526303.20   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| PennyMac Financial Services Inc              | PennyMac Financial Services, Inc.            | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |     73200 | NS      | $6817848.00   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| First BanCorp/Puerto Rico                    | First BanCorp                                | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |    121340 | NS      | $2527512.20   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Sensient Technologies Corp                   | Sensient Technologies Corp.                  | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |    137235 | NS      | $15410118.15  | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank OZK                                     | Bank OZK                                     | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |    161400 | NS      | $7957020.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Rigel Pharmaceuticals Inc                    | Rigel Pharmaceuticals, Inc.                  | CUSIP: 766559702<br>LEI: 529900KPTNUS5J8K9K66 | Long             | EC               | CORP              | US        |     49900 | NS      | $1050894.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Laureate Education Inc                       | Laureate Education, Inc.                     | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |    423400 | NS      | $9568840.00   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Interparfums Inc                             | Interparfums, Inc.                           | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120013 | NS      | $14473567.80  | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Byline Bancorp Inc                           | Byline Bancorp, Inc.                         | CUSIP: 124411109<br>LEI: 549300W7ODP4YL2H4823 | Long             | EC               | CORP              | US        |     64010 | NS      | $1683463.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Piper Sandler Cos                            | Piper Sandler Cos.                           | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |     47113 | NS      | $14855671.16  | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Donegal Group Inc                            | Donegal Group, Inc.                          | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38920 | NS      | $667478.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Mercantile Bank Corp                         | Mercantile Bank Corp.                        | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |     23340 | NS      | $1066404.60   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Hanmi Financial Corp                         | Hanmi Financial Corp.                        | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      2100 | NS      | $47901.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HB Fuller Co                                 | HB Fuller Co.                                | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |    159614 | NS      | $8970306.80   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| LSB Industries Inc                           | LSB Industries, Inc.                         | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |    200600 | NS      | $1550638.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: —       |
| Stifel Financial Corp                        | Stifel Financial Corp.                       | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |    179082 | NS      | $20436837.84  | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Simmons First National Corp                  | Simmons First National Corp.                 | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |    912323 | NS      | $17489231.91  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Navient Corp                                 | Navient Corp.                                | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |    196380 | NS      | $2541157.20   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Steelcase Inc                                | Steelcase, Inc.                              | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |    190990 | NS      | $1972926.70   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Universal Corp/VA                            | Universal Corp.                              | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |     68900 | NS      | $3752983.00   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| ServisFirst Bancshares Inc                   | ServisFirst Bancshares, Inc.                 | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    173015 | NS      | $13607629.75  | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Howard Hughes Holdings Inc                   | Howard Hughes Holdings, Inc.                 | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     70150 | NS      | $4821409.50   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| EXPRO GROUP HOLDINGS NV                      | Expro Group Holdings NV                      | CUSIP: 000000000<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |    338561 | NS      | $3649687.58   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Live Oak Bancshares Inc                      | Live Oak Bancshares, Inc.                    | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    662935 | NS      | $20955375.35  | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Bumble Inc                                   | Bumble, Inc.                                 | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    288200 | NS      | $2242196.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Eastern Bankshares Inc                       | Eastern Bankshares, Inc.                     | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    129493 | NS      | $2000666.85   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Central Garden & Pet Co                      | Central Garden & Pet Co.                     | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |    201655 | NS      | $7162785.60   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Jones Lang LaSalle Inc                       | Jones Lang LaSalle, Inc.                     | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |    101256 | NS      | $27375572.16  | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Adeia Inc                                    | Adeia, Inc.                                  | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197300 | NS      | $2555035.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Toro Co/The                                  | Toro Co.                                     | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |    106057 | NS      | $7874732.25   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| EnerSys                                      | EnerSys                                      | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |    376736 | NS      | $34799104.32  | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Acadian Asset Management Inc                 | Acadian Asset Management, Inc.               | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |     26300 | NS      | $1099077.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| International Bancshares Corp                | International Bancshares Corp.               | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     90800 | NS      | $6190744.00   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Metallus Inc                                 | Metallus, Inc.                               | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     57100 | NS      | $902180.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Pathward Financial Inc                       | Pathward Financial, Inc.                     | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |     36680 | NS      | $2773925.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Northeast Community Bancorp Inc              | Northeast Community Bancorp, Inc.            | CUSIP: 664121100<br>LEI: 5493007BRYL8596Q9L26 | Long             | EC               | CORP              | US        |      1000 | NS      | $20660.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Univest Financial Corp                       | Univest Financial Corp.                      | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |      2100 | NS      | $60564.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| American Coastal Insurance Corp              | American Coastal Insurance Corp.             | CUSIP: 910710102<br>LEI: 5299002P9105LJQA8G51 | Long             | EC               | CORP              | US        |     65620 | NS      | $683104.20    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Avient Corp                                  | Avient Corp.                                 | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |    278026 | NS      | $8777280.82   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Goodyear Tire & Rubber Co/The                | Goodyear Tire & Rubber Co.                   | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |    809300 | NS      | $8319604.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Prestige Consumer Healthcare Inc             | Prestige Consumer Healthcare, Inc.           | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    210142 | NS      | $15540000.90  | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Core Natural Resources Inc                   | Core Natural Resources, Inc.                 | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     59410 | NS      | $4385052.10   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Gibraltar Industries Inc                     | Gibraltar Industries, Inc.                   | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    325190 | NS      | $21472295.70  | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Infinity Natural Resources Inc               | Infinity Natural Resources, Inc.             | CUSIP: 456941103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    409769 | NS      | $6109655.79   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Ferroglobe PLC                               | Ferroglobe PLC                               | CUSIP: 000000000<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |   2607514 | NS      | $11029784.22  | 0.29%             |  |  |  | No            | 1                  | On Loan: —       |
| NBT Bancorp Inc                              | NBT Bancorp, Inc.                            | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    215912 | NS      | $8934438.56   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| ManpowerGroup Inc                            | ManpowerGroup, Inc.                          | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |    197540 | NS      | $8148525.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Four Corners Property Trust Inc              | Four Corners Property Trust, Inc.            | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |    591226 | NS      | $14922544.24  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Miller Industries Inc/TN                     | Miller Industries, Inc.                      | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |    122785 | NS      | $5003488.75   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Ecovyst Inc                                  | Ecovyst, Inc.                                | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2267598 | NS      | $19524018.78  | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| First Merchants Corp                         | First Merchants Corp.                        | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |     26190 | NS      | $998362.80    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Walker & Dunlop Inc                          | Walker & Dunlop, Inc.                        | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103206 | NS      | $7741482.06   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Terex Corp                                   | Terex Corp.                                  | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     89100 | NS      | $4531626.00   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Southern Missouri Bancorp Inc                | Southern Missouri Bancorp, Inc.              | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16320 | NS      | $882748.80    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Xperi Inc                                    | Xperi, Inc.                                  | CUSIP: 98423J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129100 | NS      | $777182.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Customers Bancorp Inc                        | Customers Bancorp, Inc.                      | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     45980 | NS      | $2931225.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| OFG Bancorp                                  | OFG Bancorp                                  | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |    615739 | NS      | $26242796.18  | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Artisan Partners Asset Management Inc        | Artisan Partners Asset Management, Inc.      | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     49700 | NS      | $2248925.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Crescent Energy Co                           | Crescent Energy Co.                          | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    152867 | NS      | $1412491.08   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Great Southern Bancorp Inc                   | Great Southern Bancorp, Inc.                 | CUSIP: 390905107<br>LEI: 5493000ZL7DLNMN1AB26 | Long             | EC               | CORP              | US        |     17130 | NS      | $975382.20    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Universal Insurance Holdings Inc             | Universal Insurance Holdings, Inc.           | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |     38190 | NS      | $902811.60    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Atmus Filtration Technologies Inc            | Atmus Filtration Technologies, Inc.          | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    328982 | NS      | $12800689.62  | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| WSFS Financial Corp                          | WSFS Financial Corp.                         | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     55860 | NS      | $3063362.40   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| OceanFirst Financial Corp                    | OceanFirst Financial Corp.                   | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25700 | NS      | $431246.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Americold Realty Trust Inc                   | Americold Realty Trust, Inc.                 | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               |  | US        |    460548 | NS      | $7405611.84   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| SmartFinancial Inc                           | SmartFinancial, Inc.                         | CUSIP: 83190L208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16030 | NS      | $549187.80    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Merit Medical Systems Inc                    | Merit Medical Systems, Inc.                  | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |    174746 | NS      | $14828945.56  | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Olin Corp                                    | Olin Corp.                                   | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |   1049422 | NS      | $19876052.68  | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Hub Group Inc                                | Hub Group, Inc.                              | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    307020 | NS      | $10751840.40  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Affiliated Managers Group Inc                | Affiliated Managers Group, Inc.              | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      9400 | NS      | $1972778.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Associated Banc-Corp                         | Associated Banc-Corp.                        | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |    497838 | NS      | $12316512.12  | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Hawkins Inc                                  | Hawkins, Inc.                                | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |     70293 | NS      | $11477441.04  | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Build-A-Bear Workshop Inc                    | Build-A-Bear Workshop, Inc.                  | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |     38180 | NS      | $1936107.80   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Gentherm Inc                                 | Gentherm, Inc.                               | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |    379397 | NS      | $12155879.88  | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Bread Financial Holdings Inc                 | Bread Financial Holdings, Inc.               | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     73860 | NS      | $4527618.00   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| MillerKnoll Inc                              | MillerKnoll, Inc.                            | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |    667500 | NS      | $12669150.00  | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Cohu Inc                                     | Cohu, Inc.                                   | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |    763557 | NS      | $13637128.02  | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Prosperity Bancshares Inc                    | Prosperity Bancshares, Inc.                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113607 | NS      | $7568498.34   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Greenbrier Cos Inc/The                       | Greenbrier Cos., Inc.                        | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |    162206 | NS      | $7380373.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Blue Bird Corp                               | Blue Bird Corp.                              | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |    340384 | NS      | $15245799.36  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Vital Energy Inc                             | Vital Energy, Inc.                           | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |    348409 | NS      | $6511764.21   | 0.17%             |  |  |  | No            | 1                  | On Loan: —       |
| Lithia Motors Inc                            | Lithia Motors, Inc.                          | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |     51681 | NS      | $14884128.00  | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Kaiser Aluminum Corp                         | Kaiser Aluminum Corp.                        | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    298518 | NS      | $23078426.58  | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Buckle Inc/The                               | Buckle, Inc.                                 | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |    145100 | NS      | $7163587.00   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Bristow Group Inc                            | Bristow Group, Inc.                          | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     81260 | NS      | $2809158.20   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Collegium Pharmaceutical Inc                 | Collegium Pharmaceutical, Inc.               | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |     91180 | NS      | $2722634.80   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Consensus Cloud Solutions Inc                | Consensus Cloud Solutions, Inc.              | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55340 | NS      | $1116761.20   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Lear Corp                                    | Lear Corp.                                   | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |    212694 | NS      | $20054917.26  | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| California Resources Corp                    | California Resources Corp.                   | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |    204800 | NS      | $9867264.00   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Amalgamated Financial Corp                   | Amalgamated Financial Corp.                  | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35890 | NS      | $1040451.10   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Hope Bancorp Inc                             | Hope Bancorp, Inc.                           | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     53200 | NS      | $531468.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Triumph Financial Inc                        | Triumph Financial, Inc.                      | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |    327962 | NS      | $18602004.64  | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Southside Bancshares Inc                     | Southside Bancshares, Inc.                   | CUSIP: 84470P109<br>LEI: 549300TC83207VQA2K65 | Long             | EC               | CORP              | US        |      2200 | NS      | $64768.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| WillScot Holdings Corp                       | WillScot Holdings Corp.                      | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    846553 | NS      | $24846330.55  | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| First Commonwealth Financial Corp            | First Commonwealth Financial Corp.           | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |    149670 | NS      | $2471051.70   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Brighthouse Financial Inc                    | Brighthouse Financial, Inc.                  | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |     96210 | NS      | $4603648.50   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| World Acceptance Corp                        | World Acceptance Corp.                       | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7190 | NS      | $1131130.80   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Energizer Holdings Inc                       | Energizer Holdings, Inc.                     | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |    204800 | NS      | $4612096.00   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Scotts Miracle-Gro Co/The                    | Scotts Miracle-Gro Co.                       | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |    120965 | NS      | $7579666.90   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Centene Corp                                 | Centene Corp.                                | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    219000 | NS      | $5709330.00   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Victory Capital Holdings Inc                 | Victory Capital Holdings, Inc.               | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |     96500 | NS      | $6649815.00   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Community Financial System Inc               | Community Financial System, Inc.             | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |    220487 | NS      | $11619664.90  | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Maximus Inc                                  | Maximus, Inc.                                | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |    108412 | NS      | $8007310.32   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Tri Pointe Homes Inc                         | Tri Pointe Homes, Inc.                       | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    212100 | NS      | $6532680.00   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Synovus Financial Corp                       | Synovus Financial Corp.                      | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     59874 | NS      | $2828447.76   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Coherent Corp                                | Coherent Corp.                               | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    356080 | NS      | $38314208.00  | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| CNO Financial Group Inc                      | CNO Financial Group, Inc.                    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    122630 | NS      | $4517689.20   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Trustmark Corp                               | Trustmark Corp.                              | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |     14290 | NS      | $532302.50    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Ameris Bancorp                               | Ameris Bancorp                               | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     97000 | NS      | $6629950.00   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Premier Inc                                  | Premier, Inc.                                | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    259200 | NS      | $5567616.00   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Asbury Automotive Group Inc                  | Asbury Automotive Group, Inc.                | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |     52900 | NS      | $11750148.00  | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Kemper Corp                                  | Kemper Corp.                                 | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     91900 | NS      | $5660121.00   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Kearny Financial Corp/MD                     | Kearny Financial Corp.                       | CUSIP: 48716P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4600 | NS      | $27278.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| TrustCo Bank Corp NY                         | TrustCo Bank Corp.                           | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23840 | NS      | $800070.40    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Tejon Ranch Co                               | Tejon Ranch Co.                              | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |     76190 | NS      | $1368372.40   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| USANA Health Sciences Inc                    | USANA Health Sciences, Inc.                  | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |     25300 | NS      | $743567.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Group 1 Automotive Inc                       | Group 1 Automotive, Inc.                     | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |     26700 | NS      | $11004405.00  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Axos Financial Inc                           | Axos Financial, Inc.                         | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     87900 | NS      | $7590165.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Marcus Corp/The                              | Marcus Corp.                                 | CUSIP: 566330106<br>LEI: 549300NL0OKPNEMP6B79 | Long             | EC               | CORP              | US        |     56030 | NS      | $917211.10    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Papa John's International Inc                | Papa John's International, Inc.              | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |    430469 | NS      | $18256190.29  | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Cheesecake Factory Inc/The                   | Cheesecake Factory, Inc.                     | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |    173753 | NS      | $11104554.23  | 0.29%             |  |  |  | No            | 1                  | On Loan: —       |
| CONMED Corp                                  | CONMED Corp.                                 | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |    255576 | NS      | $13072712.40  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Brink's Co/The                               | Brink's Co.                                  | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     88980 | NS      | $7771513.20   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Pediatrix Medical Group Inc                  | Pediatrix Medical Group, Inc.                | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    239700 | NS      | $2936325.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Vontier Corp                                 | Vontier Corp.                                | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     62700 | NS      | $2600169.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Boot Barn Holdings Inc                       | Boot Barn Holdings, Inc.                     | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     40501 | NS      | $6962121.90   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| American Eagle Outfitters Inc                | American Eagle Outfitters, Inc.              | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |   1452536 | NS      | $15687388.80  | 0.42%             |  |  |  | No            | 1                  | On Loan: —       |
| Sierra Bancorp                               | Sierra Bancorp                               | CUSIP: 82620P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $29320.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| First Financial Bancorp                      | First Financial Bancorp                      | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |    133510 | NS      | $3236282.40   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| LendingClub Corp                             | LendingClub Corp.                            | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |    155020 | NS      | $2416761.80   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| First Hawaiian Inc                           | First Hawaiian, Inc.                         | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |   1040663 | NS      | $25236077.75  | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Patterson-UTI Energy Inc                     | Patterson-UTI Energy, Inc.                   | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |   1569454 | NS      | $9275473.14   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Knowles Corp                                 | Knowles Corp.                                | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |   1257633 | NS      | $25542526.23  | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Burford Capital Ltd                          | Burford Capital Ltd.                         | CUSIP: 000000000<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               | CORP              | GG        |   1330693 | NS      | $17099405.05  | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Banc of California Inc                       | Banc of California, Inc.                     | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |     11400 | NS      | $165528.00    | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Horizon Bancorp Inc/IN                       | Horizon Bancorp, Inc.                        | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |      3100 | NS      | $48019.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Darling Ingredients Inc                      | Darling Ingredients, Inc.                    | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    592453 | NS      | $19183628.14  | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Green Brick Partners Inc                     | Green Brick Partners, Inc.                   | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |    126200 | NS      | $7816828.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| AZZ Inc                                      | AZZ, Inc.                                    | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |    108487 | NS      | $11879326.50  | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| NOV Inc                                      | NOV, Inc.                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |   2460650 | NS      | $30954977.00  | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Upbound Group Inc                            | Upbound Group, Inc.                          | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |    101400 | NS      | $2092389.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Phinia Inc                                   | Phinia, Inc.                                 | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     92740 | NS      | $4701918.00   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Sealed Air Corp                              | Sealed Air Corp.                             | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    410400 | NS      | $12012408.00  | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Independent Bank Corp/MI                     | Independent Bank Corp.                       | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13990 | NS      | $427394.50    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Hamilton Insurance Group Ltd                 | Hamilton Insurance Group Ltd.                | CUSIP: 000000000<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |     91000 | NS      | $1955590.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| EZCORP Inc                                   | EZCORP, Inc.                                 | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     75810 | NS      | $1085599.20   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Nelnet Inc                                   | Nelnet, Inc.                                 | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |     25570 | NS      | $3190368.90   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Century Communities Inc                      | Century Communities, Inc.                    | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |    257187 | NS      | $14477056.23  | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Origin Bancorp Inc                           | Origin Bancorp, Inc.                         | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     19180 | NS      | $701029.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Materion Corp                                | Materion Corp.                               | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |    227212 | NS      | $23925423.60  | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Enviri Corp                                  | Enviri Corp.                                 | CUSIP: 415864107<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | EC               | CORP              | US        |   1600143 | NS      | $14401287.00  | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| National CineMedia Inc                       | National CineMedia, Inc.                     | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |   1371264 | NS      | $6595779.84   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Farmers National Banc Corp                   | Farmers National Banc Corp.                  | CUSIP: 309627107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53270 | NS      | $721275.80    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Northwestern Energy Group Inc                | Northwestern Energy Group, Inc.              | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |    365674 | NS      | $19636693.80  | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Standex International Corp                   | Standex International Corp.                  | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |    143939 | NS      | $23712510.86  | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Shore Bancshares Inc                         | Shore Bancshares, Inc.                       | CUSIP: 825107105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2400 | NS      | $37224.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BankUnited Inc                               | BankUnited, Inc.                             | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     32780 | NS      | $1195486.60   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| WesBanco Inc                                 | WesBanco, Inc.                               | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25780 | NS      | $776751.40    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Black Hills Corp                             | Black Hills Corp.                            | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |    228400 | NS      | $13196952.00  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Fluor Corp                                   | Fluor Corp.                                  | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    441874 | NS      | $25085186.98  | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Indemnity Group LLC                   | Global Indemnity Group LLC                   | CUSIP: 37959R103<br>LEI: 549300KNR55WEKSPTK65 | Long             | EC               | CORP              | US        |    315604 | NS      | $9502836.44   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Kennametal Inc                               | Kennametal, Inc.                             | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    495197 | NS      | $12261077.72  | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| BlackLine Inc                                | BlackLine, Inc.                              | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |    277207 | NS      | $14908192.46  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| First Bancorp/Southern Pines NC              | First Bancorp/Southern Pines NC              | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    313495 | NS      | $15702964.55  | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Resideo Technologies Inc                     | Resideo Technologies, Inc.                   | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    414400 | NS      | $11313120.00  | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Horace Mann Educators Corp                   | Horace Mann Educators Corp.                  | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |    202351 | NS      | $8605988.03   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Signet Jewelers Ltd                          | Signet Jewelers Ltd.                         | CUSIP: 000000000<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |     47300 | NS      | $3741430.00   | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Greif Inc                                    | Greif, Inc.                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |    293992 | NS      | $18647912.56  | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| LivaNova PLC                                 | LivaNova PLC                                 | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |    312600 | NS      | $13188594.00  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Robert Half Inc                              | Robert Half, Inc.                            | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |    455298 | NS      | $16805049.18  | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| COPT Defense Properties                      | COPT Defense Properties                      | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               |  | US        |    564133 | NS      | $15389548.24  | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingles Markets Inc                           | Ingles Markets, Inc.                         | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     41300 | NS      | $2599009.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| GMS Inc                                      | GMS, Inc.                                    | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |     31523 | NS      | $3456181.72   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| DNOW Inc                                     | DNOW, Inc.                                   | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |   1236261 | NS      | $19236221.16  | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Bar Harbor Bankshares                        | Bar Harbor Bankshares                        | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20330 | NS      | $590383.20    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Boston Omaha Corp                            | Boston Omaha Corp.                           | CUSIP: 101044105<br>LEI: 54930002FEWTYF4YFF19 | Long             | EC               | CORP              | US        |     87490 | NS      | $1176740.50   | 0.03%             |  |  |  | No            | 1                  | On Loan: —       |
| Huntsman Corp                                | Huntsman Corp.                               | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |   1296875 | NS      | $12579687.50  | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Stanley Black & Decker Inc                   | Stanley Black & Decker, Inc.                 | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     69500 | NS      | $4701675.00   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Marriott Vacations Worldwide Corp            | Marriott Vacations Worldwide Corp.           | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |    493538 | NS      | $36753774.86  | 0.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Golden Entertainment Inc                     | Golden Entertainment, Inc.                   | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |    277532 | NS      | $7804199.84   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Gulfport Energy Corp                         | Gulfport Energy Corp.                        | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     47632 | NS      | $8294160.16   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Eastman Kodak Co                             | Eastman Kodak Co.                            | CUSIP: 277461406<br>LEI: 549300P7J8F3SSMY3E81 | Long             | EC               | CORP              | US        |    229140 | NS      | $1535238.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: —       |
| RMR Group Inc/The                            | RMR Group, Inc.                              | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |    137145 | NS      | $2202548.70   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Benchmark Electronics Inc                    | Benchmark Electronics, Inc.                  | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |     65970 | NS      | $2539845.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Newell Brands Inc                            | Newell Brands, Inc.                          | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |   4292855 | NS      | $24082916.55  | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Regional Management Corp                     | Regional Management Corp.                    | CUSIP: 75902K106<br>LEI: 549300S5O87W87JW4146 | Long             | EC               | CORP              | US        |      7200 | NS      | $239328.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ASGN Inc                                     | ASGN, Inc.                                   | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |    168517 | NS      | $8449442.38   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Titan International Inc                      | Titan International, Inc.                    | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |    179300 | NS      | $1516878.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| SM Energy Co                                 | SM Energy Co.                                | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    550967 | NS      | $15201179.53  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Flowserve Corp                               | Flowserve Corp.                              | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |    235803 | NS      | $13214400.12  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Hilltop Holdings Inc                         | Hilltop Holdings, Inc.                       | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |    100140 | NS      | $2964144.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Manitowoc Co Inc/The                         | Manitowoc Co., Inc.                          | CUSIP: 563571405<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | EC               | CORP              | US        |     48100 | NS      | $613275.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| America's Car-Mart Inc/TX                    | America's Car-Mart, Inc.                     | CUSIP: 03062T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11200 | NS      | $504448.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Brunswick Corp/DE                            | Brunswick Corp.                              | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |    451559 | NS      | $26321374.11  | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Sunstone Hotel Investors Inc                 | Sunstone Hotel Investors, Inc.               | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |    849316 | NS      | $7431515.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Assured Guaranty Ltd                         | Assured Guaranty Ltd.                        | CUSIP: 000000000<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     85800 | NS      | $7256964.00   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Portland General Electric Co                 | Portland General Electric Co.                | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |    214900 | NS      | $8836688.00   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Plymouth Industrial REIT Inc                 | Plymouth Industrial REIT, Inc.               | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               |  | US        |    902375 | NS      | $13102485.00  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| American Beacon U.S. Government Money Market | American Beacon U.S. Government Money Market | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        | 119594014 | NS      | $119594014.27 | 3.17%             |  |  |  | No            | 1                  | On Loan: No      |
| FB Financial Corp                            | FB Financial Corp.                           | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |    340616 | NS      | $16608436.16  | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Country Airlines Holdings Inc            | Sun Country Airlines Holdings, Inc.          | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |    148400 | NS      | $1719956.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| AerSale Corp                                 | AerSale Corp.                                | CUSIP: 00810F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150900 | NS      | $911436.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Heartland Express Inc                        | Heartland Express, Inc.                      | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |    175700 | NS      | $1373974.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Rambus Inc                                   | Rambus, Inc.                                 | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |    214837 | NS      | $15882899.41  | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| ATI Inc                                      | ATI, Inc.                                    | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |    345778 | NS      | $26604159.32  | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Deluxe Corp                                  | Deluxe Corp.                                 | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |    663411 | NS      | $10680917.10  | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Perrigo Co PLC                               | Perrigo Co. PLC                              | CUSIP: 000000000<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |   1201536 | NS      | $32044965.12  | 0.85%             |  |  |  | No            | 1                  | On Loan: No      |
| ScanSource Inc                               | ScanSource, Inc.                             | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |     48440 | NS      | $1881409.60   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Bridgewater Bancshares Inc                   | Bridgewater Bancshares, Inc.                 | CUSIP: 108621103<br>LEI: 5493001FLSBTVILKXZ71 | Long             | EC               | CORP              | US        |      1900 | NS      | $29564.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Water Solutions Inc                   | Select Water Solutions, Inc.                 | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    765528 | NS      | $7372034.64   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Old Second Bancorp Inc                       | Old Second Bancorp, Inc.                     | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     63810 | NS      | $1082855.70   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| NewMarket Corp                               | NewMarket Corp.                              | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      2205 | NS      | $1514835.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Kirby Corp                                   | Kirby Corp.                                  | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    235162 | NS      | $22413290.22  | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Vishay Intertechnology Inc                   | Vishay Intertechnology, Inc.                 | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |   1127406 | NS      | $18478184.34  | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Stagwell Inc                                 | Stagwell, Inc.                               | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |   5327148 | NS      | $30524558.04  | 0.81%             |  |  |  | No            | 1                  | On Loan: —       |
| Northwest Natural Holding Co                 | Northwest Natural Holding Co.                | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |     90090 | NS      | $3596392.80   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| First Busey Corp                             | First Busey Corp.                            | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |    125310 | NS      | $2796919.20   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Diodes Inc                                   | Diodes, Inc.                                 | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |    479677 | NS      | $23681653.49  | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Topgolf Callaway Brands Corp                 | Topgolf Callaway Brands Corp.                | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |    249570 | NS      | $2308522.50   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| OGE Energy Corp                              | OGE Energy Corp.                             | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |    373149 | NS      | $16948427.58  | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Matson Inc                                   | Matson, Inc.                                 | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     74500 | NS      | $7955110.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| SiriusPoint Ltd                              | SiriusPoint Ltd.                             | CUSIP: 000000000<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |    240620 | NS      | $4718558.20   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Popular Inc                                  | Popular, Inc.                                | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |    201417 | NS      | $23078359.86  | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Riley Exploration Permian Inc                | Riley Exploration Permian, Inc.              | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |     61410 | NS      | $1611398.40   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Academy Sports & Outdoors Inc                | Academy Sports & Outdoors, Inc.              | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    428700 | NS      | $21773673.00  | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Schneider National Inc                       | Schneider National, Inc.                     | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |    437106 | NS      | $10687241.70  | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Third Coast Bancshares Inc                   | Third Coast Bancshares, Inc.                 | CUSIP: 88422P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $37650.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Community Trust Bancorp Inc                  | Community Trust Bancorp, Inc.                | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26060 | NS      | $1406718.80   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Towne Bank/Portsmouth VA                     | Towne Bank                                   | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |     32800 | NS      | $1148984.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| NMI Holdings Inc                             | NMI Holdings, Inc.                           | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |    120699 | NS      | $4504486.68   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Baldwin Insurance Group Inc/The              | Baldwin Insurance Group, Inc.                | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    381840 | NS      | $14066985.60  | 0.37%             |  |  |  | No            | 1                  | On Loan: —       |
| Titan Machinery Inc                          | Titan Machinery, Inc.                        | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     65700 | NS      | $1269324.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Kosmos Energy Ltd                            | Kosmos Energy Ltd.                           | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |   2834007 | NS      | $6093115.05   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| United Community Banks Inc/GA                | United Community Banks, Inc.                 | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     71850 | NS      | $2191425.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Green Dot Corp                               | Green Dot Corp.                              | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74400 | NS      | $752928.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Innospec Inc                                 | Innospec, Inc.                               | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |     87949 | NS      | $7027125.10   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Arrow Financial Corp                         | Arrow Financial Corp.                        | CUSIP: 042744102<br>LEI: 2549007Z8GI9ZZIQ1817 | Long             | EC               | CORP              | US        |      1100 | NS      | $29480.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Washington Trust Bancorp Inc                 | Washington Trust Bancorp, Inc.               | CUSIP: 940610108<br>LEI: J66MZFCNJPP3PERHZW54 | Long             | EC               | CORP              | US        |      1400 | NS      | $37716.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Civista Bancshares Inc                       | Civista Bancshares, Inc.                     | CUSIP: 178867107<br>LEI: 5493001LX61Z2UVYSC48 | Long             | EC               | CORP              | US        |      1000 | NS      | $19470.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Northern Oil & Gas Inc                       | Northern Oil & Gas, Inc.                     | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    643749 | NS      | $18127971.84  | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Peapack-Gladstone Financial Corp             | Peapack-Gladstone Financial Corp.            | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |      1300 | NS      | $33124.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Enterprise Financial Services Corp           | Enterprise Financial Services Corp.          | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |     46740 | NS      | $2579580.60   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Valaris Ltd                                  | Valaris Ltd.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     96460 | NS      | $4690849.80   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Genesco Inc                                  | Genesco, Inc.                                | CUSIP: 371532102<br>LEI: 549300VY2Q511P1K5P56 | Long             | EC               | CORP              | US        |     25000 | NS      | $601500.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Banner Corp                                  | Banner Corp.                                 | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    227761 | NS      | $14138264.08  | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Rush Enterprises Inc                         | Rush Enterprises, Inc.                       | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |    213053 | NS      | $11534689.42  | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Radian Group Inc                             | Radian Group, Inc.                           | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |    230600 | NS      | $7519866.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Covenant Logistics Group Inc                 | Covenant Logistics Group, Inc.               | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30380 | NS      | $733677.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| BorgWarner Inc                               | BorgWarner, Inc.                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |    432469 | NS      | $15914859.20  | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| City Holding Co                              | City Holding Co.                             | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121302 | NS      | $14810974.20  | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| SunOpta Inc                                  | SunOpta, Inc.                                | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | CA        |   1724080 | NS      | $10051386.40  | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Lumentum Holdings Inc                        | Lumentum Holdings, Inc.                      | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |    350147 | NS      | $38544181.76  | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| TXNM Energy Inc                              | TXNM Energy, Inc.                            | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |    183973 | NS      | $10447826.67  | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Murphy Oil Corp                              | Murphy Oil Corp.                             | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    580800 | NS      | $14409648.00  | 0.38%             |  |  |  | No            | 1                  | On Loan: —       |
| AAR Corp                                     | AAR Corp.                                    | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |    203631 | NS      | $15213272.01  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Seritage Growth Properties                   | Seritage Growth Properties                   | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |    975983 | NS      | $3113385.77   | 0.08%             |  |  |  | No            | 1                  | On Loan: —       |
| Employers Holdings Inc                       | Employers Holdings, Inc.                     | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38530 | NS      | $1590518.40   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Heritage Commerce Corp                       | Heritage Commerce Corp.                      | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |      4400 | NS      | $40700.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Albany International Corp                    | Albany International Corp.                   | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |    197091 | NS      | $10680361.29  | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Sitio Royalties Corp                         | Sitio Royalties Corp.                        | CUSIP: 82983N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    161250 | NS      | $2929912.50   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Werner Enterprises Inc                       | Werner Enterprises, Inc.                     | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |    724391 | NS      | $20080118.52  | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Newmark Group Inc                            | Newmark Group, Inc.                          | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    379056 | NS      | $5750279.52   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| SLM Corp                                     | SLM Corp.                                    | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    800847 | NS      | $25466934.60  | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Verra Mobility Corp                          | Verra Mobility Corp.                         | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |    600607 | NS      | $15171332.82  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Perella Weinberg Partners                    | Perella Weinberg Partners                    | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    482031 | NS      | $9611698.14   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Merchants Bancorp/IN                         | Merchants Bancorp                            | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |     39920 | NS      | $1169656.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Ciena Corp                                   | Ciena Corp.                                  | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |    392410 | NS      | $36431344.40  | 0.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Genco Shipping & Trading Ltd                 | Genco Shipping & Trading Ltd.                | CUSIP: 000000000<br>LEI: 5493003MBZ5GU8QHXZ58 | Long             | EC               | CORP              | MH        |     58330 | NS      | $929196.90    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Preferred Bank/Los Angeles CA                | Preferred Bank                               | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |     22010 | NS      | $1998948.20   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| RPC Inc                                      | RPC, Inc.                                    | CUSIP: 749660106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    613100 | NS      | $2850915.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Stellar Bancorp Inc                          | Stellar Bancorp, Inc.                        | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |     23300 | NS      | $688049.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| PotlatchDeltic Corp                          | PotlatchDeltic Corp.                         | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |   1018525 | NS      | $41647487.25  | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Cathay General Bancorp                       | Cathay General Bancorp                       | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |    104500 | NS      | $4725490.00   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Urban Edge Properties                        | Urban Edge Properties                        | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               |  | US        |    758566 | NS      | $14958921.52  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Atlantic Union Bankshares Corp               | Atlantic Union Bankshares Corp.              | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    559128 | NS      | $17724357.60  | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Helios Technologies Inc                      | Helios Technologies, Inc.                    | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               | CORP              | US        |    694869 | NS      | $25494743.61  | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| YETI Holdings Inc                            | YETI Holdings, Inc.                          | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |    385573 | NS      | $14165952.02  | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Community West Bancshares                    | Community West Bancshares                    | CUSIP: 203937107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1300 | NS      | $25025.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HF Sinclair Corp                             | HF Sinclair Corp.                            | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |    240602 | NS      | $10572051.88  | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimball Electronics Inc                      | Kimball Electronics, Inc.                    | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |     68000 | NS      | $1275680.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| APA Corp                                     | APA Corp.                                    | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    510083 | NS      | $9839501.07   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Sonic Automotive Inc                         | Sonic Automotive, Inc.                       | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |    308668 | NS      | $22332129.80  | 0.59%             |  |  |  | No            | 1                  | On Loan: —       |
| Hayward Holdings Inc                         | Hayward Holdings, Inc.                       | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    517102 | NS      | $7953028.76   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Seacoast Banking Corp of Florida             | Seacoast Banking Corp. of Florida            | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |   1154437 | NS      | $32543579.03  | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Veeco Instruments Inc                        | Veeco Instruments, Inc.                      | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |    528199 | NS      | $10975975.22  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Business First Bancshares Inc                | Business First Bancshares, Inc.              | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |     28570 | NS      | $678537.50    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| F5 Inc                                       | F5, Inc.                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |    206196 | NS      | $64625950.32  | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Graham Holdings Co                           | Graham Holdings Co.                          | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |      6200 | NS      | $5915916.00   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Northwest Bancshares Inc                     | Northwest Bancshares, Inc.                   | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147800 | NS      | $1729260.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Perdoceo Education Corp                      | Perdoceo Education Corp.                     | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |    149780 | NS      | $4310668.40   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Avnet Inc                                    | Avnet, Inc.                                  | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    781545 | NS      | $41374992.30  | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Cullen/Frost Bankers Inc                     | Cullen/Frost Bankers, Inc.                   | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |    102872 | NS      | $13106921.52  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| ArcBest Corp                                 | ArcBest Corp.                                | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |    148137 | NS      | $10833258.81  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Clearwater Paper Corp                        | Clearwater Paper Corp.                       | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |     45400 | NS      | $1024224.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| UFP Industries Inc                           | UFP Industries, Inc.                         | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |    112745 | NS      | $11049010.00  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| National Bank Holdings Corp                  | National Bank Holdings Corp.                 | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    286862 | NS      | $10631105.72  | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Fulgent Genetics Inc                         | Fulgent Genetics, Inc.                       | CUSIP: 359664109<br>LEI: 549300CL6P01M68QJ404 | Long             | EC               | CORP              | US        |     87600 | NS      | $1504968.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Ichor Holdings Ltd                           | Ichor Holdings Ltd.                          | CUSIP: 000000000<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | KY        |    238416 | NS      | $4718252.64   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| WaFd Inc                                     | WaFd, Inc.                                   | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    151213 | NS      | $4401054.37   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Central Pacific Financial Corp               | Central Pacific Financial Corp.              | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     11110 | NS      | $296192.60    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Elah Holdings Inc                            | Elah Holdings, Inc.                          | CUSIP: 28413L105<br>LEI: 549300QGHCFUEGYWKU13 | Long             | EC               | CORP              | US        |      3122 | NS      | $42178.22     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Hancock Whitney Corp                         | Hancock Whitney Corp.                        | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     56260 | NS      | $3359847.20   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Herbalife Ltd                                | Herbalife Ltd.                               | CUSIP: 000000000<br>LEI: 549300BA7TYPBSZZIA41 | Long             | EC               | CORP              | KY        |     77029 | NS      | $708666.80    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Hillman Solutions Corp                       | Hillman Solutions Corp.                      | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1585226 | NS      | $12507433.14  | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| WEX Inc                                      | WEX, Inc.                                    | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |    105366 | NS      | $17878502.88  | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Solventum Corp                               | Solventum Corp.                              | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |    198709 | NS      | $14179874.24  | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Atlas Energy Solutions Inc                   | Atlas Energy Solutions, Inc.                 | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1019876 | NS      | $13258388.00  | 0.35%             |  |  |  | No            | 1                  | On Loan: —       |
| Federated Hermes Inc                         | Federated Hermes, Inc.                       | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |    100000 | NS      | $4957000.00   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Renasant Corp                                | Renasant Corp.                               | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |    940065 | NS      | $34443981.60  | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| S&T Bancorp Inc                              | S&T Bancorp, Inc.                            | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53580 | NS      | $1963171.20   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Magnolia Oil & Gas Corp                      | Magnolia Oil & Gas Corp.                     | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    521700 | NS      | $12426894.00  | 0.33%             |  |  |  | No            | 1                  | On Loan: —       |
| MidWestOne Financial Group Inc               | MidWestOne Financial Group, Inc.             | CUSIP: 598511103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1500 | NS      | $41310.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Travel + Leisure Co                          | Travel & Leisure Co.                         | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |    189300 | NS      | $11216025.00  | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Pitney Bowes Inc                             | Pitney Bowes, Inc.                           | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |    349340 | NS      | $3968502.40   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Alamo Group Inc                              | Alamo Group, Inc.                            | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     66194 | NS      | $14733460.52  | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Concentrix Corp                              | Concentrix Corp.                             | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |    229478 | NS      | $11925971.66  | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Hudson Global Inc                            | Hudson Global, Inc.                          | CUSIP: 443787205<br>LEI: 54930073WVI9H7ILKL69 | Long             | EC               | CORP              | US        |     46303 | NS      | $414411.85    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| NETSTREIT Corp                               | NETSTREIT Corp.                              | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |    478509 | NS      | $8723219.07   | 0.23%             |  |  |  | No            | 1                  | On Loan: —       |
| Delek US Holdings Inc                        | Delek U.S. Holdings, Inc.                    | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |    118048 | NS      | $2640733.76   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| J & J Snack Foods Corp                       | J&J Snack Foods Corp.                        | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               | CORP              | US        |     63922 | NS      | $7216154.58   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| United Natural Foods Inc                     | United Natural Foods, Inc.                   | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |    120560 | NS      | $3332278.40   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Euronet Worldwide Inc                        | Euronet Worldwide, Inc.                      | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     37844 | NS      | $3677679.92   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Seneca Foods Corp                            | Seneca Foods Corp.                           | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11740 | NS      | $1229530.20   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Garrett Motion Inc                           | Garrett Motion, Inc.                         | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |    216598 | NS      | $2824437.92   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Allegiant Travel Co                          | Allegiant Travel Co.                         | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |     52100 | NS      | $2690444.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| MDU Resources Group Inc                      | MDU Resources Group, Inc.                    | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    719600 | NS      | $12413100.00  | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Intrepid Potash Inc                          | Intrepid Potash, Inc.                        | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |     37600 | NS      | $1251328.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Harmony Biosciences Holdings Inc             | Harmony Biosciences Holdings, Inc.           | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78030 | NS      | $2745095.40   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Texas Capital Bancshares Inc                 | Texas Capital Bancshares, Inc.               | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |    400238 | NS      | $33607984.86  | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Pacific Premier Bancorp Inc                  | Pacific Premier Bancorp, Inc.                | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |     42220 | NS      | $914907.40    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Shenandoah Telecommunications Co             | Shenandoah Telecommunications Co.            | CUSIP: 82312B106<br>LEI: 549300XH3H4OUKFPHS84 | Long             | EC               | CORP              | US        |     74400 | NS      | $1092192.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Fulton Financial Corp                        | Fulton Financial Corp.                       | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |    230710 | NS      | $4141244.50   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Moog Inc                                     | Moog, Inc.                                   | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |     78995 | NS      | $15291852.10  | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Coastal Financial Corp/WA                    | Coastal Financial Corp.                      | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     75726 | NS      | $7284841.20   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| IDACORP Inc                                  | IDACORP, Inc.                                | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     91379 | NS      | $11452530.07  | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Gentex Corp                                  | Gentex Corp.                                 | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    244210 | NS      | $6452028.20   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Fresh Del Monte Produce Inc                  | Fresh Del Monte Produce, Inc.                | CUSIP: 000000000<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |    136080 | NS      | $5115247.20   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Quaker Chemical Corp                         | Quaker Chemical Corp.                        | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     74044 | NS      | $8472114.48   | 0.22%             |  |  |  | No            | 1                  | On Loan: —       |
| Virtus Investment Partners Inc               | Virtus Investment Partners, Inc.             | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      9470 | NS      | $1830645.70   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| QCR Holdings Inc                             | QCR Holdings, Inc.                           | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |     24570 | NS      | $1744470.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Kodiak Gas Services Inc                      | Kodiak Gas Services, Inc.                    | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124065 | NS      | $4011021.45   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Sonoco Products Co                           | Sonoco Products Co.                          | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |    243853 | NS      | $10990454.71  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Weatherford International PLC                | Weatherford International PLC                | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |     50300 | NS      | $2844465.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Ethan Allen Interiors Inc                    | Ethan Allen Interiors, Inc.                  | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45270 | NS      | $1347687.90   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| White Mountains Insurance Group Ltd          | White Mountains Insurance Group Ltd.         | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | BM        |      2650 | NS      | $4737670.00   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| MSC Industrial Direct Co Inc                 | MSC Industrial Direct Co., Inc.              | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |    175330 | NS      | $15187084.60  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| U-Haul Holding Co                            | U-Haul Holding Co.                           | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    463584 | NS      | $24106368.00  | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Koppers Holdings Inc                         | Koppers Holdings, Inc.                       | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27200 | NS      | $893792.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Berry Corp                                   | Berry Corp.                                  | CUSIP: 08579X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1239700 | NS      | $3743894.00   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| ODP Corp/The                                 | ODP Corp.                                    | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    324166 | NS      | $5783121.44   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| NNN REIT Inc                                 | NNN REIT, Inc.                               | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |    238634 | NS      | $9846038.84   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Quanex Building Products Corp                | Quanex Building Products Corp.               | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |    548090 | NS      | $10676793.20  | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Warrior Met Coal Inc                         | Warrior Met Coal, Inc.                       | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |    106600 | NS      | $5477108.00   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| NCR Atleos Corp                              | NCR Atleos Corp.                             | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |     99700 | NS      | $3050820.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Ovintiv Inc                                  | Ovintiv, Inc.                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    102200 | NS      | $4208596.00   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Donnelley Financial Solutions Inc            | Donnelley Financial Solutions, Inc.          | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |    124691 | NS      | $6603635.36   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Haemonetics Corp                             | Haemonetics Corp.                            | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |    171012 | NS      | $12661728.48  | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| NWPX Infrastructure Inc                      | NWPX Infrastructure, Inc.                    | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     27600 | NS      | $1153128.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| TEGNA Inc                                    | TEGNA, Inc.                                  | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |    456200 | NS      | $7618540.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Interface Inc                                | Interface, Inc.                              | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    967146 | NS      | $19942550.52  | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| SkyWest Inc                                  | SkyWest, Inc.                                | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     91500 | NS      | $10610340.00  | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Village Super Market Inc                     | Village Super Market, Inc.                   | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |     19660 | NS      | $676304.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| First Financial Corp                         | First Financial Corp.                        | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $42840.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Encore Capital Group Inc                     | Encore Capital Group, Inc.                   | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |     34440 | NS      | $1270147.20   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| IAC Inc                                      | IAC, Inc.                                    | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |    210900 | NS      | $8288370.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| HomeTrust Bancshares Inc                     | HomeTrust Bancshares, Inc.                   | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25450 | NS      | $988987.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Avista Corp                                  | Avista Corp.                                 | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |    802258 | NS      | $29924223.40  | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Great Lakes Dredge & Dock Corp               | Great Lakes Dredge & Dock Corp.              | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |    189500 | NS      | $2099660.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Apogee Enterprises Inc                       | Apogee Enterprises, Inc.                     | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |    158003 | NS      | $6634545.97   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Mercantile Exchange                  | Future                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |      1260 | NC      | $-664532.62   | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Enova International Inc                      | Enova International, Inc.                    | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     45200 | NS      | $4726112.00   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Northfield Bancorp Inc                       | Northfield Bancorp, Inc.                     | CUSIP: 66611T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $31950.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Peoples Bancorp Inc/OH                       | Peoples Bancorp, Inc.                        | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51900 | NS      | $1486416.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Enerpac Tool Group Corp                      | Enerpac Tool Group Corp.                     | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |    665088 | NS      | $25612538.88  | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Glacier Bancorp Inc                          | Glacier Bancorp, Inc.                        | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |    399904 | NS      | $17527792.32  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Visteon Corp                                 | Visteon Corp.                                | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     76000 | NS      | $8447400.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Westamerica BanCorp                          | Westamerica BanCorp                          | CUSIP: 957090103<br>LEI: 984500CF4F8115C11D96 | Long             | EC               | CORP              | US        |     37650 | NS      | $1803435.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Tower Semiconductor Ltd                      | Tower Semiconductor Ltd.                     | CUSIP: 000000000<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |    667807 | NS      | $30552170.25  | 0.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Heritage Insurance Holdings Inc              | Heritage Insurance Holdings, Inc.            | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |     35500 | NS      | $748695.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Legacy Housing Corp                          | Legacy Housing Corp.                         | CUSIP: 52472M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49260 | NS      | $1102438.80   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Astec Industries Inc                         | Astec Industries, Inc.                       | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |     51140 | NS      | $2028212.40   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Oppenheimer Holdings Inc                     | Oppenheimer Holdings, Inc.                   | CUSIP: 683797104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15990 | NS      | $1212201.90   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| CNX Resources Corp                           | CNX Resources Corp.                          | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |    368400 | NS      | $11166204.00  | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Extreme Networks Inc                         | Extreme Networks, Inc.                       | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |   1137215 | NS      | $20083216.90  | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Quad/Graphics Inc                            | Quad/Graphics, Inc.                          | CUSIP: 747301109<br>LEI: W2D68G5NJH4X0NW8PT65 | Long             | EC               | CORP              | US        |    433875 | NS      | $2312553.75   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| SunCoke Energy Inc                           | SunCoke Energy, Inc.                         | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |    236150 | NS      | $1745148.50   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Adient PLC                                   | Adient PLC                                   | CUSIP: 000000000<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |    698025 | NS      | $14965656.00  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Standard Motor Products Inc                  | Standard Motor Products, Inc.                | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     61300 | NS      | $1861068.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Thor Industries Inc                          | Thor Industries, Inc.                        | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |    203069 | NS      | $18477248.31  | 0.49%             |  |  |  | No            | 1                  | On Loan: —       |
| United Fire Group Inc                        | United Fire Group, Inc.                      | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34600 | NS      | $918630.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Mid Penn Bancorp Inc                         | Mid Penn Bancorp, Inc.                       | CUSIP: 59540G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1400 | NS      | $38430.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Everus Construction Group Inc                | Everus Construction Group, Inc.              | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |    207677 | NS      | $15422094.02  | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Dave & Buster's Entertainment Inc            | Dave & Buster's Entertainment, Inc.          | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |    486918 | NS      | $14237482.32  | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| SIGA Technologies Inc                        | SIGA Technologies, Inc.                      | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    512416 | NS      | $3387069.76   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| American Beacon U.S. Government Money Market | American Beacon U.S. Government Money Market | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |  28706944 | NS      | $28706943.50  | 0.76%             |  |  |  | No            | N/A                | On Loan: No      |
| American Axle & Manufacturing Holdings Inc   | American Axle & Manufacturing Holdings, Inc. | CUSIP: 024061103<br>LEI: 254900SMQY98VFKNCC32 | Long             | EC               | CORP              | US        |   1999201 | NS      | $8896444.45   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Independent Bank Corp                        | Independent Bank Corp.                       | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |    319409 | NS      | $20298441.95  | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Whirlpool Corp                               | Whirlpool Corp.                              | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |     75520 | NS      | $6271180.80   | 0.17%             |  |  |  | No            | 1                  | On Loan: —       |
| Baytex Energy Corp                           | Baytex Energy Corp.                          | CUSIP: 07317Q105<br>LEI: 549300R5LTV2H7I1I079 | Long             | EC               | CORP              | CA        |   1687315 | NS      | $3593980.95   | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Genworth Financial Inc                       | Genworth Financial, Inc.                     | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    686700 | NS      | $5397462.00   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| World Kinect Corp                            | World Kinect Corp.                           | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |    161120 | NS      | $4393742.40   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Financial Institutions Inc                   | Financial Institutions, Inc.                 | CUSIP: 317585404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1400 | NS      | $35686.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| FNB Corp/PA                                  | FNB Corp.                                    | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |    502900 | NS      | $7704428.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Ryerson Holding Corp                         | Ryerson Holding Corp.                        | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |     90400 | NS      | $1862240.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Boise Cascade Co                             | Boise Cascade Co.                            | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |    179615 | NS      | $15053533.15  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Capitol Federal Financial Inc                | Capitol Federal Financial, Inc.              | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9600 | NS      | $57792.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank of NT Butterfield & Son Ltd/The         | Bank of NT Butterfield & Son Ltd.            | CUSIP: 000000000<br>LEI: 549300V8RVM0EMTDPF28 | Long             | EC               | CORP              | BM        |    532827 | NS      | $24248956.77  | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Stepan Co                                    | Stepan Co.                                   | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |    478914 | NS      | $24314463.78  | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingevity Corp                                | Ingevity Corp.                               | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     49500 | NS      | $2068605.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Midland States Bancorp Inc                   | Midland States Bancorp, Inc.                 | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |     30780 | NS      | $522028.80    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Otter Tail Corp                              | Otter Tail Corp.                             | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56950 | NS      | $4395401.00   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Arrow Electronics Inc                        | Arrow Electronics, Inc.                      | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     17813 | NS      | $2066308.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Provident Financial Services Inc             | Provident Financial Services, Inc.           | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |    106060 | NS      | $1932413.20   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Timken Co/The                                | Timken Co.                                   | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    258317 | NS      | $19655340.53  | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

**Name of Applicant:** AMERICAN BEACON FUNDS

**Signature:** Sonia Bates

**Name of Signer:** Sonia Bates

**Title:** Treasurer