# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001193125-25-195940
**Filing Date:** 2025-9
**Character Count:** 1247134
**Document Hash:** 531552bfacc1e13a517c39c8b0fe6b3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195940.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195940

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 98

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04984
- **FILM NUMBER:** 251292982

**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 Stephens Small Cap Growth Fund (Series ID: S000035895)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000110026 | A Class        | SPWAX           |
| C000110027 | C Class        | SPWCX           |
| C000110028 | R5 Class       | STSIX           |
| C000110029 | Y Class        | SPWYX           |
| C000110030 | Investor Class | STSGX           |
| C000213181 | R6 Class       | STSRX           |

### American Beacon Stephens Mid-Cap Growth Fund (Series ID: S000035896)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000110031 | Investor Class | STMGX           |
| C000110032 | A Class        | SMFAX           |
| C000110033 | C Class        | SMFCX           |
| C000110034 | R5 Class       | SFMIX           |
| C000110035 | Y Class        | SMFYX           |
| C000210485 | R6 Class       | SFMRX           |

### American Beacon Man Large Cap Value Fund (Series ID: S000035897)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000110036 | A Class        | BWLAX           |
| C000110037 | C Class        | BWLCX           |
| C000110038 | R5 Class       | BRLVX           |
| C000110039 | Y Class        | BWLYX           |
| C000110040 | Investor Class | BWLIX           |
| C000190448 | R6 Class       | BWLRX           |

### American Beacon AHL Managed Futures Strategy Fund (Series ID: S000046078)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000144085 | A CLASS        | AHLAX           |
| C000144086 | C CLASS        | AHLCX           |
| C000144087 | Y CLASS        | AHLYX           |
| C000144088 | R5 Class       | AHLIX           |
| C000144089 | INVESTOR CLASS | AHLPX           |

### American Beacon Man Large Cap Growth Fund (Series ID: S000051599)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000162332 | A Class        | BLYAX           |
| C000162333 | C Class        | BLYCX           |
| C000162334 | R5 Class       | BRLGX           |
| C000162335 | Investor Class | BLYPX           |
| C000162336 | Y Class        | BLYYX           |
| C000202403 | R6 Class       | BLYRX           |

### American Beacon AHL TargetRisk Fund (Series ID: S000064066)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000207200 | R5 Class       | AHTIX           |
| C000207201 | Y Class        | AHTYX           |
| C000207202 | Investor Class | AHTPX           |
| C000213182 | C Class        | AHACX           |
| C000213183 | A Class        | AHTAX           |

### American Beacon AHL Multi-Alternatives Fund (Series ID: S000081505)

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

?xml version='1.0' encoding='ASCII'? N-CSRS

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSRS

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-4984

## AMERICAN BEACON FUNDS

#### (Exact name of registrant as specified in charter)

#### 220 East Las Colinas Boulevard, Suite 1200

#### Irving, Texas 75039

#### (Address of principal executive offices)-(Zip code)

#### GREGORY J. STUMM, PRINCIPAL EXECUTIVE OFFICER

#### 220 East Las Colinas Boulevard, Suite 1200

#### Irving, Texas 75039

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

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

#### Date of fiscal year end: December 31, 2025

#### Date of reporting period: June 30, 2025
Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS 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 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. Reports to Shareholders

# American Beacon

# AHL TargetRisk Fund

# Class A: AHTAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i58072557da633b5a4397.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL TargetRisk Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $71 | 1.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $231464201 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 166% |
| Total Management Fees Paid | $1167613 |

---

## What did the Fund invest in?

### Top Ten Exposures - % of VaR\*

---

| | | |
|:---|:---|:---|
| BBG Commodity ex-Agriculturals Index | Long | 18.0 |
| US Treasuries | Long | 12.4 |
| S&P 500 Index | Long | 7.8 |
| Tokyo Stock Exchange Index | Long | 4.6 |
| NASDAQ 100 Index | Long | 4.6 |
| FTSE 100 | Long | 3.7 |
| Euro-STOXX | Long | 3.6 |
| Gilts | Long | 3.5 |
| S&P TSX 60 Index | Long | 3.4 |
| Nikkei | Long | 3.0 |

---

\* Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Asset Class Exposure % of VaR\*

---

| | | |
|:---|:---|:---|
| Header | Net (%) | % of VaR |
| Stocks | 41.6 | 48.3 |
| Credit | 47.3 | 6.1 |
| Bonds and Rates | 75.1 | 27.6 |
| Commodities | 14.7 | 18.0 |

---

### 3-Year Risk Summary
![Group By Sector Chart](g802783i180390ad0242ad059187.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Standard Deviation | 10.98 |
| Sharpe Ratio | 0.0 |

---

Sharpe Ratio is a measure of the Fund's return per unit of total risk. Standard Deviation is a measure of the historical volatility of the Fund's returns.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i58072557da633b5a4397.jpg)

#### AHL TargetRisk Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL TR_A 0625

Class A: AHTAX

# American Beacon

# AHL TargetRisk Fund

# Class C: AHACX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i58072557da633b5a4397.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL TargetRisk Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $108 | 2.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $231464201 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 166% |
| Total Management Fees Paid | $1167613 |

---

## What did the Fund invest in?

### Top Ten Exposures - % of VaR\*

---

| | | |
|:---|:---|:---|
| BBG Commodity ex-Agriculturals Index | Long | 18.0 |
| US Treasuries | Long | 12.4 |
| S&P 500 Index | Long | 7.8 |
| Tokyo Stock Exchange Index | Long | 4.6 |
| NASDAQ 100 Index | Long | 4.6 |
| FTSE 100 | Long | 3.7 |
| Euro-STOXX | Long | 3.6 |
| Gilts | Long | 3.5 |
| S&P TSX 60 Index | Long | 3.4 |
| Nikkei | Long | 3.0 |

---

\* Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Asset Class Exposure % of VaR\*

---

| | | |
|:---|:---|:---|
| Header | Net (%) | % of VaR |
| Stocks | 41.6 | 48.3 |
| Credit | 47.3 | 6.1 |
| Bonds and Rates | 75.1 | 27.6 |
| Commodities | 14.7 | 18.0 |

---

### 3-Year Risk Summary
![Group By Sector Chart](g802783ifd008324c19cf7ace856.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Standard Deviation | 10.98 |
| Sharpe Ratio | 0.0 |

---

Sharpe Ratio is a measure of the Fund's return per unit of total risk. Standard Deviation is a measure of the historical volatility of the Fund's returns.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i58072557da633b5a4397.jpg)

#### AHL TargetRisk Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL TR_C 0625

Class C: AHACX

# American Beacon

# AHL TargetRisk Fund

# Investor Class: AHTPX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i58072557da633b5a4397.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL TargetRisk Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $76 | 1.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $231464201 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 166% |
| Total Management Fees Paid | $1167613 |

---

## What did the Fund invest in?

### Top Ten Exposures - % of VaR\*

---

| | | |
|:---|:---|:---|
| BBG Commodity ex-Agriculturals Index | Long | 18.0 |
| US Treasuries | Long | 12.4 |
| S&P 500 Index | Long | 7.8 |
| Tokyo Stock Exchange Index | Long | 4.6 |
| NASDAQ 100 Index | Long | 4.6 |
| FTSE 100 | Long | 3.7 |
| Euro-STOXX | Long | 3.6 |
| Gilts | Long | 3.5 |
| S&P TSX 60 Index | Long | 3.4 |
| Nikkei | Long | 3.0 |

---

\* Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Asset Class Exposure % of VaR\*

---

| | | |
|:---|:---|:---|
| Header | Net (%) | % of VaR |
| Stocks | 41.6 | 48.3 |
| Credit | 47.3 | 6.1 |
| Bonds and Rates | 75.1 | 27.6 |
| Commodities | 14.7 | 18.0 |

---

### 3-Year Risk Summary
![Group By Sector Chart](g802783i573c45fac73066a90f98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Standard Deviation | 10.98 |
| Sharpe Ratio | 0.0 |

---

Sharpe Ratio is a measure of the Fund's return per unit of total risk. Standard Deviation is a measure of the historical volatility of the Fund's returns.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i58072557da633b5a4397.jpg)

#### AHL TargetRisk Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL TR_Investor 0625

Investor Class: AHTPX

# American Beacon

# AHL TargetRisk Fund

# Class R5: AHTIX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i58072557da633b5a4397.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL TargetRisk Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $51 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $231464201 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 166% |
| Total Management Fees Paid | $1167613 |

---

## What did the Fund invest in?

### Top Ten Exposures - % of VaR\*

---

| | | |
|:---|:---|:---|
| BBG Commodity ex-Agriculturals Index | Long | 18.0 |
| US Treasuries | Long | 12.4 |
| S&P 500 Index | Long | 7.8 |
| Tokyo Stock Exchange Index | Long | 4.6 |
| NASDAQ 100 Index | Long | 4.6 |
| FTSE 100 | Long | 3.7 |
| Euro-STOXX | Long | 3.6 |
| Gilts | Long | 3.5 |
| S&P TSX 60 Index | Long | 3.4 |
| Nikkei | Long | 3.0 |

---

\* Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Asset Class Exposure % of VaR\*

---

| | | |
|:---|:---|:---|
| Header | Net (%) | % of VaR |
| Stocks | 41.6 | 48.3 |
| Credit | 47.3 | 6.1 |
| Bonds and Rates | 75.1 | 27.6 |
| Commodities | 14.7 | 18.0 |

---

### 3-Year Risk Summary
![Group By Sector Chart](g802783i04c1bfe974b96e555661.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Standard Deviation | 10.98 |
| Sharpe Ratio | 0.0 |

---

Sharpe Ratio is a measure of the Fund's return per unit of total risk. Standard Deviation is a measure of the historical volatility of the Fund's returns.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i58072557da633b5a4397.jpg)

#### AHL TargetRisk Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL TR_R5 0625

Class R5: AHTIX

# American Beacon

# AHL TargetRisk Fund

# Class Y: AHTYX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i58072557da633b5a4397.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL TargetRisk Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $59 | 1.21%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $231464201 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 166% |
| Total Management Fees Paid | $1167613 |

---

## What did the Fund invest in?

### Top Ten Exposures - % of VaR\*

---

| | | |
|:---|:---|:---|
| BBG Commodity ex-Agriculturals Index | Long | 18.0 |
| US Treasuries | Long | 12.4 |
| S&P 500 Index | Long | 7.8 |
| Tokyo Stock Exchange Index | Long | 4.6 |
| NASDAQ 100 Index | Long | 4.6 |
| FTSE 100 | Long | 3.7 |
| Euro-STOXX | Long | 3.6 |
| Gilts | Long | 3.5 |
| S&P TSX 60 Index | Long | 3.4 |
| Nikkei | Long | 3.0 |

---

\* Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Asset Class Exposure % of VaR\*

---

| | | |
|:---|:---|:---|
| Header | Net (%) | % of VaR |
| Stocks | 41.6 | 48.3 |
| Credit | 47.3 | 6.1 |
| Bonds and Rates | 75.1 | 27.6 |
| Commodities | 14.7 | 18.0 |

---

### 3-Year Risk Summary
![Group By Sector Chart](g802783i674d28f2822da9b5dd5f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Standard Deviation | 10.98 |
| Sharpe Ratio | 0.0 |

---

Sharpe Ratio is a measure of the Fund's return per unit of total risk. Standard Deviation is a measure of the historical volatility of the Fund's returns.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i58072557da633b5a4397.jpg)

#### AHL TargetRisk Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL TR_Y 0625

Class Y: AHTYX

# American Beacon

# AHL Multi-Alternatives Fund

# Class A: AHMAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i892a6feb4b532d2cea4f.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL Multi-Alternatives Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $75 | 1.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $36358360 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 162% |
| Total Management Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Active Exposures by Asset Class % of VaR\*

---

| | | |
|:---|:---|:---|
| Commodities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;BBG Commodity ex-Agriculturals Index | Long | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | Long | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheat | Short | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | Short | 1.6 |
| Credit | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;US 5yr CDX Index | Long | 1.8 |
| Currencies | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso/US Dollar | Long/Short | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand/US Dollar | Long/Short | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone/US Dollar | Long/Short | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK Sterling/US Dollar | Long/Short | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro/US Dollar | Long/Short | 1.2 |
| Equities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index | Long | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 100 | Long | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Stock Exchange Index | Long | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | Long | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;NASDAQ 100 Index | Long | 2.4 |
| Fixed Income | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;US Treasuries | Long | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euribor | Long | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Bonds | Long | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Bonds | Long | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;French Bonds | Long | 1.3 |

---

### Asset Class Exposure % of VaR\*
![Group By Asset Type Chart](g802783ia8b83cc840f36f3b643b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Stocks | 35.4 |
| Commodities | 24.6 |
| Currencies | 21.8 |
| Bonds and Rates | 16.4 |
| Credit | 1.8 |

---

\*Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Holdings Summary

---

| | |
|:---|:---|
| Number of Long Holdings | 49 |
| Number of Currency Pairs | 37 |
| Number of Short Holdings | 12 |

---

### Top 10 Holdings % of VaR\*

---

| | | |
|:---|:---|:---|
| BBG Commodity ex-Agriculturals Index | Long | 6.6 |
| S&P 500 Index | Long | 4.1 |
| US Treasuries | Long | 3.3 |
| FTSE 100 | Long | 3.0 |
| Tokyo Stock Exchange Index | Long | 2.7 |
| S&P TSX 60 Index | Long | 2.6 |
| NASDAQ 100 Index | Long | 2.4 |
| Mexican Peso/US Dollar | Long/Short | 2.4 |
| Euribor | Long | 2.3 |
| Euro-STOXX | Long | 2.2 |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i892a6feb4b532d2cea4f.jpg)

#### AHL Multi-Alternatives Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL MA_A 0625

Class A: AHMAX

# American Beacon

# AHL Multi-Alternatives Fund

# Class C: AHMCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i892a6feb4b532d2cea4f.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL Multi-Alternatives Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $111 | 2.31%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $36358360 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 162% |
| Total Management Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Active Exposures by Asset Class % of VaR\*

---

| | | |
|:---|:---|:---|
| Commodities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;BBG Commodity ex-Agriculturals Index | Long | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | Long | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheat | Short | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | Short | 1.6 |
| Credit | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;US 5yr CDX Index | Long | 1.8 |
| Currencies | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso/US Dollar | Long/Short | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand/US Dollar | Long/Short | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone/US Dollar | Long/Short | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK Sterling/US Dollar | Long/Short | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro/US Dollar | Long/Short | 1.2 |
| Equities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index | Long | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 100 | Long | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Stock Exchange Index | Long | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | Long | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;NASDAQ 100 Index | Long | 2.4 |
| Fixed Income | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;US Treasuries | Long | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euribor | Long | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Bonds | Long | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Bonds | Long | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;French Bonds | Long | 1.3 |

---

### Asset Class Exposure % of VaR\*
![Group By Asset Type Chart](g802783i5e61247531ab22e5c44c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Stocks | 35.4 |
| Commodities | 24.6 |
| Currencies | 21.8 |
| Bonds and Rates | 16.4 |
| Credit | 1.8 |

---

\*Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Holdings Summary

---

| | |
|:---|:---|
| Number of Long Holdings | 49 |
| Number of Currency Pairs | 37 |
| Number of Short Holdings | 12 |

---

### Top 10 Holdings % of VaR\*

---

| | | |
|:---|:---|:---|
| BBG Commodity ex-Agriculturals Index | Long | 6.6 |
| S&P 500 Index | Long | 4.1 |
| US Treasuries | Long | 3.3 |
| FTSE 100 | Long | 3.0 |
| Tokyo Stock Exchange Index | Long | 2.7 |
| S&P TSX 60 Index | Long | 2.6 |
| NASDAQ 100 Index | Long | 2.4 |
| Mexican Peso/US Dollar | Long/Short | 2.4 |
| Euribor | Long | 2.3 |
| Euro-STOXX | Long | 2.2 |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i892a6feb4b532d2cea4f.jpg)

#### AHL Multi-Alternatives Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL MA_C 0625

Class C: AHMCX

# American Beacon

# AHL Multi-Alternatives Fund

# Class R6: AHMRX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i892a6feb4b532d2cea4f.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL Multi-Alternatives Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $59 | 1.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $36358360 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 162% |
| Total Management Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Active Exposures by Asset Class % of VaR\*

---

| | | |
|:---|:---|:---|
| Commodities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;BBG Commodity ex-Agriculturals Index | Long | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | Long | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheat | Short | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | Short | 1.6 |
| Credit | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;US 5yr CDX Index | Long | 1.8 |
| Currencies | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso/US Dollar | Long/Short | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand/US Dollar | Long/Short | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone/US Dollar | Long/Short | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK Sterling/US Dollar | Long/Short | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro/US Dollar | Long/Short | 1.2 |
| Equities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index | Long | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 100 | Long | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Stock Exchange Index | Long | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | Long | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;NASDAQ 100 Index | Long | 2.4 |
| Fixed Income | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;US Treasuries | Long | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euribor | Long | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Bonds | Long | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Bonds | Long | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;French Bonds | Long | 1.3 |

---

### Asset Class Exposure % of VaR\*
![Group By Asset Type Chart](g802783i4b170dc6fbc86091fb43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Stocks | 35.4 |
| Commodities | 24.6 |
| Currencies | 21.8 |
| Bonds and Rates | 16.4 |
| Credit | 1.8 |

---

\*Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Holdings Summary

---

| | |
|:---|:---|
| Number of Long Holdings | 49 |
| Number of Currency Pairs | 37 |
| Number of Short Holdings | 12 |

---

### Top 10 Holdings % of VaR\*

---

| | | |
|:---|:---|:---|
| BBG Commodity ex-Agriculturals Index | Long | 6.6 |
| S&P 500 Index | Long | 4.1 |
| US Treasuries | Long | 3.3 |
| FTSE 100 | Long | 3.0 |
| Tokyo Stock Exchange Index | Long | 2.7 |
| S&P TSX 60 Index | Long | 2.6 |
| NASDAQ 100 Index | Long | 2.4 |
| Mexican Peso/US Dollar | Long/Short | 2.4 |
| Euribor | Long | 2.3 |
| Euro-STOXX | Long | 2.2 |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i892a6feb4b532d2cea4f.jpg)

#### AHL Multi-Alternatives Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL MA_R6 0625

Class R6: AHMRX

# American Beacon

# AHL Multi-Alternatives Fund

# Class Y: AHMYX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i892a6feb4b532d2cea4f.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL Multi-Alternatives Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $64 | 1.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $36358360 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 162% |
| Total Management Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Active Exposures by Asset Class % of VaR\*

---

| | | |
|:---|:---|:---|
| Commodities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;BBG Commodity ex-Agriculturals Index | Long | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | Long | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheat | Short | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | Short | 1.6 |
| Credit | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;US 5yr CDX Index | Long | 1.8 |
| Currencies | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso/US Dollar | Long/Short | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand/US Dollar | Long/Short | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone/US Dollar | Long/Short | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK Sterling/US Dollar | Long/Short | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro/US Dollar | Long/Short | 1.2 |
| Equities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index | Long | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 100 | Long | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Stock Exchange Index | Long | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | Long | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;NASDAQ 100 Index | Long | 2.4 |
| Fixed Income | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;US Treasuries | Long | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euribor | Long | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Bonds | Long | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Bonds | Long | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;French Bonds | Long | 1.3 |

---

### Asset Class Exposure % of VaR\*
![Group By Asset Type Chart](g802783i01d5bb5b51937787e637.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Stocks | 35.4 |
| Commodities | 24.6 |
| Currencies | 21.8 |
| Bonds and Rates | 16.4 |
| Credit | 1.8 |

---

\*Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Holdings Summary

---

| | |
|:---|:---|
| Number of Long Holdings | 49 |
| Number of Currency Pairs | 37 |
| Number of Short Holdings | 12 |

---

### Top 10 Holdings % of VaR\*

---

| | | |
|:---|:---|:---|
| BBG Commodity ex-Agriculturals Index | Long | 6.6 |
| S&P 500 Index | Long | 4.1 |
| US Treasuries | Long | 3.3 |
| FTSE 100 | Long | 3.0 |
| Tokyo Stock Exchange Index | Long | 2.7 |
| S&P TSX 60 Index | Long | 2.6 |
| NASDAQ 100 Index | Long | 2.4 |
| Mexican Peso/US Dollar | Long/Short | 2.4 |
| Euribor | Long | 2.3 |
| Euro-STOXX | Long | 2.2 |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i892a6feb4b532d2cea4f.jpg)

#### AHL Multi-Alternatives Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL MA_Y 0625

Class Y: AHMYX

# American Beacon

# Man Large Cap Growth Fund

# Class A: BLYAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $56 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199114598 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $518398 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5 |
| Alphabet, Inc., Class A | 6.2 |
| Amazon.com, Inc. | 6.0 |
| Microsoft Corp. | 5.7 |
| Meta Platforms, Inc., Class A | 4.7 |
| Apple, Inc. | 4.2 |
| Mastercard, Inc., Class A | 3.9 |
| Booking Holdings, Inc. | 3.6 |
| Fortinet, Inc. | 3.0 |
| Veeva Systems, Inc., Class A | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i8a96345effc0e825f45b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.4 |
| Investment Companies | 2.6 |
| Rights | 0.0 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i0a3deb47e01159fc9880.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.3 |
| Industrials | 4.9 |
| Financials | 6.9 |
| Consumer Discretionary | 10.6 |
| Health Care | 11.4 |
| Communication Services | 12.5 |
| Information Technology | 52.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCG_A 0625

# Class A: BLYAX

# American Beacon

# Man Large Cap Growth Fund

# Class C: BLYCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $93 | 1.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199114598 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $518398 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5 |
| Alphabet, Inc., Class A | 6.2 |
| Amazon.com, Inc. | 6.0 |
| Microsoft Corp. | 5.7 |
| Meta Platforms, Inc., Class A | 4.7 |
| Apple, Inc. | 4.2 |
| Mastercard, Inc., Class A | 3.9 |
| Booking Holdings, Inc. | 3.6 |
| Fortinet, Inc. | 3.0 |
| Veeva Systems, Inc., Class A | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i03f58e3532e15c2395d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.4 |
| Investment Companies | 2.6 |
| Rights | 0.0 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i29b6ddc92d8ca7a657a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.3 |
| Industrials | 4.9 |
| Financials | 6.9 |
| Consumer Discretionary | 10.6 |
| Health Care | 11.4 |
| Communication Services | 12.5 |
| Information Technology | 52.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCG_C 0625

# Class C: BLYCX

# American Beacon

# Man Large Cap Growth Fund

# Investor Class: BLYPX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $57 | 1.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199114598 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $518398 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5 |
| Alphabet, Inc., Class A | 6.2 |
| Amazon.com, Inc. | 6.0 |
| Microsoft Corp. | 5.7 |
| Meta Platforms, Inc., Class A | 4.7 |
| Apple, Inc. | 4.2 |
| Mastercard, Inc., Class A | 3.9 |
| Booking Holdings, Inc. | 3.6 |
| Fortinet, Inc. | 3.0 |
| Veeva Systems, Inc., Class A | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i72a8e74af6bd0dfb4391.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.4 |
| Investment Companies | 2.6 |
| Rights | 0.0 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783ifb62ccccc03ab98ebbbd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.3 |
| Industrials | 4.9 |
| Financials | 6.9 |
| Consumer Discretionary | 10.6 |
| Health Care | 11.4 |
| Communication Services | 12.5 |
| Information Technology | 52.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCG_Investor 0625

# Investor Class: BLYPX

# American Beacon

# Man Large Cap Growth Fund

# Class R5: BRLGX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $41 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199114598 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $518398 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5 |
| Alphabet, Inc., Class A | 6.2 |
| Amazon.com, Inc. | 6.0 |
| Microsoft Corp. | 5.7 |
| Meta Platforms, Inc., Class A | 4.7 |
| Apple, Inc. | 4.2 |
| Mastercard, Inc., Class A | 3.9 |
| Booking Holdings, Inc. | 3.6 |
| Fortinet, Inc. | 3.0 |
| Veeva Systems, Inc., Class A | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i119c4c67da52e203ca59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.4 |
| Investment Companies | 2.6 |
| Rights | 0.0 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i6485bde408f8802b75c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.3 |
| Industrials | 4.9 |
| Financials | 6.9 |
| Consumer Discretionary | 10.6 |
| Health Care | 11.4 |
| Communication Services | 12.5 |
| Information Technology | 52.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCG_R5 0625

# Class R5: BRLGX

# American Beacon

# Man Large Cap Growth Fund

# Class R6: BLYRX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $39 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199114598 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $518398 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5 |
| Alphabet, Inc., Class A | 6.2 |
| Amazon.com, Inc. | 6.0 |
| Microsoft Corp. | 5.7 |
| Meta Platforms, Inc., Class A | 4.7 |
| Apple, Inc. | 4.2 |
| Mastercard, Inc., Class A | 3.9 |
| Booking Holdings, Inc. | 3.6 |
| Fortinet, Inc. | 3.0 |
| Veeva Systems, Inc., Class A | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i228d995814219c109ec0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.4 |
| Investment Companies | 2.6 |
| Rights | 0.0 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783id39087cf7c4b1e57bc37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.3 |
| Industrials | 4.9 |
| Financials | 6.9 |
| Consumer Discretionary | 10.6 |
| Health Care | 11.4 |
| Communication Services | 12.5 |
| Information Technology | 52.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCG_R6 0625

# Class R6: BLYRX

# American Beacon

# Man Large Cap Growth Fund

# Class Y: BLYYX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $42 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199114598 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $518398 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.5 |
| Alphabet, Inc., Class A | 6.2 |
| Amazon.com, Inc. | 6.0 |
| Microsoft Corp. | 5.7 |
| Meta Platforms, Inc., Class A | 4.7 |
| Apple, Inc. | 4.2 |
| Mastercard, Inc., Class A | 3.9 |
| Booking Holdings, Inc. | 3.6 |
| Fortinet, Inc. | 3.0 |
| Veeva Systems, Inc., Class A | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i5a1aeda3a3f32d964817.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.4 |
| Investment Companies | 2.6 |
| Rights | 0.0 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783id2e18d55cbe70555ff7c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.3 |
| Industrials | 4.9 |
| Financials | 6.9 |
| Consumer Discretionary | 10.6 |
| Health Care | 11.4 |
| Communication Services | 12.5 |
| Information Technology | 52.4 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCG_Y 0625

# Class Y: BLYYX

# American Beacon

# Man Large Cap Value Fund

# Class A: BWLAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $56 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $223748141 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $619548 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| RTX Corp. | 3.5 |
| Cisco Systems, Inc. | 3.3 |
| Synchrony Financial | 3.2 |
| eBay, Inc. | 2.6 |
| Salesforce, Inc. | 2.5 |
| Capital One Financial Corp. | 2.5 |
| Gilead Sciences, Inc. | 2.4 |
| MetLife, Inc. | 2.2 |
| Johnson & Johnson | 2.2 |
| Cardinal Health, Inc. | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783ia8f96f8e31755752bd8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2 |
| Investment Companies | 2.2 |
| Foreign Common Stocks | 0.6 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i848a78b518a2da7604a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6 |
| Energy | 1.5 |
| Consumer Staples | 3.6 |
| Materials | 3.6 |
| Communication Services | 4.7 |
| Consumer Discretionary | 5.2 |
| Industrials | 12.2 |
| Information Technology | 16.2 |
| Health Care | 22.5 |
| Financials | 29.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCV_A 0625

# Class A: BWLAX

# American Beacon

# Man Large Cap Value Fund

# Class C: BWLCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $94 | 1.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $223748141 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $619548 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| RTX Corp. | 3.5 |
| Cisco Systems, Inc. | 3.3 |
| Synchrony Financial | 3.2 |
| eBay, Inc. | 2.6 |
| Salesforce, Inc. | 2.5 |
| Capital One Financial Corp. | 2.5 |
| Gilead Sciences, Inc. | 2.4 |
| MetLife, Inc. | 2.2 |
| Johnson & Johnson | 2.2 |
| Cardinal Health, Inc. | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i5c05de91e6d9f0d308bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2 |
| Investment Companies | 2.2 |
| Foreign Common Stocks | 0.6 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i3e6ae6230411e3f5426f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6 |
| Energy | 1.5 |
| Consumer Staples | 3.6 |
| Materials | 3.6 |
| Communication Services | 4.7 |
| Consumer Discretionary | 5.2 |
| Industrials | 12.2 |
| Information Technology | 16.2 |
| Health Care | 22.5 |
| Financials | 29.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCV_C 0625

# Class C: BWLCX

# American Beacon

# Man Large Cap Value Fund

# Investor Class: BWLIX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $55 | 1.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $223748141 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $619548 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| RTX Corp. | 3.5 |
| Cisco Systems, Inc. | 3.3 |
| Synchrony Financial | 3.2 |
| eBay, Inc. | 2.6 |
| Salesforce, Inc. | 2.5 |
| Capital One Financial Corp. | 2.5 |
| Gilead Sciences, Inc. | 2.4 |
| MetLife, Inc. | 2.2 |
| Johnson & Johnson | 2.2 |
| Cardinal Health, Inc. | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i7f14ddea15c81234573d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2 |
| Investment Companies | 2.2 |
| Foreign Common Stocks | 0.6 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i3142bfd2afe2c6a5e816.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6 |
| Energy | 1.5 |
| Consumer Staples | 3.6 |
| Materials | 3.6 |
| Communication Services | 4.7 |
| Consumer Discretionary | 5.2 |
| Industrials | 12.2 |
| Information Technology | 16.2 |
| Health Care | 22.5 |
| Financials | 29.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCV_Investor 0625

# Investor Class: BWLIX

# American Beacon

# Man Large Cap Value Fund

# Class R5: BRLVX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $38 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $223748141 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $619548 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| RTX Corp. | 3.5 |
| Cisco Systems, Inc. | 3.3 |
| Synchrony Financial | 3.2 |
| eBay, Inc. | 2.6 |
| Salesforce, Inc. | 2.5 |
| Capital One Financial Corp. | 2.5 |
| Gilead Sciences, Inc. | 2.4 |
| MetLife, Inc. | 2.2 |
| Johnson & Johnson | 2.2 |
| Cardinal Health, Inc. | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i7352270a02b521e16cbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2 |
| Investment Companies | 2.2 |
| Foreign Common Stocks | 0.6 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783icc2586334d1ffa1c195c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6 |
| Energy | 1.5 |
| Consumer Staples | 3.6 |
| Materials | 3.6 |
| Communication Services | 4.7 |
| Consumer Discretionary | 5.2 |
| Industrials | 12.2 |
| Information Technology | 16.2 |
| Health Care | 22.5 |
| Financials | 29.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCV_R5 0625

# Class R5: BRLVX

# American Beacon

# Man Large Cap Value Fund

# Class R6: BWLRX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $37 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $223748141 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $619548 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| RTX Corp. | 3.5 |
| Cisco Systems, Inc. | 3.3 |
| Synchrony Financial | 3.2 |
| eBay, Inc. | 2.6 |
| Salesforce, Inc. | 2.5 |
| Capital One Financial Corp. | 2.5 |
| Gilead Sciences, Inc. | 2.4 |
| MetLife, Inc. | 2.2 |
| Johnson & Johnson | 2.2 |
| Cardinal Health, Inc. | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i55c167c672f3d1f53868.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2 |
| Investment Companies | 2.2 |
| Foreign Common Stocks | 0.6 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783ic30fda03960df0c57872.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6 |
| Energy | 1.5 |
| Consumer Staples | 3.6 |
| Materials | 3.6 |
| Communication Services | 4.7 |
| Consumer Discretionary | 5.2 |
| Industrials | 12.2 |
| Information Technology | 16.2 |
| Health Care | 22.5 |
| Financials | 29.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCV_R6 0625

# Class R6: BWLRX

# American Beacon

# Man Large Cap Value Fund

# Class Y: BWLYX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about Man Large Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $42 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $223748141 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 12% |
| Total Management Fees Paid | $619548 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| RTX Corp. | 3.5 |
| Cisco Systems, Inc. | 3.3 |
| Synchrony Financial | 3.2 |
| eBay, Inc. | 2.6 |
| Salesforce, Inc. | 2.5 |
| Capital One Financial Corp. | 2.5 |
| Gilead Sciences, Inc. | 2.4 |
| MetLife, Inc. | 2.2 |
| Johnson & Johnson | 2.2 |
| Cardinal Health, Inc. | 2.0 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783ieda398539e65fb15b5f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2 |
| Investment Companies | 2.2 |
| Foreign Common Stocks | 0.6 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i19b2c6ab0606aa48e1c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6 |
| Energy | 1.5 |
| Consumer Staples | 3.6 |
| Materials | 3.6 |
| Communication Services | 4.7 |
| Consumer Discretionary | 5.2 |
| Industrials | 12.2 |
| Information Technology | 16.2 |
| Health Care | 22.5 |
| Financials | 29.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Man Large Cap Value Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Man LCV_Y 0625

# Class Y: BWLYX

# American Beacon

# AHL Managed Futures Strategy Fund

# Class A: AHLAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i892a6feb4b532d2cea4f.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $97 | 2.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2061861410 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate<sup>Footnote Reference\*</sup> | 0% |
| Total Management Fees Paid | $17890192 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period. |

---

## What did the Fund invest in?

### Top Active Exposures by Asset Class % of VaR\*

---

| | | |
|:---|:---|:---|
| Commodities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | Long | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | Long | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude Oil | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheat | Short | 1.8 |
| Currencies | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso/US Dollar | Long/Short | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand/US Dollar | Long/Short | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone/US Dollar | Long/Short | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK Sterling/US Dollar | Long/Short | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro/US Dollar | Long/Short | 1.7 |
| Equities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 100 | Long | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | Long | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian SPI 200 Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hang Seng | Long | 1.9 |
| Fixed Income | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Euribor | Long | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Bonds | Long | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;SONIA 3Mth Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR 3Mth Index | Long | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Bonds | Long | 1.4 |

---

### Asset Class Exposure % of VaR\*
![Group By Asset Type Chart](g802783i3db10547a20fba92b91c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currencies | 31.3 |
| Stocks | 29.8 |
| Commodities | 23.8 |
| Bonds and Rates | 15.1 |

---

\*Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Holdings Summary

---

| | |
|:---|:---|
| Number of Long Holdings | 48 |
| Number of Currency Pairs | 37 |
| Number of Short Holdings | 17 |

---

### Top 10 Holdings % of VaR\*

---

| | | |
|:---|:---|:---|
| Mexican Peso/US Dollar | Long/Short | 3.4 |
| Euribor | Long | 3.3 |
| Silver | Long | 3.1 |
| Gold | Long | 2.9 |
| FTSE 100 | Long | 2.5 |
| South African Rand/US Dollar | Long/Short | 2.4 |
| S&P TSX 60 Index | Long | 2.2 |
| Norwegian Krone/US Dollar | Long/Short | 2.2 |
| Italian Bonds | Long | 2.1 |
| UK Sterling/US Dollar | Long/Short | 2.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

Effective August 25, 2025, American Beacon Advisors has agreed to enter into a contractual expense limitation agreement with the American Beacon AHL Managed Futures Strategy Fund. The contractual expense limitation for the A Class increased from 0.00% to 1.85% (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses related to securities sold short, litigation and other extraordinary expenses) with an expiration date of 4/30/2026.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i892a6feb4b532d2cea4f.jpg)

#### AHL Managed Futures Strategy Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL MFS_A 0625

Class A: AHLAX

# American Beacon

# AHL Managed Futures Strategy Fund

# Class C: AHLCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i892a6feb4b532d2cea4f.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $133 | 2.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2061861410 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate<sup>Footnote Reference\*</sup> | 0% |
| Total Management Fees Paid | $17890192 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period. |

---

## What did the Fund invest in?

### Top Active Exposures by Asset Class % of VaR\*

---

| | | |
|:---|:---|:---|
| Commodities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | Long | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | Long | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude Oil | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheat | Short | 1.8 |
| Currencies | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso/US Dollar | Long/Short | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand/US Dollar | Long/Short | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone/US Dollar | Long/Short | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK Sterling/US Dollar | Long/Short | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro/US Dollar | Long/Short | 1.7 |
| Equities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 100 | Long | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | Long | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian SPI 200 Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hang Seng | Long | 1.9 |
| Fixed Income | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Euribor | Long | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Bonds | Long | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;SONIA 3Mth Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR 3Mth Index | Long | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Bonds | Long | 1.4 |

---

### Asset Class Exposure % of VaR\*
![Group By Asset Type Chart](g802783ied881ff36e3a7dc787c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currencies | 31.3 |
| Stocks | 29.8 |
| Commodities | 23.8 |
| Bonds and Rates | 15.1 |

---

\*Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Holdings Summary

---

| | |
|:---|:---|
| Number of Long Holdings | 48 |
| Number of Currency Pairs | 37 |
| Number of Short Holdings | 17 |

---

### Top 10 Holdings % of VaR\*

---

| | | |
|:---|:---|:---|
| Mexican Peso/US Dollar | Long/Short | 3.4 |
| Euribor | Long | 3.3 |
| Silver | Long | 3.1 |
| Gold | Long | 2.9 |
| FTSE 100 | Long | 2.5 |
| South African Rand/US Dollar | Long/Short | 2.4 |
| S&P TSX 60 Index | Long | 2.2 |
| Norwegian Krone/US Dollar | Long/Short | 2.2 |
| Italian Bonds | Long | 2.1 |
| UK Sterling/US Dollar | Long/Short | 2.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

Effective August 25, 2025, American Beacon Advisors has agreed to enter into a contractual expense limitation agreement with the American Beacon AHL Managed Futures Strategy Fund. The contractual expense limitation for the C Class increased from 0.00% to 2.62% (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses related to securities sold short, litigation and other extraordinary expenses) with an expiration date of 4/30/2026.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i892a6feb4b532d2cea4f.jpg)

#### AHL Managed Futures Strategy Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL MFS_C 0625

Class C: AHLCX

# American Beacon

# AHL Managed Futures Strategy Fund

# Investor Class: AHLPX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i892a6feb4b532d2cea4f.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $101 | 2.14%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2061861410 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate<sup>Footnote Reference\*</sup> | 0% |
| Total Management Fees Paid | $17890192 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period. |

---

## What did the Fund invest in?

### Top Active Exposures by Asset Class % of VaR\*

---

| | | |
|:---|:---|:---|
| Commodities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | Long | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | Long | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude Oil | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheat | Short | 1.8 |
| Currencies | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso/US Dollar | Long/Short | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand/US Dollar | Long/Short | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone/US Dollar | Long/Short | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK Sterling/US Dollar | Long/Short | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro/US Dollar | Long/Short | 1.7 |
| Equities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 100 | Long | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | Long | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian SPI 200 Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hang Seng | Long | 1.9 |
| Fixed Income | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Euribor | Long | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Bonds | Long | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;SONIA 3Mth Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR 3Mth Index | Long | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Bonds | Long | 1.4 |

---

### Asset Class Exposure % of VaR\*
![Group By Asset Type Chart](g802783i45f59395c5a52e20ed24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currencies | 31.3 |
| Stocks | 29.8 |
| Commodities | 23.8 |
| Bonds and Rates | 15.1 |

---

\*Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Holdings Summary

---

| | |
|:---|:---|
| Number of Long Holdings | 48 |
| Number of Currency Pairs | 37 |
| Number of Short Holdings | 17 |

---

### Top 10 Holdings % of VaR\*

---

| | | |
|:---|:---|:---|
| Mexican Peso/US Dollar | Long/Short | 3.4 |
| Euribor | Long | 3.3 |
| Silver | Long | 3.1 |
| Gold | Long | 2.9 |
| FTSE 100 | Long | 2.5 |
| South African Rand/US Dollar | Long/Short | 2.4 |
| S&P TSX 60 Index | Long | 2.2 |
| Norwegian Krone/US Dollar | Long/Short | 2.2 |
| Italian Bonds | Long | 2.1 |
| UK Sterling/US Dollar | Long/Short | 2.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

Effective August 25, 2025, American Beacon Advisors has agreed to enter into a contractual expense limitation agreement with the American Beacon AHL Managed Futures Strategy Fund. The contractual expense limitation for the Investor Class increased from 0.00% to 1.94% (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses related to securities sold short, litigation and other extraordinary expenses) with an expiration date of 4/30/2026.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i892a6feb4b532d2cea4f.jpg)

#### AHL Managed Futures Strategy Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL MFS_Investor 0625

Investor Class: AHLPX

# American Beacon

# AHL Managed Futures Strategy Fund

# Class R5: AHLIX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i892a6feb4b532d2cea4f.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $82 | 1.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2061861410 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate<sup>Footnote Reference\*</sup> | 0% |
| Total Management Fees Paid | $17890192 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period. |

---

## What did the Fund invest in?

### Top Active Exposures by Asset Class % of VaR\*

---

| | | |
|:---|:---|:---|
| Commodities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | Long | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | Long | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude Oil | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheat | Short | 1.8 |
| Currencies | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso/US Dollar | Long/Short | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand/US Dollar | Long/Short | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone/US Dollar | Long/Short | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK Sterling/US Dollar | Long/Short | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro/US Dollar | Long/Short | 1.7 |
| Equities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 100 | Long | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | Long | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian SPI 200 Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hang Seng | Long | 1.9 |
| Fixed Income | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Euribor | Long | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Bonds | Long | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;SONIA 3Mth Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR 3Mth Index | Long | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Bonds | Long | 1.4 |

---

### Asset Class Exposure % of VaR\*
![Group By Asset Type Chart](g802783iebfeb30f57059b090a6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currencies | 31.3 |
| Stocks | 29.8 |
| Commodities | 23.8 |
| Bonds and Rates | 15.1 |

---

\*Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Holdings Summary

---

| | |
|:---|:---|
| Number of Long Holdings | 48 |
| Number of Currency Pairs | 37 |
| Number of Short Holdings | 17 |

---

### Top 10 Holdings % of VaR\*

---

| | | |
|:---|:---|:---|
| Mexican Peso/US Dollar | Long/Short | 3.4 |
| Euribor | Long | 3.3 |
| Silver | Long | 3.1 |
| Gold | Long | 2.9 |
| FTSE 100 | Long | 2.5 |
| South African Rand/US Dollar | Long/Short | 2.4 |
| S&P TSX 60 Index | Long | 2.2 |
| Norwegian Krone/US Dollar | Long/Short | 2.2 |
| Italian Bonds | Long | 2.1 |
| UK Sterling/US Dollar | Long/Short | 2.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

Effective August 25, 2025, American Beacon Advisors has agreed to enter into a contractual expense limitation agreement with the American Beacon AHL Managed Futures Strategy Fund. The contractual expense limitation for the R5 Class increased from 0.00% to 1.53% (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses related to securities sold short, litigation and other extraordinary expenses) with an expiration date of 4/30/2026.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i892a6feb4b532d2cea4f.jpg)

#### AHL Managed Futures Strategy Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL MFS_R5 0625

Class R5: AHLIX

# American Beacon

# AHL Managed Futures Strategy Fund

# Class Y: AHLYX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i892a6feb4b532d2cea4f.jpg)

This semi-annual shareholder report contains important information about American Beacon AHL Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811. **This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $87 | 1.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2061861410 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate<sup>Footnote Reference\*</sup> | 0% |
| Total Management Fees Paid | $17890192 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period. |

---

## What did the Fund invest in?

### Top Active Exposures by Asset Class % of VaR\*

---

| | | |
|:---|:---|:---|
| Commodities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | Long | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | Long | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude Oil | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheat | Short | 1.8 |
| Currencies | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso/US Dollar | Long/Short | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand/US Dollar | Long/Short | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone/US Dollar | Long/Short | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK Sterling/US Dollar | Long/Short | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro/US Dollar | Long/Short | 1.7 |
| Equities | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 100 | Long | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | Long | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian SPI 200 Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hang Seng | Long | 1.9 |
| Fixed Income | Header | % of VaR |
| &nbsp;&nbsp;&nbsp;&nbsp;Euribor | Long | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Bonds | Long | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;SONIA 3Mth Index | Long | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR 3Mth Index | Long | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Bonds | Long | 1.4 |

---

### Asset Class Exposure % of VaR\*
![Group By Asset Type Chart](g802783i62ce465883f438e134dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Currencies | 31.3 |
| Stocks | 29.8 |
| Commodities | 23.8 |
| Bonds and Rates | 15.1 |

---

\*Value at Risk ("VaR") is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VaR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

### Holdings Summary

---

| | |
|:---|:---|
| Number of Long Holdings | 48 |
| Number of Currency Pairs | 37 |
| Number of Short Holdings | 17 |

---

### Top 10 Holdings % of VaR\*

---

| | | |
|:---|:---|:---|
| Mexican Peso/US Dollar | Long/Short | 3.4 |
| Euribor | Long | 3.3 |
| Silver | Long | 3.1 |
| Gold | Long | 2.9 |
| FTSE 100 | Long | 2.5 |
| South African Rand/US Dollar | Long/Short | 2.4 |
| S&P TSX 60 Index | Long | 2.2 |
| Norwegian Krone/US Dollar | Long/Short | 2.2 |
| Italian Bonds | Long | 2.1 |
| UK Sterling/US Dollar | Long/Short | 2.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.americanbeaconfunds.com/literature or upon request at 800-658-5811.

Effective August 25, 2025, American Beacon Advisors has agreed to enter into a contractual expense limitation agreement with the American Beacon AHL Managed Futures Strategy Fund. The contractual expense limitation for the Y Class increased from 0.00% to 1.65% (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses related to securities sold short, litigation and other extraordinary expenses) with an expiration date of 4/30/2026.

#### Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i892a6feb4b532d2cea4f.jpg)

#### AHL Managed Futures Strategy Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
AHL MFS_Y 0625

Class Y: AHLYX

# American Beacon

# Stephens Mid-Cap Growth Fund

# Class A: SMFAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Mid-Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $63 | 1.21%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $664331861 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $2975675 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Axon Enterprise, Inc. | 2.6 |
| AeroVironment, Inc. | 2.5 |
| Spotify Technology SA | 2.1 |
| Robinhood Markets, Inc., Class A | 2.0 |
| Guidewire Software, Inc. | 2.0 |
| Tradeweb Markets, Inc., Class A | 1.8 |
| Live Nation Entertainment, Inc. | 1.8 |
| Wingstop, Inc. | 1.8 |
| Take-Two Interactive Software, Inc. | 1.8 |
| Verisk Analytics, Inc. | 1.7 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i9621adb92943626eca9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.8 |
| Foreign Common Stocks | 1.4 |
| Investment Companies | 0.8 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i52449b4e2a2eb3bd42fb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Utilities | 1.3 |
| Energy | 5.4 |
| Communication Services | 8.3 |
| Financials | 11.0 |
| Consumer Discretionary | 11.1 |
| Health Care | 14.6 |
| Industrials | 21.2 |
| Information Technology | 25.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Mid-Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens MCG_A 0625

# Class A: SMFAX

# American Beacon

# Stephens Mid-Cap Growth Fund

# Class C: SMFCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Mid-Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $101 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $664331861 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $2975675 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Axon Enterprise, Inc. | 2.6 |
| AeroVironment, Inc. | 2.5 |
| Spotify Technology SA | 2.1 |
| Robinhood Markets, Inc., Class A | 2.0 |
| Guidewire Software, Inc. | 2.0 |
| Tradeweb Markets, Inc., Class A | 1.8 |
| Live Nation Entertainment, Inc. | 1.8 |
| Wingstop, Inc. | 1.8 |
| Take-Two Interactive Software, Inc. | 1.8 |
| Verisk Analytics, Inc. | 1.7 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i1af8777c9e65f61bf5d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.8 |
| Foreign Common Stocks | 1.4 |
| Investment Companies | 0.8 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783ia62bb571e25c889aa35e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Utilities | 1.3 |
| Energy | 5.4 |
| Communication Services | 8.3 |
| Financials | 11.0 |
| Consumer Discretionary | 11.1 |
| Health Care | 14.6 |
| Industrials | 21.2 |
| Information Technology | 25.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Mid-Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens MCG_C 0625

# Class C: SMFCX

# American Beacon

# Stephens Mid-Cap Growth Fund

# Investor Class: STMGX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Mid-Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $60 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $664331861 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $2975675 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Axon Enterprise, Inc. | 2.6 |
| AeroVironment, Inc. | 2.5 |
| Spotify Technology SA | 2.1 |
| Robinhood Markets, Inc., Class A | 2.0 |
| Guidewire Software, Inc. | 2.0 |
| Tradeweb Markets, Inc., Class A | 1.8 |
| Live Nation Entertainment, Inc. | 1.8 |
| Wingstop, Inc. | 1.8 |
| Take-Two Interactive Software, Inc. | 1.8 |
| Verisk Analytics, Inc. | 1.7 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i59778059a85b257d18b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.8 |
| Foreign Common Stocks | 1.4 |
| Investment Companies | 0.8 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i55cdf2ebad9e6e763b52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Utilities | 1.3 |
| Energy | 5.4 |
| Communication Services | 8.3 |
| Financials | 11.0 |
| Consumer Discretionary | 11.1 |
| Health Care | 14.6 |
| Industrials | 21.2 |
| Information Technology | 25.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Mid-Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Steph MCG_Investor 0625

# Investor Class: STMGX

# American Beacon

# Stephens Mid-Cap Growth Fund

# Class R5: SFMIX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Mid-Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $47 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $664331861 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $2975675 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Axon Enterprise, Inc. | 2.6 |
| AeroVironment, Inc. | 2.5 |
| Spotify Technology SA | 2.1 |
| Robinhood Markets, Inc., Class A | 2.0 |
| Guidewire Software, Inc. | 2.0 |
| Tradeweb Markets, Inc., Class A | 1.8 |
| Live Nation Entertainment, Inc. | 1.8 |
| Wingstop, Inc. | 1.8 |
| Take-Two Interactive Software, Inc. | 1.8 |
| Verisk Analytics, Inc. | 1.7 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i8d9f634b9fb6670fb753.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.8 |
| Foreign Common Stocks | 1.4 |
| Investment Companies | 0.8 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i8f96231996a7534f4f5b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Utilities | 1.3 |
| Energy | 5.4 |
| Communication Services | 8.3 |
| Financials | 11.0 |
| Consumer Discretionary | 11.1 |
| Health Care | 14.6 |
| Industrials | 21.2 |
| Information Technology | 25.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Mid-Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens MCG_R5 0625

# Class R5: SFMIX

# American Beacon

# Stephens Mid-Cap Growth Fund

# Class R6: SFMRX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Mid-Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $46 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $664331861 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $2975675 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Axon Enterprise, Inc. | 2.6 |
| AeroVironment, Inc. | 2.5 |
| Spotify Technology SA | 2.1 |
| Robinhood Markets, Inc., Class A | 2.0 |
| Guidewire Software, Inc. | 2.0 |
| Tradeweb Markets, Inc., Class A | 1.8 |
| Live Nation Entertainment, Inc. | 1.8 |
| Wingstop, Inc. | 1.8 |
| Take-Two Interactive Software, Inc. | 1.8 |
| Verisk Analytics, Inc. | 1.7 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i0c42a42d46f4d521d26e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.8 |
| Foreign Common Stocks | 1.4 |
| Investment Companies | 0.8 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i58be868b0a49a9c0c7c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Utilities | 1.3 |
| Energy | 5.4 |
| Communication Services | 8.3 |
| Financials | 11.0 |
| Consumer Discretionary | 11.1 |
| Health Care | 14.6 |
| Industrials | 21.2 |
| Information Technology | 25.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Mid-Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens MCG_R6 0625

# Class R6: SFMRX

# American Beacon

# Stephens Mid-Cap Growth Fund

# Class Y: SMFYX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Mid-Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $50 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $664331861 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 27% |
| Total Management Fees Paid | $2975675 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| Axon Enterprise, Inc. | 2.6 |
| AeroVironment, Inc. | 2.5 |
| Spotify Technology SA | 2.1 |
| Robinhood Markets, Inc., Class A | 2.0 |
| Guidewire Software, Inc. | 2.0 |
| Tradeweb Markets, Inc., Class A | 1.8 |
| Live Nation Entertainment, Inc. | 1.8 |
| Wingstop, Inc. | 1.8 |
| Take-Two Interactive Software, Inc. | 1.8 |
| Verisk Analytics, Inc. | 1.7 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i3b0f895a5de368c3460a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.8 |
| Foreign Common Stocks | 1.4 |
| Investment Companies | 0.8 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i44ef3353cfa9cb36e426.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Utilities | 1.3 |
| Energy | 5.4 |
| Communication Services | 8.3 |
| Financials | 11.0 |
| Consumer Discretionary | 11.1 |
| Health Care | 14.6 |
| Industrials | 21.2 |
| Information Technology | 25.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Mid-Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens MCG_Y 0625

# Class Y: SMFYX

# American Beacon

# Stephens Small Cap Growth Fund

# Class A: SPWAX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Small Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $64 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $404774621 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 17% |
| Total Management Fees Paid | $1516636 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| AeroVironment, Inc. | 2.3 |
| Magnite, Inc. | 2.1 |
| Kratos Defense & Security Solutions, Inc. | 2.0 |
| Wingstop, Inc. | 1.8 |
| Ollie's Bargain Outlet Holdings, Inc. | 1.8 |
| FirstCash Holdings, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| Palomar Holdings, Inc. | 1.7 |
| CyberArk Software Ltd. | 1.7 |
| HealthEquity, Inc. | 1.6 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783id4951a690df1a536b1f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.2 |
| Foreign Common Stocks | 5.3 |
| Investment Companies | 2.5 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i96439a9687e9101df8b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1 |
| Communication Services | 2.2 |
| Consumer Staples | 2.7 |
| Energy | 5.3 |
| Financials | 11.8 |
| Consumer Discretionary | 13.5 |
| Health Care | 15.8 |
| Industrials | 22.8 |
| Information Technology | 24.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Small Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens SCG_A 0625

# Class A: SPWAX

# American Beacon

# Stephens Small Cap Growth Fund

# Class C: SPWCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Small Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $103 | 2.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $404774621 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 17% |
| Total Management Fees Paid | $1516636 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| AeroVironment, Inc. | 2.3 |
| Magnite, Inc. | 2.1 |
| Kratos Defense & Security Solutions, Inc. | 2.0 |
| Wingstop, Inc. | 1.8 |
| Ollie's Bargain Outlet Holdings, Inc. | 1.8 |
| FirstCash Holdings, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| Palomar Holdings, Inc. | 1.7 |
| CyberArk Software Ltd. | 1.7 |
| HealthEquity, Inc. | 1.6 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783idc6f1720b7036d12f246.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.2 |
| Foreign Common Stocks | 5.3 |
| Investment Companies | 2.5 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i24e28e5b6bacad66c96d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1 |
| Communication Services | 2.2 |
| Consumer Staples | 2.7 |
| Energy | 5.3 |
| Financials | 11.8 |
| Consumer Discretionary | 13.5 |
| Health Care | 15.8 |
| Industrials | 22.8 |
| Information Technology | 24.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Small Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens SCG_C 0625

# Class C: SPWCX

# American Beacon

# Stephens Small Cap Growth Fund

# Investor Class: STSGX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Small Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $64 | 1.27%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $404774621 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 17% |
| Total Management Fees Paid | $1516636 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| AeroVironment, Inc. | 2.3 |
| Magnite, Inc. | 2.1 |
| Kratos Defense & Security Solutions, Inc. | 2.0 |
| Wingstop, Inc. | 1.8 |
| Ollie's Bargain Outlet Holdings, Inc. | 1.8 |
| FirstCash Holdings, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| Palomar Holdings, Inc. | 1.7 |
| CyberArk Software Ltd. | 1.7 |
| HealthEquity, Inc. | 1.6 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783if46d338b1228d520d276.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.2 |
| Foreign Common Stocks | 5.3 |
| Investment Companies | 2.5 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783ida6ee15d3c82bf7285c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1 |
| Communication Services | 2.2 |
| Consumer Staples | 2.7 |
| Energy | 5.3 |
| Financials | 11.8 |
| Consumer Discretionary | 13.5 |
| Health Care | 15.8 |
| Industrials | 22.8 |
| Information Technology | 24.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Small Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Steph SCG_Investor 0625

# Investor Class: STSGX

# American Beacon

# Stephens Small Cap Growth Fund

# Class R5: STSIX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Small Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R5 | $50 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $404774621 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 17% |
| Total Management Fees Paid | $1516636 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| AeroVironment, Inc. | 2.3 |
| Magnite, Inc. | 2.1 |
| Kratos Defense & Security Solutions, Inc. | 2.0 |
| Wingstop, Inc. | 1.8 |
| Ollie's Bargain Outlet Holdings, Inc. | 1.8 |
| FirstCash Holdings, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| Palomar Holdings, Inc. | 1.7 |
| CyberArk Software Ltd. | 1.7 |
| HealthEquity, Inc. | 1.6 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i889d683ee251796b10d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.2 |
| Foreign Common Stocks | 5.3 |
| Investment Companies | 2.5 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i6f91ad7386704b041118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1 |
| Communication Services | 2.2 |
| Consumer Staples | 2.7 |
| Energy | 5.3 |
| Financials | 11.8 |
| Consumer Discretionary | 13.5 |
| Health Care | 15.8 |
| Industrials | 22.8 |
| Information Technology | 24.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Small Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens SCG_R5 0625

# Class R5: STSIX

# American Beacon

# Stephens Small Cap Growth Fund

# Class R6: STSRX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Small Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $48 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $404774621 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 17% |
| Total Management Fees Paid | $1516636 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| AeroVironment, Inc. | 2.3 |
| Magnite, Inc. | 2.1 |
| Kratos Defense & Security Solutions, Inc. | 2.0 |
| Wingstop, Inc. | 1.8 |
| Ollie's Bargain Outlet Holdings, Inc. | 1.8 |
| FirstCash Holdings, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| Palomar Holdings, Inc. | 1.7 |
| CyberArk Software Ltd. | 1.7 |
| HealthEquity, Inc. | 1.6 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783i0eb790b72a18726bf191.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.2 |
| Foreign Common Stocks | 5.3 |
| Investment Companies | 2.5 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i848714213cd910f9e3e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1 |
| Communication Services | 2.2 |
| Consumer Staples | 2.7 |
| Energy | 5.3 |
| Financials | 11.8 |
| Consumer Discretionary | 13.5 |
| Health Care | 15.8 |
| Industrials | 22.8 |
| Information Technology | 24.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Small Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens SCG_R6 0625

# Class R6: STSRX

# American Beacon

# Stephens Small Cap Growth Fund

# Class Y: SPWYX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](g802783i47ff0acc8635de5dbdd5.jpg)

This semi-annual shareholder report contains important information about American Beacon Stephens Small Cap Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.americanbeaconfunds.com/literature. You can also request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Y | $53 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $404774621 |
| # of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 17% |
| Total Management Fees Paid | $1516636 |

---

## What did the Fund invest in?

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| AeroVironment, Inc. | 2.3 |
| Magnite, Inc. | 2.1 |
| Kratos Defense & Security Solutions, Inc. | 2.0 |
| Wingstop, Inc. | 1.8 |
| Ollie's Bargain Outlet Holdings, Inc. | 1.8 |
| FirstCash Holdings, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| Palomar Holdings, Inc. | 1.7 |
| CyberArk Software Ltd. | 1.7 |
| HealthEquity, Inc. | 1.6 |

---

Excludes cash equivalents.

### Asset Allocation - % Investments
![Group By Asset Type Chart](g802783ifc7036b8807679d78485.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.2 |
| Foreign Common Stocks | 5.3 |
| Investment Companies | 2.5 |

---

### Sector Allocation - % Equities
![Group By Sector Chart](g802783i9ec7627ec697bf82a5be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1 |
| Communication Services | 2.2 |
| Consumer Staples | 2.7 |
| Energy | 5.3 |
| Financials | 11.8 |
| Consumer Discretionary | 13.5 |
| Health Care | 15.8 |
| Industrials | 22.8 |
| Information Technology | 24.9 |

---

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please visit www.americanbeaconfunds.com/literature or call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

![Image](g802783i47ff0acc8635de5dbdd5.jpg)

# Stephens Small Cap Growth Fund
Distributed by:

Resolute Investment Distributors, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
Stephens SCG_Y 0625

# Class Y: SPWYX

------

Item 2. Code of Ethics

Not Applicable.

Item 3. Audit Committee Financial Expert

Not Applicable.

Item 4. Principal Accountant Fees and Services

Not Applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) The schedules of investments for each series of the Trust are included in the shareholder reports presented in Item 7.

(b) Not applicable.

------

Financial Statements and Other Information

Name of registrant: American Beacon Funds

Date of fiscal year end: December 31, 2025

Date of reporting period: June 30, 2025

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![LOGO](g803606g02a01.jpg)

------

American Beacon Funds<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  Consolidated Schedules of Investments: |  |
| &nbsp;&nbsp;&nbsp; [AHL Managed Futures Strategy Fund](#toc803606_1) | 1 |
| &nbsp;&nbsp;&nbsp; [AHL Multi-Alternatives Fund](#toc803606_2) | 87 |
| &nbsp;&nbsp;&nbsp; [AHL TargetRisk Fund](#toc803606_3) | 104 |
|  [Consolidated Financial Statements](#toc803606_4) | 109 |
|  [Consolidated Notes to Financial Statements](#toc803606_5) | 114 |
|  Consolidated Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp; [AHL Managed Futures Strategy Fund](#toc803606_6) | 151 |
| &nbsp;&nbsp;&nbsp; [AHL Multi-Alternatives Fund](#toc803606_7) | 156 |
| &nbsp;&nbsp;&nbsp; [AHL TargetRisk Fund](#toc803606_8) | 160 |
|  [Affirmation of the Commodity Pool Operator](#toc803606_9) | 165 |

---

---

| | |
|:---|:---|
|  [Additional Information](#toc803606_10) | Back Cover |

---

American Beacon Funds June 30, 2025

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| SHORT-TERM INVESTMENTS - 83.99% |  |  |
| U.S. Treasury Obligations - 83.99% |  |  |
| U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329%, Due 7/3/2025<sup>A</sup> <sup>B C</sup> | $155000000 | $154963834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.362%, Due 7/10/2025<sup>B</sup> <sup>C</sup> | 100000000 | 99895292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.331%, Due 7/17/2025<sup>A</sup> <sup>B</sup> <sup>C</sup> | 145000000 | 144732878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.346%, Due 7/24/2025<sup>B</sup> <sup>C</sup> | 175000000 | 174534050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.333%, Due 8/7/2025<sup>A</sup> <sup>B</sup> <sup>C</sup> | 180000000 | 179212455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.246%, Due 9/4/2025<sup>B</sup> <sup>C</sup> | 125000000 | 124039106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.232%, Due 9/11/2025<sup>A</sup> <sup>B</sup> <sup>C</sup> | 185000000 | 183429350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.181%, Due 10/2/2025<sup>B</sup> <sup>C</sup> | 100000000 | 98905635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.191%, Due 10/9/2025<sup>B</sup> <sup>C</sup> | 150000000 | 148262639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.284%, Due 10/23/2025<sup>A</sup> <sup>B</sup> <sup>C</sup> | 165000000 | 162813773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 11/6/2025<sup>A</sup> <sup>B</sup> <sup>C</sup> | 140000000 | 137937334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.242%, Due 11/13/2025<sup>B</sup> <sup>C</sup> | 125000000 | 123060899 |
|  |  | 1731787245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments (Cost $1,732,015,501) |  | 1731787245 |
|  TOTAL INVESTMENTS - 83.99% (Cost $1,732,015,501) |  | 1731787245 |
|  OTHER ASSETS, NET OF LIABILITIES - 16.01% |  | 330074165 |
|  TOTAL NET ASSETS - 100.00% |  | $2061861410 |
| Percentages are stated as a percent of net assets. |  |  |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: |
| Commodity Futures Contracts | Commodity Futures Contracts | Commodity Futures Contracts | Commodity Futures Contracts | Commodity Futures Contracts | Commodity Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CBOT Soybean Futures<sup>A</sup> | 44 | November 2025 | $2266763 | $2259400 | $(7363) |
| CBOT Soybean Oil Futures<sup>A</sup> | 586 | December 2025 | 19222292 | 18546900 | (675392) |
| CME Lean Hogs Futures<sup>A</sup> | 222 | August 2025 | 9228843 | 9546000 | 317157 |
| CME Lean Hogs Futures<sup>A</sup> | 256 | October 2025 | 9619301 | 9461760 | (157541) |
| COMEX Copper Futures<sup>A</sup> | 364 | September 2025 | 44571296 | 46250750 | 1679454 |
| COMEX Gold 100 Troy Ounces Futures<sup>A</sup> | 358 | August 2025 | 119804778 | 118415660 | (1389118) |
| COMEX Silver Futures<sup>A</sup> | 454 | September 2025 | 82586229 | 82110440 | (475789) |
| Euronext Rapeseed Futures<sup>A</sup> | 89 | October 2025 | 2629324 | 2529207 | (100117) |
| ICE Brent Crude Oil Futures<sup>A</sup> | 303 | July 2025 | 21844837 | 20222220 | (1622617) |
| ICE Gas Oil Futures<sup>A</sup> | 285 | July 2025 | 20489537 | 19294500 | (1195037) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 32 | October 2025 | 368000 | 318800 | (49200) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 32 | November 2025 | 368000 | 364800 | (3200) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 32 | December 2025 | 368000 | 388160 | 20160 |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 32 | January 2026 | 368000 | 364960 | (3040) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 32 | February 2026 | 368000 | 327440 | (40560) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 164 | March 2026 | 1700825 | 1564970 | (135855) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 164 | April 2026 | 1700825 | 1562100 | (138725) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 164 | May 2026 | 1700825 | 1628930 | (71895) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 164 | June 2026 | 1700825 | 1706830 | 6005 |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 164 | July 2026 | 1700825 | 1726920 | 26095 |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 164 | August 2026 | 1700825 | 1707650 | 6825 |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 164 | September 2026 | 1700825 | 1729380 | 28555 |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | December 2026 | 1551235 | 1957410 | 406175 |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | January 2027 | 1551235 | 1788540 | 237305 |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | February 2027 | 1551235 | 1533090 | (18145) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | March 2027 | 1551235 | 1361100 | (190135) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | April 2027 | $1551235 | $1345500 | $(205735) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | May 2027 | 1551235 | 1401270 | (149965) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | June 2027 | 1551235 | 1469130 | (82105) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | July 2027 | 1551235 | 1488630 | (62605) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | August 2027 | 1551235 | 1474200 | (77035) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | September 2027 | 1551235 | 1500330 | (50905) |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | October 2027 | 1551235 | 1574430 | 23195 |
| ICE U.S. – Henry Ld1 Fixed Price Futures<sup>A</sup> | 156 | November 2027 | 1551235 | 1732380 | 181145 |
| LME Copper Futures<sup>A</sup> | 226 | August 2025 | 53230815 | 55971047 | 2740232 |
| LME Lead Futures<sup>A</sup> | 322 | August 2025 | 16153871 | 16396562 | 242691 |
| LME Nickel Futures<sup>A</sup> | 37 | August 2025 | 3317589 | 3360083 | 42494 |
| LME Primary Aluminum Futures<sup>A</sup> | 1658 | August 2025 | 104323557 | 107719431 | 3395874 |
| LME Zinc Futures<sup>A</sup> | 394 | August 2025 | 26873130 | 27074597 | 201467 |
| NYBOT CSC Cocoa Futures<sup>A</sup> | 57 | September 2025 | 5138715 | 5130000 | (8715) |
| NYMEX Light Sweet Crude Oil Futures<sup>A</sup> | 324 | July 2025 | 22547934 | 21095640 | (1452294) |
| NYMEX NY Harbor ULSD Futures<sup>A</sup> | 277 | July 2025 | 27487336 | 26482474 | (1004862) |
| NYMEX Palladium Futures<sup>A</sup> | 69 | September 2025 | 7281871 | 7638990 | 357119 |
| NYMEX Platinum Futures<sup>A</sup> | 396 | October 2025 | 25505953 | 26591400 | 1085447 |
| NYMEX Reformulated Gasoline Blendstock for Oxygen Blending RBOB Futures<sup>A</sup> | 307 | July 2025 | 28460906 | 26717657 | (1743249) |
| WCE Canola Futures<sup>A</sup> | 660 | November 2025 | 6800752 | 6879413 | 78661 |
|  |  |  | $691746224 | $691711081 | $(35143) |
| Equity Futures Contracts |  |  |  |  |  |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| Borsa Italiana FTSE/MIB Index Futures | 208 | September 2025 | $48407784 | $48821437 | $413653 |
| CME E-Mini NASDAQ 100 Index Futures | 120 | September 2025 | 53088975 | 54943800 | 1854825 |
| CME E-Mini Russell 2000 Index Futures | 22 | September 2025 | 2413919 | 2410870 | (3049) |
| CME E-Mini S&P 500 Index Futures | 189 | September 2025 | 57965699 | 59097938 | 1132239 |
| Eurex DAX Index Futures | 90 | September 2025 | 62609565 | 63739204 | 1129639 |
| Eurex EURO STOXX 50 Futures | 748 | September 2025 | 46688140 | 46936574 | 248434 |
| Euronext CAC 40 Index Futures | 369 | July 2025 | 33300264 | 33338713 | 38449 |
| HKG Hang Seng China Enterprises Index Futures | 624 | July 2025 | 34395065 | 34455353 | 60288 |
| HKG Hang Seng Index Futures | 370 | July 2025 | 56656877 | 56758833 | 101956 |
| ICE FTSE 100 Index Futures | 911 | September 2025 | 110698803 | 109911279 | (787524) |
| ICE U.S. Mini MSCI EAFE Index Futures | 590 | September 2025 | 78462963 | 79110150 | 647187 |
| ICE U.S. MSCI Emerging Markets Index Futures | 1060 | September 2025 | 64440004 | 65375500 | 935496 |
| KFE KOSPI 200 Index Futures | 654 | September 2025 | 48195794 | 50415327 | 2219533 |
| Montreal Exchange S&P/TSX 60 Index Futures | 482 | September 2025 | 112253722 | 113266018 | 1012296 |
| NSE IFSC NIFTY 50 Index Futures | 636 | July 2025 | 32130684 | 32564472 | 433788 |
| SAFEX FTSE/JSE Top 40 Index Futures | 812 | September 2025 | 40618789 | 41178026 | 559237 |
| SFE S&P ASX Share Price Index 200 Futures | 787 | September 2025 | 110763314 | 110546511 | (216803) |
| SGX FTSE China A50 Futures | 2931 | July 2025 | 39269909 | 39240228 | (29681) |
| SGX FTSE Taiwan Index Futures | 494 | July 2025 | 35591559 | 36032360 | 440801 |
| SGX MSCI Singapore Index Futures | 733 | July 2025 | 23310880 | 23707924 | 397044 |
| SGX Nikkei 225 Stock Index Futures | 242 | September 2025 | 32952296 | 33992257 | 1039961 |
| TSE TOPIX Futures | 335 | September 2025 | 64774918 | 66427728 | 1652810 |
|  |  |  | $1188989923 | $1202270502 | $13280579 |
| Interest Rate Futures Contracts | Interest Rate Futures Contracts | Interest Rate Futures Contracts | Interest Rate Futures Contracts | Interest Rate Futures Contracts | Interest Rate Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| 3-Month CORRA Futures | 44 | June 2026 | $7883271 | $7887608 | $4337 |
| 3-Month CORRA Futures | 226 | December 2026 | 40442358 | 40490802 | 48444 |
| 3 Month Euro Euribor Futures | 2614 | September 2026 | 755702393 | 755665089 | (37304) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Interest Rate Futures Contracts (continued) | Interest Rate Futures Contracts (continued) | Interest Rate Futures Contracts (continued) | Interest Rate Futures Contracts (continued) | Interest Rate Futures Contracts (continued) | Interest Rate Futures Contracts (continued) |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| 3 Month Euro Euribor Futures | 4498 | June 2027 | $1297693689 | $1297517322 | $(176367) |
| 3 Month Euro Euribor Futures | 3107 | December 2027 | 895430849 | 894889505 | (541344) |
| 3 Month Euro Euribor Futures | 1366 | March 2028 | 393421479 | 393158728 | (262751) |
| CBOT 10 Year U.S. Treasury Notes Futures | 44 | September 2025 | 4927867 | 4933500 | 5633 |
| Eurex 5 Year Euro BOBL Futures | 952 | September 2025 | 132437879 | 131967413 | (470466) |
| Eurex 10 Year Euro BUND Futures | 453 | September 2025 | 69910370 | 69449555 | (460815) |
| Eurex Euro-BTP Italian Bond Futures | 1905 | September 2025 | 242618962 | 242228147 | (390815) |
| Eurex Euro-BTP Italian Bond Futures | 1487 | September 2025 | 211931247 | 211945126 | 13879 |
| French Government Bond Futures | 743 | September 2025 | 109062475 | 108386914 | (675561) |
| ICE Long Gilt Futures | 163 | September 2025 | 20842091 | 20814709 | (27382) |
| KFE 3 Year Treasury Bond Futures | 1554 | September 2025 | 123462253 | 123493257 | 31004 |
| KFE 10 Year Treasury Bond Futures | 303 | September 2025 | 26518258 | 26588834 | 70576 |
| Montreal Exchange 10 Year Canadian Bond Futures . | 138 | September 2025 | 12318975 | 12363503 | 44528 |
| SFE 3 Year Australian Bond Futures | 4004 | September 2025 | 283478622 | 283922762 | 444140 |
| SFE 10 Year Australian Bond Futures | 1293 | September 2025 | 97385515 | 97539639 | 154124 |
| Three-Month SOFR Futures | 1143 | December 2026 | 276633686 | 276991763 | 358077 |
| Three-Month SOFR Futures | 2072 | September 2027 | 500927792 | 501967900 | 1040108 |
| Three-Month SOFR Futures | 2341 | June 2028 | 565544799 | 566112325 | 567526 |
| Three Month SONIA Index Futures | 3247 | December 2026 | 1075705216 | 1076586783 | 881567 |
| Three Month SONIA Index Futures | 2998 | September 2027 | 992516909 | 993307303 | 790394 |
|  |  |  | $8136796955 | $8138208487 | $1411532 |
| Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: |
| Commodity Futures Contracts |  |  |  |  |  |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CBOT Corn Futures<sup>A</sup> | 177 | September 2025 | $(3798129) | $(3621863) | $176266 |
| CBOT Corn Futures<sup>A</sup> | 2328 | December 2025 | (50786690) | (49528200) | 1258490 |
| CBOT Soybean Meal Futures<sup>A</sup> | 495 | September 2025 | (14459606) | (13855050) | 604556 |
| CBOT Soybean Meal Futures<sup>A</sup> | 765 | December 2025 | (22086878) | (22131450) | (44572) |
| CBOT Wheat Futures<sup>A</sup> | 969 | September 2025 | (26572509) | (26078213) | 494296 |
| Euronext Milling Wheat Futures<sup>A</sup> | 992 | September 2025 | (12495251) | (11393139) | 1102112 |
| Euronext Milling Wheat Futures<sup>A</sup> | 529 | December 2025 | (6579645) | (6433878) | 145767 |
| ICE Cocoa Futures<sup>A</sup> | 1 | September 2025 | (78103) | (81522) | (3419) |
| ICE Cocoa Futures<sup>A</sup> | 28 | December 2025 | (2130262) | (2178450) | (48188) |
| ICE Robusta Coffee Futures 10-Tonne<sup>A</sup> | 89 | September 2025 | (3822442) | (3221800) | 600642 |
| ICE Robusta Coffee Futures 10-Tonne<sup>A</sup> | 37 | November 2025 | (1356445) | (1319420) | 37025 |
| KCBT Hard Red Winter Wheat Futures<sup>A</sup> | 723 | September 2025 | (19894220) | (19042013) | 852207 |
| LME Copper Futures<sup>A</sup> | 226 | August 2025 | (49752749) | (55971047) | (6218298) |
| LME Lead Futures<sup>A</sup> | 417 | August 2025 | (20451793) | (21234057) | (782264) |
| LME Lead Futures<sup>A</sup> | 60 | September 2025 | (3051375) | (3068055) | (16680) |
| LME Nickel Futures<sup>A</sup> | 108 | August 2025 | (9834813) | (9807810) | 27003 |
| LME Nickel Futures<sup>A</sup> | 86 | September 2025 | (7752951) | (7841048) | (88097) |
| LME Primary Aluminum Futures<sup>A</sup> | 1702 | August 2025 | (105228350) | (110578089) | (5349739) |
| LME Primary Aluminum Futures<sup>A</sup> | 45 | September 2025 | (2892013) | (2925067) | (33054) |
| LME Zinc Futures<sup>A</sup> | 418 | August 2025 | (28281025) | (28723810) | (442785) |
| LME Zinc Futures<sup>A</sup> | 114 | September 2025 | (7613890) | (7845138) | (231248) |
| MDE Crude Palm Oil Futures<sup>A</sup> | 3 | September 2025 | (72249) | (71001) | 1248 |
| MGE Red Wheat Futures<sup>A</sup> | 58 | September 2025 | (1860770) | (1800175) | 60595 |
| NYBOT CSC C Coffee Futures<sup>A</sup> | 84 | September 2025 | (9719654) | (9453150) | 266504 |
| NYBOT CSC Number 11 World Sugar Futures<sup>A</sup> | 2897 | September 2025 | (54433599) | (52563168) | 1870431 |
| NYBOT CTN Number 2 Cotton Futures<sup>A</sup> | 290 | December 2025 | (9773285) | (9878850) | (105565) |
| NYMEX Henry Hub Natural Gas Futures<sup>A</sup> | 979 | July 2025 | (35710322) | (33834240) | 1876082 |
|  |  |  | $(510489018) | $(514479703) | $(3990685) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Currency Futures Contracts | Currency Futures Contracts | Currency Futures Contracts | Currency Futures Contracts | Currency Futures Contracts | Currency Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| NYBOT FINEX United States Dollar Index Futures | 474 | September 2025 | $(46643307) | $(45737682) | $905625 |
|  |  |  | $(46643307) | $(45737682) | $905625 |
| Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| OML Stockholm OMXS30 Index Futures | 10 | July 2025 | $(260895) | $(263506) | $(2611) |
|  |  |  | $(260895) | $(263506) | $(2611) |
| Interest Rate Futures Contracts | Interest Rate Futures Contracts | Interest Rate Futures Contracts | Interest Rate Futures Contracts | Interest Rate Futures Contracts | Interest Rate Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CBOT 2 Year U.S. Treasury Notes Futures | 458 | September 2025 | $(94935955) | $(95274734) | $(338779) |
| CBOT 5 Year U.S. Treasury Notes Futures | 59 | September 2025 | (6414355) | (6431000) | (16645) |
| CBOT U.S. Long Bond Futures | 265 | September 2025 | (29906805) | (30599219) | (692414) |
| CBOT Ultra U.S. Treasury Bond Futures | 289 | September 2025 | (33536523) | (34427125) | (890602) |
| Eurex 2 Year Euro SCHATZ Futures | 1022 | September 2025 | (129135444) | (129114582) | 20862 |
| Eurex 30 Year Euro BUXL Futures | 72 | September 2025 | (10262341) | (10070630) | 191711 |
| TSE Japanese 10 Year Bond Futures | 112 | September 2025 | (108036402) | (108122912) | (86510) |
|  |  |  | $(412227825) | $(414040202) | $(1812377) |

---

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

Forward Foreign Currency Contracts Open on June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 28823 | INR | 29141 | 7/9/2025 | BNP | $– $| (318) | $(318) |
| USD | 28853 | INR | 29141 | 7/9/2025 | BNP | – | (288) | (288) |
| USD | 28857 | INR | 29141 | 7/9/2025 | BNP | – | (284) | (284) |
| USD | 28861 | INR | 29141 | 7/9/2025 | BNP | – | (280) | (280) |
| USD | 28862 | INR | 29141 | 7/9/2025 | BNP | – | (279) | (279) |
| USD | 28867 | INR | 29141 | 7/9/2025 | BNP | – | (274) | (274) |
| USD | 28869 | INR | 29141 | 7/9/2025 | BNP | – | (272) | (272) |
| USD | 28923 | INR | 29141 | 7/9/2025 | BNP | – | (218) | (218) |
| USD | 28931 | INR | 29141 | 7/9/2025 | BNP | – | (210) | (210) |
| USD | 28933 | INR | 29140 | 7/9/2025 | BNP | – | (207) | (207) |
| USD | 28935 | INR | 29141 | 7/9/2025 | BNP | – | (206) | (206) |
| USD | 28939 | INR | 29141 | 7/9/2025 | BNP | – | (202) | (202) |
| USD | 28943 | INR | 29141 | 7/9/2025 | BNP | – | (198) | (198) |
| USD | 28944 | INR | 29141 | 7/9/2025 | BNP | – | (197) | (197) |
| USD | 28947 | INR | 29141 | 7/9/2025 | BNP | – | (194) | (194) |
| USD | 28949 | INR | 29141 | 7/9/2025 | BNP | – | (192) | (192) |
| USD | 28970 | INR | 29141 | 7/9/2025 | BNP | – | (171) | (171) |
| USD | 28978 | INR | 29141 | 7/9/2025 | BNP | – | (163) | (163) |
| USD | 28980 | INR | 29141 | 7/9/2025 | BNP | – | (161) | (161) |
| USD | 28982 | INR | 29141 | 7/9/2025 | BNP | – | (159) | (159) |
| USD | 28983 | INR | 29141 | 7/9/2025 | BNP | – | (158) | (158) |
| USD | 28986 | INR | 29141 | 7/9/2025 | BNP | – | (155) | (155) |
| USD | 28988 | INR | 29141 | 7/9/2025 | BNP | – | (153) | (153) |
| USD | 28989 | INR | 29141 | 7/9/2025 | BNP | – | (152) | (152) |
| USD | 28990 | INR | 29141 | 7/9/2025 | BNP | – | (151) | (151) |
| USD | 28993 | INR | 29141 | 7/9/2025 | BNP | – | (148) | (148) |
| USD | 28994 | INR | 29141 | 7/9/2025 | BNP | – | (147) | (147) |
| USD | 28996 | INR | 29141 | 7/9/2025 | BNP | – | (145) | (145) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 28998 | INR | 29141 | 7/9/2025 | BNP | $– $| (143) | $(143) |
| USD | 29014 | INR | 29140 | 7/9/2025 | BNP | – | (126) | (126) |
| USD | 29020 | INR | 29141 | 7/9/2025 | BNP | – | (121) | (121) |
| USD | 29021 | INR | 29141 | 7/9/2025 | BNP | – | (120) | (120) |
| USD | 29022 | INR | 29141 | 7/9/2025 | BNP | – | (119) | (119) |
| USD | 29037 | INR | 29141 | 7/9/2025 | BNP | – | (104) | (104) |
| USD | 29044 | INR | 29141 | 7/9/2025 | BNP | – | (97) | (97) |
| USD | 29053 | INR | 29141 | 7/9/2025 | BNP | – | (88) | (88) |
| USD | 29078 | INR | 29141 | 7/9/2025 | BNP | – | (63) | (63) |
| USD | 29081 | INR | 29141 | 7/9/2025 | BNP | – | (60) | (60) |
| USD | 29101 | INR | 29141 | 7/9/2025 | BNP | – | (40) | (40) |
| USD | 29139 | INR | 29141 | 7/9/2025 | BNP | – | (2) | (2) |
| USD | 57643 | INR | 58282 | 7/9/2025 | BNP | – | (639) | (639) |
| USD | 57676 | INR | 58282 | 7/9/2025 | BNP | – | (606) | (606) |
| USD | 57703 | INR | 58282 | 7/9/2025 | BNP | – | (579) | (579) |
| USD | 57705 | INR | 58282 | 7/9/2025 | BNP | – | (577) | (577) |
| USD | 57713 | INR | 58281 | 7/9/2025 | BNP | – | (568) | (568) |
| USD | 57718 | INR | 58282 | 7/9/2025 | BNP | – | (564) | (564) |
| USD | 57719 | INR | 58282 | 7/9/2025 | BNP | – | (563) | (563) |
| USD | 57724 | INR | 58281 | 7/9/2025 | BNP | – | (557) | (557) |
| USD | 57744 | INR | 58282 | 7/9/2025 | BNP | – | (538) | (538) |
| USD | 57778 | INR | 58282 | 7/9/2025 | BNP | – | (504) | (504) |
| USD | 57868 | INR | 58282 | 7/9/2025 | BNP | – | (414) | (414) |
| USD | 57871 | INR | 58282 | 7/9/2025 | BNP | – | (411) | (411) |
| USD | 57872 | INR | 58282 | 7/9/2025 | BNP | – | (410) | (410) |
| USD | 57874 | INR | 58281 | 7/9/2025 | BNP | – | (407) | (407) |
| USD | 57881 | INR | 58282 | 7/9/2025 | BNP | – | (401) | (401) |
| USD | 57882 | INR | 58282 | 7/9/2025 | BNP | – | (400) | (400) |
| USD | 57883 | INR | 58282 | 7/9/2025 | BNP | – | (399) | (399) |
| USD | 57885 | INR | 58282 | 7/9/2025 | BNP | – | (397) | (397) |
| USD | 57886 | INR | 58281 | 7/9/2025 | BNP | – | (395) | (395) |
| USD | 57896 | INR | 58282 | 7/9/2025 | BNP | – | (386) | (386) |
| USD | 57904 | INR | 58282 | 7/9/2025 | BNP | – | (378) | (378) |
| USD | 57928 | INR | 58282 | 7/9/2025 | BNP | – | (354) | (354) |
| USD | 57929 | INR | 58281 | 7/9/2025 | BNP | – | (352) | (352) |
| USD | 57933 | INR | 58282 | 7/9/2025 | BNP | – | (349) | (349) |
| USD | 57936 | INR | 58282 | 7/9/2025 | BNP | – | (346) | (346) |
| USD | 57941 | INR | 58282 | 7/9/2025 | BNP | – | (341) | (341) |
| USD | 57946 | INR | 58282 | 7/9/2025 | BNP | – | (336) | (336) |
| USD | 57949 | INR | 58282 | 7/9/2025 | BNP | – | (333) | (333) |
| USD | 57952 | INR | 58282 | 7/9/2025 | BNP | – | (330) | (330) |
| USD | 57956 | INR | 58282 | 7/9/2025 | BNP | – | (326) | (326) |
| USD | 57960 | INR | 58282 | 7/9/2025 | BNP | – | (322) | (322) |
| USD | 57974 | INR | 58282 | 7/9/2025 | BNP | – | (308) | (308) |
| USD | 57982 | INR | 58282 | 7/9/2025 | BNP | – | (300) | (300) |
| USD | 57983 | INR | 58282 | 7/9/2025 | BNP | – | (299) | (299) |
| USD | 28992 | INR | 29141 | 7/9/2025 | BNP | – | (149) | (149) |
| USD | 28992 | INR | 29141 | 7/9/2025 | BNP | – | (149) | (149) |
| USD | 57985 | INR | 58282 | 7/9/2025 | BNP | – | (297) | (297) |
| USD | 28995 | INR | 29141 | 7/9/2025 | BNP | – | (146) | (146) |
| USD | 28995 | INR | 29141 | 7/9/2025 | BNP | – | (146) | (146) |
| USD | 57994 | INR | 58282 | 7/9/2025 | BNP | – | (288) | (288) |
| USD | 57995 | INR | 58282 | 7/9/2025 | BNP | – | (287) | (287) |
| USD | 57997 | INR | 58282 | 7/9/2025 | BNP | – | (285) | (285) |
| USD | 58002 | INR | 58282 | 7/9/2025 | BNP | – | (280) | (280) |
| USD | 58006 | INR | 58282 | 7/9/2025 | BNP | – | (276) | (276) |
| USD | 58009 | INR | 58282 | 7/9/2025 | BNP | – | (273) | (273) |
| USD | 58014 | INR | 58282 | 7/9/2025 | BNP | – | (268) | (268) |
| USD | 58019 | INR | 58282 | 7/9/2025 | BNP | – | (263) | (263) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 58021 | INR | 58281 | 7/9/2025 | BNP | $- | $(260) | $(260) |
| USD | 58026 | INR | 58282 | 7/9/2025 | BNP |  | (256) | (256) |
| USD | 58027 | INR | 58282 | 7/9/2025 | BNP |  | (255) | (255) |
| USD | 58028 | INR | 58282 | 7/9/2025 | BNP |  | (254) | (254) |
| USD | 58030 | INR | 58282 | 7/9/2025 | BNP |  | (252) | (252) |
| USD | 58032 | INR | 58282 | 7/9/2025 | BNP |  | (250) | (250) |
| USD | 58033 | INR | 58282 | 7/9/2025 | BNP |  | (249) | (249) |
| USD | 58035 | INR | 58282 | 7/9/2025 | BNP |  | (247) | (247) |
| USD | 58039 | INR | 58282 | 7/9/2025 | BNP |  | (243) | (243) |
| USD | 58040 | INR | 58282 | 7/9/2025 | BNP |  | (242) | (242) |
| USD | 58065 | INR | 58282 | 7/9/2025 | BNP |  | (217) | (217) |
| USD | 58066 | INR | 58282 | 7/9/2025 | BNP |  | (216) | (216) |
| USD | 58067 | INR | 58282 | 7/9/2025 | BNP |  | (215) | (215) |
| USD | 58068 | INR | 58282 | 7/9/2025 | BNP |  | (214) | (214) |
| USD | 58074 | INR | 58282 | 7/9/2025 | BNP |  | (208) | (208) |
| USD | 58077 | INR | 58281 | 7/9/2025 | BNP |  | (204) | (204) |
| USD | 58089 | INR | 58282 | 7/9/2025 | BNP |  | (193) | (193) |
| USD | 58112 | INR | 58282 | 7/9/2025 | BNP |  | (170) | (170) |
| USD | 58141 | INR | 58282 | 7/9/2025 | BNP |  | (141) | (141) |
| USD | 58410 | INR | 58282 | 7/9/2025 | BNP | 128 |  | 128 |
| USD | 86423 | INR | 87423 | 7/9/2025 | BNP |  | (1000) | (1000) |
| USD | 86441 | INR | 87423 | 7/9/2025 | BNP |  | (982) | (982) |
| USD | 86443 | INR | 87423 | 7/9/2025 | BNP |  | (980) | (980) |
| USD | 86447 | INR | 87423 | 7/9/2025 | BNP |  | (976) | (976) |
| USD | 86463 | INR | 87423 | 7/9/2025 | BNP |  | (960) | (960) |
| USD | 86466 | INR | 87422 | 7/9/2025 | BNP |  | (956) | (956) |
| USD | 86472 | INR | 87423 | 7/9/2025 | BNP |  | (951) | (951) |
| USD | 86493 | INR | 87423 | 7/9/2025 | BNP |  | (930) | (930) |
| USD | 86499 | INR | 87423 | 7/9/2025 | BNP |  | (924) | (924) |
| USD | 86508 | INR | 87423 | 7/9/2025 | BNP |  | (915) | (915) |
| USD | 86512 | INR | 87423 | 7/9/2025 | BNP |  | (911) | (911) |
| USD | 86519 | INR | 87423 | 7/9/2025 | BNP |  | (904) | (904) |
| USD | 86535 | INR | 87423 | 7/9/2025 | BNP |  | (888) | (888) |
| USD | 86559 | INR | 87423 | 7/9/2025 | BNP |  | (864) | (864) |
| USD | 86566 | INR | 87423 | 7/9/2025 | BNP |  | (857) | (857) |
| USD | 86571 | INR | 87423 | 7/9/2025 | BNP |  | (852) | (852) |
| USD | 86577 | INR | 87423 | 7/9/2025 | BNP |  | (846) | (846) |
| USD | 86580 | INR | 87422 | 7/9/2025 | BNP |  | (842) | (842) |
| USD | 86593 | INR | 87422 | 7/9/2025 | BNP |  | (829) | (829) |
| USD | 86602 | INR | 87423 | 7/9/2025 | BNP |  | (821) | (821) |
| USD | 86607 | INR | 87422 | 7/9/2025 | BNP |  | (815) | (815) |
| USD | 86778 | INR | 87423 | 7/9/2025 | BNP |  | (645) | (645) |
| USD | 86779 | INR | 87423 | 7/9/2025 | BNP |  | (644) | (644) |
| USD | 86782 | INR | 87423 | 7/9/2025 | BNP |  | (641) | (641) |
| USD | 86783 | INR | 87423 | 7/9/2025 | BNP |  | (640) | (640) |
| USD | 86794 | INR | 87423 | 7/9/2025 | BNP |  | (629) | (629) |
| USD | 86797 | INR | 87423 | 7/9/2025 | BNP |  | (626) | (626) |
| USD | 86802 | INR | 87423 | 7/9/2025 | BNP |  | (621) | (621) |
| USD | 86804 | INR | 87423 | 7/9/2025 | BNP |  | (619) | (619) |
| USD | 86805 | INR | 87423 | 7/9/2025 | BNP |  | (618) | (618) |
| USD | 86811 | INR | 87422 | 7/9/2025 | BNP |  | (611) | (611) |
| USD | 86819 | INR | 87423 | 7/9/2025 | BNP |  | (604) | (604) |
| USD | 86820 | INR | 87423 | 7/9/2025 | BNP |  | (603) | (603) |
| USD | 86821 | INR | 87423 | 7/9/2025 | BNP |  | (602) | (602) |
| USD | 86824 | INR | 87423 | 7/9/2025 | BNP |  | (599) | (599) |
| USD | 86841 | INR | 87423 | 7/9/2025 | BNP |  | (582) | (582) |
| USD | 86853 | INR | 87423 | 7/9/2025 | BNP |  | (570) | (570) |
| USD | 86867 | INR | 87422 | 7/9/2025 | BNP |  | (555) | (555) |
| USD | 86872 | INR | 87423 | 7/9/2025 | BNP |  | (551) | (551) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 86874 | INR | 87423 | 7/9/2025 | BNP | $– $| (549) | $(549) |
| USD | 86875 | INR | 87423 | 7/9/2025 | BNP | – | (548) | (548) |
| USD | 86876 | INR | 87422 | 7/9/2025 | BNP | – | (546) | (546) |
| USD | 86886 | INR | 87423 | 7/9/2025 | BNP | – | (537) | (537) |
| USD | 86892 | INR | 87423 | 7/9/2025 | BNP | – | (531) | (531) |
| USD | 86896 | INR | 87423 | 7/9/2025 | BNP | – | (527) | (527) |
| USD | 86897 | INR | 87422 | 7/9/2025 | BNP | – | (525) | (525) |
| USD | 86899 | INR | 87423 | 7/9/2025 | BNP | – | (524) | (524) |
| USD | 86907 | INR | 87423 | 7/9/2025 | BNP | – | (516) | (516) |
| USD | 86920 | INR | 87423 | 7/9/2025 | BNP | – | (503) | (503) |
| USD | 86921 | INR | 87423 | 7/9/2025 | BNP | – | (502) | (502) |
| USD | 86922 | INR | 87423 | 7/9/2025 | BNP | – | (501) | (501) |
| USD | 86925 | INR | 87423 | 7/9/2025 | BNP | – | (498) | (498) |
| USD | 86927 | INR | 87423 | 7/9/2025 | BNP | – | (496) | (496) |
| USD | 86930 | INR | 87422 | 7/9/2025 | BNP | – | (492) | (492) |
| USD | 86936 | INR | 87423 | 7/9/2025 | BNP | – | (487) | (487) |
| USD | 86946 | INR | 87422 | 7/9/2025 | BNP | – | (476) | (476) |
| USD | 86954 | INR | 87423 | 7/9/2025 | BNP | – | (469) | (469) |
| USD | 86957 | INR | 87423 | 7/9/2025 | BNP | – | (466) | (466) |
| USD | 86958 | INR | 87423 | 7/9/2025 | BNP | – | (465) | (465) |
| USD | 86962 | INR | 87423 | 7/9/2025 | BNP | – | (461) | (461) |
| USD | 86966 | INR | 87423 | 7/9/2025 | BNP | – | (457) | (457) |
| USD | 86969 | INR | 87423 | 7/9/2025 | BNP | – | (454) | (454) |
| USD | 86970 | INR | 87423 | 7/9/2025 | BNP | – | (453) | (453) |
| USD | 86972 | INR | 87423 | 7/9/2025 | BNP | – | (451) | (451) |
| USD | 86973 | INR | 87423 | 7/9/2025 | BNP | – | (450) | (450) |
| USD | 86976 | INR | 87423 | 7/9/2025 | BNP | – | (447) | (447) |
| USD | 86983 | INR | 87423 | 7/9/2025 | BNP | – | (440) | (440) |
| USD | 86986 | INR | 87423 | 7/9/2025 | BNP | – | (437) | (437) |
| USD | 86997 | INR | 87423 | 7/9/2025 | BNP | – | (426) | (426) |
| USD | 87001 | INR | 87423 | 7/9/2025 | BNP | – | (422) | (422) |
| USD | 87008 | INR | 87422 | 7/9/2025 | BNP | – | (414) | (414) |
| USD | 87009 | INR | 87423 | 7/9/2025 | BNP | – | (414) | (414) |
| USD | 87010 | INR | 87423 | 7/9/2025 | BNP | – | (413) | (413) |
| USD | 87018 | INR | 87423 | 7/9/2025 | BNP | – | (405) | (405) |
| USD | 87024 | INR | 87423 | 7/9/2025 | BNP | – | (399) | (399) |
| USD | 87037 | INR | 87423 | 7/9/2025 | BNP | – | (386) | (386) |
| USD | 87040 | INR | 87423 | 7/9/2025 | BNP | – | (383) | (383) |
| USD | 87047 | INR | 87423 | 7/9/2025 | BNP | – | (376) | (376) |
| USD | 87054 | INR | 87422 | 7/9/2025 | BNP | – | (368) | (368) |
| USD | 87059 | INR | 87423 | 7/9/2025 | BNP | – | (364) | (364) |
| USD | 87064 | INR | 87423 | 7/9/2025 | BNP | – | (359) | (359) |
| USD | 87084 | INR | 87422 | 7/9/2025 | BNP | – | (338) | (338) |
| USD | 87085 | INR | 87422 | 7/9/2025 | BNP | – | (337) | (337) |
| USD | 87089 | INR | 87423 | 7/9/2025 | BNP | – | (334) | (334) |
| USD | 87092 | INR | 87423 | 7/9/2025 | BNP | – | (331) | (331) |
| USD | 87095 | INR | 87423 | 7/9/2025 | BNP | – | (328) | (328) |
| USD | 87102 | INR | 87423 | 7/9/2025 | BNP | – | (321) | (321) |
| USD | 87114 | INR | 87423 | 7/9/2025 | BNP | – | (309) | (309) |
| USD | 87121 | INR | 87423 | 7/9/2025 | BNP | – | (302) | (302) |
| USD | 87145 | INR | 87423 | 7/9/2025 | BNP | – | (278) | (278) |
| USD | 87167 | INR | 87423 | 7/9/2025 | BNP | – | (256) | (256) |
| USD | 87195 | INR | 87423 | 7/9/2025 | BNP | – | (228) | (228) |
| USD | 87231 | INR | 87423 | 7/9/2025 | BNP | – | (192) | (192) |
| USD | 87235 | INR | 87423 | 7/9/2025 | BNP | – | (188) | (188) |
| USD | 87249 | INR | 87422 | 7/9/2025 | BNP | – | (173) | (173) |
| USD | 115248 | INR | 116564 | 7/9/2025 | BNP | – | (1316) | (1316) |
| USD | 115251 | INR | 116563 | 7/9/2025 | BNP | – | (1312) | (1312) |
| USD | 115258 | INR | 116564 | 7/9/2025 | BNP | – | (1306) | (1306) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 115267 | INR | 116564 | 7/9/2025 | BNP | $– $| (1297) | $(1297) |
| USD | 115268 | INR | 116563 | 7/9/2025 | BNP | – | (1295) | (1295) |
| USD | 115271 | INR | 116564 | 7/9/2025 | BNP | – | (1293) | (1293) |
| USD | 115275 | INR | 116563 | 7/9/2025 | BNP | – | (1288) | (1288) |
| USD | 115284 | INR | 116564 | 7/9/2025 | BNP | – | (1280) | (1280) |
| USD | 115293 | INR | 116563 | 7/9/2025 | BNP | – | (1270) | (1270) |
| USD | 115317 | INR | 116564 | 7/9/2025 | BNP | – | (1247) | (1247) |
| USD | 115320 | INR | 116563 | 7/9/2025 | BNP | – | (1243) | (1243) |
| USD | 115335 | INR | 116564 | 7/9/2025 | BNP | – | (1229) | (1229) |
| USD | 115352 | INR | 116564 | 7/9/2025 | BNP | – | (1212) | (1212) |
| USD | 57696 | INR | 58282 | 7/9/2025 | BNP | – | (586) | (586) |
| USD | 57696 | INR | 58282 | 7/9/2025 | BNP | – | (586) | (586) |
| USD | 115425 | INR | 116564 | 7/9/2025 | BNP | – | (1139) | (1139) |
| USD | 115461 | INR | 116563 | 7/9/2025 | BNP | – | (1102) | (1102) |
| USD | 57734 | INR | 58282 | 7/9/2025 | BNP | – | (548) | (548) |
| USD | 57734 | INR | 58282 | 7/9/2025 | BNP | – | (548) | (548) |
| USD | 57736 | INR | 58281 | 7/9/2025 | BNP | – | (545) | (545) |
| USD | 57736 | INR | 58282 | 7/9/2025 | BNP | – | (546) | (546) |
| USD | 115477 | INR | 116564 | 7/9/2025 | BNP | – | (1087) | (1087) |
| USD | 115539 | INR | 116564 | 7/9/2025 | BNP | – | (1025) | (1025) |
| USD | 115541 | INR | 116564 | 7/9/2025 | BNP | – | (1023) | (1023) |
| USD | 115565 | INR | 116564 | 7/9/2025 | BNP | – | (999) | (999) |
| USD | 115570 | INR | 116564 | 7/9/2025 | BNP | – | (994) | (994) |
| USD | 115579 | INR | 116564 | 7/9/2025 | BNP | – | (985) | (985) |
| USD | 115643 | INR | 116564 | 7/9/2025 | BNP | – | (921) | (921) |
| USD | 115735 | INR | 116563 | 7/9/2025 | BNP | – | (828) | (828) |
| USD | 57873 | INR | 58282 | 7/9/2025 | BNP | – | (409) | (409) |
| USD | 57873 | INR | 58282 | 7/9/2025 | BNP | – | (409) | (409) |
| USD | 115747 | INR | 116564 | 7/9/2025 | BNP | – | (817) | (817) |
| USD | 115753 | INR | 116564 | 7/9/2025 | BNP | – | (811) | (811) |
| USD | 57878 | INR | 58281 | 7/9/2025 | BNP | – | (403) | (403) |
| USD | 57878 | INR | 58282 | 7/9/2025 | BNP | – | (404) | (404) |
| USD | 57879 | INR | 58281 | 7/9/2025 | BNP | – | (402) | (402) |
| USD | 57879 | INR | 58282 | 7/9/2025 | BNP | – | (403) | (403) |
| USD | 115792 | INR | 116564 | 7/9/2025 | BNP | – | (772) | (772) |
| USD | 115803 | INR | 116564 | 7/9/2025 | BNP | – | (761) | (761) |
| USD | 115815 | INR | 116564 | 7/9/2025 | BNP | – | (749) | (749) |
| USD | 115823 | INR | 116564 | 7/9/2025 | BNP | – | (741) | (741) |
| USD | 115830 | INR | 116564 | 7/9/2025 | BNP | – | (734) | (734) |
| USD | 115842 | INR | 116564 | 7/9/2025 | BNP | – | (722) | (722) |
| USD | 115847 | INR | 116564 | 7/9/2025 | BNP | – | (717) | (717) |
| USD | 57934 | INR | 58282 | 7/9/2025 | BNP | – | (348) | (348) |
| USD | 57934 | INR | 58282 | 7/9/2025 | BNP | – | (348) | (348) |
| USD | 115933 | INR | 116564 | 7/9/2025 | BNP | – | (631) | (631) |
| USD | 57976 | INR | 58282 | 7/9/2025 | BNP | – | (306) | (306) |
| USD | 57976 | INR | 58282 | 7/9/2025 | BNP | – | (306) | (306) |
| USD | 115953 | INR | 116564 | 7/9/2025 | BNP | – | (611) | (611) |
| USD | 57977 | INR | 58282 | 7/9/2025 | BNP | – | (305) | (305) |
| USD | 57977 | INR | 58282 | 7/9/2025 | BNP | – | (305) | (305) |
| USD | 57978 | INR | 58282 | 7/9/2025 | BNP | – | (304) | (304) |
| USD | 57978 | INR | 58282 | 7/9/2025 | BNP | – | (304) | (304) |
| USD | 57980 | INR | 58282 | 7/9/2025 | BNP | – | (302) | (302) |
| USD | 57980 | INR | 58282 | 7/9/2025 | BNP | – | (302) | (302) |
| USD | 57981 | INR | 58282 | 7/9/2025 | BNP | – | (301) | (301) |
| USD | 57981 | INR | 58282 | 7/9/2025 | BNP | – | (301) | (301) |
| USD | 115966 | INR | 116563 | 7/9/2025 | BNP | – | (597) | (597) |
| USD | 115970 | INR | 116563 | 7/9/2025 | BNP | – | (593) | (593) |
| USD | 115972 | INR | 116564 | 7/9/2025 | BNP | – | (592) | (592) |
| USD | 115976 | INR | 116564 | 7/9/2025 | BNP | – | (588) | (588) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 57996 | INR | 58282 | 7/9/2025 | BNP | $– $| (286) | $(286) |
| USD | 57996 | INR | 58282 | 7/9/2025 | BNP | – | (286) | (286) |
| USD | 115994 | INR | 116563 | 7/9/2025 | BNP | – | (569) | (569) |
| USD | 57998 | INR | 58282 | 7/9/2025 | BNP | – | (284) | (284) |
| USD | 57998 | INR | 58282 | 7/9/2025 | BNP | – | (284) | (284) |
| USD | 115997 | INR | 116564 | 7/9/2025 | BNP | – | (567) | (567) |
| USD | 116014 | INR | 116564 | 7/9/2025 | BNP | – | (550) | (550) |
| USD | 116032 | INR | 116564 | 7/9/2025 | BNP | – | (532) | (532) |
| USD | 116039 | INR | 116564 | 7/9/2025 | BNP | – | (525) | (525) |
| USD | 116051 | INR | 116564 | 7/9/2025 | BNP | – | (513) | (513) |
| USD | 116055 | INR | 116564 | 7/9/2025 | BNP | – | (509) | (509) |
| USD | 116060 | INR | 116563 | 7/9/2025 | BNP | – | (503) | (503) |
| USD | 116075 | INR | 116563 | 7/9/2025 | BNP | – | (488) | (488) |
| USD | 58048 | INR | 58281 | 7/9/2025 | BNP | – | (233) | (233) |
| USD | 58048 | INR | 58281 | 7/9/2025 | BNP | – | (233) | (233) |
| USD | 116156 | INR | 116564 | 7/9/2025 | BNP | – | (408) | (408) |
| USD | 116167 | INR | 116564 | 7/9/2025 | BNP | – | (397) | (397) |
| USD | 116206 | INR | 116564 | 7/9/2025 | BNP | – | (358) | (358) |
| USD | 116255 | INR | 116564 | 7/9/2025 | BNP | – | (309) | (309) |
| USD | 144102 | INR | 145705 | 7/9/2025 | BNP | – | (1603) | (1603) |
| USD | 144103 | INR | 145705 | 7/9/2025 | BNP | – | (1602) | (1602) |
| USD | 144110 | INR | 145705 | 7/9/2025 | BNP | – | (1595) | (1595) |
| USD | 144113 | INR | 145705 | 7/9/2025 | BNP | – | (1592) | (1592) |
| USD | 144116 | INR | 145705 | 7/9/2025 | BNP | – | (1589) | (1589) |
| USD | 144118 | INR | 145704 | 7/9/2025 | BNP | – | (1586) | (1586) |
| USD | 144159 | INR | 145705 | 7/9/2025 | BNP | – | (1546) | (1546) |
| USD | 144184 | INR | 145705 | 7/9/2025 | BNP | – | (1521) | (1521) |
| USD | 144186 | INR | 145705 | 7/9/2025 | BNP | – | (1519) | (1519) |
| USD | 144290 | INR | 145705 | 7/9/2025 | BNP | – | (1415) | (1415) |
| USD | 144300 | INR | 145704 | 7/9/2025 | BNP | – | (1404) | (1404) |
| USD | 144311 | INR | 145705 | 7/9/2025 | BNP | – | (1394) | (1394) |
| USD | 144414 | INR | 145704 | 7/9/2025 | BNP | – | (1290) | (1290) |
| USD | 144428 | INR | 145705 | 7/9/2025 | BNP | – | (1277) | (1277) |
| USD | 144447 | INR | 145705 | 7/9/2025 | BNP | – | (1258) | (1258) |
| USD | 144452 | INR | 145705 | 7/9/2025 | BNP | – | (1253) | (1253) |
| USD | 144453 | INR | 145705 | 7/9/2025 | BNP | – | (1252) | (1252) |
| USD | 144462 | INR | 145705 | 7/9/2025 | BNP | – | (1243) | (1243) |
| USD | 144621 | INR | 145705 | 7/9/2025 | BNP | – | (1084) | (1084) |
| USD | 144653 | INR | 145705 | 7/9/2025 | BNP | – | (1052) | (1052) |
| USD | 144671 | INR | 145705 | 7/9/2025 | BNP | – | (1034) | (1034) |
| USD | 144809 | INR | 145704 | 7/9/2025 | BNP | – | (895) | (895) |
| USD | 144813 | INR | 145704 | 7/9/2025 | BNP | – | (891) | (891) |
| USD | 144834 | INR | 145705 | 7/9/2025 | BNP | – | (871) | (871) |
| USD | 144933 | INR | 145704 | 7/9/2025 | BNP | – | (771) | (771) |
| USD | 144967 | INR | 145705 | 7/9/2025 | BNP | – | (738) | (738) |
| USD | 145006 | INR | 145705 | 7/9/2025 | BNP | – | (699) | (699) |
| USD | 145042 | INR | 145705 | 7/9/2025 | BNP | – | (663) | (663) |
| USD | 145081 | INR | 145705 | 7/9/2025 | BNP | – | (624) | (624) |
| USD | 145117 | INR | 145704 | 7/9/2025 | BNP | – | (587) | (587) |
| USD | 145135 | INR | 145705 | 7/9/2025 | BNP | – | (570) | (570) |
| USD | 145214 | INR | 145705 | 7/9/2025 | BNP | – | (491) | (491) |
| USD | 145248 | INR | 145705 | 7/9/2025 | BNP | – | (457) | (457) |
| USD | 145371 | INR | 145705 | 7/9/2025 | BNP | – | (334) | (334) |
| USD | 172896 | INR | 174845 | 7/9/2025 | BNP | – | (1949) | (1949) |
| USD | 172999 | INR | 174845 | 7/9/2025 | BNP | – | (1846) | (1846) |
| USD | 86563 | INR | 87422 | 7/9/2025 | BNP | – | (859) | (859) |
| USD | 86563 | INR | 87422 | 7/9/2025 | BNP | – | (859) | (859) |
| USD | 86601 | INR | 87422 | 7/9/2025 | BNP | – | (821) | (821) |
| USD | 86601 | INR | 87423 | 7/9/2025 | BNP | – | (822) | (822) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 173262 | INR | 174845 | 7/9/2025 | BNP | $- | $(1583) | $(1583) |
| USD | 173306 | INR | 174845 | 7/9/2025 | BNP |  | (1539) | (1539) |
| USD | 173310 | INR | 174846 | 7/9/2025 | BNP |  | (1536) | (1536) |
| USD | 173474 | INR | 174846 | 7/9/2025 | BNP |  | (1372) | (1372) |
| USD | 57877 | INR | 58282 | 7/9/2025 | BNP |  | (405) | (405) |
| USD | 57877 | INR | 58282 | 7/9/2025 | BNP |  | (405) | (405) |
| USD | 57877 | INR | 58282 | 7/9/2025 | BNP |  | (405) | (405) |
| USD | 86901 | INR | 87423 | 7/9/2025 | BNP |  | (522) | (522) |
| USD | 86901 | INR | 87422 | 7/9/2025 | BNP |  | (521) | (521) |
| USD | 86904 | INR | 87422 | 7/9/2025 | BNP |  | (518) | (518) |
| USD | 86904 | INR | 87423 | 7/9/2025 | BNP |  | (519) | (519) |
| USD | 86905 | INR | 87423 | 7/9/2025 | BNP |  | (518) | (518) |
| USD | 86905 | INR | 87423 | 7/9/2025 | BNP |  | (518) | (518) |
| USD | 57984 | INR | 58282 | 7/9/2025 | BNP |  | (298) | (298) |
| USD | 57984 | INR | 58282 | 7/9/2025 | BNP |  | (298) | (298) |
| USD | 57984 | INR | 58281 | 7/9/2025 | BNP |  | (297) | (297) |
| USD | 57993 | INR | 58282 | 7/9/2025 | BNP |  | (289) | (289) |
| USD | 57994 | INR | 58282 | 7/9/2025 | BNP |  | (288) | (288) |
| USD | 57993 | INR | 58282 | 7/9/2025 | BNP |  | (289) | (289) |
| USD | 87002 | INR | 87423 | 7/9/2025 | BNP |  | (421) | (421) |
| USD | 87002 | INR | 87423 | 7/9/2025 | BNP |  | (421) | (421) |
| USD | 58013 | INR | 58282 | 7/9/2025 | BNP |  | (269) | (269) |
| USD | 58013 | INR | 58282 | 7/9/2025 | BNP |  | (269) | (269) |
| USD | 58013 | INR | 58282 | 7/9/2025 | BNP |  | (269) | (269) |
| USD | 87036 | INR | 87423 | 7/9/2025 | BNP |  | (387) | (387) |
| USD | 87036 | INR | 87423 | 7/9/2025 | BNP |  | (387) | (387) |
| USD | 87046 | INR | 87423 | 7/9/2025 | BNP |  | (377) | (377) |
| USD | 87046 | INR | 87422 | 7/9/2025 | BNP |  | (376) | (376) |
| USD | 174134 | INR | 174846 | 7/9/2025 | BNP |  | (712) | (712) |
| USD | 87088 | INR | 87423 | 7/9/2025 | BNP |  | (335) | (335) |
| USD | 87088 | INR | 87422 | 7/9/2025 | BNP |  | (334) | (334) |
| USD | 174179 | INR | 174846 | 7/9/2025 | BNP |  | (667) | (667) |
| USD | 174232 | INR | 174845 | 7/9/2025 | BNP |  | (613) | (613) |
| USD | 174237 | INR | 174845 | 7/9/2025 | BNP |  | (608) | (608) |
| USD | 174242 | INR | 174845 | 7/9/2025 | BNP |  | (603) | (603) |
| USD | 174309 | INR | 174845 | 7/9/2025 | BNP |  | (536) | (536) |
| USD | 174379 | INR | 174845 | 7/9/2025 | BNP |  | (466) | (466) |
| USD | 174425 | INR | 174846 | 7/9/2025 | BNP |  | (421) | (421) |
| USD | 174596 | INR | 174845 | 7/9/2025 | BNP |  | (249) | (249) |
| USD | 174649 | INR | 174845 | 7/9/2025 | BNP |  | (196) | (196) |
| USD | 174716 | INR | 174846 | 7/9/2025 | BNP |  | (130) | (130) |
| USD | 201939 | INR | 203987 | 7/9/2025 | BNP |  | (2048) | (2048) |
| USD | 202195 | INR | 203986 | 7/9/2025 | BNP |  | (1791) | (1791) |
| USD | 202228 | INR | 203987 | 7/9/2025 | BNP |  | (1759) | (1759) |
| USD | 203274 | INR | 203986 | 7/9/2025 | BNP |  | (712) | (712) |
| USD | 203275 | INR | 203986 | 7/9/2025 | BNP |  | (711) | (711) |
| USD | 203337 | INR | 203986 | 7/9/2025 | BNP |  | (649) | (649) |
| USD | 203498 | INR | 203987 | 7/9/2025 | BNP |  | (489) | (489) |
| USD | 203500 | INR | 203986 | 7/9/2025 | BNP |  | (486) | (486) |
| USD | 203548 | INR | 203987 | 7/9/2025 | BNP |  | (439) | (439) |
| USD | 203913 | INR | 203987 | 7/9/2025 | BNP |  | (74) | (74) |
| USD | 204096 | INR | 203987 | 7/9/2025 | BNP | 109 |  | 109 |
| USD | 205631 | INR | 203987 | 7/9/2025 | BNP | 1644 |  | 1644 |
| USD | 230761 | INR | 233128 | 7/9/2025 | BNP |  | (2367) | (2367) |
| USD | 231371 | INR | 233128 | 7/9/2025 | BNP |  | (1757) | (1757) |
| USD | 115713 | INR | 116564 | 7/9/2025 | BNP |  | (851) | (851) |
| USD | 115713 | INR | 116564 | 7/9/2025 | BNP |  | (851) | (851) |
| USD | 232264 | INR | 233128 | 7/9/2025 | BNP |  | (864) | (864) |
| USD | 232288 | INR | 233127 | 7/9/2025 | BNP |  | (839) | (839) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 232306 | INR | 233127 | 7/9/2025 | BNP | $- | $(821) | $(821) |
| USD | 232404 | INR | 233127 | 7/9/2025 | BNP |  | (723) | (723) |
| USD | 232637 | INR | 233128 | 7/9/2025 | BNP |  | (491) | (491) |
| USD | 232861 | INR | 233127 | 7/9/2025 | BNP |  | (266) | (266) |
| USD | 234660 | INR | 233127 | 7/9/2025 | BNP | 1533 |  | 1533 |
| USD | 259492 | INR | 262268 | 7/9/2025 | BNP |  | (2776) | (2776) |
| USD | 259580 | INR | 262269 | 7/9/2025 | BNP |  | (2689) | (2689) |
| USD | 259983 | INR | 262268 | 7/9/2025 | BNP |  | (2285) | (2285) |
| USD | 260362 | INR | 262268 | 7/9/2025 | BNP |  | (1906) | (1906) |
| USD | 261417 | INR | 262269 | 7/9/2025 | BNP |  | (852) | (852) |
| USD | 261430 | INR | 262268 | 7/9/2025 | BNP |  | (838) | (838) |
| USD | 261616 | INR | 262268 | 7/9/2025 | BNP |  | (652) | (652) |
| USD | 261975 | INR | 262268 | 7/9/2025 | BNP |  | (293) | (293) |
| USD | 261995 | INR | 262268 | 7/9/2025 | BNP |  | (273) | (273) |
| USD | 262160 | INR | 262268 | 7/9/2025 | BNP |  | (108) | (108) |
| USD | 288930 | INR | 291409 | 7/9/2025 | BNP |  | (2479) | (2479) |
| USD | 289223 | INR | 291409 | 7/9/2025 | BNP |  | (2186) | (2186) |
| USD | 290336 | INR | 291409 | 7/9/2025 | BNP |  | (1073) | (1073) |
| USD | 290344 | INR | 291409 | 7/9/2025 | BNP |  | (1065) | (1065) |
| USD | 290349 | INR | 291409 | 7/9/2025 | BNP |  | (1060) | (1060) |
| USD | 290495 | INR | 291409 | 7/9/2025 | BNP |  | (914) | (914) |
| USD | 290504 | INR | 291409 | 7/9/2025 | BNP |  | (905) | (905) |
| USD | 290545 | INR | 291410 | 7/9/2025 | BNP |  | (865) | (865) |
| USD | 290688 | INR | 291409 | 7/9/2025 | BNP |  | (721) | (721) |
| USD | 291208 | INR | 291410 | 7/9/2025 | BNP |  | (202) | (202) |
| USD | 345468 | INR | 349691 | 7/9/2025 | BNP |  | (4223) | (4223) |
| USD | 348614 | INR | 349691 | 7/9/2025 | BNP |  | (1077) | (1077) |
| USD | 377461 | INR | 378832 | 7/9/2025 | BNP |  | (1371) | (1371) |
| USD | 377986 | INR | 378832 | 7/9/2025 | BNP |  | (846) | (846) |
| USD | 406385 | INR | 407973 | 7/9/2025 | BNP |  | (1588) | (1588) |
| USD | 406419 | INR | 407973 | 7/9/2025 | BNP |  | (1554) | (1554) |
| USD | 406509 | INR | 407973 | 7/9/2025 | BNP |  | (1464) | (1464) |
| USD | 406544 | INR | 407973 | 7/9/2025 | BNP |  | (1429) | (1429) |
| USD | 406654 | INR | 407973 | 7/9/2025 | BNP |  | (1319) | (1319) |
| USD | 406684 | INR | 407973 | 7/9/2025 | BNP |  | (1289) | (1289) |
| USD | 406756 | INR | 407973 | 7/9/2025 | BNP |  | (1217) | (1217) |
| USD | 406811 | INR | 407973 | 7/9/2025 | BNP |  | (1162) | (1162) |
| USD | 407289 | INR | 407973 | 7/9/2025 | BNP |  | (684) | (684) |
| USD | 432645 | INR | 437114 | 7/9/2025 | BNP |  | (4469) | (4469) |
| USD | 435626 | INR | 437114 | 7/9/2025 | BNP |  | (1488) | (1488) |
| USD | 435891 | INR | 437113 | 7/9/2025 | BNP |  | (1222) | (1222) |
| USD | 436124 | INR | 437114 | 7/9/2025 | BNP |  | (990) | (990) |
| USD | 436194 | INR | 437114 | 7/9/2025 | BNP |  | (920) | (920) |
| USD | 230825 | INR | 233127 | 7/9/2025 | BNP |  | (2302) | (2302) |
| USD | 230825 | INR | 233127 | 7/9/2025 | BNP |  | (2302) | (2302) |
| USD | 464452 | INR | 466255 | 7/9/2025 | BNP |  | (1803) | (1803) |
| USD | 464614 | INR | 466255 | 7/9/2025 | BNP |  | (1641) | (1641) |
| USD | 466070 | INR | 466255 | 7/9/2025 | BNP |  | (185) | (185) |
| USD | 489157 | INR | 495395 | 7/9/2025 | BNP |  | (6238) | (6238) |
| USD | 522466 | INR | 524537 | 7/9/2025 | BNP |  | (2071) | (2071) |
| USD | 522975 | INR | 524537 | 7/9/2025 | BNP |  | (1562) | (1562) |
| USD | 523054 | INR | 524537 | 7/9/2025 | BNP |  | (1483) | (1483) |
| USD | 548322 | INR | 553678 | 7/9/2025 | BNP |  | (5356) | (5356) |
| USD | 551729 | INR | 553678 | 7/9/2025 | BNP |  | (1949) | (1949) |
| USD | 551739 | INR | 553678 | 7/9/2025 | BNP |  | (1939) | (1939) |
| USD | 551771 | INR | 553677 | 7/9/2025 | BNP |  | (1906) | (1906) |
| USD | 552898 | INR | 553678 | 7/9/2025 | BNP |  | (780) | (780) |
| USD | 580801 | INR | 582818 | 7/9/2025 | BNP |  | (2017) | (2017) |
| USD | 580818 | INR | 582819 | 7/9/2025 | BNP |  | (2001) | (2001) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 581044 | INR | 582818 | 7/9/2025 | BNP | $- | $(1774) | $(1774) |
| USD | 581619 | INR | 582819 | 7/9/2025 | BNP |  | (1200) | (1200) |
| USD | 611247 | INR | 611959 | 7/9/2025 | BNP |  | (712) | (712) |
| USD | 633217 | INR | 641100 | 7/9/2025 | BNP |  | (7883) | (7883) |
| USD | 638932 | INR | 641101 | 7/9/2025 | BNP |  | (2169) | (2169) |
| USD | 644555 | INR | 641100 | 7/9/2025 | BNP | 3455 |  | 3455 |
| USD | 661521 | INR | 670241 | 7/9/2025 | BNP |  | (8720) | (8720) |
| USD | 669710 | INR | 670242 | 7/9/2025 | BNP |  | (532) | (532) |
| USD | 698342 | INR | 699382 | 7/9/2025 | BNP |  | (1040) | (1040) |
| USD | 734473 | INR | 728523 | 7/9/2025 | BNP | 5950 |  | 5950 |
| USD | 750214 | INR | 757665 | 7/9/2025 | BNP |  | (7451) | (7451) |
| USD | 785130 | INR | 786805 | 7/9/2025 | BNP |  | (1675) | (1675) |
| USD | 806080 | INR | 815946 | 7/9/2025 | BNP |  | (9866) | (9866) |
| USD | 892179 | INR | 903369 | 7/9/2025 | BNP |  | (11190) | (11190) |
| USD | 892600 | INR | 903369 | 7/9/2025 | BNP |  | (10769) | (10769) |
| USD | 922203 | INR | 932510 | 7/9/2025 | BNP |  | (10307) | (10307) |
| USD | 952029 | INR | 961650 | 7/9/2025 | BNP |  | (9621) | (9621) |
| USD | 979703 | INR | 990792 | 7/9/2025 | BNP |  | (11089) | (11089) |
| USD | 1006974 | INR | 1019932 | 7/9/2025 | BNP |  | (12958) | (12958) |
| USD | 1026164 | INR | 1019932 | 7/9/2025 | BNP | 6232 |  | 6232 |
| USD | 1038370 | INR | 1049073 | 7/9/2025 | BNP |  | (10703) | (10703) |
| USD | 1048484 | INR | 1049073 | 7/9/2025 | BNP |  | (589) | (589) |
| USD | 1161845 | INR | 1165637 | 7/9/2025 | BNP |  | (3792) | (3792) |
| USD | 1189469 | INR | 1194778 | 7/9/2025 | BNP |  | (5309) | (5309) |
| USD | 1190144 | INR | 1194778 | 7/9/2025 | BNP |  | (4634) | (4634) |
| USD | 1253511 | INR | 1268264 | 7/9/2025 | BNP |  | (14753) | (14753) |
| USD | 1269109 | INR | 1282201 | 7/9/2025 | BNP |  | (13092) | (13092) |
| USD | 1280665 | INR | 1282201 | 7/9/2025 | BNP |  | (1536) | (1536) |
| USD | 1367255 | INR | 1383560 | 7/9/2025 | BNP |  | (16305) | (16305) |
| USD | 1566786 | INR | 1573610 | 7/9/2025 | BNP |  | (6824) | (6824) |
| USD | 1800420 | INR | 1806737 | 7/9/2025 | BNP |  | (6317) | (6317) |
| USD | 1964602 | INR | 1952442 | 7/9/2025 | BNP | 12160 |  | 12160 |
| USD | 1968504 | INR | 1952442 | 7/9/2025 | BNP | 16062 |  | 16062 |
| USD | 1992655 | INR | 1981583 | 7/9/2025 | BNP | 11072 |  | 11072 |
| INR | 29141 | USD | 29114 | 7/9/2025 | BNP | 27 |  | 27 |
| INR | 29141 | USD | 29118 | 7/9/2025 | BNP | 23 |  | 23 |
| INR | 29141 | USD | 29125 | 7/9/2025 | BNP | 16 |  | 16 |
| INR | 29141 | USD | 29129 | 7/9/2025 | BNP | 12 |  | 12 |
| INR | 29141 | USD | 29130 | 7/9/2025 | BNP | 11 |  | 11 |
| INR | 29141 | USD | 29135 | 7/9/2025 | BNP | 6 |  | 6 |
| INR | 29141 | USD | 29141 | 7/9/2025 | BNP |  |  |  |
| INR | 29141 | USD | 29210 | 7/9/2025 | BNP |  | (69) | (69) |
| INR | 29141 | USD | 29214 | 7/9/2025 | BNP |  | (73) | (73) |
| INR | 29141 | USD | 29223 | 7/9/2025 | BNP |  | (82) | (82) |
| USD | 2902142 | INR | 2914092 | 7/9/2025 | BNP |  | (11950) | (11950) |
| USD | 4496763 | INR | 4516843 | 7/9/2025 | BNP |  | (20080) | (20080) |
| USD | 8124085 | INR | 8217741 | 7/9/2025 | BNP |  | (93656) | (93656) |
| INR | 116564 | USD | 116569 | 7/9/2025 | BNP |  | (5) | (5) |
| USD | 13231856 | INR | 13200839 | 7/9/2025 | BNP | 31017 |  | 31017 |
| INR | 699382 | USD | 699374 | 7/9/2025 | BNP | 8 |  | 8 |
| INR | 728523 | USD | 727968 | 7/9/2025 | BNP | 555 |  | 555 |
| INR | 728523 | USD | 728455 | 7/9/2025 | BNP | 68 |  | 68 |
| INR | 786805 | USD | 786325 | 7/9/2025 | BNP | 480 |  | 480 |
| INR | 815946 | USD | 815420 | 7/9/2025 | BNP | 526 |  | 526 |
| INR | 815946 | USD | 815480 | 7/9/2025 | BNP | 466 |  | 466 |
| INR | 815946 | USD | 816022 | 7/9/2025 | BNP |  | (76) | (76) |
| INR | 845087 | USD | 842426 | 7/9/2025 | BNP | 2661 |  | 2661 |
| INR | 874228 | USD | 869703 | 7/9/2025 | BNP | 4525 |  | 4525 |
| INR | 874228 | USD | 869979 | 7/9/2025 | BNP | 4249 |  | 4249 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| INR | 874228 | USD | 873619 | 7/9/2025 | BNP | $609 | $- | $609 |
| INR | 932510 | USD | 927895 | 7/9/2025 | BNP | 4615 |  | 4615 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;1019932 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1019861 | 7/9/2025 | BNP | 71 |  | 71 |
| INR | 1019932 | USD | 1019873 | 7/9/2025 | BNP | 59 |  | 59 |
| INR | 1078214 | USD | 1072532 | 7/9/2025 | BNP | 5682 |  | 5682 |
| INR | 1107355 | USD | 1102523 | 7/9/2025 | BNP | 4832 |  | 4832 |
| INR | 1107355 | USD | 1102881 | 7/9/2025 | BNP | 4474 |  | 4474 |
| INR | 1107355 | USD | 1106557 | 7/9/2025 | BNP | 798 |  | 798 |
| INR | 1107355 | USD | 1106653 | 7/9/2025 | BNP | 702 |  | 702 |
| INR | 1107355 | USD | 1107200 | 7/9/2025 | BNP | 155 |  | 155 |
| INR | 1223919 | USD | 1217890 | 7/9/2025 | BNP | 6029 |  | 6029 |
| INR | 1253060 | USD | 1247019 | 7/9/2025 | BNP | 6041 |  | 6041 |
| INR | 1253060 | USD | 1249494 | 7/9/2025 | BNP | 3566 |  | 3566 |
| INR | 1282201 | USD | 1281111 | 7/9/2025 | BNP | 1090 |  | 1090 |
| INR | 1282201 | USD | 1281324 | 7/9/2025 | BNP | 877 |  | 877 |
| INR | 1311342 | USD | 1305210 | 7/9/2025 | BNP | 6132 |  | 6132 |
| INR | 1311342 | USD | 1310227 | 7/9/2025 | BNP | 1115 |  | 1115 |
| INR | 1311342 | USD | 1310593 | 7/9/2025 | BNP | 749 |  | 749 |
| INR | 1340483 | USD | 1339732 | 7/9/2025 | BNP | 751 |  | 751 |
| INR | 1340483 | USD | 1339749 | 7/9/2025 | BNP | 734 |  | 734 |
| INR | 1369623 | USD | 1362920 | 7/9/2025 | BNP | 6703 |  | 6703 |
| INR | 1427905 | USD | 1420789 | 7/9/2025 | BNP | 7116 |  | 7116 |
| INR | 1427905 | USD | 1420930 | 7/9/2025 | BNP | 6975 |  | 6975 |
| INR | 1457046 | USD | 1449310 | 7/9/2025 | BNP | 7736 |  | 7736 |
| INR | 1457046 | USD | 1450346 | 7/9/2025 | BNP | 6700 |  | 6700 |
| INR | 1457046 | USD | 1451103 | 7/9/2025 | BNP | 5943 |  | 5943 |
| INR | 1457046 | USD | 1457267 | 7/9/2025 | BNP |  | (221) | (221) |
| INR | 1515328 | USD | 1510790 | 7/9/2025 | BNP | 4538 |  | 4538 |
| INR | 1544469 | USD | 1536410 | 7/9/2025 | BNP | 8059 |  | 8059 |
| INR | 1573610 | USD | 1565662 | 7/9/2025 | BNP | 7948 |  | 7948 |
| INR | 1631892 | USD | 1624228 | 7/9/2025 | BNP | 7664 |  | 7664 |
| INR | 1631892 | USD | 1631455 | 7/9/2025 | BNP | 437 |  | 437 |
| INR | 1661033 | USD | 1654922 | 7/9/2025 | BNP | 6111 |  | 6111 |
| INR | 1690174 | USD | 1682271 | 7/9/2025 | BNP | 7903 |  | 7903 |
| INR | 1690174 | USD | 1689390 | 7/9/2025 | BNP | 784 |  | 784 |
| INR | 1690174 | USD | 1690016 | 7/9/2025 | BNP | 158 |  | 158 |
| INR | 1690174 | USD | 1690213 | 7/9/2025 | BNP |  | (39) | (39) |
| INR | 1748456 | USD | 1747763 | 7/9/2025 | BNP | 693 |  | 693 |
| INR | 1777596 | USD | 1769863 | 7/9/2025 | BNP | 7733 |  | 7733 |
| INR | 1806737 | USD | 1800859 | 7/9/2025 | BNP | 5878 |  | 5878 |
| INR | 1806737 | USD | 1805382 | 7/9/2025 | BNP | 1355 |  | 1355 |
| INR | 1894160 | USD | 1884950 | 7/9/2025 | BNP | 9210 |  | 9210 |
| INR | 2010724 | USD | 2001406 | 7/9/2025 | BNP | 9318 |  | 9318 |
| INR | 2039865 | USD | 2030331 | 7/9/2025 | BNP | 9534 |  | 9534 |
| INR | 49976687 | USD | 50408440 | 7/9/2025 | BNP |  | (431753) | (431753) |
| USD | 132366 | PHP | 133097 | 7/23/2025 | BNP |  | (731) | (731) |
| USD | 132401 | PHP | 133097 | 7/23/2025 | BNP |  | (696) | (696) |
| USD | 132953 | PHP | 133097 | 7/23/2025 | BNP |  | (144) | (144) |
| USD | 176491 | PHP | 177463 | 7/23/2025 | BNP |  | (972) | (972) |
| PHP | 44366 | USD | 44696 | 7/23/2025 | BNP |  | (330) | (330) |
| PHP | 44366 | USD | 44858 | 7/23/2025 | BNP |  | (492) | (492) |
| PHP | 221829 | USD | 224163 | 7/23/2025 | BNP |  | (2334) | (2334) |
| PHP | 461445 | USD | 458130 | 7/23/2025 | BNP | 3315 |  | 3315 |
| PHP | 4196956 | USD | 4168028 | 7/23/2025 | BNP | 28928 |  | 28928 |
| INR | 29110 | USD | 29181 | 8/6/2025 | BNP |  | (71) | (71) |
| INR | 29110 | USD | 29182 | 8/6/2025 | BNP |  | (72) | (72) |
| INR | 29110 | USD | 29184 | 8/6/2025 | BNP |  | (74) | (74) |
| INR | 29110 | USD | 29187 | 8/6/2025 | BNP |  | (77) | (77) |
| INR | 29110 | USD | 29188 | 8/6/2025 | BNP |  | (78) | (78) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| INR | 29110 | USD | 29189 | 8/6/2025 | BNP | $- | $(79) | $(79) |
| INR | 29110 | USD | 29192 | 8/6/2025 | BNP |  | (82) | (82) |
| INR | 29110 | USD | 29195 | 8/6/2025 | BNP |  | (85) | (85) |
| INR | 29110 | USD | 29201 | 8/6/2025 | BNP |  | (91) | (91) |
| INR | 58219 | USD | 58342 | 8/6/2025 | BNP |  | (123) | (123) |
| INR | 58219 | USD | 58346 | 8/6/2025 | BNP |  | (127) | (127) |
| INR | 58219 | USD | 58353 | 8/6/2025 | BNP |  | (134) | (134) |
| INR | 58219 | USD | 58360 | 8/6/2025 | BNP |  | (141) | (141) |
| INR | 58219 | USD | 58361 | 8/6/2025 | BNP |  | (142) | (142) |
| INR | 58219 | USD | 58364 | 8/6/2025 | BNP |  | (145) | (145) |
| INR | 58219 | USD | 58365 | 8/6/2025 | BNP |  | (146) | (146) |
| INR | 58219 | USD | 58370 | 8/6/2025 | BNP |  | (151) | (151) |
| INR | 58219 | USD | 58370 | 8/6/2025 | BNP |  | (151) | (151) |
| INR | 58219 | USD | 58372 | 8/6/2025 | BNP |  | (153) | (153) |
| INR | 58219 | USD | 58375 | 8/6/2025 | BNP |  | (156) | (156) |
| INR | 58219 | USD | 58376 | 8/6/2025 | BNP |  | (157) | (157) |
| INR | 58219 | USD | 58377 | 8/6/2025 | BNP |  | (158) | (158) |
| INR | 58219 | USD | 58380 | 8/6/2025 | BNP |  | (161) | (161) |
| INR | 58219 | USD | 58387 | 8/6/2025 | BNP |  | (168) | (168) |
| INR | 58219 | USD | 58392 | 8/6/2025 | BNP |  | (173) | (173) |
| INR | 58219 | USD | 58398 | 8/6/2025 | BNP |  | (179) | (179) |
| INR | 58219 | USD | 58401 | 8/6/2025 | BNP |  | (182) | (182) |
| INR | 58219 | USD | 58403 | 8/6/2025 | BNP |  | (184) | (184) |
| INR | 58219 | USD | 58410 | 8/6/2025 | BNP |  | (191) | (191) |
| INR | 87329 | USD | 87538 | 8/6/2025 | BNP |  | (209) | (209) |
| INR | 87329 | USD | 87547 | 8/6/2025 | BNP |  | (218) | (218) |
| INR | 87329 | USD | 87552 | 8/6/2025 | BNP |  | (223) | (223) |
| INR | 87329 | USD | 87581 | 8/6/2025 | BNP |  | (252) | (252) |
| INR | 87329 | USD | 87584 | 8/6/2025 | BNP |  | (255) | (255) |
| INR | 87329 | USD | 87586 | 8/6/2025 | BNP |  | (257) | (257) |
| INR | 87329 | USD | 87606 | 8/6/2025 | BNP |  | (277) | (277) |
| INR | 87329 | USD | 87607 | 8/6/2025 | BNP |  | (278) | (278) |
| INR | 87329 | USD | 87622 | 8/6/2025 | BNP |  | (293) | (293) |
| INR | 58219 | USD | 58368 | 8/6/2025 | BNP |  | (149) | (149) |
| INR | 58219 | USD | 58368 | 8/6/2025 | BNP |  | (149) | (149) |
| INR | 116438 | USD | 116760 | 8/6/2025 | BNP |  | (322) | (322) |
| INR | 116438 | USD | 116792 | 8/6/2025 | BNP |  | (354) | (354) |
| INR | 116438 | USD | 116807 | 8/6/2025 | BNP |  | (369) | (369) |
| INR | 116438 | USD | 116810 | 8/6/2025 | BNP |  | (372) | (372) |
| INR | 116438 | USD | 116817 | 8/6/2025 | BNP |  | (379) | (379) |
| INR | 145548 | USD | 145962 | 8/6/2025 | BNP |  | (414) | (414) |
| INR | 145548 | USD | 145991 | 8/6/2025 | BNP |  | (443) | (443) |
| INR | 145548 | USD | 146000 | 8/6/2025 | BNP |  | (452) | (452) |
| INR | 145548 | USD | 146013 | 8/6/2025 | BNP |  | (465) | (465) |
| INR | 145548 | USD | 146017 | 8/6/2025 | BNP |  | (469) | (469) |
| INR | 174657 | USD | 175216 | 8/6/2025 | BNP |  | (559) | (559) |
| INR | 203767 | USD | 204404 | 8/6/2025 | BNP |  | (637) | (637) |
| INR | 203767 | USD | 204406 | 8/6/2025 | BNP |  | (639) | (639) |
| INR | 232876 | USD | 233525 | 8/6/2025 | BNP |  | (649) | (649) |
| INR | 232876 | USD | 233615 | 8/6/2025 | BNP |  | (739) | (739) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;1193490 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1189871 | 8/6/2025 | BNP | 3619 |  | 3619 |
| INR | 1426366 | USD | 1421988 | 8/6/2025 | BNP | 4378 |  | 4378 |
| INR | 1456944 | USD | 1460028 | 8/6/2025 | BNP |  | (3084) | (3084) |
| INR | 1628664 | USD | 1632989 | 8/6/2025 | BNP |  | (4325) | (4325) |
| INR | 1833899 | USD | 1829608 | 8/6/2025 | BNP | 4291 |  | 4291 |
| INR | 2678075 | USD | 2682088 | 8/6/2025 | BNP |  | (4013) | (4013) |
| USD | 43309 | PHP | 44348 | 8/11/2025 | BNP |  | (1039) | (1039) |
| USD | 43314 | PHP | 44348 | 8/11/2025 | BNP |  | (1034) | (1034) |
| USD | 43318 | PHP | 44349 | 8/11/2025 | BNP |  | (1031) | (1031) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 43321 | PHP | 44348 | 8/11/2025 | BNP | $– $| (1027) | $(1027) |
| USD | 43322 | PHP | 44349 | 8/11/2025 | BNP | – | (1027) | (1027) |
| USD | 43323 | PHP | 44348 | 8/11/2025 | BNP | – | (1025) | (1025) |
| USD | 43328 | PHP | 44349 | 8/11/2025 | BNP | – | (1021) | (1021) |
| USD | 43329 | PHP | 44348 | 8/11/2025 | BNP | – | (1019) | (1019) |
| USD | 43334 | PHP | 44348 | 8/11/2025 | BNP | – | (1014) | (1014) |
| USD | 43579 | PHP | 44348 | 8/11/2025 | BNP | – | (769) | (769) |
| USD | 43593 | PHP | 44348 | 8/11/2025 | BNP | – | (755) | (755) |
| USD | 43597 | PHP | 44349 | 8/11/2025 | BNP | – | (752) | (752) |
| USD | 43602 | PHP | 44348 | 8/11/2025 | BNP | – | (746) | (746) |
| USD | 43603 | PHP | 44348 | 8/11/2025 | BNP | – | (745) | (745) |
| USD | 43609 | PHP | 44348 | 8/11/2025 | BNP | – | (739) | (739) |
| USD | 43616 | PHP | 44348 | 8/11/2025 | BNP | – | (732) | (732) |
| USD | 43623 | PHP | 44349 | 8/11/2025 | BNP | – | (726) | (726) |
| USD | 43626 | PHP | 44348 | 8/11/2025 | BNP | – | (722) | (722) |
| USD | 43841 | PHP | 44348 | 8/11/2025 | BNP | – | (507) | (507) |
| USD | 43920 | PHP | 44349 | 8/11/2025 | BNP | – | (429) | (429) |
| USD | 44103 | PHP | 44348 | 8/11/2025 | BNP | – | (245) | (245) |
| USD | 43303 | PHP | 44348 | 8/11/2025 | BNP | – | (1045) | (1045) |
| USD | 43303 | PHP | 44348 | 8/11/2025 | BNP | – | (1045) | (1045) |
| USD | 43320 | PHP | 44348 | 8/11/2025 | BNP | – | (1028) | (1028) |
| USD | 43320 | PHP | 44348 | 8/11/2025 | BNP | – | (1028) | (1028) |
| USD | 43324 | PHP | 44348 | 8/11/2025 | BNP | – | (1024) | (1024) |
| USD | 43324 | PHP | 44348 | 8/11/2025 | BNP | – | (1024) | (1024) |
| USD | 43622 | PHP | 44348 | 8/11/2025 | BNP | – | (726) | (726) |
| USD | 43622 | PHP | 44348 | 8/11/2025 | BNP | – | (726) | (726) |
| USD | 87254 | PHP | 88696 | 8/11/2025 | BNP | – | (1442) | (1442) |
| USD | 87681 | PHP | 88696 | 8/11/2025 | BNP | – | (1015) | (1015) |
| USD | 87764 | PHP | 88697 | 8/11/2025 | BNP | – | (933) | (933) |
| USD | 87779 | PHP | 88697 | 8/11/2025 | BNP | – | (918) | (918) |
| USD | 43319 | PHP | 44348 | 8/11/2025 | BNP | – | (1029) | (1029) |
| USD | 43319 | PHP | 44348 | 8/11/2025 | BNP | – | (1029) | (1029) |
| USD | 43319 | PHP | 44348 | 8/11/2025 | BNP | – | (1029) | (1029) |
| USD | 131540 | PHP | 133045 | 8/11/2025 | BNP | – | (1505) | (1505) |
| USD | 174292 | PHP | 177393 | 8/11/2025 | BNP | – | (3101) | (3101) |
| USD | 175717 | PHP | 177393 | 8/11/2025 | BNP | – | (1676) | (1676) |
| USD | 216413 | PHP | 221741 | 8/11/2025 | BNP | – | (5328) | (5328) |
| USD | 216473 | PHP | 221741 | 8/11/2025 | BNP | – | (5268) | (5268) |
| USD | 216555 | PHP | 221740 | 8/11/2025 | BNP | – | (5185) | (5185) |
| USD | 218038 | PHP | 221741 | 8/11/2025 | BNP | – | (3703) | (3703) |
| USD | 220459 | PHP | 221741 | 8/11/2025 | BNP | – | (1282) | (1282) |
| USD | 259767 | PHP | 266089 | 8/11/2025 | BNP | – | (6322) | (6322) |
| USD | 259835 | PHP | 266089 | 8/11/2025 | BNP | – | (6254) | (6254) |
| USD | 261798 | PHP | 266088 | 8/11/2025 | BNP | – | (4290) | (4290) |
| USD | 264336 | PHP | 266089 | 8/11/2025 | BNP | – | (1753) | (1753) |
| USD | 303022 | PHP | 310437 | 8/11/2025 | BNP | – | (7415) | (7415) |
| USD | 303148 | PHP | 310437 | 8/11/2025 | BNP | – | (7289) | (7289) |
| USD | 303193 | PHP | 310437 | 8/11/2025 | BNP | – | (7244) | (7244) |
| USD | 346410 | PHP | 354785 | 8/11/2025 | BNP | – | (8375) | (8375) |
| USD | 346626 | PHP | 354785 | 8/11/2025 | BNP | – | (8159) | (8159) |
| USD | 390171 | PHP | 399133 | 8/11/2025 | BNP | – | (8962) | (8962) |
| USD | 394215 | PHP | 399134 | 8/11/2025 | BNP | – | (4919) | (4919) |
| USD | 395014 | PHP | 399133 | 8/11/2025 | BNP | – | (4119) | (4119) |
| USD | 395161 | PHP | 399133 | 8/11/2025 | BNP | – | (3972) | (3972) |
| USD | 433403 | PHP | 443481 | 8/11/2025 | BNP | – | (10078) | (10078) |
| USD | 433508 | PHP | 443481 | 8/11/2025 | BNP | – | (9973) | (9973) |
| USD | 438243 | PHP | 443482 | 8/11/2025 | BNP | – | (5239) | (5239) |
| USD | 476318 | PHP | 487829 | 8/11/2025 | BNP | – | (11511) | (11511) |
| USD | 476488 | PHP | 487830 | 8/11/2025 | BNP | – | (11342) | (11342) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 482080 | PHP | 487830 | 8/11/2025 | BNP | $- | $(5750) | $(5750) |
| USD | 482280 | PHP | 487829 | 8/11/2025 | BNP |  | (5549) | (5549) |
| USD | 482634 | PHP | 487830 | 8/11/2025 | BNP |  | (5196) | (5196) |
| USD | 482651 | PHP | 487830 | 8/11/2025 | BNP |  | (5179) | (5179) |
| USD | 482863 | PHP | 487830 | 8/11/2025 | BNP |  | (4967) | (4967) |
| USD | 519779 | PHP | 532177 | 8/11/2025 | BNP |  | (12398) | (12398) |
| USD | 563355 | PHP | 576526 | 8/11/2025 | BNP |  | (13171) | (13171) |
| USD | 605698 | PHP | 620874 | 8/11/2025 | BNP |  | (15176) | (15176) |
| USD | 606554 | PHP | 620874 | 8/11/2025 | BNP |  | (14320) | (14320) |
| USD | 606859 | PHP | 620874 | 8/11/2025 | BNP |  | (14015) | (14015) |
| USD | 649654 | PHP | 665222 | 8/11/2025 | BNP |  | (15568) | (15568) |
| USD | 656601 | PHP | 665222 | 8/11/2025 | BNP |  | (8621) | (8621) |
| USD | 827728 | PHP | 842615 | 8/11/2025 | BNP |  | (14887) | (14887) |
| USD | 912701 | PHP | 931311 | 8/11/2025 | BNP |  | (18610) | (18610) |
| USD | 914300 | PHP | 931311 | 8/11/2025 | BNP |  | (17011) | (17011) |
| USD | 956944 | PHP | 975659 | 8/11/2025 | BNP |  | (18715) | (18715) |
| USD | 957154 | PHP | 975659 | 8/11/2025 | BNP |  | (18505) | (18505) |
| USD | 1042264 | PHP | 1064355 | 8/11/2025 | BNP |  | (22091) | (22091) |
| PHP | 7494835 | USD | 7443229 | 8/11/2025 | BNP | 51606 |  | 51606 |
| PHP | 28781940 | USD | 29128906 | 8/11/2025 | BNP |  | (346966) | (346966) |
| INR | 13169667 | USD | 13196794 | 9/4/2025 | BNP |  | (27127) | (27127) |
| SGD | 78647 | USD | 78348 | 7/1/2025 | CBK | 299 |  | 299 |
| SGD | 78647 | USD | 78361 | 7/1/2025 | CBK | 286 |  | 286 |
| USD | 297522 | NOK | 297637 | 7/1/2025 | CBK |  | (115) | (115) |
| SGD | 235942 | USD | 235099 | 7/1/2025 | CBK | 843 |  | 843 |
| SGD | 235942 | USD | 235125 | 7/1/2025 | CBK | 817 |  | 817 |
| SGD | 235942 | USD | 235235 | 7/1/2025 | CBK | 707 |  | 707 |
| SGD | 235942 | USD | 235372 | 7/1/2025 | CBK | 570 |  | 570 |
| USD | 347519 | NOK | 347243 | 7/1/2025 | CBK | 276 |  | 276 |
| SGD | 314589 | USD | 313379 | 7/1/2025 | CBK | 1210 |  | 1210 |
| SGD | 314589 | USD | 313529 | 7/1/2025 | CBK | 1060 |  | 1060 |
| SEK | 52849 | USD | 52688 | 7/1/2025 | CBK | 161 |  | 161 |
| SEK | 52849 | USD | 52773 | 7/1/2025 | CBK | 76 |  | 76 |
| SGD | 393236 | USD | 391733 | 7/1/2025 | CBK | 1503 |  | 1503 |
| SGD | 393236 | USD | 391914 | 7/1/2025 | CBK | 1322 |  | 1322 |
| USD | 545264 | NOK | 545667 | 7/1/2025 | CBK |  | (403) | (403) |
| USD | 793586 | NOK | 793698 | 7/1/2025 | CBK |  | (112) | (112) |
| USD | 794092 | NOK | 793698 | 7/1/2025 | CBK | 394 |  | 394 |
| SEK | 105698 | USD | 105245 | 7/1/2025 | CBK | 453 |  | 453 |
| SEK | 105698 | USD | 105278 | 7/1/2025 | CBK | 420 |  | 420 |
| SEK | 105698 | USD | 105303 | 7/1/2025 | CBK | 395 |  | 395 |
| SEK | 105698 | USD | 105320 | 7/1/2025 | CBK | 378 |  | 378 |
| SEK | 105698 | USD | 105334 | 7/1/2025 | CBK | 364 |  | 364 |
| SEK | 105698 | USD | 105346 | 7/1/2025 | CBK | 352 |  | 352 |
| SEK | 105698 | USD | 105396 | 7/1/2025 | CBK | 302 |  | 302 |
| SEK | 105698 | USD | 105432 | 7/1/2025 | CBK | 266 |  | 266 |
| SEK | 105698 | USD | 105499 | 7/1/2025 | CBK | 199 |  | 199 |
| SEK | 105698 | USD | 105500 | 7/1/2025 | CBK | 198 |  | 198 |
| SEK | 105698 | USD | 105520 | 7/1/2025 | CBK | 178 |  | 178 |
| SEK | 105698 | USD | 105598 | 7/1/2025 | CBK | 100 |  | 100 |
| SEK | 105698 | USD | 105609 | 7/1/2025 | CBK | 89 |  | 89 |
| SEK | 105698 | USD | 105635 | 7/1/2025 | CBK | 63 |  | 63 |
| SEK | 105698 | USD | 105686 | 7/1/2025 | CBK | 12 |  | 12 |
| SEK | 105698 | USD | 105753 | 7/1/2025 | CBK |  | (55) | (55) |
| SEK | 158547 | USD | 158062 | 7/1/2025 | CBK | 485 |  | 485 |
| SEK | 158547 | USD | 158074 | 7/1/2025 | CBK | 473 |  | 473 |
| SEK | 158547 | USD | 158096 | 7/1/2025 | CBK | 451 |  | 451 |
| SEK | 158547 | USD | 158169 | 7/1/2025 | CBK | 378 |  | 378 |
| SEK | 158547 | USD | 158230 | 7/1/2025 | CBK | 317 |  | 317 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| SEK | 158547 | USD | 158239 | 7/1/2025 | CBK | $308 | $- | $308 |
| SEK | 158547 | USD | 158309 | 7/1/2025 | CBK | 238 |  | 238 |
| SEK | 158547 | USD | 158314 | 7/1/2025 | CBK | 233 |  | 233 |
| SEK | 158547 | USD | 158334 | 7/1/2025 | CBK | 213 |  | 213 |
| SEK | 158547 | USD | 158358 | 7/1/2025 | CBK | 189 |  | 189 |
| SEK | 158547 | USD | 158366 | 7/1/2025 | CBK | 181 |  | 181 |
| SEK | 158547 | USD | 158393 | 7/1/2025 | CBK | 154 |  | 154 |
| SEK | 158547 | USD | 158411 | 7/1/2025 | CBK | 136 |  | 136 |
| SEK | 158547 | USD | 158419 | 7/1/2025 | CBK | 128 |  | 128 |
| SEK | 158547 | USD | 158487 | 7/1/2025 | CBK | 60 |  | 60 |
| SEK | 158547 | USD | 158527 | 7/1/2025 | CBK | 20 |  | 20 |
| SEK | 158547 | USD | 158528 | 7/1/2025 | CBK | 19 |  | 19 |
| SEK | 158547 | USD | 158539 | 7/1/2025 | CBK | 8 |  | 8 |
| SEK | 158547 | USD | 158542 | 7/1/2025 | CBK | 5 |  | 5 |
| SEK | 158547 | USD | 158746 | 7/1/2025 | CBK |  | (199) | (199) |
| SEK | 211396 | USD | 210528 | 7/1/2025 | CBK | 868 |  | 868 |
| SEK | 211396 | USD | 210536 | 7/1/2025 | CBK | 860 |  | 860 |
| SEK | 105698 | USD | 105365 | 7/1/2025 | CBK | 333 |  | 333 |
| SEK | 105698 | USD | 105365 | 7/1/2025 | CBK | 333 |  | 333 |
| SEK | 211396 | USD | 210904 | 7/1/2025 | CBK | 492 |  | 492 |
| SEK | 211396 | USD | 211013 | 7/1/2025 | CBK | 383 |  | 383 |
| SEK | 211396 | USD | 211062 | 7/1/2025 | CBK | 334 |  | 334 |
| SEK | 211396 | USD | 211157 | 7/1/2025 | CBK | 239 |  | 239 |
| SEK | 211396 | USD | 211163 | 7/1/2025 | CBK | 233 |  | 233 |
| SEK | 211396 | USD | 211165 | 7/1/2025 | CBK | 231 |  | 231 |
| SEK | 211396 | USD | 211187 | 7/1/2025 | CBK | 209 |  | 209 |
| SEK | 211396 | USD | 211204 | 7/1/2025 | CBK | 192 |  | 192 |
| SEK | 211396 | USD | 211244 | 7/1/2025 | CBK | 152 |  | 152 |
| SEK | 211396 | USD | 211322 | 7/1/2025 | CBK | 74 |  | 74 |
| SEK | 211396 | USD | 211345 | 7/1/2025 | CBK | 51 |  | 51 |
| SEK | 211396 | USD | 211411 | 7/1/2025 | CBK |  | (15) | (15) |
| SEK | 211396 | USD | 211467 | 7/1/2025 | CBK |  | (71) | (71) |
| SEK | 264245 | USD | 263393 | 7/1/2025 | CBK | 852 |  | 852 |
| SEK | 264245 | USD | 263513 | 7/1/2025 | CBK | 732 |  | 732 |
| SEK | 264245 | USD | 263569 | 7/1/2025 | CBK | 676 |  | 676 |
| SEK | 264245 | USD | 263921 | 7/1/2025 | CBK | 324 |  | 324 |
| SEK | 264245 | USD | 263991 | 7/1/2025 | CBK | 254 |  | 254 |
| SEK | 264245 | USD | 264234 | 7/1/2025 | CBK | 11 |  | 11 |
| SEK | 264245 | USD | 264385 | 7/1/2025 | CBK |  | (140) | (140) |
| SEK | 264245 | USD | 264595 | 7/1/2025 | CBK |  | (350) | (350) |
| SEK | 264245 | USD | 264606 | 7/1/2025 | CBK |  | (361) | (361) |
| USD | 2508519 | SGD | 2516712 | 7/1/2025 | CBK |  | (8193) | (8193) |
| SEK | 317095 | USD | 316345 | 7/1/2025 | CBK | 750 |  | 750 |
| SEK | 317095 | USD | 316393 | 7/1/2025 | CBK | 702 |  | 702 |
| SEK | 158547 | USD | 158490 | 7/1/2025 | CBK | 57 |  | 57 |
| SEK | 158547 | USD | 158490 | 7/1/2025 | CBK | 57 |  | 57 |
| SEK | 211396 | USD | 211421 | 7/1/2025 | CBK |  | (25) | (25) |
| SEK | 211396 | USD | 211421 | 7/1/2025 | CBK |  | (25) | (25) |
| USD | 12103084 | SEK | 12102443 | 7/1/2025 | CBK | 641 |  | 641 |
| NOK | 2777943 | USD | 2784758 | 7/1/2025 | CBK |  | (6815) | (6815) |
| SGD | 78647 | USD | 78478 | 7/2/2025 | CBK | 169 |  | 169 |
| SGD | 78647 | USD | 78485 | 7/2/2025 | CBK | 162 |  | 162 |
| EUR | 117795 | CAD | 117505 | 7/2/2025 | CBK | 290 |  | 290 |
| EUR | 117795 | CAD | 117643 | 7/2/2025 | CBK | 152 |  | 152 |
| SGD | 157295 | USD | 156926 | 7/2/2025 | CBK | 369 |  | 369 |
| SGD | 157295 | USD | 156931 | 7/2/2025 | CBK | 364 |  | 364 |
| SGD | 157295 | USD | 157009 | 7/2/2025 | CBK | 286 |  | 286 |
| USD | 248622 | NOK | 248030 | 7/2/2025 | CBK | 592 |  | 592 |
| SGD | 235942 | USD | 235344 | 7/2/2025 | CBK | 598 |  | 598 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| SGD | 235942 | USD | 235353 | 7/2/2025 | CBK | $589 | $- | $589 |
| SGD | 235942 | USD | 235374 | 7/2/2025 | CBK | 568 |  | 568 |
| SGD | 235942 | USD | 235385 | 7/2/2025 | CBK | 557 |  | 557 |
| SGD | 235942 | USD | 235445 | 7/2/2025 | CBK | 497 |  | 497 |
| CAD | 235341 | EUR | 235590 | 7/2/2025 | CBK |  | (249) | (249) |
| USD | 348079 | NOK | 347243 | 7/2/2025 | CBK | 836 |  | 836 |
| USD | 348234 | NOK | 347242 | 7/2/2025 | CBK | 992 |  | 992 |
| SGD | 314589 | USD | 313720 | 7/2/2025 | CBK | 869 |  | 869 |
| SGD | 314589 | USD | 313772 | 7/2/2025 | CBK | 817 |  | 817 |
| SGD | 314589 | USD | 313809 | 7/2/2025 | CBK | 780 |  | 780 |
| SGD | 314589 | USD | 313861 | 7/2/2025 | CBK | 728 |  | 728 |
| SGD | 314589 | USD | 313895 | 7/2/2025 | CBK | 694 |  | 694 |
| SEK | 52849 | USD | 52615 | 7/2/2025 | CBK | 234 |  | 234 |
| SEK | 52849 | USD | 52620 | 7/2/2025 | CBK | 229 |  | 229 |
| SEK | 52849 | USD | 52724 | 7/2/2025 | CBK | 125 |  | 125 |
| SGD | 393236 | USD | 392095 | 7/2/2025 | CBK | 1141 |  | 1141 |
| SGD | 393236 | USD | 392188 | 7/2/2025 | CBK | 1048 |  | 1048 |
| SGD | 393236 | USD | 392215 | 7/2/2025 | CBK | 1021 |  | 1021 |
| SGD | 393236 | USD | 392415 | 7/2/2025 | CBK | 821 |  | 821 |
| USD | 596908 | NOK | 595274 | 7/2/2025 | CBK | 1634 |  | 1634 |
| SGD | 471884 | USD | 471076 | 7/2/2025 | CBK | 808 |  | 808 |
| SEK | 105698 | USD | 105126 | 7/2/2025 | CBK | 572 |  | 572 |
| SEK | 105698 | USD | 105188 | 7/2/2025 | CBK | 510 |  | 510 |
| SEK | 105698 | USD | 105206 | 7/2/2025 | CBK | 492 |  | 492 |
| SEK | 105698 | USD | 105261 | 7/2/2025 | CBK | 437 |  | 437 |
| SEK | 105698 | USD | 105313 | 7/2/2025 | CBK | 385 |  | 385 |
| SEK | 105698 | USD | 105327 | 7/2/2025 | CBK | 371 |  | 371 |
| SEK | 105698 | USD | 105335 | 7/2/2025 | CBK | 363 |  | 363 |
| SEK | 105698 | USD | 105391 | 7/2/2025 | CBK | 307 |  | 307 |
| SEK | 105698 | USD | 105438 | 7/2/2025 | CBK | 260 |  | 260 |
| SEK | 158547 | USD | 157617 | 7/2/2025 | CBK | 930 |  | 930 |
| SEK | 158547 | USD | 157657 | 7/2/2025 | CBK | 890 |  | 890 |
| SEK | 158547 | USD | 157714 | 7/2/2025 | CBK | 833 |  | 833 |
| SEK | 158547 | USD | 157720 | 7/2/2025 | CBK | 827 |  | 827 |
| SEK | 158547 | USD | 157755 | 7/2/2025 | CBK | 792 |  | 792 |
| SEK | 158547 | USD | 157765 | 7/2/2025 | CBK | 782 |  | 782 |
| SEK | 158547 | USD | 157767 | 7/2/2025 | CBK | 780 |  | 780 |
| SEK | 158547 | USD | 157769 | 7/2/2025 | CBK | 778 |  | 778 |
| SEK | 158547 | USD | 157797 | 7/2/2025 | CBK | 750 |  | 750 |
| SEK | 158547 | USD | 157838 | 7/2/2025 | CBK | 709 |  | 709 |
| SEK | 158547 | USD | 158094 | 7/2/2025 | CBK | 453 |  | 453 |
| SEK | 211396 | USD | 210174 | 7/2/2025 | CBK | 1222 |  | 1222 |
| SEK | 211396 | USD | 210278 | 7/2/2025 | CBK | 1118 |  | 1118 |
| SEK | 211396 | USD | 210323 | 7/2/2025 | CBK | 1073 |  | 1073 |
| SEK | 211396 | USD | 210490 | 7/2/2025 | CBK | 906 |  | 906 |
| SEK | 211396 | USD | 210512 | 7/2/2025 | CBK | 884 |  | 884 |
| SEK | 211396 | USD | 210630 | 7/2/2025 | CBK | 766 |  | 766 |
| SEK | 211396 | USD | 210714 | 7/2/2025 | CBK | 682 |  | 682 |
| SEK | 264245 | USD | 262838 | 7/2/2025 | CBK | 1407 |  | 1407 |
| USD | 904601 | THB | 922896 | 7/3/2025 | CBK |  | (18295) | (18295) |
| USD | 1437573 | THB | 1461251 | 7/3/2025 | CBK |  | (23678) | (23678) |
| USD | 2640035 | THB | 2691778 | 7/3/2025 | CBK |  | (51743) | (51743) |
| USD | 17177348 | THB | 17227380 | 7/3/2025 | CBK |  | (50032) | (50032) |
| THB | 22303305 | USD | 21943450 | 7/3/2025 | CBK | 359855 |  | 359855 |
| USD | 141664 | NOK | 148829 | 7/15/2025 | CBK |  | (7165) | (7165) |
| USD | 191811 | NOK | 198439 | 7/15/2025 | CBK |  | (6628) | (6628) |
| USD | 296599 | NOK | 297659 | 7/15/2025 | CBK |  | (1060) | (1060) |
| USD | 311136 | SGD | 314888 | 7/15/2025 | CBK |  | (3752) | (3752) |
| SGD | 314889 | USD | 311137 | 7/15/2025 | CBK | 3752 |  | 3752 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 485918 | NOK | 496098 | 7/15/2025 | CBK | $- | $(10180) | $(10180) |
| USD | 692708 | NOK | 694537 | 7/15/2025 | CBK |  | (1829) | (1829) |
| USD | 705495 | NOK | 694537 | 7/15/2025 | CBK | 10958 |  | 10958 |
| USD | 779968 | SGD | 787222 | 7/15/2025 | CBK |  | (7254) | (7254) |
| USD | 814587 | NOK | 838160 | 7/15/2025 | CBK |  | (23573) | (23573) |
| USD | 867277 | NOK | 892976 | 7/15/2025 | CBK |  | (25699) | (25699) |
| USD | 890342 | NOK | 892976 | 7/15/2025 | CBK |  | (2634) | (2634) |
| USD | 916992 | NOK | 942586 | 7/15/2025 | CBK |  | (25594) | (25594) |
| USD | 933907 | NOK | 942586 | 7/15/2025 | CBK |  | (8679) | (8679) |
| SGD | 787222 | USD | 779968 | 7/15/2025 | CBK | 7254 |  | 7254 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1084652 | SGD | &nbsp;&nbsp;&nbsp;&nbsp;1102110 | 7/15/2025 | CBK |  | (17458) | (17458) |
| USD | 1182645 | NOK | 1190635 | 7/15/2025 | CBK |  | (7990) | (7990) |
| USD | 1242672 | SGD | 1259555 | 7/15/2025 | CBK |  | (16883) | (16883) |
| SGD | 1102111 | USD | 1084653 | 7/15/2025 | CBK | 17458 |  | 17458 |
| USD | 1476362 | NOK | 1537903 | 7/15/2025 | CBK |  | (61541) | (61541) |
| USD | 1484421 | NOK | 1537903 | 7/15/2025 | CBK |  | (53482) | (53482) |
| NOK | 148829 | USD | 141664 | 7/15/2025 | CBK | 7165 |  | 7165 |
| USD | 1534268 | NOK | 1587513 | 7/15/2025 | CBK |  | (53245) | (53245) |
| SGD | 1259555 | USD | 1242672 | 7/15/2025 | CBK | 16883 |  | 16883 |
| NOK | 198439 | USD | 191811 | 7/15/2025 | CBK | 6628 |  | 6628 |
| USD | 2113840 | SGD | 2125499 | 7/15/2025 | CBK |  | (11659) | (11659) |
| USD | 2266914 | SGD | 2282944 | 7/15/2025 | CBK |  | (16030) | (16030) |
| USD | 2332967 | SGD | 2361666 | 7/15/2025 | CBK |  | (28699) | (28699) |
| USD | 2448714 | NOK | 2530099 | 7/15/2025 | CBK |  | (81385) | (81385) |
| USD | 2479550 | NOK | 2530099 | 7/15/2025 | CBK |  | (50549) | (50549) |
| USD | 2514277 | NOK | 2629318 | 7/15/2025 | CBK |  | (115041) | (115041) |
| USD | 2547454 | NOK | 2629318 | 7/15/2025 | CBK |  | (81864) | (81864) |
| SGD | 2125499 | USD | 2113840 | 7/15/2025 | CBK | 11659 |  | 11659 |
| USD | 2729181 | SGD | 2755277 | 7/15/2025 | CBK |  | (26096) | (26096) |
| USD | 2750378 | NOK | 2778148 | 7/15/2025 | CBK |  | (27770) | (27770) |
| USD | 2784980 | NOK | 2778147 | 7/15/2025 | CBK | 6833 |  | 6833 |
| SGD | 2282943 | USD | 2266913 | 7/15/2025 | CBK | 16030 |  | 16030 |
| USD | 2900463 | NOK | 2976586 | 7/15/2025 | CBK |  | (76123) | (76123) |
| USD | 2990325 | NOK | 3075806 | 7/15/2025 | CBK |  | (85481) | (85481) |
| NOK | 297659 | USD | 296599 | 7/15/2025 | CBK | 1060 |  | 1060 |
| SGD | 2361665 | USD | 2332966 | 7/15/2025 | CBK | 28699 |  | 28699 |
| USD | 3119614 | SGD | 3148888 | 7/15/2025 | CBK |  | (29274) | (29274) |
| USD | 3176674 | NOK | 3274246 | 7/15/2025 | CBK |  | (97572) | (97572) |
| USD | 3181826 | NOK | 3274245 | 7/15/2025 | CBK |  | (92419) | (92419) |
| SGD | 2519110 | USD | 2510955 | 7/15/2025 | CBK | 8155 |  | 8155 |
| SGD | 2755276 | USD | 2729180 | 7/15/2025 | CBK | 26096 |  | 26096 |
| USD | 3507093 | SGD | 3542499 | 7/15/2025 | CBK |  | (35406) | (35406) |
| USD | 3620249 | NOK | 3621513 | 7/15/2025 | CBK |  | (1264) | (1264) |
| USD | 3649060 | NOK | 3671124 | 7/15/2025 | CBK |  | (22064) | (22064) |
| USD | 3819177 | NOK | 3869562 | 7/15/2025 | CBK |  | (50385) | (50385) |
| USD | 3875671 | NOK | 4018392 | 7/15/2025 | CBK |  | (142721) | (142721) |
| USD | 3903502 | NOK | 3919172 | 7/15/2025 | CBK |  | (15670) | (15670) |
| USD | 3964598 | SGD | 4014832 | 7/15/2025 | CBK |  | (50234) | (50234) |
| SGD | 3148887 | USD | 3119613 | 7/15/2025 | CBK | 29274 |  | 29274 |
| USD | 4097981 | NOK | 4117611 | 7/15/2025 | CBK |  | (19630) | (19630) |
| USD | 4331454 | NOK | 4464879 | 7/15/2025 | CBK |  | (133425) | (133425) |
| USD | 4362567 | SGD | 4408444 | 7/15/2025 | CBK |  | (45877) | (45877) |
| SGD | 3542498 | USD | 3507092 | 7/15/2025 | CBK | 35406 |  | 35406 |
| USD | 4632685 | NOK | 4613709 | 7/15/2025 | CBK | 18976 |  | 18976 |
| NOK | 496098 | USD | 485918 | 7/15/2025 | CBK | 10180 |  | 10180 |
| SGD | 4014831 | USD | 3964597 | 7/15/2025 | CBK | 50234 |  | 50234 |
| USD | 5151427 | NOK | 5506685 | 7/15/2025 | CBK |  | (355258) | (355258) |
| USD | 5213436 | NOK | 5506685 | 7/15/2025 | CBK |  | (293249) | (293249) |
| USD | 5225426 | SGD | 5274387 | 7/15/2025 | CBK |  | (48961) | (48961) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;4408442 | USD | &nbsp;&nbsp;&nbsp;&nbsp;4362565 | 7/15/2025 | CBK | $45877 | $- | $45877 |
| USD | 5726416 | NOK | 5948274 | 7/15/2025 | CBK |  | (221858) | (221858) |
| USD | 5775529 | SGD | 5825444 | 7/15/2025 | CBK |  | (49915) | (49915) |
| USD | 5934588 | SGD | 5982887 | 7/15/2025 | CBK |  | (48299) | (48299) |
| USD | 6070529 | NOK | 6311951 | 7/15/2025 | CBK |  | (241422) | (241422) |
| USD | 6168561 | NOK | 6645714 | 7/15/2025 | CBK |  | (477153) | (477153) |
| USD | 6376792 | SGD | 6455221 | 7/15/2025 | CBK |  | (78429) | (78429) |
| USD | 6462205 | NOK | 6449270 | 7/15/2025 | CBK | 12935 |  | 12935 |
| USD | 6610345 | NOK | 6796540 | 7/15/2025 | CBK |  | (186195) | (186195) |
| SGD | 5274386 | USD | 5225425 | 7/15/2025 | CBK | 48961 |  | 48961 |
| USD | 6846262 | NOK | 6895759 | 7/15/2025 | CBK |  | (49497) | (49497) |
| USD | 6888332 | NOK | 7085223 | 7/15/2025 | CBK |  | (196891) | (196891) |
| USD | 6953637 | NOK | 7149014 | 7/15/2025 | CBK |  | (195377) | (195377) |
| USD | 6957624 | NOK | 6977697 | 7/15/2025 | CBK |  | (20073) | (20073) |
| NOK | 694537 | USD | 692708 | 7/15/2025 | CBK | 1829 |  | 1829 |
| NOK | 694537 | USD | 705495 | 7/15/2025 | CBK |  | (10958) | (10958) |
| USD | 7032717 | SGD | 7084999 | 7/15/2025 | CBK |  | (52282) | (52282) |
| USD | 7049019 | NOK | 7044588 | 7/15/2025 | CBK | 4431 |  | 4431 |
| SGD | 5825441 | USD | 5775526 | 7/15/2025 | CBK | 49915 |  | 49915 |
| SGD | 5982886 | USD | 5934587 | 7/15/2025 | CBK | 48299 |  | 48299 |
| USD | 7873183 | NOK | 8086394 | 7/15/2025 | CBK |  | (213211) | (213211) |
| USD | 7945547 | SGD | 8029665 | 7/15/2025 | CBK |  | (84118) | (84118) |
| SGD | 6455219 | USD | 6376790 | 7/15/2025 | CBK | 78429 |  | 78429 |
| NOK | 838160 | USD | 814587 | 7/15/2025 | CBK | 23573 |  | 23573 |
| USD | 8694554 | NOK | 8722121 | 7/15/2025 | CBK |  | (27567) | (27567) |
| USD | 8772177 | NOK | 9122741 | 7/15/2025 | CBK |  | (350564) | (350564) |
| USD | 8850468 | NOK | 9200645 | 7/15/2025 | CBK |  | (350177) | (350177) |
| NOK | 892976 | USD | 867277 | 7/15/2025 | CBK | 25699 |  | 25699 |
| NOK | 892976 | USD | 890342 | 7/15/2025 | CBK | 2634 |  | 2634 |
| SGD | 7084996 | USD | 7032714 | 7/15/2025 | CBK | 52282 |  | 52282 |
| USD | 9372073 | NOK | 9633272 | 7/15/2025 | CBK |  | (261199) | (261199) |
| NOK | 942586 | USD | 916992 | 7/15/2025 | CBK | 25594 |  | 25594 |
| NOK | 942586 | USD | 933907 | 7/15/2025 | CBK | 8679 |  | 8679 |
| USD | 9613491 | NOK | 9642260 | 7/15/2025 | CBK |  | (28769) | (28769) |
| USD | 10021285 | NOK | 10814932 | 7/15/2025 | CBK |  | (793647) | (793647) |
| SGD | 8029663 | USD | 7945545 | 7/15/2025 | CBK | 84118 |  | 84118 |
| USD | 10818202 | NOK | 10847542 | 7/15/2025 | CBK |  | (29340) | (29340) |
| USD | 11288644 | NOK | 12156392 | 7/15/2025 | CBK |  | (867748) | (867748) |
| USD | 11895203 | NOK | 11931862 | 7/15/2025 | CBK |  | (36659) | (36659) |
| NOK | 1190635 | USD | 1182645 | 7/15/2025 | CBK | 7990 |  | 7990 |
| USD | 12058372 | SGD | 12123220 | 7/15/2025 | CBK |  | (64848) | (64848) |
| USD | 13905635 | NOK | 14458156 | 7/15/2025 | CBK |  | (552521) | (552521) |
| USD | 14887676 | NOK | 15465512 | 7/15/2025 | CBK |  | (577836) | (577836) |
| SGD | 12123216 | USD | 12058368 | 7/15/2025 | CBK | 64848 |  | 64848 |
| NOK | 1537903 | USD | 1476362 | 7/15/2025 | CBK | 61541 |  | 61541 |
| NOK | 1537903 | USD | 1484421 | 7/15/2025 | CBK | 53482 |  | 53482 |
| NOK | 1587513 | USD | 1534268 | 7/15/2025 | CBK | 53245 |  | 53245 |
| USD | 17685265 | NOK | 18401288 | 7/15/2025 | CBK |  | (716023) | (716023) |
| USD | 18967613 | NOK | 19715666 | 7/15/2025 | CBK |  | (748053) | (748053) |
| NOK | 2530098 | USD | 2448713 | 7/15/2025 | CBK | 81385 |  | 81385 |
| NOK | 2530098 | USD | 2479549 | 7/15/2025 | CBK | 50549 |  | 50549 |
| NOK | 2629318 | USD | 2514277 | 7/15/2025 | CBK | 115041 |  | 115041 |
| NOK | 2629318 | USD | 2547454 | 7/15/2025 | CBK | 81864 |  | 81864 |
| NOK | 2778147 | USD | 2750377 | 7/15/2025 | CBK | 27770 |  | 27770 |
| NOK | 2976586 | USD | 2900463 | 7/15/2025 | CBK | 76123 |  | 76123 |
| NOK | 3075806 | USD | 2990325 | 7/15/2025 | CBK | 85481 |  | 85481 |
| NOK | 3274245 | USD | 3176673 | 7/15/2025 | CBK | 97572 |  | 97572 |
| NOK | 3274245 | USD | 3181826 | 7/15/2025 | CBK | 92419 |  | 92419 |
| NOK | 3621514 | USD | 3620250 | 7/15/2025 | CBK | 1264 |  | 1264 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| NOK | 3671123 | USD | 3649059 | 7/15/2025 | CBK | $22064 | $- | $22064 |
| NOK | 3869562 | USD | 3819177 | 7/15/2025 | CBK | 50385 |  | 50385 |
| NOK | 3919172 | USD | 3903502 | 7/15/2025 | CBK | 15670 |  | 15670 |
| NOK | 4018392 | USD | 3875671 | 7/15/2025 | CBK | 142721 |  | 142721 |
| NOK | 4117611 | USD | 4097981 | 7/15/2025 | CBK | 19630 |  | 19630 |
| NOK | 4464880 | USD | 4331455 | 7/15/2025 | CBK | 133425 |  | 133425 |
| NOK | 4613709 | USD | 4632685 | 7/15/2025 | CBK |  | (18976) | (18976) |
| SGD | 43297200 | USD | 43111612 | 7/15/2025 | CBK | 185588 |  | 185588 |
| USD | 55450567 | SGD | 56207655 | 7/15/2025 | CBK |  | (757088) | (757088) |
| NOK | 5506685 | USD | 5151427 | 7/15/2025 | CBK | 355258 |  | 355258 |
| NOK | 5506685 | USD | 5213436 | 7/15/2025 | CBK | 293249 |  | 293249 |
| NOK | 5948274 | USD | 5726416 | 7/15/2025 | CBK | 221858 |  | 221858 |
| NOK | 6311951 | USD | 6070529 | 7/15/2025 | CBK | 241422 |  | 241422 |
| NOK | 6449271 | USD | 6462206 | 7/15/2025 | CBK |  | (12935) | (12935) |
| NOK | 6645713 | USD | 6168560 | 7/15/2025 | CBK | 477153 |  | 477153 |
| NOK | 6796539 | USD | 6610344 | 7/15/2025 | CBK | 186195 |  | 186195 |
| NOK | 6895759 | USD | 6846262 | 7/15/2025 | CBK | 49497 |  | 49497 |
| NOK | 6977697 | USD | 6957624 | 7/15/2025 | CBK | 20073 |  | 20073 |
| NOK | 7044588 | USD | 7049019 | 7/15/2025 | CBK |  | (4431) | (4431) |
| SGD | 56207638 | USD | 55450550 | 7/15/2025 | CBK | 757088 |  | 757088 |
| NOK | 7085222 | USD | 6888331 | 7/15/2025 | CBK | 196891 |  | 196891 |
| NOK | 7149013 | USD | 6953636 | 7/15/2025 | CBK | 195377 |  | 195377 |
| NOK | 8086393 | USD | 7873182 | 7/15/2025 | CBK | 213211 |  | 213211 |
| NOK | 8722121 | USD | 8694554 | 7/15/2025 | CBK | 27567 |  | 27567 |
| NOK | 9122741 | USD | 8772177 | 7/15/2025 | CBK | 350564 |  | 350564 |
| NOK | 9200644 | USD | 8850467 | 7/15/2025 | CBK | 350177 |  | 350177 |
| NOK | 9451428 | USD | 9429216 | 7/15/2025 | CBK | 22212 |  | 22212 |
| NOK | 9633272 | USD | 9372073 | 7/15/2025 | CBK | 261199 |  | 261199 |
| NOK | 9642260 | USD | 9613491 | 7/15/2025 | CBK | 28769 |  | 28769 |
| USD | 102767719 | NOK | 105420774 | 7/15/2025 | CBK |  | (2653055) | (2653055) |
| NOK | 10814931 | USD | 10021284 | 7/15/2025 | CBK | 793647 |  | 793647 |
| NOK | 10847542 | USD | 10818202 | 7/15/2025 | CBK | 29340 |  | 29340 |
| NOK | 11931862 | USD | 11895203 | 7/15/2025 | CBK | 36659 |  | 36659 |
| NOK | 12156391 | USD | 11288643 | 7/15/2025 | CBK | 867748 |  | 867748 |
| USD | 133721381 | SGD | 135638359 | 7/15/2025 | CBK |  | (1916978) | (1916978) |
| NOK | 14067187 | USD | 14033305 | 7/15/2025 | CBK | 33882 |  | 33882 |
| NOK | 14458155 | USD | 13905634 | 7/15/2025 | CBK | 552521 |  | 552521 |
| NOK | 15465512 | USD | 14887676 | 7/15/2025 | CBK | 577836 |  | 577836 |
| SGD | 129812877 | USD | 128090524 | 7/15/2025 | CBK | 1722353 |  | 1722353 |
| NOK | 17012570 | USD | 16969914 | 7/15/2025 | CBK | 42656 |  | 42656 |
| SGD | 135638319 | USD | 133721341 | 7/15/2025 | CBK | 1916978 |  | 1916978 |
| NOK | 18401288 | USD | 17685265 | 7/15/2025 | CBK | 716023 |  | 716023 |
| NOK | 19715666 | USD | 18967613 | 7/15/2025 | CBK | 748053 |  | 748053 |
| NOK | 105420771 | USD | 102767716 | 7/15/2025 | CBK | 2653055 |  | 2653055 |
| NOK | 121643167 | USD | 118047402 | 7/15/2025 | CBK | 3595765 |  | 3595765 |
| USD | 1539 | SEK | 1565 | 7/17/2025 | CBK |  | (26) | (26) |
| USD | 2471 | SEK | 2482 | 7/17/2025 | CBK |  | (11) | (11) |
| USD | 5669 | SEK | 5703 | 7/17/2025 | CBK |  | (34) | (34) |
| USD | 26808 | SEK | 27106 | 7/17/2025 | CBK |  | (298) | (298) |
| SEK | 3114 | USD | 3119 | 7/17/2025 | CBK |  | (5) | (5) |
| SEK | 8549 | USD | 8548 | 7/17/2025 | CBK | 1 |  | 1 |
| SEK | 20182 | USD | 19630 | 7/17/2025 | CBK | 552 |  | 552 |
| GBP | 137277 | JPY | 137273 | 7/22/2025 | CBK | 4 |  | 4 |
| GBP | 480470 | JPY | 467204 | 7/22/2025 | CBK | 13266 |  | 13266 |
| GBP | 686385 | JPY | 679367 | 7/22/2025 | CBK | 7018 |  | 7018 |
| GBP | 892301 | JPY | 885468 | 7/22/2025 | CBK | 6833 |  | 6833 |
| GBP | 960939 | JPY | 949076 | 7/22/2025 | CBK | 11863 |  | 11863 |
| GBP | 1029578 | JPY | 1010800 | 7/22/2025 | CBK | 18778 |  | 18778 |
| GBP | 1098216 | JPY | 1077064 | 7/22/2025 | CBK | 21152 |  | 21152 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| GBP | 1235493 | JPY | 1197015 | 7/22/2025 | CBK | $38478 | $- | $38478 |
| GBP | 1235493 | JPY | 1209528 | 7/22/2025 | CBK | 25965 |  | 25965 |
| GBP | 1304132 | JPY | 1279089 | 7/22/2025 | CBK | 25043 |  | 25043 |
| GBP | 1715963 | JPY | 1669325 | 7/22/2025 | CBK | 46638 |  | 46638 |
| GBP | 2127794 | JPY | 2070845 | 7/22/2025 | CBK | 56949 |  | 56949 |
| GBP | 2196432 | JPY | 2173426 | 7/22/2025 | CBK | 23006 |  | 23006 |
| GBP | 2333709 | JPY | 2281247 | 7/22/2025 | CBK | 52462 |  | 52462 |
| GBP | 2470987 | JPY | 2416368 | 7/22/2025 | CBK | 54619 |  | 54619 |
| GBP | 2608264 | JPY | 2566947 | 7/22/2025 | CBK | 41317 |  | 41317 |
| GBP | 2608264 | JPY | 2570906 | 7/22/2025 | CBK | 37358 |  | 37358 |
| GBP | 2676902 | JPY | 2641578 | 7/22/2025 | CBK | 35324 |  | 35324 |
| GBP | 3020095 | JPY | 2975225 | 7/22/2025 | CBK | 44870 |  | 44870 |
| GBP | 3157372 | JPY | 3119537 | 7/22/2025 | CBK | 37835 |  | 37835 |
| GBP | 7068876 | JPY | 6876834 | 7/22/2025 | CBK | 192042 |  | 192042 |
| GBP | 13865871 | JPY | 13489173 | 7/22/2025 | CBK | 376698 |  | 376698 |
| GBP | 14067997 | JPY | 13695145 | 7/22/2025 | CBK | 372852 |  | 372852 |
| GBP | 20179723 | JPY | 20198927 | 7/22/2025 | CBK |  | (19204) | (19204) |
| GBP | 23954841 | JPY | 23963793 | 7/22/2025 | CBK |  | (8952) | (8952) |
| GBP | 26840557 | JPY | 26119972 | 7/22/2025 | CBK | 720585 |  | 720585 |
| JPY | 137273 | GBP | 137277 | 7/22/2025 | CBK |  | (4) | (4) |
| GBP | 60607808 | JPY | 58598593 | 7/22/2025 | CBK | 2009215 |  | 2009215 |
| JPY | 467204 | GBP | 480470 | 7/22/2025 | CBK |  | (13266) | (13266) |
| JPY | 679368 | GBP | 686386 | 7/22/2025 | CBK |  | (7018) | (7018) |
| JPY | 885468 | GBP | 892301 | 7/22/2025 | CBK |  | (6833) | (6833) |
| JPY | 949077 | GBP | 960940 | 7/22/2025 | CBK |  | (11863) | (11863) |
| JPY | 1010800 | GBP | 1029578 | 7/22/2025 | CBK |  | (18778) | (18778) |
| JPY | 1077065 | GBP | 1098217 | 7/22/2025 | CBK |  | (21152) | (21152) |
| JPY | 1197016 | GBP | 1235494 | 7/22/2025 | CBK |  | (38478) | (38478) |
| JPY | 1209529 | GBP | 1235494 | 7/22/2025 | CBK |  | (25965) | (25965) |
| JPY | 1279090 | GBP | 1304133 | 7/22/2025 | CBK |  | (25043) | (25043) |
| JPY | 1669326 | GBP | 1715964 | 7/22/2025 | CBK |  | (46638) | (46638) |
| JPY | 2070846 | GBP | 2127795 | 7/22/2025 | CBK |  | (56949) | (56949) |
| JPY | 2173428 | GBP | 2196433 | 7/22/2025 | CBK |  | (23005) | (23005) |
| JPY | 2281249 | GBP | 2333711 | 7/22/2025 | CBK |  | (52462) | (52462) |
| JPY | 2416369 | GBP | 2470988 | 7/22/2025 | CBK |  | (54619) | (54619) |
| JPY | 2566948 | GBP | 2608265 | 7/22/2025 | CBK |  | (41317) | (41317) |
| JPY | 2570907 | GBP | 2608265 | 7/22/2025 | CBK |  | (37358) | (37358) |
| JPY | 2641579 | GBP | 2676903 | 7/22/2025 | CBK |  | (35324) | (35324) |
| JPY | 2975226 | GBP | 3020096 | 7/22/2025 | CBK |  | (44870) | (44870) |
| JPY | 3119539 | GBP | 3157374 | 7/22/2025 | CBK |  | (37835) | (37835) |
| JPY | 6876838 | GBP | 7068880 | 7/22/2025 | CBK |  | (192042) | (192042) |
| JPY | 13489182 | GBP | 13865880 | 7/22/2025 | CBK |  | (376698) | (376698) |
| JPY | 13695154 | GBP | 14068006 | 7/22/2025 | CBK |  | (372852) | (372852) |
| JPY | 23963809 | GBP | 23954857 | 7/22/2025 | CBK | 8952 |  | 8952 |
| JPY | 26119990 | GBP | 26840575 | 7/22/2025 | CBK |  | (720585) | (720585) |
| USD | 84040 | TWD | 85730 | 7/24/2025 | CBK |  | (1690) | (1690) |
| USD | 84062 | TWD | 85730 | 7/24/2025 | CBK |  | (1668) | (1668) |
| USD | 84117 | TWD | 85730 | 7/24/2025 | CBK |  | (1613) | (1613) |
| USD | 84121 | TWD | 85730 | 7/24/2025 | CBK |  | (1609) | (1609) |
| USD | 85301 | TWD | 85731 | 7/24/2025 | CBK |  | (430) | (430) |
| USD | 85310 | TWD | 85730 | 7/24/2025 | CBK |  | (420) | (420) |
| USD | 85759 | TWD | 85730 | 7/24/2025 | CBK | 29 |  | 29 |
| USD | 168634 | TWD | 171461 | 7/24/2025 | CBK |  | (2827) | (2827) |
| USD | 170381 | TWD | 171461 | 7/24/2025 | CBK |  | (1080) | (1080) |
| USD | 675865 | TWD | 685845 | 7/24/2025 | CBK |  | (9980) | (9980) |
| TWD | 85731 | USD | 84434 | 7/24/2025 | CBK | 1297 |  | 1297 |
| TWD | 85731 | USD | 85480 | 7/24/2025 | CBK | 251 |  | 251 |
| TWD | 85731 | USD | 85488 | 7/24/2025 | CBK | 243 |  | 243 |
| TWD | 85731 | USD | 85526 | 7/24/2025 | CBK | 205 |  | 205 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| TWD | 85731 | USD | 85557 | 7/24/2025 | CBK | $174 | $- | $174 |
| TWD | 85731 | USD | 85664 | 7/24/2025 | CBK | 67 |  | 67 |
| TWD | 85731 | USD | 85702 | 7/24/2025 | CBK | 29 |  | 29 |
| TWD | 85731 | USD | 85707 | 7/24/2025 | CBK | 24 |  | 24 |
| TWD | 85731 | USD | 85790 | 7/24/2025 | CBK |  | (59) | (59) |
| TWD | 85731 | USD | 85931 | 7/24/2025 | CBK |  | (200) | (200) |
| TWD | 85731 | USD | 85935 | 7/24/2025 | CBK |  | (204) | (204) |
| TWD | 85731 | USD | 85997 | 7/24/2025 | CBK |  | (266) | (266) |
| TWD | 85731 | USD | 86048 | 7/24/2025 | CBK |  | (317) | (317) |
| TWD | 85731 | USD | 86054 | 7/24/2025 | CBK |  | (323) | (323) |
| TWD | 85731 | USD | 86060 | 7/24/2025 | CBK |  | (329) | (329) |
| TWD | 85731 | USD | 86103 | 7/24/2025 | CBK |  | (372) | (372) |
| TWD | 85731 | USD | 86103 | 7/24/2025 | CBK |  | (372) | (372) |
| TWD | 85731 | USD | 86120 | 7/24/2025 | CBK |  | (389) | (389) |
| TWD | 85731 | USD | 86139 | 7/24/2025 | CBK |  | (408) | (408) |
| TWD | 85731 | USD | 86149 | 7/24/2025 | CBK |  | (418) | (418) |
| TWD | 85731 | USD | 86151 | 7/24/2025 | CBK |  | (420) | (420) |
| TWD | 85731 | USD | 86228 | 7/24/2025 | CBK |  | (497) | (497) |
| TWD | 171461 | USD | 171520 | 7/24/2025 | CBK |  | (59) | (59) |
| TWD | 171461 | USD | 171565 | 7/24/2025 | CBK |  | (104) | (104) |
| TWD | 171461 | USD | 171573 | 7/24/2025 | CBK |  | (112) | (112) |
| TWD | 171461 | USD | 171780 | 7/24/2025 | CBK |  | (319) | (319) |
| TWD | 171461 | USD | 171786 | 7/24/2025 | CBK |  | (325) | (325) |
| TWD | 171461 | USD | 171868 | 7/24/2025 | CBK |  | (407) | (407) |
| TWD | 171461 | USD | 171880 | 7/24/2025 | CBK |  | (419) | (419) |
| TWD | 171461 | USD | 171921 | 7/24/2025 | CBK |  | (460) | (460) |
| TWD | 171461 | USD | 171985 | 7/24/2025 | CBK |  | (524) | (524) |
| TWD | 171461 | USD | 172022 | 7/24/2025 | CBK |  | (561) | (561) |
| TWD | 171461 | USD | 172075 | 7/24/2025 | CBK |  | (614) | (614) |
| TWD | 171461 | USD | 172092 | 7/24/2025 | CBK |  | (631) | (631) |
| TWD | 171461 | USD | 172140 | 7/24/2025 | CBK |  | (679) | (679) |
| TWD | 171461 | USD | 172170 | 7/24/2025 | CBK |  | (709) | (709) |
| TWD | 171461 | USD | 172171 | 7/24/2025 | CBK |  | (710) | (710) |
| TWD | 171461 | USD | 172187 | 7/24/2025 | CBK |  | (726) | (726) |
| TWD | 171461 | USD | 172228 | 7/24/2025 | CBK |  | (767) | (767) |
| TWD | 171461 | USD | 172235 | 7/24/2025 | CBK |  | (774) | (774) |
| TWD | 171461 | USD | 172258 | 7/24/2025 | CBK |  | (797) | (797) |
| TWD | 171461 | USD | 172273 | 7/24/2025 | CBK |  | (812) | (812) |
| TWD | 171461 | USD | 172294 | 7/24/2025 | CBK |  | (833) | (833) |
| TWD | 171461 | USD | 172318 | 7/24/2025 | CBK |  | (857) | (857) |
| TWD | 171461 | USD | 174929 | 7/24/2025 | CBK |  | (3468) | (3468) |
| TWD | 171461 | USD | 174940 | 7/24/2025 | CBK |  | (3479) | (3479) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;6275207 | TWD | &nbsp;&nbsp;&nbsp;&nbsp;6344071 | 7/24/2025 | CBK |  | (68864) | (68864) |
| TWD | 257192 | USD | 256986 | 7/24/2025 | CBK | 206 |  | 206 |
| TWD | 257192 | USD | 257298 | 7/24/2025 | CBK |  | (106) | (106) |
| TWD | 257192 | USD | 257396 | 7/24/2025 | CBK |  | (204) | (204) |
| TWD | 257192 | USD | 257732 | 7/24/2025 | CBK |  | (540) | (540) |
| TWD | 257192 | USD | 257821 | 7/24/2025 | CBK |  | (629) | (629) |
| TWD | 257192 | USD | 257910 | 7/24/2025 | CBK |  | (718) | (718) |
| TWD | 257192 | USD | 258272 | 7/24/2025 | CBK |  | (1080) | (1080) |
| TWD | 257192 | USD | 258416 | 7/24/2025 | CBK |  | (1224) | (1224) |
| TWD | 257192 | USD | 258442 | 7/24/2025 | CBK |  | (1250) | (1250) |
| TWD | 257192 | USD | 258790 | 7/24/2025 | CBK |  | (1598) | (1598) |
| TWD | 257192 | USD | 258880 | 7/24/2025 | CBK |  | (1688) | (1688) |
| TWD | 257192 | USD | 261469 | 7/24/2025 | CBK |  | (4277) | (4277) |
| TWD | 257192 | USD | 262319 | 7/24/2025 | CBK |  | (5127) | (5127) |
| TWD | 342923 | USD | 343313 | 7/24/2025 | CBK |  | (390) | (390) |
| TWD | 342923 | USD | 343697 | 7/24/2025 | CBK |  | (774) | (774) |
| TWD | 342923 | USD | 343761 | 7/24/2025 | CBK |  | (838) | (838) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| TWD | 342923 | USD | 349363 | 7/24/2025 | CBK | $- | $(6440) | $(6440) |
| TWD | 342923 | USD | 350288 | 7/24/2025 | CBK |  | (7365) | (7365) |
| TWD | 428653 | USD | 429022 | 7/24/2025 | CBK |  | (369) | (369) |
| TWD | 428653 | USD | 429633 | 7/24/2025 | CBK |  | (980) | (980) |
| TWD | 514384 | USD | 516131 | 7/24/2025 | CBK |  | (1747) | (1747) |
| TWD | 685845 | USD | 697155 | 7/24/2025 | CBK |  | (11310) | (11310) |
| TWD | 943038 | USD | 957395 | 7/24/2025 | CBK |  | (14357) | (14357) |
| TWD | 1114499 | USD | 1131080 | 7/24/2025 | CBK |  | (16581) | (16581) |
| TWD | 4972380 | USD | 4984145 | 7/24/2025 | CBK |  | (11765) | (11765) |
| TWD | 12002296 | USD | 11815383 | 7/24/2025 | CBK | 186913 |  | 186913 |
| USD | 229985 | THB | 231093 | 7/25/2025 | CBK |  | (1108) | (1108) |
| USD | 230001 | THB | 231093 | 7/25/2025 | CBK |  | (1092) | (1092) |
| USD | 306659 | THB | 308124 | 7/25/2025 | CBK |  | (1465) | (1465) |
| USD | 383361 | THB | 385156 | 7/25/2025 | CBK |  | (1795) | (1795) |
| USD | 458645 | THB | 462186 | 7/25/2025 | CBK |  | (3541) | (3541) |
| USD | 459865 | THB | 462187 | 7/25/2025 | CBK |  | (2322) | (2322) |
| USD | 874481 | THB | 887765 | 7/25/2025 | CBK |  | (13284) | (13284) |
| USD | 947291 | THB | 961745 | 7/25/2025 | CBK |  | (14454) | (14454) |
| USD | 1070543 | THB | 1078436 | 7/25/2025 | CBK |  | (7893) | (7893) |
| USD | 1239149 | THB | 1257667 | 7/25/2025 | CBK |  | (18518) | (18518) |
| USD | 1311881 | THB | 1331647 | 7/25/2025 | CBK |  | (19766) | (19766) |
| USD | 1384553 | THB | 1405628 | 7/25/2025 | CBK |  | (21075) | (21075) |
| USD | 1603259 | THB | 1627569 | 7/25/2025 | CBK |  | (24310) | (24310) |
| THB | 77031 | USD | 76767 | 7/25/2025 | CBK | 264 |  | 264 |
| THB | 77031 | USD | 76773 | 7/25/2025 | CBK | 258 |  | 258 |
| THB | 77031 | USD | 76810 | 7/25/2025 | CBK | 221 |  | 221 |
| THB | 77031 | USD | 76854 | 7/25/2025 | CBK | 177 |  | 177 |
| THB | 77031 | USD | 76865 | 7/25/2025 | CBK | 166 |  | 166 |
| THB | 77031 | USD | 76872 | 7/25/2025 | CBK | 159 |  | 159 |
| THB | 154062 | USD | 153580 | 7/25/2025 | CBK | 482 |  | 482 |
| THB | 154062 | USD | 153623 | 7/25/2025 | CBK | 439 |  | 439 |
| THB | 154062 | USD | 153634 | 7/25/2025 | CBK | 428 |  | 428 |
| THB | 154062 | USD | 153643 | 7/25/2025 | CBK | 419 |  | 419 |
| THB | 154062 | USD | 153722 | 7/25/2025 | CBK | 340 |  | 340 |
| THB | 154062 | USD | 153725 | 7/25/2025 | CBK | 337 |  | 337 |
| THB | 154062 | USD | 153821 | 7/25/2025 | CBK | 241 |  | 241 |
| THB | 154062 | USD | 154338 | 7/25/2025 | CBK |  | (276) | (276) |
| THB | 231093 | USD | 230322 | 7/25/2025 | CBK | 771 |  | 771 |
| THB | 231093 | USD | 230376 | 7/25/2025 | CBK | 717 |  | 717 |
| THB | 231093 | USD | 230424 | 7/25/2025 | CBK | 669 |  | 669 |
| THB | 231093 | USD | 230488 | 7/25/2025 | CBK | 605 |  | 605 |
| THB | 231093 | USD | 230562 | 7/25/2025 | CBK | 531 |  | 531 |
| THB | 231093 | USD | 230576 | 7/25/2025 | CBK | 517 |  | 517 |
| THB | 231093 | USD | 230587 | 7/25/2025 | CBK | 506 |  | 506 |
| THB | 231093 | USD | 230635 | 7/25/2025 | CBK | 458 |  | 458 |
| THB | 231093 | USD | 230659 | 7/25/2025 | CBK | 434 |  | 434 |
| THB | 231093 | USD | 230664 | 7/25/2025 | CBK | 429 |  | 429 |
| THB | 308125 | USD | 307101 | 7/25/2025 | CBK | 1024 |  | 1024 |
| THB | 308125 | USD | 307266 | 7/25/2025 | CBK | 859 |  | 859 |
| THB | 308125 | USD | 307431 | 7/25/2025 | CBK | 694 |  | 694 |
| THB | 308125 | USD | 307444 | 7/25/2025 | CBK | 681 |  | 681 |
| THB | 462187 | USD | 463306 | 7/25/2025 | CBK |  | (1119) | (1119) |
| THB | 539218 | USD | 538180 | 7/25/2025 | CBK | 1038 |  | 1038 |
| THB | 539218 | USD | 540702 | 7/25/2025 | CBK |  | (1484) | (1484) |
| THB | 616249 | USD | 617423 | 7/25/2025 | CBK |  | (1174) | (1174) |
| THB | 616249 | USD | 618001 | 7/25/2025 | CBK |  | (1752) | (1752) |
| THB | 924374 | USD | 925763 | 7/25/2025 | CBK |  | (1389) | (1389) |
| THB | 1001405 | USD | 998335 | 7/25/2025 | CBK | 3070 |  | 3070 |
| THB | 1001405 | USD | 998917 | 7/25/2025 | CBK | 2488 |  | 2488 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| THB | 1309530 | USD | 1306432 | 7/25/2025 | CBK | $3098 | $- | $3098 |
| THB | 1540623 | USD | 1532444 | 7/25/2025 | CBK | 8179 |  | 8179 |
| THB | 1540623 | USD | 1535612 | 7/25/2025 | CBK | 5011 |  | 5011 |
| THB | 1617654 | USD | 1618088 | 7/25/2025 | CBK |  | (434) | (434) |
| THB | 17288739 | USD | 17227549 | 8/20/2025 | CBK | 61190 |  | 61190 |
| EUR | 236464 | CAD | 236216 | 8/27/2025 | CBK | 248 |  | 248 |
| EUR | 709392 | CAD | 705712 | 8/27/2025 | CBK | 3680 |  | 3680 |
| EUR | 4979590 | CAD | 4975252 | 8/27/2025 | CBK | 4338 |  | 4338 |
| EUR | 17106703 | CAD | 16998580 | 8/27/2025 | CBK | 108123 |  | 108123 |
| EUR | 17129787 | CAD | 17114930 | 8/27/2025 | CBK | 14857 |  | 14857 |
| EUR | 35033591 | CAD | 34824752 | 8/27/2025 | CBK | 208839 |  | 208839 |
| USD | 2684235 | MXN | 2775252 | 9/17/2025 | CBK |  | (91017) | (91017) |
| USD | 3160981 | MXN | 3277440 | 9/17/2025 | CBK |  | (116459) | (116459) |
| USD | 7826443 | MXN | 8049854 | 9/17/2025 | CBK |  | (223411) | (223411) |
| USD | 9392612 | MXN | 9659825 | 9/17/2025 | CBK |  | (267213) | (267213) |
| USD | 9397870 | MXN | 9659825 | 9/17/2025 | CBK |  | (261955) | (261955) |
| USD | 10733906 | MXN | 11012878 | 9/17/2025 | CBK |  | (278972) | (278972) |
| USD | 11201126 | MXN | 11576766 | 9/17/2025 | CBK |  | (375640) | (375640) |
| USD | 11739384 | MXN | 12074781 | 9/17/2025 | CBK |  | (335397) | (335397) |
| USD | 12518388 | MXN | 12848358 | 9/17/2025 | CBK |  | (329970) | (329970) |
| USD | 13306762 | MXN | 13684752 | 9/17/2025 | CBK |  | (377990) | (377990) |
| USD | 13399062 | MXN | 13766098 | 9/17/2025 | CBK |  | (367036) | (367036) |
| USD | 14325842 | MXN | 14683838 | 9/17/2025 | CBK |  | (357996) | (357996) |
| USD | 16091468 | MXN | 16519317 | 9/17/2025 | CBK |  | (427849) | (427849) |
| USD | 17232666 | MXN | 17704516 | 9/17/2025 | CBK |  | (471850) | (471850) |
| USD | 18766337 | MXN | 19319650 | 9/17/2025 | CBK |  | (553313) | (553313) |
| USD | 18770919 | MXN | 19319650 | 9/17/2025 | CBK |  | (548731) | (548731) |
| MXN | 2775252 | USD | 2684235 | 9/17/2025 | CBK | 91017 |  | 91017 |
| MXN | 3277441 | USD | 3160982 | 9/17/2025 | CBK | 116459 |  | 116459 |
| MXN | 8049854 | USD | 7826443 | 9/17/2025 | CBK | 223411 |  | 223411 |
| MXN | 9659825 | USD | 9392612 | 9/17/2025 | CBK | 267213 |  | 267213 |
| MXN | 9659825 | USD | 9397870 | 9/17/2025 | CBK | 261955 |  | 261955 |
| MXN | 11012878 | USD | 10733906 | 9/17/2025 | CBK | 278972 |  | 278972 |
| MXN | 11576766 | USD | 11201126 | 9/17/2025 | CBK | 375640 |  | 375640 |
| MXN | 12074781 | USD | 11739384 | 9/17/2025 | CBK | 335397 |  | 335397 |
| MXN | 12848358 | USD | 12518388 | 9/17/2025 | CBK | 329970 |  | 329970 |
| MXN | 13684752 | USD | 13306762 | 9/17/2025 | CBK | 377990 |  | 377990 |
| MXN | 13766098 | USD | 13399062 | 9/17/2025 | CBK | 367036 |  | 367036 |
| MXN | 14683838 | USD | 14325842 | 9/17/2025 | CBK | 357996 |  | 357996 |
| MXN | 16519317 | USD | 16091468 | 9/17/2025 | CBK | 427849 |  | 427849 |
| MXN | 17704516 | USD | 17232666 | 9/17/2025 | CBK | 471850 |  | 471850 |
| MXN | 19319650 | USD | 18770919 | 9/17/2025 | CBK | 548731 |  | 548731 |
| MXN | 19319650 | USD | 18766337 | 9/17/2025 | CBK | 553313 |  | 553313 |
| MXN | 22862792 | USD | 21945340 | 9/17/2025 | CBK | 917452 |  | 917452 |
| USD | 155889 | SEK | 159471 | 9/29/2025 | CBK |  | (3582) | (3582) |
| USD | 314441 | SEK | 318943 | 9/29/2025 | CBK |  | (4502) | (4502) |
| SEK | 159472 | USD | 155890 | 9/29/2025 | CBK | 3582 |  | 3582 |
| USD | 1815465 | SEK | 1819473 | 9/29/2025 | CBK |  | (4008) | (4008) |
| USD | 2513718 | SEK | 2551545 | 9/29/2025 | CBK |  | (37827) | (37827) |
| USD | 2855451 | SEK | 2870487 | 9/29/2025 | CBK |  | (15036) | (15036) |
| SEK | 318943 | USD | 314441 | 9/29/2025 | CBK | 4502 |  | 4502 |
| USD | 3856990 | SEK | 3880474 | 9/29/2025 | CBK |  | (23484) | (23484) |
| USD | 4682375 | SEK | 4745872 | 9/29/2025 | CBK |  | (63497) | (63497) |
| USD | 7026753 | SEK | 7069904 | 9/29/2025 | CBK |  | (43151) | (43151) |
| USD | 10157539 | SEK | 10259335 | 9/29/2025 | CBK |  | (101796) | (101796) |
| USD | 10468569 | SEK | 10631435 | 9/29/2025 | CBK |  | (162866) | (162866) |
| SEK | 1819473 | USD | 1815465 | 9/29/2025 | CBK | 4008 |  | 4008 |
| USD | 19095388 | SEK | 19520643 | 9/29/2025 | CBK |  | (425255) | (425255) |
| USD | 19492672 | SEK | 19558892 | 9/29/2025 | CBK |  | (66220) | (66220) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 22176784 | SEK | 22686154 | 9/29/2025 | CBK | $- | $(509370) | $(509370) |
| SEK | 2551544 | USD | 2513717 | 9/29/2025 | CBK | 37827 |  | 37827 |
| SEK | 2870487 | USD | 2855451 | 9/29/2025 | CBK | 15036 |  | 15036 |
| USD | 29186971 | SEK | 29338339 | 9/29/2025 | CBK |  | (151368) | (151368) |
| USD | 29440131 | SEK | 29603788 | 9/29/2025 | CBK |  | (163657) | (163657) |
| USD | 34306759 | SEK | 34803066 | 9/29/2025 | CBK |  | (496307) | (496307) |
| SEK | 3880474 | USD | 3856990 | 9/29/2025 | CBK | 23484 |  | 23484 |
| SEK | 4252574 | USD | 4228100 | 9/29/2025 | CBK | 24474 |  | 24474 |
| SEK | 4745873 | USD | 4682376 | 9/29/2025 | CBK | 63497 |  | 63497 |
| SEK | 7069904 | USD | 7026753 | 9/29/2025 | CBK | 43151 |  | 43151 |
| SEK | 10259335 | USD | 10157539 | 9/29/2025 | CBK | 101796 |  | 101796 |
| SEK | 10631435 | USD | 10468569 | 9/29/2025 | CBK | 162866 |  | 162866 |
| SEK | 12172993 | USD | 12174542 | 9/29/2025 | CBK |  | (1549) | (1549) |
| SEK | 19520643 | USD | 19095388 | 9/29/2025 | CBK | 425255 |  | 425255 |
| SEK | 19558892 | USD | 19492672 | 9/29/2025 | CBK | 66220 |  | 66220 |
| SEK | 19827626 | USD | 19861137 | 9/29/2025 | CBK |  | (33511) | (33511) |
| SEK | 22686153 | USD | 22176783 | 9/29/2025 | CBK | 509370 |  | 509370 |
| SEK | 29338338 | USD | 29186970 | 9/29/2025 | CBK | 151368 |  | 151368 |
| SEK | 29603788 | USD | 29440131 | 9/29/2025 | CBK | 163657 |  | 163657 |
| SEK | 34803065 | USD | 34306758 | 9/29/2025 | CBK | 496307 |  | 496307 |
| SEK | 59482878 | USD | 59695827 | 9/29/2025 | CBK |  | (212949) | (212949) |
| MXN | 315925 | USD | 307091 | 10/22/2025 | CBK | 8834 |  | 8834 |
| MXN | 552869 | USD | 546384 | 10/22/2025 | CBK | 6485 |  | 6485 |
| MXN | 605524 | USD | 599040 | 10/22/2025 | CBK | 6484 |  | 6484 |
| MXN | 2082726 | USD | 2051770 | 10/22/2025 | CBK | 30956 |  | 30956 |
| MXN | 2264131 | USD | 2222690 | 10/22/2025 | CBK | 41441 |  | 41441 |
| MXN | 2290459 | USD | 2269792 | 10/22/2025 | CBK | 20667 |  | 20667 |
| MXN | 3238235 | USD | 3151079 | 10/22/2025 | CBK | 87156 |  | 87156 |
| MXN | 3317216 | USD | 3285584 | 10/22/2025 | CBK | 31632 |  | 31632 |
| MXN | 3544662 | USD | 3473197 | 10/22/2025 | CBK | 71465 |  | 71465 |
| MXN | 5132640 | USD | 5096828 | 10/22/2025 | CBK | 35812 |  | 35812 |
| MXN | 5988080 | USD | 5945841 | 10/22/2025 | CBK | 42239 |  | 42239 |
| MXN | 6107890 | USD | 5889027 | 10/22/2025 | CBK | 218863 |  | 218863 |
| MXN | 6265852 | USD | 6105583 | 10/22/2025 | CBK | 160269 |  | 160269 |
| MXN | 6292179 | USD | 6211556 | 10/22/2025 | CBK | 80623 |  | 80623 |
| MXN | 7582208 | USD | 7343926 | 10/22/2025 | CBK | 238282 |  | 238282 |
| MXN | 8398348 | USD | 8207727 | 10/22/2025 | CBK | 190621 |  | 190621 |
| MXN | 8424675 | USD | 8158401 | 10/22/2025 | CBK | 266274 |  | 266274 |
| MXN | 9132623 | USD | 8993870 | 10/22/2025 | CBK | 138753 |  | 138753 |
| MXN | 9346124 | USD | 9180274 | 10/22/2025 | CBK | 165850 |  | 165850 |
| MXN | 9998211 | USD | 9792255 | 10/22/2025 | CBK | 205956 |  | 205956 |
| MXN | 10109610 | USD | 9791395 | 10/22/2025 | CBK | 318215 |  | 318215 |
| MXN | 10265279 | USD | 10191145 | 10/22/2025 | CBK | 74134 |  | 74134 |
| MXN | 10658371 | USD | 10445896 | 10/22/2025 | CBK | 212475 |  | 212475 |
| MXN | 10952078 | USD | 10608923 | 10/22/2025 | CBK | 343155 |  | 343155 |
| MXN | 11245374 | USD | 11026111 | 10/22/2025 | CBK | 219263 |  | 219263 |
| MXN | 12252082 | USD | 12008368 | 10/22/2025 | CBK | 243714 |  | 243714 |
| MXN | 12335890 | USD | 12250914 | 10/22/2025 | CBK | 84976 |  | 84976 |
| MXN | 13058247 | USD | 12695687 | 10/22/2025 | CBK | 362560 |  | 362560 |
| MXN | 13058247 | USD | 12697070 | 10/22/2025 | CBK | 361177 |  | 361177 |
| MXN | 15164415 | USD | 14687663 | 10/22/2025 | CBK | 476752 |  | 476752 |
| MXN | 15315102 | USD | 15010739 | 10/22/2025 | CBK | 304363 |  | 304363 |
| MXN | 16336109 | USD | 16009290 | 10/22/2025 | CBK | 326819 |  | 326819 |
| MXN | 19927207 | USD | 19788476 | 10/22/2025 | CBK | 138731 |  | 138731 |
| MXN | 26569609 | USD | 26377795 | 10/22/2025 | CBK | 191814 |  | 191814 |
| EUR | 117795 | AUD | 118013 | 7/1/2025 | HUB |  | (218) | (218) |
| EUR | 117795 | AUD | 118049 | 7/1/2025 | HUB |  | (254) | (254) |
| EUR | 117795 | AUD | 118073 | 7/1/2025 | HUB |  | (278) | (278) |
| EUR | 117795 | AUD | 118116 | 7/1/2025 | HUB |  | (321) | (321) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| EUR | 117795 | AUD | 118150 | 7/1/2025 | HUB | $- | $(355) | $(355) |
| EUR | 117795 | AUD | 118200 | 7/1/2025 | HUB |  | (405) | (405) |
| AUD | 65815 | JPY | 65628 | 7/1/2025 | HUB | 187 |  | 187 |
| AUD | 65815 | JPY | 65637 | 7/1/2025 | HUB | 178 |  | 178 |
| AUD | 65815 | JPY | 65660 | 7/1/2025 | HUB | 155 |  | 155 |
| USD | 117657 | NZD | 120857 | 7/1/2025 | HUB |  | (3200) | (3200) |
| USD | 119362 | NZD | 121910 | 7/1/2025 | HUB |  | (2548) | (2548) |
| NZD | 120857 | USD | 117657 | 7/1/2025 | HUB | 3200 |  | 3200 |
| NZD | 121910 | USD | 119362 | 7/1/2025 | HUB | 2548 |  | 2548 |
| NZD | 121910 | USD | 121180 | 7/1/2025 | HUB | 730 |  | 730 |
| NZD | 121910 | USD | 121252 | 7/1/2025 | HUB | 658 |  | 658 |
| NZD | 121910 | USD | 121282 | 7/1/2025 | HUB | 628 |  | 628 |
| AUD | 131630 | JPY | 131177 | 7/1/2025 | HUB | 453 |  | 453 |
| AUD | 131630 | JPY | 131259 | 7/1/2025 | HUB | 371 |  | 371 |
| AUD | 131630 | JPY | 131361 | 7/1/2025 | HUB | 269 |  | 269 |
| AUD | 131630 | JPY | 131375 | 7/1/2025 | HUB | 255 |  | 255 |
| AUD | 131630 | JPY | 131401 | 7/1/2025 | HUB | 229 |  | 229 |
| AUD | 131630 | JPY | 131441 | 7/1/2025 | HUB | 189 |  | 189 |
| AUD | 131630 | JPY | 131490 | 7/1/2025 | HUB | 140 |  | 140 |
| USD | 238770 | NZD | 243820 | 7/1/2025 | HUB |  | (5050) | (5050) |
| NZD | 182865 | USD | 181668 | 7/1/2025 | HUB | 1197 |  | 1197 |
| NZD | 182865 | USD | 181905 | 7/1/2025 | HUB | 960 |  | 960 |
| AUD | 197445 | JPY | 196766 | 7/1/2025 | HUB | 679 |  | 679 |
| AUD | 197445 | JPY | 196874 | 7/1/2025 | HUB | 571 |  | 571 |
| AUD | 197445 | JPY | 196914 | 7/1/2025 | HUB | 531 |  | 531 |
| AUD | 197445 | JPY | 196918 | 7/1/2025 | HUB | 527 |  | 527 |
| AUD | 197445 | JPY | 196951 | 7/1/2025 | HUB | 494 |  | 494 |
| AUD | 197445 | JPY | 196988 | 7/1/2025 | HUB | 457 |  | 457 |
| NZD | 243820 | USD | 238770 | 7/1/2025 | HUB | 5050 |  | 5050 |
| NZD | 243820 | USD | 242212 | 7/1/2025 | HUB | 1608 |  | 1608 |
| EUR | 471180 | USD | 468772 | 7/1/2025 | HUB | 2408 |  | 2408 |
| EUR | 471180 | USD | 469352 | 7/1/2025 | HUB | 1828 |  | 1828 |
| AUD | 263260 | JPY | 262469 | 7/1/2025 | HUB | 791 |  | 791 |
| USD | 413679 | NZD | 425037 | 7/1/2025 | HUB |  | (11358) | (11358) |
| PLN | 117504 | EUR | 117795 | 7/1/2025 | HUB |  | (291) | (291) |
| PLN | 117573 | EUR | 117795 | 7/1/2025 | HUB |  | (222) | (222) |
| PLN | 117577 | EUR | 117795 | 7/1/2025 | HUB |  | (218) | (218) |
| PLN | 117621 | EUR | 117795 | 7/1/2025 | HUB |  | (174) | (174) |
| PLN | 117644 | EUR | 117795 | 7/1/2025 | HUB |  | (151) | (151) |
| PLN | 117646 | EUR | 117795 | 7/1/2025 | HUB |  | (149) | (149) |
| PLN | 117656 | EUR | 117795 | 7/1/2025 | HUB |  | (139) | (139) |
| PLN | 117664 | EUR | 117795 | 7/1/2025 | HUB |  | (131) | (131) |
| PLN | 117670 | EUR | 117795 | 7/1/2025 | HUB |  | (125) | (125) |
| EUR | 588975 | USD | 585645 | 7/1/2025 | HUB | 3330 |  | 3330 |
| EUR | 588975 | USD | 586080 | 7/1/2025 | HUB | 2895 |  | 2895 |
| EUR | 588975 | USD | 586290 | 7/1/2025 | HUB | 2685 |  | 2685 |
| EUR | 588975 | USD | 586435 | 7/1/2025 | HUB | 2540 |  | 2540 |
| USD | 541434 | NZD | 548595 | 7/1/2025 | HUB |  | (7161) | (7161) |
| NZD | 365730 | USD | 363432 | 7/1/2025 | HUB | 2298 |  | 2298 |
| NZD | 425037 | USD | 413679 | 7/1/2025 | HUB | 11358 |  | 11358 |
| USD | 777395 | NZD | 792415 | 7/1/2025 | HUB |  | (15020) | (15020) |
| USD | 798092 | NZD | 805277 | 7/1/2025 | HUB |  | (7185) | (7185) |
| PLN | 235033 | EUR | 235590 | 7/1/2025 | HUB |  | (557) | (557) |
| PLN | 235045 | EUR | 235590 | 7/1/2025 | HUB |  | (545) | (545) |
| PLN | 235063 | EUR | 235590 | 7/1/2025 | HUB |  | (527) | (527) |
| PLN | 235069 | EUR | 235590 | 7/1/2025 | HUB |  | (521) | (521) |
| PLN | 235110 | EUR | 235590 | 7/1/2025 | HUB |  | (480) | (480) |
| PLN | 235149 | EUR | 235590 | 7/1/2025 | HUB |  | (441) | (441) |
| PLN | 235161 | EUR | 235590 | 7/1/2025 | HUB |  | (429) | (429) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| PLN | 235212 | EUR | 235590 | 7/1/2025 | HUB | $- | $(378) | $(378) |
| PLN | 235229 | EUR | 235590 | 7/1/2025 | HUB |  | (361) | (361) |
| PLN | 235236 | EUR | 235590 | 7/1/2025 | HUB |  | (354) | (354) |
| PLN | 235350 | EUR | 235591 | 7/1/2025 | HUB |  | (241) | (241) |
| PLN | 235359 | EUR | 235590 | 7/1/2025 | HUB |  | (231) | (231) |
| NZD | 548595 | USD | 541434 | 7/1/2025 | HUB | 7161 |  | 7161 |
| USD | 951080 | NZD | 975280 | 7/1/2025 | HUB |  | (24200) | (24200) |
| USD | 956744 | NZD | 975279 | 7/1/2025 | HUB |  | (18535) | (18535) |
| AUD | 707697 | EUR | 706770 | 7/1/2025 | HUB | 927 |  | 927 |
| PLN | 352621 | EUR | 353386 | 7/1/2025 | HUB |  | (765) | (765) |
| PLN | 352667 | EUR | 353385 | 7/1/2025 | HUB |  | (718) | (718) |
| NZD | 792415 | USD | 777395 | 7/1/2025 | HUB | 15020 |  | 15020 |
| USD | 1307053 | NZD | 1341009 | 7/1/2025 | HUB |  | (33956) | (33956) |
| NZD | 805277 | USD | 798092 | 7/1/2025 | HUB | 7185 |  | 7185 |
| USD | 1380987 | PLN | 1387213 | 7/1/2025 | HUB |  | (6226) | (6226) |
| USD | 1427673 | NZD | 1462919 | 7/1/2025 | HUB |  | (35246) | (35246) |
| USD | 1451948 | NZD | 1462920 | 7/1/2025 | HUB |  | (10972) | (10972) |
| NZD | 975280 | USD | 951080 | 7/1/2025 | HUB | 24200 |  | 24200 |
| NZD | 975280 | USD | 956745 | 7/1/2025 | HUB | 18535 |  | 18535 |
| USD | 1629041 | NZD | 1645784 | 7/1/2025 | HUB |  | (16743) | (16743) |
| USD | 1639106 | NZD | 1645784 | 7/1/2025 | HUB |  | (6678) | (6678) |
| NZD | 1341010 | USD | 1307054 | 7/1/2025 | HUB | 33956 |  | 33956 |
| NZD | 1462920 | USD | 1427674 | 7/1/2025 | HUB | 35246 |  | 35246 |
| NZD | 1462920 | USD | 1451948 | 7/1/2025 | HUB | 10972 |  | 10972 |
| USD | 2676419 | NZD | 2742975 | 7/1/2025 | HUB |  | (66556) | (66556) |
| NZD | 1645785 | USD | 1629042 | 7/1/2025 | HUB | 16743 |  | 16743 |
| NZD | 1645785 | USD | 1639106 | 7/1/2025 | HUB | 6679 |  | 6679 |
| USD | 2883790 | NZD | 2925839 | 7/1/2025 | HUB |  | (42049) | (42049) |
| USD | 2886760 | NZD | 2925839 | 7/1/2025 | HUB |  | (39079) | (39079) |
| USD | 3143259 | NZD | 3169659 | 7/1/2025 | HUB |  | (26400) | (26400) |
| USD | 3198244 | NZD | 3230614 | 7/1/2025 | HUB |  | (32370) | (32370) |
| USD | 3267785 | NZD | 3352524 | 7/1/2025 | HUB |  | (84739) | (84739) |
| USD | 3284409 | EUR | 3298262 | 7/1/2025 | HUB |  | (13853) | (13853) |
| USD | 3378491 | NZD | 3413479 | 7/1/2025 | HUB |  | (34988) | (34988) |
| USD | 3507889 | NZD | 3535389 | 7/1/2025 | HUB |  | (27500) | (27500) |
| USD | 3510351 | NZD | 3583363 | 7/1/2025 | HUB |  | (73012) | (73012) |
| USD | 3511824 | NZD | 3583362 | 7/1/2025 | HUB |  | (71538) | (71538) |
| USD | 3515503 | NZD | 3596344 | 7/1/2025 | HUB |  | (80841) | (80841) |
| EUR | 4594008 | PLN | 4585638 | 7/1/2025 | HUB | 8370 |  | 8370 |
| USD | 4223993 | NZD | 4266849 | 7/1/2025 | HUB |  | (42856) | (42856) |
| NZD | 2742974 | USD | 2676418 | 7/1/2025 | HUB | 66556 |  | 66556 |
| USD | 4514489 | NZD | 4642913 | 7/1/2025 | HUB |  | (128424) | (128424) |
| USD | 4599034 | NZD | 4632579 | 7/1/2025 | HUB |  | (33545) | (33545) |
| NZD | 2925839 | USD | 2883790 | 7/1/2025 | HUB | 42049 |  | 42049 |
| NZD | 2925839 | USD | 2886760 | 7/1/2025 | HUB | 39079 |  | 39079 |
| USD | 4951499 | NZD | 4998308 | 7/1/2025 | HUB |  | (46809) | (46809) |
| PLN | 1387213 | USD | 1384375 | 7/1/2025 | HUB | 2838 |  | 2838 |
| NZD | 3169659 | USD | 3143259 | 7/1/2025 | HUB | 26400 |  | 26400 |
| NZD | 3230614 | USD | 3198244 | 7/1/2025 | HUB | 32370 |  | 32370 |
| NZD | 3352524 | USD | 3267785 | 7/1/2025 | HUB | 84739 |  | 84739 |
| NZD | 3413479 | USD | 3378491 | 7/1/2025 | HUB | 34988 |  | 34988 |
| USD | 5726296 | NZD | 5777860 | 7/1/2025 | HUB |  | (51564) | (51564) |
| NZD | 3535389 | USD | 3507889 | 7/1/2025 | HUB | 27500 |  | 27500 |
| NZD | 3583362 | USD | 3511824 | 7/1/2025 | HUB | 71538 |  | 71538 |
| NZD | 3583363 | USD | 3510351 | 7/1/2025 | HUB | 73012 |  | 73012 |
| NZD | 3596344 | USD | 3515503 | 7/1/2025 | HUB | 80841 |  | 80841 |
| NZD | 4255054 | USD | 4226227 | 7/1/2025 | HUB | 28827 |  | 28827 |
| USD | 6995767 | NZD | 7192688 | 7/1/2025 | HUB |  | (196921) | (196921) |
| NZD | 4266849 | USD | 4223993 | 7/1/2025 | HUB | 42856 |  | 42856 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 7262360 | NZD | 7287562 | 7/1/2025 | HUB | $- | $(25202) | $(25202) |
| USD | 7267885 | NZD | 7287562 | 7/1/2025 | HUB |  | (19677) | (19677) |
| NZD | 4632579 | USD | 4599034 | 7/1/2025 | HUB | 33545 |  | 33545 |
| NZD | 4642914 | USD | 4514490 | 7/1/2025 | HUB | 128424 |  | 128424 |
| USD | 7710265 | NZD | 7860089 | 7/1/2025 | HUB |  | (149824) | (149824) |
| NZD | 4998308 | USD | 4951499 | 7/1/2025 | HUB | 46809 |  | 46809 |
| USD | 9026402 | NZD | 9285827 | 7/1/2025 | HUB |  | (259425) | (259425) |
| NZD | 5777861 | USD | 5726297 | 7/1/2025 | HUB | 51564 |  | 51564 |
| USD | 10788162 | NZD | 10910942 | 7/1/2025 | HUB |  | (122780) | (122780) |
| USD | 11151193 | NZD | 11276671 | 7/1/2025 | HUB |  | (125478) | (125478) |
| NZD | 7192688 | USD | 6995767 | 7/1/2025 | HUB | 196921 |  | 196921 |
| NZD | 7860088 | USD | 7710264 | 7/1/2025 | HUB | 149824 |  | 149824 |
| USD | 13540970 | NZD | 13928740 | 7/1/2025 | HUB |  | (387770) | (387770) |
| USD | 14536726 | NZD | 14575123 | 7/1/2025 | HUB |  | (38397) | (38397) |
| USD | 14903505 | NZD | 15301348 | 7/1/2025 | HUB |  | (397843) | (397843) |
| NZD | 9285826 | USD | 9026401 | 7/1/2025 | HUB | 259425 |  | 259425 |
| USD | 15797974 | NZD | 16125133 | 7/1/2025 | HUB |  | (327159) | (327159) |
| USD | 17385674 | NZD | 17430501 | 7/1/2025 | HUB |  | (44827) | (44827) |
| USD | 17565364 | NZD | 17916814 | 7/1/2025 | HUB |  | (351450) | (351450) |
| NZD | 10910942 | USD | 10788162 | 7/1/2025 | HUB | 122780 |  | 122780 |
| NZD | 11276672 | USD | 11151194 | 7/1/2025 | HUB | 125478 |  | 125478 |
| USD | 19343450 | NZD | 19433497 | 7/1/2025 | HUB |  | (90047) | (90047) |
| NZD | 11898016 | USD | 11811522 | 7/1/2025 | HUB | 86494 |  | 86494 |
| NZD | 13928740 | USD | 13540970 | 7/1/2025 | HUB | 387770 |  | 387770 |
| NZD | 15301348 | USD | 14903505 | 7/1/2025 | HUB | 397843 |  | 397843 |
| NZD | 16125133 | USD | 15797974 | 7/1/2025 | HUB | 327159 |  | 327159 |
| NZD | 17916814 | USD | 17565364 | 7/1/2025 | HUB | 351450 |  | 351450 |
| NZD | 48520165 | USD | 47934156 | 7/1/2025 | HUB | 586009 |  | 586009 |
| JPY | 2551834 | AUD | 2566785 | 7/1/2025 | HUB |  | (14951) | (14951) |
| BRL | 18406 | USD | 17366 | 7/2/2025 | HUB | 1040 |  | 1040 |
| BRL | 18406 | USD | 17367 | 7/2/2025 | HUB | 1039 |  | 1039 |
| BRL | 18406 | USD | 17368 | 7/2/2025 | HUB | 1038 |  | 1038 |
| BRL | 18406 | USD | 17373 | 7/2/2025 | HUB | 1033 |  | 1033 |
| BRL | 18406 | USD | 17377 | 7/2/2025 | HUB | 1029 |  | 1029 |
| BRL | 18406 | USD | 17379 | 7/2/2025 | HUB | 1027 |  | 1027 |
| BRL | 18406 | USD | 17386 | 7/2/2025 | HUB | 1020 |  | 1020 |
| BRL | 18406 | USD | 17389 | 7/2/2025 | HUB | 1017 |  | 1017 |
| BRL | 18406 | USD | 17393 | 7/2/2025 | HUB | 1013 |  | 1013 |
| BRL | 18406 | USD | 17397 | 7/2/2025 | HUB | 1009 |  | 1009 |
| BRL | 18406 | USD | 17402 | 7/2/2025 | HUB | 1004 |  | 1004 |
| BRL | 18406 | USD | 17407 | 7/2/2025 | HUB | 999 |  | 999 |
| BRL | 18406 | USD | 17411 | 7/2/2025 | HUB | 995 |  | 995 |
| BRL | 18406 | USD | 17426 | 7/2/2025 | HUB | 980 |  | 980 |
| BRL | 18406 | USD | 17437 | 7/2/2025 | HUB | 969 |  | 969 |
| BRL | 18406 | USD | 17443 | 7/2/2025 | HUB | 963 |  | 963 |
| BRL | 18406 | USD | 17454 | 7/2/2025 | HUB | 952 |  | 952 |
| BRL | 18406 | USD | 17459 | 7/2/2025 | HUB | 947 |  | 947 |
| BRL | 18406 | USD | 17459 | 7/2/2025 | HUB | 947 |  | 947 |
| BRL | 18406 | USD | 17502 | 7/2/2025 | HUB | 904 |  | 904 |
| BRL | 18406 | USD | 17505 | 7/2/2025 | HUB | 901 |  | 901 |
| BRL | 18406 | USD | 17507 | 7/2/2025 | HUB | 899 |  | 899 |
| BRL | 18406 | USD | 17510 | 7/2/2025 | HUB | 896 |  | 896 |
| BRL | 18406 | USD | 17517 | 7/2/2025 | HUB | 889 |  | 889 |
| BRL | 18406 | USD | 17520 | 7/2/2025 | HUB | 886 |  | 886 |
| BRL | 18406 | USD | 17526 | 7/2/2025 | HUB | 880 |  | 880 |
| BRL | 18406 | USD | 17526 | 7/2/2025 | HUB | 880 |  | 880 |
| BRL | 18406 | USD | 17528 | 7/2/2025 | HUB | 878 |  | 878 |
| BRL | 18406 | USD | 17532 | 7/2/2025 | HUB | 874 |  | 874 |
| BRL | 18406 | USD | 17535 | 7/2/2025 | HUB | 871 |  | 871 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 18406 | USD | 17537 | 7/2/2025 | HUB | $869 | $- | $869 |
| BRL | 18406 | USD | 17540 | 7/2/2025 | HUB | 866 |  | 866 |
| BRL | 18406 | USD | 17541 | 7/2/2025 | HUB | 865 |  | 865 |
| BRL | 18406 | USD | 17543 | 7/2/2025 | HUB | 863 |  | 863 |
| BRL | 18406 | USD | 17544 | 7/2/2025 | HUB | 862 |  | 862 |
| BRL | 18406 | USD | 17553 | 7/2/2025 | HUB | 853 |  | 853 |
| BRL | 18406 | USD | 17556 | 7/2/2025 | HUB | 850 |  | 850 |
| BRL | 18406 | USD | 17557 | 7/2/2025 | HUB | 849 |  | 849 |
| BRL | 18406 | USD | 17559 | 7/2/2025 | HUB | 847 |  | 847 |
| BRL | 18406 | USD | 17560 | 7/2/2025 | HUB | 846 |  | 846 |
| BRL | 18406 | USD | 17561 | 7/2/2025 | HUB | 845 |  | 845 |
| BRL | 18406 | USD | 17567 | 7/2/2025 | HUB | 839 |  | 839 |
| BRL | 18406 | USD | 17569 | 7/2/2025 | HUB | 837 |  | 837 |
| BRL | 18406 | USD | 17571 | 7/2/2025 | HUB | 835 |  | 835 |
| BRL | 18406 | USD | 17575 | 7/2/2025 | HUB | 831 |  | 831 |
| BRL | 18406 | USD | 17578 | 7/2/2025 | HUB | 828 |  | 828 |
| BRL | 18406 | USD | 17594 | 7/2/2025 | HUB | 812 |  | 812 |
| BRL | 18406 | USD | 17609 | 7/2/2025 | HUB | 797 |  | 797 |
| BRL | 18406 | USD | 17612 | 7/2/2025 | HUB | 794 |  | 794 |
| BRL | 18406 | USD | 17618 | 7/2/2025 | HUB | 788 |  | 788 |
| BRL | 18406 | USD | 17625 | 7/2/2025 | HUB | 781 |  | 781 |
| BRL | 18406 | USD | 17631 | 7/2/2025 | HUB | 775 |  | 775 |
| BRL | 18406 | USD | 17634 | 7/2/2025 | HUB | 772 |  | 772 |
| BRL | 18406 | USD | 17648 | 7/2/2025 | HUB | 758 |  | 758 |
| BRL | 18406 | USD | 17659 | 7/2/2025 | HUB | 747 |  | 747 |
| NZD | 60955 | USD | 60584 | 7/2/2025 | HUB | 371 |  | 371 |
| NZD | 60955 | USD | 60847 | 7/2/2025 | HUB | 108 |  | 108 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;117795 | USD | &nbsp;&nbsp;&nbsp;&nbsp;117185 | 7/2/2025 | HUB | 610 |  | 610 |
| EUR | 117795 | AUD | 117859 | 7/2/2025 | HUB |  | (64) | (64) |
| EUR | 117795 | AUD | 117975 | 7/2/2025 | HUB |  | (180) | (180) |
| EUR | 117795 | AUD | 118021 | 7/2/2025 | HUB |  | (226) | (226) |
| EUR | 117795 | AUD | 118037 | 7/2/2025 | HUB |  | (242) | (242) |
| EUR | 117795 | AUD | 118058 | 7/2/2025 | HUB |  | (263) | (263) |
| EUR | 117795 | AUD | 118154 | 7/2/2025 | HUB |  | (359) | (359) |
| EUR | 117795 | AUD | 118184 | 7/2/2025 | HUB |  | (389) | (389) |
| AUD | 65815 | JPY | 65355 | 7/2/2025 | HUB | 460 |  | 460 |
| AUD | 65815 | JPY | 65410 | 7/2/2025 | HUB | 405 |  | 405 |
| AUD | 65815 | JPY | 65417 | 7/2/2025 | HUB | 398 |  | 398 |
| AUD | 65815 | JPY | 65759 | 7/2/2025 | HUB | 56 |  | 56 |
| USD | 122394 | BRL | 128840 | 7/2/2025 | HUB |  | (6446) | (6446) |
| USD | 127416 | BRL | 128840 | 7/2/2025 | HUB |  | (1424) | (1424) |
| USD | 145483 | BRL | 147246 | 7/2/2025 | HUB |  | (1763) | (1763) |
| USD | 145486 | BRL | 147246 | 7/2/2025 | HUB |  | (1760) | (1760) |
| USD | 145490 | BRL | 147245 | 7/2/2025 | HUB |  | (1755) | (1755) |
| USD | 145548 | BRL | 147246 | 7/2/2025 | HUB |  | (1698) | (1698) |
| USD | 145552 | BRL | 147246 | 7/2/2025 | HUB |  | (1694) | (1694) |
| USD | 145603 | BRL | 147246 | 7/2/2025 | HUB |  | (1643) | (1643) |
| USD | 145609 | BRL | 147245 | 7/2/2025 | HUB |  | (1636) | (1636) |
| USD | 145616 | BRL | 147246 | 7/2/2025 | HUB |  | (1630) | (1630) |
| USD | 163535 | BRL | 165651 | 7/2/2025 | HUB |  | (2116) | (2116) |
| USD | 163581 | BRL | 165651 | 7/2/2025 | HUB |  | (2070) | (2070) |
| USD | 163636 | BRL | 165651 | 7/2/2025 | HUB |  | (2015) | (2015) |
| USD | 163676 | BRL | 165652 | 7/2/2025 | HUB |  | (1976) | (1976) |
| USD | 163716 | BRL | 165652 | 7/2/2025 | HUB |  | (1936) | (1936) |
| USD | 163764 | BRL | 165651 | 7/2/2025 | HUB |  | (1887) | (1887) |
| USD | 175417 | BRL | 184057 | 7/2/2025 | HUB |  | (8640) | (8640) |
| USD | 181799 | BRL | 184057 | 7/2/2025 | HUB |  | (2258) | (2258) |
| USD | 181849 | BRL | 184057 | 7/2/2025 | HUB |  | (2208) | (2208) |
| USD | 181855 | BRL | 184057 | 7/2/2025 | HUB |  | (2202) | (2202) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 181896 | BRL | 184057 | 7/2/2025 | HUB | $- | $(2161) | $(2161) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;181939 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;184057 | 7/2/2025 | HUB |  | (2118) | (2118) |
| USD | 192250 | BRL | 202462 | 7/2/2025 | HUB |  | (10212) | (10212) |
| BRL | 36811 | USD | 34739 | 7/2/2025 | HUB | 2072 |  | 2072 |
| BRL | 36811 | USD | 34752 | 7/2/2025 | HUB | 2059 |  | 2059 |
| BRL | 36811 | USD | 34758 | 7/2/2025 | HUB | 2053 |  | 2053 |
| BRL | 36811 | USD | 34768 | 7/2/2025 | HUB | 2043 |  | 2043 |
| BRL | 36811 | USD | 34778 | 7/2/2025 | HUB | 2033 |  | 2033 |
| BRL | 18406 | USD | 17394 | 7/2/2025 | HUB | 1012 |  | 1012 |
| BRL | 18406 | USD | 17394 | 7/2/2025 | HUB | 1012 |  | 1012 |
| BRL | 18406 | USD | 17400 | 7/2/2025 | HUB | 1006 |  | 1006 |
| BRL | 18406 | USD | 17400 | 7/2/2025 | HUB | 1006 |  | 1006 |
| BRL | 36811 | USD | 34825 | 7/2/2025 | HUB | 1986 |  | 1986 |
| BRL | 36811 | USD | 34826 | 7/2/2025 | HUB | 1985 |  | 1985 |
| BRL | 36811 | USD | 34832 | 7/2/2025 | HUB | 1979 |  | 1979 |
| BRL | 36811 | USD | 34952 | 7/2/2025 | HUB | 1859 |  | 1859 |
| BRL | 36811 | USD | 34996 | 7/2/2025 | HUB | 1815 |  | 1815 |
| BRL | 36811 | USD | 34997 | 7/2/2025 | HUB | 1814 |  | 1814 |
| BRL | 36811 | USD | 35014 | 7/2/2025 | HUB | 1797 |  | 1797 |
| BRL | 18406 | USD | 17508 | 7/2/2025 | HUB | 898 |  | 898 |
| BRL | 18406 | USD | 17509 | 7/2/2025 | HUB | 897 |  | 897 |
| BRL | 36811 | USD | 35017 | 7/2/2025 | HUB | 1794 |  | 1794 |
| BRL | 36811 | USD | 35018 | 7/2/2025 | HUB | 1793 |  | 1793 |
| BRL | 36811 | USD | 35021 | 7/2/2025 | HUB | 1790 |  | 1790 |
| BRL | 36811 | USD | 35023 | 7/2/2025 | HUB | 1788 |  | 1788 |
| BRL | 36811 | USD | 35026 | 7/2/2025 | HUB | 1785 |  | 1785 |
| BRL | 36811 | USD | 35028 | 7/2/2025 | HUB | 1783 |  | 1783 |
| BRL | 18406 | USD | 17516 | 7/2/2025 | HUB | 890 |  | 890 |
| BRL | 18406 | USD | 17516 | 7/2/2025 | HUB | 890 |  | 890 |
| BRL | 36811 | USD | 35033 | 7/2/2025 | HUB | 1778 |  | 1778 |
| BRL | 36811 | USD | 35034 | 7/2/2025 | HUB | 1777 |  | 1777 |
| BRL | 36811 | USD | 35052 | 7/2/2025 | HUB | 1759 |  | 1759 |
| BRL | 36811 | USD | 35056 | 7/2/2025 | HUB | 1755 |  | 1755 |
| BRL | 36811 | USD | 35057 | 7/2/2025 | HUB | 1754 |  | 1754 |
| BRL | 36811 | USD | 35058 | 7/2/2025 | HUB | 1753 |  | 1753 |
| BRL | 36811 | USD | 35058 | 7/2/2025 | HUB | 1753 |  | 1753 |
| BRL | 36811 | USD | 35060 | 7/2/2025 | HUB | 1751 |  | 1751 |
| BRL | 36811 | USD | 35060 | 7/2/2025 | HUB | 1751 |  | 1751 |
| BRL | 36811 | USD | 35073 | 7/2/2025 | HUB | 1738 |  | 1738 |
| BRL | 36811 | USD | 35078 | 7/2/2025 | HUB | 1733 |  | 1733 |
| BRL | 36811 | USD | 35084 | 7/2/2025 | HUB | 1727 |  | 1727 |
| BRL | 36811 | USD | 35084 | 7/2/2025 | HUB | 1727 |  | 1727 |
| BRL | 36811 | USD | 35087 | 7/2/2025 | HUB | 1724 |  | 1724 |
| BRL | 36811 | USD | 35090 | 7/2/2025 | HUB | 1721 |  | 1721 |
| BRL | 36811 | USD | 35090 | 7/2/2025 | HUB | 1721 |  | 1721 |
| BRL | 36811 | USD | 35095 | 7/2/2025 | HUB | 1716 |  | 1716 |
| BRL | 36811 | USD | 35096 | 7/2/2025 | HUB | 1715 |  | 1715 |
| BRL | 36811 | USD | 35098 | 7/2/2025 | HUB | 1713 |  | 1713 |
| BRL | 36811 | USD | 35101 | 7/2/2025 | HUB | 1710 |  | 1710 |
| BRL | 36811 | USD | 35108 | 7/2/2025 | HUB | 1703 |  | 1703 |
| BRL | 36811 | USD | 35111 | 7/2/2025 | HUB | 1700 |  | 1700 |
| BRL | 36811 | USD | 35111 | 7/2/2025 | HUB | 1700 |  | 1700 |
| BRL | 36811 | USD | 35112 | 7/2/2025 | HUB | 1699 |  | 1699 |
| BRL | 18406 | USD | 17558 | 7/2/2025 | HUB | 848 |  | 848 |
| BRL | 18406 | USD | 17558 | 7/2/2025 | HUB | 848 |  | 848 |
| BRL | 36811 | USD | 35118 | 7/2/2025 | HUB | 1693 |  | 1693 |
| BRL | 36811 | USD | 35119 | 7/2/2025 | HUB | 1692 |  | 1692 |
| BRL | 36811 | USD | 35121 | 7/2/2025 | HUB | 1690 |  | 1690 |
| BRL | 36811 | USD | 35123 | 7/2/2025 | HUB | 1688 |  | 1688 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 36811 | USD | 35124 | 7/2/2025 | HUB | $1687 | $- | $1687 |
| BRL | 36811 | USD | 35124 | 7/2/2025 | HUB | 1687 |  | 1687 |
| BRL | 36811 | USD | 35127 | 7/2/2025 | HUB | 1684 |  | 1684 |
| BRL | 36811 | USD | 35130 | 7/2/2025 | HUB | 1681 |  | 1681 |
| BRL | 18406 | USD | 17566 | 7/2/2025 | HUB | 840 |  | 840 |
| BRL | 18406 | USD | 17565 | 7/2/2025 | HUB | 841 |  | 841 |
| BRL | 36811 | USD | 35134 | 7/2/2025 | HUB | 1677 |  | 1677 |
| BRL | 36811 | USD | 35136 | 7/2/2025 | HUB | 1675 |  | 1675 |
| BRL | 18406 | USD | 17571 | 7/2/2025 | HUB | 835 |  | 835 |
| BRL | 18406 | USD | 17570 | 7/2/2025 | HUB | 836 |  | 836 |
| BRL | 36811 | USD | 35146 | 7/2/2025 | HUB | 1665 |  | 1665 |
| BRL | 18406 | USD | 17573 | 7/2/2025 | HUB | 833 |  | 833 |
| BRL | 18406 | USD | 17573 | 7/2/2025 | HUB | 833 |  | 833 |
| BRL | 36811 | USD | 35148 | 7/2/2025 | HUB | 1663 |  | 1663 |
| BRL | 36811 | USD | 35150 | 7/2/2025 | HUB | 1661 |  | 1661 |
| BRL | 36811 | USD | 35154 | 7/2/2025 | HUB | 1657 |  | 1657 |
| BRL | 36811 | USD | 35166 | 7/2/2025 | HUB | 1645 |  | 1645 |
| BRL | 36811 | USD | 35166 | 7/2/2025 | HUB | 1645 |  | 1645 |
| BRL | 36811 | USD | 35173 | 7/2/2025 | HUB | 1638 |  | 1638 |
| BRL | 36811 | USD | 35176 | 7/2/2025 | HUB | 1635 |  | 1635 |
| BRL | 36811 | USD | 35179 | 7/2/2025 | HUB | 1632 |  | 1632 |
| BRL | 36811 | USD | 35180 | 7/2/2025 | HUB | 1631 |  | 1631 |
| BRL | 36811 | USD | 35181 | 7/2/2025 | HUB | 1630 |  | 1630 |
| BRL | 36811 | USD | 35191 | 7/2/2025 | HUB | 1620 |  | 1620 |
| BRL | 36811 | USD | 35223 | 7/2/2025 | HUB | 1588 |  | 1588 |
| BRL | 36811 | USD | 35224 | 7/2/2025 | HUB | 1587 |  | 1587 |
| BRL | 36811 | USD | 35226 | 7/2/2025 | HUB | 1585 |  | 1585 |
| BRL | 36811 | USD | 35227 | 7/2/2025 | HUB | 1584 |  | 1584 |
| BRL | 36811 | USD | 35247 | 7/2/2025 | HUB | 1564 |  | 1564 |
| BRL | 36811 | USD | 35248 | 7/2/2025 | HUB | 1563 |  | 1563 |
| BRL | 36811 | USD | 35259 | 7/2/2025 | HUB | 1552 |  | 1552 |
| BRL | 36811 | USD | 35264 | 7/2/2025 | HUB | 1547 |  | 1547 |
| BRL | 36811 | USD | 35267 | 7/2/2025 | HUB | 1544 |  | 1544 |
| BRL | 36811 | USD | 35274 | 7/2/2025 | HUB | 1537 |  | 1537 |
| BRL | 36811 | USD | 35278 | 7/2/2025 | HUB | 1533 |  | 1533 |
| BRL | 36811 | USD | 35297 | 7/2/2025 | HUB | 1514 |  | 1514 |
| BRL | 36811 | USD | 35308 | 7/2/2025 | HUB | 1503 |  | 1503 |
| BRL | 36811 | USD | 35310 | 7/2/2025 | HUB | 1501 |  | 1501 |
| BRL | 36811 | USD | 35328 | 7/2/2025 | HUB | 1483 |  | 1483 |
| BRL | 36811 | USD | 35348 | 7/2/2025 | HUB | 1463 |  | 1463 |
| BRL | 36811 | USD | 35387 | 7/2/2025 | HUB | 1424 |  | 1424 |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;121910 | USD | &nbsp;&nbsp;&nbsp;&nbsp;121196 | 7/2/2025 | HUB | 714 |  | 714 |
| NZD | 121910 | USD | 121252 | 7/2/2025 | HUB | 658 |  | 658 |
| NZD | 121910 | USD | 121338 | 7/2/2025 | HUB | 572 |  | 572 |
| NZD | 121910 | USD | 121420 | 7/2/2025 | HUB | 490 |  | 490 |
| AUD | 131630 | USD | 130612 | 7/2/2025 | HUB | 1018 |  | 1018 |
| AUD | 131630 | USD | 130630 | 7/2/2025 | HUB | 1000 |  | 1000 |
| AUD | 131630 | USD | 130656 | 7/2/2025 | HUB | 974 |  | 974 |
| EUR | 235590 | PLN | 238051 | 7/2/2025 | HUB |  | (2461) | (2461) |
| AUD | 131630 | JPY | 130737 | 7/2/2025 | HUB | 893 |  | 893 |
| AUD | 131630 | JPY | 130804 | 7/2/2025 | HUB | 826 |  | 826 |
| AUD | 131630 | JPY | 130887 | 7/2/2025 | HUB | 743 |  | 743 |
| AUD | 131630 | JPY | 130891 | 7/2/2025 | HUB | 739 |  | 739 |
| USD | 200012 | BRL | 202463 | 7/2/2025 | HUB |  | (2451) | (2451) |
| USD | 200130 | BRL | 202463 | 7/2/2025 | HUB |  | (2333) | (2333) |
| USD | 200193 | BRL | 202462 | 7/2/2025 | HUB |  | (2269) | (2269) |
| USD | 200233 | BRL | 202462 | 7/2/2025 | HUB |  | (2229) | (2229) |
| USD | 200253 | BRL | 202463 | 7/2/2025 | HUB |  | (2210) | (2210) |
| USD | 209931 | BRL | 220868 | 7/2/2025 | HUB |  | (10937) | (10937) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 218047 | BRL | 220869 | 7/2/2025 | HUB | $- | $(2822) | $(2822) |
| USD | 218087 | BRL | 220868 | 7/2/2025 | HUB |  | (2781) | (2781) |
| USD | 218154 | BRL | 220868 | 7/2/2025 | HUB |  | (2714) | (2714) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;218240 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;220869 | 7/2/2025 | HUB |  | (2629) | (2629) |
| USD | 218247 | BRL | 220869 | 7/2/2025 | HUB |  | (2622) | (2622) |
| USD | 218364 | BRL | 220868 | 7/2/2025 | HUB |  | (2504) | (2504) |
| USD | 218488 | BRL | 220868 | 7/2/2025 | HUB |  | (2380) | (2380) |
| USD | 221315 | PLN | 221954 | 7/2/2025 | HUB |  | (639) | (639) |
| USD | 227404 | BRL | 239274 | 7/2/2025 | HUB |  | (11870) | (11870) |
| USD | 236250 | BRL | 239274 | 7/2/2025 | HUB |  | (3024) | (3024) |
| USD | 236327 | BRL | 239274 | 7/2/2025 | HUB |  | (2947) | (2947) |
| USD | 236373 | BRL | 239274 | 7/2/2025 | HUB |  | (2901) | (2901) |
| USD | 236379 | BRL | 239274 | 7/2/2025 | HUB |  | (2895) | (2895) |
| USD | 236392 | BRL | 239274 | 7/2/2025 | HUB |  | (2882) | (2882) |
| USD | 254436 | BRL | 257679 | 7/2/2025 | HUB |  | (3243) | (3243) |
| USD | 254623 | BRL | 257679 | 7/2/2025 | HUB |  | (3056) | (3056) |
| USD | 254676 | BRL | 257680 | 7/2/2025 | HUB |  | (3004) | (3004) |
| USD | 254848 | BRL | 257680 | 7/2/2025 | HUB |  | (2832) | (2832) |
| USD | 272654 | BRL | 276086 | 7/2/2025 | HUB |  | (3432) | (3432) |
| USD | 272717 | BRL | 276085 | 7/2/2025 | HUB |  | (3368) | (3368) |
| USD | 272797 | BRL | 276086 | 7/2/2025 | HUB |  | (3289) | (3289) |
| USD | 272907 | BRL | 276086 | 7/2/2025 | HUB |  | (3179) | (3179) |
| USD | 273026 | BRL | 276085 | 7/2/2025 | HUB |  | (3059) | (3059) |
| USD | 273043 | BRL | 276085 | 7/2/2025 | HUB |  | (3042) | (3042) |
| USD | 290803 | BRL | 294492 | 7/2/2025 | HUB |  | (3689) | (3689) |
| USD | 291102 | BRL | 294491 | 7/2/2025 | HUB |  | (3389) | (3389) |
| BRL | 55217 | USD | 52362 | 7/2/2025 | HUB | 2855 |  | 2855 |
| BRL | 55217 | USD | 52488 | 7/2/2025 | HUB | 2729 |  | 2729 |
| BRL | 55217 | USD | 52549 | 7/2/2025 | HUB | 2668 |  | 2668 |
| BRL | 55217 | USD | 52564 | 7/2/2025 | HUB | 2653 |  | 2653 |
| BRL | 55217 | USD | 52567 | 7/2/2025 | HUB | 2650 |  | 2650 |
| BRL | 55217 | USD | 52581 | 7/2/2025 | HUB | 2636 |  | 2636 |
| BRL | 55217 | USD | 52582 | 7/2/2025 | HUB | 2635 |  | 2635 |
| BRL | 55217 | USD | 52584 | 7/2/2025 | HUB | 2633 |  | 2633 |
| BRL | 18406 | USD | 17531 | 7/2/2025 | HUB | 875 |  | 875 |
| BRL | 18406 | USD | 17530 | 7/2/2025 | HUB | 876 |  | 876 |
| BRL | 18406 | USD | 17530 | 7/2/2025 | HUB | 876 |  | 876 |
| BRL | 55217 | USD | 52593 | 7/2/2025 | HUB | 2624 |  | 2624 |
| BRL | 55217 | USD | 52605 | 7/2/2025 | HUB | 2612 |  | 2612 |
| BRL | 55217 | USD | 52619 | 7/2/2025 | HUB | 2598 |  | 2598 |
| BRL | 55217 | USD | 52627 | 7/2/2025 | HUB | 2590 |  | 2590 |
| BRL | 55217 | USD | 52630 | 7/2/2025 | HUB | 2587 |  | 2587 |
| BRL | 55217 | USD | 52647 | 7/2/2025 | HUB | 2570 |  | 2570 |
| BRL | 18406 | USD | 17552 | 7/2/2025 | HUB | 854 |  | 854 |
| BRL | 18406 | USD | 17553 | 7/2/2025 | HUB | 853 |  | 853 |
| BRL | 18406 | USD | 17553 | 7/2/2025 | HUB | 853 |  | 853 |
| BRL | 55217 | USD | 52682 | 7/2/2025 | HUB | 2535 |  | 2535 |
| BRL | 55217 | USD | 52691 | 7/2/2025 | HUB | 2526 |  | 2526 |
| BRL | 55217 | USD | 52692 | 7/2/2025 | HUB | 2525 |  | 2525 |
| BRL | 55217 | USD | 52695 | 7/2/2025 | HUB | 2522 |  | 2522 |
| BRL | 55217 | USD | 52706 | 7/2/2025 | HUB | 2511 |  | 2511 |
| BRL | 55217 | USD | 52717 | 7/2/2025 | HUB | 2500 |  | 2500 |
| BRL | 55217 | USD | 52732 | 7/2/2025 | HUB | 2485 |  | 2485 |
| BRL | 55217 | USD | 52738 | 7/2/2025 | HUB | 2479 |  | 2479 |
| BRL | 55217 | USD | 52767 | 7/2/2025 | HUB | 2450 |  | 2450 |
| BRL | 55217 | USD | 52775 | 7/2/2025 | HUB | 2442 |  | 2442 |
| BRL | 55217 | USD | 52781 | 7/2/2025 | HUB | 2436 |  | 2436 |
| BRL | 55217 | USD | 52802 | 7/2/2025 | HUB | 2415 |  | 2415 |
| BRL | 55217 | USD | 52821 | 7/2/2025 | HUB | 2396 |  | 2396 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 55217 | USD | 52832 | 7/2/2025 | HUB | $2385 | $- | $2385 |
| BRL | 55217 | USD | 52845 | 7/2/2025 | HUB | 2372 |  | 2372 |
| BRL | 55217 | USD | 52858 | 7/2/2025 | HUB | 2359 |  | 2359 |
| BRL | 55217 | USD | 52861 | 7/2/2025 | HUB | 2356 |  | 2356 |
| BRL | 55217 | USD | 52864 | 7/2/2025 | HUB | 2353 |  | 2353 |
| BRL | 55217 | USD | 52867 | 7/2/2025 | HUB | 2350 |  | 2350 |
| BRL | 55217 | USD | 52868 | 7/2/2025 | HUB | 2349 |  | 2349 |
| BRL | 55217 | USD | 52894 | 7/2/2025 | HUB | 2323 |  | 2323 |
| BRL | 55217 | USD | 52906 | 7/2/2025 | HUB | 2311 |  | 2311 |
| BRL | 55217 | USD | 52916 | 7/2/2025 | HUB | 2301 |  | 2301 |
| BRL | 55217 | USD | 52963 | 7/2/2025 | HUB | 2254 |  | 2254 |
| BRL | 55217 | USD | 52970 | 7/2/2025 | HUB | 2247 |  | 2247 |
| BRL | 55217 | USD | 52992 | 7/2/2025 | HUB | 2225 |  | 2225 |
| NZD | 182865 | USD | 181914 | 7/2/2025 | HUB | 951 |  | 951 |
| NZD | 182865 | USD | 182004 | 7/2/2025 | HUB | 861 |  | 861 |
| NZD | 182865 | USD | 182007 | 7/2/2025 | HUB | 858 |  | 858 |
| NZD | 182865 | USD | 182046 | 7/2/2025 | HUB | 819 |  | 819 |
| NZD | 182865 | USD | 182067 | 7/2/2025 | HUB | 798 |  | 798 |
| NZD | 182865 | USD | 182079 | 7/2/2025 | HUB | 786 |  | 786 |
| NZD | 182865 | USD | 182082 | 7/2/2025 | HUB | 783 |  | 783 |
| NZD | 182865 | USD | 182400 | 7/2/2025 | HUB | 465 |  | 465 |
| AUD | 197445 | USD | 196059 | 7/2/2025 | HUB | 1386 |  | 1386 |
| AUD | 197445 | USD | 196701 | 7/2/2025 | HUB | 744 |  | 744 |
| AUD | 197445 | USD | 196950 | 7/2/2025 | HUB | 495 |  | 495 |
| AUD | 197445 | USD | 197238 | 7/2/2025 | HUB | 207 |  | 207 |
| EUR | 353385 | USD | 351432 | 7/2/2025 | HUB | 1953 |  | 1953 |
| EUR | 353385 | USD | 352644 | 7/2/2025 | HUB | 741 |  | 741 |
| EUR | 353385 | USD | 352836 | 7/2/2025 | HUB | 549 |  | 549 |
| EUR | 353385 | PLN | 355844 | 7/2/2025 | HUB |  | (2459) | (2459) |
| EUR | 353385 | PLN | 355884 | 7/2/2025 | HUB |  | (2499) | (2499) |
| AUD | 197445 | JPY | 196335 | 7/2/2025 | HUB | 1110 |  | 1110 |
| AUD | 197445 | JPY | 196595 | 7/2/2025 | HUB | 850 |  | 850 |
| AUD | 197445 | JPY | 196741 | 7/2/2025 | HUB | 704 |  | 704 |
| AUD | 197445 | JPY | 196849 | 7/2/2025 | HUB | 596 |  | 596 |
| AUD | 197445 | JPY | 197041 | 7/2/2025 | HUB | 404 |  | 404 |
| AUD | 197445 | JPY | 197470 | 7/2/2025 | HUB |  | (25) | (25) |
| USD | 309022 | BRL | 312897 | 7/2/2025 | HUB |  | (3875) | (3875) |
| USD | 309255 | BRL | 312897 | 7/2/2025 | HUB |  | (3642) | (3642) |
| USD | 309303 | BRL | 312897 | 7/2/2025 | HUB |  | (3594) | (3594) |
| USD | 309345 | BRL | 312897 | 7/2/2025 | HUB |  | (3552) | (3552) |
| USD | 327350 | BRL | 331302 | 7/2/2025 | HUB |  | (3952) | (3952) |
| USD | 327463 | BRL | 331302 | 7/2/2025 | HUB |  | (3839) | (3839) |
| USD | 327672 | BRL | 331303 | 7/2/2025 | HUB |  | (3631) | (3631) |
| USD | 345399 | BRL | 349708 | 7/2/2025 | HUB |  | (4309) | (4309) |
| USD | 345442 | BRL | 349708 | 7/2/2025 | HUB |  | (4266) | (4266) |
| USD | 345714 | BRL | 349709 | 7/2/2025 | HUB |  | (3995) | (3995) |
| USD | 363339 | BRL | 368114 | 7/2/2025 | HUB |  | (4775) | (4775) |
| USD | 363472 | BRL | 368114 | 7/2/2025 | HUB |  | (4642) | (4642) |
| USD | 363514 | BRL | 368114 | 7/2/2025 | HUB |  | (4600) | (4600) |
| USD | 363638 | BRL | 368113 | 7/2/2025 | HUB |  | (4475) | (4475) |
| USD | 363887 | BRL | 368114 | 7/2/2025 | HUB |  | (4227) | (4227) |
| USD | 363899 | BRL | 368114 | 7/2/2025 | HUB |  | (4215) | (4215) |
| USD | 363923 | BRL | 368114 | 7/2/2025 | HUB |  | (4191) | (4191) |
| USD | 363941 | BRL | 368114 | 7/2/2025 | HUB |  | (4173) | (4173) |
| USD | 364108 | BRL | 368114 | 7/2/2025 | HUB |  | (4006) | (4006) |
| USD | 381485 | BRL | 386519 | 7/2/2025 | HUB |  | (5034) | (5034) |
| USD | 381664 | BRL | 386520 | 7/2/2025 | HUB |  | (4856) | (4856) |
| USD | 381853 | BRL | 386520 | 7/2/2025 | HUB |  | (4667) | (4667) |
| USD | 382253 | BRL | 386520 | 7/2/2025 | HUB |  | (4267) | (4267) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 73623 | USD | 69899 | 7/2/2025 | HUB | $3724 | $– $| 3724 |
| BRL | 73623 | USD | 69921 | 7/2/2025 | HUB | 3702 | – | 3702 |
| BRL | 73623 | USD | 69941 | 7/2/2025 | HUB | 3682 | – | 3682 |
| BRL | 73623 | USD | 70022 | 7/2/2025 | HUB | 3601 | – | 3601 |
| BRL | 73623 | USD | 70034 | 7/2/2025 | HUB | 3589 | – | 3589 |
| BRL | 73623 | USD | 70066 | 7/2/2025 | HUB | 3557 | – | 3557 |
| BRL | 36811 | USD | 35038 | 7/2/2025 | HUB | 1773 | – | 1773 |
| BRL | 36811 | USD | 35038 | 7/2/2025 | HUB | 1773 | – | 1773 |
| BRL | 36811 | USD | 35038 | 7/2/2025 | HUB | 1773 | – | 1773 |
| BRL | 36811 | USD | 35039 | 7/2/2025 | HUB | 1772 | – | 1772 |
| BRL | 36811 | USD | 35042 | 7/2/2025 | HUB | 1769 | – | 1769 |
| BRL | 36811 | USD | 35042 | 7/2/2025 | HUB | 1769 | – | 1769 |
| BRL | 18406 | USD | 17534 | 7/2/2025 | HUB | 872 | – | 872 |
| BRL | 18406 | USD | 17534 | 7/2/2025 | HUB | 872 | – | 872 |
| BRL | 18406 | USD | 17533 | 7/2/2025 | HUB | 873 | – | 873 |
| BRL | 18406 | USD | 17533 | 7/2/2025 | HUB | 873 | – | 873 |
| BRL | 36811 | USD | 35080 | 7/2/2025 | HUB | 1731 | – | 1731 |
| BRL | 36811 | USD | 35081 | 7/2/2025 | HUB | 1730 | – | 1730 |
| BRL | 36811 | USD | 35081 | 7/2/2025 | HUB | 1730 | – | 1730 |
| BRL | 36811 | USD | 35082 | 7/2/2025 | HUB | 1729 | – | 1729 |
| BRL | 36811 | USD | 35085 | 7/2/2025 | HUB | 1726 | – | 1726 |
| BRL | 36811 | USD | 35086 | 7/2/2025 | HUB | 1725 | – | 1725 |
| BRL | 36811 | USD | 35089 | 7/2/2025 | HUB | 1722 | – | 1722 |
| BRL | 36811 | USD | 35089 | 7/2/2025 | HUB | 1722 | – | 1722 |
| BRL | 36811 | USD | 35092 | 7/2/2025 | HUB | 1719 | – | 1719 |
| BRL | 36811 | USD | 35092 | 7/2/2025 | HUB | 1719 | – | 1719 |
| BRL | 73623 | USD | 70192 | 7/2/2025 | HUB | 3431 | – | 3431 |
| BRL | 36811 | USD | 35104 | 7/2/2025 | HUB | 1707 | – | 1707 |
| BRL | 36811 | USD | 35104 | 7/2/2025 | HUB | 1707 | – | 1707 |
| BRL | 36811 | USD | 35105 | 7/2/2025 | HUB | 1706 | – | 1706 |
| BRL | 36811 | USD | 35106 | 7/2/2025 | HUB | 1705 | – | 1705 |
| BRL | 73623 | USD | 70225 | 7/2/2025 | HUB | 3398 | – | 3398 |
| BRL | 36811 | USD | 35121 | 7/2/2025 | HUB | 1690 | – | 1690 |
| BRL | 36811 | USD | 35122 | 7/2/2025 | HUB | 1689 | – | 1689 |
| BRL | 73623 | USD | 70272 | 7/2/2025 | HUB | 3351 | – | 3351 |
| BRL | 73623 | USD | 70361 | 7/2/2025 | HUB | 3262 | – | 3262 |
| BRL | 73623 | USD | 70366 | 7/2/2025 | HUB | 3257 | – | 3257 |
| BRL | 73623 | USD | 70373 | 7/2/2025 | HUB | 3250 | – | 3250 |
| BRL | 73623 | USD | 70384 | 7/2/2025 | HUB | 3239 | – | 3239 |
| BRL | 73623 | USD | 70422 | 7/2/2025 | HUB | 3201 | – | 3201 |
| BRL | 73623 | USD | 70425 | 7/2/2025 | HUB | 3198 | – | 3198 |
| BRL | 73623 | USD | 70481 | 7/2/2025 | HUB | 3142 | – | 3142 |
| BRL | 73623 | USD | 70502 | 7/2/2025 | HUB | 3121 | – | 3121 |
| BRL | 73623 | USD | 70516 | 7/2/2025 | HUB | 3107 | – | 3107 |
| BRL | 73623 | USD | 70518 | 7/2/2025 | HUB | 3105 | – | 3105 |
| BRL | 73623 | USD | 70533 | 7/2/2025 | HUB | 3090 | – | 3090 |
| BRL | 73623 | USD | 70581 | 7/2/2025 | HUB | 3042 | – | 3042 |
| BRL | 73623 | USD | 70607 | 7/2/2025 | HUB | 3016 | – | 3016 |
| NZD | 243820 | USD | 242394 | 7/2/2025 | HUB | 1426 | – | 1426 |
| NZD | 243820 | USD | 242404 | 7/2/2025 | HUB | 1416 | – | 1416 |
| NZD | 121910 | USD | 121208 | 7/2/2025 | HUB | 702 | – | 702 |
| NZD | 121910 | USD | 121208 | 7/2/2025 | HUB | 702 | – | 702 |
| NZD | 243820 | USD | 242508 | 7/2/2025 | HUB | 1312 | – | 1312 |
| NZD | 243820 | USD | 242622 | 7/2/2025 | HUB | 1198 | – | 1198 |
| NZD | 243820 | USD | 242628 | 7/2/2025 | HUB | 1192 | – | 1192 |
| NZD | 243820 | USD | 242700 | 7/2/2025 | HUB | 1120 | – | 1120 |
| NZD | 243820 | USD | 242856 | 7/2/2025 | HUB | 964 | – | 964 |
| NZD | 243820 | USD | 242932 | 7/2/2025 | HUB | 888 | – | 888 |
| AUD | 263260 | USD | 261132 | 7/2/2025 | HUB | 2128 | – | 2128 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| AUD | 263260 | USD | 261756 | 7/2/2025 | HUB | $1504 | $- | $1504 |
| AUD | 263260 | USD | 261884 | 7/2/2025 | HUB | 1376 |  | 1376 |
| EUR | 471180 | USD | 468636 | 7/2/2025 | HUB | 2544 |  | 2544 |
| EUR | 471180 | USD | 468984 | 7/2/2025 | HUB | 2196 |  | 2196 |
| EUR | 471180 | USD | 469172 | 7/2/2025 | HUB | 2008 |  | 2008 |
| AUD | 263260 | JPY | 263316 | 7/2/2025 | HUB |  | (56) | (56) |
| PLN | 117630 | EUR | 117795 | 7/2/2025 | HUB |  | (165) | (165) |
| PLN | 117652 | EUR | 117795 | 7/2/2025 | HUB |  | (143) | (143) |
| PLN | 117671 | EUR | 117795 | 7/2/2025 | HUB |  | (124) | (124) |
| PLN | 117680 | EUR | 117795 | 7/2/2025 | HUB |  | (115) | (115) |
| PLN | 117684 | EUR | 117795 | 7/2/2025 | HUB |  | (111) | (111) |
| BRL | 92028 | USD | 86940 | 7/2/2025 | HUB | 5088 |  | 5088 |
| BRL | 92028 | USD | 87439 | 7/2/2025 | HUB | 4589 |  | 4589 |
| BRL | 92028 | USD | 87467 | 7/2/2025 | HUB | 4561 |  | 4561 |
| BRL | 92028 | USD | 87481 | 7/2/2025 | HUB | 4547 |  | 4547 |
| BRL | 92028 | USD | 87486 | 7/2/2025 | HUB | 4542 |  | 4542 |
| BRL | 92028 | USD | 87504 | 7/2/2025 | HUB | 4524 |  | 4524 |
| BRL | 92028 | USD | 87532 | 7/2/2025 | HUB | 4496 |  | 4496 |
| BRL | 92028 | USD | 87573 | 7/2/2025 | HUB | 4455 |  | 4455 |
| BRL | 92028 | USD | 87762 | 7/2/2025 | HUB | 4266 |  | 4266 |
| BRL | 92028 | USD | 87794 | 7/2/2025 | HUB | 4234 |  | 4234 |
| BRL | 92028 | USD | 87933 | 7/2/2025 | HUB | 4095 |  | 4095 |
| BRL | 92028 | USD | 87956 | 7/2/2025 | HUB | 4072 |  | 4072 |
| BRL | 92028 | USD | 88050 | 7/2/2025 | HUB | 3978 |  | 3978 |
| BRL | 92028 | USD | 88135 | 7/2/2025 | HUB | 3893 |  | 3893 |
| BRL | 92028 | USD | 88137 | 7/2/2025 | HUB | 3891 |  | 3891 |
| BRL | 92028 | USD | 88170 | 7/2/2025 | HUB | 3858 |  | 3858 |
| BRL | 92028 | USD | 88255 | 7/2/2025 | HUB | 3773 |  | 3773 |
| BRL | 92028 | USD | 88265 | 7/2/2025 | HUB | 3763 |  | 3763 |
| BRL | 92028 | USD | 88407 | 7/2/2025 | HUB | 3621 |  | 3621 |
| NZD | 304775 | USD | 303085 | 7/2/2025 | HUB | 1690 |  | 1690 |
| NZD | 304775 | USD | 303090 | 7/2/2025 | HUB | 1685 |  | 1685 |
| NZD | 304775 | USD | 303180 | 7/2/2025 | HUB | 1595 |  | 1595 |
| NZD | 304775 | USD | 303475 | 7/2/2025 | HUB | 1300 |  | 1300 |
| NZD | 304775 | USD | 304115 | 7/2/2025 | HUB | 660 |  | 660 |
| NZD | 304775 | USD | 304130 | 7/2/2025 | HUB | 645 |  | 645 |
| NZD | 304775 | USD | 304185 | 7/2/2025 | HUB | 590 |  | 590 |
| NZD | 304775 | USD | 304455 | 7/2/2025 | HUB | 320 |  | 320 |
| EUR | 588975 | USD | 587545 | 7/2/2025 | HUB | 1430 |  | 1430 |
| EUR | 588975 | PLN | 592109 | 7/2/2025 | HUB |  | (3134) | (3134) |
| EUR | 588975 | PLN | 595985 | 7/2/2025 | HUB |  | (7010) | (7010) |
| BRL | 110434 | USD | 104418 | 7/2/2025 | HUB | 6016 |  | 6016 |
| BRL | 110434 | USD | 104790 | 7/2/2025 | HUB | 5644 |  | 5644 |
| BRL | 55217 | USD | 52559 | 7/2/2025 | HUB | 2658 |  | 2658 |
| BRL | 55217 | USD | 52559 | 7/2/2025 | HUB | 2658 |  | 2658 |
| BRL | 110434 | USD | 105138 | 7/2/2025 | HUB | 5296 |  | 5296 |
| BRL | 110434 | USD | 105252 | 7/2/2025 | HUB | 5182 |  | 5182 |
| BRL | 36811 | USD | 35095 | 7/2/2025 | HUB | 1716 |  | 1716 |
| BRL | 36811 | USD | 35096 | 7/2/2025 | HUB | 1715 |  | 1715 |
| BRL | 36811 | USD | 35096 | 7/2/2025 | HUB | 1715 |  | 1715 |
| BRL | 36811 | USD | 35098 | 7/2/2025 | HUB | 1713 |  | 1713 |
| BRL | 36811 | USD | 35099 | 7/2/2025 | HUB | 1712 |  | 1712 |
| BRL | 36811 | USD | 35098 | 7/2/2025 | HUB | 1713 |  | 1713 |
| BRL | 110434 | USD | 105450 | 7/2/2025 | HUB | 4984 |  | 4984 |
| BRL | 110434 | USD | 105509 | 7/2/2025 | HUB | 4925 |  | 4925 |
| BRL | 110434 | USD | 105758 | 7/2/2025 | HUB | 4676 |  | 4676 |
| BRL | 110434 | USD | 105766 | 7/2/2025 | HUB | 4668 |  | 4668 |
| BRL | 110434 | USD | 105815 | 7/2/2025 | HUB | 4619 |  | 4619 |
| BRL | 110434 | USD | 105882 | 7/2/2025 | HUB | 4552 |  | 4552 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 110434 | USD | 106263 | 7/2/2025 | HUB | $4171 | $- | $4171 |
| NZD | 365730 | USD | 364242 | 7/2/2025 | HUB | 1488 |  | 1488 |
| EUR | 706770 | PLN | 708072 | 7/2/2025 | HUB |  | (1302) | (1302) |
| EUR | 706770 | PLN | 708669 | 7/2/2025 | HUB |  | (1899) | (1899) |
| EUR | 706770 | PLN | 710067 | 7/2/2025 | HUB |  | (3297) | (3297) |
| EUR | 706770 | PLN | 713331 | 7/2/2025 | HUB |  | (6561) | (6561) |
| USD | 618868 | BRL | 625794 | 7/2/2025 | HUB |  | (6926) | (6926) |
| USD | 655141 | BRL | 662605 | 7/2/2025 | HUB |  | (7464) | (7464) |
| BRL | 128840 | USD | 122001 | 7/2/2025 | HUB | 6839 |  | 6839 |
| BRL | 128840 | USD | 122366 | 7/2/2025 | HUB | 6474 |  | 6474 |
| BRL | 128840 | USD | 122388 | 7/2/2025 | HUB | 6452 |  | 6452 |
| BRL | 128840 | USD | 122455 | 7/2/2025 | HUB | 6385 |  | 6385 |
| BRL | 128840 | USD | 122528 | 7/2/2025 | HUB | 6312 |  | 6312 |
| BRL | 128840 | USD | 122614 | 7/2/2025 | HUB | 6226 |  | 6226 |
| BRL | 128840 | USD | 123316 | 7/2/2025 | HUB | 5524 |  | 5524 |
| BRL | 128840 | USD | 123422 | 7/2/2025 | HUB | 5418 |  | 5418 |
| BRL | 128840 | USD | 123508 | 7/2/2025 | HUB | 5332 |  | 5332 |
| BRL | 128840 | USD | 123641 | 7/2/2025 | HUB | 5199 |  | 5199 |
| EUR | 824565 | PLN | 831276 | 7/2/2025 | HUB |  | (6711) | (6711) |
| BRL | 147246 | USD | 139861 | 7/2/2025 | HUB | 7385 |  | 7385 |
| BRL | 147246 | USD | 139883 | 7/2/2025 | HUB | 7363 |  | 7363 |
| BRL | 147246 | USD | 140152 | 7/2/2025 | HUB | 7094 |  | 7094 |
| BRL | 147246 | USD | 140498 | 7/2/2025 | HUB | 6748 |  | 6748 |
| BRL | 147246 | USD | 140521 | 7/2/2025 | HUB | 6725 |  | 6725 |
| BRL | 147246 | USD | 140570 | 7/2/2025 | HUB | 6676 |  | 6676 |
| PLN | 235280 | EUR | 235590 | 7/2/2025 | HUB |  | (310) | (310) |
| PLN | 235308 | EUR | 235590 | 7/2/2025 | HUB |  | (282) | (282) |
| PLN | 235335 | EUR | 235590 | 7/2/2025 | HUB |  | (255) | (255) |
| PLN | 238051 | EUR | 235590 | 7/2/2025 | HUB | 2461 |  | 2461 |
| BRL | 165651 | USD | 157928 | 7/2/2025 | HUB | 7723 |  | 7723 |
| BRL | 184057 | USD | 176156 | 7/2/2025 | HUB | 7901 |  | 7901 |
| EUR | 1177951 | PLN | 1187481 | 7/2/2025 | HUB |  | (9530) | (9530) |
| EUR | 1177951 | PLN | 1190613 | 7/2/2025 | HUB |  | (12662) | (12662) |
| USD | 1008345 | BRL | 1067531 | 7/2/2025 | HUB |  | (59186) | (59186) |
| USD | 1058991 | BRL | 1122748 | 7/2/2025 | HUB |  | (63757) | (63757) |
| BRL | 202463 | USD | 192166 | 7/2/2025 | HUB | 10297 |  | 10297 |
| BRL | 202463 | USD | 192969 | 7/2/2025 | HUB | 9494 |  | 9494 |
| BRL | 202463 | USD | 193836 | 7/2/2025 | HUB | 8627 |  | 8627 |
| EUR | 1295746 | PLN | 1301254 | 7/2/2025 | HUB |  | (5508) | (5508) |
| EUR | 1295746 | PLN | 1310019 | 7/2/2025 | HUB |  | (14273) | (14273) |
| EUR | 1295746 | PLN | 1311571 | 7/2/2025 | HUB |  | (15825) | (15825) |
| EUR | 1295746 | PLN | 1312142 | 7/2/2025 | HUB |  | (16396) | (16396) |
| USD | 1144030 | BRL | 1214776 | 7/2/2025 | HUB |  | (70746) | (70746) |
| PLN | 352915 | EUR | 353385 | 7/2/2025 | HUB |  | (470) | (470) |
| PLN | 352932 | EUR | 353385 | 7/2/2025 | HUB |  | (453) | (453) |
| PLN | 352973 | EUR | 353385 | 7/2/2025 | HUB |  | (412) | (412) |
| PLN | 355844 | EUR | 353385 | 7/2/2025 | HUB | 2459 |  | 2459 |
| PLN | 355884 | EUR | 353385 | 7/2/2025 | HUB | 2499 |  | 2499 |
| USD | 1344519 | BRL | 1361300 | 7/2/2025 | HUB |  | (16781) | (16781) |
| USD | 1549570 | BRL | 1568454 | 7/2/2025 | HUB |  | (18884) | (18884) |
| USD | 1578940 | BRL | 1598048 | 7/2/2025 | HUB |  | (19108) | (19108) |
| EUR | 1884721 | PLN | 1887770 | 7/2/2025 | HUB |  | (3049) | (3049) |
| EUR | 1884721 | PLN | 1890119 | 7/2/2025 | HUB |  | (5398) | (5398) |
| EUR | 1884721 | PLN | 1905929 | 7/2/2025 | HUB |  | (21208) | (21208) |
| EUR | 2120311 | PLN | 2129444 | 7/2/2025 | HUB |  | (9133) | (9133) |
| EUR | 2120311 | PLN | 2131385 | 7/2/2025 | HUB |  | (11074) | (11074) |
| EUR | 2120311 | PLN | 2143332 | 7/2/2025 | HUB |  | (23021) | (23021) |
| EUR | 2238106 | PLN | 2246997 | 7/2/2025 | HUB |  | (8891) | (8891) |
| EUR | 2355901 | PLN | 2374208 | 7/2/2025 | HUB |  | (18307) | (18307) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| EUR | 2473696 | PLN | 2475924 | 7/2/2025 | HUB | $- | $(2228) | $(2228) |
| EUR | 2473696 | PLN | 2479340 | 7/2/2025 | HUB |  | (5644) | (5644) |
| PLN | 592110 | EUR | 588976 | 7/2/2025 | HUB | 3134 |  | 3134 |
| PLN | 595985 | EUR | 588975 | 7/2/2025 | HUB | 7010 |  | 7010 |
| EUR | 2944877 | PLN | 2950537 | 7/2/2025 | HUB |  | (5660) | (5660) |
| PLN | 708073 | EUR | 706771 | 7/2/2025 | HUB | 1302 |  | 1302 |
| PLN | 708670 | EUR | 706771 | 7/2/2025 | HUB | 1899 |  | 1899 |
| PLN | 710067 | EUR | 706770 | 7/2/2025 | HUB | 3297 |  | 3297 |
| PLN | 713331 | EUR | 706770 | 7/2/2025 | HUB | 6561 |  | 6561 |
| PLN | 831277 | EUR | 824566 | 7/2/2025 | HUB | 6711 |  | 6711 |
| BRL | 681011 | USD | 644874 | 7/2/2025 | HUB | 36137 |  | 36137 |
| BRL | 717822 | USD | 679206 | 7/2/2025 | HUB | 38616 |  | 38616 |
| EUR | 4711803 | PLN | 4729301 | 7/2/2025 | HUB |  | (17498) | (17498) |
| PLN | 1187481 | EUR | 1177951 | 7/2/2025 | HUB | 9530 |  | 9530 |
| PLN | 1190613 | EUR | 1177951 | 7/2/2025 | HUB | 12662 |  | 12662 |
| BRL | 809851 | USD | 766339 | 7/2/2025 | HUB | 43512 |  | 43512 |
| PLN | 1301254 | EUR | 1295745 | 7/2/2025 | HUB | 5509 |  | 5509 |
| BRL | 865068 | USD | 819020 | 7/2/2025 | HUB | 46048 |  | 46048 |
| PLN | 1310019 | EUR | 1295746 | 7/2/2025 | HUB | 14273 |  | 14273 |
| PLN | 1311571 | EUR | 1295746 | 7/2/2025 | HUB | 15825 |  | 15825 |
| PLN | 1312142 | EUR | 1295746 | 7/2/2025 | HUB | 16396 |  | 16396 |
| BRL | 883474 | USD | 836864 | 7/2/2025 | HUB | 46610 |  | 46610 |
| BRL | 883474 | USD | 836981 | 7/2/2025 | HUB | 46493 |  | 46493 |
| BRL | 901879 | USD | 855674 | 7/2/2025 | HUB | 46205 |  | 46205 |
| EUR | 6134368 | PLN | 6171281 | 7/2/2025 | HUB |  | (36913) | (36913) |
| BRL | 1012313 | USD | 958600 | 7/2/2025 | HUB | 53713 |  | 53713 |
| BRL | 1067531 | USD | 1011669 | 7/2/2025 | HUB | 55862 |  | 55862 |
| EUR | 6964726 | PLN | 7037407 | 7/2/2025 | HUB |  | (72681) | (72681) |
| BRL | 1122748 | USD | 1063063 | 7/2/2025 | HUB | 59685 |  | 59685 |
| BRL | 1159559 | USD | 1098997 | 7/2/2025 | HUB | 60562 |  | 60562 |
| EUR | 7774474 | PLN | 7780100 | 7/2/2025 | HUB |  | (5626) | (5626) |
| PLN | 1887770 | EUR | 1884721 | 7/2/2025 | HUB | 3049 |  | 3049 |
| PLN | 1890119 | EUR | 1884721 | 7/2/2025 | HUB | 5398 |  | 5398 |
| PLN | 1905929 | EUR | 1884721 | 7/2/2025 | HUB | 21208 |  | 21208 |
| BRL | 1269993 | USD | 1202960 | 7/2/2025 | HUB | 67033 |  | 67033 |
| EUR | 8354425 | PLN | 8411728 | 7/2/2025 | HUB |  | (57303) | (57303) |
| USD | 7206356 | BRL | 7303381 | 7/2/2025 | HUB |  | (97025) | (97025) |
| USD | 7216448 | BRL | 7303381 | 7/2/2025 | HUB |  | (86933) | (86933) |
| BRL | 1362022 | USD | 1291516 | 7/2/2025 | HUB | 70506 |  | 70506 |
| BRL | 1398833 | USD | 1324369 | 7/2/2025 | HUB | 74464 |  | 74464 |
| BRL | 1398833 | USD | 1326915 | 7/2/2025 | HUB | 71918 |  | 71918 |
| PLN | 2129444 | EUR | 2120311 | 7/2/2025 | HUB | 9133 |  | 9133 |
| PLN | 2131385 | EUR | 2120311 | 7/2/2025 | HUB | 11074 |  | 11074 |
| PLN | 2143332 | EUR | 2120311 | 7/2/2025 | HUB | 23021 |  | 23021 |
| PLN | 2246997 | EUR | 2238106 | 7/2/2025 | HUB | 8891 |  | 8891 |
| BRL | 1509267 | USD | 1428779 | 7/2/2025 | HUB | 80488 |  | 80488 |
| BRL | 1509267 | USD | 1431499 | 7/2/2025 | HUB | 77768 |  | 77768 |
| BRL | 1527673 | USD | 1446399 | 7/2/2025 | HUB | 81274 |  | 81274 |
| BRL | 1546079 | USD | 1466366 | 7/2/2025 | HUB | 79713 |  | 79713 |
| PLN | 2374208 | EUR | 2355901 | 7/2/2025 | HUB | 18307 |  | 18307 |
| BRL | 1582890 | USD | 1498890 | 7/2/2025 | HUB | 84000 |  | 84000 |
| PLN | 2475924 | EUR | 2473696 | 7/2/2025 | HUB | 2228 |  | 2228 |
| PLN | 2479340 | EUR | 2473696 | 7/2/2025 | HUB | 5644 |  | 5644 |
| EUR | 11646894 | PLN | 11777502 | 7/2/2025 | HUB |  | (130608) | (130608) |
| PLN | 2950537 | EUR | 2944877 | 7/2/2025 | HUB | 5660 |  | 5660 |
| USD | 12525606 | BRL | 12773554 | 7/2/2025 | HUB |  | (247948) | (247948) |
| USD | 12626097 | BRL | 12780917 | 7/2/2025 | HUB |  | (154820) | (154820) |
| EUR | 15077768 | PLN | 15135361 | 7/2/2025 | HUB |  | (57593) | (57593) |
| PLN | 4586048 | EUR | 4594008 | 7/2/2025 | HUB |  | (7960) | (7960) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| PLN | 4729301 | EUR | 4711803 | 7/2/2025 | HUB | $17498 | $- | $17498 |
| PLN | 6123671 | EUR | 6125344 | 7/2/2025 | HUB |  | (1673) | (1673) |
| PLN | 6171281 | EUR | 6134368 | 7/2/2025 | HUB | 36913 |  | 36913 |
| PLN | 7037407 | EUR | 6964726 | 7/2/2025 | HUB | 72681 |  | 72681 |
| PLN | 7372251 | EUR | 7369554 | 7/2/2025 | HUB | 2697 |  | 2697 |
| PLN | 7780100 | EUR | 7774474 | 7/2/2025 | HUB | 5626 |  | 5626 |
| PLN | 8411728 | EUR | 8354425 | 7/2/2025 | HUB | 57303 |  | 57303 |
| PLN | 9480518 | EUR | 9475141 | 7/2/2025 | HUB | 5377 |  | 5377 |
| PLN | 11777502 | EUR | 11646894 | 7/2/2025 | HUB | 130608 |  | 130608 |
| PLN | 15135361 | EUR | 15077768 | 7/2/2025 | HUB | 57593 |  | 57593 |
| PLN | 40366319 | EUR | 40050322 | 7/2/2025 | HUB | 315997 |  | 315997 |
| BRL | 30019694 | USD | 28524857 | 7/2/2025 | HUB | 1494837 |  | 1494837 |
| USD | 1534752 | CNY | 1537320 | 7/7/2025 | HUB |  | (2568) | (2568) |
| USD | 3570037 | CNY | 3563788 | 7/7/2025 | HUB | 6249 |  | 6249 |
| USD | 3755791 | CNY | 3773422 | 7/7/2025 | HUB |  | (17631) | (17631) |
| USD | 4530178 | CNY | 4542082 | 7/7/2025 | HUB |  | (11904) | (11904) |
| USD | 4530334 | CNY | 4542081 | 7/7/2025 | HUB |  | (11747) | (11747) |
| USD | 7740104 | CNY | 7756478 | 7/7/2025 | HUB |  | (16374) | (16374) |
| USD | 7863174 | CNY | 7896235 | 7/7/2025 | HUB |  | (33061) | (33061) |
| CNY | 1537320 | USD | 1534752 | 7/7/2025 | HUB | 2568 |  | 2568 |
| USD | 13155323 | CNY | 13206976 | 7/7/2025 | HUB |  | (51653) | (51653) |
| USD | 15297601 | CNY | 15303322 | 7/7/2025 | HUB |  | (5721) | (5721) |
| USD | 16364476 | CNY | 16421372 | 7/7/2025 | HUB |  | (56896) | (56896) |
| CNY | 3563787 | USD | 3570036 | 7/7/2025 | HUB |  | (6249) | (6249) |
| CNY | 3773422 | USD | 3755791 | 7/7/2025 | HUB | 17631 |  | 17631 |
| CNY | 4542082 | USD | 4530178 | 7/7/2025 | HUB | 11904 |  | 11904 |
| CNY | 4542082 | USD | 4530335 | 7/7/2025 | HUB | 11747 |  | 11747 |
| USD | 32933375 | CNY | 33052380 | 7/7/2025 | HUB |  | (119005) | (119005) |
| USD | 38636141 | CNY | 38852268 | 7/7/2025 | HUB |  | (216127) | (216127) |
| USD | 45341565 | CNY | 45211184 | 7/7/2025 | HUB | 130381 |  | 130381 |
| CNY | 7756478 | USD | 7740104 | 7/7/2025 | HUB | 16374 |  | 16374 |
| CNY | 7896235 | USD | 7863174 | 7/7/2025 | HUB | 33061 |  | 33061 |
| USD | 90553108 | CNY | 90492245 | 7/7/2025 | HUB | 60863 |  | 60863 |
| CNY | 13206977 | USD | 13155324 | 7/7/2025 | HUB | 51653 |  | 51653 |
| CNY | 16421373 | USD | 16364477 | 7/7/2025 | HUB | 56896 |  | 56896 |
| CNY | 33052381 | USD | 32933376 | 7/7/2025 | HUB | 119005 |  | 119005 |
| CNY | 38852270 | USD | 38636143 | 7/7/2025 | HUB | 216127 |  | 216127 |
| CNY | 90492248 | USD | 90553111 | 7/7/2025 | HUB |  | (60863) | (60863) |
| USD | 128669 | AUD | 131657 | 7/15/2025 | HUB |  | (2988) | (2988) |
| AUD | 131657 | USD | 128669 | 7/15/2025 | HUB | 2988 |  | 2988 |
| USD | 388520 | AUD | 394971 | 7/15/2025 | HUB |  | (6451) | (6451) |
| AUD | 394971 | USD | 388520 | 7/15/2025 | HUB | 6451 |  | 6451 |
| USD | 707251 | AUD | 724115 | 7/15/2025 | HUB |  | (16864) | (16864) |
| USD | 773551 | AUD | 789943 | 7/15/2025 | HUB |  | (16392) | (16392) |
| USD | 775970 | AUD | 789943 | 7/15/2025 | HUB |  | (13973) | (13973) |
| USD | 976309 | AUD | 987429 | 7/15/2025 | HUB |  | (11120) | (11120) |
| USD | 1036738 | AUD | 1053258 | 7/15/2025 | HUB |  | (16520) | (16520) |
| AUD | 724114 | USD | 707250 | 7/15/2025 | HUB | 16864 |  | 16864 |
| AUD | 789943 | USD | 773551 | 7/15/2025 | HUB | 16392 |  | 16392 |
| AUD | 789943 | USD | 775970 | 7/15/2025 | HUB | 13973 |  | 13973 |
| USD | 1228139 | AUD | 1250743 | 7/15/2025 | HUB |  | (22604) | (22604) |
| USD | 1351172 | AUD | 1382401 | 7/15/2025 | HUB |  | (31229) | (31229) |
| AUD | 987429 | USD | 976309 | 7/15/2025 | HUB | 11120 |  | 11120 |
| AUD | 1053257 | USD | 1036737 | 7/15/2025 | HUB | 16520 |  | 16520 |
| USD | 1745892 | AUD | 1777371 | 7/15/2025 | HUB |  | (31479) | (31479) |
| AUD | 1250743 | USD | 1228139 | 7/15/2025 | HUB | 22604 |  | 22604 |
| USD | 2024578 | AUD | 2040686 | 7/15/2025 | HUB |  | (16108) | (16108) |
| AUD | 1382400 | USD | 1351171 | 7/15/2025 | HUB | 31229 |  | 31229 |
| USD | 2190321 | AUD | 2238172 | 7/15/2025 | HUB |  | (47851) | (47851) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 2397255 | AUD | 2435657 | 7/15/2025 | HUB | $- | $(38402) | $(38402) |
| USD | 2530433 | AUD | 2567315 | 7/15/2025 | HUB |  | (36882) | (36882) |
| USD | 2683277 | AUD | 2698971 | 7/15/2025 | HUB |  | (15694) | (15694) |
| AUD | 1777372 | USD | 1745893 | 7/15/2025 | HUB | 31479 |  | 31479 |
| USD | 2905065 | AUD | 2962286 | 7/15/2025 | HUB |  | (57221) | (57221) |
| AUD | 2040686 | USD | 2024578 | 7/15/2025 | HUB | 16108 |  | 16108 |
| USD | 3367575 | AUD | 3423086 | 7/15/2025 | HUB |  | (55511) | (55511) |
| AUD | 2238172 | USD | 2190321 | 7/15/2025 | HUB | 47851 |  | 47851 |
| USD | 3509646 | AUD | 3554743 | 7/15/2025 | HUB |  | (45097) | (45097) |
| AUD | 2435657 | USD | 2397255 | 7/15/2025 | HUB | 38402 |  | 38402 |
| AUD | 2567315 | USD | 2530433 | 7/15/2025 | HUB | 36882 |  | 36882 |
| USD | 3905160 | AUD | 3949714 | 7/15/2025 | HUB |  | (44554) | (44554) |
| AUD | 2698972 | USD | 2683278 | 7/15/2025 | HUB | 15694 |  | 15694 |
| USD | 4165114 | AUD | 4213029 | 7/15/2025 | HUB |  | (47915) | (47915) |
| USD | 4239639 | AUD | 4344685 | 7/15/2025 | HUB |  | (105046) | (105046) |
| AUD | 2962286 | USD | 2905065 | 7/15/2025 | HUB | 57221 |  | 57221 |
| USD | 4555005 | AUD | 4608000 | 7/15/2025 | HUB |  | (52995) | (52995) |
| USD | 5135111 | AUD | 5200458 | 7/15/2025 | HUB |  | (65347) | (65347) |
| USD | 5148398 | AUD | 5200457 | 7/15/2025 | HUB |  | (52059) | (52059) |
| AUD | 3423086 | USD | 3367575 | 7/15/2025 | HUB | 55511 |  | 55511 |
| AUD | 3554743 | USD | 3509646 | 7/15/2025 | HUB | 45097 |  | 45097 |
| AUD | 3949715 | USD | 3905161 | 7/15/2025 | HUB | 44554 |  | 44554 |
| AUD | 4213029 | USD | 4165114 | 7/15/2025 | HUB | 47915 |  | 47915 |
| AUD | 4344686 | USD | 4239640 | 7/15/2025 | HUB | 105046 |  | 105046 |
| AUD | 4608001 | USD | 4555006 | 7/15/2025 | HUB | 52995 |  | 52995 |
| USD | 7541598 | AUD | 7738802 | 7/15/2025 | HUB |  | (197204) | (197204) |
| AUD | 5200458 | USD | 5135111 | 7/15/2025 | HUB | 65347 |  | 65347 |
| AUD | 5200458 | USD | 5148399 | 7/15/2025 | HUB | 52059 |  | 52059 |
| USD | 8993572 | AUD | 9084343 | 7/15/2025 | HUB |  | (90771) | (90771) |
| AUD | 7303609 | USD | 7246805 | 7/15/2025 | HUB | 56804 |  | 56804 |
| USD | 11119160 | AUD | 11256685 | 7/15/2025 | HUB |  | (137525) | (137525) |
| AUD | 7738803 | USD | 7541599 | 7/15/2025 | HUB | 197204 |  | 197204 |
| USD | 12528622 | AUD | 12855933 | 7/15/2025 | HUB |  | (327311) | (327311) |
| AUD | 9084344 | USD | 8993573 | 7/15/2025 | HUB | 90771 |  | 90771 |
| AUD | 11256687 | USD | 11119162 | 7/15/2025 | HUB | 137525 |  | 137525 |
| AUD | 12708280 | USD | 12616567 | 7/15/2025 | HUB | 91713 |  | 91713 |
| AUD | 12855935 | USD | 12528624 | 7/15/2025 | HUB | 327311 |  | 327311 |
| USD | 21715026 | AUD | 22279027 | 7/15/2025 | HUB |  | (564001) | (564001) |
| USD | 23800670 | AUD | 24426272 | 7/15/2025 | HUB |  | (625602) | (625602) |
| USD | 27591762 | AUD | 28283052 | 7/15/2025 | HUB |  | (691290) | (691290) |
| AUD | 22279030 | USD | 21715029 | 7/15/2025 | HUB | 564001 |  | 564001 |
| AUD | 24426276 | USD | 23800674 | 7/15/2025 | HUB | 625602 |  | 625602 |
| AUD | 28283056 | USD | 27591766 | 7/15/2025 | HUB | 691290 |  | 691290 |
| AUD | 60101495 | USD | 58944335 | 7/15/2025 | HUB | 1157160 |  | 1157160 |
| GBP | 68637 | AUD | 68614 | 7/16/2025 | HUB | 23 |  | 23 |
| USD | 69172 | JPY | 69551 | 7/16/2025 | HUB |  | (379) | (379) |
| GBP | 137273 | AUD | 137923 | 7/16/2025 | HUB |  | (650) | (650) |
| GBP | 205910 | AUD | 204058 | 7/16/2025 | HUB | 1852 |  | 1852 |
| GBP | 274547 | AUD | 272255 | 7/16/2025 | HUB | 2292 |  | 2292 |
| USD | 207678 | JPY | 208651 | 7/16/2025 | HUB |  | (973) | (973) |
| USD | 208208 | JPY | 208652 | 7/16/2025 | HUB |  | (444) | (444) |
| GBP | 343184 | AUD | 344569 | 7/16/2025 | HUB |  | (1385) | (1385) |
| GBP | 411820 | AUD | 412989 | 7/16/2025 | HUB |  | (1169) | (1169) |
| GBP | 480457 | AUD | 480293 | 7/16/2025 | HUB | 164 |  | 164 |
| GBP | 480457 | AUD | 481728 | 7/16/2025 | HUB |  | (1271) | (1271) |
| AUD | 274019 | GBP | 274547 | 7/16/2025 | HUB |  | (528) | (528) |
| GBP | 755004 | AUD | 757805 | 7/16/2025 | HUB |  | (2801) | (2801) |
| GBP | 823641 | AUD | 824564 | 7/16/2025 | HUB |  | (923) | (923) |
| GBP | 892277 | AUD | 892544 | 7/16/2025 | HUB |  | (267) | (267) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| GBP | 960914 | AUD | 955738 | 7/16/2025 | HUB | $5176 | $- | $5176 |
| USD | 837457 | JPY | 834605 | 7/16/2025 | HUB | 2852 |  | 2852 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;1166824 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;1164862 | 7/16/2025 | HUB | 1962 |  | 1962 |
| GBP | 1510008 | AUD | 1517916 | 7/16/2025 | HUB |  | (7908) | (7908) |
| USD | 1258301 | JPY | 1251907 | 7/16/2025 | HUB | 6394 |  | 6394 |
| GBP | 1853192 | AUD | 1857233 | 7/16/2025 | HUB |  | (4041) | (4041) |
| GBP | 1921828 | AUD | 1910676 | 7/16/2025 | HUB | 11152 |  | 11152 |
| USD | 1601879 | JPY | 1599660 | 7/16/2025 | HUB | 2219 |  | 2219 |
| GBP | 2265012 | AUD | 2270673 | 7/16/2025 | HUB |  | (5661) | (5661) |
| AUD | 1087652 | GBP | 1098188 | 7/16/2025 | HUB |  | (10536) | (10536) |
| GBP | 2333649 | AUD | 2336724 | 7/16/2025 | HUB |  | (3075) | (3075) |
| GBP | 2676832 | AUD | 2673261 | 7/16/2025 | HUB | 3571 |  | 3571 |
| USD | 2429640 | JPY | 2434265 | 7/16/2025 | HUB |  | (4625) | (4625) |
| USD | 2898645 | JPY | 2921119 | 7/16/2025 | HUB |  | (22474) | (22474) |
| USD | 3380509 | JPY | 3338421 | 7/16/2025 | HUB | 42088 |  | 42088 |
| USD | 3503238 | JPY | 3477522 | 7/16/2025 | HUB | 25716 |  | 25716 |
| AUD | 2401615 | GBP | 2402285 | 7/16/2025 | HUB |  | (670) | (670) |
| USD | 5064930 | JPY | 5077182 | 7/16/2025 | HUB |  | (12252) | (12252) |
| USD | 5730457 | JPY | 5772687 | 7/16/2025 | HUB |  | (42230) | (42230) |
| USD | 6287233 | JPY | 6259540 | 7/16/2025 | HUB | 27693 |  | 27693 |
| USD | 8230550 | JPY | 8218927 | 7/16/2025 | HUB | 11623 |  | 11623 |
| USD | 8932774 | JPY | 9051932 | 7/16/2025 | HUB |  | (119158) | (119158) |
| USD | 9457243 | JPY | 9667512 | 7/16/2025 | HUB |  | (210269) | (210269) |
| JPY | 69550 | USD | 69171 | 7/16/2025 | HUB | 379 |  | 379 |
| GBP | 14756896 | AUD | 14854018 | 7/16/2025 | HUB |  | (97122) | (97122) |
| USD | 11175348 | JPY | 11314914 | 7/16/2025 | HUB |  | (139566) | (139566) |
| USD | 11586174 | JPY | 11684474 | 7/16/2025 | HUB |  | (98300) | (98300) |
| USD | 12752971 | JPY | 12866832 | 7/16/2025 | HUB |  | (113861) | (113861) |
| GBP | 17679878 | AUD | 17418252 | 7/16/2025 | HUB | 261626 |  | 261626 |
| USD | 14093611 | JPY | 14396941 | 7/16/2025 | HUB |  | (303330) | (303330) |
| USD | 14670517 | JPY | 14789062 | 7/16/2025 | HUB |  | (118545) | (118545) |
| USD | 16388989 | JPY | 16411121 | 7/16/2025 | HUB |  | (22132) | (22132) |
| USD | 17796244 | JPY | 17954695 | 7/16/2025 | HUB |  | (158451) | (158451) |
| USD | 18839363 | JPY | 18987271 | 7/16/2025 | HUB |  | (147908) | (147908) |
| GBP | 28512637 | AUD | 28081315 | 7/16/2025 | HUB | 431322 |  | 431322 |
| USD | 22432070 | JPY | 22629830 | 7/16/2025 | HUB |  | (197760) | (197760) |
| USD | 26237764 | JPY | 26292851 | 7/16/2025 | HUB |  | (55087) | (55087) |
| USD | 26375590 | JPY | 26776921 | 7/16/2025 | HUB |  | (401331) | (401331) |
| AUD | 17644203 | GBP | 17571003 | 7/16/2025 | HUB | 73200 |  | 73200 |
| JPY | 208651 | USD | 207678 | 7/16/2025 | HUB | 973 |  | 973 |
| JPY | 208651 | USD | 208207 | 7/16/2025 | HUB | 444 |  | 444 |
| USD | 71303508 | JPY | 71207678 | 7/16/2025 | HUB | 95830 |  | 95830 |
| USD | 91119113 | JPY | 91250181 | 7/16/2025 | HUB |  | (131068) | (131068) |
| JPY | 834605 | USD | 837457 | 7/16/2025 | HUB |  | (2852) | (2852) |
| JPY | 1251908 | USD | 1258301 | 7/16/2025 | HUB |  | (6393) | (6393) |
| JPY | 1599660 | USD | 1601879 | 7/16/2025 | HUB |  | (2219) | (2219) |
| JPY | 2921119 | USD | 2898645 | 7/16/2025 | HUB | 22474 |  | 22474 |
| JPY | 3338421 | USD | 3380509 | 7/16/2025 | HUB |  | (42088) | (42088) |
| JPY | 3477522 | USD | 3503238 | 7/16/2025 | HUB |  | (25716) | (25716) |
| JPY | 5077182 | USD | 5064930 | 7/16/2025 | HUB | 12252 |  | 12252 |
| JPY | 5772687 | USD | 5730457 | 7/16/2025 | HUB | 42230 |  | 42230 |
| JPY | 6259540 | USD | 6287233 | 7/16/2025 | HUB |  | (27693) | (27693) |
| JPY | 8218927 | USD | 8230550 | 7/16/2025 | HUB |  | (11623) | (11623) |
| JPY | 9051932 | USD | 8932774 | 7/16/2025 | HUB | 119158 |  | 119158 |
| JPY | 9667512 | USD | 9457243 | 7/16/2025 | HUB | 210269 |  | 210269 |
| JPY | 11314915 | USD | 11175349 | 7/16/2025 | HUB | 139566 |  | 139566 |
| JPY | 11684474 | USD | 11586174 | 7/16/2025 | HUB | 98300 |  | 98300 |
| JPY | 12866832 | USD | 12752971 | 7/16/2025 | HUB | 113861 |  | 113861 |
| JPY | 14396942 | USD | 14093612 | 7/16/2025 | HUB | 303330 |  | 303330 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| JPY | 14789062 | USD | 14670517 | 7/16/2025 | HUB | $118545 | $- | $118545 |
| JPY | 17954694 | USD | 17796243 | 7/16/2025 | HUB | 158451 |  | 158451 |
| JPY | 18987271 | USD | 18839363 | 7/16/2025 | HUB | 147908 |  | 147908 |
| JPY | 22629830 | USD | 22432070 | 7/16/2025 | HUB | 197760 |  | 197760 |
| JPY | 26776920 | USD | 26375589 | 7/16/2025 | HUB | 401331 |  | 401331 |
| JPY | 71207679 | USD | 71303509 | 7/16/2025 | HUB |  | (95830) | (95830) |
| USD | 43 | PLN | 44 | 7/17/2025 | HUB |  | (1) | (1) |
| PLN | 50 | USD | 48 | 7/17/2025 | HUB | 2 |  | 2 |
| GBP | 282 | USD | 279 | 7/17/2025 | HUB | 3 |  | 3 |
| GBP | 317 | USD | 313 | 7/17/2025 | HUB | 4 |  | 4 |
| USD | 280 | GBP | 284 | 7/17/2025 | HUB |  | (4) | (4) |
| USD | 314 | JPY | 313 | 7/17/2025 | HUB | 1 |  | 1 |
| USD | 387 | JPY | 386 | 7/17/2025 | HUB | 1 |  | 1 |
| AUD | 292 | USD | 288 | 7/17/2025 | HUB | 4 |  | 4 |
| GBP | 609 | USD | 598 | 7/17/2025 | HUB | 11 |  | 11 |
| USD | 447 | AUD | 453 | 7/17/2025 | HUB |  | (6) | (6) |
| USD | 464 | PLN | 481 | 7/17/2025 | HUB |  | (17) | (17) |
| GBP | 722 | USD | 723 | 7/17/2025 | HUB |  | (1) | (1) |
| USD | 696 | CAD | 697 | 7/17/2025 | HUB |  | (1) | (1) |
| USD | 753 | PLN | 781 | 7/17/2025 | HUB |  | (28) | (28) |
| PLN | 222 | USD | 221 | 7/17/2025 | HUB | 1 |  | 1 |
| PLN | 236 | USD | 228 | 7/17/2025 | HUB | 8 |  | 8 |
| USD | 897 | AUD | 905 | 7/17/2025 | HUB |  | (8) | (8) |
| USD | 1221 | JPY | 1251 | 7/17/2025 | HUB |  | (30) | (30) |
| USD | 1429 | GBP | 1442 | 7/17/2025 | HUB |  | (13) | (13) |
| AUD | 950 | USD | 940 | 7/17/2025 | HUB | 10 |  | 10 |
| USD | 1455 | GBP | 1472 | 7/17/2025 | HUB |  | (17) | (17) |
| USD | 1458 | AUD | 1482 | 7/17/2025 | HUB |  | (24) | (24) |
| USD | 1545 | GBP | 1572 | 7/17/2025 | HUB |  | (27) | (27) |
| GBP | 2164 | USD | 2141 | 7/17/2025 | HUB | 23 |  | 23 |
| USD | 1576 | JPY | 1580 | 7/17/2025 | HUB |  | (4) | (4) |
| GBP | 2175 | USD | 2170 | 7/17/2025 | HUB | 5 |  | 5 |
| USD | 1803 | PLN | 1850 | 7/17/2025 | HUB |  | (47) | (47) |
| USD | 2490 | JPY | 2482 | 7/17/2025 | HUB | 8 |  | 8 |
| PLN | 788 | USD | 772 | 7/17/2025 | HUB | 16 |  | 16 |
| USD | 3421 | CAD | 3406 | 7/17/2025 | HUB | 15 |  | 15 |
| USD | 4018 | AUD | 4036 | 7/17/2025 | HUB |  | (18) | (18) |
| CAD | 3055 | USD | 3067 | 7/17/2025 | HUB |  | (12) | (12) |
| PLN | 1250 | USD | 1230 | 7/17/2025 | HUB | 20 |  | 20 |
| USD | 4956 | JPY | 4938 | 7/17/2025 | HUB | 18 |  | 18 |
| CAD | 3884 | USD | 3859 | 7/17/2025 | HUB | 25 |  | 25 |
| USD | 5519 | AUD | 5588 | 7/17/2025 | HUB |  | (69) | (69) |
| USD | 5738 | GBP | 5794 | 7/17/2025 | HUB |  | (56) | (56) |
| GBP | 8529 | USD | 8337 | 7/17/2025 | HUB | 192 |  | 192 |
| USD | 7210 | JPY | 7270 | 7/17/2025 | HUB |  | (60) | (60) |
| CAD | 5946 | USD | 5929 | 7/17/2025 | HUB | 17 |  | 17 |
| USD | 8200 | JPY | 8218 | 7/17/2025 | HUB |  | (18) | (18) |
| USD | 8474 | JPY | 8489 | 7/17/2025 | HUB |  | (15) | (15) |
| PLN | 2484 | USD | 2474 | 7/17/2025 | HUB | 10 |  | 10 |
| CAD | 6592 | USD | 6557 | 7/17/2025 | HUB | 35 |  | 35 |
| USD | 9131 | JPY | 9098 | 7/17/2025 | HUB | 33 |  | 33 |
| USD | 10227 | AUD | 10335 | 7/17/2025 | HUB |  | (108) | (108) |
| USD | 10593 | JPY | 10562 | 7/17/2025 | HUB | 31 |  | 31 |
| PLN | 2961 | USD | 2867 | 7/17/2025 | HUB | 94 |  | 94 |
| USD | 12986 | JPY | 13090 | 7/17/2025 | HUB |  | (104) | (104) |
| USD | 14711 | JPY | 14834 | 7/17/2025 | HUB |  | (123) | (123) |
| USD | 16296 | AUD | 16397 | 7/17/2025 | HUB |  | (101) | (101) |
| USD | 21647 | JPY | 21582 | 7/17/2025 | HUB | 65 |  | 65 |
| CAD | 17235 | USD | 17112 | 7/17/2025 | HUB | 123 |  | 123 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 34550 | CAD | 34945 | 7/17/2025 | HUB | $- | $(395) | $(395) |
| GBP | 49355 | USD | 48182 | 7/17/2025 | HUB | 1173 |  | 1173 |
| JPY | 260 | USD | 257 | 7/17/2025 | HUB | 3 |  | 3 |
| AUD | 27588 | USD | 27427 | 7/17/2025 | HUB | 161 |  | 161 |
| JPY | 361 | USD | 357 | 7/17/2025 | HUB | 4 |  | 4 |
| PLN | 16015 | USD | 15934 | 7/17/2025 | HUB | 81 |  | 81 |
| JPY | 905 | USD | 902 | 7/17/2025 | HUB | 3 |  | 3 |
| JPY | 932 | USD | 922 | 7/17/2025 | HUB | 10 |  | 10 |
| USD | 137009 | AUD | 140851 | 7/17/2025 | HUB |  | (3842) | (3842) |
| JPY | 981 | USD | 983 | 7/17/2025 | HUB |  | (2) | (2) |
| JPY | 1075 | USD | 1066 | 7/17/2025 | HUB | 9 |  | 9 |
| USD | 155643 | JPY | 159403 | 7/17/2025 | HUB |  | (3760) | (3760) |
| CAD | 121190 | USD | 120582 | 7/17/2025 | HUB | 608 |  | 608 |
| USD | 205492 | JPY | 210594 | 7/17/2025 | HUB |  | (5102) | (5102) |
| JPY | 1814 | USD | 1799 | 7/17/2025 | HUB | 15 |  | 15 |
| JPY | 2199 | USD | 2205 | 7/17/2025 | HUB |  | (6) | (6) |
| JPY | 2558 | USD | 2542 | 7/17/2025 | HUB | 16 |  | 16 |
| JPY | 2579 | USD | 2573 | 7/17/2025 | HUB | 6 |  | 6 |
| JPY | 3374 | USD | 3363 | 7/17/2025 | HUB | 11 |  | 11 |
| JPY | 5070 | USD | 5074 | 7/17/2025 | HUB |  | (4) | (4) |
| CAD | 719944 | USD | 714127 | 7/17/2025 | HUB | 5817 |  | 5817 |
| USD | 1123453 | AUD | 1138731 | 7/17/2025 | HUB |  | (15278) | (15278) |
| JPY | 8198 | USD | 8200 | 7/17/2025 | HUB |  | (2) | (2) |
| JPY | 9837 | USD | 9761 | 7/17/2025 | HUB | 76 |  | 76 |
| JPY | 19960 | USD | 19967 | 7/17/2025 | HUB |  | (7) | (7) |
| JPY | 21435 | USD | 21446 | 7/17/2025 | HUB |  | (11) | (11) |
| JPY | 31523 | USD | 31546 | 7/17/2025 | HUB |  | (23) | (23) |
| USD | 15471922 | GBP | 15496873 | 7/17/2025 | HUB |  | (24951) | (24951) |
| USD | 15859613 | HKD | 15851740 | 7/17/2025 | HUB | 7873 |  | 7873 |
| USD | 16416204 | JPY | 16464538 | 7/17/2025 | HUB |  | (48334) | (48334) |
| USD | 28270779 | EUR | 29071103 | 7/17/2025 | HUB |  | (800324) | (800324) |
| AUD | 65838 | JPY | 64334 | 7/22/2025 | HUB | 1504 |  | 1504 |
| AUD | 65838 | JPY | 64417 | 7/22/2025 | HUB | 1421 |  | 1421 |
| AUD | 197514 | JPY | 192923 | 7/22/2025 | HUB | 4591 |  | 4591 |
| AUD | 329189 | JPY | 320071 | 7/22/2025 | HUB | 9118 |  | 9118 |
| AUD | 921730 | JPY | 902588 | 7/22/2025 | HUB | 19142 |  | 19142 |
| AUD | 921730 | JPY | 915020 | 7/22/2025 | HUB | 6710 |  | 6710 |
| AUD | 1053406 | JPY | 1049440 | 7/22/2025 | HUB | 3966 |  | 3966 |
| AUD | 1316757 | JPY | 1303323 | 7/22/2025 | HUB | 13434 |  | 13434 |
| AUD | 1316757 | JPY | 1310154 | 7/22/2025 | HUB | 6603 |  | 6603 |
| AUD | 1437783 | JPY | 1429639 | 7/22/2025 | HUB | 8144 |  | 8144 |
| AUD | 1580109 | JPY | 1570431 | 7/22/2025 | HUB | 9678 |  | 9678 |
| AUD | 2106811 | JPY | 2073681 | 7/22/2025 | HUB | 33130 |  | 33130 |
| AUD | 2436001 | JPY | 2424901 | 7/22/2025 | HUB | 11100 |  | 11100 |
| AUD | 2567676 | JPY | 2552456 | 7/22/2025 | HUB | 15220 |  | 15220 |
| AUD | 3094379 | JPY | 3084033 | 7/22/2025 | HUB | 10346 |  | 10346 |
| AUD | 7450328 | JPY | 7408105 | 7/22/2025 | HUB | 42223 |  | 42223 |
| AUD | 10599895 | JPY | 10327523 | 7/22/2025 | HUB | 272372 |  | 272372 |
| JPY | 193339 | AUD | 197513 | 7/22/2025 | HUB |  | (4174) | (4174) |
| JPY | 576962 | AUD | 592541 | 7/22/2025 | HUB |  | (15579) | (15579) |
| JPY | 645064 | AUD | 658378 | 7/22/2025 | HUB |  | (13314) | (13314) |
| JPY | 4395075 | AUD | 4411136 | 7/22/2025 | HUB |  | (16061) | (16061) |
| USD | 48877 | COP | 48811 | 7/24/2025 | HUB | 66 |  | 66 |
| USD | 48899 | COP | 48811 | 7/24/2025 | HUB | 88 |  | 88 |
| USD | 48902 | COP | 48811 | 7/24/2025 | HUB | 91 |  | 91 |
| USD | 48911 | COP | 48811 | 7/24/2025 | HUB | 100 |  | 100 |
| USD | 49001 | COP | 48811 | 7/24/2025 | HUB | 190 |  | 190 |
| USD | 49004 | COP | 48811 | 7/24/2025 | HUB | 193 |  | 193 |
| USD | 97792 | COP | 97622 | 7/24/2025 | HUB | 170 |  | 170 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 97822 | COP | 97622 | 7/24/2025 | HUB | $200 | $- | $200 |
| USD | 97881 | COP | 97622 | 7/24/2025 | HUB | 259 |  | 259 |
| USD | 97931 | COP | 97622 | 7/24/2025 | HUB | 309 |  | 309 |
| USD | 97938 | COP | 97622 | 7/24/2025 | HUB | 316 |  | 316 |
| USD | 97947 | COP | 97622 | 7/24/2025 | HUB | 325 |  | 325 |
| USD | 97953 | COP | 97622 | 7/24/2025 | HUB | 331 |  | 331 |
| USD | 98043 | COP | 97622 | 7/24/2025 | HUB | 421 |  | 421 |
| USD | 146661 | COP | 146434 | 7/24/2025 | HUB | 227 |  | 227 |
| USD | 146898 | COP | 146433 | 7/24/2025 | HUB | 465 |  | 465 |
| USD | 146938 | COP | 146434 | 7/24/2025 | HUB | 504 |  | 504 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1074641 | COP | &nbsp;&nbsp;&nbsp;&nbsp;1073843 | 7/24/2025 | HUB | 798 |  | 798 |
| COP | 2586985 | USD | 2400629 | 7/24/2025 | HUB | 186356 |  | 186356 |
| USD | 27301 | PLN | 27725 | 7/31/2025 | HUB |  | (424) | (424) |
| USD | 49625 | CLP | 53670 | 7/31/2025 | HUB |  | (4045) | (4045) |
| USD | 49639 | CLP | 53671 | 7/31/2025 | HUB |  | (4032) | (4032) |
| USD | 49642 | CLP | 53671 | 7/31/2025 | HUB |  | (4029) | (4029) |
| USD | 49659 | CLP | 53671 | 7/31/2025 | HUB |  | (4012) | (4012) |
| USD | 49667 | CLP | 53671 | 7/31/2025 | HUB |  | (4004) | (4004) |
| USD | 49670 | CLP | 53671 | 7/31/2025 | HUB |  | (4001) | (4001) |
| USD | 49671 | CLP | 53671 | 7/31/2025 | HUB |  | (4000) | (4000) |
| USD | 49673 | CLP | 53671 | 7/31/2025 | HUB |  | (3998) | (3998) |
| USD | 49674 | CLP | 53671 | 7/31/2025 | HUB |  | (3997) | (3997) |
| USD | 49677 | CLP | 53670 | 7/31/2025 | HUB |  | (3993) | (3993) |
| USD | 49692 | CLP | 53671 | 7/31/2025 | HUB |  | (3979) | (3979) |
| USD | 49695 | CLP | 53670 | 7/31/2025 | HUB |  | (3975) | (3975) |
| USD | 49699 | CLP | 53670 | 7/31/2025 | HUB |  | (3971) | (3971) |
| USD | 49706 | CLP | 53671 | 7/31/2025 | HUB |  | (3965) | (3965) |
| USD | 49709 | CLP | 53671 | 7/31/2025 | HUB |  | (3962) | (3962) |
| USD | 49717 | CLP | 53670 | 7/31/2025 | HUB |  | (3953) | (3953) |
| USD | 49719 | CLP | 53671 | 7/31/2025 | HUB |  | (3952) | (3952) |
| USD | 49724 | CLP | 53671 | 7/31/2025 | HUB |  | (3947) | (3947) |
| USD | 49727 | CLP | 53670 | 7/31/2025 | HUB |  | (3943) | (3943) |
| USD | 49728 | CLP | 53671 | 7/31/2025 | HUB |  | (3943) | (3943) |
| USD | 49729 | CLP | 53671 | 7/31/2025 | HUB |  | (3942) | (3942) |
| USD | 49730 | CLP | 53670 | 7/31/2025 | HUB |  | (3940) | (3940) |
| USD | 49740 | CLP | 53670 | 7/31/2025 | HUB |  | (3930) | (3930) |
| USD | 49750 | CLP | 53670 | 7/31/2025 | HUB |  | (3920) | (3920) |
| USD | 49757 | CLP | 53670 | 7/31/2025 | HUB |  | (3913) | (3913) |
| USD | 49761 | CLP | 53671 | 7/31/2025 | HUB |  | (3910) | (3910) |
| USD | 49773 | CLP | 53671 | 7/31/2025 | HUB |  | (3898) | (3898) |
| USD | 49795 | CLP | 53671 | 7/31/2025 | HUB |  | (3876) | (3876) |
| USD | 49806 | CLP | 53670 | 7/31/2025 | HUB |  | (3864) | (3864) |
| USD | 49818 | CLP | 53670 | 7/31/2025 | HUB |  | (3852) | (3852) |
| USD | 49822 | CLP | 53671 | 7/31/2025 | HUB |  | (3849) | (3849) |
| USD | 49833 | CLP | 53670 | 7/31/2025 | HUB |  | (3837) | (3837) |
| USD | 49834 | CLP | 53671 | 7/31/2025 | HUB |  | (3837) | (3837) |
| USD | 49841 | CLP | 53670 | 7/31/2025 | HUB |  | (3829) | (3829) |
| USD | 49866 | CLP | 53670 | 7/31/2025 | HUB |  | (3804) | (3804) |
| USD | 49870 | CLP | 53671 | 7/31/2025 | HUB |  | (3801) | (3801) |
| USD | 49877 | CLP | 53671 | 7/31/2025 | HUB |  | (3794) | (3794) |
| USD | 49879 | CLP | 53671 | 7/31/2025 | HUB |  | (3792) | (3792) |
| USD | 49880 | CLP | 53671 | 7/31/2025 | HUB |  | (3791) | (3791) |
| USD | 49886 | CLP | 53671 | 7/31/2025 | HUB |  | (3785) | (3785) |
| USD | 49887 | CLP | 53670 | 7/31/2025 | HUB |  | (3783) | (3783) |
| USD | 49895 | CLP | 53671 | 7/31/2025 | HUB |  | (3776) | (3776) |
| USD | 49898 | CLP | 53671 | 7/31/2025 | HUB |  | (3773) | (3773) |
| USD | 49899 | CLP | 53671 | 7/31/2025 | HUB |  | (3772) | (3772) |
| USD | 49902 | CLP | 53670 | 7/31/2025 | HUB |  | (3768) | (3768) |
| USD | 49903 | CLP | 53671 | 7/31/2025 | HUB |  | (3768) | (3768) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 49911 | CLP | 53671 | 7/31/2025 | HUB | $– $| (3760) | $(3760) |
| USD | 49918 | CLP | 53670 | 7/31/2025 | HUB | – | (3752) | (3752) |
| USD | 49928 | CLP | 53671 | 7/31/2025 | HUB | – | (3743) | (3743) |
| USD | 49929 | CLP | 53670 | 7/31/2025 | HUB | – | (3741) | (3741) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49930 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53671 | 7/31/2025 | HUB | – | (3741) | (3741) |
| USD | 49933 | CLP | 53671 | 7/31/2025 | HUB | – | (3738) | (3738) |
| USD | 49939 | CLP | 53670 | 7/31/2025 | HUB | – | (3731) | (3731) |
| USD | 49946 | CLP | 53671 | 7/31/2025 | HUB | – | (3725) | (3725) |
| USD | 49959 | CLP | 53671 | 7/31/2025 | HUB | – | (3712) | (3712) |
| USD | 49965 | CLP | 53670 | 7/31/2025 | HUB | – | (3705) | (3705) |
| USD | 49966 | CLP | 53670 | 7/31/2025 | HUB | – | (3704) | (3704) |
| USD | 49972 | CLP | 53671 | 7/31/2025 | HUB | – | (3699) | (3699) |
| USD | 49981 | CLP | 53671 | 7/31/2025 | HUB | – | (3690) | (3690) |
| USD | 49987 | CLP | 53671 | 7/31/2025 | HUB | – | (3684) | (3684) |
| USD | 49993 | CLP | 53671 | 7/31/2025 | HUB | – | (3678) | (3678) |
| USD | 49994 | CLP | 53671 | 7/31/2025 | HUB | – | (3677) | (3677) |
| USD | 49999 | CLP | 53671 | 7/31/2025 | HUB | – | (3672) | (3672) |
| USD | 50004 | CLP | 53671 | 7/31/2025 | HUB | – | (3667) | (3667) |
| USD | 50007 | CLP | 53671 | 7/31/2025 | HUB | – | (3664) | (3664) |
| USD | 50013 | CLP | 53671 | 7/31/2025 | HUB | – | (3658) | (3658) |
| USD | 50014 | CLP | 53671 | 7/31/2025 | HUB | – | (3657) | (3657) |
| USD | 50025 | CLP | 53671 | 7/31/2025 | HUB | – | (3646) | (3646) |
| USD | 50029 | CLP | 53671 | 7/31/2025 | HUB | – | (3642) | (3642) |
| USD | 50034 | CLP | 53671 | 7/31/2025 | HUB | – | (3637) | (3637) |
| USD | 50035 | CLP | 53671 | 7/31/2025 | HUB | – | (3636) | (3636) |
| USD | 50063 | CLP | 53671 | 7/31/2025 | HUB | – | (3608) | (3608) |
| USD | 50065 | CLP | 53670 | 7/31/2025 | HUB | – | (3605) | (3605) |
| USD | 50066 | CLP | 53670 | 7/31/2025 | HUB | – | (3604) | (3604) |
| USD | 50075 | CLP | 53670 | 7/31/2025 | HUB | – | (3595) | (3595) |
| USD | 50079 | CLP | 53670 | 7/31/2025 | HUB | – | (3591) | (3591) |
| USD | 50085 | CLP | 53671 | 7/31/2025 | HUB | – | (3586) | (3586) |
| USD | 50089 | CLP | 53670 | 7/31/2025 | HUB | – | (3581) | (3581) |
| USD | 50092 | CLP | 53670 | 7/31/2025 | HUB | – | (3578) | (3578) |
| USD | 50097 | CLP | 53671 | 7/31/2025 | HUB | – | (3574) | (3574) |
| USD | 50101 | CLP | 53670 | 7/31/2025 | HUB | – | (3569) | (3569) |
| USD | 50102 | CLP | 53670 | 7/31/2025 | HUB | – | (3568) | (3568) |
| USD | 50104 | CLP | 53670 | 7/31/2025 | HUB | – | (3566) | (3566) |
| USD | 50105 | CLP | 53670 | 7/31/2025 | HUB | – | (3565) | (3565) |
| USD | 50112 | CLP | 53670 | 7/31/2025 | HUB | – | (3558) | (3558) |
| USD | 50120 | CLP | 53671 | 7/31/2025 | HUB | – | (3551) | (3551) |
| USD | 50121 | CLP | 53670 | 7/31/2025 | HUB | – | (3549) | (3549) |
| USD | 50124 | CLP | 53670 | 7/31/2025 | HUB | – | (3546) | (3546) |
| USD | 50128 | CLP | 53671 | 7/31/2025 | HUB | – | (3543) | (3543) |
| USD | 50134 | CLP | 53671 | 7/31/2025 | HUB | – | (3537) | (3537) |
| USD | 50145 | CLP | 53671 | 7/31/2025 | HUB | – | (3526) | (3526) |
| USD | 50164 | CLP | 53671 | 7/31/2025 | HUB | – | (3507) | (3507) |
| USD | 50178 | CLP | 53670 | 7/31/2025 | HUB | – | (3492) | (3492) |
| USD | 50182 | CLP | 53671 | 7/31/2025 | HUB | – | (3489) | (3489) |
| USD | 50188 | CLP | 53671 | 7/31/2025 | HUB | – | (3483) | (3483) |
| USD | 50192 | CLP | 53671 | 7/31/2025 | HUB | – | (3479) | (3479) |
| USD | 50193 | CLP | 53671 | 7/31/2025 | HUB | – | (3478) | (3478) |
| USD | 50196 | CLP | 53671 | 7/31/2025 | HUB | – | (3475) | (3475) |
| USD | 50221 | CLP | 53671 | 7/31/2025 | HUB | – | (3450) | (3450) |
| USD | 50230 | CLP | 53671 | 7/31/2025 | HUB | – | (3441) | (3441) |
| USD | 50236 | CLP | 53671 | 7/31/2025 | HUB | – | (3435) | (3435) |
| USD | 50237 | CLP | 53670 | 7/31/2025 | HUB | – | (3433) | (3433) |
| USD | 50246 | CLP | 53671 | 7/31/2025 | HUB | – | (3425) | (3425) |
| USD | 50259 | CLP | 53671 | 7/31/2025 | HUB | – | (3412) | (3412) |
| USD | 50260 | CLP | 53670 | 7/31/2025 | HUB | – | (3410) | (3410) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 50262 | CLP | 53670 | 7/31/2025 | HUB | $– $| (3408) | $(3408) |
| USD | 50264 | CLP | 53670 | 7/31/2025 | HUB | – | (3406) | (3406) |
| USD | 50266 | CLP | 53670 | 7/31/2025 | HUB | – | (3404) | (3404) |
| USD | 50268 | CLP | 53671 | 7/31/2025 | HUB | – | (3403) | (3403) |
| USD | 50285 | CLP | 53670 | 7/31/2025 | HUB | – | (3385) | (3385) |
| USD | 50290 | CLP | 53670 | 7/31/2025 | HUB | – | (3380) | (3380) |
| USD | 50294 | CLP | 53671 | 7/31/2025 | HUB | – | (3377) | (3377) |
| USD | 50375 | CLP | 53671 | 7/31/2025 | HUB | – | (3296) | (3296) |
| USD | 50377 | CLP | 53671 | 7/31/2025 | HUB | – | (3294) | (3294) |
| USD | 50406 | CLP | 53670 | 7/31/2025 | HUB | – | (3264) | (3264) |
| USD | 50454 | CLP | 53671 | 7/31/2025 | HUB | – | (3217) | (3217) |
| USD | 50458 | CLP | 53671 | 7/31/2025 | HUB | – | (3213) | (3213) |
| USD | 50478 | CLP | 53670 | 7/31/2025 | HUB | – | (3192) | (3192) |
| USD | 50497 | CLP | 53671 | 7/31/2025 | HUB | – | (3174) | (3174) |
| USD | 50500 | CLP | 53671 | 7/31/2025 | HUB | – | (3171) | (3171) |
| USD | 50501 | CLP | 53670 | 7/31/2025 | HUB | – | (3169) | (3169) |
| USD | 50513 | CLP | 53671 | 7/31/2025 | HUB | – | (3158) | (3158) |
| USD | 50514 | CLP | 53670 | 7/31/2025 | HUB | – | (3156) | (3156) |
| USD | 50521 | CLP | 53670 | 7/31/2025 | HUB | – | (3149) | (3149) |
| USD | 50529 | CLP | 53671 | 7/31/2025 | HUB | – | (3142) | (3142) |
| USD | 50551 | CLP | 53671 | 7/31/2025 | HUB | – | (3120) | (3120) |
| USD | 50560 | CLP | 53671 | 7/31/2025 | HUB | – | (3111) | (3111) |
| USD | 50580 | CLP | 53670 | 7/31/2025 | HUB | – | (3090) | (3090) |
| USD | 50582 | CLP | 53670 | 7/31/2025 | HUB | – | (3088) | (3088) |
| USD | 50588 | CLP | 53671 | 7/31/2025 | HUB | – | (3083) | (3083) |
| USD | 50590 | CLP | 53671 | 7/31/2025 | HUB | – | (3081) | (3081) |
| USD | 50591 | CLP | 53670 | 7/31/2025 | HUB | – | (3079) | (3079) |
| USD | 50593 | CLP | 53671 | 7/31/2025 | HUB | – | (3078) | (3078) |
| USD | 50598 | CLP | 53671 | 7/31/2025 | HUB | – | (3073) | (3073) |
| USD | 50608 | CLP | 53671 | 7/31/2025 | HUB | – | (3063) | (3063) |
| USD | 50614 | CLP | 53671 | 7/31/2025 | HUB | – | (3057) | (3057) |
| USD | 50617 | CLP | 53671 | 7/31/2025 | HUB | – | (3054) | (3054) |
| USD | 50635 | CLP | 53671 | 7/31/2025 | HUB | – | (3036) | (3036) |
| USD | 50670 | CLP | 53671 | 7/31/2025 | HUB | – | (3001) | (3001) |
| USD | 50967 | CLP | 53670 | 7/31/2025 | HUB | – | (2703) | (2703) |
| USD | 51001 | CLP | 53671 | 7/31/2025 | HUB | – | (2670) | (2670) |
| USD | 51007 | CLP | 53670 | 7/31/2025 | HUB | – | (2663) | (2663) |
| USD | 51008 | CLP | 53671 | 7/31/2025 | HUB | – | (2663) | (2663) |
| USD | 51040 | CLP | 53671 | 7/31/2025 | HUB | – | (2631) | (2631) |
| USD | 51045 | CLP | 53670 | 7/31/2025 | HUB | – | (2625) | (2625) |
| USD | 51072 | CLP | 53670 | 7/31/2025 | HUB | – | (2598) | (2598) |
| USD | 99293 | CLP | 107341 | 7/31/2025 | HUB | – | (8048) | (8048) |
| USD | 99334 | CLP | 107341 | 7/31/2025 | HUB | – | (8007) | (8007) |
| USD | 99347 | CLP | 107341 | 7/31/2025 | HUB | – | (7994) | (7994) |
| USD | 99391 | CLP | 107341 | 7/31/2025 | HUB | – | (7950) | (7950) |
| USD | 99402 | CLP | 107341 | 7/31/2025 | HUB | – | (7939) | (7939) |
| USD | 99423 | CLP | 107341 | 7/31/2025 | HUB | – | (7918) | (7918) |
| USD | 99436 | CLP | 107341 | 7/31/2025 | HUB | – | (7905) | (7905) |
| USD | 99451 | CLP | 107341 | 7/31/2025 | HUB | – | (7890) | (7890) |
| USD | 99452 | CLP | 107341 | 7/31/2025 | HUB | – | (7889) | (7889) |
| USD | 99453 | CLP | 107341 | 7/31/2025 | HUB | – | (7888) | (7888) |
| USD | 49732 | CLP | 53670 | 7/31/2025 | HUB | – | (3938) | (3938) |
| USD | 49732 | CLP | 53671 | 7/31/2025 | HUB | – | (3939) | (3939) |
| USD | 99486 | CLP | 107341 | 7/31/2025 | HUB | – | (7855) | (7855) |
| USD | 99488 | CLP | 107341 | 7/31/2025 | HUB | – | (7853) | (7853) |
| USD | 99505 | CLP | 107341 | 7/31/2025 | HUB | – | (7836) | (7836) |
| USD | 99519 | CLP | 107341 | 7/31/2025 | HUB | – | (7822) | (7822) |
| USD | 99537 | CLP | 107341 | 7/31/2025 | HUB | – | (7804) | (7804) |
| USD | 99577 | CLP | 107341 | 7/31/2025 | HUB | – | (7764) | (7764) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 99581 | CLP | 107341 | 7/31/2025 | HUB | $- | $(7760) | $(7760) |
| USD | 99592 | CLP | 107341 | 7/31/2025 | HUB |  | (7749) | (7749) |
| USD | 99620 | CLP | 107341 | 7/31/2025 | HUB |  | (7721) | (7721) |
| USD | 99771 | CLP | 107342 | 7/31/2025 | HUB |  | (7571) | (7571) |
| USD | 99772 | CLP | 107342 | 7/31/2025 | HUB |  | (7570) | (7570) |
| USD | 99776 | CLP | 107341 | 7/31/2025 | HUB |  | (7565) | (7565) |
| USD | 99778 | CLP | 107341 | 7/31/2025 | HUB |  | (7563) | (7563) |
| USD | 49891 | CLP | 53670 | 7/31/2025 | HUB |  | (3779) | (3779) |
| USD | 49891 | CLP | 53670 | 7/31/2025 | HUB |  | (3779) | (3779) |
| USD | 99783 | CLP | 107341 | 7/31/2025 | HUB |  | (7558) | (7558) |
| USD | 49893 | CLP | 53671 | 7/31/2025 | HUB |  | (3778) | (3778) |
| USD | 49893 | CLP | 53671 | 7/31/2025 | HUB |  | (3778) | (3778) |
| USD | 99792 | CLP | 107341 | 7/31/2025 | HUB |  | (7549) | (7549) |
| USD | 99800 | CLP | 107341 | 7/31/2025 | HUB |  | (7541) | (7541) |
| USD | 99801 | CLP | 107341 | 7/31/2025 | HUB |  | (7540) | (7540) |
| USD | 99804 | CLP | 107341 | 7/31/2025 | HUB |  | (7537) | (7537) |
| USD | 99818 | CLP | 107341 | 7/31/2025 | HUB |  | (7523) | (7523) |
| USD | 99836 | CLP | 107341 | 7/31/2025 | HUB |  | (7505) | (7505) |
| USD | 99851 | CLP | 107341 | 7/31/2025 | HUB |  | (7490) | (7490) |
| USD | 99872 | CLP | 107341 | 7/31/2025 | HUB |  | (7469) | (7469) |
| USD | 99883 | CLP | 107341 | 7/31/2025 | HUB |  | (7458) | (7458) |
| USD | 99904 | CLP | 107341 | 7/31/2025 | HUB |  | (7437) | (7437) |
| USD | 99914 | CLP | 107341 | 7/31/2025 | HUB |  | (7427) | (7427) |
| USD | 99915 | CLP | 107341 | 7/31/2025 | HUB |  | (7426) | (7426) |
| USD | 49962 | CLP | 53671 | 7/31/2025 | HUB |  | (3709) | (3709) |
| USD | 49962 | CLP | 53671 | 7/31/2025 | HUB |  | (3709) | (3709) |
| USD | 99948 | CLP | 107341 | 7/31/2025 | HUB |  | (7393) | (7393) |
| USD | 99965 | CLP | 107341 | 7/31/2025 | HUB |  | (7376) | (7376) |
| USD | 99971 | CLP | 107341 | 7/31/2025 | HUB |  | (7370) | (7370) |
| USD | 99987 | CLP | 107341 | 7/31/2025 | HUB |  | (7354) | (7354) |
| PLN | 27725 | USD | 26619 | 7/31/2025 | HUB | 1106 |  | 1106 |
| USD | 100016 | CLP | 107341 | 7/31/2025 | HUB |  | (7325) | (7325) |
| USD | 100023 | CLP | 107342 | 7/31/2025 | HUB |  | (7319) | (7319) |
| USD | 100047 | CLP | 107341 | 7/31/2025 | HUB |  | (7294) | (7294) |
| USD | 50031 | CLP | 53671 | 7/31/2025 | HUB |  | (3640) | (3640) |
| USD | 50031 | CLP | 53671 | 7/31/2025 | HUB |  | (3640) | (3640) |
| USD | 100070 | CLP | 107341 | 7/31/2025 | HUB |  | (7271) | (7271) |
| USD | 100071 | CLP | 107342 | 7/31/2025 | HUB |  | (7271) | (7271) |
| USD | 100073 | CLP | 107341 | 7/31/2025 | HUB |  | (7268) | (7268) |
| USD | 100078 | CLP | 107341 | 7/31/2025 | HUB |  | (7263) | (7263) |
| USD | 100117 | CLP | 107341 | 7/31/2025 | HUB |  | (7224) | (7224) |
| USD | 100144 | CLP | 107341 | 7/31/2025 | HUB |  | (7197) | (7197) |
| USD | 100151 | CLP | 107341 | 7/31/2025 | HUB |  | (7190) | (7190) |
| USD | 100164 | CLP | 107341 | 7/31/2025 | HUB |  | (7177) | (7177) |
| USD | 100190 | CLP | 107341 | 7/31/2025 | HUB |  | (7151) | (7151) |
| USD | 50098 | CLP | 53671 | 7/31/2025 | HUB |  | (3573) | (3573) |
| USD | 50098 | CLP | 53671 | 7/31/2025 | HUB |  | (3573) | (3573) |
| USD | 100208 | CLP | 107341 | 7/31/2025 | HUB |  | (7133) | (7133) |
| USD | 100226 | CLP | 107342 | 7/31/2025 | HUB |  | (7116) | (7116) |
| USD | 100229 | CLP | 107342 | 7/31/2025 | HUB |  | (7113) | (7113) |
| USD | 100232 | CLP | 107341 | 7/31/2025 | HUB |  | (7109) | (7109) |
| USD | 100254 | CLP | 107341 | 7/31/2025 | HUB |  | (7087) | (7087) |
| USD | 100262 | CLP | 107341 | 7/31/2025 | HUB |  | (7079) | (7079) |
| USD | 100282 | CLP | 107341 | 7/31/2025 | HUB |  | (7059) | (7059) |
| USD | 100309 | CLP | 107341 | 7/31/2025 | HUB |  | (7032) | (7032) |
| USD | 50159 | CLP | 53671 | 7/31/2025 | HUB |  | (3512) | (3512) |
| USD | 50159 | CLP | 53671 | 7/31/2025 | HUB |  | (3512) | (3512) |
| USD | 100364 | CLP | 107341 | 7/31/2025 | HUB |  | (6977) | (6977) |
| USD | 100378 | CLP | 107341 | 7/31/2025 | HUB |  | (6963) | (6963) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 50189 | CLP | 53671 | 7/31/2025 | HUB | $– $| (3482) | $(3482) |
| USD | 50189 | CLP | 53671 | 7/31/2025 | HUB | – | (3482) | (3482) |
| USD | 100393 | CLP | 107341 | 7/31/2025 | HUB | – | (6948) | (6948) |
| USD | 100447 | CLP | 107341 | 7/31/2025 | HUB | – | (6894) | (6894) |
| USD | 100464 | CLP | 107341 | 7/31/2025 | HUB | – | (6877) | (6877) |
| USD | 100482 | CLP | 107341 | 7/31/2025 | HUB | – | (6859) | (6859) |
| USD | 100486 | CLP | 107341 | 7/31/2025 | HUB | – | (6855) | (6855) |
| USD | 100492 | CLP | 107341 | 7/31/2025 | HUB | – | (6849) | (6849) |
| USD | 100494 | CLP | 107341 | 7/31/2025 | HUB | – | (6847) | (6847) |
| USD | 100507 | CLP | 107342 | 7/31/2025 | HUB | – | (6835) | (6835) |
| USD | 100510 | CLP | 107342 | 7/31/2025 | HUB | – | (6832) | (6832) |
| USD | 100512 | CLP | 107341 | 7/31/2025 | HUB | – | (6829) | (6829) |
| USD | 50271 | CLP | 53671 | 7/31/2025 | HUB | – | (3400) | (3400) |
| USD | 50271 | CLP | 53670 | 7/31/2025 | HUB | – | (3399) | (3399) |
| USD | 100564 | CLP | 107341 | 7/31/2025 | HUB | – | (6777) | (6777) |
| USD | 100772 | CLP | 107341 | 7/31/2025 | HUB | – | (6569) | (6569) |
| USD | 100836 | CLP | 107341 | 7/31/2025 | HUB | – | (6505) | (6505) |
| USD | 100848 | CLP | 107341 | 7/31/2025 | HUB | – | (6493) | (6493) |
| USD | 100876 | CLP | 107341 | 7/31/2025 | HUB | – | (6465) | (6465) |
| USD | 100879 | CLP | 107341 | 7/31/2025 | HUB | – | (6462) | (6462) |
| USD | 100889 | CLP | 107341 | 7/31/2025 | HUB | – | (6452) | (6452) |
| USD | 50451 | CLP | 53671 | 7/31/2025 | HUB | – | (3220) | (3220) |
| USD | 50451 | CLP | 53670 | 7/31/2025 | HUB | – | (3219) | (3219) |
| USD | 100909 | CLP | 107341 | 7/31/2025 | HUB | – | (6432) | (6432) |
| USD | 100911 | CLP | 107341 | 7/31/2025 | HUB | – | (6430) | (6430) |
| USD | 100956 | CLP | 107341 | 7/31/2025 | HUB | – | (6385) | (6385) |
| USD | 101025 | CLP | 107341 | 7/31/2025 | HUB | – | (6316) | (6316) |
| USD | 101033 | CLP | 107342 | 7/31/2025 | HUB | – | (6309) | (6309) |
| USD | 101049 | CLP | 107341 | 7/31/2025 | HUB | – | (6292) | (6292) |
| USD | 50530 | CLP | 53671 | 7/31/2025 | HUB | – | (3141) | (3141) |
| USD | 50530 | CLP | 53671 | 7/31/2025 | HUB | – | (3141) | (3141) |
| USD | 101064 | CLP | 107341 | 7/31/2025 | HUB | – | (6277) | (6277) |
| USD | 101069 | CLP | 107341 | 7/31/2025 | HUB | – | (6272) | (6272) |
| USD | 101080 | CLP | 107342 | 7/31/2025 | HUB | – | (6262) | (6262) |
| USD | 101084 | CLP | 107341 | 7/31/2025 | HUB | – | (6257) | (6257) |
| USD | 50545 | CLP | 53670 | 7/31/2025 | HUB | – | (3125) | (3125) |
| USD | 50545 | CLP | 53671 | 7/31/2025 | HUB | – | (3126) | (3126) |
| USD | 50546 | CLP | 53670 | 7/31/2025 | HUB | – | (3124) | (3124) |
| USD | 50546 | CLP | 53670 | 7/31/2025 | HUB | – | (3124) | (3124) |
| USD | 101104 | CLP | 107341 | 7/31/2025 | HUB | – | (6237) | (6237) |
| USD | 50570 | CLP | 53670 | 7/31/2025 | HUB | – | (3100) | (3100) |
| USD | 50570 | CLP | 53671 | 7/31/2025 | HUB | – | (3101) | (3101) |
| USD | 101140 | CLP | 107341 | 7/31/2025 | HUB | – | (6201) | (6201) |
| USD | 101150 | CLP | 107341 | 7/31/2025 | HUB | – | (6191) | (6191) |
| USD | 101180 | CLP | 107341 | 7/31/2025 | HUB | – | (6161) | (6161) |
| USD | 101207 | CLP | 107341 | 7/31/2025 | HUB | – | (6134) | (6134) |
| USD | 101232 | CLP | 107341 | 7/31/2025 | HUB | – | (6109) | (6109) |
| USD | 101763 | CLP | 107342 | 7/31/2025 | HUB | – | (5579) | (5579) |
| USD | 101885 | CLP | 107341 | 7/31/2025 | HUB | – | (5456) | (5456) |
| USD | 101888 | CLP | 107341 | 7/31/2025 | HUB | – | (5453) | (5453) |
| USD | 101937 | CLP | 107341 | 7/31/2025 | HUB | – | (5404) | (5404) |
| USD | 101954 | CLP | 107342 | 7/31/2025 | HUB | – | (5388) | (5388) |
| USD | 102005 | CLP | 107341 | 7/31/2025 | HUB | – | (5336) | (5336) |
| USD | 102030 | CLP | 107341 | 7/31/2025 | HUB | – | (5311) | (5311) |
| USD | 102034 | CLP | 107342 | 7/31/2025 | HUB | – | (5308) | (5308) |
| USD | 102088 | CLP | 107341 | 7/31/2025 | HUB | – | (5253) | (5253) |
| USD | 102214 | CLP | 107342 | 7/31/2025 | HUB | – | (5128) | (5128) |
| USD | 102216 | CLP | 107341 | 7/31/2025 | HUB | – | (5125) | (5125) |
| USD | 102692 | CLP | 107342 | 7/31/2025 | HUB | – | (4650) | (4650) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 102847 | CLP | 107341 | 7/31/2025 | HUB | $- | $(4494) | $(4494) |
| USD | 149699 | CLP | 161012 | 7/31/2025 | HUB |  | (11313) | (11313) |
| USD | 149760 | CLP | 161011 | 7/31/2025 | HUB |  | (11251) | (11251) |
| USD | 150325 | CLP | 161012 | 7/31/2025 | HUB |  | (10687) | (10687) |
| USD | 150380 | CLP | 161011 | 7/31/2025 | HUB |  | (10631) | (10631) |
| USD | 150404 | CLP | 161012 | 7/31/2025 | HUB |  | (10608) | (10608) |
| USD | 150436 | CLP | 161011 | 7/31/2025 | HUB |  | (10575) | (10575) |
| USD | 150488 | CLP | 161012 | 7/31/2025 | HUB |  | (10524) | (10524) |
| USD | 150498 | CLP | 161011 | 7/31/2025 | HUB |  | (10513) | (10513) |
| USD | 150527 | CLP | 161012 | 7/31/2025 | HUB |  | (10485) | (10485) |
| USD | 150534 | CLP | 161011 | 7/31/2025 | HUB |  | (10477) | (10477) |
| USD | 150599 | CLP | 161011 | 7/31/2025 | HUB |  | (10412) | (10412) |
| USD | 150646 | CLP | 161011 | 7/31/2025 | HUB |  | (10365) | (10365) |
| USD | 150710 | CLP | 161012 | 7/31/2025 | HUB |  | (10302) | (10302) |
| USD | 150720 | CLP | 161011 | 7/31/2025 | HUB |  | (10291) | (10291) |
| USD | 151128 | CLP | 161012 | 7/31/2025 | HUB |  | (9884) | (9884) |
| USD | 151390 | CLP | 161012 | 7/31/2025 | HUB |  | (9622) | (9622) |
| USD | 151426 | CLP | 161012 | 7/31/2025 | HUB |  | (9586) | (9586) |
| USD | 151589 | CLP | 161012 | 7/31/2025 | HUB |  | (9423) | (9423) |
| USD | 151820 | CLP | 161011 | 7/31/2025 | HUB |  | (9191) | (9191) |
| USD | 152645 | CLP | 161011 | 7/31/2025 | HUB |  | (8366) | (8366) |
| USD | 152876 | CLP | 161012 | 7/31/2025 | HUB |  | (8136) | (8136) |
| USD | 152964 | CLP | 161011 | 7/31/2025 | HUB |  | (8047) | (8047) |
| USD | 152970 | CLP | 161012 | 7/31/2025 | HUB |  | (8042) | (8042) |
| USD | 153044 | CLP | 161012 | 7/31/2025 | HUB |  | (7968) | (7968) |
| USD | 153046 | CLP | 161012 | 7/31/2025 | HUB |  | (7966) | (7966) |
| USD | 153047 | CLP | 161011 | 7/31/2025 | HUB |  | (7964) | (7964) |
| USD | 153066 | CLP | 161012 | 7/31/2025 | HUB |  | (7946) | (7946) |
| USD | 153100 | CLP | 161011 | 7/31/2025 | HUB |  | (7911) | (7911) |
| USD | 153763 | CLP | 161012 | 7/31/2025 | HUB |  | (7249) | (7249) |
| USD | 153810 | CLP | 161011 | 7/31/2025 | HUB |  | (7201) | (7201) |
| USD | 153958 | CLP | 161012 | 7/31/2025 | HUB |  | (7054) | (7054) |
| USD | 99327 | CLP | 107342 | 7/31/2025 | HUB |  | (8015) | (8015) |
| USD | 99327 | CLP | 107342 | 7/31/2025 | HUB |  | (8015) | (8015) |
| USD | 99454 | CLP | 107341 | 7/31/2025 | HUB |  | (7887) | (7887) |
| USD | 99454 | CLP | 107341 | 7/31/2025 | HUB |  | (7887) | (7887) |
| USD | 99931 | CLP | 107341 | 7/31/2025 | HUB |  | (7410) | (7410) |
| USD | 99931 | CLP | 107341 | 7/31/2025 | HUB |  | (7410) | (7410) |
| USD | 99944 | CLP | 107341 | 7/31/2025 | HUB |  | (7397) | (7397) |
| USD | 99944 | CLP | 107342 | 7/31/2025 | HUB |  | (7398) | (7398) |
| PLN | 55450 | USD | 54368 | 7/31/2025 | HUB | 1082 |  | 1082 |
| USD | 100375 | CLP | 107341 | 7/31/2025 | HUB |  | (6966) | (6966) |
| USD | 100375 | CLP | 107341 | 7/31/2025 | HUB |  | (6966) | (6966) |
| USD | 204034 | CLP | 214682 | 7/31/2025 | HUB |  | (10648) | (10648) |
| USD | 204317 | CLP | 214682 | 7/31/2025 | HUB |  | (10365) | (10365) |
| USD | 204452 | CLP | 214682 | 7/31/2025 | HUB |  | (10230) | (10230) |
| USD | 204842 | CLP | 214682 | 7/31/2025 | HUB |  | (9840) | (9840) |
| USD | 204918 | CLP | 214682 | 7/31/2025 | HUB |  | (9764) | (9764) |
| USD | 205068 | CLP | 214683 | 7/31/2025 | HUB |  | (9615) | (9615) |
| USD | 205378 | CLP | 214682 | 7/31/2025 | HUB |  | (9304) | (9304) |
| USD | 205446 | CLP | 214683 | 7/31/2025 | HUB |  | (9237) | (9237) |
| USD | 205519 | CLP | 214682 | 7/31/2025 | HUB |  | (9163) | (9163) |
| USD | 205549 | CLP | 214682 | 7/31/2025 | HUB |  | (9133) | (9133) |
| USD | 205635 | CLP | 214682 | 7/31/2025 | HUB |  | (9047) | (9047) |
| USD | 253426 | CLP | 268352 | 7/31/2025 | HUB |  | (14926) | (14926) |
| USD | 256376 | CLP | 268353 | 7/31/2025 | HUB |  | (11977) | (11977) |
| USD | 256636 | CLP | 268353 | 7/31/2025 | HUB |  | (11717) | (11717) |
| USD | 308227 | CLP | 322023 | 7/31/2025 | HUB |  | (13796) | (13796) |
| USD | 308315 | CLP | 322023 | 7/31/2025 | HUB |  | (13708) | (13708) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 345538 | PLN | 360424 | 7/31/2025 | HUB | $- | $(14886) | $(14886) |
| USD | 411213 | CLP | 429364 | 7/31/2025 | HUB |  | (18151) | (18151) |
| USD | 508999 | CLP | 536705 | 7/31/2025 | HUB |  | (27706) | (27706) |
| PLN | 249524 | USD | 242324 | 7/31/2025 | HUB | 7200 |  | 7200 |
| USD | 1050914 | CLP | 1127081 | 7/31/2025 | HUB |  | (76167) | (76167) |
| USD | 1119247 | CLP | 1183403 | 7/31/2025 | HUB |  | (64156) | (64156) |
| USD | 1159485 | CLP | 1234423 | 7/31/2025 | HUB |  | (74938) | (74938) |
| USD | 1265296 | CLP | 1339114 | 7/31/2025 | HUB |  | (73818) | (73818) |
| USD | 1360215 | CLP | 1449105 | 7/31/2025 | HUB |  | (88890) | (88890) |
| USD | 1383377 | PLN | 1386247 | 7/31/2025 | HUB |  | (2870) | (2870) |
| USD | 1389964 | CLP | 1502775 | 7/31/2025 | HUB |  | (112811) | (112811) |
| USD | 1390365 | CLP | 1502776 | 7/31/2025 | HUB |  | (112411) | (112411) |
| USD | 1405588 | PLN | 1413972 | 7/31/2025 | HUB |  | (8384) | (8384) |
| USD | 1988497 | CLP | 2093151 | 7/31/2025 | HUB |  | (104654) | (104654) |
| PLN | 665398 | USD | 640596 | 7/31/2025 | HUB | 24802 |  | 24802 |
| USD | 2439085 | PLN | 2522968 | 7/31/2025 | HUB |  | (83883) | (83883) |
| PLN | 776298 | USD | 739485 | 7/31/2025 | HUB | 36813 |  | 36813 |
| USD | 2991886 | PLN | 3105191 | 7/31/2025 | HUB |  | (113305) | (113305) |
| PLN | 914922 | USD | 882487 | 7/31/2025 | HUB | 32435 |  | 32435 |
| PLN | 999116 | USD | 941531 | 7/31/2025 | HUB | 57585 |  | 57585 |
| PLN | 1108997 | USD | 1064774 | 7/31/2025 | HUB | 44223 |  | 44223 |
| PLN | 1136722 | USD | 1082731 | 7/31/2025 | HUB | 53991 |  | 53991 |
| PLN | 1164447 | USD | 1119748 | 7/31/2025 | HUB | 44699 |  | 44699 |
| PLN | 1192172 | USD | 1148344 | 7/31/2025 | HUB | 43828 |  | 43828 |
| PLN | 1192172 | USD | 1151975 | 7/31/2025 | HUB | 40197 |  | 40197 |
| PLN | 1386246 | USD | 1334139 | 7/31/2025 | HUB | 52107 |  | 52107 |
| PLN | 1413971 | USD | 1354437 | 7/31/2025 | HUB | 59534 |  | 59534 |
| PLN | 1497146 | USD | 1444933 | 7/31/2025 | HUB | 52213 |  | 52213 |
| PLN | 1774395 | USD | 1700611 | 7/31/2025 | HUB | 73784 |  | 73784 |
| PLN | 1802120 | USD | 1719833 | 7/31/2025 | HUB | 82287 |  | 82287 |
| USD | 6558315 | PLN | 6748566 | 7/31/2025 | HUB |  | (190251) | (190251) |
| PLN | 1857570 | USD | 1812837 | 7/31/2025 | HUB | 44733 |  | 44733 |
| PLN | 2245719 | USD | 2134503 | 7/31/2025 | HUB | 111216 |  | 111216 |
| USD | 11264045 | PLN | 11605333 | 7/31/2025 | HUB |  | (341288) | (341288) |
| PLN | 3909214 | USD | 3731629 | 7/31/2025 | HUB | 177585 |  | 177585 |
| PLN | 4684009 | USD | 4413745 | 7/31/2025 | HUB | 270264 |  | 270264 |
| PLN | 4861908 | USD | 4584342 | 7/31/2025 | HUB | 277566 |  | 277566 |
| PLN | 5735594 | USD | 5475593 | 7/31/2025 | HUB | 260001 |  | 260001 |
| PLN | 7217643 | USD | 7162919 | 7/31/2025 | HUB | 54724 |  | 54724 |
| PLN | 8197016 | USD | 7726342 | 7/31/2025 | HUB | 470674 |  | 470674 |
| PLN | 8225140 | USD | 8159778 | 7/31/2025 | HUB | 65362 |  | 65362 |
| PLN | 10324068 | USD | 9851993 | 7/31/2025 | HUB | 472075 |  | 472075 |
| PLN | 11471187 | USD | 10960573 | 7/31/2025 | HUB | 510614 |  | 510614 |
| CLP | 53671 | USD | 53031 | 7/31/2025 | HUB | 640 |  | 640 |
| CLP | 53671 | USD | 53088 | 7/31/2025 | HUB | 583 |  | 583 |
| CLP | 53671 | USD | 53115 | 7/31/2025 | HUB | 556 |  | 556 |
| CLP | 53671 | USD | 53194 | 7/31/2025 | HUB | 477 |  | 477 |
| CLP | 53671 | USD | 53199 | 7/31/2025 | HUB | 472 |  | 472 |
| CLP | 53671 | USD | 53215 | 7/31/2025 | HUB | 456 |  | 456 |
| CLP | 53671 | USD | 53228 | 7/31/2025 | HUB | 443 |  | 443 |
| CLP | 53671 | USD | 53235 | 7/31/2025 | HUB | 436 |  | 436 |
| CLP | 53671 | USD | 53245 | 7/31/2025 | HUB | 426 |  | 426 |
| CLP | 53671 | USD | 53285 | 7/31/2025 | HUB | 386 |  | 386 |
| CLP | 53671 | USD | 53325 | 7/31/2025 | HUB | 346 |  | 346 |
| CLP | 53671 | USD | 53335 | 7/31/2025 | HUB | 336 |  | 336 |
| CLP | 53671 | USD | 53338 | 7/31/2025 | HUB | 333 |  | 333 |
| CLP | 53671 | USD | 53357 | 7/31/2025 | HUB | 314 |  | 314 |
| CLP | 53671 | USD | 53389 | 7/31/2025 | HUB | 282 |  | 282 |
| CLP | 53671 | USD | 53394 | 7/31/2025 | HUB | 277 |  | 277 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| CLP | 53671 | USD | 53438 | 7/31/2025 | HUB | $233 | $– $| 233 |
| CLP | 107341 | USD | 106245 | 7/31/2025 | HUB | 1096 | – | 1096 |
| CLP | 107341 | USD | 106314 | 7/31/2025 | HUB | 1027 | – | 1027 |
| CLP | 107341 | USD | 106325 | 7/31/2025 | HUB | 1016 | – | 1016 |
| CLP | 107341 | USD | 106392 | 7/31/2025 | HUB | 949 | – | 949 |
| CLP | 107341 | USD | 106398 | 7/31/2025 | HUB | 943 | – | 943 |
| CLP | 107341 | USD | 106401 | 7/31/2025 | HUB | 940 | – | 940 |
| CLP | 107341 | USD | 106410 | 7/31/2025 | HUB | 931 | – | 931 |
| CLP | 107341 | USD | 106411 | 7/31/2025 | HUB | 930 | – | 930 |
| CLP | 107341 | USD | 106413 | 7/31/2025 | HUB | 928 | – | 928 |
| CLP | 107341 | USD | 106419 | 7/31/2025 | HUB | 922 | – | 922 |
| CLP | 107341 | USD | 106435 | 7/31/2025 | HUB | 906 | – | 906 |
| CLP | 107341 | USD | 106441 | 7/31/2025 | HUB | 900 | – | 900 |
| CLP | 107341 | USD | 106450 | 7/31/2025 | HUB | 891 | – | 891 |
| CLP | 107341 | USD | 106465 | 7/31/2025 | HUB | 876 | – | 876 |
| CLP | 107341 | USD | 106497 | 7/31/2025 | HUB | 844 | – | 844 |
| CLP | 107341 | USD | 106535 | 7/31/2025 | HUB | 806 | – | 806 |
| CLP | 107341 | USD | 106540 | 7/31/2025 | HUB | 801 | – | 801 |
| CLP | 107341 | USD | 106589 | 7/31/2025 | HUB | 752 | – | 752 |
| CLP | 107341 | USD | 106611 | 7/31/2025 | HUB | 730 | – | 730 |
| CLP | 107341 | USD | 106651 | 7/31/2025 | HUB | 690 | – | 690 |
| CLP | 107341 | USD | 106662 | 7/31/2025 | HUB | 679 | – | 679 |
| CLP | 53671 | USD | 53336 | 7/31/2025 | HUB | 335 | – | 335 |
| CLP | 53671 | USD | 53335 | 7/31/2025 | HUB | 336 | – | 336 |
| CLP | 107341 | USD | 106672 | 7/31/2025 | HUB | 669 | – | 669 |
| CLP | 107341 | USD | 106700 | 7/31/2025 | HUB | 641 | – | 641 |
| CLP | 107341 | USD | 106742 | 7/31/2025 | HUB | 599 | – | 599 |
| CLP | 107341 | USD | 106752 | 7/31/2025 | HUB | 589 | – | 589 |
| CLP | 107341 | USD | 106753 | 7/31/2025 | HUB | 588 | – | 588 |
| CLP | 107341 | USD | 106757 | 7/31/2025 | HUB | 584 | – | 584 |
| CLP | 107341 | USD | 106758 | 7/31/2025 | HUB | 583 | – | 583 |
| CLP | 107341 | USD | 106765 | 7/31/2025 | HUB | 576 | – | 576 |
| CLP | 107341 | USD | 106802 | 7/31/2025 | HUB | 539 | – | 539 |
| CLP | 107341 | USD | 106806 | 7/31/2025 | HUB | 535 | – | 535 |
| CLP | 107341 | USD | 106810 | 7/31/2025 | HUB | 531 | – | 531 |
| CLP | 107341 | USD | 106814 | 7/31/2025 | HUB | 527 | – | 527 |
| CLP | 107341 | USD | 106822 | 7/31/2025 | HUB | 519 | – | 519 |
| CLP | 107341 | USD | 106846 | 7/31/2025 | HUB | 495 | – | 495 |
| CLP | 107341 | USD | 106860 | 7/31/2025 | HUB | 481 | – | 481 |
| CLP | 107341 | USD | 106895 | 7/31/2025 | HUB | 446 | – | 446 |
| CLP | 107341 | USD | 106909 | 7/31/2025 | HUB | 432 | – | 432 |
| CLP | 107341 | USD | 107089 | 7/31/2025 | HUB | 252 | – | 252 |
| CLP | 107341 | USD | 107164 | 7/31/2025 | HUB | 177 | – | 177 |
| CLP | 161012 | USD | 158884 | 7/31/2025 | HUB | 2128 | – | 2128 |
| CLP | 161012 | USD | 158944 | 7/31/2025 | HUB | 2068 | – | 2068 |
| CLP | 161012 | USD | 159091 | 7/31/2025 | HUB | 1921 | – | 1921 |
| CLP | 161012 | USD | 159119 | 7/31/2025 | HUB | 1893 | – | 1893 |
| CLP | 161012 | USD | 159253 | 7/31/2025 | HUB | 1759 | – | 1759 |
| CLP | 161012 | USD | 159443 | 7/31/2025 | HUB | 1569 | – | 1569 |
| CLP | 161012 | USD | 159549 | 7/31/2025 | HUB | 1463 | – | 1463 |
| CLP | 161012 | USD | 159559 | 7/31/2025 | HUB | 1453 | – | 1453 |
| CLP | 161012 | USD | 159582 | 7/31/2025 | HUB | 1430 | – | 1430 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;161012 | USD | &nbsp;&nbsp;&nbsp;&nbsp;159605 | 7/31/2025 | HUB | 1407 | – | 1407 |
| CLP | 161012 | USD | 159627 | 7/31/2025 | HUB | 1385 | – | 1385 |
| CLP | 161012 | USD | 159669 | 7/31/2025 | HUB | 1343 | – | 1343 |
| CLP | 161012 | USD | 159702 | 7/31/2025 | HUB | 1310 | – | 1310 |
| CLP | 161012 | USD | 159736 | 7/31/2025 | HUB | 1276 | – | 1276 |
| CLP | 161012 | USD | 159759 | 7/31/2025 | HUB | 1253 | – | 1253 |
| CLP | 161012 | USD | 159775 | 7/31/2025 | HUB | 1237 | – | 1237 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| CLP | 161012 | USD | 159777 | 7/31/2025 | HUB | $1235 | $– $| 1235 |
| CLP | 161012 | USD | 159855 | 7/31/2025 | HUB | 1157 | – | 1157 |
| CLP | 161012 | USD | 159880 | 7/31/2025 | HUB | 1132 | – | 1132 |
| CLP | 161012 | USD | 159912 | 7/31/2025 | HUB | 1100 | – | 1100 |
| CLP | 161012 | USD | 159961 | 7/31/2025 | HUB | 1051 | – | 1051 |
| CLP | 161012 | USD | 159969 | 7/31/2025 | HUB | 1043 | – | 1043 |
| CLP | 161012 | USD | 160018 | 7/31/2025 | HUB | 994 | – | 994 |
| CLP | 161012 | USD | 160082 | 7/31/2025 | HUB | 930 | – | 930 |
| CLP | 161012 | USD | 160102 | 7/31/2025 | HUB | 910 | – | 910 |
| CLP | 161012 | USD | 160116 | 7/31/2025 | HUB | 896 | – | 896 |
| CLP | 161012 | USD | 160127 | 7/31/2025 | HUB | 885 | – | 885 |
| CLP | 161012 | USD | 160156 | 7/31/2025 | HUB | 856 | – | 856 |
| CLP | 161012 | USD | 160169 | 7/31/2025 | HUB | 843 | – | 843 |
| CLP | 161012 | USD | 160187 | 7/31/2025 | HUB | 825 | – | 825 |
| CLP | 161012 | USD | 160209 | 7/31/2025 | HUB | 803 | – | 803 |
| CLP | 161012 | USD | 160226 | 7/31/2025 | HUB | 786 | – | 786 |
| CLP | 161012 | USD | 160255 | 7/31/2025 | HUB | 757 | – | 757 |
| CLP | 161012 | USD | 160289 | 7/31/2025 | HUB | 723 | – | 723 |
| CLP | 161012 | USD | 160298 | 7/31/2025 | HUB | 714 | – | 714 |
| CLP | 161012 | USD | 160320 | 7/31/2025 | HUB | 692 | – | 692 |
| CLP | 161012 | USD | 160327 | 7/31/2025 | HUB | 685 | – | 685 |
| CLP | 161012 | USD | 160358 | 7/31/2025 | HUB | 654 | – | 654 |
| CLP | 161012 | USD | 160361 | 7/31/2025 | HUB | 651 | – | 651 |
| CLP | 161012 | USD | 160370 | 7/31/2025 | HUB | 642 | – | 642 |
| CLP | 161012 | USD | 160373 | 7/31/2025 | HUB | 639 | – | 639 |
| CLP | 161012 | USD | 160438 | 7/31/2025 | HUB | 574 | – | 574 |
| CLP | 161012 | USD | 160538 | 7/31/2025 | HUB | 474 | – | 474 |
| CLP | 161012 | USD | 160572 | 7/31/2025 | HUB | 440 | – | 440 |
| CLP | 161012 | USD | 160596 | 7/31/2025 | HUB | 416 | – | 416 |
| CLP | 161012 | USD | 160672 | 7/31/2025 | HUB | 340 | – | 340 |
| CLP | 161012 | USD | 160738 | 7/31/2025 | HUB | 274 | – | 274 |
| CLP | 214682 | USD | 212700 | 7/31/2025 | HUB | 1982 | – | 1982 |
| CLP | 214682 | USD | 212793 | 7/31/2025 | HUB | 1889 | – | 1889 |
| CLP | 214682 | USD | 212845 | 7/31/2025 | HUB | 1837 | – | 1837 |
| CLP | 214682 | USD | 212893 | 7/31/2025 | HUB | 1789 | – | 1789 |
| CLP | 214682 | USD | 213264 | 7/31/2025 | HUB | 1418 | – | 1418 |
| CLP | 214682 | USD | 213291 | 7/31/2025 | HUB | 1391 | – | 1391 |
| CLP | 214682 | USD | 213334 | 7/31/2025 | HUB | 1348 | – | 1348 |
| CLP | 107341 | USD | 106703 | 7/31/2025 | HUB | 638 | – | 638 |
| CLP | 107341 | USD | 106703 | 7/31/2025 | HUB | 638 | – | 638 |
| CLP | 214682 | USD | 213521 | 7/31/2025 | HUB | 1161 | – | 1161 |
| CLP | 214682 | USD | 213650 | 7/31/2025 | HUB | 1032 | – | 1032 |
| CLP | 214682 | USD | 213654 | 7/31/2025 | HUB | 1028 | – | 1028 |
| CLP | 214682 | USD | 213684 | 7/31/2025 | HUB | 998 | – | 998 |
| CLP | 214682 | USD | 213737 | 7/31/2025 | HUB | 945 | – | 945 |
| CLP | 214682 | USD | 213740 | 7/31/2025 | HUB | 942 | – | 942 |
| CLP | 214682 | USD | 213771 | 7/31/2025 | HUB | 911 | – | 911 |
| CLP | 214682 | USD | 213821 | 7/31/2025 | HUB | 861 | – | 861 |
| CLP | 214682 | USD | 213853 | 7/31/2025 | HUB | 829 | – | 829 |
| CLP | 214682 | USD | 213942 | 7/31/2025 | HUB | 740 | – | 740 |
| CLP | 214682 | USD | 214071 | 7/31/2025 | HUB | 611 | – | 611 |
| CLP | 214682 | USD | 214167 | 7/31/2025 | HUB | 515 | – | 515 |
| CLP | 214682 | USD | 214233 | 7/31/2025 | HUB | 449 | – | 449 |
| CLP | 214682 | USD | 214323 | 7/31/2025 | HUB | 359 | – | 359 |
| CLP | 268353 | USD | 265548 | 7/31/2025 | HUB | 2805 | – | 2805 |
| CLP | 268353 | USD | 265760 | 7/31/2025 | HUB | 2593 | – | 2593 |
| CLP | 268353 | USD | 265845 | 7/31/2025 | HUB | 2508 | – | 2508 |
| CLP | 268353 | USD | 265901 | 7/31/2025 | HUB | 2452 | – | 2452 |
| CLP | 268353 | USD | 266747 | 7/31/2025 | HUB | 1606 | – | 1606 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| CLP | 268353 | USD | 267106 | 7/31/2025 | HUB | $1247 | $– $| 1247 |
| CLP | 268353 | USD | 267327 | 7/31/2025 | HUB | 1026 | – | 1026 |
| CLP | 268353 | USD | 267446 | 7/31/2025 | HUB | 907 | – | 907 |
| CLP | 268353 | USD | 267592 | 7/31/2025 | HUB | 761 | – | 761 |
| CLP | 268353 | USD | 267735 | 7/31/2025 | HUB | 618 | – | 618 |
| CLP | 268353 | USD | 267867 | 7/31/2025 | HUB | 486 | – | 486 |
| CLP | 161012 | USD | 159626 | 7/31/2025 | HUB | 1386 | – | 1386 |
| CLP | 161012 | USD | 159626 | 7/31/2025 | HUB | 1386 | – | 1386 |
| CLP | 322023 | USD | 319777 | 7/31/2025 | HUB | 2246 | – | 2246 |
| CLP | 322023 | USD | 320255 | 7/31/2025 | HUB | 1768 | – | 1768 |
| CLP | 322023 | USD | 320401 | 7/31/2025 | HUB | 1622 | – | 1622 |
| CLP | 322023 | USD | 320969 | 7/31/2025 | HUB | 1054 | – | 1054 |
| CLP | 322023 | USD | 321354 | 7/31/2025 | HUB | 669 | – | 669 |
| CLP | 322023 | USD | 321450 | 7/31/2025 | HUB | 573 | – | 573 |
| CLP | 375694 | USD | 372333 | 7/31/2025 | HUB | 3361 | – | 3361 |
| CLP | 375694 | USD | 372900 | 7/31/2025 | HUB | 2794 | – | 2794 |
| CLP | 375694 | USD | 373756 | 7/31/2025 | HUB | 1938 | – | 1938 |
| CLP | 375694 | USD | 374253 | 7/31/2025 | HUB | 1441 | – | 1441 |
| CLP | 375694 | USD | 374353 | 7/31/2025 | HUB | 1341 | – | 1341 |
| CLP | 429364 | USD | 425889 | 7/31/2025 | HUB | 3475 | – | 3475 |
| CLP | 429364 | USD | 426243 | 7/31/2025 | HUB | 3121 | – | 3121 |
| CLP | 429364 | USD | 427542 | 7/31/2025 | HUB | 1822 | – | 1822 |
| CLP | 429364 | USD | 428096 | 7/31/2025 | HUB | 1268 | – | 1268 |
| CLP | 483035 | USD | 480443 | 7/31/2025 | HUB | 2592 | – | 2592 |
| CLP | 483035 | USD | 480728 | 7/31/2025 | HUB | 2307 | – | 2307 |
| CLP | 536705 | USD | 533857 | 7/31/2025 | HUB | 2848 | – | 2848 |
| CLP | 536705 | USD | 535888 | 7/31/2025 | HUB | 817 | – | 817 |
| CLP | 536705 | USD | 536166 | 7/31/2025 | HUB | 539 | – | 539 |
| CLP | 590376 | USD | 584385 | 7/31/2025 | HUB | 5991 | – | 5991 |
| CLP | 590376 | USD | 588663 | 7/31/2025 | HUB | 1713 | – | 1713 |
| CLP | 590376 | USD | 589819 | 7/31/2025 | HUB | 557 | – | 557 |
| CLP | 644047 | USD | 643623 | 7/31/2025 | HUB | 424 | – | 424 |
| CLP | 697717 | USD | 685654 | 7/31/2025 | HUB | 12063 | – | 12063 |
| CLP | 697717 | USD | 690395 | 7/31/2025 | HUB | 7322 | – | 7322 |
| CLP | 697717 | USD | 692809 | 7/31/2025 | HUB | 4908 | – | 4908 |
| CLP | 697717 | USD | 696520 | 7/31/2025 | HUB | 1197 | – | 1197 |
| CLP | 858729 | USD | 852433 | 7/31/2025 | HUB | 6296 | – | 6296 |
| CLP | 912399 | USD | 911041 | 7/31/2025 | HUB | 1358 | – | 1358 |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;1073411 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1071214 | 7/31/2025 | HUB | 2197 | – | 2197 |
| CLP | 1180752 | USD | 1162004 | 7/31/2025 | HUB | 18748 | – | 18748 |
| CLP | 1234423 | USD | 1211956 | 7/31/2025 | HUB | 22467 | – | 22467 |
| CLP | 1234423 | USD | 1216381 | 7/31/2025 | HUB | 18042 | – | 18042 |
| CLP | 1234423 | USD | 1218543 | 7/31/2025 | HUB | 15880 | – | 15880 |
| CLP | 1288093 | USD | 1272575 | 7/31/2025 | HUB | 15518 | – | 15518 |
| BRL | 18264 | USD | 17704 | 8/4/2025 | HUB | 560 | – | 560 |
| BRL | 18264 | USD | 17706 | 8/4/2025 | HUB | 558 | – | 558 |
| BRL | 18264 | USD | 17715 | 8/4/2025 | HUB | 549 | – | 549 |
| BRL | 18264 | USD | 17725 | 8/4/2025 | HUB | 539 | – | 539 |
| BRL | 18264 | USD | 17744 | 8/4/2025 | HUB | 520 | – | 520 |
| BRL | 18264 | USD | 17756 | 8/4/2025 | HUB | 508 | – | 508 |
| BRL | 18264 | USD | 17766 | 8/4/2025 | HUB | 498 | – | 498 |
| BRL | 18264 | USD | 17766 | 8/4/2025 | HUB | 498 | – | 498 |
| BRL | 18264 | USD | 17770 | 8/4/2025 | HUB | 494 | – | 494 |
| BRL | 18264 | USD | 17774 | 8/4/2025 | HUB | 490 | – | 490 |
| BRL | 18264 | USD | 17780 | 8/4/2025 | HUB | 484 | – | 484 |
| BRL | 18264 | USD | 17783 | 8/4/2025 | HUB | 481 | – | 481 |
| BRL | 18264 | USD | 17790 | 8/4/2025 | HUB | 474 | – | 474 |
| BRL | 18264 | USD | 17800 | 8/4/2025 | HUB | 464 | – | 464 |
| BRL | 18264 | USD | 17800 | 8/4/2025 | HUB | 464 | – | 464 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 18264 | USD | 17802 | 8/4/2025 | HUB | $462 | $– $| 462 |
| BRL | 18264 | USD | 17805 | 8/4/2025 | HUB | 459 | – | 459 |
| BRL | 18264 | USD | 17808 | 8/4/2025 | HUB | 456 | – | 456 |
| BRL | 18264 | USD | 17809 | 8/4/2025 | HUB | 455 | – | 455 |
| BRL | 18264 | USD | 17823 | 8/4/2025 | HUB | 441 | – | 441 |
| BRL | 18264 | USD | 17830 | 8/4/2025 | HUB | 434 | – | 434 |
| BRL | 18264 | USD | 17832 | 8/4/2025 | HUB | 432 | – | 432 |
| BRL | 18264 | USD | 17835 | 8/4/2025 | HUB | 429 | – | 429 |
| BRL | 18264 | USD | 17842 | 8/4/2025 | HUB | 422 | – | 422 |
| BRL | 18264 | USD | 17843 | 8/4/2025 | HUB | 421 | – | 421 |
| BRL | 18264 | USD | 17847 | 8/4/2025 | HUB | 417 | – | 417 |
| BRL | 18264 | USD | 17852 | 8/4/2025 | HUB | 412 | – | 412 |
| BRL | 18264 | USD | 17856 | 8/4/2025 | HUB | 408 | – | 408 |
| BRL | 18264 | USD | 17858 | 8/4/2025 | HUB | 406 | – | 406 |
| BRL | 18264 | USD | 17864 | 8/4/2025 | HUB | 400 | – | 400 |
| BRL | 18264 | USD | 17872 | 8/4/2025 | HUB | 392 | – | 392 |
| BRL | 18264 | USD | 17879 | 8/4/2025 | HUB | 385 | – | 385 |
| BRL | 18264 | USD | 17888 | 8/4/2025 | HUB | 376 | – | 376 |
| BRL | 18264 | USD | 17972 | 8/4/2025 | HUB | 292 | – | 292 |
| BRL | 18264 | USD | 17979 | 8/4/2025 | HUB | 285 | – | 285 |
| BRL | 18264 | USD | 17981 | 8/4/2025 | HUB | 283 | – | 283 |
| BRL | 18264 | USD | 17989 | 8/4/2025 | HUB | 275 | – | 275 |
| BRL | 18264 | USD | 17992 | 8/4/2025 | HUB | 272 | – | 272 |
| BRL | 18264 | USD | 17992 | 8/4/2025 | HUB | 272 | – | 272 |
| BRL | 18264 | USD | 18002 | 8/4/2025 | HUB | 262 | – | 262 |
| BRL | 18264 | USD | 18002 | 8/4/2025 | HUB | 262 | – | 262 |
| BRL | 18264 | USD | 18004 | 8/4/2025 | HUB | 260 | – | 260 |
| BRL | 18264 | USD | 18005 | 8/4/2025 | HUB | 259 | – | 259 |
| BRL | 18264 | USD | 18006 | 8/4/2025 | HUB | 258 | – | 258 |
| BRL | 18264 | USD | 18024 | 8/4/2025 | HUB | 240 | – | 240 |
| BRL | 18264 | USD | 18026 | 8/4/2025 | HUB | 238 | – | 238 |
| BRL | 18264 | USD | 18029 | 8/4/2025 | HUB | 235 | – | 235 |
| BRL | 18264 | USD | 18031 | 8/4/2025 | HUB | 233 | – | 233 |
| BRL | 18264 | USD | 18031 | 8/4/2025 | HUB | 233 | – | 233 |
| BRL | 18264 | USD | 18033 | 8/4/2025 | HUB | 231 | – | 231 |
| BRL | 18264 | USD | 18035 | 8/4/2025 | HUB | 229 | – | 229 |
| BRL | 18264 | USD | 18037 | 8/4/2025 | HUB | 227 | – | 227 |
| BRL | 18264 | USD | 18038 | 8/4/2025 | HUB | 226 | – | 226 |
| BRL | 18264 | USD | 18039 | 8/4/2025 | HUB | 225 | – | 225 |
| BRL | 18264 | USD | 18041 | 8/4/2025 | HUB | 223 | – | 223 |
| BRL | 18264 | USD | 18043 | 8/4/2025 | HUB | 221 | – | 221 |
| BRL | 18264 | USD | 18045 | 8/4/2025 | HUB | 219 | – | 219 |
| BRL | 18264 | USD | 18046 | 8/4/2025 | HUB | 218 | – | 218 |
| BRL | 18264 | USD | 18047 | 8/4/2025 | HUB | 217 | – | 217 |
| BRL | 18264 | USD | 18051 | 8/4/2025 | HUB | 213 | – | 213 |
| BRL | 18264 | USD | 18051 | 8/4/2025 | HUB | 213 | – | 213 |
| BRL | 18264 | USD | 18054 | 8/4/2025 | HUB | 210 | – | 210 |
| BRL | 18264 | USD | 18056 | 8/4/2025 | HUB | 208 | – | 208 |
| BRL | 18264 | USD | 18063 | 8/4/2025 | HUB | 201 | – | 201 |
| BRL | 18264 | USD | 18065 | 8/4/2025 | HUB | 199 | – | 199 |
| BRL | 18264 | USD | 18067 | 8/4/2025 | HUB | 197 | – | 197 |
| BRL | 18264 | USD | 18074 | 8/4/2025 | HUB | 190 | – | 190 |
| BRL | 18264 | USD | 18076 | 8/4/2025 | HUB | 188 | – | 188 |
| BRL | 18264 | USD | 18076 | 8/4/2025 | HUB | 188 | – | 188 |
| BRL | 18264 | USD | 18086 | 8/4/2025 | HUB | 178 | – | 178 |
| BRL | 36527 | USD | 35211 | 8/4/2025 | HUB | 1316 | – | 1316 |
| BRL | 36527 | USD | 35212 | 8/4/2025 | HUB | 1315 | – | 1315 |
| BRL | 36527 | USD | 35262 | 8/4/2025 | HUB | 1265 | – | 1265 |
| BRL | 36527 | USD | 35279 | 8/4/2025 | HUB | 1248 | – | 1248 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 36527 | USD | 35306 | 8/4/2025 | HUB | $1221 | $– $| 1221 |
| BRL | 36527 | USD | 35369 | 8/4/2025 | HUB | 1158 | – | 1158 |
| BRL | 36527 | USD | 35399 | 8/4/2025 | HUB | 1128 | – | 1128 |
| BRL | 36527 | USD | 35411 | 8/4/2025 | HUB | 1116 | – | 1116 |
| BRL | 36527 | USD | 35420 | 8/4/2025 | HUB | 1107 | – | 1107 |
| BRL | 36527 | USD | 35425 | 8/4/2025 | HUB | 1102 | – | 1102 |
| BRL | 36527 | USD | 35426 | 8/4/2025 | HUB | 1101 | – | 1101 |
| BRL | 36527 | USD | 35429 | 8/4/2025 | HUB | 1098 | – | 1098 |
| BRL | 36527 | USD | 35436 | 8/4/2025 | HUB | 1091 | – | 1091 |
| BRL | 18264 | USD | 17720 | 8/4/2025 | HUB | 544 | – | 544 |
| BRL | 18264 | USD | 17720 | 8/4/2025 | HUB | 544 | – | 544 |
| BRL | 36527 | USD | 35441 | 8/4/2025 | HUB | 1086 | – | 1086 |
| BRL | 36527 | USD | 35459 | 8/4/2025 | HUB | 1068 | – | 1068 |
| BRL | 36527 | USD | 35465 | 8/4/2025 | HUB | 1062 | – | 1062 |
| BRL | 36527 | USD | 35469 | 8/4/2025 | HUB | 1058 | – | 1058 |
| BRL | 36527 | USD | 35471 | 8/4/2025 | HUB | 1056 | – | 1056 |
| BRL | 36527 | USD | 35478 | 8/4/2025 | HUB | 1049 | – | 1049 |
| BRL | 36527 | USD | 35489 | 8/4/2025 | HUB | 1038 | – | 1038 |
| BRL | 36527 | USD | 35498 | 8/4/2025 | HUB | 1029 | – | 1029 |
| BRL | 36527 | USD | 35499 | 8/4/2025 | HUB | 1028 | – | 1028 |
| BRL | 36527 | USD | 35525 | 8/4/2025 | HUB | 1002 | – | 1002 |
| BRL | 36527 | USD | 35529 | 8/4/2025 | HUB | 998 | – | 998 |
| BRL | 36527 | USD | 35537 | 8/4/2025 | HUB | 990 | – | 990 |
| BRL | 36527 | USD | 35541 | 8/4/2025 | HUB | 986 | – | 986 |
| BRL | 18264 | USD | 17788 | 8/4/2025 | HUB | 476 | – | 476 |
| BRL | 18264 | USD | 17787 | 8/4/2025 | HUB | 477 | – | 477 |
| BRL | 36527 | USD | 35581 | 8/4/2025 | HUB | 946 | – | 946 |
| BRL | 36527 | USD | 35589 | 8/4/2025 | HUB | 938 | – | 938 |
| BRL | 18264 | USD | 17796 | 8/4/2025 | HUB | 468 | – | 468 |
| BRL | 18264 | USD | 17796 | 8/4/2025 | HUB | 468 | – | 468 |
| BRL | 36527 | USD | 35594 | 8/4/2025 | HUB | 933 | – | 933 |
| BRL | 36527 | USD | 35596 | 8/4/2025 | HUB | 931 | – | 931 |
| BRL | 36527 | USD | 35597 | 8/4/2025 | HUB | 930 | – | 930 |
| BRL | 36527 | USD | 35598 | 8/4/2025 | HUB | 929 | – | 929 |
| BRL | 36527 | USD | 35600 | 8/4/2025 | HUB | 927 | – | 927 |
| BRL | 36527 | USD | 35606 | 8/4/2025 | HUB | 921 | – | 921 |
| BRL | 18264 | USD | 17804 | 8/4/2025 | HUB | 460 | – | 460 |
| BRL | 18264 | USD | 17803 | 8/4/2025 | HUB | 461 | – | 461 |
| BRL | 36527 | USD | 35610 | 8/4/2025 | HUB | 917 | – | 917 |
| BRL | 36527 | USD | 35617 | 8/4/2025 | HUB | 910 | – | 910 |
| BRL | 36527 | USD | 35620 | 8/4/2025 | HUB | 907 | – | 907 |
| BRL | 18264 | USD | 17811 | 8/4/2025 | HUB | 453 | – | 453 |
| BRL | 18264 | USD | 17811 | 8/4/2025 | HUB | 453 | – | 453 |
| BRL | 36527 | USD | 35623 | 8/4/2025 | HUB | 904 | – | 904 |
| BRL | 18264 | USD | 17812 | 8/4/2025 | HUB | 452 | – | 452 |
| BRL | 18264 | USD | 17813 | 8/4/2025 | HUB | 451 | – | 451 |
| BRL | 36527 | USD | 35629 | 8/4/2025 | HUB | 898 | – | 898 |
| BRL | 36527 | USD | 35630 | 8/4/2025 | HUB | 897 | – | 897 |
| BRL | 36527 | USD | 35632 | 8/4/2025 | HUB | 895 | – | 895 |
| BRL | 36527 | USD | 35634 | 8/4/2025 | HUB | 893 | – | 893 |
| BRL | 36527 | USD | 35635 | 8/4/2025 | HUB | 892 | – | 892 |
| BRL | 18264 | USD | 17818 | 8/4/2025 | HUB | 446 | – | 446 |
| BRL | 18264 | USD | 17818 | 8/4/2025 | HUB | 446 | – | 446 |
| BRL | 36527 | USD | 35637 | 8/4/2025 | HUB | 890 | – | 890 |
| BRL | 18264 | USD | 17820 | 8/4/2025 | HUB | 444 | – | 444 |
| BRL | 18264 | USD | 17820 | 8/4/2025 | HUB | 444 | – | 444 |
| BRL | 36527 | USD | 35639 | 8/4/2025 | HUB | 888 | – | 888 |
| BRL | 36527 | USD | 35640 | 8/4/2025 | HUB | 887 | – | 887 |
| BRL | 36527 | USD | 35642 | 8/4/2025 | HUB | 885 | – | 885 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 18264 | USD | 17821 | 8/4/2025 | HUB | $443 | $– $| 443 |
| BRL | 18264 | USD | 17821 | 8/4/2025 | HUB | 443 | – | 443 |
| BRL | 18264 | USD | 17823 | 8/4/2025 | HUB | 441 | – | 441 |
| BRL | 18264 | USD | 17823 | 8/4/2025 | HUB | 441 | – | 441 |
| BRL | 18264 | USD | 17824 | 8/4/2025 | HUB | 440 | – | 440 |
| BRL | 18264 | USD | 17824 | 8/4/2025 | HUB | 440 | – | 440 |
| BRL | 36527 | USD | 35651 | 8/4/2025 | HUB | 876 | – | 876 |
| BRL | 36527 | USD | 35655 | 8/4/2025 | HUB | 872 | – | 872 |
| BRL | 18264 | USD | 17830 | 8/4/2025 | HUB | 434 | – | 434 |
| BRL | 18264 | USD | 17829 | 8/4/2025 | HUB | 435 | – | 435 |
| BRL | 36527 | USD | 35659 | 8/4/2025 | HUB | 868 | – | 868 |
| BRL | 36527 | USD | 35663 | 8/4/2025 | HUB | 864 | – | 864 |
| BRL | 36527 | USD | 35664 | 8/4/2025 | HUB | 863 | – | 863 |
| BRL | 18264 | USD | 17833 | 8/4/2025 | HUB | 431 | – | 431 |
| BRL | 18264 | USD | 17832 | 8/4/2025 | HUB | 432 | – | 432 |
| BRL | 36527 | USD | 35666 | 8/4/2025 | HUB | 861 | – | 861 |
| BRL | 36527 | USD | 35674 | 8/4/2025 | HUB | 853 | – | 853 |
| BRL | 36527 | USD | 35675 | 8/4/2025 | HUB | 852 | – | 852 |
| BRL | 36527 | USD | 35677 | 8/4/2025 | HUB | 850 | – | 850 |
| BRL | 18264 | USD | 17839 | 8/4/2025 | HUB | 425 | – | 425 |
| BRL | 18264 | USD | 17839 | 8/4/2025 | HUB | 425 | – | 425 |
| BRL | 36527 | USD | 35678 | 8/4/2025 | HUB | 849 | – | 849 |
| BRL | 36527 | USD | 35684 | 8/4/2025 | HUB | 843 | – | 843 |
| BRL | 36527 | USD | 35692 | 8/4/2025 | HUB | 835 | – | 835 |
| BRL | 36527 | USD | 35693 | 8/4/2025 | HUB | 834 | – | 834 |
| BRL | 18264 | USD | 17850 | 8/4/2025 | HUB | 414 | – | 414 |
| BRL | 18264 | USD | 17850 | 8/4/2025 | HUB | 414 | – | 414 |
| BRL | 36527 | USD | 35698 | 8/4/2025 | HUB | 829 | – | 829 |
| BRL | 36527 | USD | 35700 | 8/4/2025 | HUB | 827 | – | 827 |
| BRL | 18264 | USD | 17850 | 8/4/2025 | HUB | 414 | – | 414 |
| BRL | 18264 | USD | 17851 | 8/4/2025 | HUB | 413 | – | 413 |
| BRL | 36527 | USD | 35701 | 8/4/2025 | HUB | 826 | – | 826 |
| BRL | 18264 | USD | 17852 | 8/4/2025 | HUB | 412 | – | 412 |
| BRL | 18264 | USD | 17851 | 8/4/2025 | HUB | 413 | – | 413 |
| BRL | 36527 | USD | 35707 | 8/4/2025 | HUB | 820 | – | 820 |
| BRL | 36527 | USD | 35708 | 8/4/2025 | HUB | 819 | – | 819 |
| BRL | 36527 | USD | 35713 | 8/4/2025 | HUB | 814 | – | 814 |
| BRL | 36527 | USD | 35714 | 8/4/2025 | HUB | 813 | – | 813 |
| BRL | 18264 | USD | 17858 | 8/4/2025 | HUB | 406 | – | 406 |
| BRL | 18264 | USD | 17858 | 8/4/2025 | HUB | 406 | – | 406 |
| BRL | 36527 | USD | 35719 | 8/4/2025 | HUB | 808 | – | 808 |
| BRL | 36527 | USD | 35722 | 8/4/2025 | HUB | 805 | – | 805 |
| BRL | 36527 | USD | 35723 | 8/4/2025 | HUB | 804 | – | 804 |
| BRL | 36527 | USD | 35725 | 8/4/2025 | HUB | 802 | – | 802 |
| BRL | 36527 | USD | 35726 | 8/4/2025 | HUB | 801 | – | 801 |
| BRL | 36527 | USD | 35727 | 8/4/2025 | HUB | 800 | – | 800 |
| BRL | 36527 | USD | 35732 | 8/4/2025 | HUB | 795 | – | 795 |
| BRL | 36527 | USD | 35734 | 8/4/2025 | HUB | 793 | – | 793 |
| BRL | 18264 | USD | 17868 | 8/4/2025 | HUB | 396 | – | 396 |
| BRL | 18264 | USD | 17867 | 8/4/2025 | HUB | 397 | – | 397 |
| BRL | 18264 | USD | 17868 | 8/4/2025 | HUB | 396 | – | 396 |
| BRL | 18264 | USD | 17868 | 8/4/2025 | HUB | 396 | – | 396 |
| BRL | 36527 | USD | 35736 | 8/4/2025 | HUB | 791 | – | 791 |
| BRL | 36527 | USD | 35739 | 8/4/2025 | HUB | 788 | – | 788 |
| BRL | 18264 | USD | 17873 | 8/4/2025 | HUB | 391 | – | 391 |
| BRL | 18264 | USD | 17874 | 8/4/2025 | HUB | 390 | – | 390 |
| BRL | 36527 | USD | 35748 | 8/4/2025 | HUB | 779 | – | 779 |
| BRL | 36527 | USD | 35751 | 8/4/2025 | HUB | 776 | – | 776 |
| BRL | 36527 | USD | 35756 | 8/4/2025 | HUB | 771 | – | 771 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 36527 | USD | 35779 | 8/4/2025 | HUB | $748 | $– $| 748 |
| BRL | 36527 | USD | 35955 | 8/4/2025 | HUB | 572 | – | 572 |
| BRL | 36527 | USD | 35971 | 8/4/2025 | HUB | 556 | – | 556 |
| BRL | 36527 | USD | 35976 | 8/4/2025 | HUB | 551 | – | 551 |
| BRL | 36527 | USD | 35980 | 8/4/2025 | HUB | 547 | – | 547 |
| BRL | 18264 | USD | 17999 | 8/4/2025 | HUB | 265 | – | 265 |
| BRL | 18264 | USD | 17999 | 8/4/2025 | HUB | 265 | – | 265 |
| BRL | 36527 | USD | 36002 | 8/4/2025 | HUB | 525 | – | 525 |
| BRL | 36527 | USD | 36033 | 8/4/2025 | HUB | 494 | – | 494 |
| BRL | 36527 | USD | 36037 | 8/4/2025 | HUB | 490 | – | 490 |
| BRL | 36527 | USD | 36042 | 8/4/2025 | HUB | 485 | – | 485 |
| BRL | 36527 | USD | 36049 | 8/4/2025 | HUB | 478 | – | 478 |
| BRL | 36527 | USD | 36051 | 8/4/2025 | HUB | 476 | – | 476 |
| BRL | 36527 | USD | 36060 | 8/4/2025 | HUB | 467 | – | 467 |
| BRL | 36527 | USD | 36066 | 8/4/2025 | HUB | 461 | – | 461 |
| BRL | 36527 | USD | 36072 | 8/4/2025 | HUB | 455 | – | 455 |
| BRL | 36527 | USD | 36075 | 8/4/2025 | HUB | 452 | – | 452 |
| BRL | 36527 | USD | 36083 | 8/4/2025 | HUB | 444 | – | 444 |
| BRL | 18264 | USD | 18044 | 8/4/2025 | HUB | 220 | – | 220 |
| BRL | 18264 | USD | 18043 | 8/4/2025 | HUB | 221 | – | 221 |
| BRL | 18264 | USD | 18048 | 8/4/2025 | HUB | 216 | – | 216 |
| BRL | 18264 | USD | 18048 | 8/4/2025 | HUB | 216 | – | 216 |
| BRL | 36527 | USD | 36099 | 8/4/2025 | HUB | 428 | – | 428 |
| BRL | 36527 | USD | 36103 | 8/4/2025 | HUB | 424 | – | 424 |
| BRL | 36527 | USD | 36106 | 8/4/2025 | HUB | 421 | – | 421 |
| BRL | 36527 | USD | 36109 | 8/4/2025 | HUB | 418 | – | 418 |
| BRL | 36527 | USD | 36111 | 8/4/2025 | HUB | 416 | – | 416 |
| BRL | 18264 | USD | 18058 | 8/4/2025 | HUB | 206 | – | 206 |
| BRL | 18264 | USD | 18058 | 8/4/2025 | HUB | 206 | – | 206 |
| BRL | 36527 | USD | 36115 | 8/4/2025 | HUB | 412 | – | 412 |
| BRL | 36527 | USD | 36118 | 8/4/2025 | HUB | 409 | – | 409 |
| BRL | 36527 | USD | 36119 | 8/4/2025 | HUB | 408 | – | 408 |
| BRL | 36527 | USD | 36121 | 8/4/2025 | HUB | 406 | – | 406 |
| BRL | 18264 | USD | 18062 | 8/4/2025 | HUB | 202 | – | 202 |
| BRL | 18264 | USD | 18061 | 8/4/2025 | HUB | 203 | – | 203 |
| BRL | 36527 | USD | 36122 | 8/4/2025 | HUB | 405 | – | 405 |
| BRL | 36527 | USD | 36124 | 8/4/2025 | HUB | 403 | – | 403 |
| BRL | 18264 | USD | 18063 | 8/4/2025 | HUB | 201 | – | 201 |
| BRL | 18264 | USD | 18064 | 8/4/2025 | HUB | 200 | – | 200 |
| BRL | 18264 | USD | 18064 | 8/4/2025 | HUB | 200 | – | 200 |
| BRL | 18264 | USD | 18064 | 8/4/2025 | HUB | 200 | – | 200 |
| BRL | 18264 | USD | 18066 | 8/4/2025 | HUB | 198 | – | 198 |
| BRL | 18264 | USD | 18066 | 8/4/2025 | HUB | 198 | – | 198 |
| BRL | 36527 | USD | 36132 | 8/4/2025 | HUB | 395 | – | 395 |
| BRL | 36527 | USD | 36147 | 8/4/2025 | HUB | 380 | – | 380 |
| BRL | 36527 | USD | 36157 | 8/4/2025 | HUB | 370 | – | 370 |
| BRL | 36527 | USD | 36158 | 8/4/2025 | HUB | 369 | – | 369 |
| BRL | 54791 | USD | 52764 | 8/4/2025 | HUB | 2027 | – | 2027 |
| BRL | 54791 | USD | 52822 | 8/4/2025 | HUB | 1969 | – | 1969 |
| BRL | 54791 | USD | 52831 | 8/4/2025 | HUB | 1960 | – | 1960 |
| BRL | 54791 | USD | 52849 | 8/4/2025 | HUB | 1942 | – | 1942 |
| BRL | 54791 | USD | 52855 | 8/4/2025 | HUB | 1936 | – | 1936 |
| BRL | 54791 | USD | 52869 | 8/4/2025 | HUB | 1922 | – | 1922 |
| BRL | 54791 | USD | 52874 | 8/4/2025 | HUB | 1917 | – | 1917 |
| BRL | 54791 | USD | 52892 | 8/4/2025 | HUB | 1899 | – | 1899 |
| BRL | 54791 | USD | 52914 | 8/4/2025 | HUB | 1877 | – | 1877 |
| BRL | 54791 | USD | 52924 | 8/4/2025 | HUB | 1867 | – | 1867 |
| BRL | 54791 | USD | 52930 | 8/4/2025 | HUB | 1861 | – | 1861 |
| BRL | 54791 | USD | 52961 | 8/4/2025 | HUB | 1830 | – | 1830 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 54791 | USD | 52980 | 8/4/2025 | HUB | $1811 | $– $| 1811 |
| BRL | 54791 | USD | 53022 | 8/4/2025 | HUB | 1769 | – | 1769 |
| BRL | 54791 | USD | 53059 | 8/4/2025 | HUB | 1732 | – | 1732 |
| BRL | 54791 | USD | 53067 | 8/4/2025 | HUB | 1724 | – | 1724 |
| BRL | 54791 | USD | 53072 | 8/4/2025 | HUB | 1719 | – | 1719 |
| BRL | 54791 | USD | 53084 | 8/4/2025 | HUB | 1707 | – | 1707 |
| BRL | 54791 | USD | 53092 | 8/4/2025 | HUB | 1699 | – | 1699 |
| BRL | 54791 | USD | 53110 | 8/4/2025 | HUB | 1681 | – | 1681 |
| BRL | 54791 | USD | 53113 | 8/4/2025 | HUB | 1678 | – | 1678 |
| BRL | 54791 | USD | 53126 | 8/4/2025 | HUB | 1665 | – | 1665 |
| BRL | 54791 | USD | 53136 | 8/4/2025 | HUB | 1655 | – | 1655 |
| BRL | 54791 | USD | 53147 | 8/4/2025 | HUB | 1644 | – | 1644 |
| BRL | 54791 | USD | 53165 | 8/4/2025 | HUB | 1626 | – | 1626 |
| BRL | 54791 | USD | 53170 | 8/4/2025 | HUB | 1621 | – | 1621 |
| BRL | 54791 | USD | 53192 | 8/4/2025 | HUB | 1599 | – | 1599 |
| BRL | 54791 | USD | 53220 | 8/4/2025 | HUB | 1571 | – | 1571 |
| BRL | 54791 | USD | 53271 | 8/4/2025 | HUB | 1520 | – | 1520 |
| BRL | 54791 | USD | 53276 | 8/4/2025 | HUB | 1515 | – | 1515 |
| BRL | 54791 | USD | 53289 | 8/4/2025 | HUB | 1502 | – | 1502 |
| BRL | 54791 | USD | 53319 | 8/4/2025 | HUB | 1472 | – | 1472 |
| BRL | 54791 | USD | 53323 | 8/4/2025 | HUB | 1468 | – | 1468 |
| BRL | 54791 | USD | 53339 | 8/4/2025 | HUB | 1452 | – | 1452 |
| BRL | 54791 | USD | 53353 | 8/4/2025 | HUB | 1438 | – | 1438 |
| BRL | 54791 | USD | 53375 | 8/4/2025 | HUB | 1416 | – | 1416 |
| BRL | 18264 | USD | 17794 | 8/4/2025 | HUB | 470 | – | 470 |
| BRL | 18264 | USD | 17795 | 8/4/2025 | HUB | 469 | – | 469 |
| BRL | 18264 | USD | 17795 | 8/4/2025 | HUB | 469 | – | 469 |
| BRL | 54791 | USD | 53392 | 8/4/2025 | HUB | 1399 | – | 1399 |
| BRL | 54791 | USD | 53395 | 8/4/2025 | HUB | 1396 | – | 1396 |
| BRL | 54791 | USD | 53397 | 8/4/2025 | HUB | 1394 | – | 1394 |
| BRL | 54791 | USD | 53399 | 8/4/2025 | HUB | 1392 | – | 1392 |
| BRL | 54791 | USD | 53402 | 8/4/2025 | HUB | 1389 | – | 1389 |
| BRL | 18264 | USD | 17807 | 8/4/2025 | HUB | 457 | – | 457 |
| BRL | 18264 | USD | 17807 | 8/4/2025 | HUB | 457 | – | 457 |
| BRL | 18264 | USD | 17807 | 8/4/2025 | HUB | 457 | – | 457 |
| BRL | 54791 | USD | 53435 | 8/4/2025 | HUB | 1356 | – | 1356 |
| BRL | 54791 | USD | 53436 | 8/4/2025 | HUB | 1355 | – | 1355 |
| BRL | 54791 | USD | 53438 | 8/4/2025 | HUB | 1353 | – | 1353 |
| BRL | 54791 | USD | 53441 | 8/4/2025 | HUB | 1350 | – | 1350 |
| BRL | 54791 | USD | 53445 | 8/4/2025 | HUB | 1346 | – | 1346 |
| BRL | 54791 | USD | 53456 | 8/4/2025 | HUB | 1335 | – | 1335 |
| BRL | 54791 | USD | 53466 | 8/4/2025 | HUB | 1325 | – | 1325 |
| BRL | 54791 | USD | 53470 | 8/4/2025 | HUB | 1321 | – | 1321 |
| BRL | 54791 | USD | 53482 | 8/4/2025 | HUB | 1309 | – | 1309 |
| BRL | 54791 | USD | 53488 | 8/4/2025 | HUB | 1303 | – | 1303 |
| BRL | 54791 | USD | 53493 | 8/4/2025 | HUB | 1298 | – | 1298 |
| BRL | 54791 | USD | 53498 | 8/4/2025 | HUB | 1293 | – | 1293 |
| BRL | 54791 | USD | 53507 | 8/4/2025 | HUB | 1284 | – | 1284 |
| BRL | 54791 | USD | 53513 | 8/4/2025 | HUB | 1278 | – | 1278 |
| BRL | 54791 | USD | 53516 | 8/4/2025 | HUB | 1275 | – | 1275 |
| BRL | 18264 | USD | 17842 | 8/4/2025 | HUB | 422 | – | 422 |
| BRL | 18264 | USD | 17842 | 8/4/2025 | HUB | 422 | – | 422 |
| BRL | 18264 | USD | 17841 | 8/4/2025 | HUB | 423 | – | 423 |
| BRL | 54791 | USD | 53529 | 8/4/2025 | HUB | 1262 | – | 1262 |
| BRL | 54791 | USD | 53536 | 8/4/2025 | HUB | 1255 | – | 1255 |
| BRL | 54791 | USD | 53553 | 8/4/2025 | HUB | 1238 | – | 1238 |
| BRL | 54791 | USD | 53555 | 8/4/2025 | HUB | 1236 | – | 1236 |
| BRL | 18264 | USD | 17862 | 8/4/2025 | HUB | 402 | – | 402 |
| BRL | 18264 | USD | 17862 | 8/4/2025 | HUB | 402 | – | 402 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 18264 | USD | 17862 | 8/4/2025 | HUB | $402 | $– $| 402 |
| BRL | 54791 | USD | 53590 | 8/4/2025 | HUB | 1201 | – | 1201 |
| BRL | 54791 | USD | 53605 | 8/4/2025 | HUB | 1186 | – | 1186 |
| BRL | 18264 | USD | 17870 | 8/4/2025 | HUB | 394 | – | 394 |
| BRL | 18264 | USD | 17869 | 8/4/2025 | HUB | 395 | – | 395 |
| BRL | 18264 | USD | 17870 | 8/4/2025 | HUB | 394 | – | 394 |
| BRL | 54791 | USD | 53625 | 8/4/2025 | HUB | 1166 | – | 1166 |
| BRL | 54791 | USD | 53630 | 8/4/2025 | HUB | 1161 | – | 1161 |
| BRL | 54791 | USD | 53639 | 8/4/2025 | HUB | 1152 | – | 1152 |
| BRL | 18264 | USD | 17882 | 8/4/2025 | HUB | 382 | – | 382 |
| BRL | 18264 | USD | 17883 | 8/4/2025 | HUB | 381 | – | 381 |
| BRL | 18264 | USD | 17883 | 8/4/2025 | HUB | 381 | – | 381 |
| BRL | 54791 | USD | 53675 | 8/4/2025 | HUB | 1116 | – | 1116 |
| BRL | 54791 | USD | 53980 | 8/4/2025 | HUB | 811 | – | 811 |
| BRL | 54791 | USD | 54118 | 8/4/2025 | HUB | 673 | – | 673 |
| BRL | 54791 | USD | 54155 | 8/4/2025 | HUB | 636 | – | 636 |
| BRL | 54791 | USD | 54168 | 8/4/2025 | HUB | 623 | – | 623 |
| BRL | 18264 | USD | 18056 | 8/4/2025 | HUB | 208 | – | 208 |
| BRL | 18264 | USD | 18056 | 8/4/2025 | HUB | 208 | – | 208 |
| BRL | 18264 | USD | 18057 | 8/4/2025 | HUB | 207 | – | 207 |
| BRL | 18264 | USD | 18059 | 8/4/2025 | HUB | 205 | – | 205 |
| BRL | 18264 | USD | 18058 | 8/4/2025 | HUB | 206 | – | 206 |
| BRL | 18264 | USD | 18058 | 8/4/2025 | HUB | 206 | – | 206 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 18264 | USD | 18061 | 8/4/2025 | HUB | 203 | – | 203 |
| BRL | 54791 | USD | 54218 | 8/4/2025 | HUB | 573 | – | 573 |
| BRL | 54791 | USD | 54223 | 8/4/2025 | HUB | 568 | – | 568 |
| BRL | 54791 | USD | 54254 | 8/4/2025 | HUB | 537 | – | 537 |
| BRL | 54791 | USD | 54277 | 8/4/2025 | HUB | 514 | – | 514 |
| BRL | 73054 | USD | 70302 | 8/4/2025 | HUB | 2752 | – | 2752 |
| BRL | 73054 | USD | 70496 | 8/4/2025 | HUB | 2558 | – | 2558 |
| BRL | 73054 | USD | 70534 | 8/4/2025 | HUB | 2520 | – | 2520 |
| BRL | 73054 | USD | 70610 | 8/4/2025 | HUB | 2444 | – | 2444 |
| BRL | 73054 | USD | 70616 | 8/4/2025 | HUB | 2438 | – | 2438 |
| BRL | 73054 | USD | 70617 | 8/4/2025 | HUB | 2437 | – | 2437 |
| BRL | 73054 | USD | 70648 | 8/4/2025 | HUB | 2406 | – | 2406 |
| BRL | 73054 | USD | 70666 | 8/4/2025 | HUB | 2388 | – | 2388 |
| BRL | 73054 | USD | 70682 | 8/4/2025 | HUB | 2372 | – | 2372 |
| BRL | 73054 | USD | 70695 | 8/4/2025 | HUB | 2359 | – | 2359 |
| BRL | 73054 | USD | 70701 | 8/4/2025 | HUB | 2353 | – | 2353 |
| BRL | 73054 | USD | 70725 | 8/4/2025 | HUB | 2329 | – | 2329 |
| BRL | 73054 | USD | 70729 | 8/4/2025 | HUB | 2325 | – | 2325 |
| BRL | 73054 | USD | 70768 | 8/4/2025 | HUB | 2286 | – | 2286 |
| BRL | 73054 | USD | 70809 | 8/4/2025 | HUB | 2245 | – | 2245 |
| BRL | 73054 | USD | 70834 | 8/4/2025 | HUB | 2220 | – | 2220 |
| BRL | 73054 | USD | 70854 | 8/4/2025 | HUB | 2200 | – | 2200 |
| BRL | 73054 | USD | 70864 | 8/4/2025 | HUB | 2190 | – | 2190 |
| BRL | 73054 | USD | 70889 | 8/4/2025 | HUB | 2165 | – | 2165 |
| BRL | 73054 | USD | 70913 | 8/4/2025 | HUB | 2141 | – | 2141 |
| BRL | 73054 | USD | 70923 | 8/4/2025 | HUB | 2131 | – | 2131 |
| BRL | 73054 | USD | 71013 | 8/4/2025 | HUB | 2041 | – | 2041 |
| BRL | 36527 | USD | 35509 | 8/4/2025 | HUB | 1018 | – | 1018 |
| BRL | 36527 | USD | 35509 | 8/4/2025 | HUB | 1018 | – | 1018 |
| BRL | 73054 | USD | 71052 | 8/4/2025 | HUB | 2002 | – | 2002 |
| BRL | 36527 | USD | 35532 | 8/4/2025 | HUB | 995 | – | 995 |
| BRL | 36527 | USD | 35532 | 8/4/2025 | HUB | 995 | – | 995 |
| BRL | 73054 | USD | 71090 | 8/4/2025 | HUB | 1964 | – | 1964 |
| BRL | 73054 | USD | 71109 | 8/4/2025 | HUB | 1945 | – | 1945 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 73054 | USD | 71111 | 8/4/2025 | HUB | $1943 | $– $| 1943 |
| BRL | 36527 | USD | 35573 | 8/4/2025 | HUB | 954 | – | 954 |
| BRL | 36527 | USD | 35573 | 8/4/2025 | HUB | 954 | – | 954 |
| BRL | 73054 | USD | 71157 | 8/4/2025 | HUB | 1897 | – | 1897 |
| BRL | 73054 | USD | 71184 | 8/4/2025 | HUB | 1870 | – | 1870 |
| BRL | 73054 | USD | 71191 | 8/4/2025 | HUB | 1863 | – | 1863 |
| BRL | 36527 | USD | 35616 | 8/4/2025 | HUB | 911 | – | 911 |
| BRL | 36527 | USD | 35616 | 8/4/2025 | HUB | 911 | – | 911 |
| BRL | 36527 | USD | 35621 | 8/4/2025 | HUB | 906 | – | 906 |
| BRL | 36527 | USD | 35621 | 8/4/2025 | HUB | 906 | – | 906 |
| BRL | 73054 | USD | 71247 | 8/4/2025 | HUB | 1807 | – | 1807 |
| BRL | 36527 | USD | 35625 | 8/4/2025 | HUB | 902 | – | 902 |
| BRL | 36527 | USD | 35625 | 8/4/2025 | HUB | 902 | – | 902 |
| BRL | 73054 | USD | 71262 | 8/4/2025 | HUB | 1792 | – | 1792 |
| BRL | 73054 | USD | 71270 | 8/4/2025 | HUB | 1784 | – | 1784 |
| BRL | 73054 | USD | 71304 | 8/4/2025 | HUB | 1750 | – | 1750 |
| BRL | 73054 | USD | 71305 | 8/4/2025 | HUB | 1749 | – | 1749 |
| BRL | 18264 | USD | 17833 | 8/4/2025 | HUB | 431 | – | 431 |
| BRL | 18264 | USD | 17833 | 8/4/2025 | HUB | 431 | – | 431 |
| BRL | 18264 | USD | 17833 | 8/4/2025 | HUB | 431 | – | 431 |
| BRL | 18264 | USD | 17833 | 8/4/2025 | HUB | 431 | – | 431 |
| BRL | 36527 | USD | 35691 | 8/4/2025 | HUB | 836 | – | 836 |
| BRL | 36527 | USD | 35691 | 8/4/2025 | HUB | 836 | – | 836 |
| BRL | 36527 | USD | 35695 | 8/4/2025 | HUB | 832 | – | 832 |
| BRL | 36527 | USD | 35695 | 8/4/2025 | HUB | 832 | – | 832 |
| BRL | 73054 | USD | 71392 | 8/4/2025 | HUB | 1662 | – | 1662 |
| BRL | 73054 | USD | 71412 | 8/4/2025 | HUB | 1642 | – | 1642 |
| BRL | 18264 | USD | 17866 | 8/4/2025 | HUB | 398 | – | 398 |
| BRL | 18264 | USD | 17867 | 8/4/2025 | HUB | 397 | – | 397 |
| BRL | 18264 | USD | 17866 | 8/4/2025 | HUB | 398 | – | 398 |
| BRL | 18264 | USD | 17867 | 8/4/2025 | HUB | 397 | – | 397 |
| BRL | 36527 | USD | 35735 | 8/4/2025 | HUB | 792 | – | 792 |
| BRL | 36527 | USD | 35735 | 8/4/2025 | HUB | 792 | – | 792 |
| BRL | 73054 | USD | 71476 | 8/4/2025 | HUB | 1578 | – | 1578 |
| BRL | 36527 | USD | 36003 | 8/4/2025 | HUB | 524 | – | 524 |
| BRL | 36527 | USD | 36003 | 8/4/2025 | HUB | 524 | – | 524 |
| BRL | 36527 | USD | 36006 | 8/4/2025 | HUB | 521 | – | 521 |
| BRL | 36527 | USD | 36006 | 8/4/2025 | HUB | 521 | – | 521 |
| BRL | 36527 | USD | 36084 | 8/4/2025 | HUB | 443 | – | 443 |
| BRL | 36527 | USD | 36084 | 8/4/2025 | HUB | 443 | – | 443 |
| BRL | 36527 | USD | 36102 | 8/4/2025 | HUB | 425 | – | 425 |
| BRL | 36527 | USD | 36102 | 8/4/2025 | HUB | 425 | – | 425 |
| BRL | 73054 | USD | 72231 | 8/4/2025 | HUB | 823 | – | 823 |
| BRL | 73054 | USD | 72301 | 8/4/2025 | HUB | 753 | – | 753 |
| BRL | 73054 | USD | 72369 | 8/4/2025 | HUB | 685 | – | 685 |
| BRL | 91318 | USD | 87913 | 8/4/2025 | HUB | 3405 | – | 3405 |
| BRL | 91318 | USD | 88000 | 8/4/2025 | HUB | 3318 | – | 3318 |
| BRL | 91318 | USD | 88129 | 8/4/2025 | HUB | 3189 | – | 3189 |
| BRL | 91318 | USD | 88178 | 8/4/2025 | HUB | 3140 | – | 3140 |
| BRL | 91318 | USD | 88182 | 8/4/2025 | HUB | 3136 | – | 3136 |
| BRL | 91318 | USD | 88186 | 8/4/2025 | HUB | 3132 | – | 3132 |
| BRL | 91318 | USD | 88218 | 8/4/2025 | HUB | 3100 | – | 3100 |
| BRL | 91318 | USD | 88218 | 8/4/2025 | HUB | 3100 | – | 3100 |
| BRL | 91318 | USD | 88238 | 8/4/2025 | HUB | 3080 | – | 3080 |
| BRL | 91318 | USD | 88326 | 8/4/2025 | HUB | 2992 | – | 2992 |
| BRL | 91318 | USD | 88329 | 8/4/2025 | HUB | 2989 | – | 2989 |
| BRL | 91318 | USD | 88341 | 8/4/2025 | HUB | 2977 | – | 2977 |
| BRL | 91318 | USD | 88379 | 8/4/2025 | HUB | 2939 | – | 2939 |
| BRL | 91318 | USD | 88380 | 8/4/2025 | HUB | 2938 | – | 2938 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 91318 | USD | 88457 | 8/4/2025 | HUB | $2861 | $– $| 2861 |
| BRL | 91318 | USD | 88465 | 8/4/2025 | HUB | 2853 | – | 2853 |
| BRL | 91318 | USD | 88466 | 8/4/2025 | HUB | 2852 | – | 2852 |
| BRL | 91318 | USD | 88484 | 8/4/2025 | HUB | 2834 | – | 2834 |
| BRL | 91318 | USD | 88543 | 8/4/2025 | HUB | 2775 | – | 2775 |
| BRL | 91318 | USD | 88568 | 8/4/2025 | HUB | 2750 | – | 2750 |
| BRL | 91318 | USD | 88581 | 8/4/2025 | HUB | 2737 | – | 2737 |
| BRL | 91318 | USD | 88600 | 8/4/2025 | HUB | 2718 | – | 2718 |
| BRL | 91318 | USD | 88601 | 8/4/2025 | HUB | 2717 | – | 2717 |
| BRL | 91318 | USD | 88812 | 8/4/2025 | HUB | 2506 | – | 2506 |
| BRL | 91318 | USD | 89003 | 8/4/2025 | HUB | 2315 | – | 2315 |
| BRL | 91318 | USD | 89116 | 8/4/2025 | HUB | 2202 | – | 2202 |
| BRL | 91318 | USD | 89191 | 8/4/2025 | HUB | 2127 | – | 2127 |
| BRL | 91318 | USD | 89240 | 8/4/2025 | HUB | 2078 | – | 2078 |
| BRL | 91318 | USD | 90156 | 8/4/2025 | HUB | 1162 | – | 1162 |
| BRL | 109581 | USD | 105699 | 8/4/2025 | HUB | 3882 | – | 3882 |
| BRL | 109581 | USD | 105766 | 8/4/2025 | HUB | 3815 | – | 3815 |
| BRL | 109581 | USD | 105789 | 8/4/2025 | HUB | 3792 | – | 3792 |
| BRL | 109581 | USD | 105792 | 8/4/2025 | HUB | 3789 | – | 3789 |
| BRL | 109581 | USD | 105807 | 8/4/2025 | HUB | 3774 | – | 3774 |
| BRL | 109581 | USD | 105833 | 8/4/2025 | HUB | 3748 | – | 3748 |
| BRL | 109581 | USD | 105842 | 8/4/2025 | HUB | 3739 | – | 3739 |
| BRL | 109581 | USD | 105844 | 8/4/2025 | HUB | 3737 | – | 3737 |
| BRL | 109581 | USD | 105912 | 8/4/2025 | HUB | 3669 | – | 3669 |
| BRL | 109581 | USD | 105917 | 8/4/2025 | HUB | 3664 | – | 3664 |
| BRL | 109581 | USD | 106016 | 8/4/2025 | HUB | 3565 | – | 3565 |
| BRL | 109581 | USD | 106027 | 8/4/2025 | HUB | 3554 | – | 3554 |
| BRL | 109581 | USD | 106101 | 8/4/2025 | HUB | 3480 | – | 3480 |
| BRL | 54791 | USD | 53079 | 8/4/2025 | HUB | 1712 | – | 1712 |
| BRL | 54791 | USD | 53079 | 8/4/2025 | HUB | 1712 | – | 1712 |
| BRL | 54791 | USD | 53095 | 8/4/2025 | HUB | 1696 | – | 1696 |
| BRL | 54791 | USD | 53095 | 8/4/2025 | HUB | 1696 | – | 1696 |
| BRL | 109581 | USD | 106561 | 8/4/2025 | HUB | 3020 | – | 3020 |
| BRL | 36527 | USD | 35631 | 8/4/2025 | HUB | 896 | – | 896 |
| BRL | 36527 | USD | 35631 | 8/4/2025 | HUB | 896 | – | 896 |
| BRL | 36527 | USD | 35631 | 8/4/2025 | HUB | 896 | – | 896 |
| BRL | 54791 | USD | 53454 | 8/4/2025 | HUB | 1337 | – | 1337 |
| BRL | 54791 | USD | 53454 | 8/4/2025 | HUB | 1337 | – | 1337 |
| BRL | 36527 | USD | 35656 | 8/4/2025 | HUB | 871 | – | 871 |
| BRL | 36527 | USD | 35656 | 8/4/2025 | HUB | 871 | – | 871 |
| BRL | 36527 | USD | 35656 | 8/4/2025 | HUB | 871 | – | 871 |
| BRL | 36527 | USD | 35661 | 8/4/2025 | HUB | 866 | – | 866 |
| BRL | 36527 | USD | 35661 | 8/4/2025 | HUB | 866 | – | 866 |
| BRL | 36527 | USD | 35661 | 8/4/2025 | HUB | 866 | – | 866 |
| BRL | 109581 | USD | 107007 | 8/4/2025 | HUB | 2574 | – | 2574 |
| BRL | 109581 | USD | 107036 | 8/4/2025 | HUB | 2545 | – | 2545 |
| BRL | 36527 | USD | 35681 | 8/4/2025 | HUB | 846 | – | 846 |
| BRL | 36527 | USD | 35681 | 8/4/2025 | HUB | 846 | – | 846 |
| BRL | 36527 | USD | 35681 | 8/4/2025 | HUB | 846 | – | 846 |
| BRL | 36527 | USD | 35703 | 8/4/2025 | HUB | 824 | – | 824 |
| BRL | 36527 | USD | 35703 | 8/4/2025 | HUB | 824 | – | 824 |
| BRL | 36527 | USD | 35703 | 8/4/2025 | HUB | 824 | – | 824 |
| BRL | 36527 | USD | 35729 | 8/4/2025 | HUB | 798 | – | 798 |
| BRL | 36527 | USD | 35729 | 8/4/2025 | HUB | 798 | – | 798 |
| BRL | 36527 | USD | 35729 | 8/4/2025 | HUB | 798 | – | 798 |
| BRL | 109581 | USD | 107290 | 8/4/2025 | HUB | 2291 | – | 2291 |
| BRL | 109581 | USD | 108108 | 8/4/2025 | HUB | 1473 | – | 1473 |
| BRL | 109581 | USD | 108151 | 8/4/2025 | HUB | 1430 | – | 1430 |
| BRL | 109581 | USD | 108196 | 8/4/2025 | HUB | 1385 | – | 1385 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 36527 | USD | 36111 | 8/4/2025 | HUB | $416 | $– $| 416 |
| BRL | 36527 | USD | 36112 | 8/4/2025 | HUB | 415 | – | 415 |
| BRL | 36527 | USD | 36112 | 8/4/2025 | HUB | 415 | – | 415 |
| BRL | 127845 | USD | 123166 | 8/4/2025 | HUB | 4679 | – | 4679 |
| BRL | 127845 | USD | 123194 | 8/4/2025 | HUB | 4651 | – | 4651 |
| BRL | 127845 | USD | 123352 | 8/4/2025 | HUB | 4493 | – | 4493 |
| BRL | 127845 | USD | 123440 | 8/4/2025 | HUB | 4405 | – | 4405 |
| BRL | 127845 | USD | 123796 | 8/4/2025 | HUB | 4049 | – | 4049 |
| BRL | 127845 | USD | 124215 | 8/4/2025 | HUB | 3630 | – | 3630 |
| BRL | 127845 | USD | 125253 | 8/4/2025 | HUB | 2592 | – | 2592 |
| BRL | 127845 | USD | 126183 | 8/4/2025 | HUB | 1662 | – | 1662 |
| BRL | 146108 | USD | 141178 | 8/4/2025 | HUB | 4930 | – | 4930 |
| BRL | 146108 | USD | 143590 | 8/4/2025 | HUB | 2518 | – | 2518 |
| BRL | 146108 | USD | 143611 | 8/4/2025 | HUB | 2497 | – | 2497 |
| BRL | 36527 | USD | 36059 | 8/4/2025 | HUB | 468 | – | 468 |
| BRL | 36527 | USD | 36059 | 8/4/2025 | HUB | 468 | – | 468 |
| BRL | 36527 | USD | 36059 | 8/4/2025 | HUB | 468 | – | 468 |
| BRL | 36527 | USD | 36059 | 8/4/2025 | HUB | 468 | – | 468 |
| BRL | 36527 | USD | 36108 | 8/4/2025 | HUB | 419 | – | 419 |
| BRL | 36527 | USD | 36108 | 8/4/2025 | HUB | 419 | – | 419 |
| BRL | 36527 | USD | 36108 | 8/4/2025 | HUB | 419 | – | 419 |
| BRL | 36527 | USD | 36108 | 8/4/2025 | HUB | 419 | – | 419 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 18264 | USD | 18060 | 8/4/2025 | HUB | 204 | – | 204 |
| BRL | 164372 | USD | 162300 | 8/4/2025 | HUB | 2072 | – | 2072 |
| BRL | 36527 | USD | 36116 | 8/4/2025 | HUB | 411 | – | 411 |
| BRL | 36527 | USD | 36116 | 8/4/2025 | HUB | 411 | – | 411 |
| BRL | 36527 | USD | 36116 | 8/4/2025 | HUB | 411 | – | 411 |
| BRL | 36527 | USD | 36116 | 8/4/2025 | HUB | 411 | – | 411 |
| BRL | 36527 | USD | 36116 | 8/4/2025 | HUB | 411 | – | 411 |
| BRL | 200899 | USD | 197699 | 8/4/2025 | HUB | 3200 | – | 3200 |
| BRL | 200899 | USD | 198806 | 8/4/2025 | HUB | 2093 | – | 2093 |
| BRL | 109581 | USD | 105794 | 8/4/2025 | HUB | 3787 | – | 3787 |
| BRL | 109581 | USD | 105793 | 8/4/2025 | HUB | 3788 | – | 3788 |
| BRL | 237426 | USD | 232675 | 8/4/2025 | HUB | 4751 | – | 4751 |
| BRL | 273953 | USD | 268827 | 8/4/2025 | HUB | 5126 | – | 5126 |
| BRL | 292216 | USD | 286352 | 8/4/2025 | HUB | 5864 | – | 5864 |
| BRL | 292216 | USD | 287068 | 8/4/2025 | HUB | 5148 | – | 5148 |
| BRL | 292216 | USD | 288609 | 8/4/2025 | HUB | 3607 | – | 3607 |
| BRL | 310480 | USD | 304145 | 8/4/2025 | HUB | 6335 | – | 6335 |
| BRL | 310480 | USD | 304285 | 8/4/2025 | HUB | 6195 | – | 6195 |
| BRL | 310480 | USD | 306270 | 8/4/2025 | HUB | 4210 | – | 4210 |
| BRL | 328743 | USD | 322263 | 8/4/2025 | HUB | 6480 | – | 6480 |
| BRL | 328743 | USD | 322804 | 8/4/2025 | HUB | 5939 | – | 5939 |
| BRL | 328743 | USD | 323643 | 8/4/2025 | HUB | 5100 | – | 5100 |
| BRL | 347007 | USD | 339820 | 8/4/2025 | HUB | 7187 | – | 7187 |
| BRL | 347007 | USD | 340094 | 8/4/2025 | HUB | 6913 | – | 6913 |
| BRL | 347007 | USD | 340219 | 8/4/2025 | HUB | 6788 | – | 6788 |
| BRL | 347007 | USD | 341905 | 8/4/2025 | HUB | 5102 | – | 5102 |
| BRL | 365270 | USD | 360700 | 8/4/2025 | HUB | 4570 | – | 4570 |
| BRL | 365270 | USD | 361232 | 8/4/2025 | HUB | 4038 | – | 4038 |
| BRL | 365270 | USD | 361397 | 8/4/2025 | HUB | 3873 | – | 3873 |
| BRL | 383534 | USD | 375767 | 8/4/2025 | HUB | 7767 | – | 7767 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 383534 | USD | 375846 | 8/4/2025 | HUB | $7688 | $- | $7688 |
| BRL | 383534 | USD | 376088 | 8/4/2025 | HUB | 7446 |  | 7446 |
| BRL | 383534 | USD | 376144 | 8/4/2025 | HUB | 7390 |  | 7390 |
| BRL | 383534 | USD | 376177 | 8/4/2025 | HUB | 7357 |  | 7357 |
| BRL | 401797 | USD | 393606 | 8/4/2025 | HUB | 8191 |  | 8191 |
| BRL | 401797 | USD | 393837 | 8/4/2025 | HUB | 7960 |  | 7960 |
| BRL | 401797 | USD | 394399 | 8/4/2025 | HUB | 7398 |  | 7398 |
| BRL | 401797 | USD | 395484 | 8/4/2025 | HUB | 6313 |  | 6313 |
| BRL | 401797 | USD | 395631 | 8/4/2025 | HUB | 6166 |  | 6166 |
| BRL | 420061 | USD | 412324 | 8/4/2025 | HUB | 7737 |  | 7737 |
| BRL | 420061 | USD | 412531 | 8/4/2025 | HUB | 7530 |  | 7530 |
| BRL | 420061 | USD | 413949 | 8/4/2025 | HUB | 6112 |  | 6112 |
| BRL | 438324 | USD | 429399 | 8/4/2025 | HUB | 8925 |  | 8925 |
| BRL | 438324 | USD | 429476 | 8/4/2025 | HUB | 8848 |  | 8848 |
| BRL | 438324 | USD | 429980 | 8/4/2025 | HUB | 8344 |  | 8344 |
| BRL | 438324 | USD | 430100 | 8/4/2025 | HUB | 8224 |  | 8224 |
| BRL | 438324 | USD | 432680 | 8/4/2025 | HUB | 5644 |  | 5644 |
| BRL | 456588 | USD | 447044 | 8/4/2025 | HUB | 9544 |  | 9544 |
| BRL | 456588 | USD | 448036 | 8/4/2025 | HUB | 8552 |  | 8552 |
| BRL | 474851 | USD | 465291 | 8/4/2025 | HUB | 9560 |  | 9560 |
| BRL | 511378 | USD | 501967 | 8/4/2025 | HUB | 9411 |  | 9411 |
| BRL | 547905 | USD | 537519 | 8/4/2025 | HUB | 10386 |  | 10386 |
| BRL | 566169 | USD | 554602 | 8/4/2025 | HUB | 11567 |  | 11567 |
| BRL | 566169 | USD | 554741 | 8/4/2025 | HUB | 11428 |  | 11428 |
| BRL | 566169 | USD | 556090 | 8/4/2025 | HUB | 10079 |  | 10079 |
| BRL | 584432 | USD | 573841 | 8/4/2025 | HUB | 10591 |  | 10591 |
| BRL | 620959 | USD | 608316 | 8/4/2025 | HUB | 12643 |  | 12643 |
| BRL | 620959 | USD | 609592 | 8/4/2025 | HUB | 11367 |  | 11367 |
| BRL | 639223 | USD | 628061 | 8/4/2025 | HUB | 11162 |  | 11162 |
| BRL | 657486 | USD | 644214 | 8/4/2025 | HUB | 13272 |  | 13272 |
| BRL | 657486 | USD | 645026 | 8/4/2025 | HUB | 12460 |  | 12460 |
| BRL | 694013 | USD | 680970 | 8/4/2025 | HUB | 13043 |  | 13043 |
| BRL | 712277 | USD | 699013 | 8/4/2025 | HUB | 13264 |  | 13264 |
| BRL | 730540 | USD | 715845 | 8/4/2025 | HUB | 14695 |  | 14695 |
| BRL | 730540 | USD | 715999 | 8/4/2025 | HUB | 14541 |  | 14541 |
| BRL | 730540 | USD | 717398 | 8/4/2025 | HUB | 13142 |  | 13142 |
| BRL | 748804 | USD | 734150 | 8/4/2025 | HUB | 14654 |  | 14654 |
| BRL | 767067 | USD | 752877 | 8/4/2025 | HUB | 14190 |  | 14190 |
| BRL | 785331 | USD | 769585 | 8/4/2025 | HUB | 15746 |  | 15746 |
| BRL | 7246959 | USD | 7152449 | 8/4/2025 | HUB | 94510 |  | 94510 |
| BRL | 7246959 | USD | 7162468 | 8/4/2025 | HUB | 84491 |  | 84491 |
| BRL | 12674873 | USD | 12431951 | 8/4/2025 | HUB | 242922 |  | 242922 |
| BRL | 12682178 | USD | 12531649 | 8/4/2025 | HUB | 150529 |  | 150529 |
| GBP | 892359 | USD | 883555 | 8/5/2025 | HUB | 8804 |  | 8804 |
| USD | 687896 | KRW | 703774 | 8/5/2025 | HUB |  | (15878) | (15878) |
| USD | 758221 | KRW | 774830 | 8/5/2025 | HUB |  | (16609) | (16609) |
| USD | 883555 | GBP | 892359 | 8/5/2025 | HUB |  | (8804) | (8804) |
| GBP | 1235575 | USD | 1217015 | 8/5/2025 | HUB | 18560 |  | 18560 |
| GBP | 1372861 | USD | 1347033 | 8/5/2025 | HUB | 25828 |  | 25828 |
| USD | 1040499 | KRW | 1064243 | 8/5/2025 | HUB |  | (23744) | (23744) |
| USD | 1073013 | KRW | 1098574 | 8/5/2025 | HUB |  | (25561) | (25561) |
| USD | 1090853 | KRW | 1115740 | 8/5/2025 | HUB |  | (24887) | (24887) |
| USD | 1108004 | KRW | 1132904 | 8/5/2025 | HUB |  | (24900) | (24900) |
| USD | 1123803 | KRW | 1150070 | 8/5/2025 | HUB |  | (26267) | (26267) |
| USD | 1124591 | KRW | 1150070 | 8/5/2025 | HUB |  | (25479) | (25479) |
| USD | 1157180 | KRW | 1184400 | 8/5/2025 | HUB |  | (27220) | (27220) |
| USD | 1190362 | KRW | 1218731 | 8/5/2025 | HUB |  | (28369) | (28369) |
| USD | 1217015 | GBP | 1235575 | 8/5/2025 | HUB |  | (18560) | (18560) |
| USD | 1259633 | KRW | 1287391 | 8/5/2025 | HUB |  | (27758) | (27758) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1347033 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;1372861 | 8/5/2025 | HUB | $- | $(25828) | $(25828) |
| GBP | 2471149 | USD | 2442258 | 8/5/2025 | HUB | 28891 |  | 28891 |
| USD | 2442259 | GBP | 2471150 | 8/5/2025 | HUB |  | (28891) | (28891) |
| GBP | 3912653 | USD | 3866402 | 8/5/2025 | HUB | 46251 |  | 46251 |
| GBP | 4313741 | USD | 4280742 | 8/5/2025 | HUB | 32999 |  | 32999 |
| GBP | 4393154 | USD | 4336084 | 8/5/2025 | HUB | 57070 |  | 57070 |
| GBP | 4805013 | USD | 4752588 | 8/5/2025 | HUB | 52425 |  | 52425 |
| USD | 3866403 | GBP | 3912654 | 8/5/2025 | HUB |  | (46251) | (46251) |
| GBP | 5354157 | USD | 5270011 | 8/5/2025 | HUB | 84146 |  | 84146 |
| GBP | 5766015 | USD | 5653159 | 8/5/2025 | HUB | 112856 |  | 112856 |
| USD | 4280743 | GBP | 4313742 | 8/5/2025 | HUB |  | (32999) | (32999) |
| USD | 4336085 | GBP | 4393155 | 8/5/2025 | HUB |  | (57070) | (57070) |
| GBP | 6315159 | USD | 6236344 | 8/5/2025 | HUB | 78815 |  | 78815 |
| USD | 4752588 | GBP | 4805013 | 8/5/2025 | HUB |  | (52425) | (52425) |
| USD | 5270012 | GBP | 5354158 | 8/5/2025 | HUB |  | (84146) | (84146) |
| USD | 5653160 | GBP | 5766016 | 8/5/2025 | HUB |  | (112856) | (112856) |
| GBP | 8237164 | USD | 8153561 | 8/5/2025 | HUB | 83603 |  | 83603 |
| USD | 6236346 | GBP | 6315161 | 8/5/2025 | HUB |  | (78815) | (78815) |
| GBP | 10765529 | USD | 10607760 | 8/5/2025 | HUB | 157769 |  | 157769 |
| USD | 8153563 | GBP | 8237166 | 8/5/2025 | HUB |  | (83603) | (83603) |
| USD | 10607761 | GBP | 10765530 | 8/5/2025 | HUB |  | (157769) | (157769) |
| GBP | 15386810 | USD | 15272848 | 8/5/2025 | HUB | 113962 |  | 113962 |
| USD | 15272851 | GBP | 15386813 | 8/5/2025 | HUB |  | (113962) | (113962) |
| GBP | 21531058 | USD | 21208461 | 8/5/2025 | HUB | 322597 |  | 322597 |
| GBP | 21615992 | USD | 21608557 | 8/5/2025 | HUB | 7435 |  | 7435 |
| GBP | 24390329 | USD | 24045692 | 8/5/2025 | HUB | 344637 |  | 344637 |
| GBP | 24502985 | USD | 23988031 | 8/5/2025 | HUB | 514954 |  | 514954 |
| GBP | 26913823 | USD | 26530582 | 8/5/2025 | HUB | 383241 |  | 383241 |
| GBP | 26913824 | USD | 26512939 | 8/5/2025 | HUB | 400885 |  | 400885 |
| USD | 21208464 | GBP | 21531061 | 8/5/2025 | HUB |  | (322597) | (322597) |
| GBP | 32296589 | USD | 31840455 | 8/5/2025 | HUB | 456134 |  | 456134 |
| USD | 23988033 | GBP | 24502987 | 8/5/2025 | HUB |  | (514954) | (514954) |
| USD | 24045695 | GBP | 24390332 | 8/5/2025 | HUB |  | (344637) | (344637) |
| GBP | 33161152 | USD | 33119014 | 8/5/2025 | HUB | 42138 |  | 42138 |
| USD | 26512943 | GBP | 26913828 | 8/5/2025 | HUB |  | (400885) | (400885) |
| USD | 26530586 | GBP | 26913827 | 8/5/2025 | HUB |  | (383241) | (383241) |
| GBP | 40591535 | USD | 39998533 | 8/5/2025 | HUB | 593002 |  | 593002 |
| USD | 31840459 | GBP | 32296593 | 8/5/2025 | HUB |  | (456134) | (456134) |
| GBP | 53827648 | USD | 53023911 | 8/5/2025 | HUB | 803737 |  | 803737 |
| USD | 39998539 | GBP | 40591541 | 8/5/2025 | HUB |  | (593002) | (593002) |
| GBP | 57044943 | USD | 55823591 | 8/5/2025 | HUB | 1221352 |  | 1221352 |
| USD | 53023918 | GBP | 53827655 | 8/5/2025 | HUB |  | (803737) | (803737) |
| USD | 55823599 | GBP | 57044951 | 8/5/2025 | HUB |  | (1221352) | (1221352) |
| KRW | 74255 | USD | 72913 | 8/5/2025 | HUB | 1342 |  | 1342 |
| KRW | 74255 | USD | 72951 | 8/5/2025 | HUB | 1304 |  | 1304 |
| KRW | 74255 | USD | 73080 | 8/5/2025 | HUB | 1175 |  | 1175 |
| KRW | 74255 | USD | 73534 | 8/5/2025 | HUB | 721 |  | 721 |
| KRW | 74255 | USD | 73542 | 8/5/2025 | HUB | 713 |  | 713 |
| KRW | 74255 | USD | 73582 | 8/5/2025 | HUB | 673 |  | 673 |
| KRW | 74255 | USD | 73654 | 8/5/2025 | HUB | 601 |  | 601 |
| KRW | 74255 | USD | 73726 | 8/5/2025 | HUB | 529 |  | 529 |
| KRW | 74255 | USD | 73802 | 8/5/2025 | HUB | 453 |  | 453 |
| KRW | 74255 | USD | 73813 | 8/5/2025 | HUB | 442 |  | 442 |
| KRW | 74255 | USD | 73916 | 8/5/2025 | HUB | 339 |  | 339 |
| KRW | 74255 | USD | 73917 | 8/5/2025 | HUB | 338 |  | 338 |
| KRW | 74255 | USD | 73924 | 8/5/2025 | HUB | 331 |  | 331 |
| KRW | 74255 | USD | 73930 | 8/5/2025 | HUB | 325 |  | 325 |
| KRW | 74255 | USD | 73945 | 8/5/2025 | HUB | 310 |  | 310 |
| KRW | 74255 | USD | 73965 | 8/5/2025 | HUB | 290 |  | 290 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| KRW | 74255 | USD | 73976 | 8/5/2025 | HUB | $279 | $- | $279 |
| KRW | 74255 | USD | 73980 | 8/5/2025 | HUB | 275 |  | 275 |
| KRW | 74255 | USD | 74006 | 8/5/2025 | HUB | 249 |  | 249 |
| GBP | 164262788 | USD | 162254010 | 8/5/2025 | HUB | 2008778 |  | 2008778 |
| KRW | 148509 | USD | 146060 | 8/5/2025 | HUB | 2449 |  | 2449 |
| KRW | 148509 | USD | 146931 | 8/5/2025 | HUB | 1578 |  | 1578 |
| KRW | 148509 | USD | 147073 | 8/5/2025 | HUB | 1436 |  | 1436 |
| KRW | 148509 | USD | 147228 | 8/5/2025 | HUB | 1281 |  | 1281 |
| KRW | 148509 | USD | 147304 | 8/5/2025 | HUB | 1205 |  | 1205 |
| KRW | 148509 | USD | 147414 | 8/5/2025 | HUB | 1095 |  | 1095 |
| KRW | 148509 | USD | 147481 | 8/5/2025 | HUB | 1028 |  | 1028 |
| KRW | 148509 | USD | 147654 | 8/5/2025 | HUB | 855 |  | 855 |
| KRW | 148509 | USD | 147677 | 8/5/2025 | HUB | 832 |  | 832 |
| KRW | 148509 | USD | 147737 | 8/5/2025 | HUB | 772 |  | 772 |
| KRW | 148509 | USD | 147777 | 8/5/2025 | HUB | 732 |  | 732 |
| KRW | 148509 | USD | 147803 | 8/5/2025 | HUB | 706 |  | 706 |
| KRW | 148509 | USD | 147812 | 8/5/2025 | HUB | 697 |  | 697 |
| KRW | 148509 | USD | 147860 | 8/5/2025 | HUB | 649 |  | 649 |
| KRW | 148509 | USD | 147882 | 8/5/2025 | HUB | 627 |  | 627 |
| KRW | 148509 | USD | 147883 | 8/5/2025 | HUB | 626 |  | 626 |
| KRW | 148509 | USD | 147900 | 8/5/2025 | HUB | 609 |  | 609 |
| KRW | 148509 | USD | 147902 | 8/5/2025 | HUB | 607 |  | 607 |
| KRW | 148509 | USD | 147950 | 8/5/2025 | HUB | 559 |  | 559 |
| KRW | 148509 | USD | 147952 | 8/5/2025 | HUB | 557 |  | 557 |
| KRW | 148509 | USD | 147969 | 8/5/2025 | HUB | 540 |  | 540 |
| KRW | 148509 | USD | 147978 | 8/5/2025 | HUB | 531 |  | 531 |
| KRW | 148509 | USD | 148073 | 8/5/2025 | HUB | 436 |  | 436 |
| KRW | 222764 | USD | 219086 | 8/5/2025 | HUB | 3678 |  | 3678 |
| KRW | 222764 | USD | 219243 | 8/5/2025 | HUB | 3521 |  | 3521 |
| KRW | 222764 | USD | 219424 | 8/5/2025 | HUB | 3340 |  | 3340 |
| KRW | 222764 | USD | 221097 | 8/5/2025 | HUB | 1667 |  | 1667 |
| KRW | 222764 | USD | 221174 | 8/5/2025 | HUB | 1590 |  | 1590 |
| KRW | 222764 | USD | 221332 | 8/5/2025 | HUB | 1432 |  | 1432 |
| KRW | 222764 | USD | 221463 | 8/5/2025 | HUB | 1301 |  | 1301 |
| KRW | 222764 | USD | 221510 | 8/5/2025 | HUB | 1254 |  | 1254 |
| KRW | 222764 | USD | 221550 | 8/5/2025 | HUB | 1214 |  | 1214 |
| KRW | 222764 | USD | 221699 | 8/5/2025 | HUB | 1065 |  | 1065 |
| KRW | 222764 | USD | 221702 | 8/5/2025 | HUB | 1062 |  | 1062 |
| KRW | 222764 | USD | 221823 | 8/5/2025 | HUB | 941 |  | 941 |
| KRW | 222764 | USD | 221961 | 8/5/2025 | HUB | 803 |  | 803 |
| KRW | 222764 | USD | 222106 | 8/5/2025 | HUB | 658 |  | 658 |
| KRW | 222764 | USD | 222372 | 8/5/2025 | HUB | 392 |  | 392 |
| KRW | 297018 | USD | 292227 | 8/5/2025 | HUB | 4791 |  | 4791 |
| KRW | 297018 | USD | 294429 | 8/5/2025 | HUB | 2589 |  | 2589 |
| KRW | 297018 | USD | 294531 | 8/5/2025 | HUB | 2487 |  | 2487 |
| KRW | 297018 | USD | 294729 | 8/5/2025 | HUB | 2289 |  | 2289 |
| KRW | 297018 | USD | 294963 | 8/5/2025 | HUB | 2055 |  | 2055 |
| KRW | 297018 | USD | 294985 | 8/5/2025 | HUB | 2033 |  | 2033 |
| KRW | 297018 | USD | 295190 | 8/5/2025 | HUB | 1828 |  | 1828 |
| KRW | 297018 | USD | 295408 | 8/5/2025 | HUB | 1610 |  | 1610 |
| KRW | 297018 | USD | 295474 | 8/5/2025 | HUB | 1544 |  | 1544 |
| KRW | 297018 | USD | 295617 | 8/5/2025 | HUB | 1401 |  | 1401 |
| KRW | 297018 | USD | 295644 | 8/5/2025 | HUB | 1374 |  | 1374 |
| KRW | 297018 | USD | 295804 | 8/5/2025 | HUB | 1214 |  | 1214 |
| KRW | 297018 | USD | 295840 | 8/5/2025 | HUB | 1178 |  | 1178 |
| KRW | 297018 | USD | 295963 | 8/5/2025 | HUB | 1055 |  | 1055 |
| KRW | 297018 | USD | 296121 | 8/5/2025 | HUB | 897 |  | 897 |
| KRW | 297018 | USD | 297167 | 8/5/2025 | HUB |  | (149) | (149) |
| KRW | 371273 | USD | 365140 | 8/5/2025 | HUB | 6133 |  | 6133 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| KRW | 371273 | USD | 366357 | 8/5/2025 | HUB | $4916 | $- | $4916 |
| KRW | 371273 | USD | 368327 | 8/5/2025 | HUB | 2946 |  | 2946 |
| KRW | 371273 | USD | 368411 | 8/5/2025 | HUB | 2862 |  | 2862 |
| KRW | 371273 | USD | 369184 | 8/5/2025 | HUB | 2089 |  | 2089 |
| KRW | 371273 | USD | 369312 | 8/5/2025 | HUB | 1961 |  | 1961 |
| KRW | 371273 | USD | 369558 | 8/5/2025 | HUB | 1715 |  | 1715 |
| KRW | 371273 | USD | 369888 | 8/5/2025 | HUB | 1385 |  | 1385 |
| KRW | 371273 | USD | 370086 | 8/5/2025 | HUB | 1187 |  | 1187 |
| KRW | 371273 | USD | 370704 | 8/5/2025 | HUB | 569 |  | 569 |
| KRW | 371273 | USD | 371678 | 8/5/2025 | HUB |  | (405) | (405) |
| KRW | 445527 | USD | 438267 | 8/5/2025 | HUB | 7260 |  | 7260 |
| KRW | 445527 | USD | 438618 | 8/5/2025 | HUB | 6909 |  | 6909 |
| KRW | 445527 | USD | 438798 | 8/5/2025 | HUB | 6729 |  | 6729 |
| KRW | 445527 | USD | 441972 | 8/5/2025 | HUB | 3555 |  | 3555 |
| KRW | 445527 | USD | 443148 | 8/5/2025 | HUB | 2379 |  | 2379 |
| KRW | 445527 | USD | 445876 | 8/5/2025 | HUB |  | (349) | (349) |
| KRW | 594036 | USD | 590862 | 8/5/2025 | HUB | 3174 |  | 3174 |
| KRW | 668291 | USD | 665956 | 8/5/2025 | HUB | 2335 |  | 2335 |
| KRW | 742545 | USD | 738230 | 8/5/2025 | HUB | 4315 |  | 4315 |
| KRW | 742545 | USD | 739212 | 8/5/2025 | HUB | 3333 |  | 3333 |
| KRW | 891055 | USD | 886270 | 8/5/2025 | HUB | 4785 |  | 4785 |
| KRW | 965309 | USD | 960047 | 8/5/2025 | HUB | 5262 |  | 5262 |
| KRW | 1039564 | USD | 1032342 | 8/5/2025 | HUB | 7222 |  | 7222 |
| KRW | 10098618 | USD | 10038375 | 8/5/2025 | HUB | 60243 |  | 60243 |
| KRW | 22647635 | USD | 22515539 | 8/5/2025 | HUB | 132096 |  | 132096 |
| EUR | 1063454 | CHF | 1068513 | 8/18/2025 | HUB |  | (5059) | (5059) |
| EUR | 1063454 | CHF | 1071730 | 8/18/2025 | HUB |  | (8276) | (8276) |
| EUR | 1890585 | CHF | 1890303 | 8/18/2025 | HUB | 282 |  | 282 |
| EUR | 3190362 | CHF | 3208666 | 8/18/2025 | HUB |  | (18304) | (18304) |
| EUR | 3308523 | CHF | 3322266 | 8/18/2025 | HUB |  | (13743) | (13743) |
| EUR | 3317749 | CHF | 3333687 | 8/18/2025 | HUB |  | (15938) | (15938) |
| CHF | 5013216 | EUR | 4985209 | 8/18/2025 | HUB | 28007 |  | 28007 |
| EUR | 6226581 | CHF | 6250605 | 8/18/2025 | HUB |  | (24024) | (24024) |
| EUR | 9252582 | CHF | 9286356 | 8/18/2025 | HUB |  | (33774) | (33774) |
| CHF | 11151217 | EUR | 11084759 | 8/18/2025 | HUB | 66458 |  | 66458 |
| EUR | 20287060 | CHF | 20376651 | 8/18/2025 | HUB |  | (89591) | (89591) |
| EUR | 28386271 | CHF | 28513351 | 8/18/2025 | HUB |  | (127080) | (127080) |
| CAD | 220903 | USD | 219196 | 8/25/2025 | HUB | 1707 |  | 1707 |
| EUR | 709298 | AUD | 710284 | 8/25/2025 | HUB |  | (986) | (986) |
| EUR | 827514 | AUD | 826262 | 8/25/2025 | HUB | 1252 |  | 1252 |
| EUR | 1182163 | AUD | 1178884 | 8/25/2025 | HUB | 3279 |  | 3279 |
| EUR | 1891461 | AUD | 1888455 | 8/25/2025 | HUB | 3006 |  | 3006 |
| EUR | 7565844 | AUD | 7568692 | 8/25/2025 | HUB |  | (2848) | (2848) |
| AUD | 4505379 | EUR | 4492219 | 8/25/2025 | HUB | 13160 |  | 13160 |
| CAD | 7587623 | USD | 7512932 | 8/25/2025 | HUB | 74691 |  | 74691 |
| CAD | 8038907 | USD | 7956559 | 8/25/2025 | HUB | 82348 |  | 82348 |
| CAD | 11295859 | USD | 11218632 | 8/25/2025 | HUB | 77227 |  | 77227 |
| EUR | 19032825 | AUD | 18912251 | 8/25/2025 | HUB | 120574 |  | 120574 |
| CAD | 16906135 | USD | 16796702 | 8/25/2025 | HUB | 109433 |  | 109433 |
| CAD | 18969059 | USD | 18780579 | 8/25/2025 | HUB | 188480 |  | 188480 |
| CAD | 22084943 | USD | 21858242 | 8/25/2025 | HUB | 226701 |  | 226701 |
| CAD | 27778181 | USD | 27492654 | 8/25/2025 | HUB | 285527 |  | 285527 |
| EUR | 236448 | USD | 233215 | 8/26/2025 | HUB | 3233 |  | 3233 |
| EUR | 1064017 | USD | 1056964 | 8/26/2025 | HUB | 7053 |  | 7053 |
| EUR | 3310276 | USD | 3296575 | 8/26/2025 | HUB | 13701 |  | 13701 |
| EUR | 13975489 | USD | 13775573 | 8/26/2025 | HUB | 199916 |  | 199916 |
| EUR | 16531409 | USD | 16295322 | 8/26/2025 | HUB | 236087 |  | 236087 |
| EUR | 40077981 | USD | 39780401 | 8/26/2025 | HUB | 297580 |  | 297580 |
| EUR | 40859546 | USD | 40267029 | 8/26/2025 | HUB | 592517 |  | 592517 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| EUR | 41774050 | USD | 41187111 | 8/26/2025 | HUB | $586939 | $– $| 586939 |
| USD | 48655 | COP | 48593 | 8/27/2025 | HUB | 62 | – | 62 |
| USD | 48663 | COP | 48592 | 8/27/2025 | HUB | 71 | – | 71 |
| USD | 48679 | COP | 48592 | 8/27/2025 | HUB | 87 | – | 87 |
| USD | 48712 | COP | 48592 | 8/27/2025 | HUB | 120 | – | 120 |
| USD | 48733 | COP | 48592 | 8/27/2025 | HUB | 141 | – | 141 |
| USD | 48735 | COP | 48592 | 8/27/2025 | HUB | 143 | – | 143 |
| USD | 48786 | COP | 48593 | 8/27/2025 | HUB | 193 | – | 193 |
| USD | 243195 | COP | 242961 | 8/27/2025 | HUB | 234 | – | 234 |
| COP | 48592 | USD | 46644 | 8/27/2025 | HUB | 1948 | – | 1948 |
| COP | 48592 | USD | 47242 | 8/27/2025 | HUB | 1350 | – | 1350 |
| COP | 48592 | USD | 47276 | 8/27/2025 | HUB | 1316 | – | 1316 |
| COP | 48592 | USD | 47324 | 8/27/2025 | HUB | 1268 | – | 1268 |
| COP | 48592 | USD | 47673 | 8/27/2025 | HUB | 919 | – | 919 |
| COP | 48592 | USD | 47675 | 8/27/2025 | HUB | 917 | – | 917 |
| COP | 48592 | USD | 47683 | 8/27/2025 | HUB | 909 | – | 909 |
| COP | 48592 | USD | 47684 | 8/27/2025 | HUB | 908 | – | 908 |
| COP | 48592 | USD | 47688 | 8/27/2025 | HUB | 904 | – | 904 |
| COP | 48592 | USD | 47691 | 8/27/2025 | HUB | 901 | – | 901 |
| COP | 48592 | USD | 47695 | 8/27/2025 | HUB | 897 | – | 897 |
| COP | 48592 | USD | 47708 | 8/27/2025 | HUB | 884 | – | 884 |
| COP | 48592 | USD | 47925 | 8/27/2025 | HUB | 667 | – | 667 |
| COP | 48592 | USD | 47937 | 8/27/2025 | HUB | 655 | – | 655 |
| COP | 48592 | USD | 47940 | 8/27/2025 | HUB | 652 | – | 652 |
| COP | 48592 | USD | 47949 | 8/27/2025 | HUB | 643 | – | 643 |
| COP | 48592 | USD | 47955 | 8/27/2025 | HUB | 637 | – | 637 |
| COP | 48592 | USD | 47967 | 8/27/2025 | HUB | 625 | – | 625 |
| COP | 48592 | USD | 47970 | 8/27/2025 | HUB | 622 | – | 622 |
| COP | 48592 | USD | 47976 | 8/27/2025 | HUB | 616 | – | 616 |
| COP | 48592 | USD | 47979 | 8/27/2025 | HUB | 613 | – | 613 |
| COP | 48592 | USD | 47982 | 8/27/2025 | HUB | 610 | – | 610 |
| COP | 48592 | USD | 48008 | 8/27/2025 | HUB | 584 | – | 584 |
| COP | 48592 | USD | 48014 | 8/27/2025 | HUB | 578 | – | 578 |
| COP | 48592 | USD | 48025 | 8/27/2025 | HUB | 567 | – | 567 |
| COP | 48592 | USD | 48030 | 8/27/2025 | HUB | 562 | – | 562 |
| COP | 48592 | USD | 48038 | 8/27/2025 | HUB | 554 | – | 554 |
| COP | 97185 | USD | 93268 | 8/27/2025 | HUB | 3917 | – | 3917 |
| COP | 97185 | USD | 93435 | 8/27/2025 | HUB | 3750 | – | 3750 |
| COP | 97185 | USD | 93734 | 8/27/2025 | HUB | 3451 | – | 3451 |
| COP | 97185 | USD | 94564 | 8/27/2025 | HUB | 2621 | – | 2621 |
| COP | 97185 | USD | 94659 | 8/27/2025 | HUB | 2526 | – | 2526 |
| COP | 97185 | USD | 95338 | 8/27/2025 | HUB | 1847 | – | 1847 |
| COP | 97185 | USD | 95340 | 8/27/2025 | HUB | 1845 | – | 1845 |
| COP | 48592 | USD | 47681 | 8/27/2025 | HUB | 911 | – | 911 |
| COP | 48592 | USD | 47680 | 8/27/2025 | HUB | 912 | – | 912 |
| COP | 97185 | USD | 95371 | 8/27/2025 | HUB | 1814 | – | 1814 |
| COP | 97185 | USD | 95385 | 8/27/2025 | HUB | 1800 | – | 1800 |
| COP | 97185 | USD | 95387 | 8/27/2025 | HUB | 1798 | – | 1798 |
| COP | 97185 | USD | 95389 | 8/27/2025 | HUB | 1796 | – | 1796 |
| COP | 48592 | USD | 47695 | 8/27/2025 | HUB | 897 | – | 897 |
| COP | 48592 | USD | 47694 | 8/27/2025 | HUB | 898 | – | 898 |
| COP | 97185 | USD | 95391 | 8/27/2025 | HUB | 1794 | – | 1794 |
| COP | 97185 | USD | 95393 | 8/27/2025 | HUB | 1792 | – | 1792 |
| COP | 97185 | USD | 95399 | 8/27/2025 | HUB | 1786 | – | 1786 |
| COP | 97185 | USD | 95407 | 8/27/2025 | HUB | 1778 | – | 1778 |
| COP | 97185 | USD | 95415 | 8/27/2025 | HUB | 1770 | – | 1770 |
| COP | 97185 | USD | 95475 | 8/27/2025 | HUB | 1710 | – | 1710 |
| COP | 97185 | USD | 95877 | 8/27/2025 | HUB | 1308 | – | 1308 |
| COP | 97185 | USD | 95890 | 8/27/2025 | HUB | 1295 | – | 1295 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| COP | 97185 | USD | 95896 | 8/27/2025 | HUB | $1289 | $- | $1289 |
| COP | 97185 | USD | 95901 | 8/27/2025 | HUB | 1284 |  | 1284 |
| COP | 48592 | USD | 47961 | 8/27/2025 | HUB | 631 |  | 631 |
| COP | 48592 | USD | 47961 | 8/27/2025 | HUB | 631 |  | 631 |
| COP | 97185 | USD | 95934 | 8/27/2025 | HUB | 1251 |  | 1251 |
| COP | 97185 | USD | 95935 | 8/27/2025 | HUB | 1250 |  | 1250 |
| COP | 97185 | USD | 95959 | 8/27/2025 | HUB | 1226 |  | 1226 |
| COP | 97185 | USD | 95964 | 8/27/2025 | HUB | 1221 |  | 1221 |
| COP | 97185 | USD | 95964 | 8/27/2025 | HUB | 1221 |  | 1221 |
| COP | 97185 | USD | 95990 | 8/27/2025 | HUB | 1195 |  | 1195 |
| COP | 97185 | USD | 96030 | 8/27/2025 | HUB | 1155 |  | 1155 |
| COP | 97185 | USD | 96030 | 8/27/2025 | HUB | 1155 |  | 1155 |
| COP | 97185 | USD | 96054 | 8/27/2025 | HUB | 1131 |  | 1131 |
| COP | 97185 | USD | 96058 | 8/27/2025 | HUB | 1127 |  | 1127 |
| COP | 97185 | USD | 96098 | 8/27/2025 | HUB | 1087 |  | 1087 |
| COP | 145777 | USD | 139816 | 8/27/2025 | HUB | 5961 |  | 5961 |
| COP | 145777 | USD | 139939 | 8/27/2025 | HUB | 5838 |  | 5838 |
| COP | 145777 | USD | 139975 | 8/27/2025 | HUB | 5802 |  | 5802 |
| COP | 145777 | USD | 139985 | 8/27/2025 | HUB | 5792 |  | 5792 |
| COP | 145777 | USD | 140463 | 8/27/2025 | HUB | 5314 |  | 5314 |
| COP | 145777 | USD | 140501 | 8/27/2025 | HUB | 5276 |  | 5276 |
| COP | 145777 | USD | 140512 | 8/27/2025 | HUB | 5265 |  | 5265 |
| COP | 145777 | USD | 141808 | 8/27/2025 | HUB | 3969 |  | 3969 |
| COP | 145777 | USD | 141853 | 8/27/2025 | HUB | 3924 |  | 3924 |
| COP | 145777 | USD | 141918 | 8/27/2025 | HUB | 3859 |  | 3859 |
| COP | 145777 | USD | 141979 | 8/27/2025 | HUB | 3798 |  | 3798 |
| COP | 145777 | USD | 142049 | 8/27/2025 | HUB | 3728 |  | 3728 |
| COP | 145777 | USD | 142996 | 8/27/2025 | HUB | 2781 |  | 2781 |
| COP | 145777 | USD | 143023 | 8/27/2025 | HUB | 2754 |  | 2754 |
| COP | 145777 | USD | 143058 | 8/27/2025 | HUB | 2719 |  | 2719 |
| COP | 145777 | USD | 143104 | 8/27/2025 | HUB | 2673 |  | 2673 |
| COP | 145777 | USD | 143127 | 8/27/2025 | HUB | 2650 |  | 2650 |
| COP | 145777 | USD | 143169 | 8/27/2025 | HUB | 2608 |  | 2608 |
| COP | 145777 | USD | 143849 | 8/27/2025 | HUB | 1928 |  | 1928 |
| COP | 145777 | USD | 143865 | 8/27/2025 | HUB | 1912 |  | 1912 |
| COP | 145777 | USD | 143889 | 8/27/2025 | HUB | 1888 |  | 1888 |
| COP | 145777 | USD | 143904 | 8/27/2025 | HUB | 1873 |  | 1873 |
| COP | 145777 | USD | 143948 | 8/27/2025 | HUB | 1829 |  | 1829 |
| COP | 145777 | USD | 144067 | 8/27/2025 | HUB | 1710 |  | 1710 |
| COP | 145777 | USD | 145844 | 8/27/2025 | HUB |  | (67) | (67) |
| COP | 145777 | USD | 145909 | 8/27/2025 | HUB |  | (132) | (132) |
| COP | 145777 | USD | 145927 | 8/27/2025 | HUB |  | (150) | (150) |
| COP | 145777 | USD | 145945 | 8/27/2025 | HUB |  | (168) | (168) |
| COP | 194369 | USD | 186537 | 8/27/2025 | HUB | 7832 |  | 7832 |
| COP | 194369 | USD | 186833 | 8/27/2025 | HUB | 7536 |  | 7536 |
| COP | 194369 | USD | 187619 | 8/27/2025 | HUB | 6750 |  | 6750 |
| COP | 194369 | USD | 187736 | 8/27/2025 | HUB | 6633 |  | 6633 |
| COP | 194369 | USD | 188869 | 8/27/2025 | HUB | 5500 |  | 5500 |
| COP | 194369 | USD | 189303 | 8/27/2025 | HUB | 5066 |  | 5066 |
| COP | 194369 | USD | 189354 | 8/27/2025 | HUB | 5015 |  | 5015 |
| COP | 194369 | USD | 194415 | 8/27/2025 | HUB |  | (46) | (46) |
| COP | 194369 | USD | 194458 | 8/27/2025 | HUB |  | (89) | (89) |
| COP | 194369 | USD | 194556 | 8/27/2025 | HUB |  | (187) | (187) |
| COP | 194369 | USD | 194579 | 8/27/2025 | HUB |  | (210) | (210) |
| COP | 194369 | USD | 194588 | 8/27/2025 | HUB |  | (219) | (219) |
| COP | 194369 | USD | 194627 | 8/27/2025 | HUB |  | (258) | (258) |
| COP | 242962 | USD | 235077 | 8/27/2025 | HUB | 7885 |  | 7885 |
| COP | 242962 | USD | 236167 | 8/27/2025 | HUB | 6795 |  | 6795 |
| COP | 242962 | USD | 236291 | 8/27/2025 | HUB | 6671 |  | 6671 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| COP | 242962 | USD | 236633 | 8/27/2025 | HUB | $6329 | $- | $6329 |
| COP | 242962 | USD | 243069 | 8/27/2025 | HUB |  | (107) | (107) |
| COP | 242962 | USD | 243197 | 8/27/2025 | HUB |  | (235) | (235) |
| COP | 242962 | USD | 243276 | 8/27/2025 | HUB |  | (314) | (314) |
| COP | 242962 | USD | 243326 | 8/27/2025 | HUB |  | (364) | (364) |
| COP | 291554 | USD | 279862 | 8/27/2025 | HUB | 11692 |  | 11692 |
| COP | 291554 | USD | 279931 | 8/27/2025 | HUB | 11623 |  | 11623 |
| COP | 291554 | USD | 279967 | 8/27/2025 | HUB | 11587 |  | 11587 |
| COP | 291554 | USD | 279972 | 8/27/2025 | HUB | 11582 |  | 11582 |
| COP | 291554 | USD | 282013 | 8/27/2025 | HUB | 9541 |  | 9541 |
| COP | 291554 | USD | 291841 | 8/27/2025 | HUB |  | (287) | (287) |
| COP | 340146 | USD | 327847 | 8/27/2025 | HUB | 12299 |  | 12299 |
| COP | 340146 | USD | 328808 | 8/27/2025 | HUB | 11338 |  | 11338 |
| COP | 340146 | USD | 340132 | 8/27/2025 | HUB | 14 |  | 14 |
| COP | 340146 | USD | 340495 | 8/27/2025 | HUB |  | (349) | (349) |
| COP | 388739 | USD | 375278 | 8/27/2025 | HUB | 13461 |  | 13461 |
| COP | 388739 | USD | 375448 | 8/27/2025 | HUB | 13291 |  | 13291 |
| COP | 388739 | USD | 375488 | 8/27/2025 | HUB | 13251 |  | 13251 |
| COP | 388739 | USD | 375907 | 8/27/2025 | HUB | 12832 |  | 12832 |
| COP | 388739 | USD | 379141 | 8/27/2025 | HUB | 9598 |  | 9598 |
| COP | 388739 | USD | 388830 | 8/27/2025 | HUB |  | (91) | (91) |
| COP | 388739 | USD | 388924 | 8/27/2025 | HUB |  | (185) | (185) |
| COP | 388739 | USD | 389204 | 8/27/2025 | HUB |  | (465) | (465) |
| COP | 437331 | USD | 422408 | 8/27/2025 | HUB | 14923 |  | 14923 |
| COP | 437331 | USD | 425824 | 8/27/2025 | HUB | 11507 |  | 11507 |
| COP | 437331 | USD | 437411 | 8/27/2025 | HUB |  | (80) | (80) |
| COP | 437331 | USD | 437676 | 8/27/2025 | HUB |  | (345) | (345) |
| COP | 437331 | USD | 437736 | 8/27/2025 | HUB |  | (405) | (405) |
| COP | 437331 | USD | 437998 | 8/27/2025 | HUB |  | (667) | (667) |
| COP | 456868 | USD | 448376 | 8/27/2025 | HUB | 8492 |  | 8492 |
| COP | 485923 | USD | 468351 | 8/27/2025 | HUB | 17572 |  | 17572 |
| COP | 485923 | USD | 486367 | 8/27/2025 | HUB |  | (444) | (444) |
| COP | 485923 | USD | 486464 | 8/27/2025 | HUB |  | (541) | (541) |
| COP | 534516 | USD | 520937 | 8/27/2025 | HUB | 13579 |  | 13579 |
| COP | 534516 | USD | 534601 | 8/27/2025 | HUB |  | (85) | (85) |
| COP | 534516 | USD | 534782 | 8/27/2025 | HUB |  | (266) | (266) |
| COP | 534516 | USD | 535341 | 8/27/2025 | HUB |  | (825) | (825) |
| COP | 583108 | USD | 583530 | 8/27/2025 | HUB |  | (422) | (422) |
| COP | 583108 | USD | 583669 | 8/27/2025 | HUB |  | (561) | (561) |
| COP | 631700 | USD | 631827 | 8/27/2025 | HUB |  | (127) | (127) |
| COP | 631700 | USD | 632268 | 8/27/2025 | HUB |  | (568) | (568) |
| COP | 631700 | USD | 632458 | 8/27/2025 | HUB |  | (758) | (758) |
| COP | 680293 | USD | 662809 | 8/27/2025 | HUB | 17484 |  | 17484 |
| COP | 680293 | USD | 680425 | 8/27/2025 | HUB |  | (132) | (132) |
| COP | 680293 | USD | 680989 | 8/27/2025 | HUB |  | (696) | (696) |
| COP | 680293 | USD | 681209 | 8/27/2025 | HUB |  | (916) | (916) |
| COP | 685302 | USD | 674807 | 8/27/2025 | HUB | 10495 |  | 10495 |
| COP | 728885 | USD | 709416 | 8/27/2025 | HUB | 19469 |  | 19469 |
| COP | 777477 | USD | 756780 | 8/27/2025 | HUB | 20697 |  | 20697 |
| COP | 777477 | USD | 757057 | 8/27/2025 | HUB | 20420 |  | 20420 |
| COP | 799519 | USD | 785517 | 8/27/2025 | HUB | 14002 |  | 14002 |
| COP | 837592 | USD | 823240 | 8/27/2025 | HUB | 14352 |  | 14352 |
| COP | 913736 | USD | 898182 | 8/27/2025 | HUB | 15554 |  | 15554 |
| COP | 1069031 | USD | 1042849 | 8/27/2025 | HUB | 26182 |  | 26182 |
| COP | 1117624 | USD | 1087615 | 8/27/2025 | HUB | 30009 |  | 30009 |
| COP | 1117624 | USD | 1089521 | 8/27/2025 | HUB | 28103 |  | 28103 |
| COP | 1166216 | USD | 1135184 | 8/27/2025 | HUB | 31032 |  | 31032 |
| COP | 1166216 | USD | 1135407 | 8/27/2025 | HUB | 30809 |  | 30809 |
| COP | 1166216 | USD | 1137697 | 8/27/2025 | HUB | 28519 |  | 28519 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| COP | 1214808 | USD | 1183510 | 8/27/2025 | HUB | $31298 | $- | $31298 |
| COP | 1311993 | USD | 1277989 | 8/27/2025 | HUB | 34004 |  | 34004 |
| NZD | 7302638 | USD | 7277432 | 9/2/2025 | HUB | 25206 |  | 25206 |
| NZD | 7302638 | USD | 7283033 | 9/2/2025 | HUB | 19605 |  | 19605 |
| NZD | 14605276 | USD | 14567022 | 9/2/2025 | HUB | 38254 |  | 38254 |
| NZD | 17466562 | USD | 17421832 | 9/2/2025 | HUB | 44730 |  | 44730 |
| NZD | 19473702 | USD | 19383843 | 9/2/2025 | HUB | 89859 |  | 89859 |
| USD | 52576 | CLP | 53657 | 9/30/2025 | HUB |  | (1081) | (1081) |
| USD | 105016 | CLP | 107315 | 9/30/2025 | HUB |  | (2299) | (2299) |
| USD | 105063 | CLP | 107314 | 9/30/2025 | HUB |  | (2251) | (2251) |
| USD | 157573 | CLP | 160971 | 9/30/2025 | HUB |  | (3398) | (3398) |
| USD | 157578 | CLP | 160971 | 9/30/2025 | HUB |  | (3393) | (3393) |
| USD | 157583 | CLP | 160971 | 9/30/2025 | HUB |  | (3388) | (3388) |
| USD | 157598 | CLP | 160971 | 9/30/2025 | HUB |  | (3373) | (3373) |
| USD | 158024 | CLP | 160971 | 9/30/2025 | HUB |  | (2947) | (2947) |
| USD | 209996 | CLP | 214628 | 9/30/2025 | HUB |  | (4632) | (4632) |
| USD | 210038 | CLP | 214629 | 9/30/2025 | HUB |  | (4591) | (4591) |
| USD | 210055 | CLP | 214628 | 9/30/2025 | HUB |  | (4573) | (4573) |
| USD | 210122 | CLP | 214629 | 9/30/2025 | HUB |  | (4507) | (4507) |
| USD | 210126 | CLP | 214628 | 9/30/2025 | HUB |  | (4502) | (4502) |
| USD | 210146 | CLP | 214628 | 9/30/2025 | HUB |  | (4482) | (4482) |
| USD | 210294 | CLP | 214628 | 9/30/2025 | HUB |  | (4334) | (4334) |
| USD | 210611 | CLP | 214629 | 9/30/2025 | HUB |  | (4018) | (4018) |
| USD | 262544 | CLP | 268285 | 9/30/2025 | HUB |  | (5741) | (5741) |
| USD | 262586 | CLP | 268286 | 9/30/2025 | HUB |  | (5700) | (5700) |
| USD | 262688 | CLP | 268286 | 9/30/2025 | HUB |  | (5598) | (5598) |
| USD | 262708 | CLP | 268285 | 9/30/2025 | HUB |  | (5577) | (5577) |
| USD | 263319 | CLP | 268286 | 9/30/2025 | HUB |  | (4967) | (4967) |
| USD | 315017 | CLP | 321943 | 9/30/2025 | HUB |  | (6926) | (6926) |
| USD | 315116 | CLP | 321942 | 9/30/2025 | HUB |  | (6826) | (6826) |
| USD | 315123 | CLP | 321943 | 9/30/2025 | HUB |  | (6820) | (6820) |
| USD | 315153 | CLP | 321943 | 9/30/2025 | HUB |  | (6790) | (6790) |
| USD | 315156 | CLP | 321943 | 9/30/2025 | HUB |  | (6787) | (6787) |
| USD | 315182 | CLP | 321942 | 9/30/2025 | HUB |  | (6760) | (6760) |
| USD | 315388 | CLP | 321943 | 9/30/2025 | HUB |  | (6555) | (6555) |
| USD | 315497 | CLP | 321942 | 9/30/2025 | HUB |  | (6445) | (6445) |
| USD | 315886 | CLP | 321943 | 9/30/2025 | HUB |  | (6057) | (6057) |
| USD | 367566 | CLP | 375599 | 9/30/2025 | HUB |  | (8033) | (8033) |
| USD | 367701 | CLP | 375599 | 9/30/2025 | HUB |  | (7898) | (7898) |
| USD | 367771 | CLP | 375600 | 9/30/2025 | HUB |  | (7829) | (7829) |
| USD | 367883 | CLP | 375600 | 9/30/2025 | HUB |  | (7717) | (7717) |
| USD | 367999 | CLP | 375600 | 9/30/2025 | HUB |  | (7601) | (7601) |
| USD | 368281 | CLP | 375599 | 9/30/2025 | HUB |  | (7318) | (7318) |
| USD | 421150 | CLP | 429256 | 9/30/2025 | HUB |  | (8106) | (8106) |
| USD | 421447 | CLP | 429256 | 9/30/2025 | HUB |  | (7809) | (7809) |
| CLP | 53657 | USD | 53059 | 9/30/2025 | HUB | 598 |  | 598 |
| CLP | 53657 | USD | 53073 | 9/30/2025 | HUB | 584 |  | 584 |
| CLP | 53657 | USD | 53078 | 9/30/2025 | HUB | 579 |  | 579 |
| CLP | 53657 | USD | 53082 | 9/30/2025 | HUB | 575 |  | 575 |
| CLP | 53657 | USD | 53104 | 9/30/2025 | HUB | 553 |  | 553 |
| CLP | 53657 | USD | 53111 | 9/30/2025 | HUB | 546 |  | 546 |
| CLP | 53657 | USD | 53158 | 9/30/2025 | HUB | 499 |  | 499 |
| CLP | 53657 | USD | 53165 | 9/30/2025 | HUB | 492 |  | 492 |
| CLP | 53657 | USD | 53180 | 9/30/2025 | HUB | 477 |  | 477 |
| CLP | 53657 | USD | 53189 | 9/30/2025 | HUB | 468 |  | 468 |
| CLP | 53657 | USD | 53193 | 9/30/2025 | HUB | 464 |  | 464 |
| CLP | 53657 | USD | 53196 | 9/30/2025 | HUB | 461 |  | 461 |
| CLP | 53657 | USD | 53200 | 9/30/2025 | HUB | 457 |  | 457 |
| CLP | 53657 | USD | 53202 | 9/30/2025 | HUB | 455 |  | 455 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| CLP | 53657 | USD | 53208 | 9/30/2025 | HUB | $449 | $- | $449 |
| CLP | 53657 | USD | 53211 | 9/30/2025 | HUB | 446 |  | 446 |
| CLP | 53657 | USD | 53262 | 9/30/2025 | HUB | 395 |  | 395 |
| CLP | 53657 | USD | 53369 | 9/30/2025 | HUB | 288 |  | 288 |
| CLP | 53657 | USD | 53438 | 9/30/2025 | HUB | 219 |  | 219 |
| CLP | 53657 | USD | 53505 | 9/30/2025 | HUB | 152 |  | 152 |
| CLP | 53657 | USD | 53598 | 9/30/2025 | HUB | 59 |  | 59 |
| CLP | 53657 | USD | 53600 | 9/30/2025 | HUB | 57 |  | 57 |
| CLP | 53657 | USD | 53602 | 9/30/2025 | HUB | 55 |  | 55 |
| CLP | 53657 | USD | 53735 | 9/30/2025 | HUB |  | (78) | (78) |
| CLP | 53657 | USD | 53749 | 9/30/2025 | HUB |  | (92) | (92) |
| CLP | 53657 | USD | 53757 | 9/30/2025 | HUB |  | (100) | (100) |
| CLP | 53657 | USD | 53766 | 9/30/2025 | HUB |  | (109) | (109) |
| CLP | 53657 | USD | 53774 | 9/30/2025 | HUB |  | (117) | (117) |
| CLP | 53657 | USD | 53781 | 9/30/2025 | HUB |  | (124) | (124) |
| CLP | 53657 | USD | 53785 | 9/30/2025 | HUB |  | (128) | (128) |
| CLP | 53657 | USD | 53786 | 9/30/2025 | HUB |  | (129) | (129) |
| CLP | 53657 | USD | 53802 | 9/30/2025 | HUB |  | (145) | (145) |
| CLP | 53657 | USD | 53805 | 9/30/2025 | HUB |  | (148) | (148) |
| CLP | 53657 | USD | 53808 | 9/30/2025 | HUB |  | (151) | (151) |
| CLP | 53657 | USD | 53810 | 9/30/2025 | HUB |  | (153) | (153) |
| CLP | 53657 | USD | 53821 | 9/30/2025 | HUB |  | (164) | (164) |
| CLP | 53657 | USD | 53822 | 9/30/2025 | HUB |  | (165) | (165) |
| CLP | 53657 | USD | 53823 | 9/30/2025 | HUB |  | (166) | (166) |
| CLP | 53657 | USD | 53829 | 9/30/2025 | HUB |  | (172) | (172) |
| CLP | 107314 | USD | 106113 | 9/30/2025 | HUB | 1201 |  | 1201 |
| CLP | 53657 | USD | 53067 | 9/30/2025 | HUB | 590 |  | 590 |
| CLP | 53657 | USD | 53067 | 9/30/2025 | HUB | 590 |  | 590 |
| CLP | 107314 | USD | 106170 | 9/30/2025 | HUB | 1144 |  | 1144 |
| CLP | 107314 | USD | 106181 | 9/30/2025 | HUB | 1133 |  | 1133 |
| CLP | 107314 | USD | 106207 | 9/30/2025 | HUB | 1107 |  | 1107 |
| CLP | 107314 | USD | 106216 | 9/30/2025 | HUB | 1098 |  | 1098 |
| CLP | 107314 | USD | 106271 | 9/30/2025 | HUB | 1043 |  | 1043 |
| CLP | 107314 | USD | 106281 | 9/30/2025 | HUB | 1033 |  | 1033 |
| CLP | 107314 | USD | 106291 | 9/30/2025 | HUB | 1023 |  | 1023 |
| CLP | 107314 | USD | 106304 | 9/30/2025 | HUB | 1010 |  | 1010 |
| CLP | 107314 | USD | 106306 | 9/30/2025 | HUB | 1008 |  | 1008 |
| CLP | 107314 | USD | 106316 | 9/30/2025 | HUB | 998 |  | 998 |
| CLP | 107314 | USD | 106348 | 9/30/2025 | HUB | 966 |  | 966 |
| CLP | 107314 | USD | 106369 | 9/30/2025 | HUB | 945 |  | 945 |
| CLP | 107314 | USD | 106391 | 9/30/2025 | HUB | 923 |  | 923 |
| CLP | 107314 | USD | 106395 | 9/30/2025 | HUB | 919 |  | 919 |
| CLP | 107314 | USD | 106405 | 9/30/2025 | HUB | 909 |  | 909 |
| CLP | 107314 | USD | 106415 | 9/30/2025 | HUB | 899 |  | 899 |
| CLP | 107314 | USD | 106417 | 9/30/2025 | HUB | 897 |  | 897 |
| CLP | 107314 | USD | 106428 | 9/30/2025 | HUB | 886 |  | 886 |
| CLP | 107314 | USD | 106442 | 9/30/2025 | HUB | 872 |  | 872 |
| CLP | 107314 | USD | 106443 | 9/30/2025 | HUB | 871 |  | 871 |
| CLP | 107314 | USD | 106514 | 9/30/2025 | HUB | 800 |  | 800 |
| CLP | 107314 | USD | 106526 | 9/30/2025 | HUB | 788 |  | 788 |
| CLP | 107314 | USD | 106542 | 9/30/2025 | HUB | 772 |  | 772 |
| CLP | 107314 | USD | 106548 | 9/30/2025 | HUB | 766 |  | 766 |
| CLP | 107314 | USD | 106612 | 9/30/2025 | HUB | 702 |  | 702 |
| CLP | 107314 | USD | 106618 | 9/30/2025 | HUB | 696 |  | 696 |
| CLP | 107314 | USD | 106682 | 9/30/2025 | HUB | 632 |  | 632 |
| CLP | 107314 | USD | 106725 | 9/30/2025 | HUB | 589 |  | 589 |
| CLP | 107314 | USD | 106738 | 9/30/2025 | HUB | 576 |  | 576 |
| CLP | 107314 | USD | 106741 | 9/30/2025 | HUB | 573 |  | 573 |
| CLP | 107314 | USD | 106791 | 9/30/2025 | HUB | 523 |  | 523 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| CLP | 107314 | USD | 106842 | 9/30/2025 | HUB | $472 | $- | $472 |
| CLP | 107314 | USD | 106847 | 9/30/2025 | HUB | 467 |  | 467 |
| CLP | 107314 | USD | 106868 | 9/30/2025 | HUB | 446 |  | 446 |
| CLP | 107314 | USD | 106869 | 9/30/2025 | HUB | 445 |  | 445 |
| CLP | 107314 | USD | 106973 | 9/30/2025 | HUB | 341 |  | 341 |
| CLP | 107314 | USD | 107017 | 9/30/2025 | HUB | 297 |  | 297 |
| CLP | 107314 | USD | 107071 | 9/30/2025 | HUB | 243 |  | 243 |
| CLP | 107314 | USD | 107079 | 9/30/2025 | HUB | 235 |  | 235 |
| CLP | 107314 | USD | 107118 | 9/30/2025 | HUB | 196 |  | 196 |
| CLP | 107314 | USD | 107129 | 9/30/2025 | HUB | 185 |  | 185 |
| CLP | 107314 | USD | 107181 | 9/30/2025 | HUB | 133 |  | 133 |
| CLP | 107314 | USD | 107192 | 9/30/2025 | HUB | 122 |  | 122 |
| CLP | 107314 | USD | 107227 | 9/30/2025 | HUB | 87 |  | 87 |
| CLP | 107314 | USD | 107403 | 9/30/2025 | HUB |  | (89) | (89) |
| CLP | 107314 | USD | 107465 | 9/30/2025 | HUB |  | (151) | (151) |
| CLP | 107314 | USD | 107471 | 9/30/2025 | HUB |  | (157) | (157) |
| CLP | 53657 | USD | 53741 | 9/30/2025 | HUB |  | (84) | (84) |
| CLP | 53657 | USD | 53741 | 9/30/2025 | HUB |  | (84) | (84) |
| CLP | 53657 | USD | 53744 | 9/30/2025 | HUB |  | (87) | (87) |
| CLP | 53657 | USD | 53744 | 9/30/2025 | HUB |  | (87) | (87) |
| CLP | 107314 | USD | 107491 | 9/30/2025 | HUB |  | (177) | (177) |
| CLP | 107314 | USD | 107494 | 9/30/2025 | HUB |  | (180) | (180) |
| CLP | 107314 | USD | 107505 | 9/30/2025 | HUB |  | (191) | (191) |
| CLP | 107314 | USD | 107508 | 9/30/2025 | HUB |  | (194) | (194) |
| CLP | 107314 | USD | 107515 | 9/30/2025 | HUB |  | (201) | (201) |
| CLP | 107314 | USD | 107520 | 9/30/2025 | HUB |  | (206) | (206) |
| CLP | 107314 | USD | 107538 | 9/30/2025 | HUB |  | (224) | (224) |
| CLP | 53657 | USD | 53777 | 9/30/2025 | HUB |  | (120) | (120) |
| CLP | 53657 | USD | 53777 | 9/30/2025 | HUB |  | (120) | (120) |
| CLP | 107314 | USD | 107572 | 9/30/2025 | HUB |  | (258) | (258) |
| CLP | 107314 | USD | 107581 | 9/30/2025 | HUB |  | (267) | (267) |
| CLP | 107314 | USD | 107588 | 9/30/2025 | HUB |  | (274) | (274) |
| CLP | 107314 | USD | 107603 | 9/30/2025 | HUB |  | (289) | (289) |
| CLP | 53657 | USD | 53804 | 9/30/2025 | HUB |  | (147) | (147) |
| CLP | 53657 | USD | 53804 | 9/30/2025 | HUB |  | (147) | (147) |
| CLP | 107314 | USD | 107623 | 9/30/2025 | HUB |  | (309) | (309) |
| CLP | 107314 | USD | 107629 | 9/30/2025 | HUB |  | (315) | (315) |
| CLP | 107314 | USD | 107639 | 9/30/2025 | HUB |  | (325) | (325) |
| CLP | 107314 | USD | 107648 | 9/30/2025 | HUB |  | (334) | (334) |
| CLP | 107314 | USD | 107656 | 9/30/2025 | HUB |  | (342) | (342) |
| CLP | 107314 | USD | 107661 | 9/30/2025 | HUB |  | (347) | (347) |
| CLP | 160971 | USD | 158935 | 9/30/2025 | HUB | 2036 |  | 2036 |
| CLP | 160971 | USD | 159022 | 9/30/2025 | HUB | 1949 |  | 1949 |
| CLP | 160971 | USD | 159223 | 9/30/2025 | HUB | 1748 |  | 1748 |
| CLP | 160971 | USD | 159269 | 9/30/2025 | HUB | 1702 |  | 1702 |
| CLP | 160971 | USD | 159279 | 9/30/2025 | HUB | 1692 |  | 1692 |
| CLP | 160971 | USD | 159298 | 9/30/2025 | HUB | 1673 |  | 1673 |
| CLP | 160971 | USD | 159303 | 9/30/2025 | HUB | 1668 |  | 1668 |
| CLP | 160971 | USD | 159308 | 9/30/2025 | HUB | 1663 |  | 1663 |
| CLP | 160971 | USD | 159350 | 9/30/2025 | HUB | 1621 |  | 1621 |
| CLP | 160971 | USD | 159361 | 9/30/2025 | HUB | 1610 |  | 1610 |
| CLP | 160971 | USD | 159417 | 9/30/2025 | HUB | 1554 |  | 1554 |
| CLP | 160971 | USD | 159445 | 9/30/2025 | HUB | 1526 |  | 1526 |
| CLP | 160971 | USD | 159581 | 9/30/2025 | HUB | 1390 |  | 1390 |
| CLP | 160971 | USD | 159583 | 9/30/2025 | HUB | 1388 |  | 1388 |
| CLP | 160971 | USD | 159594 | 9/30/2025 | HUB | 1377 |  | 1377 |
| CLP | 160971 | USD | 159595 | 9/30/2025 | HUB | 1376 |  | 1376 |
| CLP | 160971 | USD | 159612 | 9/30/2025 | HUB | 1359 |  | 1359 |
| CLP | 160971 | USD | 159635 | 9/30/2025 | HUB | 1336 |  | 1336 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| CLP | 160971 | USD | 159644 | 9/30/2025 | HUB | $1327 | $- | $1327 |
| CLP | 160971 | USD | 159673 | 9/30/2025 | HUB | 1298 |  | 1298 |
| CLP | 160971 | USD | 159693 | 9/30/2025 | HUB | 1278 |  | 1278 |
| CLP | 160971 | USD | 159697 | 9/30/2025 | HUB | 1274 |  | 1274 |
| CLP | 160971 | USD | 159819 | 9/30/2025 | HUB | 1152 |  | 1152 |
| CLP | 160971 | USD | 159828 | 9/30/2025 | HUB | 1143 |  | 1143 |
| CLP | 160971 | USD | 159846 | 9/30/2025 | HUB | 1125 |  | 1125 |
| CLP | 160971 | USD | 159853 | 9/30/2025 | HUB | 1118 |  | 1118 |
| CLP | 160971 | USD | 159877 | 9/30/2025 | HUB | 1094 |  | 1094 |
| CLP | 160971 | USD | 159882 | 9/30/2025 | HUB | 1089 |  | 1089 |
| CLP | 160971 | USD | 159896 | 9/30/2025 | HUB | 1075 |  | 1075 |
| CLP | 160971 | USD | 159932 | 9/30/2025 | HUB | 1039 |  | 1039 |
| CLP | 160971 | USD | 159940 | 9/30/2025 | HUB | 1031 |  | 1031 |
| CLP | 160971 | USD | 159947 | 9/30/2025 | HUB | 1024 |  | 1024 |
| CLP | 160971 | USD | 159964 | 9/30/2025 | HUB | 1007 |  | 1007 |
| CLP | 160971 | USD | 159991 | 9/30/2025 | HUB | 980 |  | 980 |
| CLP | 160971 | USD | 159993 | 9/30/2025 | HUB | 978 |  | 978 |
| CLP | 160971 | USD | 160017 | 9/30/2025 | HUB | 954 |  | 954 |
| CLP | 160971 | USD | 160060 | 9/30/2025 | HUB | 911 |  | 911 |
| CLP | 160971 | USD | 160119 | 9/30/2025 | HUB | 852 |  | 852 |
| CLP | 160971 | USD | 160263 | 9/30/2025 | HUB | 708 |  | 708 |
| CLP | 160971 | USD | 160289 | 9/30/2025 | HUB | 682 |  | 682 |
| CLP | 160971 | USD | 160306 | 9/30/2025 | HUB | 665 |  | 665 |
| CLP | 160971 | USD | 160313 | 9/30/2025 | HUB | 658 |  | 658 |
| CLP | 160971 | USD | 160332 | 9/30/2025 | HUB | 639 |  | 639 |
| CLP | 160971 | USD | 160382 | 9/30/2025 | HUB | 589 |  | 589 |
| CLP | 160971 | USD | 160397 | 9/30/2025 | HUB | 574 |  | 574 |
| CLP | 160971 | USD | 160434 | 9/30/2025 | HUB | 537 |  | 537 |
| CLP | 160971 | USD | 160469 | 9/30/2025 | HUB | 502 |  | 502 |
| CLP | 160971 | USD | 160701 | 9/30/2025 | HUB | 270 |  | 270 |
| CLP | 160971 | USD | 160706 | 9/30/2025 | HUB | 265 |  | 265 |
| CLP | 160971 | USD | 160740 | 9/30/2025 | HUB | 231 |  | 231 |
| CLP | 160971 | USD | 160827 | 9/30/2025 | HUB | 144 |  | 144 |
| CLP | 160971 | USD | 160916 | 9/30/2025 | HUB | 55 |  | 55 |
| CLP | 160971 | USD | 160982 | 9/30/2025 | HUB |  | (11) | (11) |
| CLP | 160971 | USD | 160984 | 9/30/2025 | HUB |  | (13) | (13) |
| CLP | 160971 | USD | 161091 | 9/30/2025 | HUB |  | (120) | (120) |
| CLP | 160971 | USD | 161103 | 9/30/2025 | HUB |  | (132) | (132) |
| CLP | 160971 | USD | 161236 | 9/30/2025 | HUB |  | (265) | (265) |
| CLP | 160971 | USD | 161243 | 9/30/2025 | HUB |  | (272) | (272) |
| CLP | 160971 | USD | 161259 | 9/30/2025 | HUB |  | (288) | (288) |
| CLP | 160971 | USD | 161269 | 9/30/2025 | HUB |  | (298) | (298) |
| CLP | 160971 | USD | 161281 | 9/30/2025 | HUB |  | (310) | (310) |
| CLP | 160971 | USD | 161288 | 9/30/2025 | HUB |  | (317) | (317) |
| CLP | 160971 | USD | 161335 | 9/30/2025 | HUB |  | (364) | (364) |
| CLP | 160971 | USD | 161346 | 9/30/2025 | HUB |  | (375) | (375) |
| CLP | 214628 | USD | 211884 | 9/30/2025 | HUB | 2744 |  | 2744 |
| CLP | 214628 | USD | 212236 | 9/30/2025 | HUB | 2392 |  | 2392 |
| CLP | 214628 | USD | 212343 | 9/30/2025 | HUB | 2285 |  | 2285 |
| CLP | 214628 | USD | 212345 | 9/30/2025 | HUB | 2283 |  | 2283 |
| CLP | 214628 | USD | 212384 | 9/30/2025 | HUB | 2244 |  | 2244 |
| CLP | 107314 | USD | 106194 | 9/30/2025 | HUB | 1120 |  | 1120 |
| CLP | 107314 | USD | 106194 | 9/30/2025 | HUB | 1120 |  | 1120 |
| CLP | 214628 | USD | 212433 | 9/30/2025 | HUB | 2195 |  | 2195 |
| CLP | 214628 | USD | 212438 | 9/30/2025 | HUB | 2190 |  | 2190 |
| CLP | 214628 | USD | 212729 | 9/30/2025 | HUB | 1899 |  | 1899 |
| CLP | 214628 | USD | 212752 | 9/30/2025 | HUB | 1876 |  | 1876 |
| CLP | 214628 | USD | 212791 | 9/30/2025 | HUB | 1837 |  | 1837 |
| CLP | 107314 | USD | 106402 | 9/30/2025 | HUB | 912 |  | 912 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| CLP | 107314 | USD | 106402 | 9/30/2025 | HUB | $912 | $- | $912 |
| CLP | 214628 | USD | 212942 | 9/30/2025 | HUB | 1686 |  | 1686 |
| CLP | 214628 | USD | 213110 | 9/30/2025 | HUB | 1518 |  | 1518 |
| CLP | 214628 | USD | 213215 | 9/30/2025 | HUB | 1413 |  | 1413 |
| CLP | 214628 | USD | 213233 | 9/30/2025 | HUB | 1395 |  | 1395 |
| CLP | 214628 | USD | 213251 | 9/30/2025 | HUB | 1377 |  | 1377 |
| CLP | 214628 | USD | 213263 | 9/30/2025 | HUB | 1365 |  | 1365 |
| CLP | 214628 | USD | 213535 | 9/30/2025 | HUB | 1093 |  | 1093 |
| CLP | 214628 | USD | 213552 | 9/30/2025 | HUB | 1076 |  | 1076 |
| CLP | 214628 | USD | 213602 | 9/30/2025 | HUB | 1026 |  | 1026 |
| CLP | 214628 | USD | 213629 | 9/30/2025 | HUB | 999 |  | 999 |
| CLP | 214628 | USD | 213726 | 9/30/2025 | HUB | 902 |  | 902 |
| CLP | 214628 | USD | 213730 | 9/30/2025 | HUB | 898 |  | 898 |
| CLP | 214628 | USD | 213844 | 9/30/2025 | HUB | 784 |  | 784 |
| CLP | 214628 | USD | 213965 | 9/30/2025 | HUB | 663 |  | 663 |
| CLP | 214628 | USD | 214700 | 9/30/2025 | HUB |  | (72) | (72) |
| CLP | 214628 | USD | 214707 | 9/30/2025 | HUB |  | (79) | (79) |
| CLP | 214628 | USD | 214878 | 9/30/2025 | HUB |  | (250) | (250) |
| CLP | 214628 | USD | 215021 | 9/30/2025 | HUB |  | (393) | (393) |
| CLP | 214628 | USD | 215023 | 9/30/2025 | HUB |  | (395) | (395) |
| CLP | 214628 | USD | 215028 | 9/30/2025 | HUB |  | (400) | (400) |
| CLP | 214628 | USD | 215093 | 9/30/2025 | HUB |  | (465) | (465) |
| CLP | 214628 | USD | 215146 | 9/30/2025 | HUB |  | (518) | (518) |
| CLP | 214628 | USD | 215218 | 9/30/2025 | HUB |  | (590) | (590) |
| CLP | 268285 | USD | 266510 | 9/30/2025 | HUB | 1775 |  | 1775 |
| CLP | 268285 | USD | 266581 | 9/30/2025 | HUB | 1704 |  | 1704 |
| CLP | 268285 | USD | 266709 | 9/30/2025 | HUB | 1576 |  | 1576 |
| CLP | 268285 | USD | 267128 | 9/30/2025 | HUB | 1157 |  | 1157 |
| CLP | 268285 | USD | 267151 | 9/30/2025 | HUB | 1134 |  | 1134 |
| CLP | 268285 | USD | 267154 | 9/30/2025 | HUB | 1131 |  | 1131 |
| CLP | 268285 | USD | 267242 | 9/30/2025 | HUB | 1043 |  | 1043 |
| CLP | 268285 | USD | 267268 | 9/30/2025 | HUB | 1017 |  | 1017 |
| CLP | 268285 | USD | 267285 | 9/30/2025 | HUB | 1000 |  | 1000 |
| CLP | 268285 | USD | 267382 | 9/30/2025 | HUB | 903 |  | 903 |
| CLP | 268285 | USD | 268805 | 9/30/2025 | HUB |  | (520) | (520) |
| CLP | 268285 | USD | 268872 | 9/30/2025 | HUB |  | (587) | (587) |
| CLP | 268285 | USD | 268999 | 9/30/2025 | HUB |  | (714) | (714) |
| CLP | 107314 | USD | 106148 | 9/30/2025 | HUB | 1166 |  | 1166 |
| CLP | 107314 | USD | 106148 | 9/30/2025 | HUB | 1166 |  | 1166 |
| CLP | 107314 | USD | 106148 | 9/30/2025 | HUB | 1166 |  | 1166 |
| CLP | 160971 | USD | 159225 | 9/30/2025 | HUB | 1746 |  | 1746 |
| CLP | 160971 | USD | 159225 | 9/30/2025 | HUB | 1746 |  | 1746 |
| CLP | 321942 | USD | 318569 | 9/30/2025 | HUB | 3373 |  | 3373 |
| CLP | 107314 | USD | 106449 | 9/30/2025 | HUB | 865 |  | 865 |
| CLP | 107314 | USD | 106449 | 9/30/2025 | HUB | 865 |  | 865 |
| CLP | 107314 | USD | 106449 | 9/30/2025 | HUB | 865 |  | 865 |
| CLP | 321942 | USD | 319635 | 9/30/2025 | HUB | 2307 |  | 2307 |
| CLP | 321942 | USD | 320420 | 9/30/2025 | HUB | 1522 |  | 1522 |
| CLP | 321942 | USD | 320523 | 9/30/2025 | HUB | 1419 |  | 1419 |
| CLP | 321942 | USD | 320667 | 9/30/2025 | HUB | 1275 |  | 1275 |
| CLP | 321942 | USD | 320831 | 9/30/2025 | HUB | 1111 |  | 1111 |
| CLP | 321942 | USD | 320907 | 9/30/2025 | HUB | 1035 |  | 1035 |
| CLP | 321942 | USD | 320917 | 9/30/2025 | HUB | 1025 |  | 1025 |
| CLP | 321942 | USD | 320972 | 9/30/2025 | HUB | 970 |  | 970 |
| CLP | 321942 | USD | 321047 | 9/30/2025 | HUB | 895 |  | 895 |
| CLP | 321942 | USD | 322223 | 9/30/2025 | HUB |  | (281) | (281) |
| CLP | 160971 | USD | 161268 | 9/30/2025 | HUB |  | (297) | (297) |
| CLP | 160971 | USD | 161268 | 9/30/2025 | HUB |  | (297) | (297) |
| CLP | 375599 | USD | 371988 | 9/30/2025 | HUB | 3611 |  | 3611 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| CLP | 375599 | USD | 372538 | 9/30/2025 | HUB | $3061 | $- | $3061 |
| CLP | 375599 | USD | 372820 | 9/30/2025 | HUB | 2779 |  | 2779 |
| CLP | 375599 | USD | 372927 | 9/30/2025 | HUB | 2672 |  | 2672 |
| CLP | 375599 | USD | 373839 | 9/30/2025 | HUB | 1760 |  | 1760 |
| CLP | 375599 | USD | 373894 | 9/30/2025 | HUB | 1705 |  | 1705 |
| CLP | 375599 | USD | 374007 | 9/30/2025 | HUB | 1592 |  | 1592 |
| CLP | 375599 | USD | 374207 | 9/30/2025 | HUB | 1392 |  | 1392 |
| CLP | 375599 | USD | 374517 | 9/30/2025 | HUB | 1082 |  | 1082 |
| CLP | 429257 | USD | 424345 | 9/30/2025 | HUB | 4912 |  | 4912 |
| CLP | 429257 | USD | 425528 | 9/30/2025 | HUB | 3729 |  | 3729 |
| CLP | 429257 | USD | 425908 | 9/30/2025 | HUB | 3349 |  | 3349 |
| CLP | 429257 | USD | 425954 | 9/30/2025 | HUB | 3303 |  | 3303 |
| CLP | 429257 | USD | 427927 | 9/30/2025 | HUB | 1330 |  | 1330 |
| CLP | 429257 | USD | 428019 | 9/30/2025 | HUB | 1238 |  | 1238 |
| CLP | 482914 | USD | 477621 | 9/30/2025 | HUB | 5293 |  | 5293 |
| CLP | 536571 | USD | 532737 | 9/30/2025 | HUB | 3834 |  | 3834 |
| CLP | 321942 | USD | 320574 | 9/30/2025 | HUB | 1368 |  | 1368 |
| CLP | 321942 | USD | 320574 | 9/30/2025 | HUB | 1368 |  | 1368 |
| CLP | 375599 | USD | 374143 | 9/30/2025 | HUB | 1456 |  | 1456 |
| CLP | 375599 | USD | 374143 | 9/30/2025 | HUB | 1456 |  | 1456 |
| CLP | 1335465 | USD | 1326340 | 9/30/2025 | HUB | 9125 |  | 9125 |
| CLP | 1669331 | USD | 1656732 | 9/30/2025 | HUB | 12599 |  | 12599 |
| USD | 55787 | ZAR | 56485 | 7/1/2025 | NWM |  | (698) | (698) |
| USD | 55915 | ZAR | 56485 | 7/1/2025 | NWM |  | (570) | (570) |
| USD | 55929 | ZAR | 56485 | 7/1/2025 | NWM |  | (556) | (556) |
| USD | 55985 | ZAR | 56486 | 7/1/2025 | NWM |  | (501) | (501) |
| USD | 83668 | ZAR | 84727 | 7/1/2025 | NWM |  | (1059) | (1059) |
| USD | 83706 | ZAR | 84728 | 7/1/2025 | NWM |  | (1022) | (1022) |
| USD | 83739 | ZAR | 84727 | 7/1/2025 | NWM |  | (988) | (988) |
| USD | 83773 | ZAR | 84728 | 7/1/2025 | NWM |  | (955) | (955) |
| USD | 83782 | ZAR | 84728 | 7/1/2025 | NWM |  | (946) | (946) |
| USD | 83784 | ZAR | 84728 | 7/1/2025 | NWM |  | (944) | (944) |
| USD | 83840 | ZAR | 84728 | 7/1/2025 | NWM |  | (888) | (888) |
| EUR | 117795 | GBP | 117270 | 7/1/2025 | NWM | 525 |  | 525 |
| EUR | 117795 | GBP | 117305 | 7/1/2025 | NWM | 490 |  | 490 |
| EUR | 117795 | GBP | 117313 | 7/1/2025 | NWM | 482 |  | 482 |
| EUR | 117795 | GBP | 117319 | 7/1/2025 | NWM | 476 |  | 476 |
| EUR | 117795 | GBP | 117341 | 7/1/2025 | NWM | 454 |  | 454 |
| CHF | 126032 | USD | 125080 | 7/1/2025 | NWM | 952 |  | 952 |
| CHF | 126032 | USD | 125114 | 7/1/2025 | NWM | 918 |  | 918 |
| EUR | 117795 | SEK | 117102 | 7/1/2025 | NWM | 693 |  | 693 |
| EUR | 117795 | SEK | 117166 | 7/1/2025 | NWM | 629 |  | 629 |
| EUR | 117795 | SEK | 117203 | 7/1/2025 | NWM | 592 |  | 592 |
| EUR | 117795 | SEK | 117240 | 7/1/2025 | NWM | 555 |  | 555 |
| EUR | 117795 | SEK | 117432 | 7/1/2025 | NWM | 363 |  | 363 |
| EUR | 117795 | SEK | 117555 | 7/1/2025 | NWM | 240 |  | 240 |
| EUR | 117795 | SEK | 117561 | 7/1/2025 | NWM | 234 |  | 234 |
| EUR | 117795 | SEK | 117591 | 7/1/2025 | NWM | 204 |  | 204 |
| USD | 111534 | ZAR | 112970 | 7/1/2025 | NWM |  | (1436) | (1436) |
| USD | 111693 | ZAR | 112971 | 7/1/2025 | NWM |  | (1278) | (1278) |
| USD | 139439 | ZAR | 141213 | 7/1/2025 | NWM |  | (1774) | (1774) |
| USD | 139623 | ZAR | 141213 | 7/1/2025 | NWM |  | (1590) | (1590) |
| USD | 139640 | ZAR | 141213 | 7/1/2025 | NWM |  | (1573) | (1573) |
| USD | 139750 | ZAR | 141213 | 7/1/2025 | NWM |  | (1463) | (1463) |
| USD | 139822 | ZAR | 141213 | 7/1/2025 | NWM |  | (1391) | (1391) |
| USD | 167562 | ZAR | 169456 | 7/1/2025 | NWM |  | (1894) | (1894) |
| USD | 167563 | ZAR | 169456 | 7/1/2025 | NWM |  | (1893) | (1893) |
| USD | 167577 | ZAR | 169456 | 7/1/2025 | NWM |  | (1879) | (1879) |
| USD | 167581 | ZAR | 169456 | 7/1/2025 | NWM |  | (1875) | (1875) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 195390 | ZAR | 197698 | 7/1/2025 | NWM | $- | $(2308) | $(2308) |
| USD | 195419 | ZAR | 197698 | 7/1/2025 | NWM |  | (2279) | (2279) |
| USD | 195464 | ZAR | 197698 | 7/1/2025 | NWM |  | (2234) | (2234) |
| EUR | 235590 | GBP | 234610 | 7/1/2025 | NWM | 980 |  | 980 |
| CHF | 252064 | USD | 250244 | 7/1/2025 | NWM | 1820 |  | 1820 |
| CHF | 252064 | USD | 250335 | 7/1/2025 | NWM | 1729 |  | 1729 |
| CHF | 252064 | USD | 250370 | 7/1/2025 | NWM | 1694 |  | 1694 |
| EUR | 235590 | SEK | 234652 | 7/1/2025 | NWM | 938 |  | 938 |
| EUR | 235590 | SEK | 235284 | 7/1/2025 | NWM | 306 |  | 306 |
| EUR | 235590 | SEK | 235389 | 7/1/2025 | NWM | 201 |  | 201 |
| USD | 223338 | ZAR | 225941 | 7/1/2025 | NWM |  | (2603) | (2603) |
| EUR | 353385 | GBP | 352072 | 7/1/2025 | NWM | 1313 |  | 1313 |
| CHF | 378096 | USD | 375438 | 7/1/2025 | NWM | 2658 |  | 2658 |
| CHF | 378096 | USD | 375625 | 7/1/2025 | NWM | 2471 |  | 2471 |
| CHF | 378096 | USD | 375766 | 7/1/2025 | NWM | 2330 |  | 2330 |
| EUR | 353385 | HUF | 353317 | 7/1/2025 | NWM | 68 |  | 68 |
| CHF | 504128 | USD | 500890 | 7/1/2025 | NWM | 3238 |  | 3238 |
| CHF | 630159 | USD | 625328 | 7/1/2025 | NWM | 4831 |  | 4831 |
| USD | 556135 | HUF | 560051 | 7/1/2025 | NWM |  | (3916) | (3916) |
| CHF | 756191 | USD | 749316 | 7/1/2025 | NWM | 6875 |  | 6875 |
| CHF | 756191 | USD | 751729 | 7/1/2025 | NWM | 4462 |  | 4462 |
| EUR | 824565 | GBP | 818158 | 7/1/2025 | NWM | 6407 |  | 6407 |
| CHF | 882223 | USD | 875974 | 7/1/2025 | NWM | 6249 |  | 6249 |
| CHF | 882223 | USD | 876446 | 7/1/2025 | NWM | 5777 |  | 5777 |
| USD | 710199 | CHF | 714181 | 7/1/2025 | NWM |  | (3982) | (3982) |
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;1008255 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1001794 | 7/1/2025 | NWM | 6461 |  | 6461 |
| CHF | 1008255 | USD | 1002180 | 7/1/2025 | NWM | 6075 |  | 6075 |
| CHF | 1008255 | USD | 1002293 | 7/1/2025 | NWM | 5962 |  | 5962 |
| CHF | 1008255 | USD | 1002544 | 7/1/2025 | NWM | 5711 |  | 5711 |
| CHF | 1260319 | USD | 1254690 | 7/1/2025 | NWM | 5629 |  | 5629 |
| GBP | 1993564 | EUR | 2002516 | 7/1/2025 | NWM |  | (8952) | (8952) |
| USD | 11066030 | CHF | 11132817 | 7/1/2025 | NWM |  | (66787) | (66787) |
| SEK | 1641698 | EUR | 1649131 | 7/1/2025 | NWM |  | (7433) | (7433) |
| ZAR | 3247899 | USD | 3250627 | 7/1/2025 | NWM |  | (2728) | (2728) |
| HUF | 352497 | EUR | 353385 | 7/1/2025 | NWM |  | (888) | (888) |
| HUF | 560051 | USD | 559282 | 7/1/2025 | NWM | 769 |  | 769 |
| EUR | 117795 | GBP | 117357 | 7/2/2025 | NWM | 438 |  | 438 |
| EUR | 117795 | GBP | 117433 | 7/2/2025 | NWM | 362 |  | 362 |
| EUR | 117795 | GBP | 117453 | 7/2/2025 | NWM | 342 |  | 342 |
| EUR | 117795 | GBP | 117469 | 7/2/2025 | NWM | 326 |  | 326 |
| EUR | 117795 | GBP | 117482 | 7/2/2025 | NWM | 313 |  | 313 |
| EUR | 117795 | GBP | 117722 | 7/2/2025 | NWM | 73 |  | 73 |
| EUR | 117795 | GBP | 117783 | 7/2/2025 | NWM | 12 |  | 12 |
| CHF | 126032 | USD | 119231 | 7/2/2025 | NWM | 6801 |  | 6801 |
| CHF | 126032 | USD | 122018 | 7/2/2025 | NWM | 4014 |  | 4014 |
| CHF | 126032 | USD | 124333 | 7/2/2025 | NWM | 1699 |  | 1699 |
| CHF | 126032 | USD | 125312 | 7/2/2025 | NWM | 720 |  | 720 |
| EUR | 117795 | SEK | 117503 | 7/2/2025 | NWM | 292 |  | 292 |
| EUR | 117795 | SEK | 117582 | 7/2/2025 | NWM | 213 |  | 213 |
| EUR | 117795 | SEK | 117708 | 7/2/2025 | NWM | 87 |  | 87 |
| EUR | 117795 | SEK | 117754 | 7/2/2025 | NWM | 41 |  | 41 |
| EUR | 117795 | SEK | 117785 | 7/2/2025 | NWM | 10 |  | 10 |
| EUR | 117795 | SEK | 117793 | 7/2/2025 | NWM | 2 |  | 2 |
| EUR | 117795 | SEK | 117968 | 7/2/2025 | NWM |  | (173) | (173) |
| USD | 119231 | CHF | 126032 | 7/2/2025 | NWM |  | (6801) | (6801) |
| USD | 176429 | HUF | 176858 | 7/2/2025 | NWM |  | (429) | (429) |
| EUR | 235590 | GBP | 234929 | 7/2/2025 | NWM | 661 |  | 661 |
| EUR | 235590 | GBP | 234959 | 7/2/2025 | NWM | 631 |  | 631 |
| EUR | 235590 | GBP | 234967 | 7/2/2025 | NWM | 623 |  | 623 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| EUR | 235590 | GBP | 234984 | 7/2/2025 | NWM | $606 | $- | $606 |
| EUR | 235590 | GBP | 235091 | 7/2/2025 | NWM | 499 |  | 499 |
| EUR | 235590 | GBP | 235159 | 7/2/2025 | NWM | 431 |  | 431 |
| EUR | 235590 | GBP | 235299 | 7/2/2025 | NWM | 291 |  | 291 |
| EUR | 235590 | GBP | 235464 | 7/2/2025 | NWM | 126 |  | 126 |
| CHF | 252064 | USD | 250589 | 7/2/2025 | NWM | 1475 |  | 1475 |
| EUR | 235590 | SEK | 235369 | 7/2/2025 | NWM | 221 |  | 221 |
| EUR | 353385 | GBP | 352459 | 7/2/2025 | NWM | 926 |  | 926 |
| CHF | 378096 | USD | 366392 | 7/2/2025 | NWM | 11704 |  | 11704 |
| CHF | 378096 | USD | 376185 | 7/2/2025 | NWM | 1911 |  | 1911 |
| CHF | 378096 | USD | 376294 | 7/2/2025 | NWM | 1802 |  | 1802 |
| EUR | 353385 | SEK | 351733 | 7/2/2025 | NWM | 1652 |  | 1652 |
| EUR | 353385 | HUF | 352583 | 7/2/2025 | NWM | 802 |  | 802 |
| USD | 366392 | CHF | 378096 | 7/2/2025 | NWM |  | (11704) | (11704) |
| CHF | 504128 | USD | 482293 | 7/2/2025 | NWM | 21835 |  | 21835 |
| CHF | 504128 | USD | 489651 | 7/2/2025 | NWM | 14477 |  | 14477 |
| CHF | 504128 | USD | 501738 | 7/2/2025 | NWM | 2390 |  | 2390 |
| CHF | 504128 | USD | 501870 | 7/2/2025 | NWM | 2258 |  | 2258 |
| CHF | 504128 | USD | 502002 | 7/2/2025 | NWM | 2126 |  | 2126 |
| EUR | 471180 | SEK | 462057 | 7/2/2025 | NWM | 9123 |  | 9123 |
| USD | 482292 | CHF | 504127 | 7/2/2025 | NWM |  | (21835) | (21835) |
| USD | 489651 | CHF | 504128 | 7/2/2025 | NWM |  | (14477) | (14477) |
| ILS | 148443 | USD | 148408 | 7/2/2025 | NWM | 35 |  | 35 |
| EUR | 588975 | GBP | 586320 | 7/2/2025 | NWM | 2655 |  | 2655 |
| CHF | 630159 | USD | 626935 | 7/2/2025 | NWM | 3224 |  | 3224 |
| CHF | 630159 | USD | 627376 | 7/2/2025 | NWM | 2783 |  | 2783 |
| CHF | 714181 | USD | 710287 | 7/2/2025 | NWM | 3894 |  | 3894 |
| EUR | 706770 | GBP | 703683 | 7/2/2025 | NWM | 3087 |  | 3087 |
| CHF | 756191 | USD | 751230 | 7/2/2025 | NWM | 4961 |  | 4961 |
| CHF | 756191 | USD | 751832 | 7/2/2025 | NWM | 4359 |  | 4359 |
| CHF | 756191 | USD | 752087 | 7/2/2025 | NWM | 4104 |  | 4104 |
| CHF | 756191 | USD | 754470 | 7/2/2025 | NWM | 1721 |  | 1721 |
| EUR | 706770 | SEK | 689754 | 7/2/2025 | NWM | 17016 |  | 17016 |
| CHF | 882223 | USD | 876259 | 7/2/2025 | NWM | 5964 |  | 5964 |
| CHF | 882223 | USD | 877226 | 7/2/2025 | NWM | 4997 |  | 4997 |
| CHF | 882223 | USD | 878128 | 7/2/2025 | NWM | 4095 |  | 4095 |
| USD | 702924 | ZAR | 706066 | 7/2/2025 | NWM |  | (3142) | (3142) |
| USD | 732737 | ZAR | 734307 | 7/2/2025 | NWM |  | (1570) | (1570) |
| CHF | 957215 | USD | 938082 | 7/2/2025 | NWM | 19133 |  | 19133 |
| CHF | 1008255 | USD | 973870 | 7/2/2025 | NWM | 34385 |  | 34385 |
| EUR | 942361 | SEK | 914271 | 7/2/2025 | NWM | 28090 |  | 28090 |
| USD | 938081 | CHF | 957214 | 7/2/2025 | NWM |  | (19133) | (19133) |
| USD | 973871 | CHF | 1008256 | 7/2/2025 | NWM |  | (34385) | (34385) |
| USD | 985205 | ZAR | 988491 | 7/2/2025 | NWM |  | (3286) | (3286) |
| ILS | 296886 | USD | 296764 | 7/2/2025 | NWM | 122 |  | 122 |
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;1260319 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1222863 | 7/2/2025 | NWM | 37456 |  | 37456 |
| CHF | 1386351 | USD | 1347981 | 7/2/2025 | NWM | 38370 |  | 38370 |
| SEK | 117276 | EUR | 117795 | 7/2/2025 | NWM |  | (519) | (519) |
| CHF | 1503468 | USD | 1439193 | 7/2/2025 | NWM | 64275 |  | 64275 |
| EUR | 1413541 | SEK | 1379275 | 7/2/2025 | NWM | 34266 |  | 34266 |
| USD | 1222863 | CHF | 1260319 | 7/2/2025 | NWM |  | (37456) | (37456) |
| CHF | 1582150 | USD | 1552518 | 7/2/2025 | NWM | 29632 |  | 29632 |
| CHF | 1638415 | USD | 1586724 | 7/2/2025 | NWM | 51691 |  | 51691 |
| CHF | 1638415 | USD | 1589611 | 7/2/2025 | NWM | 48804 |  | 48804 |
| USD | 1347981 | CHF | 1386351 | 7/2/2025 | NWM |  | (38370) | (38370) |
| CHF | 1764446 | USD | 1675984 | 7/2/2025 | NWM | 88462 |  | 88462 |
| EUR | 1649131 | SEK | 1641702 | 7/2/2025 | NWM | 7429 |  | 7429 |
| EUR | 1649131 | SEK | 1647479 | 7/2/2025 | NWM | 1652 |  | 1652 |
| USD | 1439193 | CHF | 1503468 | 7/2/2025 | NWM |  | (64275) | (64275) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| CHF | 1890478 | USD | 1825350 | 7/2/2025 | NWM | $65128 | $- | $65128 |
| USD | 1552518 | CHF | 1582150 | 7/2/2025 | NWM |  | (29632) | (29632) |
| USD | 1586724 | CHF | 1638415 | 7/2/2025 | NWM |  | (51691) | (51691) |
| USD | 1589611 | CHF | 1638415 | 7/2/2025 | NWM |  | (48804) | (48804) |
| CHF | 2016510 | USD | 1941235 | 7/2/2025 | NWM | 75275 |  | 75275 |
| CHF | 2058520 | USD | 2040748 | 7/2/2025 | NWM | 17772 |  | 17772 |
| USD | 1675984 | CHF | 1764446 | 7/2/2025 | NWM |  | (88462) | (88462) |
| CHF | 2184554 | USD | 2156253 | 7/2/2025 | NWM | 28301 |  | 28301 |
| USD | 1825350 | CHF | 1890478 | 7/2/2025 | NWM |  | (65128) | (65128) |
| USD | 1941235 | CHF | 2016510 | 7/2/2025 | NWM |  | (75275) | (75275) |
| CHF | 2646670 | USD | 2555644 | 7/2/2025 | NWM | 91026 |  | 91026 |
| USD | 2156253 | CHF | 2184554 | 7/2/2025 | NWM |  | (28301) | (28301) |
| SEK | 230506 | EUR | 235590 | 7/2/2025 | NWM |  | (5084) | (5084) |
| SEK | 230825 | EUR | 235590 | 7/2/2025 | NWM |  | (4765) | (4765) |
| CHF | 2772701 | USD | 2688478 | 7/2/2025 | NWM | 84223 |  | 84223 |
| EUR | 2726207 | SEK | 2725583 | 7/2/2025 | NWM | 624 |  | 624 |
| CHF | 3024765 | USD | 2835093 | 7/2/2025 | NWM | 189672 |  | 189672 |
| CHF | 3150797 | USD | 3070049 | 7/2/2025 | NWM | 80748 |  | 80748 |
| USD | 2555644 | CHF | 2646670 | 7/2/2025 | NWM |  | (91026) | (91026) |
| CHF | 3276829 | USD | 3168473 | 7/2/2025 | NWM | 108356 |  | 108356 |
| CHF | 3381047 | USD | 3111612 | 7/2/2025 | NWM | 269435 |  | 269435 |
| USD | 2688479 | CHF | 2772702 | 7/2/2025 | NWM |  | (84223) | (84223) |
| USD | 2835093 | CHF | 3024765 | 7/2/2025 | NWM |  | (189672) | (189672) |
| USD | 3111612 | CHF | 3381047 | 7/2/2025 | NWM |  | (269435) | (269435) |
| USD | 3168473 | CHF | 3276829 | 7/2/2025 | NWM |  | (108356) | (108356) |
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;4001512 | USD | &nbsp;&nbsp;&nbsp;&nbsp;3748680 | 7/2/2025 | NWM | 252832 |  | 252832 |
| SEK | 346553 | EUR | 353386 | 7/2/2025 | NWM |  | (6833) | (6833) |
| SEK | 347106 | EUR | 353386 | 7/2/2025 | NWM |  | (6280) | (6280) |
| SEK | 347215 | EUR | 353385 | 7/2/2025 | NWM |  | (6170) | (6170) |
| EUR | 4005032 | SEK | 3979032 | 7/2/2025 | NWM | 26000 |  | 26000 |
| USD | 3748680 | CHF | 4001512 | 7/2/2025 | NWM |  | (252832) | (252832) |
| EUR | 4476212 | SEK | 4442163 | 7/2/2025 | NWM | 34049 |  | 34049 |
| CHF | 5419371 | USD | 5155520 | 7/2/2025 | NWM | 263851 |  | 263851 |
| CHF | 5419371 | USD | 5272565 | 7/2/2025 | NWM | 146806 |  | 146806 |
| EUR | 5065188 | SEK | 5043271 | 7/2/2025 | NWM | 21917 |  | 21917 |
| SEK | 461856 | EUR | 471180 | 7/2/2025 | NWM |  | (9324) | (9324) |
| SEK | 464879 | EUR | 471180 | 7/2/2025 | NWM |  | (6301) | (6301) |
| CHF | 6427626 | USD | 6253162 | 7/2/2025 | NWM | 174464 |  | 174464 |
| USD | 5155520 | CHF | 5419371 | 7/2/2025 | NWM |  | (263851) | (263851) |
| CHF | 6499196 | USD | 6133077 | 7/2/2025 | NWM | 366119 |  | 366119 |
| CHF | 6553658 | USD | 6361293 | 7/2/2025 | NWM | 192365 |  | 192365 |
| USD | 5272565 | CHF | 5419371 | 7/2/2025 | NWM |  | (146806) | (146806) |
| CHF | 6760948 | USD | 6651565 | 7/2/2025 | NWM | 109383 |  | 109383 |
| SEK | 574740 | EUR | 588976 | 7/2/2025 | NWM |  | (14236) | (14236) |
| SEK | 576877 | EUR | 588975 | 7/2/2025 | NWM |  | (12098) | (12098) |
| USD | 6133076 | CHF | 6499195 | 7/2/2025 | NWM |  | (366119) | (366119) |
| USD | 6253162 | CHF | 6427626 | 7/2/2025 | NWM |  | (174464) | (174464) |
| USD | 6361293 | CHF | 6553658 | 7/2/2025 | NWM |  | (192365) | (192365) |
| CHF | 8160805 | USD | 8069922 | 7/2/2025 | NWM | 90883 |  | 90883 |
| CHF | 8223340 | USD | 8133081 | 7/2/2025 | NWM | 90259 |  | 90259 |
| SEK | 691000 | EUR | 706770 | 7/2/2025 | NWM |  | (15770) | (15770) |
| SEK | 691928 | EUR | 706770 | 7/2/2025 | NWM |  | (14842) | (14842) |
| SEK | 692078 | EUR | 706771 | 7/2/2025 | NWM |  | (14693) | (14693) |
| USD | 6651565 | CHF | 6760948 | 7/2/2025 | NWM |  | (109383) | (109383) |
| CHF | 8444136 | USD | 8268134 | 7/2/2025 | NWM | 176002 |  | 176002 |
| CHF | 8570168 | USD | 8379384 | 7/2/2025 | NWM | 190784 |  | 190784 |
| CHF | 8696200 | USD | 7884001 | 7/2/2025 | NWM | 812199 |  | 812199 |
| SEK | 804629 | EUR | 824565 | 7/2/2025 | NWM |  | (19936) | (19936) |
| CHF | 9830487 | USD | 9408187 | 7/2/2025 | NWM | 422300 |  | 422300 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 7884001 | CHF | 8696200 | 7/2/2025 | NWM | $- | $(812199) | $(812199) |
| CHF | 10292604 | USD | 10206707 | 7/2/2025 | NWM | 85897 |  | 85897 |
| SEK | 919319 | EUR | 942361 | 7/2/2025 | NWM |  | (23042) | (23042) |
| CHF | 11132816 | USD | 11067398 | 7/2/2025 | NWM | 65418 |  | 65418 |
| CHF | 11374378 | USD | 10659170 | 7/2/2025 | NWM | 715208 |  | 715208 |
| USD | 9408188 | CHF | 9830487 | 7/2/2025 | NWM |  | (422299) | (422299) |
| CHF | 12183081 | USD | 12023144 | 7/2/2025 | NWM | 159937 |  | 159937 |
| CHF | 12269867 | USD | 12074428 | 7/2/2025 | NWM | 195439 |  | 195439 |
| SEK | 1031769 | EUR | 1060155 | 7/2/2025 | NWM |  | (28386) | (28386) |
| CHF | 12402165 | USD | 12159421 | 7/2/2025 | NWM | 242744 |  | 242744 |
| CHF | 12407389 | USD | 12182578 | 7/2/2025 | NWM | 224811 |  | 224811 |
| EUR | 11644791 | SEK | 11642565 | 7/2/2025 | NWM | 2226 |  | 2226 |
| CHF | 12477157 | USD | 11848381 | 7/2/2025 | NWM | 628776 |  | 628776 |
| USD | 10659170 | CHF | 11374378 | 7/2/2025 | NWM |  | (715208) | (715208) |
| SEK | 1145837 | EUR | 1177951 | 7/2/2025 | NWM |  | (32114) | (32114) |
| USD | 11848381 | CHF | 12477157 | 7/2/2025 | NWM |  | (628776) | (628776) |
| USD | 12023145 | CHF | 12183082 | 7/2/2025 | NWM |  | (159937) | (159937) |
| USD | 12074429 | CHF | 12269867 | 7/2/2025 | NWM |  | (195438) | (195438) |
| USD | 12159421 | CHF | 12402165 | 7/2/2025 | NWM |  | (242744) | (242744) |
| USD | 12182578 | CHF | 12407389 | 7/2/2025 | NWM |  | (224811) | (224811) |
| CHF | 16153895 | USD | 14857150 | 7/2/2025 | NWM | 1296745 |  | 1296745 |
| CHF | 17014305 | USD | 16644823 | 7/2/2025 | NWM | 369482 |  | 369482 |
| SEK | 1495450 | EUR | 1531336 | 7/2/2025 | NWM |  | (35886) | (35886) |
| SEK | 1496210 | EUR | 1531336 | 7/2/2025 | NWM |  | (35126) | (35126) |
| USD | 14329960 | CHF | 14745730 | 7/2/2025 | NWM |  | (415770) | (415770) |
| SEK | 1517280 | EUR | 1531336 | 7/2/2025 | NWM |  | (14056) | (14056) |
| USD | 14857150 | CHF | 16153895 | 7/2/2025 | NWM |  | (1296745) | (1296745) |
| USD | 16644823 | CHF | 17014305 | 7/2/2025 | NWM |  | (369482) | (369482) |
| CHF | 24907466 | USD | 23824073 | 7/2/2025 | NWM | 1083393 |  | 1083393 |
| CHF | 26859120 | USD | 24405663 | 7/2/2025 | NWM | 2453457 |  | 2453457 |
| USD | 23824074 | CHF | 24907467 | 7/2/2025 | NWM |  | (1083393) | (1083393) |
| USD | 24405663 | CHF | 26859120 | 7/2/2025 | NWM |  | (2453457) | (2453457) |
| CHF | 31634003 | USD | 40134518 | 7/2/2025 | NWM |  | (8500515) | (8500515) |
| CHF | 33328104 | USD | 31202246 | 7/2/2025 | NWM | 2125858 |  | 2125858 |
| CHF | 35718247 | USD | 32446642 | 7/2/2025 | NWM | 3271605 |  | 3271605 |
| CHF | 37361200 | USD | 35750303 | 7/2/2025 | NWM | 1610897 |  | 1610897 |
| CHF | 38620219 | USD | 36418970 | 7/2/2025 | NWM | 2201249 |  | 2201249 |
| USD | 31202246 | CHF | 33328104 | 7/2/2025 | NWM |  | (2125858) | (2125858) |
| CHF | 40530686 | USD | 36812007 | 7/2/2025 | NWM | 3718679 |  | 3718679 |
| USD | 32446642 | CHF | 35718247 | 7/2/2025 | NWM |  | (3271605) | (3271605) |
| USD | 35750303 | CHF | 37361200 | 7/2/2025 | NWM |  | (1610897) | (1610897) |
| USD | 36418970 | CHF | 38620219 | 7/2/2025 | NWM |  | (2201249) | (2201249) |
| USD | 36812008 | CHF | 40530687 | 7/2/2025 | NWM |  | (3718679) | (3718679) |
| CHF | 52110884 | USD | 47336721 | 7/2/2025 | NWM | 4774163 |  | 4774163 |
| CHF | 52122148 | USD | 48840661 | 7/2/2025 | NWM | 3281487 |  | 3281487 |
| CHF | 57900982 | USD | 52602873 | 7/2/2025 | NWM | 5298109 |  | 5298109 |
| USD | 47336721 | CHF | 52110884 | 7/2/2025 | NWM |  | (4774163) | (4774163) |
| USD | 48840661 | CHF | 52122148 | 7/2/2025 | NWM |  | (3281487) | (3281487) |
| SEK | 5280659 | EUR | 5390785 | 7/2/2025 | NWM |  | (110126) | (110126) |
| CHF | 64275629 | USD | 60254249 | 7/2/2025 | NWM | 4021380 |  | 4021380 |
| USD | 52602872 | CHF | 57900981 | 7/2/2025 | NWM |  | (5298109) | (5298109) |
| CHF | 68939442 | USD | 75487216 | 7/2/2025 | NWM |  | (6547774) | (6547774) |
| USD | 60254249 | CHF | 64275629 | 7/2/2025 | NWM |  | (4021380) | (4021380) |
| SEK | 7637393 | EUR | 7774474 | 7/2/2025 | NWM |  | (137081) | (137081) |
| USD | 75487215 | CHF | 68939441 | 7/2/2025 | NWM | 6547774 |  | 6547774 |
| SEK | 17095788 | EUR | 17461457 | 7/2/2025 | NWM |  | (365669) | (365669) |
| GBP | 116110 | EUR | 117904 | 7/16/2025 | NWM |  | (1794) | (1794) |
| EUR | 117904 | GBP | 116110 | 7/16/2025 | NWM | 1794 |  | 1794 |
| GBP | 349625 | EUR | 353712 | 7/16/2025 | NWM |  | (4087) | (4087) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| EUR | 353711 | GBP | 349624 | 7/16/2025 | NWM | $4087 | $- | $4087 |
| GBP | 463464 | EUR | 471615 | 7/16/2025 | NWM |  | (8151) | (8151) |
| GBP | 468935 | EUR | 471615 | 7/16/2025 | NWM |  | (2680) | (2680) |
| EUR | 471615 | GBP | 463464 | 7/16/2025 | NWM | 8151 |  | 8151 |
| EUR | 471615 | GBP | 468935 | 7/16/2025 | NWM | 2680 |  | 2680 |
| GBP | 696805 | EUR | 707422 | 7/16/2025 | NWM |  | (10617) | (10617) |
| EUR | 707423 | GBP | 696806 | 7/16/2025 | NWM | 10617 |  | 10617 |
| EUR | 825327 | GBP | 820107 | 7/16/2025 | NWM | 5220 |  | 5220 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;1041978 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1061134 | 7/16/2025 | NWM |  | (19156) | (19156) |
| EUR | 1061134 | GBP | 1041978 | 7/16/2025 | NWM | 19156 |  | 19156 |
| GBP | 1507129 | EUR | 1532749 | 7/16/2025 | NWM |  | (25620) | (25620) |
| GBP | 1626942 | EUR | 1650652 | 7/16/2025 | NWM |  | (23710) | (23710) |
| EUR | 1532750 | GBP | 1507130 | 7/16/2025 | NWM | 25620 |  | 25620 |
| EUR | 1650653 | GBP | 1626943 | 7/16/2025 | NWM | 23710 |  | 23710 |
| GBP | 2090057 | EUR | 2122268 | 7/16/2025 | NWM |  | (32211) | (32211) |
| EUR | 2004365 | GBP | 1995537 | 7/16/2025 | NWM | 8828 |  | 8828 |
| EUR | 2122269 | GBP | 2090058 | 7/16/2025 | NWM | 32211 |  | 32211 |
| EUR | 2711788 | GBP | 2700958 | 7/16/2025 | NWM | 10830 |  | 10830 |
| GBP | 3172714 | EUR | 3183401 | 7/16/2025 | NWM |  | (10687) | (10687) |
| GBP | 3360980 | EUR | 3419209 | 7/16/2025 | NWM |  | (58229) | (58229) |
| EUR | 3183403 | GBP | 3172716 | 7/16/2025 | NWM | 10687 |  | 10687 |
| GBP | 3761798 | EUR | 3772921 | 7/16/2025 | NWM |  | (11123) | (11123) |
| GBP | 3825003 | EUR | 3890824 | 7/16/2025 | NWM |  | (65821) | (65821) |
| EUR | 3419211 | GBP | 3360982 | 7/16/2025 | NWM | 58229 |  | 58229 |
| EUR | 3772922 | GBP | 3761799 | 7/16/2025 | NWM | 11123 |  | 11123 |
| EUR | 3890826 | GBP | 3825005 | 7/16/2025 | NWM | 65821 |  | 65821 |
| GBP | 4683961 | EUR | 4716151 | 7/16/2025 | NWM |  | (32190) | (32190) |
| GBP | 4865741 | EUR | 4951958 | 7/16/2025 | NWM |  | (86217) | (86217) |
| GBP | 4866058 | EUR | 4951958 | 7/16/2025 | NWM |  | (85900) | (85900) |
| GBP | 4992585 | EUR | 5069861 | 7/16/2025 | NWM |  | (77276) | (77276) |
| GBP | 5389872 | EUR | 5423573 | 7/16/2025 | NWM |  | (33701) | (33701) |
| EUR | 4716152 | GBP | 4683962 | 7/16/2025 | NWM | 32190 |  | 32190 |
| GBP | 5760246 | EUR | 5777284 | 7/16/2025 | NWM |  | (17038) | (17038) |
| EUR | 4951960 | GBP | 4865743 | 7/16/2025 | NWM | 86217 |  | 86217 |
| EUR | 4951960 | GBP | 4866060 | 7/16/2025 | NWM | 85900 |  | 85900 |
| EUR | 5069864 | GBP | 4992588 | 7/16/2025 | NWM | 77276 |  | 77276 |
| EUR | 5423575 | GBP | 5389874 | 7/16/2025 | NWM | 33701 |  | 33701 |
| EUR | 5777287 | GBP | 5760249 | 7/16/2025 | NWM | 17038 |  | 17038 |
| GBP | 7956800 | EUR | 8135359 | 7/16/2025 | NWM |  | (178559) | (178559) |
| GBP | 8782595 | EUR | 8960685 | 7/16/2025 | NWM |  | (178090) | (178090) |
| EUR | 8135363 | GBP | 7956804 | 7/16/2025 | NWM | 178559 |  | 178559 |
| GBP | 10076645 | EUR | 10139723 | 7/16/2025 | NWM |  | (63078) | (63078) |
| EUR | 8960690 | GBP | 8782600 | 7/16/2025 | NWM | 178090 |  | 178090 |
| GBP | 11438085 | EUR | 11672472 | 7/16/2025 | NWM |  | (234387) | (234387) |
| EUR | 11672477 | GBP | 11438090 | 7/16/2025 | NWM | 234387 |  | 234387 |
| GBP | 16836396 | EUR | 16860237 | 7/16/2025 | NWM |  | (23841) | (23841) |
| EUR | 16860245 | GBP | 16836404 | 7/16/2025 | NWM | 23841 |  | 23841 |
| GBP | 19946015 | EUR | 20279446 | 7/16/2025 | NWM |  | (333431) | (333431) |
| EUR | 20279456 | GBP | 19946025 | 7/16/2025 | NWM | 333431 |  | 333431 |
| GBP | 32753837 | EUR | 33956282 | 7/16/2025 | NWM |  | (1202445) | (1202445) |
| USD | 529 | CHF | 544 | 7/17/2025 | NWM |  | (15) | (15) |
| USD | 759 | CHF | 781 | 7/17/2025 | NWM |  | (22) | (22) |
| USD | 815 | HUF | 819 | 7/17/2025 | NWM |  | (4) | (4) |
| USD | 815 | HUF | 846 | 7/17/2025 | NWM |  | (31) | (31) |
| CHF | 2760 | USD | 2700 | 7/17/2025 | NWM | 60 |  | 60 |
| CHF | 2765 | USD | 2684 | 7/17/2025 | NWM | 81 |  | 81 |
| USD | 4617 | HUF | 4705 | 7/17/2025 | NWM |  | (88) | (88) |
| CHF | 7560 | USD | 7379 | 7/17/2025 | NWM | 181 |  | 181 |
| CHF | 8525 | USD | 8274 | 7/17/2025 | NWM | 251 |  | 251 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 7859 | CHF | 8112 | 7/17/2025 | NWM | $- | $(253) | $(253) |
| USD | 8662 | HUF | 8897 | 7/17/2025 | NWM |  | (235) | (235) |
| USD | 12482 | CHF | 12678 | 7/17/2025 | NWM |  | (196) | (196) |
| CHF | 56776 | USD | 56341 | 7/17/2025 | NWM | 435 |  | 435 |
| USD | 55879 | CHF | 57058 | 7/17/2025 | NWM |  | (1179) | (1179) |
| HUF | 667 | USD | 644 | 7/17/2025 | NWM | 23 |  | 23 |
| USD | 597612 | CHF | 610097 | 7/17/2025 | NWM |  | (12485) | (12485) |
| HUF | 4795 | USD | 4668 | 7/17/2025 | NWM | 127 |  | 127 |
| HUF | 9829 | USD | 9450 | 7/17/2025 | NWM | 379 |  | 379 |
| HUF | 27439 | USD | 27270 | 7/17/2025 | NWM | 169 |  | 169 |
| HUF | 54277 | USD | 52310 | 7/17/2025 | NWM | 1967 |  | 1967 |
| EUR | 117943 | HUF | 119355 | 7/21/2025 | NWM |  | (1412) | (1412) |
| EUR | 235885 | HUF | 238251 | 7/21/2025 | NWM |  | (2366) | (2366) |
| EUR | 353828 | HUF | 352986 | 7/21/2025 | NWM | 842 |  | 842 |
| EUR | 589714 | HUF | 598005 | 7/21/2025 | NWM |  | (8291) | (8291) |
| EUR | 943542 | HUF | 957289 | 7/21/2025 | NWM |  | (13747) | (13747) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;1297370 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;1312647 | 7/21/2025 | NWM |  | (15277) | (15277) |
| EUR | 1533256 | HUF | 1554711 | 7/21/2025 | NWM |  | (21455) | (21455) |
| EUR | 1651198 | HUF | 1675283 | 7/21/2025 | NWM |  | (24085) | (24085) |
| EUR | 1651198 | HUF | 1675870 | 7/21/2025 | NWM |  | (24672) | (24672) |
| EUR | 1769141 | HUF | 1791787 | 7/21/2025 | NWM |  | (22646) | (22646) |
| EUR | 1769141 | HUF | 1791886 | 7/21/2025 | NWM |  | (22745) | (22745) |
| EUR | 1887084 | HUF | 1913954 | 7/21/2025 | NWM |  | (26870) | (26870) |
| EUR | 2005027 | HUF | 2030487 | 7/21/2025 | NWM |  | (25460) | (25460) |
| EUR | 2358855 | HUF | 2376284 | 7/21/2025 | NWM |  | (17429) | (17429) |
| EUR | 2358855 | HUF | 2396963 | 7/21/2025 | NWM |  | (38108) | (38108) |
| EUR | 2476798 | HUF | 2485729 | 7/21/2025 | NWM |  | (8931) | (8931) |
| EUR | 2476798 | HUF | 2507307 | 7/21/2025 | NWM |  | (30509) | (30509) |
| EUR | 2594740 | HUF | 2605580 | 7/21/2025 | NWM |  | (10840) | (10840) |
| EUR | 2594740 | HUF | 2625326 | 7/21/2025 | NWM |  | (30586) | (30586) |
| EUR | 2830626 | HUF | 2865043 | 7/21/2025 | NWM |  | (34417) | (34417) |
| EUR | 3066511 | HUF | 3090616 | 7/21/2025 | NWM |  | (24105) | (24105) |
| EUR | 3873217 | HUF | 3911585 | 7/21/2025 | NWM |  | (38368) | (38368) |
| EUR | 5786501 | HUF | 5854703 | 7/21/2025 | NWM |  | (68202) | (68202) |
| EUR | 8358279 | HUF | 8453018 | 7/21/2025 | NWM |  | (94739) | (94739) |
| EUR | 9229566 | HUF | 9332921 | 7/21/2025 | NWM |  | (103355) | (103355) |
| EUR | 10902797 | HUF | 11055605 | 7/21/2025 | NWM |  | (152808) | (152808) |
| EUR | 11075480 | HUF | 11194167 | 7/21/2025 | NWM |  | (118687) | (118687) |
| EUR | 11782056 | HUF | 11932959 | 7/21/2025 | NWM |  | (150903) | (150903) |
| EUR | 12274395 | HUF | 12417433 | 7/21/2025 | NWM |  | (143038) | (143038) |
| EUR | 16354196 | HUF | 16583204 | 7/21/2025 | NWM |  | (229008) | (229008) |
| HUF | 119355 | EUR | 117943 | 7/21/2025 | NWM | 1412 |  | 1412 |
| HUF | 238252 | EUR | 235886 | 7/21/2025 | NWM | 2366 |  | 2366 |
| HUF | 598005 | EUR | 589714 | 7/21/2025 | NWM | 8291 |  | 8291 |
| HUF | 957290 | EUR | 943543 | 7/21/2025 | NWM | 13747 |  | 13747 |
| HUF | 1312648 | EUR | 1297371 | 7/21/2025 | NWM | 15277 |  | 15277 |
| HUF | 1554711 | EUR | 1533256 | 7/21/2025 | NWM | 21455 |  | 21455 |
| HUF | 1675284 | EUR | 1651199 | 7/21/2025 | NWM | 24085 |  | 24085 |
| HUF | 1675871 | EUR | 1651199 | 7/21/2025 | NWM | 24672 |  | 24672 |
| HUF | 1791788 | EUR | 1769142 | 7/21/2025 | NWM | 22646 |  | 22646 |
| HUF | 1791886 | EUR | 1769141 | 7/21/2025 | NWM | 22745 |  | 22745 |
| HUF | 1913955 | EUR | 1887085 | 7/21/2025 | NWM | 26870 |  | 26870 |
| HUF | 2030487 | EUR | 2005027 | 7/21/2025 | NWM | 25460 |  | 25460 |
| HUF | 2376285 | EUR | 2358856 | 7/21/2025 | NWM | 17429 |  | 17429 |
| HUF | 2396963 | EUR | 2358855 | 7/21/2025 | NWM | 38108 |  | 38108 |
| HUF | 2507307 | EUR | 2476798 | 7/21/2025 | NWM | 30509 |  | 30509 |
| HUF | 2605581 | EUR | 2594741 | 7/21/2025 | NWM | 10840 |  | 10840 |
| HUF | 2625327 | EUR | 2594741 | 7/21/2025 | NWM | 30586 |  | 30586 |
| HUF | 2865044 | EUR | 2830627 | 7/21/2025 | NWM | 34417 |  | 34417 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| HUF | 3090618 | EUR | 3066513 | 7/21/2025 | NWM | $24105 | $- | $24105 |
| HUF | 3911586 | EUR | 3873218 | 7/21/2025 | NWM | 38368 |  | 38368 |
| HUF | 5854705 | EUR | 5786503 | 7/21/2025 | NWM | 68202 |  | 68202 |
| HUF | 8453021 | EUR | 8358282 | 7/21/2025 | NWM | 94739 |  | 94739 |
| HUF | 9332923 | EUR | 9229568 | 7/21/2025 | NWM | 103355 |  | 103355 |
| HUF | 11055609 | EUR | 10902801 | 7/21/2025 | NWM | 152808 |  | 152808 |
| HUF | 11194170 | EUR | 11075483 | 7/21/2025 | NWM | 118687 |  | 118687 |
| HUF | 11932962 | EUR | 11782059 | 7/21/2025 | NWM | 150903 |  | 150903 |
| HUF | 12417436 | EUR | 12274398 | 7/21/2025 | NWM | 143038 |  | 143038 |
| HUF | 16583209 | EUR | 16354201 | 7/21/2025 | NWM | 229008 |  | 229008 |
| HUF | 19152404 | EUR | 19106730 | 7/21/2025 | NWM | 45674 |  | 45674 |
| HUF | 61915913 | EUR | 61094359 | 7/21/2025 | NWM | 821554 |  | 821554 |
| EUR | 117997 | JPY | 113382 | 7/28/2025 | NWM | 4615 |  | 4615 |
| EUR | 117997 | JPY | 117252 | 7/28/2025 | NWM | 745 |  | 745 |
| EUR | 235995 | JPY | 232785 | 7/28/2025 | NWM | 3210 |  | 3210 |
| EUR | 589987 | JPY | 572570 | 7/28/2025 | NWM | 17417 |  | 17417 |
| EUR | 825982 | JPY | 801330 | 7/28/2025 | NWM | 24652 |  | 24652 |
| EUR | 1533967 | JPY | 1475767 | 7/28/2025 | NWM | 58200 |  | 58200 |
| EUR | 2241951 | JPY | 2198367 | 7/28/2025 | NWM | 43584 |  | 43584 |
| EUR | 2359949 | JPY | 2328044 | 7/28/2025 | NWM | 31905 |  | 31905 |
| EUR | 2477946 | JPY | 2416345 | 7/28/2025 | NWM | 61601 |  | 61601 |
| EUR | 2477946 | JPY | 2435531 | 7/28/2025 | NWM | 42415 |  | 42415 |
| EUR | 3303928 | JPY | 3221977 | 7/28/2025 | NWM | 81951 |  | 81951 |
| EUR | 3421926 | JPY | 3337803 | 7/28/2025 | NWM | 84123 |  | 84123 |
| EUR | 3539923 | JPY | 3478994 | 7/28/2025 | NWM | 60929 |  | 60929 |
| EUR | 3657921 | JPY | 3550234 | 7/28/2025 | NWM | 107687 |  | 107687 |
| EUR | 7002923 | JPY | 6693009 | 7/28/2025 | NWM | 309914 |  | 309914 |
| EUR | 16525727 | JPY | 15786821 | 7/28/2025 | NWM | 738906 |  | 738906 |
| EUR | 18171606 | JPY | 18073114 | 7/28/2025 | NWM | 98492 |  | 98492 |
| JPY | 113759 | EUR | 117998 | 7/28/2025 | NWM |  | (4239) | (4239) |
| EUR | 28744217 | JPY | 27460160 | 7/28/2025 | NWM | 1284057 |  | 1284057 |
| JPY | 2829237 | EUR | 2949935 | 7/28/2025 | NWM |  | (120698) | (120698) |
| JPY | 21451708 | EUR | 21475526 | 7/28/2025 | NWM |  | (23818) | (23818) |
| USD | 166585 | ZAR | 169116 | 7/29/2025 | NWM |  | (2531) | (2531) |
| USD | 264704 | ZAR | 265309 | 7/29/2025 | NWM |  | (605) | (605) |
| USD | 280976 | HUF | 294349 | 7/29/2025 | NWM |  | (13373) | (13373) |
| USD | 558462 | HUF | 559262 | 7/29/2025 | NWM |  | (800) | (800) |
| USD | 665350 | HUF | 677002 | 7/29/2025 | NWM |  | (11652) | (11652) |
| USD | 848025 | HUF | 853611 | 7/29/2025 | NWM |  | (5586) | (5586) |
| ZAR | 84558 | USD | 81574 | 7/29/2025 | NWM | 2984 |  | 2984 |
| USD | 3243764 | ZAR | 3241382 | 7/29/2025 | NWM | 2382 |  | 2382 |
| USD | 3636680 | ZAR | 3713771 | 7/29/2025 | NWM |  | (77091) | (77091) |
| USD | 4165752 | ZAR | 4199703 | 7/29/2025 | NWM |  | (33951) | (33951) |
| USD | 7395551 | HUF | 7653063 | 7/29/2025 | NWM |  | (257512) | (257512) |
| USD | 8182970 | ZAR | 8210738 | 7/29/2025 | NWM |  | (27768) | (27768) |
| USD | 12563497 | ZAR | 12616922 | 7/29/2025 | NWM |  | (53425) | (53425) |
| USD | 15018551 | ZAR | 15053021 | 7/29/2025 | NWM |  | (34470) | (34470) |
| USD | 16015684 | ZAR | 16354607 | 7/29/2025 | NWM |  | (338923) | (338923) |
| USD | 17951777 | ZAR | 17999169 | 7/29/2025 | NWM |  | (47392) | (47392) |
| ZAR | 1099251 | USD | 1098464 | 7/29/2025 | NWM | 787 |  | 787 |
| HUF | 58870 | USD | 56039 | 7/29/2025 | NWM | 2831 |  | 2831 |
| ZAR | 1522040 | USD | 1504346 | 7/29/2025 | NWM | 17694 |  | 17694 |
| HUF | 117739 | USD | 113814 | 7/29/2025 | NWM | 3925 |  | 3925 |
| ZAR | 2621291 | USD | 2611535 | 7/29/2025 | NWM | 9756 |  | 9756 |
| HUF | 147174 | USD | 140955 | 7/29/2025 | NWM | 6219 |  | 6219 |
| HUF | 147174 | USD | 141238 | 7/29/2025 | NWM | 5936 |  | 5936 |
| ZAR | 3382311 | USD | 3324532 | 7/29/2025 | NWM | 57779 |  | 57779 |
| ZAR | 3410497 | USD | 3395023 | 7/29/2025 | NWM | 15474 |  | 15474 |
| ZAR | 3495055 | USD | 3480965 | 7/29/2025 | NWM | 14090 |  | 14090 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| ZAR | 3692356 | USD | 3569697 | 7/29/2025 | NWM | $122659 | $- | $122659 |
| ZAR | 3833286 | USD | 3797887 | 7/29/2025 | NWM | 35399 |  | 35399 |
| ZAR | 4143331 | USD | 4073779 | 7/29/2025 | NWM | 69552 |  | 69552 |
| ZAR | 4707049 | USD | 4604564 | 7/29/2025 | NWM | 102485 |  | 102485 |
| ZAR | 4791607 | USD | 4742958 | 7/29/2025 | NWM | 48649 |  | 48649 |
| ZAR | 4819793 | USD | 4773499 | 7/29/2025 | NWM | 46294 |  | 46294 |
| ZAR | 5073466 | USD | 4999348 | 7/29/2025 | NWM | 74118 |  | 74118 |
| HUF | 294349 | USD | 287386 | 7/29/2025 | NWM | 6963 |  | 6963 |
| ZAR | 5749929 | USD | 5619185 | 7/29/2025 | NWM | 130744 |  | 130744 |
| ZAR | 6426391 | USD | 6333764 | 7/29/2025 | NWM | 92627 |  | 92627 |
| ZAR | 6494092 | USD | 6304333 | 7/29/2025 | NWM | 189759 |  | 189759 |
| ZAR | 6651878 | USD | 6575643 | 7/29/2025 | NWM | 76235 |  | 76235 |
| ZAR | 6792808 | USD | 6672609 | 7/29/2025 | NWM | 120199 |  | 120199 |
| ZAR | 6905551 | USD | 6677942 | 7/29/2025 | NWM | 227609 |  | 227609 |
| ZAR | 7159225 | USD | 7057182 | 7/29/2025 | NWM | 102043 |  | 102043 |
| ZAR | 9634187 | USD | 9388874 | 7/29/2025 | NWM | 245313 |  | 245313 |
| ZAR | 10243240 | USD | 9948212 | 7/29/2025 | NWM | 295028 |  | 295028 |
| HUF | 588697 | USD | 558619 | 7/29/2025 | NWM | 30078 |  | 30078 |
| HUF | 588697 | USD | 564938 | 7/29/2025 | NWM | 23759 |  | 23759 |
| HUF | 618132 | USD | 592400 | 7/29/2025 | NWM | 25732 |  | 25732 |
| HUF | 647567 | USD | 611922 | 7/29/2025 | NWM | 35645 |  | 35645 |
| ZAR | 13422056 | USD | 13016918 | 7/29/2025 | NWM | 405138 |  | 405138 |
| HUF | 735871 | USD | 711033 | 7/29/2025 | NWM | 24838 |  | 24838 |
| ZAR | 14544435 | USD | 14171084 | 7/29/2025 | NWM | 373351 |  | 373351 |
| ZAR | 16389184 | USD | 15888566 | 7/29/2025 | NWM | 500618 |  | 500618 |
| ZAR | 17096716 | USD | 17129945 | 7/29/2025 | NWM |  | (33229) | (33229) |
| ZAR | 21764435 | USD | 21208647 | 7/29/2025 | NWM | 555788 |  | 555788 |
| ZAR | 22535128 | USD | 21922647 | 7/29/2025 | NWM | 612481 |  | 612481 |
| ZAR | 23829246 | USD | 23900999 | 7/29/2025 | NWM |  | (71753) | (71753) |
| HUF | 1324569 | USD | 1275026 | 7/29/2025 | NWM | 49543 |  | 49543 |
| HUF | 1406209 | USD | 1393312 | 7/29/2025 | NWM | 12897 |  | 12897 |
| HUF | 4285785 | USD | 4084612 | 7/29/2025 | NWM | 201173 |  | 201173 |
| HUF | 4804546 | USD | 4756072 | 7/29/2025 | NWM | 48474 |  | 48474 |
| HUF | 5000082 | USD | 4762780 | 7/29/2025 | NWM | 237302 |  | 237302 |
| HUF | 5000082 | USD | 4770568 | 7/29/2025 | NWM | 229514 |  | 229514 |
| HUF | 7643019 | USD | 7295745 | 7/29/2025 | NWM | 347274 |  | 347274 |
| USD | 429273 | ILS | 445466 | 8/12/2025 | NWM |  | (16193) | (16193) |
| ILS | 296977 | USD | 294210 | 8/12/2025 | NWM | 2767 |  | 2767 |
| ILS | 445466 | USD | 429273 | 8/12/2025 | NWM | 16193 |  | 16193 |
| USD | 2319652 | ILS | 2336588 | 8/12/2025 | NWM |  | (16936) | (16936) |
| USD | 2325632 | ILS | 2375819 | 8/12/2025 | NWM |  | (50187) | (50187) |
| USD | 2448739 | ILS | 2524308 | 8/12/2025 | NWM |  | (75569) | (75569) |
| USD | 2722381 | ILS | 2821286 | 8/12/2025 | NWM |  | (98905) | (98905) |
| USD | 2763336 | ILS | 2969774 | 8/12/2025 | NWM |  | (206438) | (206438) |
| USD | 3287520 | ILS | 3415241 | 8/12/2025 | NWM |  | (127721) | (127721) |
| USD | 3396682 | ILS | 3563729 | 8/12/2025 | NWM |  | (167047) | (167047) |
| USD | 4097094 | ILS | 4242846 | 8/12/2025 | NWM |  | (145752) | (145752) |
| USD | 4249814 | ILS | 4442786 | 8/12/2025 | NWM |  | (192972) | (192972) |
| USD | 4641800 | ILS | 4673176 | 8/12/2025 | NWM |  | (31376) | (31376) |
| USD | 5097698 | ILS | 5331343 | 8/12/2025 | NWM |  | (233645) | (233645) |
| USD | 5102132 | ILS | 5331343 | 8/12/2025 | NWM |  | (229211) | (229211) |
| USD | 5510323 | ILS | 5705897 | 8/12/2025 | NWM |  | (195574) | (195574) |
| USD | 5850859 | ILS | 5908755 | 8/12/2025 | NWM |  | (57896) | (57896) |
| USD | 5969332 | ILS | 6286263 | 8/12/2025 | NWM |  | (316931) | (316931) |
| USD | 6795478 | ILS | 7108457 | 8/12/2025 | NWM |  | (312979) | (312979) |
| USD | 7002478 | ILS | 7319696 | 8/12/2025 | NWM |  | (317218) | (317218) |
| USD | 7221840 | ILS | 7553042 | 8/12/2025 | NWM |  | (331202) | (331202) |
| USD | 7653245 | ILS | 7997014 | 8/12/2025 | NWM |  | (343769) | (343769) |
| ILS | 2375820 | USD | 2325633 | 8/12/2025 | NWM | 50187 |  | 50187 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 8413762 | ILS | 8859587 | 8/12/2025 | NWM | $- | $(445825) | $(445825) |
| ILS | 2524308 | USD | 2448739 | 8/12/2025 | NWM | 75569 |  | 75569 |
| ILS | 2821286 | USD | 2722381 | 8/12/2025 | NWM | 98905 |  | 98905 |
| ILS | 2969775 | USD | 2763337 | 8/12/2025 | NWM | 206438 |  | 206438 |
| USD | 10056276 | ILS | 10512853 | 8/12/2025 | NWM |  | (456577) | (456577) |
| ILS | 3415241 | USD | 3287520 | 8/12/2025 | NWM | 127721 |  | 127721 |
| ILS | 3563729 | USD | 3396682 | 8/12/2025 | NWM | 167047 |  | 167047 |
| ILS | 4242847 | USD | 4097095 | 8/12/2025 | NWM | 145752 |  | 145752 |
| ILS | 4442786 | USD | 4249814 | 8/12/2025 | NWM | 192972 |  | 192972 |
| ILS | 4781199 | USD | 4763460 | 8/12/2025 | NWM | 17739 |  | 17739 |
| ILS | 5331343 | USD | 5102132 | 8/12/2025 | NWM | 229211 |  | 229211 |
| ILS | 5331343 | USD | 5097698 | 8/12/2025 | NWM | 233645 |  | 233645 |
| ILS | 5705898 | USD | 5510324 | 8/12/2025 | NWM | 195574 |  | 195574 |
| ILS | 6286263 | USD | 5969332 | 8/12/2025 | NWM | 316931 |  | 316931 |
| USD | 22112702 | ILS | 23102486 | 8/12/2025 | NWM |  | (989784) | (989784) |
| ILS | 7108457 | USD | 6795478 | 8/12/2025 | NWM | 312979 |  | 312979 |
| ILS | 7319697 | USD | 7002479 | 8/12/2025 | NWM | 317218 |  | 317218 |
| ILS | 7553043 | USD | 7221841 | 8/12/2025 | NWM | 331202 |  | 331202 |
| ILS | 7997015 | USD | 7653246 | 8/12/2025 | NWM | 343769 |  | 343769 |
| ILS | 8859587 | USD | 8413762 | 8/12/2025 | NWM | 445825 |  | 445825 |
| ILS | 10512853 | USD | 10056276 | 8/12/2025 | NWM | 456577 |  | 456577 |
| ILS | 11107094 | USD | 11030086 | 8/12/2025 | NWM | 77008 |  | 77008 |
| ILS | 23102487 | USD | 22112703 | 8/12/2025 | NWM | 989784 |  | 989784 |
| ILS | 60137934 | USD | 57638235 | 8/12/2025 | NWM | 2499699 |  | 2499699 |
| USD | 66663 | PEN | 70498 | 8/13/2025 | NWM |  | (3835) | (3835) |
| PEN | 140996 | USD | 136426 | 8/13/2025 | NWM | 4570 |  | 4570 |
| USD | 667983 | PEN | 704981 | 8/13/2025 | NWM |  | (36998) | (36998) |
| USD | 668006 | PEN | 704980 | 8/13/2025 | NWM |  | (36974) | (36974) |
| PEN | 211494 | USD | 207111 | 8/13/2025 | NWM | 4383 |  | 4383 |
| USD | 933821 | PEN | 986973 | 8/13/2025 | NWM |  | (53152) | (53152) |
| PEN | 281992 | USD | 274115 | 8/13/2025 | NWM | 7877 |  | 7877 |
| PEN | 281992 | USD | 276145 | 8/13/2025 | NWM | 5847 |  | 5847 |
| PEN | 352490 | USD | 341052 | 8/13/2025 | NWM | 11438 |  | 11438 |
| PEN | 352490 | USD | 344920 | 8/13/2025 | NWM | 7570 |  | 7570 |
| PEN | 352490 | USD | 345205 | 8/13/2025 | NWM | 7285 |  | 7285 |
| PEN | 352490 | USD | 345410 | 8/13/2025 | NWM | 7080 |  | 7080 |
| PEN | 493486 | USD | 483044 | 8/13/2025 | NWM | 10442 |  | 10442 |
| PEN | 563984 | USD | 545717 | 8/13/2025 | NWM | 18267 |  | 18267 |
| PEN | 563984 | USD | 548125 | 8/13/2025 | NWM | 15859 |  | 15859 |
| PEN | 563984 | USD | 552199 | 8/13/2025 | NWM | 11785 |  | 11785 |
| PEN | 634483 | USD | 613933 | 8/13/2025 | NWM | 20550 |  | 20550 |
| PEN | 704981 | USD | 682201 | 8/13/2025 | NWM | 22780 |  | 22780 |
| PEN | 845977 | USD | 822188 | 8/13/2025 | NWM | 23789 |  | 23789 |
| PEN | 986973 | USD | 959404 | 8/13/2025 | NWM | 27569 |  | 27569 |
| PEN | 5146358 | USD | 4861136 | 8/13/2025 | NWM | 285222 |  | 285222 |
| USD | 2782518 | GBP | 2830171 | 7/17/2025 | SSB |  | (47653) | (47653) |
| EUR | 3848911 | USD | 3731427 | 7/17/2025 | SSB | 117484 |  | 117484 |
| CAD | 3443787 | USD | 3423704 | 7/17/2025 | SSB | 20083 |  | 20083 |
| USD | 21424953 | MYR | 21504758 | 7/17/2025 | SSB |  | (79805) | (79805) |
|  |  |  |  |  |  | $147812065 | $(120560712) | $27251353 |

---

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

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Counterparty Abbreviations: | Counterparty Abbreviations: |
| BNP | BNP Paribas NA |
| CBK | Citibank NA |
| HUB | HSBC Bank PLC |
| NWM | NatWest Markets PLC |
| SSB | State Street Bank & Trust Co. |
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| ILS | Israeli New Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |
| Index Abbreviations: | Index Abbreviations: |
| CAC 40 | Euronet Paris - French Stock Market Index. |
| DAX | Deutsche Boerse AG German Stock Index. |
| EURO STOXX 50 | Eurozone Blue-chip Index. |
| FTSE 100 | Financial Times Stock Exchange 100 Index. |
| FTSE China A50 | Financial Times Stock Exchange China A50 Index. |
| FTSE/JSE Top 40 | Largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index. |
| FTSE/MIB | Borsa Italiana-Italian Stock Market Index. |
| Hang Seng | Hong Kong Stock Market Index. |
| KOSPI | South Korean Stock Market Index. |
| MSCI EAFE | Morgan Stanley Capital International—Europe, Australasia, and Far East. |
| NASDAQ | National Association of Securities Dealers Automated Quotations. |
| Nifty 50 | National Stock Exchange FIFTY. |
| NIKKEI 225 | Nikkei Stock Average. |
| OMXS30 | Stockholm Stock Exchange's leading share index. |
| Russell 2000 | U.S. Small-Cap Stock Market Index. |
| S&P 500 | Standard & Poor's 500 Index—U.S. Equity Large-Cap Index. |
| S&P/TSX | Canadian Equity Market Index. |
| TOPIX | Tokyo Stock Exchange Tokyo Price Index. |
| Exchange Abbreviations: | Exchange Abbreviations: |
| ASX | Australian Securities Exchange. |
| CBOT | Chicago Board of Trade. |
| CME | Chicago Mercantile Exchange. |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Exchange Abbreviations: (continued) | Exchange Abbreviations: (continued) |
| Eurex | European derivatives exchange. |
| Euronext | European New Exchange Technology. |
| FinEx | Financial Instruments Exchange. |
| HKG | Hong Kong Exchange. |
| ICE | Intercontinental Exchange. |
| JSE | Johannesburg Stock Exchange. |
| KFE | Korea Exchange - KOFEX. |
| LME | London Metal Exchange. |
| MDE | Malaysian Derivative Exchange. |
| MGE | Minneapolis Grain Exchange. |
| NSE | National Stock Exchange. |
| NYMEX | New York Mercantile Exchange. |
| OML | OMLX: London Securities & Derivatives Exchange. |
| SAFEX | South African Futures Exchange. |
| SFE | Sydney Futures Exchange. |
| SGX | Singapore Stock Exchange. |
| TSE | Tokyo Stock Exchange. |
| WCE | Winnipeg Commodity Exchange. |
| Other Abbreviations: | Other Abbreviations: |
| BOBL | Medium term debt that is issued by the Federal Republic of Germany. |
| BTP | Buoni del Tesoro Poliennali. |
| BUND | German Federal Government Bond. |
| Buxl | Long term debt that is issued by the Federal Republic of Germany. |
| COMEX | The Commodity Exchange Inc. |
| CORRA | Canadian Overnight Repo Rate Average. |
| CSC | CEI: Coffee, Sugar and Cocoa. |
| CTN | Cotton. |
| EURIBOR | Euro Interbank Offered Rate. |
| Gilt | Bank of England Bonds. |
| IFSC | International Financial Services Centre. |
| KCBT | The Kansas City Board of Trade. |
| NYBOT | New York Board of Trade. |
| RBOB | Reformulated Gasoline Blendstock for Oxygen Blending. |
| Schatz | Short-dated equivalent of the Bobl and Bund futures. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |
| ULSD | Ultra-low-sulfur diesel. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| AHL Managed Futures Strategy Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Short-Term Investments | $- | $1731787245 | $- | $1731787245 |
|  Total Investments in Securities - Assets | $- | $1731787245 | $- | $1731787245 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $40339451 | $- | $- | $40339451 |
|  Forward Foreign Currency Contracts |  | 147812065 |  | 147812065 |
|  Total Financial Derivative Instruments - Assets | $40339451 | $147812065 | $- | $188151516 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Futures Contracts | $(30582531) | $- | $- | $(30582531) |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $- | $(120560712) | $- | $(120560712) |
|  Total Financial Derivative Instruments - Liabilities | $(30582531) | $(120560712) | $- | $(151143243) |

---

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

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| FOREIGN SOVEREIGN OBLIGATIONS - 3.66% |  |  |
| French Republic Government Bonds OAT, 0.600%, Due 7/25/2034 <sup>A</sup> <sup>B</sup> <sup>C</sup> | EUR554,590 | $619303 |
| U.K. Inflation-Linked Gilts, 0.750%, Due 11/22/2033 <sup>B C</sup> | GBP539,935 | 712252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations (Cost $1,308,418) |  | 1331555 |
| U.S. TREASURY OBLIGATIONS - 7.06% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 10/15/2029<sup>B</sup> | $509705 | 515997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 4/15/2030<sup>B</sup> | 1007640 | 1014895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, Due 1/15/2035<sup>B</sup> | 1016400 | 1034010 |
|  |  | 2564902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations (Cost $2,545,519) |  | 2564902 |
| SHORT-TERM INVESTMENTS - 72.19% |  |  |
| U.S. Treasury Obligations - 72.19% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.297%, Due 7/3/2025<sup>D</sup> <sup>E</sup> | 4000000 | 3999067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.268%, Due 8/7/2025<sup>D</sup> <sup>E</sup> <sup>F</sup> | 1600000 | 1592999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.185%, Due 9/25/2025<sup>D</sup> <sup>E F</sup> | 6500000 | 6434777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.272%, Due 10/9/2025<sup>D</sup> <sup>E F</sup> | 7600000 | 7511974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.294%, Due 10/16/2025<sup>D</sup> <sup>E</sup> | 4000000 | 3950180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.282%, Due 10/30/2025<sup>D</sup> <sup>E F</sup> | 1500000 | 1478907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.242%, Due 11/13/2025<sup>D</sup> <sup>E F</sup> | 1300000 | 1279833 |
|  |  | 26247737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments (Cost $26,251,113) |  | 26247737 |
|  TOTAL INVESTMENTS - 82.91% (Cost $30,105,050) |  | 30144194 |
|  OTHER ASSETS, NET OF LIABILITIES - 17.09% |  | 6214166 |
|  TOTAL NET ASSETS - 100.00% |  | $36358360 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $619,303 or 1.70% of net assets. The Fund has no right to demand registration of these securities.

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

<sup>C</sup> Reg S – Security purchased under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: |
| Commodity Futures Contracts | Commodity Futures Contracts | Commodity Futures Contracts | Commodity Futures Contracts | Commodity Futures Contracts | Commodity Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CBOT Soybean Oil Futures<sup>A</sup> | 5 | December 2025 | $164094 | $158250 | $(5844) |
| CME Lean Hogs Futures<sup>A</sup> | 2 | August 2025 | 83155 | 86000 | 2845 |
| CME Lean Hogs Futures<sup>A</sup> | 2 | October 2025 | 75125 | 73920 | (1205) |
| COMEX Copper Futures<sup>A</sup> | 3 | September 2025 | 367881 | 381188 | 13307 |
| COMEX Gold 100 Troy Ounces Futures<sup>A</sup> | 3 | August 2025 | 1004655 | 992310 | (12345) |
| COMEX Silver Futures<sup>A</sup> | 4 | September 2025 | 727457 | 723440 | (4017) |
| Euronext Rapeseed Futures<sup>A</sup> | 1 | October 2025 | 29229 | 28418 | (811) |
| ICE Brent Crude Oil Futures<sup>A</sup> | 3 | July 2025 | 213284 | 200220 | (13064) |
| ICE Gas Oil Futures<sup>A</sup> | 2 | July 2025 | 148103 | 135400 | (12703) |
| LME Copper Futures<sup>A</sup> | 1 | August 2025 | 236336 | 247659 | 11323 |
| LME Lead Futures<sup>A</sup> | 2 | August 2025 | 100699 | 101842 | 1143 |
| LME Primary Aluminum Futures<sup>A</sup> | 5 | August 2025 | 310932 | 324848 | 13916 |
| LME Primary Aluminum Futures<sup>A</sup> | 6 | August 2025 | 381685 | 389817 | 8132 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) | Commodity Futures Contracts (continued) |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| LME Zinc Futures<sup>A</sup> | 1 | August 2025 | $69156 | $68717 | $(439) |
| LME Zinc Futures<sup>A</sup> | 2 | August 2025 | 134842 | 137434 | 2592 |
| LME Zinc Futures<sup>A</sup> | 1 | September 2025 | 69181 | 68817 | (364) |
| NYMEX Light Sweet Crude Oil Futures<sup>A</sup> | 3 | July 2025 | 211225 | 195330 | (15895) |
| NYMEX NY Harbor ULSD Futures<sup>A</sup> | 2 | July 2025 | 190834 | 191209 | 375 |
| NYMEX Palladium Futures<sup>A</sup> | 1 | September 2025 | 107202 | 110710 | 3508 |
| NYMEX Platinum Futures<sup>A</sup> | 3 | October 2025 | 193815 | 201450 | 7635 |
| NYMEX Reformulated Gasoline Blendstock for Oxygen Blending RBOB Futures<sup>A</sup> | 3 | July 2025 | 278474 | 261085 | (17389) |
| WCE Canola Futures<sup>A</sup> | 6 | November 2025 | 61559 | 62540 | 981 |
|  |  |  | $5158923 | $5140604 | $(18319) |
| Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| Borsa Italiana FTSE/MIB Index Futures | 3 | September 2025 | $698540 | $704155 | $5615 |
| CME E-Mini NASDAQ 100 Index Futures | 2 | September 2025 | 880438 | 915730 | 35292 |
| CME E-Mini S&P 500 Index Futures | 6 | September 2025 | 1827122 | 1876125 | 49003 |
| Eurex DAX Index Futures | 1 | September 2025 | 694565 | 708213 | 13648 |
| Eurex EURO STOXX 50 Futures | 16 | September 2025 | 999778 | 1003991 | 4213 |
| Eurex STOXX Europe 600 ESG-X Futures | 1 | September 2025 | 23418 | 23406 | (12) |
| Euronext CAC 40 Index Futures | 6 | July 2025 | 541583 | 542093 | 510 |
| HKG Hang Seng China Enterprises Index Futures | 7 | July 2025 | 387418 | 386519 | (899) |
| HKG Hang Seng Index Futures | 4 | July 2025 | 609954 | 613609 | 3655 |
| ICE FTSE 100 Index Futures | 14 | September 2025 | 1703361 | 1689087 | (14274) |
| ICE U.S. mini MSCI EAFE Index Futures | 5 | September 2025 | 665382 | 670425 | 5043 |
| ICE U.S. MSCI Emerging Markets Index Futures | 9 | September 2025 | 547462 | 555075 | 7613 |
| KFE KOSPI 200 Index Futures | 6 | September 2025 | 443853 | 462526 | 18673 |
| Montreal Exchange S&P/TSX 60 Index Futures | 7 | September 2025 | 1628474 | 1644942 | 16468 |
| NSE IFSC NIFTY 50 Index Futures | 7 | July 2025 | 353550 | 358414 | 4864 |
| OML Stockholm OMXS30 Index Futures | 11 | July 2025 | 287542 | 289856 | 2314 |
| SAFEX FTSE/JSE Top 40 Index Futures | 9 | September 2025 | 449979 | 456407 | 6428 |
| SFE S&P ASX Share Price Index 200 Futures | 11 | September 2025 | 1547257 | 1545123 | (2134) |
| SGX FTSE China A50 Futures | 42 | July 2025 | 562983 | 562296 | (687) |
| SGX FTSE Taiwan Index Futures | 6 | July 2025 | 432165 | 437640 | 5475 |
| SGX MSCI Singapore Index Futures | 10 | July 2025 | 318424 | 323437 | 5013 |
| SGX Nikkei 225 Stock Index Futures | 5 | September 2025 | 666774 | 702319 | 35545 |
| TSE TOPIX Futures | 6 | September 2025 | 1160328 | 1189750 | 29422 |
|  |  |  | $17430350 | $17661138 | $230788 |
| Interest Rate Futures Contracts |  |  |  |  |  |
| Description | Number of<br>Contracts | Expiration Date | Notional<br>Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| 3-Month CORRA Futures | 2 | December 2026 | $357897 | $358326 | $429 |
| 3 Month Euro Euribor Futures | 23 | September 2026 | 6649265 | 6648928 | (337) |
| 3 Month Euro Euribor Futures | 39 | June 2027 | 11251659 | 11250150 | (1509) |
| 3 Month Euro Euribor Futures | 27 | December 2027 | 7781188 | 7776639 | (4549) |
| 3 Month Euro Euribor Futures | 12 | March 2028 | 3456143 | 3453810 | (2333) |
| CBOT 5 Year U.S. Treasury Notes Futures | 8 | September 2025 | 863788 | 872000 | 8212 |
| CBOT 10 Year U.S. Treasury Notes Futures | 9 | September 2025 | 994985 | 1009125 | 14140 |
| CBOT U.S. Long Bond Futures | 5 | September 2025 | 560380 | 577344 | 16964 |
| CBOT Ultra U.S. Treasury Bond Futures | 5 | September 2025 | 567943 | 595625 | 27682 |
| Eurex 5 Year Euro BOBL Futures | 14 | September 2025 | 1947822 | 1940697 | (7125) |
| Eurex 10 Year Euro BUND Futures | 10 | September 2025 | 1543099 | 1533103 | (9996) |
| Eurex Euro-BTP Italian Bond Futures | 19 | September 2025 | 2706600 | 2708108 | 1508 |
| Eurex Euro-BTP Italian Bond Futures | 17 | September 2025 | 2164554 | 2161616 | (2938) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Interest Rate Futures Contracts (continued) | Interest Rate Futures Contracts (continued) |  |  |  |  |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| French Government Bond Futures | 12 | September 2025 | $1760821 | $1750529 | $(10292) |
| ICE Long Gilt Futures | 6 | September 2025 | 755135 | 766186 | 11051 |
| KFE 3 Year Treasury Bond Futures | 19 | September 2025 | 1509270 | 1509892 | 622 |
| KFE 10 Year Treasury Bond Futures | 6 | September 2025 | 524956 | 526511 | 1555 |
| Montreal Exchange 10 Year Canadian Bond Futures . | 6 | September 2025 | 532270 | 537544 | 5274 |
| SFE 3 Year Australian Bond Futures | 40 | September 2025 | 2831341 | 2836391 | 5050 |
| SFE 10 Year Australian Bond Futures | 19 | September 2025 | 1427674 | 1433297 | 5623 |
| Three-Month SOFR Futures | 10 | December 2026 | 2420139 | 2423375 | 3236 |
| Three-Month SOFR Futures | 18 | September 2027 | 4351413 | 4360725 | 9312 |
| Three-Month SOFR Futures | 20 | June 2028 | 4831378 | 4836500 | 5122 |
| Three Month SONIA Index Futures | 28 | December 2026 | 9276137 | 9283779 | 7642 |
| Three Month SONIA Index Futures | 26 | September 2027 | 8607414 | 8614406 | 6992 |
|  |  |  | $79673271 | $79764606 | $91335 |
| Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: | Short Futures Contracts Open on June 30, 2025: |
| Commodity Futures Contracts |  |  |  |  |  |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CBOT Corn Futures<sup>A</sup> | 2 | September 2025 | $(42908) | $(40925) | $1983 |
| CBOT Corn Futures<sup>A</sup> | 20 | December 2025 | (435542) | (425500) | 10042 |
| CBOT Soybean Meal Futures<sup>A</sup> | 5 | September 2025 | (147014) | (139950) | 7064 |
| CBOT Soybean Meal Futures<sup>A</sup> | 6 | December 2025 | (173206) | (173580) | (374) |
| CBOT Wheat Futures<sup>A</sup> | 8 | September 2025 | (219441) | (215300) | 4141 |
| Euronext Milling Wheat Futures<sup>A</sup> | 8 | September 2025 | (100967) | (91880) | 9087 |
| Euronext Milling Wheat Futures<sup>A</sup> | 5 | December 2025 | (62247) | (60812) | 1435 |
| ICE Robusta Coffee Futures 10-Tonne<sup>A</sup> | 1 | September 2025 | (42469) | (36200) | 6269 |
| KCBT Hard Red Winter Wheat Futures<sup>A</sup> | 6 | September 2025 | (165229) | (158025) | 7204 |
| LME Copper Futures<sup>A</sup> | 1 | August 2025 | (219687) | (247659) | (27972) |
| LME Lead Futures<sup>A</sup> | 3 | August 2025 | (148452) | (152763) | (4311) |
| LME Nickel Futures<sup>A</sup> | 1 | August 2025 | (96027) | (90813) | 5214 |
| LME Primary Aluminum Futures<sup>A</sup> | 12 | August 2025 | (738435) | (779634) | (41199) |
| LME Zinc Futures<sup>A</sup> | 3 | August 2025 | (202026) | (206152) | (4126) |
| LME Zinc Futures<sup>A</sup> | 2 | September 2025 | (133271) | (137634) | (4363) |
| MGE Red Wheat Futures<sup>A</sup> | 1 | September 2025 | (31735) | (31037) | 698 |
| NYBOT CSC C Coffee Futures<sup>A</sup> | 1 | September 2025 | (114561) | (112538) | 2023 |
| NYBOT CSC Number 11 World Sugar Futures<sup>A</sup> | 25 | September 2025 | (469246) | (453600) | 15646 |
| NYBOT CTN Number 2 Cotton Futures<sup>A</sup> | 3 | December 2025 | (101068) | (102195) | (1127) |
| NYMEX Henry Hub Natural Gas Futures<sup>A</sup> | 9 | July 2025 | (328324) | (311040) | 17284 |
|  |  |  | $(3971855) | $(3967237) | $4618 |
| Currency Futures Contracts | Currency Futures Contracts | Currency Futures Contracts | Currency Futures Contracts | Currency Futures Contracts | Currency Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| NYBOT FINEX United States Dollar Index Future | 4 | September 2025 | $(393755) | $(385972) | $7783 |
|  |  |  | $(393755) | $(385972) | $7783 |
| Interest Rate Futures Contracts |  |  |  |  |  |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CBOT 2 Year U.S. Treasury Notes Futures | 1 | September 2025 | $(207234) | $(208024) | $(790) |
| Eurex 2 Year Euro SCHATZ Futures | 9 | September 2025 | (1137207) | (1137017) | 190 |
|  |  |  | $(1344441) | $(1345041) | $(600) |

---

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

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: |
| Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices – Sell Protection<sup>(1)</sup> |
| Index/Tranches | Fixed<br>Rate (%) | Payment<br>Frequency | Expiration<br> Date | Implied<br>Credit Spread<br>at 6/30/2025<sup>(2)</sup><br> (%) | Curr | Notional<br>Amount<sup>(3)</sup><br> (000s) | Premiums<br>Paid<br>(Received) | Fair<br>Value<sup>(4)</sup> | Unrealized<br>Appreciation<br>(Depreciation) |
| CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.5085 | USD | 15000 | $271537 | $334379 | $62842 |
|  |  |  |  |  |  |  | $271537 | $334379 | $62842 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: |
| Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements |
| Pay/Receive<br>Floating Rate | Description | Reference<br>Entity | Counter-<br>party | Floating<br>Rate | Payment<br>Frequency | Expiration<br>Date | Reference<br>Quantity | Notional<br>Amount | Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| Pay | 1-Month<br>USD-LIBOR | BBUXALC<br>INDEX | JPM | 0.000% | Maturity | 7/3/2025 | 22000 | $2975865 | $– | $17723 |
|  |  |  |  |  |  |  |  |  | $– | $17723 |

---

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: |
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 28780 | INR | 29141 | 7/9/2025 | BNP | $– | $(361) | $(361) |
| USD | 28789 | INR | 29141 | 7/9/2025 | BNP |  | (352) | (352) |
| USD | 28815 | INR | 29141 | 7/9/2025 | BNP |  | (326) | (326) |
| USD | 28818 | INR | 29141 | 7/9/2025 | BNP |  | (323) | (323) |
| USD | 28844 | INR | 29141 | 7/9/2025 | BNP |  | (297) | (297) |
| USD | 28857 | INR | 29141 | 7/9/2025 | BNP |  | (284) | (284) |
| USD | 28860 | INR | 29141 | 7/9/2025 | BNP |  | (281) | (281) |
| USD | 28862 | INR | 29141 | 7/9/2025 | BNP |  | (279) | (279) |
| USD | 28931 | INR | 29141 | 7/9/2025 | BNP |  | (210) | (210) |
| USD | 28968 | INR | 29141 | 7/9/2025 | BNP |  | (173) | (173) |
| USD | 28974 | INR | 29141 | 7/9/2025 | BNP |  | (167) | (167) |
| USD | 29011 | INR | 29141 | 7/9/2025 | BNP |  | (130) | (130) |
| USD | 29015 | INR | 29141 | 7/9/2025 | BNP |  | (126) | (126) |
| USD | 29016 | INR | 29141 | 7/9/2025 | BNP |  | (125) | (125) |
| USD | 29030 | INR | 29141 | 7/9/2025 | BNP |  | (111) | (111) |
| USD | 29039 | INR | 29141 | 7/9/2025 | BNP |  | (102) | (102) |
| USD | 29044 | INR | 29141 | 7/9/2025 | BNP |  | (97) | (97) |
| USD | 29046 | INR | 29141 | 7/9/2025 | BNP |  | (95) | (95) |
| USD | 29098 | INR | 29141 | 7/9/2025 | BNP |  | (43) | (43) |
| USD | 29100 | INR | 29141 | 7/9/2025 | BNP |  | (41) | (41) |
| USD | 57618 | INR | 58282 | 7/9/2025 | BNP |  | (664) | (664) |
| USD | 29059 | INR | 29141 | 7/9/2025 | BNP |  | (82) | (82) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 29059 | INR | 29140 | 7/9/2025 | BNP | $- | $(81) | $(81) |
| USD | 116838 | INR | 116564 | 7/9/2025 | BNP | 274 |  | 274 |
| INR | 29141 | USD | 28994 | 7/9/2025 | BNP | 147 |  | 147 |
| INR | 29141 | USD | 28997 | 7/9/2025 | BNP | 144 |  | 144 |
| INR | 29141 | USD | 28998 | 7/9/2025 | BNP | 143 |  | 143 |
| INR | 29141 | USD | 28999 | 7/9/2025 | BNP | 142 |  | 142 |
| INR | 29141 | USD | 29007 | 7/9/2025 | BNP | 134 |  | 134 |
| INR | 29141 | USD | 29014 | 7/9/2025 | BNP | 127 |  | 127 |
| INR | 29141 | USD | 29054 | 7/9/2025 | BNP | 87 |  | 87 |
| INR | 29141 | USD | 29116 | 7/9/2025 | BNP | 25 |  | 25 |
| INR | 29141 | USD | 29121 | 7/9/2025 | BNP | 20 |  | 20 |
| INR | 29141 | USD | 29124 | 7/9/2025 | BNP | 17 |  | 17 |
| INR | 29141 | USD | 29129 | 7/9/2025 | BNP | 12 |  | 12 |
| INR | 29141 | USD | 29142 | 7/9/2025 | BNP |  | (1) | (1) |
| INR | 29141 | USD | 29144 | 7/9/2025 | BNP |  | (3) | (3) |
| INR | 58282 | USD | 58047 | 7/9/2025 | BNP | 235 |  | 235 |
| INR | 29141 | USD | 29119 | 7/9/2025 | BNP | 22 |  | 22 |
| INR | 29141 | USD | 29119 | 7/9/2025 | BNP | 22 |  | 22 |
| INR | 320550 | USD | 323319 | 7/9/2025 | BNP |  | (2769) | (2769) |
| PHP | 4395 | USD | 4363 | 7/23/2025 | BNP | 32 |  | 32 |
| PHP | 39971 | USD | 39695 | 7/23/2025 | BNP | 276 |  | 276 |
| INR | 13745 | USD | 13774 | 8/6/2025 | BNP |  | (29) | (29) |
| INR | 15365 | USD | 15406 | 8/6/2025 | BNP |  | (41) | (41) |
| INR | 29110 | USD | 29042 | 8/6/2025 | BNP | 68 |  | 68 |
| INR | 29110 | USD | 29183 | 8/6/2025 | BNP |  | (73) | (73) |
| INR | 29110 | USD | 29203 | 8/6/2025 | BNP |  | (93) | (93) |
| USD | 43295 | PHP | 44349 | 8/11/2025 | BNP |  | (1054) | (1054) |
| USD | 43352 | PHP | 44348 | 8/11/2025 | BNP |  | (996) | (996) |
| USD | 43462 | PHP | 44348 | 8/11/2025 | BNP |  | (886) | (886) |
| USD | 43876 | PHP | 44348 | 8/11/2025 | BNP |  | (472) | (472) |
| PHP | 44348 | USD | 44043 | 8/11/2025 | BNP | 305 |  | 305 |
| PHP | 266089 | USD | 269297 | 8/11/2025 | BNP |  | (3208) | (3208) |
| INR | 116288 | USD | 116528 | 9/4/2025 | BNP |  | (240) | (240) |
| USD | 49646 | NOK | 49607 | 7/1/2025 | CBK | 39 |  | 39 |
| USD | 105704 | SEK | 105698 | 7/1/2025 | CBK | 6 |  | 6 |
| NOK | 49606 | USD | 49728 | 7/1/2025 | CBK |  | (122) | (122) |
| SEK | 52849 | USD | 52726 | 7/1/2025 | CBK | 123 |  | 123 |
| SEK | 52849 | USD | 52919 | 7/1/2025 | CBK |  | (70) | (70) |
| SGD | 78647 | USD | 78443 | 7/2/2025 | CBK | 204 |  | 204 |
| USD | 153369 | THB | 153816 | 7/3/2025 | CBK |  | (447) | (447) |
| THB | 153816 | USD | 151334 | 7/3/2025 | CBK | 2482 |  | 2482 |
| USD | 32552 | NOK | 35070 | 7/15/2025 | CBK |  | (2518) | (2518) |
| USD | 49449 | NOK | 49610 | 7/15/2025 | CBK |  | (161) | (161) |
| USD | 49732 | NOK | 49610 | 7/15/2025 | CBK | 122 |  | 122 |
| USD | 50210 | NOK | 50355 | 7/15/2025 | CBK |  | (145) | (145) |
| NOK | 5206 | USD | 5060 | 7/15/2025 | CBK | 146 |  | 146 |
| USD | 59571 | NOK | 64150 | 7/15/2025 | CBK |  | (4579) | (4579) |
| USD | 62744 | NOK | 62943 | 7/15/2025 | CBK |  | (199) | (199) |
| USD | 69376 | NOK | 69584 | 7/15/2025 | CBK |  | (208) | (208) |
| USD | 78070 | NOK | 78282 | 7/15/2025 | CBK |  | (212) | (212) |
| USD | 85842 | NOK | 86107 | 7/15/2025 | CBK |  | (265) | (265) |
| USD | 91938 | NOK | 99219 | 7/15/2025 | CBK |  | (7281) | (7281) |
| SGD | 78722 | USD | 77737 | 7/15/2025 | CBK | 985 |  | 985 |
| SGD | 78722 | USD | 77897 | 7/15/2025 | CBK | 825 |  | 825 |
| SGD | 78722 | USD | 77903 | 7/15/2025 | CBK | 819 |  | 819 |
| SGD | 78722 | USD | 78141 | 7/15/2025 | CBK | 581 |  | 581 |
| SGD | 78722 | USD | 78169 | 7/15/2025 | CBK | 553 |  | 553 |
| SGD | 78722 | USD | 78267 | 7/15/2025 | CBK | 455 |  | 455 |
| USD | 156602 | SGD | 157444 | 7/15/2025 | CBK |  | (842) | (842) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| SGD | 78722 | USD | 77766 | 7/15/2025 | CBK | $956 | $- | $956 |
| SGD | 78722 | USD | 77765 | 7/15/2025 | CBK | 957 |  | 957 |
| NOK | 35905 | USD | 34566 | 7/15/2025 | CBK | 1339 |  | 1339 |
| NOK | 38100 | USD | 36643 | 7/15/2025 | CBK | 1457 |  | 1457 |
| USD | 388309 | SGD | 393611 | 7/15/2025 | CBK |  | (5302) | (5302) |
| NOK | 42049 | USD | 40880 | 7/15/2025 | CBK | 1169 |  | 1169 |
| NOK | 44404 | USD | 43190 | 7/15/2025 | CBK | 1214 |  | 1214 |
| NOK | 49610 | USD | 46968 | 7/15/2025 | CBK | 2642 |  | 2642 |
| NOK | 49610 | USD | 47848 | 7/15/2025 | CBK | 1762 |  | 1762 |
| NOK | 49610 | USD | 47885 | 7/15/2025 | CBK | 1725 |  | 1725 |
| NOK | 49610 | USD | 48065 | 7/15/2025 | CBK | 1545 |  | 1545 |
| NOK | 49610 | USD | 48127 | 7/15/2025 | CBK | 1483 |  | 1483 |
| NOK | 49610 | USD | 48132 | 7/15/2025 | CBK | 1478 |  | 1478 |
| NOK | 49610 | USD | 48210 | 7/15/2025 | CBK | 1400 |  | 1400 |
| NOK | 49610 | USD | 48251 | 7/15/2025 | CBK | 1359 |  | 1359 |
| NOK | 49610 | USD | 48302 | 7/15/2025 | CBK | 1308 |  | 1308 |
| NOK | 49610 | USD | 48924 | 7/15/2025 | CBK | 686 |  | 686 |
| NOK | 49610 | USD | 49114 | 7/15/2025 | CBK | 496 |  | 496 |
| NOK | 49610 | USD | 49254 | 7/15/2025 | CBK | 356 |  | 356 |
| NOK | 49610 | USD | 49312 | 7/15/2025 | CBK | 298 |  | 298 |
| NOK | 49610 | USD | 49373 | 7/15/2025 | CBK | 237 |  | 237 |
| NOK | 49610 | USD | 49412 | 7/15/2025 | CBK | 198 |  | 198 |
| NOK | 49610 | USD | 49641 | 7/15/2025 | CBK |  | (31) | (31) |
| NOK | 49610 | USD | 49814 | 7/15/2025 | CBK |  | (204) | (204) |
| NOK | 49610 | USD | 50393 | 7/15/2025 | CBK |  | (783) | (783) |
| SGD | 393611 | USD | 391924 | 7/15/2025 | CBK | 1687 |  | 1687 |
| NOK | 55067 | USD | 52951 | 7/15/2025 | CBK | 2116 |  | 2116 |
| NOK | 55537 | USD | 53423 | 7/15/2025 | CBK | 2114 |  | 2114 |
| NOK | 57171 | USD | 55621 | 7/15/2025 | CBK | 1550 |  | 1550 |
| NOK | 87273 | USD | 83938 | 7/15/2025 | CBK | 3335 |  | 3335 |
| NOK | 92548 | USD | 92330 | 7/15/2025 | CBK | 218 |  | 218 |
| NOK | 93353 | USD | 89865 | 7/15/2025 | CBK | 3488 |  | 3488 |
| NOK | 111074 | USD | 106752 | 7/15/2025 | CBK | 4322 |  | 4322 |
| NOK | 119008 | USD | 114493 | 7/15/2025 | CBK | 4515 |  | 4515 |
| SGD | 1023388 | USD | 1008924 | 7/15/2025 | CBK | 14464 |  | 14464 |
| NOK | 137745 | USD | 137413 | 7/15/2025 | CBK | 332 |  | 332 |
| NOK | 166586 | USD | 166168 | 7/15/2025 | CBK | 418 |  | 418 |
| USD | 635 | SEK | 642 | 7/17/2025 | CBK |  | (7) | (7) |
| SEK | 485 | USD | 472 | 7/17/2025 | CBK | 13 |  | 13 |
| GBP | 68639 | JPY | 67619 | 7/22/2025 | CBK | 1020 |  | 1020 |
| GBP | 68639 | JPY | 67816 | 7/22/2025 | CBK | 823 |  | 823 |
| GBP | 68639 | JPY | 67920 | 7/22/2025 | CBK | 719 |  | 719 |
| GBP | 69529 | JPY | 67640 | 7/22/2025 | CBK | 1889 |  | 1889 |
| GBP | 94416 | JPY | 91914 | 7/22/2025 | CBK | 2502 |  | 2502 |
| GBP | 136386 | JPY | 132681 | 7/22/2025 | CBK | 3705 |  | 3705 |
| GBP | 137277 | JPY | 137408 | 7/22/2025 | CBK |  | (131) | (131) |
| GBP | 180138 | JPY | 175302 | 7/22/2025 | CBK | 4836 |  | 4836 |
| JPY | 137328 | GBP | 137277 | 7/22/2025 | CBK | 51 |  | 51 |
| TWD | 85731 | USD | 84396 | 7/24/2025 | CBK | 1335 |  | 1335 |
| TWD | 85731 | USD | 85925 | 7/24/2025 | CBK |  | (194) | (194) |
| USD | 9015 | THB | 9152 | 7/25/2025 | CBK |  | (137) | (137) |
| USD | 9766 | THB | 9915 | 7/25/2025 | CBK |  | (149) | (149) |
| USD | 12775 | THB | 12966 | 7/25/2025 | CBK |  | (191) | (191) |
| USD | 13525 | THB | 13729 | 7/25/2025 | CBK |  | (204) | (204) |
| USD | 14274 | THB | 14491 | 7/25/2025 | CBK |  | (217) | (217) |
| USD | 16528 | THB | 16779 | 7/25/2025 | CBK |  | (251) | (251) |
| THB | 77031 | USD | 76840 | 7/25/2025 | CBK | 191 |  | 191 |
| THB | 77031 | USD | 76878 | 7/25/2025 | CBK | 153 |  | 153 |
| THB | 154364 | USD | 153818 | 8/20/2025 | CBK | 546 |  | 546 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| EUR | 26629 | CAD | 26606 | 8/27/2025 | CBK | $23 | $- | $23 |
| EUR | 91603 | CAD | 91524 | 8/27/2025 | CBK | 79 |  | 79 |
| EUR | 118232 | CAD | 117619 | 8/27/2025 | CBK | 613 |  | 613 |
| EUR | 155163 | CAD | 154182 | 8/27/2025 | CBK | 981 |  | 981 |
| EUR | 317765 | CAD | 315871 | 8/27/2025 | CBK | 1894 |  | 1894 |
| USD | 78685 | MXN | 80730 | 9/17/2025 | CBK |  | (2045) | (2045) |
| USD | 91766 | MXN | 94185 | 9/17/2025 | CBK |  | (2419) | (2419) |
| USD | 98222 | MXN | 100913 | 9/17/2025 | CBK |  | (2691) | (2691) |
| USD | 105015 | MXN | 107639 | 9/17/2025 | CBK |  | (2624) | (2624) |
| USD | 117958 | MXN | 121094 | 9/17/2025 | CBK |  | (3136) | (3136) |
| USD | 126324 | MXN | 129783 | 9/17/2025 | CBK |  | (3459) | (3459) |
| MXN | 26431 | USD | 25492 | 9/17/2025 | CBK | 939 |  | 939 |
| MXN | 26431 | USD | 25564 | 9/17/2025 | CBK | 867 |  | 867 |
| MXN | 64918 | USD | 63116 | 9/17/2025 | CBK | 1802 |  | 1802 |
| MXN | 77902 | USD | 75747 | 9/17/2025 | CBK | 2155 |  | 2155 |
| MXN | 77902 | USD | 75789 | 9/17/2025 | CBK | 2113 |  | 2113 |
| MXN | 97377 | USD | 94672 | 9/17/2025 | CBK | 2705 |  | 2705 |
| MXN | 105724 | USD | 102293 | 9/17/2025 | CBK | 3431 |  | 3431 |
| MXN | 110361 | USD | 107313 | 9/17/2025 | CBK | 3048 |  | 3048 |
| MXN | 155804 | USD | 151379 | 9/17/2025 | CBK | 4425 |  | 4425 |
| MXN | 155804 | USD | 151342 | 9/17/2025 | CBK | 4462 |  | 4462 |
| USD | 52833 | SEK | 53157 | 9/29/2025 | CBK |  | (324) | (324) |
| USD | 104686 | SEK | 106315 | 9/29/2025 | CBK |  | (1629) | (1629) |
| USD | 105259 | SEK | 106314 | 9/29/2025 | CBK |  | (1055) | (1055) |
| SEK | 14450 | USD | 14418 | 9/29/2025 | CBK | 32 |  | 32 |
| USD | 144298 | SEK | 147511 | 9/29/2025 | CBK |  | (3213) | (3213) |
| USD | 167583 | SEK | 171432 | 9/29/2025 | CBK |  | (3849) | (3849) |
| SEK | 38273 | USD | 37761 | 9/29/2025 | CBK | 512 |  | 512 |
| SEK | 53157 | USD | 51963 | 9/29/2025 | CBK | 1194 |  | 1194 |
| SEK | 53157 | USD | 52369 | 9/29/2025 | CBK | 788 |  | 788 |
| SEK | 53157 | USD | 52835 | 9/29/2025 | CBK | 322 |  | 322 |
| SEK | 53157 | USD | 52851 | 9/29/2025 | CBK | 306 |  | 306 |
| SEK | 106314 | USD | 106328 | 9/29/2025 | CBK |  | (14) | (14) |
| SEK | 155332 | USD | 154806 | 9/29/2025 | CBK | 526 |  | 526 |
| SEK | 159472 | USD | 159742 | 9/29/2025 | CBK |  | (270) | (270) |
| SEK | 232998 | USD | 231796 | 9/29/2025 | CBK | 1202 |  | 1202 |
| SEK | 235106 | USD | 233806 | 9/29/2025 | CBK | 1300 |  | 1300 |
| SEK | 280670 | USD | 276668 | 9/29/2025 | CBK | 4002 |  | 4002 |
| MXN | 14667 | USD | 14449 | 10/22/2025 | CBK | 218 |  | 218 |
| MXN | 26327 | USD | 25591 | 10/22/2025 | CBK | 736 |  | 736 |
| MXN | 26327 | USD | 25618 | 10/22/2025 | CBK | 709 |  | 709 |
| MXN | 26327 | USD | 25845 | 10/22/2025 | CBK | 482 |  | 482 |
| MXN | 26327 | USD | 26076 | 10/22/2025 | CBK | 251 |  | 251 |
| MXN | 26327 | USD | 26089 | 10/22/2025 | CBK | 238 |  | 238 |
| MXN | 27050 | USD | 26505 | 10/22/2025 | CBK | 545 |  | 545 |
| MXN | 43797 | USD | 43491 | 10/22/2025 | CBK | 306 |  | 306 |
| MXN | 51096 | USD | 50736 | 10/22/2025 | CBK | 360 |  | 360 |
| MXN | 52654 | USD | 50767 | 10/22/2025 | CBK | 1887 |  | 1887 |
| MXN | 52654 | USD | 51307 | 10/22/2025 | CBK | 1347 |  | 1347 |
| MXN | 61147 | USD | 59225 | 10/22/2025 | CBK | 1922 |  | 1922 |
| MXN | 64314 | USD | 63337 | 10/22/2025 | CBK | 977 |  | 977 |
| MXN | 67941 | USD | 65794 | 10/22/2025 | CBK | 2147 |  | 2147 |
| MXN | 76297 | USD | 74725 | 10/22/2025 | CBK | 1572 |  | 1572 |
| MXN | 78981 | USD | 77188 | 10/22/2025 | CBK | 1793 |  | 1793 |
| MXN | 81335 | USD | 79714 | 10/22/2025 | CBK | 1621 |  | 1621 |
| MXN | 81529 | USD | 78963 | 10/22/2025 | CBK | 2566 |  | 2566 |
| MXN | 85814 | USD | 84141 | 10/22/2025 | CBK | 1673 |  | 1673 |
| MXN | 87593 | USD | 86960 | 10/22/2025 | CBK | 633 |  | 633 |
| MXN | 88323 | USD | 85556 | 10/22/2025 | CBK | 2767 |  | 2767 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| MXN | 93496 | USD | 91636 | 10/22/2025 | CBK | $1860 | $- | $1860 |
| MXN | 105262 | USD | 104537 | 10/22/2025 | CBK | 725 |  | 725 |
| MXN | 105308 | USD | 102384 | 10/22/2025 | CBK | 2924 |  | 2924 |
| MXN | 105308 | USD | 102395 | 10/22/2025 | CBK | 2913 |  | 2913 |
| MXN | 105308 | USD | 103439 | 10/22/2025 | CBK | 1869 |  | 1869 |
| MXN | 105308 | USD | 103959 | 10/22/2025 | CBK | 1349 |  | 1349 |
| MXN | 116870 | USD | 114547 | 10/22/2025 | CBK | 2323 |  | 2323 |
| MXN | 122294 | USD | 118449 | 10/22/2025 | CBK | 3845 |  | 3845 |
| MXN | 124662 | USD | 122168 | 10/22/2025 | CBK | 2494 |  | 2494 |
| MXN | 170038 | USD | 168854 | 10/22/2025 | CBK | 1184 |  | 1184 |
| MXN | 226718 | USD | 225081 | 10/22/2025 | CBK | 1637 |  | 1637 |
| USD | 1025 | NZD | 1053 | 7/1/2025 | HUB |  | (28) | (28) |
| NZD | 1648 | USD | 1604 | 7/1/2025 | HUB | 44 |  | 44 |
| NZD | 7456 | USD | 7389 | 7/1/2025 | HUB | 67 |  | 67 |
| NZD | 22256 | USD | 21812 | 7/1/2025 | HUB | 444 |  | 444 |
| NZD | 22257 | USD | 21803 | 7/1/2025 | HUB | 454 |  | 454 |
| USD | 39342 | NZD | 40461 | 7/1/2025 | HUB |  | (1119) | (1119) |
| NZD | 32114 | USD | 31896 | 7/1/2025 | HUB | 218 |  | 218 |
| USD | 59286 | NZD | 60955 | 7/1/2025 | HUB |  | (1669) | (1669) |
| USD | 60269 | NZD | 60955 | 7/1/2025 | HUB |  | (686) | (686) |
| USD | 60352 | NZD | 60561 | 7/1/2025 | HUB |  | (209) | (209) |
| USD | 60398 | NZD | 60562 | 7/1/2025 | HUB |  | (164) | (164) |
| USD | 78661 | NZD | 80922 | 7/1/2025 | HUB |  | (2261) | (2261) |
| NZD | 48821 | USD | 47890 | 7/1/2025 | HUB | 931 |  | 931 |
| NZD | 53499 | USD | 53022 | 7/1/2025 | HUB | 477 |  | 477 |
| NZD | 59307 | USD | 57765 | 7/1/2025 | HUB | 1542 |  | 1542 |
| NZD | 60955 | USD | 59414 | 7/1/2025 | HUB | 1541 |  | 1541 |
| NZD | 60955 | USD | 59486 | 7/1/2025 | HUB | 1469 |  | 1469 |
| NZD | 60955 | USD | 59564 | 7/1/2025 | HUB | 1391 |  | 1391 |
| NZD | 60955 | USD | 60335 | 7/1/2025 | HUB | 620 |  | 620 |
| NZD | 60955 | USD | 60343 | 7/1/2025 | HUB | 612 |  | 612 |
| NZD | 60955 | USD | 60344 | 7/1/2025 | HUB | 611 |  | 611 |
| NZD | 60955 | USD | 60384 | 7/1/2025 | HUB | 571 |  | 571 |
| NZD | 60955 | USD | 60514 | 7/1/2025 | HUB | 441 |  | 441 |
| EUR | 117795 | USD | 117287 | 7/1/2025 | HUB | 508 |  | 508 |
| USD | 117300 | EUR | 117795 | 7/1/2025 | HUB |  | (495) | (495) |
| USD | 118004 | NZD | 121383 | 7/1/2025 | HUB |  | (3379) | (3379) |
| USD | 120553 | NZD | 121910 | 7/1/2025 | HUB |  | (1357) | (1357) |
| USD | 120803 | NZD | 121122 | 7/1/2025 | HUB |  | (319) | (319) |
| USD | 144479 | NZD | 144852 | 7/1/2025 | HUB |  | (373) | (373) |
| NZD | 89796 | USD | 89143 | 7/1/2025 | HUB | 653 |  | 653 |
| USD | 160749 | NZD | 161497 | 7/1/2025 | HUB |  | (748) | (748) |
| NZD | 100156 | USD | 98124 | 7/1/2025 | HUB | 2032 |  | 2032 |
| NZD | 111284 | USD | 109101 | 7/1/2025 | HUB | 2183 |  | 2183 |
| USD | 18171 | BRL | 18406 | 7/2/2025 | HUB |  | (235) | (235) |
| USD | 18174 | BRL | 18406 | 7/2/2025 | HUB |  | (232) | (232) |
| USD | 18175 | BRL | 18406 | 7/2/2025 | HUB |  | (231) | (231) |
| USD | 18176 | BRL | 18406 | 7/2/2025 | HUB |  | (230) | (230) |
| USD | 18182 | BRL | 18406 | 7/2/2025 | HUB |  | (224) | (224) |
| USD | 18183 | BRL | 18406 | 7/2/2025 | HUB |  | (223) | (223) |
| USD | 18186 | BRL | 18405 | 7/2/2025 | HUB |  | (219) | (219) |
| USD | 18197 | BRL | 18406 | 7/2/2025 | HUB |  | (209) | (209) |
| USD | 18203 | BRL | 18406 | 7/2/2025 | HUB |  | (203) | (203) |
| USD | 18205 | BRL | 18405 | 7/2/2025 | HUB |  | (200) | (200) |
| USD | 27664 | PLN | 27744 | 7/2/2025 | HUB |  | (80) | (80) |
| EUR | 49873 | PLN | 50173 | 7/2/2025 | HUB |  | (300) | (300) |
| EUR | 67922 | PLN | 68388 | 7/2/2025 | HUB |  | (466) | (466) |
| USD | 58116 | BRL | 58898 | 7/2/2025 | HUB |  | (782) | (782) |
| USD | 58197 | BRL | 58898 | 7/2/2025 | HUB |  | (701) | (701) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| BRL | 18406 | USD | 17417 | 7/2/2025 | HUB | $989 | $- | $989 |
| BRL | 18406 | USD | 17427 | 7/2/2025 | HUB | 979 |  | 979 |
| BRL | 18406 | USD | 17434 | 7/2/2025 | HUB | 972 |  | 972 |
| BRL | 18406 | USD | 17463 | 7/2/2025 | HUB | 943 |  | 943 |
| BRL | 18406 | USD | 17486 | 7/2/2025 | HUB | 920 |  | 920 |
| BRL | 18406 | USD | 17494 | 7/2/2025 | HUB | 912 |  | 912 |
| BRL | 18406 | USD | 17569 | 7/2/2025 | HUB | 837 |  | 837 |
| BRL | 18406 | USD | 17585 | 7/2/2025 | HUB | 821 |  | 821 |
| BRL | 18406 | USD | 17592 | 7/2/2025 | HUB | 814 |  | 814 |
| BRL | 18406 | USD | 17616 | 7/2/2025 | HUB | 790 |  | 790 |
| BRL | 18406 | USD | 17664 | 7/2/2025 | HUB | 742 |  | 742 |
| NZD | 60955 | USD | 60837 | 7/2/2025 | HUB | 118 |  | 118 |
| EUR | 117795 | PLN | 117880 | 7/2/2025 | HUB |  | (85) | (85) |
| EUR | 117795 | PLN | 119120 | 7/2/2025 | HUB |  | (1325) | (1325) |
| USD | 101823 | BRL | 103072 | 7/2/2025 | HUB |  | (1249) | (1249) |
| USD | 126339 | BRL | 128840 | 7/2/2025 | HUB |  | (2501) | (2501) |
| PLN | 44540 | EUR | 44080 | 7/2/2025 | HUB | 460 |  | 460 |
| PLN | 51554 | EUR | 51535 | 7/2/2025 | HUB | 19 |  | 19 |
| BRL | 18406 | USD | 17458 | 7/2/2025 | HUB | 948 |  | 948 |
| BRL | 18406 | USD | 17457 | 7/2/2025 | HUB | 949 |  | 949 |
| PLN | 66297 | EUR | 66259 | 7/2/2025 | HUB | 38 |  | 38 |
| PLN | 74542 | EUR | 73715 | 7/2/2025 | HUB | 827 |  | 827 |
| BRL | 55217 | USD | 52328 | 7/2/2025 | HUB | 2889 |  | 2889 |
| PLN | 117763 | EUR | 117795 | 7/2/2025 | HUB |  | (32) | (32) |
| PLN | 117986 | EUR | 117795 | 7/2/2025 | HUB | 191 |  | 191 |
| PLN | 118021 | EUR | 117795 | 7/2/2025 | HUB | 226 |  | 226 |
| PLN | 118245 | EUR | 117795 | 7/2/2025 | HUB | 450 |  | 450 |
| PLN | 118410 | EUR | 117795 | 7/2/2025 | HUB | 615 |  | 615 |
| PLN | 118754 | EUR | 117795 | 7/2/2025 | HUB | 959 |  | 959 |
| BRL | 239274 | USD | 227359 | 7/2/2025 | HUB | 11915 |  | 11915 |
| USD | 69695 | CNY | 69878 | 7/7/2025 | HUB |  | (183) | (183) |
| USD | 139704 | CNY | 139756 | 7/7/2025 | HUB |  | (52) | (52) |
| USD | 277958 | CNY | 279513 | 7/7/2025 | HUB |  | (1555) | (1555) |
| CNY | 69878 | USD | 69585 | 7/7/2025 | HUB | 293 |  | 293 |
| CNY | 69878 | USD | 69636 | 7/7/2025 | HUB | 242 |  | 242 |
| CNY | 69878 | USD | 69697 | 7/7/2025 | HUB | 181 |  | 181 |
| USD | 764583 | CNY | 768660 | 7/7/2025 | HUB |  | (4077) | (4077) |
| CNY | 139756 | USD | 139209 | 7/7/2025 | HUB | 547 |  | 547 |
| CNY | 139756 | USD | 139756 | 7/7/2025 | HUB |  |  |  |
| CNY | 209635 | USD | 208880 | 7/7/2025 | HUB | 755 |  | 755 |
| USD | 49616 | AUD | 50913 | 7/15/2025 | HUB |  | (1297) | (1297) |
| USD | 64237 | AUD | 65829 | 7/15/2025 | HUB |  | (1592) | (1592) |
| AUD | 65829 | USD | 64422 | 7/15/2025 | HUB | 1407 |  | 1407 |
| AUD | 65829 | USD | 64463 | 7/15/2025 | HUB | 1366 |  | 1366 |
| AUD | 65829 | USD | 64994 | 7/15/2025 | HUB | 835 |  | 835 |
| AUD | 65829 | USD | 65072 | 7/15/2025 | HUB | 757 |  | 757 |
| AUD | 65829 | USD | 65170 | 7/15/2025 | HUB | 659 |  | 659 |
| AUD | 65829 | USD | 65171 | 7/15/2025 | HUB | 658 |  | 658 |
| AUD | 65829 | USD | 65446 | 7/15/2025 | HUB | 383 |  | 383 |
| AUD | 72075 | USD | 71514 | 7/15/2025 | HUB | 561 |  | 561 |
| USD | 130049 | AUD | 131657 | 7/15/2025 | HUB |  | (1608) | (1608) |
| AUD | 90353 | USD | 88053 | 7/15/2025 | HUB | 2300 |  | 2300 |
| USD | 142862 | AUD | 146573 | 7/15/2025 | HUB |  | (3711) | (3711) |
| AUD | 125411 | USD | 124506 | 7/15/2025 | HUB | 905 |  | 905 |
| AUD | 171670 | USD | 167273 | 7/15/2025 | HUB | 4397 |  | 4397 |
| AUD | 198777 | USD | 193919 | 7/15/2025 | HUB | 4858 |  | 4858 |
| GBP | 68637 | AUD | 68064 | 7/16/2025 | HUB | 573 |  | 573 |
| GBP | 68637 | AUD | 68819 | 7/16/2025 | HUB |  | (182) | (182) |
| GBP | 68637 | AUD | 68914 | 7/16/2025 | HUB |  | (277) | (277) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 57657 | JPY | 57576 | 7/16/2025 | HUB | $81 | $- | $81 |
| USD | 68965 | JPY | 69550 | 7/16/2025 | HUB |  | (585) | (585) |
| USD | 69015 | JPY | 69550 | 7/16/2025 | HUB |  | (535) | (535) |
| USD | 69858 | JPY | 69550 | 7/16/2025 | HUB | 308 |  | 308 |
| GBP | 131351 | AUD | 129407 | 7/16/2025 | HUB | 1944 |  | 1944 |
| GBP | 137273 | AUD | 138176 | 7/16/2025 | HUB |  | (903) | (903) |
| USD | 136170 | JPY | 139101 | 7/16/2025 | HUB |  | (2931) | (2931) |
| USD | 137016 | JPY | 139101 | 7/16/2025 | HUB |  | (2085) | (2085) |
| USD | 137870 | JPY | 139101 | 7/16/2025 | HUB |  | (1231) | (1231) |
| GBP | 211832 | AUD | 208628 | 7/16/2025 | HUB | 3204 |  | 3204 |
| USD | 160153 | JPY | 160369 | 7/16/2025 | HUB |  | (216) | (216) |
| USD | 207026 | JPY | 208651 | 7/16/2025 | HUB |  | (1625) | (1625) |
| AUD | 137845 | GBP | 137273 | 7/16/2025 | HUB | 572 |  | 572 |
| USD | 256395 | JPY | 256933 | 7/16/2025 | HUB |  | (538) | (538) |
| USD | 499499 | JPY | 498828 | 7/16/2025 | HUB | 671 |  | 671 |
| JPY | 66497 | USD | 65622 | 7/16/2025 | HUB | 875 |  | 875 |
| JPY | 69550 | USD | 68037 | 7/16/2025 | HUB | 1513 |  | 1513 |
| JPY | 83122 | USD | 82097 | 7/16/2025 | HUB | 1025 |  | 1025 |
| JPY | 108643 | USD | 107772 | 7/16/2025 | HUB | 871 |  | 871 |
| JPY | 131899 | USD | 130735 | 7/16/2025 | HUB | 1164 |  | 1164 |
| JPY | 166243 | USD | 164790 | 7/16/2025 | HUB | 1453 |  | 1453 |
| USD | 19 | GBP | 19 | 7/17/2025 | HUB |  |  |  |
| USD | 19 | PLN | 20 | 7/17/2025 | HUB |  | (1) | (1) |
| CAD | 28 | USD | 28 | 7/17/2025 | HUB |  |  |  |
| CAD | 53 | USD | 53 | 7/17/2025 | HUB |  |  |  |
| CAD | 105 | USD | 105 | 7/17/2025 | HUB |  |  |  |
| USD | 158 | GBP | 160 | 7/17/2025 | HUB |  | (2) | (2) |
| PLN | 57 | USD | 57 | 7/17/2025 | HUB |  |  |  |
| PLN | 58 | USD | 56 | 7/17/2025 | HUB | 2 |  | 2 |
| USD | 223 | AUD | 227 | 7/17/2025 | HUB |  | (4) | (4) |
| USD | 227 | JPY | 227 | 7/17/2025 | HUB |  |  |  |
| GBP | 315 | USD | 307 | 7/17/2025 | HUB | 8 |  | 8 |
| USD | 256 | CAD | 259 | 7/17/2025 | HUB |  | (3) | (3) |
| USD | 349 | PLN | 358 | 7/17/2025 | HUB |  | (9) | (9) |
| PLN | 110 | USD | 109 | 7/17/2025 | HUB | 1 |  | 1 |
| AUD | 318 | USD | 316 | 7/17/2025 | HUB | 2 |  | 2 |
| USD | 718 | AUD | 738 | 7/17/2025 | HUB |  | (20) | (20) |
| USD | 777 | JPY | 774 | 7/17/2025 | HUB | 3 |  | 3 |
| USD | 877 | JPY | 898 | 7/17/2025 | HUB |  | (21) | (21) |
| CAD | 658 | USD | 655 | 7/17/2025 | HUB | 3 |  | 3 |
| USD | 1071 | JPY | 1098 | 7/17/2025 | HUB |  | (27) | (27) |
| USD | 7816 | AUD | 7922 | 7/17/2025 | HUB |  | (106) | (106) |
| JPY | 69 | USD | 69 | 7/17/2025 | HUB |  |  |  |
| CAD | 7623 | USD | 7561 | 7/17/2025 | HUB | 62 |  | 62 |
| JPY | 92 | USD | 92 | 7/17/2025 | HUB |  |  |  |
| JPY | 127 | USD | 124 | 7/17/2025 | HUB | 3 |  | 3 |
| JPY | 146 | USD | 146 | 7/17/2025 | HUB |  |  |  |
| JPY | 176 | USD | 176 | 7/17/2025 | HUB |  |  |  |
| JPY | 264 | USD | 264 | 7/17/2025 | HUB |  |  |  |
| USD | 337117 | EUR | 346660 | 7/17/2025 | HUB |  | (9543) | (9543) |
| AUD | 10650 | JPY | 10590 | 7/22/2025 | HUB | 60 |  | 60 |
| AUD | 55188 | JPY | 54875 | 7/22/2025 | HUB | 313 |  | 313 |
| AUD | 65838 | JPY | 64146 | 7/22/2025 | HUB | 1692 |  | 1692 |
| AUD | 65838 | JPY | 65538 | 7/22/2025 | HUB | 300 |  | 300 |
| AUD | 65838 | JPY | 65618 | 7/22/2025 | HUB | 220 |  | 220 |
| PLN | 5912 | USD | 5571 | 7/31/2025 | HUB | 341 |  | 341 |
| USD | 49534 | PLN | 50971 | 7/31/2025 | HUB |  | (1437) | (1437) |
| USD | 49695 | CLP | 53670 | 7/31/2025 | HUB |  | (3975) | (3975) |
| USD | 50127 | CLP | 53671 | 7/31/2025 | HUB |  | (3544) | (3544) |
| USD | 50163 | CLP | 53671 | 7/31/2025 | HUB |  | (3508) | (3508) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 50376 | CLP | 53671 | 7/31/2025 | HUB | $- | $(3295) | $(3295) |
| USD | 51015 | CLP | 53671 | 7/31/2025 | HUB |  | (2656) | (2656) |
| USD | 85076 | PLN | 87654 | 7/31/2025 | HUB |  | (2578) | (2578) |
| PLN | 27716 | USD | 26117 | 7/31/2025 | HUB | 1599 |  | 1599 |
| PLN | 27725 | USD | 26352 | 7/31/2025 | HUB | 1373 |  | 1373 |
| PLN | 27725 | USD | 26459 | 7/31/2025 | HUB | 1266 |  | 1266 |
| PLN | 27725 | USD | 26466 | 7/31/2025 | HUB | 1259 |  | 1259 |
| PLN | 27725 | USD | 26558 | 7/31/2025 | HUB | 1167 |  | 1167 |
| PLN | 27725 | USD | 26619 | 7/31/2025 | HUB | 1106 |  | 1106 |
| PLN | 27725 | USD | 26683 | 7/31/2025 | HUB | 1042 |  | 1042 |
| PLN | 27725 | USD | 26758 | 7/31/2025 | HUB | 967 |  | 967 |
| PLN | 27725 | USD | 26792 | 7/31/2025 | HUB | 933 |  | 933 |
| PLN | 27725 | USD | 26925 | 7/31/2025 | HUB | 800 |  | 800 |
| PLN | 28769 | USD | 27127 | 7/31/2025 | HUB | 1642 |  | 1642 |
| PLN | 40432 | USD | 38599 | 7/31/2025 | HUB | 1833 |  | 1833 |
| PLN | 48503 | USD | 45718 | 7/31/2025 | HUB | 2785 |  | 2785 |
| PLN | 51832 | USD | 51439 | 7/31/2025 | HUB | 393 |  | 393 |
| PLN | 59067 | USD | 58598 | 7/31/2025 | HUB | 469 |  | 469 |
| PLN | 72778 | USD | 69450 | 7/31/2025 | HUB | 3328 |  | 3328 |
| PLN | 80864 | USD | 77264 | 7/31/2025 | HUB | 3600 |  | 3600 |
| CLP | 53671 | USD | 52981 | 7/31/2025 | HUB | 690 |  | 690 |
| CLP | 53671 | USD | 53212 | 7/31/2025 | HUB | 459 |  | 459 |
| CLP | 53671 | USD | 53272 | 7/31/2025 | HUB | 399 |  | 399 |
| CLP | 53671 | USD | 53294 | 7/31/2025 | HUB | 377 |  | 377 |
| CLP | 53671 | USD | 53636 | 7/31/2025 | HUB | 35 |  | 35 |
| BRL | 18264 | USD | 17583 | 8/4/2025 | HUB | 681 |  | 681 |
| BRL | 18264 | USD | 17674 | 8/4/2025 | HUB | 590 |  | 590 |
| BRL | 18264 | USD | 17676 | 8/4/2025 | HUB | 588 |  | 588 |
| BRL | 18264 | USD | 17763 | 8/4/2025 | HUB | 501 |  | 501 |
| BRL | 18264 | USD | 17799 | 8/4/2025 | HUB | 465 |  | 465 |
| BRL | 18264 | USD | 17827 | 8/4/2025 | HUB | 437 |  | 437 |
| BRL | 18264 | USD | 17831 | 8/4/2025 | HUB | 433 |  | 433 |
| BRL | 18264 | USD | 17843 | 8/4/2025 | HUB | 421 |  | 421 |
| BRL | 18264 | USD | 17882 | 8/4/2025 | HUB | 382 |  | 382 |
| BRL | 18264 | USD | 17891 | 8/4/2025 | HUB | 373 |  | 373 |
| BRL | 18264 | USD | 17892 | 8/4/2025 | HUB | 372 |  | 372 |
| BRL | 18264 | USD | 17895 | 8/4/2025 | HUB | 369 |  | 369 |
| BRL | 18264 | USD | 17898 | 8/4/2025 | HUB | 366 |  | 366 |
| BRL | 18264 | USD | 17904 | 8/4/2025 | HUB | 360 |  | 360 |
| BRL | 18264 | USD | 17916 | 8/4/2025 | HUB | 348 |  | 348 |
| BRL | 18264 | USD | 17922 | 8/4/2025 | HUB | 342 |  | 342 |
| BRL | 18264 | USD | 17928 | 8/4/2025 | HUB | 336 |  | 336 |
| BRL | 18264 | USD | 17933 | 8/4/2025 | HUB | 331 |  | 331 |
| BRL | 18264 | USD | 17945 | 8/4/2025 | HUB | 319 |  | 319 |
| BRL | 18264 | USD | 17977 | 8/4/2025 | HUB | 287 |  | 287 |
| BRL | 18264 | USD | 18035 | 8/4/2025 | HUB | 229 |  | 229 |
| BRL | 18264 | USD | 18055 | 8/4/2025 | HUB | 209 |  | 209 |
| BRL | 18264 | USD | 18075 | 8/4/2025 | HUB | 189 |  | 189 |
| BRL | 18264 | USD | 18076 | 8/4/2025 | HUB | 188 |  | 188 |
| BRL | 58443 | USD | 57681 | 8/4/2025 | HUB | 762 |  | 762 |
| BRL | 58443 | USD | 57762 | 8/4/2025 | HUB | 681 |  | 681 |
| BRL | 102276 | USD | 101062 | 8/4/2025 | HUB | 1214 |  | 1214 |
| BRL | 127845 | USD | 125395 | 8/4/2025 | HUB | 2450 |  | 2450 |
| USD | 4299 | KRW | 4398 | 8/5/2025 | HUB |  | (99) | (99) |
| USD | 4739 | KRW | 4843 | 8/5/2025 | HUB |  | (104) | (104) |
| USD | 6503 | KRW | 6651 | 8/5/2025 | HUB |  | (148) | (148) |
| USD | 6706 | KRW | 6866 | 8/5/2025 | HUB |  | (160) | (160) |
| USD | 6818 | KRW | 6974 | 8/5/2025 | HUB |  | (156) | (156) |
| USD | 6925 | KRW | 7081 | 8/5/2025 | HUB |  | (156) | (156) |
| USD | 7024 | KRW | 7188 | 8/5/2025 | HUB |  | (164) | (164) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| USD | 7029 | KRW | 7188 | 8/5/2025 | HUB | $- | $(159) | $(159) |
| USD | 7232 | KRW | 7402 | 8/5/2025 | HUB |  | (170) | (170) |
| USD | 7440 | KRW | 7617 | 8/5/2025 | HUB |  | (177) | (177) |
| USD | 7873 | KRW | 8046 | 8/5/2025 | HUB |  | (173) | (173) |
| USD | 44747 | GBP | 45092 | 8/5/2025 | HUB |  | (345) | (345) |
| GBP | 68643 | USD | 67564 | 8/5/2025 | HUB | 1079 |  | 1079 |
| GBP | 68643 | USD | 67655 | 8/5/2025 | HUB | 988 |  | 988 |
| GBP | 68643 | USD | 67751 | 8/5/2025 | HUB | 892 |  | 892 |
| GBP | 68643 | USD | 67786 | 8/5/2025 | HUB | 857 |  | 857 |
| GBP | 87221 | USD | 85943 | 8/5/2025 | HUB | 1278 |  | 1278 |
| USD | 67946 | GBP | 68643 | 8/5/2025 | HUB |  | (697) | (697) |
| GBP | 137286 | USD | 134599 | 8/5/2025 | HUB | 2687 |  | 2687 |
| GBP | 174441 | USD | 171827 | 8/5/2025 | HUB | 2614 |  | 2614 |
| GBP | 189614 | USD | 189549 | 8/5/2025 | HUB | 65 |  | 65 |
| GBP | 197607 | USD | 194815 | 8/5/2025 | HUB | 2792 |  | 2792 |
| GBP | 218051 | USD | 214803 | 8/5/2025 | HUB | 3248 |  | 3248 |
| GBP | 218051 | USD | 214946 | 8/5/2025 | HUB | 3105 |  | 3105 |
| USD | 159646 | GBP | 160837 | 8/5/2025 | HUB |  | (1191) | (1191) |
| USD | 181727 | GBP | 185628 | 8/5/2025 | HUB |  | (3901) | (3901) |
| GBP | 261663 | USD | 257967 | 8/5/2025 | HUB | 3696 |  | 3696 |
| GBP | 290887 | USD | 290517 | 8/5/2025 | HUB | 370 |  | 370 |
| GBP | 328866 | USD | 324062 | 8/5/2025 | HUB | 4804 |  | 4804 |
| GBP | 436104 | USD | 429592 | 8/5/2025 | HUB | 6512 |  | 6512 |
| USD | 422906 | GBP | 432159 | 8/5/2025 | HUB |  | (9253) | (9253) |
| KRW | 74255 | USD | 73081 | 8/5/2025 | HUB | 1174 |  | 1174 |
| KRW | 74255 | USD | 73663 | 8/5/2025 | HUB | 592 |  | 592 |
| KRW | 74255 | USD | 73812 | 8/5/2025 | HUB | 443 |  | 443 |
| KRW | 74255 | USD | 73856 | 8/5/2025 | HUB | 399 |  | 399 |
| KRW | 148509 | USD | 147643 | 8/5/2025 | HUB | 866 |  | 866 |
| EUR | 30162 | CHF | 30307 | 8/18/2025 | HUB |  | (145) | (145) |
| CHF | 36862 | EUR | 36656 | 8/18/2025 | HUB | 206 |  | 206 |
| CHF | 81994 | EUR | 81505 | 8/18/2025 | HUB | 489 |  | 489 |
| EUR | 95062 | CHF | 95429 | 8/18/2025 | HUB |  | (367) | (367) |
| EUR | 141261 | CHF | 141777 | 8/18/2025 | HUB |  | (516) | (516) |
| EUR | 184428 | CHF | 185242 | 8/18/2025 | HUB |  | (814) | (814) |
| EUR | 258057 | CHF | 259212 | 8/18/2025 | HUB |  | (1155) | (1155) |
| CAD | 66152 | USD | 65501 | 8/25/2025 | HUB | 651 |  | 651 |
| CAD | 70087 | USD | 69369 | 8/25/2025 | HUB | 718 |  | 718 |
| EUR | 118216 | AUD | 117467 | 8/25/2025 | HUB | 749 |  | 749 |
| EUR | 118216 | AUD | 118260 | 8/25/2025 | HUB |  | (44) | (44) |
| CAD | 88480 | USD | 87875 | 8/25/2025 | HUB | 605 |  | 605 |
| CAD | 132423 | USD | 131566 | 8/25/2025 | HUB | 857 |  | 857 |
| CAD | 165380 | USD | 163737 | 8/25/2025 | HUB | 1643 |  | 1643 |
| CAD | 192545 | USD | 190569 | 8/25/2025 | HUB | 1976 |  | 1976 |
| CAD | 242181 | USD | 239692 | 8/25/2025 | HUB | 2489 |  | 2489 |
| EUR | 116828 | USD | 115157 | 8/26/2025 | HUB | 1671 |  | 1671 |
| EUR | 118224 | USD | 117735 | 8/26/2025 | HUB | 489 |  | 489 |
| EUR | 138193 | USD | 136219 | 8/26/2025 | HUB | 1974 |  | 1974 |
| EUR | 341564 | USD | 336611 | 8/26/2025 | HUB | 4953 |  | 4953 |
| EUR | 349208 | USD | 344302 | 8/26/2025 | HUB | 4906 |  | 4906 |
| EUR | 354672 | USD | 352039 | 8/26/2025 | HUB | 2633 |  | 2633 |
| COP | 48592 | USD | 46655 | 8/27/2025 | HUB | 1937 |  | 1937 |
| COP | 48592 | USD | 47233 | 8/27/2025 | HUB | 1359 |  | 1359 |
| COP | 48592 | USD | 47370 | 8/27/2025 | HUB | 1222 |  | 1222 |
| COP | 48592 | USD | 47404 | 8/27/2025 | HUB | 1188 |  | 1188 |
| COP | 48592 | USD | 47665 | 8/27/2025 | HUB | 927 |  | 927 |
| COP | 48592 | USD | 47982 | 8/27/2025 | HUB | 610 |  | 610 |
| COP | 48592 | USD | 48639 | 8/27/2025 | HUB |  | (47) | (47) |
| COP | 48592 | USD | 48642 | 8/27/2025 | HUB |  | (50) | (50) |
| NZD | 60687 | USD | 60478 | 9/2/2025 | HUB | 209 |  | 209 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| NZD | 60687 | USD | 60524 | 9/2/2025 | HUB | $163 | $- | $163 |
| NZD | 121373 | USD | 121055 | 9/2/2025 | HUB | 318 |  | 318 |
| NZD | 145151 | USD | 144779 | 9/2/2025 | HUB | 372 |  | 372 |
| NZD | 161832 | USD | 161085 | 9/2/2025 | HUB | 747 |  | 747 |
| USD | 52612 | CLP | 53657 | 9/30/2025 | HUB |  | (1045) | (1045) |
| CLP | 53657 | USD | 53069 | 9/30/2025 | HUB | 588 |  | 588 |
| CLP | 53657 | USD | 53148 | 9/30/2025 | HUB | 509 |  | 509 |
| CLP | 53657 | USD | 53274 | 9/30/2025 | HUB | 383 |  | 383 |
| CLP | 53657 | USD | 53313 | 9/30/2025 | HUB | 344 |  | 344 |
| CLP | 53657 | USD | 53420 | 9/30/2025 | HUB | 237 |  | 237 |
| CLP | 53657 | USD | 53697 | 9/30/2025 | HUB |  | (40) | (40) |
| CLP | 53657 | USD | 53753 | 9/30/2025 | HUB |  | (96) | (96) |
| USD | 27924 | ZAR | 28242 | 7/1/2025 | NWM |  | (318) | (318) |
| ZAR | 28243 | USD | 28267 | 7/1/2025 | NWM |  | (24) | (24) |
| CHF | 9030 | USD | 8849 | 7/2/2025 | NWM | 181 |  | 181 |
| USD | 8533 | CHF | 8914 | 7/2/2025 | NWM |  | (381) | (381) |
| CHF | 14254 | USD | 13987 | 7/2/2025 | NWM | 267 |  | 267 |
| CHF | 21006 | USD | 20825 | 7/2/2025 | NWM | 181 |  | 181 |
| EUR | 22346 | SEK | 22341 | 7/2/2025 | NWM | 5 |  | 5 |
| USD | 20075 | CHF | 21813 | 7/2/2025 | NWM |  | (1738) | (1738) |
| USD | 28117 | ZAR | 28243 | 7/2/2025 | NWM |  | (126) | (126) |
| CHF | 44774 | USD | 44050 | 7/2/2025 | NWM | 724 |  | 724 |
| CHF | 54462 | USD | 51394 | 7/2/2025 | NWM | 3068 |  | 3068 |
| CHF | 62775 | USD | 62076 | 7/2/2025 | NWM | 699 |  | 699 |
| CHF | 63257 | USD | 62563 | 7/2/2025 | NWM | 694 |  | 694 |
| CHF | 81258 | USD | 79964 | 7/2/2025 | NWM | 1294 |  | 1294 |
| EUR | 95449 | SEK | 95431 | 7/2/2025 | NWM | 18 |  | 18 |
| CHF | 105026 | USD | 104149 | 7/2/2025 | NWM | 877 |  | 877 |
| CHF | 111778 | USD | 109753 | 7/2/2025 | NWM | 2025 |  | 2025 |
| CHF | 117002 | USD | 114712 | 7/2/2025 | NWM | 2290 |  | 2290 |
| USD | 95852 | CHF | 104218 | 7/2/2025 | NWM |  | (8366) | (8366) |
| CHF | 126032 | USD | 119681 | 7/2/2025 | NWM | 6351 |  | 6351 |
| CHF | 126032 | USD | 120618 | 7/2/2025 | NWM | 5414 |  | 5414 |
| CHF | 126032 | USD | 122611 | 7/2/2025 | NWM | 3421 |  | 3421 |
| CHF | 126032 | USD | 122618 | 7/2/2025 | NWM | 3414 |  | 3414 |
| CHF | 126032 | USD | 123295 | 7/2/2025 | NWM | 2737 |  | 2737 |
| CHF | 126032 | USD | 123405 | 7/2/2025 | NWM | 2627 |  | 2627 |
| CHF | 126032 | USD | 125180 | 7/2/2025 | NWM | 852 |  | 852 |
| EUR | 117795 | SEK | 117285 | 7/2/2025 | NWM | 510 |  | 510 |
| USD | 119713 | CHF | 126032 | 7/2/2025 | NWM |  | (6319) | (6319) |
| USD | 141250 | CHF | 147673 | 7/2/2025 | NWM |  | (6423) | (6423) |
| CHF | 196378 | USD | 183852 | 7/2/2025 | NWM | 12526 |  | 12526 |
| USD | 158759 | CHF | 174719 | 7/2/2025 | NWM |  | (15960) | (15960) |
| USD | 211067 | CHF | 232349 | 7/2/2025 | NWM |  | (21282) | (21282) |
| USD | 211958 | CHF | 221509 | 7/2/2025 | NWM |  | (9551) | (9551) |
| USD | 239462 | CHF | 263652 | 7/2/2025 | NWM |  | (24190) | (24190) |
| CHF | 307117 | USD | 287782 | 7/2/2025 | NWM | 19335 |  | 19335 |
| CHF | 323633 | USD | 305187 | 7/2/2025 | NWM | 18446 |  | 18446 |
| SEK | 27220 | EUR | 27788 | 7/2/2025 | NWM |  | (568) | (568) |
| CHF | 378728 | USD | 355033 | 7/2/2025 | NWM | 23695 |  | 23695 |
| USD | 307927 | CHF | 338983 | 7/2/2025 | NWM |  | (31056) | (31056) |
| USD | 342183 | CHF | 376647 | 7/2/2025 | NWM |  | (34464) | (34464) |
| SEK | 88122 | EUR | 90007 | 7/2/2025 | NWM |  | (1885) | (1885) |
| SEK | 114584 | EUR | 117795 | 7/2/2025 | NWM |  | (3211) | (3211) |
| SEK | 115738 | EUR | 117795 | 7/2/2025 | NWM |  | (2057) | (2057) |
| GBP | 115316 | EUR | 117904 | 7/16/2025 | NWM |  | (2588) | (2588) |
| GBP | 115536 | EUR | 117904 | 7/16/2025 | NWM |  | (2368) | (2368) |
| GBP | 115851 | EUR | 117904 | 7/16/2025 | NWM |  | (2053) | (2053) |
| GBP | 115896 | EUR | 117904 | 7/16/2025 | NWM |  | (2008) | (2008) |
| GBP | 115965 | EUR | 117904 | 7/16/2025 | NWM |  | (1939) | (1939) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| GBP | 117170 | EUR | 117903 | 7/16/2025 | NWM | $- | $(733) | $(733) |
| EUR | 117904 | GBP | 117171 | 7/16/2025 | NWM | 733 |  | 733 |
| EUR | 117904 | GBP | 117433 | 7/16/2025 | NWM | 471 |  | 471 |
| EUR | 117904 | GBP | 117737 | 7/16/2025 | NWM | 167 |  | 167 |
| USD | 38 | CHF | 39 | 7/17/2025 | NWM |  | (1) | (1) |
| CHF | 77 | USD | 75 | 7/17/2025 | NWM | 2 |  | 2 |
| CHF | 242 | USD | 236 | 7/17/2025 | NWM | 6 |  | 6 |
| USD | 330 | HUF | 336 | 7/17/2025 | NWM |  | (6) | (6) |
| CHF | 894 | USD | 887 | 7/17/2025 | NWM | 7 |  | 7 |
| USD | 758 | CHF | 774 | 7/17/2025 | NWM |  | (16) | (16) |
| USD | 3014 | CHF | 3077 | 7/17/2025 | NWM |  | (63) | (63) |
| HUF | 271 | USD | 261 | 7/17/2025 | NWM | 10 |  | 10 |
| HUF | 365 | USD | 363 | 7/17/2025 | NWM | 2 |  | 2 |
| EUR | 18893 | HUF | 19080 | 7/21/2025 | NWM |  | (187) | (187) |
| EUR | 45022 | HUF | 45526 | 7/21/2025 | NWM |  | (504) | (504) |
| EUR | 54027 | HUF | 54606 | 7/21/2025 | NWM |  | (579) | (579) |
| EUR | 117943 | HUF | 118368 | 7/21/2025 | NWM |  | (425) | (425) |
| HUF | 52274 | EUR | 51665 | 7/21/2025 | NWM | 609 |  | 609 |
| HUF | 66801 | EUR | 65878 | 7/21/2025 | NWM | 923 |  | 923 |
| HUF | 72102 | EUR | 71190 | 7/21/2025 | NWM | 912 |  | 912 |
| HUF | 75473 | EUR | 74627 | 7/21/2025 | NWM | 846 |  | 846 |
| HUF | 100201 | EUR | 98817 | 7/21/2025 | NWM | 1384 |  | 1384 |
| HUF | 110871 | EUR | 109594 | 7/21/2025 | NWM | 1277 |  | 1277 |
| HUF | 119396 | EUR | 117943 | 7/21/2025 | NWM | 1453 |  | 1453 |
| HUF | 119848 | EUR | 117943 | 7/21/2025 | NWM | 1905 |  | 1905 |
| HUF | 236449 | EUR | 235885 | 7/21/2025 | NWM | 564 |  | 564 |
| EUR | 47424 | JPY | 45325 | 7/28/2025 | NWM | 2099 |  | 2099 |
| EUR | 111912 | JPY | 106908 | 7/28/2025 | NWM | 5004 |  | 5004 |
| EUR | 117997 | JPY | 113520 | 7/28/2025 | NWM | 4477 |  | 4477 |
| EUR | 117997 | JPY | 115070 | 7/28/2025 | NWM | 2927 |  | 2927 |
| EUR | 117997 | JPY | 117357 | 7/28/2025 | NWM | 640 |  | 640 |
| EUR | 194656 | JPY | 185960 | 7/28/2025 | NWM | 8696 |  | 8696 |
| JPY | 117867 | EUR | 117998 | 7/28/2025 | NWM |  | (131) | (131) |
| USD | 2451 | ZAR | 2457 | 7/29/2025 | NWM |  | (6) | (6) |
| USD | 20431 | ZAR | 20864 | 7/29/2025 | NWM |  | (433) | (433) |
| USD | 28207 | ZAR | 28186 | 7/29/2025 | NWM | 21 |  | 21 |
| USD | 56889 | HUF | 58870 | 7/29/2025 | NWM |  | (1981) | (1981) |
| USD | 70709 | ZAR | 70949 | 7/29/2025 | NWM |  | (240) | (240) |
| USD | 89976 | ZAR | 91880 | 7/29/2025 | NWM |  | (1904) | (1904) |
| USD | 108561 | ZAR | 109023 | 7/29/2025 | NWM |  | (462) | (462) |
| USD | 129775 | ZAR | 130073 | 7/29/2025 | NWM |  | (298) | (298) |
| USD | 166220 | ZAR | 166659 | 7/29/2025 | NWM |  | (439) | (439) |
| ZAR | 28186 | USD | 27250 | 7/29/2025 | NWM | 936 |  | 936 |
| ZAR | 28186 | USD | 27572 | 7/29/2025 | NWM | 614 |  | 614 |
| ZAR | 28186 | USD | 27774 | 7/29/2025 | NWM | 412 |  | 412 |
| ZAR | 28186 | USD | 27858 | 7/29/2025 | NWM | 328 |  | 328 |
| ZAR | 28186 | USD | 27863 | 7/29/2025 | NWM | 323 |  | 323 |
| ZAR | 28186 | USD | 27926 | 7/29/2025 | NWM | 260 |  | 260 |
| ZAR | 28186 | USD | 28058 | 7/29/2025 | NWM | 128 |  | 128 |
| ZAR | 28186 | USD | 28072 | 7/29/2025 | NWM | 114 |  | 114 |
| ZAR | 28186 | USD | 28081 | 7/29/2025 | NWM | 105 |  | 105 |
| ZAR | 45043 | USD | 43727 | 7/29/2025 | NWM | 1316 |  | 1316 |
| ZAR | 56372 | USD | 54514 | 7/29/2025 | NWM | 1858 |  | 1858 |
| ZAR | 56372 | USD | 55090 | 7/29/2025 | NWM | 1282 |  | 1282 |
| ZAR | 56372 | USD | 55374 | 7/29/2025 | NWM | 998 |  | 998 |
| ZAR | 56372 | USD | 55426 | 7/29/2025 | NWM | 946 |  | 946 |
| ZAR | 56372 | USD | 55505 | 7/29/2025 | NWM | 867 |  | 867 |
| ZAR | 56372 | USD | 55559 | 7/29/2025 | NWM | 813 |  | 813 |
| ZAR | 56372 | USD | 55800 | 7/29/2025 | NWM | 572 |  | 572 |
| ZAR | 56372 | USD | 55831 | 7/29/2025 | NWM | 541 |  | 541 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| ZAR | 56372 | USD | 55890 | 7/29/2025 | NWM | $482 | $- | $482 |
| ZAR | 65016 | USD | 63361 | 7/29/2025 | NWM | 1655 |  | 1655 |
| ZAR | 71047 | USD | 69001 | 7/29/2025 | NWM | 2046 |  | 2046 |
| ZAR | 93095 | USD | 90285 | 7/29/2025 | NWM | 2810 |  | 2810 |
| ZAR | 98153 | USD | 95633 | 7/29/2025 | NWM | 2520 |  | 2520 |
| ZAR | 112744 | USD | 111137 | 7/29/2025 | NWM | 1607 |  | 1607 |
| ZAR | 113675 | USD | 110203 | 7/29/2025 | NWM | 3472 |  | 3472 |
| HUF | 6664 | USD | 6603 | 7/29/2025 | NWM | 61 |  | 61 |
| ZAR | 146877 | USD | 143126 | 7/29/2025 | NWM | 3751 |  | 3751 |
| ZAR | 153070 | USD | 153367 | 7/29/2025 | NWM |  | (297) | (297) |
| ZAR | 156302 | USD | 152054 | 7/29/2025 | NWM | 4248 |  | 4248 |
| ZAR | 213347 | USD | 213989 | 7/29/2025 | NWM |  | (642) | (642) |
| HUF | 22770 | USD | 22540 | 7/29/2025 | NWM | 230 |  | 230 |
| HUF | 29435 | USD | 28210 | 7/29/2025 | NWM | 1225 |  | 1225 |
| HUF | 29435 | USD | 28739 | 7/29/2025 | NWM | 696 |  | 696 |
| HUF | 34516 | USD | 32896 | 7/29/2025 | NWM | 1620 |  | 1620 |
| HUF | 40269 | USD | 38358 | 7/29/2025 | NWM | 1911 |  | 1911 |
| HUF | 40269 | USD | 38421 | 7/29/2025 | NWM | 1848 |  | 1848 |
| HUF | 61555 | USD | 58758 | 7/29/2025 | NWM | 2797 |  | 2797 |
| USD | 26662 | ILS | 26857 | 8/12/2025 | NWM |  | (195) | (195) |
| USD | 53354 | ILS | 53715 | 8/12/2025 | NWM |  | (361) | (361) |
| USD | 58523 | ILS | 61630 | 8/12/2025 | NWM |  | (3107) | (3107) |
| USD | 61151 | ILS | 63326 | 8/12/2025 | NWM |  | (2175) | (2175) |
| USD | 67251 | ILS | 67916 | 8/12/2025 | NWM |  | (665) | (665) |
| USD | 82244 | ILS | 85163 | 8/12/2025 | NWM |  | (2919) | (2919) |
| USD | 82488 | ILS | 86859 | 8/12/2025 | NWM |  | (4371) | (4371) |
| ILS | 33531 | USD | 32075 | 8/12/2025 | NWM | 1456 |  | 1456 |
| ILS | 40236 | USD | 38506 | 8/12/2025 | NWM | 1730 |  | 1730 |
| ILS | 40237 | USD | 38474 | 8/12/2025 | NWM | 1763 |  | 1763 |
| ILS | 44684 | USD | 44518 | 8/12/2025 | NWM | 166 |  | 166 |
| ILS | 53649 | USD | 51287 | 8/12/2025 | NWM | 2362 |  | 2362 |
| ILS | 55243 | USD | 52849 | 8/12/2025 | NWM | 2394 |  | 2394 |
| ILS | 57004 | USD | 54504 | 8/12/2025 | NWM | 2500 |  | 2500 |
| ILS | 60355 | USD | 57761 | 8/12/2025 | NWM | 2594 |  | 2594 |
| ILS | 79342 | USD | 75896 | 8/12/2025 | NWM | 3446 |  | 3446 |
| ILS | 103805 | USD | 103085 | 8/12/2025 | NWM | 720 |  | 720 |
| ILS | 148489 | USD | 142985 | 8/12/2025 | NWM | 5504 |  | 5504 |
| ILS | 148489 | USD | 143283 | 8/12/2025 | NWM | 5206 |  | 5206 |
| ILS | 174358 | USD | 166888 | 8/12/2025 | NWM | 7470 |  | 7470 |
| PEN | 70498 | USD | 68220 | 8/13/2025 | NWM | 2278 |  | 2278 |
| USD | 2539 | EUR | 2597 | 7/17/2025 | SSB |  | (58) | (58) |
| USD | 2609 | CAD | 2618 | 7/17/2025 | SSB |  | (9) | (9) |
| CAD | 3854 | USD | 3868 | 7/17/2025 | SSB |  | (14) | (14) |
| CAD | 3890 | USD | 3876 | 7/17/2025 | SSB | 14 |  | 14 |
| USD | 5647 | EUR | 5796 | 7/17/2025 | SSB |  | (149) | (149) |
| EUR | 12814 | USD | 12627 | 7/17/2025 | SSB | 187 |  | 187 |
| USD | 13052 | GBP | 13288 | 7/17/2025 | SSB |  | (236) | (236) |
| USD | 139205 | MYR | 139723 | 7/17/2025 | SSB |  | (518) | (518) |
| USD | 623981 | EUR | 643627 | 7/17/2025 | SSB |  | (19646) | (19646) |
| USD | 730078 | GBP | 742581 | 7/17/2025 | SSB |  | (12503) | (12503) |
|  |  |  |  |  |  | $613369 | $(401159) | $212210 |

---

\* *All values denominated in USD.* 

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Counterparty Abbreviations: | Counterparty Abbreviations: |
| BNP | BNP Paribas NA |
| CBK | Citibank NA |
| HUB | HSBC Bank PLC |
| JPM | JPMorgan Chase Bank, N.A. |
| NWM | NatWest Markets PLC |
| SSB | State Street Bank & Trust Co. |
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| ILS | Israeli New Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |
| Index Abbreviations: | Index Abbreviations: |
| BBUXALC | Bloomberg Commodity ex-Agriculture and Livestock Capped Index. |
| CAC 40 | Euronet Paris - French Stock Market Index. |
| DAX | Deutsche Boerse AG German Stock Index. |
| EURO STOXX 50 | Eurozone Blue-chip Index. |
| FTSE 100 | Financial Times Stock Exchange 100 Index. |
| FTSE China A50 | Financial Times Stock Exchange China A50 Index. |
| FTSE/JSE Top 40 | Largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index. |
| FTSE/MIB | Borsa Italiana-Italian Stock Market Index. |
| Hang Seng | Hong Kong Stock Market Index. |
| KOSPI | South Korean Stock Market Index. |
| MSCI EAFE | Morgan Stanley Capital International - Europe, Australasia, and Far East. |
| NASDAQ | National Association of Securities Dealers Automated Quotations. |
| Nifty 50 | National Stock Exchange FIFTY. |
| NIKKEI 225 | Nikkei Stock Average. |
| OMXS30 | Stockholm Stock Exchange's leading share index. |
| S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |
| S&P/TSX | Canadian Equity Market Index. |
| Stoxx Europe 600 | Europe Total Market Index. |
| TOPIX | Tokyo Stock Exchange Tokyo Price Index. |
| Exchange Abbreviations: | Exchange Abbreviations: |
| ASX | Australian Securities Exchange. |
| CBOT | Chicago Board of Trade. |
| CME | Chicago Mercantile Exchange. |
| Eurex | European derivatives exchange. |
| Euronext | European New Exchange Technology. |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Exchange Abbreviations: (continued) | Exchange Abbreviations: (continued) |
| FinEx | Financial Instruments Exchange. |
| HKG | Hong Kong Exchange. |
| ICE | Intercontinental Exchange. |
| JSE | Johannesburg Stock Exchange. |
| KFE | Korea Exchange - KOFEX. |
| LME | London Metal Exchange. |
| MGE | Minneapolis Grain Exchange. |
| NSE | National Stock Exchange. |
| NYMEX | New York Mercantile Exchange. |
| OML | OMLX: London Securities & Derivatives Exchange. |
| SAFEX | South African Futures Exchange. |
| SFE | Sydney Futures Exchange. |
| SGX | Singapore Stock Exchange. |
| TSE | Tokyo Stock Exchange. |
| WCE | Winnipeg Commodity Exchange. |
| Other Abbreviations: | Other Abbreviations: |
| BOBL | Medium term debt that is issued by the Federal Republic of Germany. |
| BTP | Buoni del Tesoro Poliennali. |
| BUND | German Federal Government Bond. |
| CDX | Credit Default Swap Index. |
| COMEX | The Commodity Exchange Inc. |
| CORRA | Canadian Overnight Repo Rate Average. |
| CSC | CEI: Coffee, Sugar and Cocoa. |
| CTN | Cotton. |
| EURIBOR | Euro Interbank Offered Rate. |
| Gilt | Bank of England Bonds. |
| IFSC | International Financial Services Centre. |
| KCBT | The Kansas City Board of Trade. |
| LIBOR | London International Offered Rate. |
| NYBOT | New York Board of Trade. |
| OAT | Obligations Assimilables du Tresor. |
| OTC | Over-the-Counter. |
| RBOB | Reformulated Gasoline Blendstock for Oxygen Blending. |
| Schatz | Short-dated equivalent of the Bobl and Bund futures. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |
| ULSD | Ultra-low-sulfur diesel. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| AHL Multi-Alternatives Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Foreign Sovereign Obligations | $– | $1331555 | $– | $1331555 |
|  U.S. Treasury Obligations |  | 2564902 |  | 2564902 |
|  Short-Term Investments |  | 26247737 |  | 26247737 |
|  Total Investments in Securities - Assets | $– | $30144194 | $– | $30144194 |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** |
|  Futures Contracts | $541028 | $– | $– | $541028 |
|  Swap Contract Agreements |  | 80565 |  | 80565 |
|  Forward Foreign Currency Contracts |  | 613369 |  | 613369 |
|  Total Financial Derivative Instruments - Assets | $541028 | $693934 | $– | $1234962 |
|  ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** |
|  Futures Contracts | $(225423) | $– | $- | $(225423) |
|  Forward Foreign Currency Contracts |  | (401159) |  | (401159) |
|  Total Financial Derivative Instruments - Liabilities | $(225423) | $(401159) | $– | $(626582) |

---

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

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| FOREIGN SOVEREIGN OBLIGATIONS - 8.60% |  |  |
| French Republic Government Bonds OAT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, Due 7/25/2031<sup>A B</sup> | 610360 | $686488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, Due 7/25/2034<sup>A B C</sup> | 1663770 | 1857908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, Due 7/25/2053<sup>A B</sup> | 1198570 | 911071 |
| Italy Buoni Poliennali Del Tesoro, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, Due 5/15/2029<sup>A B</sup> | 1591395 | 1915241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, Due 5/15/2036<sup>A B D</sup> | 2586575 | 3044627 |
| U.K. Inflation-Linked Gilts, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, Due 11/22/2032<sup>A B</sup> | 2776905 | 3853278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, Due 11/22/2033<sup>A B</sup> | 3779545 | 4985763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, Due 8/10/2041<sup>A B</sup> | 1435330 | 1481289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, Due 11/22/2054<sup>A B</sup> | 1061780 | 1163848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Sovereign Obligations (Cost $19,288,515) |  | 19899513 |
| U.S. TREASURY OBLIGATIONS - 11.95% |  |  |
| U.S. Treasury Inflation-Indexed Bonds, 2.375%, Due 2/15/2055<sup>A</sup> | $2033040 | 1972415 |
| U.S. Treasury Inflation-Indexed Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 10/15/2029<sup>A</sup> | 4077640 | 4127980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 4/15/2030<sup>A</sup> | 8061120 | 8119159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, Due 1/15/2035<sup>A</sup> | 13213200 | 13442127 |
|  |  | 27661681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations (Cost $27,449,359) |  | 27661681 |
| SHORT-TERM INVESTMENTS - 65.48% |  |  |
| U.S. Treasury Obligations - 65.48% |  |  |
| U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.305%, Due 7/3/2025<sup>D E F</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000000 | 40990433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.296%, Due 8/7/2025<sup>E F</sup> | 30000000 | 29868743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224%, Due 9/11/2025<sup>D E F</sup> | 10000000 | 9915100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.219%, Due 9/18/2025<sup>E F</sup> | 45000000 | 44583251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.145%, Due 9/25/2025<sup>D E F</sup> | 8000000 | 7919726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.190%, Due 10/2/2025<sup>D E F</sup> | 9500000 | 9396035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.237%, Due 10/16/2025<sup>D E F</sup> | 9000000 | 8887904 |
|  |  | 151561192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments (Cost $151,591,035) |  | 151561192 |
|  TOTAL INVESTMENTS - 86.03% (Cost $198,328,909) |  | 199122386 |
|  OTHER ASSETS, NET OF LIABILITIES - 13.97% |  | 32341815 |
|  TOTAL NET ASSETS - 100.00% |  | $231464201 |
| Percentages are stated as a percent of net assets. |  |  |

---

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

<sup>B</sup> Reg S - Security purchased under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

<sup>C</sup> Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $1,857,908 or 0.80% of net assets. The Fund has no right to demand registration of these securities.

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

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

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

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: |
| Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| Borsa Italiana FTSE/MIB Index Futures | 15 | September 2025 | $3505119 | $3520777 | $15658 |
| CME E-Mini NASDAQ 100 Index Futures | 16 | September 2025 | 7054874 | 7325840 | 270966 |
| CME E-Mini S&P 500 Index Futures | 48 | September 2025 | 14544564 | 15009000 | 464436 |
| CME E-Mini S&P 500 ESG Index Futures | 1 | September 2025 | 259726 | 270120 | 10394 |
| Eurex DAX Index Futures | 6 | September 2025 | 4157999 | 4249280 | 91281 |
| Eurex EURO STOXX 50 Futures | 109 | September 2025 | 6827646 | 6839688 | 12042 |
| Eurex STOXX Europe 600 ESG-X Futures | 9 | September 2025 | 211118 | 210653 | (465) |
| Euronext CAC 40 Index Futures | 39 | July 2025 | 3539207 | 3523604 | (15603) |
| HKG Hang Seng China Enterprises Index Futures | 31 | July 2025 | 1717084 | 1711724 | (5360) |
| HKG Hang Seng Index Futures | 12 | July 2025 | 1834613 | 1840827 | 6214 |
| ICE FTSE 100 Index Futures | 72 | September 2025 | 8783137 | 8686731 | (96406) |
| KFE KOSPI 200 Index Futures | 53 | September 2025 | 3821818 | 4085646 | 263828 |
| Montreal Exchange S&P/TSX 60 Index Futures | 39 | September 2025 | 9068744 | 9164678 | 95934 |
| NSE IFSC NIFTY 50 Index Futures | 10 | July 2025 | 502654 | 512020 | 9366 |
| OML Stockholm OMXS30 Index Futures | 143 | July 2025 | 3735948 | 3768130 | 32182 |
| SAFEX FTSE/JSE Top 40 Index Futures | 19 | September 2025 | 946331 | 963525 | 17194 |
| SFE S&P ASX Share Price Index 200 Futures | 46 | September 2025 | 6467086 | 6461423 | (5663) |
| SGX FTSE China A50 Futures Contract | 196 | July 2025 | 2626293 | 2624048 | (2245) |
| SGX FTSE Taiwan Index Futures | 23 | July 2025 | 1653812 | 1677620 | 23808 |
| SGX MSCI Singapore Index Futures | 44 | July 2025 | 1399021 | 1423122 | 24101 |
| SGX Nikkei 225 Stock Index Futures | 39 | September 2025 | 5169093 | 5478091 | 308998 |
| TSE TOPIX Futures | 43 | September 2025 | 8314510 | 8526544 | 212034 |
|  |  |  | $96140397 | $97873091 | $1732694 |
| Interest Rate Futures Contracts |  |  |  |  |  |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CBOT 2 Year U.S. Treasury Notes Futures | 37 | September 2025 | $7666061 | $7696867 | $30806 |
| CBOT 5 Year U.S. Treasury Notes Futures | 114 | September 2025 | 12279767 | 12426000 | 146233 |
| CBOT 10 Year U.S. Treasury Notes Futures | 117 | September 2025 | 12866808 | 13118625 | 251817 |
| CBOT U.S. Long Bond Futures | 83 | September 2025 | 9179829 | 9583906 | 404077 |
| CBOT Ultra U.S. Treasury Bond Futures | 103 | September 2025 | 11675067 | 12269875 | 594808 |
| Eurex 5 Year Euro BOBL Futures | 72 | September 2025 | 10017917 | 9980729 | (37188) |
| Eurex 10 Year Euro BUND Futures | 74 | September 2025 | 11416052 | 11344961 | (71091) |
| Eurex 30 Year Euro BUXL Futures | 12 | September 2025 | 1709824 | 1678438 | (31386) |
| Eurex Euro-BTP Italian Bond Futures | 79 | September 2025 | 11221473 | 11260030 | 38557 |
| French Government Bond Futures | 69 | September 2025 | 10123323 | 10065541 | (57782) |
| ICE Long Gilt Futures | 65 | September 2025 | 8100937 | 8300344 | 199407 |
| KFE 3 Year Treasury Bond Futures | 62 | September 2025 | 4925208 | 4927015 | 1807 |
| KFE 10 Year Treasury Bond Futures | 34 | September 2025 | 2974662 | 2983566 | 8904 |
| Montreal Exchange 10 Year Canadian Bond Futures . | 67 | September 2025 | 5944180 | 6002570 | 58390 |
| SFE 3 Year Australian Bond Futures | 66 | September 2025 | 4664561 | 4680046 | 15485 |
| SFE 10 Year Australian Bond Futures | 94 | September 2025 | 7043562 | 7091049 | 47487 |
| TSE Japanese 10 Year Bond Futures | 18 | September 2025 | 17337930 | 17376897 | 38967 |
|  |  |  | $149147161 | $150786459 | $1639298 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: | Centrally Cleared Swap Agreements Outstanding on June 30, 2025: |
| Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> | Credit Default Swaps on Credit Indices - Sell Protection<sup>(1)</sup> |
| Index/Tranches | Fixed<br>Rate (%) | Payment<br>Frequency | Expiration<br>Date | Implied Credit<br>Spread at<br>6/30/2025<sup>(2)</sup><br>(%) | Curr | Notional<br>Amount<sup>(3)</sup><br>(000s) | Premiums<br>Paid<br>(Received) | Fair Value<sup>(4)</sup> | Unrealized<br>Appreciation<br>(Depreciation) |
| iTraxx Europe Crossover S43 | 5.00 | Quarterly | 6/20/2030 | 2.8257 | EUR | 10000 | $941312 | $1114700 | $173388 |
| iTraxx Europe S43 | 1.00 | Quarterly | 6/20/2030 | 0.5457 | EUR | 30000 | 710501 | 764146 | 53645 |
| CDX.NA.HY.S44 | 5.00 | Quarterly | 6/20/2030 | 3.2056 | USD | 15000 | 790024 | 1135898 | 345874 |
| CDX.NA.IG.S44 | 1.00 | Quarterly | 6/20/2030 | 0.5134 | USD | 45000 | 888868 | 1003138 | 114270 |
|  |  |  |  |  |  |  | $3330705 | $4017882 | $687177 |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: | OTC Swap Agreements Outstanding on June 30, 2025: |
| Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements | Total Return Swaps Agreements |
| Pay/Receive<br>Floating Rate | Description | Reference<br>Entity | Counter-<br>party | Floating<br>Rate | Payment<br>Frequency | Expiration<br>Date | Reference<br>Quantity | Notional<br>Amount | Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| Pay | 1-Month<br>USD-LIBOR | BBUXALC<br>INDEX | JPM | 0.000% | Maturity | 7/3/2025 | 254000 | $34372988 | $781 | $188569 |
|  |  |  |  |  |  |  |  |  | $781 | $188569 |

---

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: | Forward Foreign Currency Contracts Open on June 30, 2025: |
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| EUR | 75955 | USD | 73786 | 7/17/2025 | SSB | $2169 | $- | $2169 |
| USD | 73050 | EUR | 74780 | 7/17/2025 | SSB |  | (1730) | (1730) |
| USD | 74413 | SEK | 75543 | 7/17/2025 | SSB |  | (1130) | (1130) |
| USD | 75495 | AUD | 76374 | 7/17/2025 | SSB |  | (879) | (879) |
| GBP | 105531 | USD | 103660 | 7/17/2025 | SSB | 1871 |  | 1871 |
| USD | 82424 | SEK | 82673 | 7/17/2025 | SSB |  | (249) | (249) |
| USD | 83363 | SGD | 84246 | 7/17/2025 | SSB |  | (883) | (883) |
| USD | 83645 | JPY | 83530 | 7/17/2025 | SSB | 115 |  | 115 |
| USD | 84243 | HKD | 84191 | 7/17/2025 | SSB | 52 |  | 52 |
| USD | 84598 | CAD | 85102 | 7/17/2025 | SSB |  | (504) | (504) |
| USD | 84907 | GBP | 86460 | 7/17/2025 | SSB |  | (1553) | (1553) |
| USD | 91252 | JPY | 91772 | 7/17/2025 | SSB |  | (520) | (520) |
| CAD | 71768 | USD | 71651 | 7/17/2025 | SSB | 117 |  | 117 |
| USD | 106905 | ZAR | 107124 | 7/17/2025 | SSB |  | (219) | (219) |
| EUR | 129877 | USD | 125906 | 7/17/2025 | SSB | 3971 |  | 3971 |
| USD | 116728 | EUR | 120165 | 7/17/2025 | SSB |  | (3437) | (3437) |
| USD | 118708 | JPY | 119470 | 7/17/2025 | SSB |  | (762) | (762) |
| USD | 122374 | HKD | 122205 | 7/17/2025 | SSB | 169 |  | 169 |
| GBP | 178927 | USD | 177310 | 7/17/2025 | SSB | 1617 |  | 1617 |
| CAD | 107966 | USD | 107089 | 7/17/2025 | SSB | 877 |  | 877 |
| AUD | 106281 | USD | 104865 | 7/17/2025 | SSB | 1416 |  | 1416 |
| EUR | 195668 | USD | 192315 | 7/17/2025 | SSB | 3353 |  | 3353 |
| EUR | 198671 | USD | 197817 | 7/17/2025 | SSB | 854 |  | 854 |
| USD | 191015 | EUR | 195338 | 7/17/2025 | SSB |  | (4323) | (4323) |
| USD | 216616 | EUR | 218006 | 7/17/2025 | SSB |  | (1390) | (1390) |
| USD | 222499 | SEK | 222513 | 7/17/2025 | SSB |  | (14) | (14) |
| USD | 246247 | EUR | 251849 | 7/17/2025 | SSB |  | (5602) | (5602) |
| EUR | 445383 | USD | 438881 | 7/17/2025 | SSB | 6502 |  | 6502 |
| USD | 415164 | EUR | 421899 | 7/17/2025 | SSB |  | (6735) | (6735) |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased<sup>\*</sup> | Currency Purchased<sup>\*</sup> | Currency Sold<sup>\*</sup> | Currency Sold<sup>\*</sup> | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| GBP | 599270 | USD | 594048 | 7/17/2025 | SSB | $5222 | $- | $5222 |
| GBP | 718111 | USD | 711612 | 7/17/2025 | SSB | 6499 |  | 6499 |
| HKD | 77776 | USD | 77866 | 7/17/2025 | SSB |  | (90) | (90) |
| USD | 680691 | GBP | 698029 | 7/17/2025 | SSB |  | (17338) | (17338) |
| SEK | 75295 | USD | 75015 | 7/17/2025 | SSB | 280 |  | 280 |
| HKD | 109017 | USD | 109428 | 7/17/2025 | SSB |  | (411) | (411) |
| USD | 1849907 | KRW | 1866179 | 7/17/2025 | SSB |  | (16272) | (16272) |
| USD | 1891892 | JPY | 1898793 | 7/17/2025 | SSB |  | (6901) | (6901) |
| SEK | 298054 | USD | 297992 | 7/17/2025 | SSB | 62 |  | 62 |
| USD | 3035626 | EUR | 3131202 | 7/17/2025 | SSB |  | (95576) | (95576) |
| USD | 9474788 | EUR | 9773101 | 7/17/2025 | SSB |  | (298313) | (298313) |
| JPY | 73491 | USD | 73809 | 7/17/2025 | SSB |  | (318) | (318) |
| JPY | 79011 | USD | 78830 | 7/17/2025 | SSB | 181 |  | 181 |
| USD | 12697147 | GBP | 12914596 | 7/17/2025 | SSB |  | (217449) | (217449) |
| JPY | 103731 | USD | 102574 | 7/17/2025 | SSB | 1157 |  | 1157 |
| JPY | 110982 | USD | 110774 | 7/17/2025 | SSB | 208 |  | 208 |
| JPY | 130315 | USD | 129281 | 7/17/2025 | SSB | 1034 |  | 1034 |
| JPY | 133362 | USD | 133408 | 7/17/2025 | SSB |  | (46) | (46) |
| JPY | 141078 | USD | 140757 | 7/17/2025 | SSB | 321 |  | 321 |
| JPY | 148339 | USD | 147990 | 7/17/2025 | SSB | 349 |  | 349 |
|  |  |  |  |  |  | $38396 | $(682644) | $(644248) |

---

\* *All values denominated in USD.* 

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Counterparty Abbreviations: | Counterparty Abbreviations: |
| JPM | JPMorgan Chase Bank, N.A. |
| SSB | State Street Bank & Trust Co. |
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |
| Index Abbreviations: | Index Abbreviations: |
| BBUXALC | Bloomberg Commodity ex-Agriculture and Livestock Capped Index. |
| CAC 40 | Euronet Paris - French Stock Market Index. |
| DAX | Deutsche Boerse AG German Stock Index. |
| EURO STOXX 50 | Eurozone Blue-chip Index. |
| FTSE 100 | Financial Times Stock Exchange 100 Index. |
| FTSE China A50 | Financial Times Stock Exchange China A50 Index. |
| FTSE/JSE Top 40 | Largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index. |
| FTSE/MIB | Borsa Italiana-Italian Stock Market Index. |
| Hang Seng | Hong Kong Stock Market Index. |
| KOSPI | South Korean Stock Market Index. |
| NASDAQ | National Association of Securities Dealers Automated Quotations. |
| Nifty 50 | National Stock Exchange FIFTY. |
| NIKKEI 225 | Nikkei Stock Average. |
| OMXS30 | Stockholm Stock Exchange's leading share index. |
| S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |

---

See accompanying notes

------

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

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Index Abbreviations (continued): | Index Abbreviations (continued): |
| S&P/TSX | Canadian Equity Market Index. |
| Stoxx Europe 600 | Europe Total Market Index. |
| TOPIX | Tokyo Stock Exchange Tokyo Price Index. |
| Exchange Abbreviations: | Exchange Abbreviations: |
| ASX | Australian Securities Exchange. |
| CBOT | Chicago Board of Trade. |
| CME | Chicago Mercantile Exchange. |
| Eurex | European derivatives exchange. |
| Euronext | European New Exchange Technology. |
| HKG | Hong Kong Exchange. |
| ICE | Intercontinental Exchange. |
| JSE | Johannesburg Stock Exchange. |
| KFE | Korea Exchange - KOFEX. |
| NSE | National Stock Exchange. |
| OML | OMLX: London Securities & Derivatives Exchange. |
| SAFEX | South African Futures Exchange. |
| SFE | Sydney Futures Exchange. |
| SGX | Singapore Stock Exchange. |
| TSE | Tokyo Stock Exchange. |
| Other Abbreviations: | Other Abbreviations: |
| BOBL | Medium term debt that is issued by the Federal Republic of Germany. |
| BTP | Buoni del Tesoro Poliennali. |
| BUND | German Federal Government Bond. |
| Buxl | Long term debt that is issued by the Federal Republic of Germany. |
| CDX | Credit Default Swap Index. |
| Gilt | Bank of England Bonds. |
| IFSC | International Financial Services Centre. |
| iTraxx | Credit Default Swap Index. |
| LIBOR | London International Offered Rate. |
| OAT | Obligations Assimilables du Tresor. |
| OTC | Over-the-Counter. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| AHL TargetRisk Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Foreign Sovereign Obligations | $- | $19899513 | $- | $19899513 |
|  U.S. Treasury Obligations |  | 27661681 |  | 27661681 |
|  Short-Term Investments |  | 151561192 |  | 151561192 |
|  Total Investments in Securities - Assets | $- | $199122386 | $- | $199122386 |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** |
|  Futures Contracts | $3695181 | $- | $- | $3695181 |
|  Swap Contract Agreements |  | 875746 |  | 875746 |
|  Forward Foreign Currency Contracts |  | 38396 |  | 38396 |
|  Total Financial Derivative Instruments - Assets | $3695181 | $914142 | $- | $4609323 |
|  ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** |
|  Futures Contracts | $(323189) | $- | $- | $(323189) |
|  Forward Foreign Currency Contracts |  | (682644) |  | (682644) |
|  Total Financial Derivative Instruments - Liabilities | $(323189) | $(682644) | $- | $(1005833) |

---

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

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Consolidated Statements of Assets and Liabilities<sup>A</sup>

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | AHL Managed<br>Futures Strategy<br>Fund | AHL Multi-<br>Alternatives Fund | AHL TargetRisk<br>Fund |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value† | $1731787245 | $30144194 | $199122386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at fair value^ | 401965 | 122993 | 1876713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency deposits with brokers for futures contracts, and swap agreements at fair value¤ | 124178705 | 1586061 | 6651520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 60354537 | 1903813 | 11091809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker |  |  | 1213415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at custodian for the benefit of the broker | 51240000 | 1140000 | 6640000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable |  | 19418 | 225082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits with broker for futures contracts, and swap agreements | 61163609 | 610098 | 427632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold |  |  | 52067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 4808611 | 390 | 330861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for tax reclaims |  |  | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for expense reimbursement (Note 2) |  | 80436 | 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation from forward foreign currency contracts | 147812065 | 613369 | 38396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) | 10164391 | 315690 | 3500081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open centrally cleared swap agreements (Note 5) |  | 334379 | 4017882 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap agreements, at fair value |  | 17723 | 189350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 116551 | 2706 | 11209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 81445 | 16187 | 54328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2192109124 | 36907457 | 235446251 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 5366250 | 800 | 2967758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 2338437 | 32406 | 175049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 48207 | 98 | 6484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 158454 | 7102 | 17199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 1475099 | 46085 | 50960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 65765 | 56657 | 32420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 199415 | 2015 | 46880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation from forward foreign currency contracts | 120560712 | 401159 | 682644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 35375 | 2775 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 130247714 | 549097 | 3982050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |  |  |
|  Net assets | $2061861410 | $36358360 | $231464201 |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Consolidated Statements of Assets and Liabilities<sup>A</sup>

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | AHL Managed<br>Futures Strategy<br>Fund | AHL Multi-<br>Alternatives Fund | AHL TargetRisk<br>Fund |
|  Analysis of net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $2531725126 | $37911555 | $344003172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits) | (469863716) | (1553195) | (112538971) |
|  Net assets | $2061861410 | $36358360 | $231464201 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 34383309 | N/A | 2346563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 181468743 | 1012201 | 18739727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 8417943 | N/A | 318027 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 2021278 | 10593 | 192764 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 2284804 | 10593 | 520229 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | 2775655 | N/A |
|  Net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $312243798 | N/A | $24596296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $1637489972 | $9651286 | $196206628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $74795119 | N/A | $3315599 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $17981491 | $100540 | $2000980 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $19351030 | $99142 | $5344698 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | $26507392 | N/A |
|  Net asset value, offering and redemption price per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $9.08 | N/A | $10.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $9.02 | $9.53 | $10.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $8.89 | N/A | $10.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $8.90 | $9.49 | $10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $9.44 | $10.07 | $11.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $8.47 | $9.36 | $10.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | N/A | $9.55 | N/A |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $1732015501 | $30105050 | $198328909 |
|  <sup>¤</sup> Cost of foreign currency deposits with broker for futures contracts | $121471157 | $1553779 | $7779655 |
|  <sup>^</sup> Cost of foreign currency | $389490 | $88747 | $1916514 |
|  <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Consolidated Statements of Operations<sup>A</sup>

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | AHL Managed<br>Futures Strategy<br>Fund | AHL Multi-<br>Alternatives<br>Fund | AHL TargetRisk<br>Fund |
|  Investment income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of foreign taxes)† | $52683665 | $705604 | $5337527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 52683665 | 705604 | 5337527 |
|  Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 17890192 | 202553 | 1183228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 19869 |  | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 1067498 | 4560 | 99737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1977 |  | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 1866 | 4 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 655 | 4 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  | 279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 4369853 | 280113 | 129548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 169028 | 31581 | 46192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 75370 | 30904 | 45929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 160439 |  | 7418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 27504 |  | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 7788 |  | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 49916 | 127 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 111885 | 501 | 29896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 123833 | 6342 | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 142375 | 1742 | 13393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime broker fees | 121929 | 530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 9) | 12938 | 151 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 107549 | 5748 | 49916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 24462464 | 565139 | 1627592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net fees waived and expenses (reimbursed) (Note 2) |  | (337750) | (15615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 24462464 | 227389 | 1611977 |
|  Net investment income | 28221201 | 478215 | 3725550 |
|  Realized and unrealized gain (loss) from investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>B</sup> | 401779 | (23935) | (1688743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission recapture (Note 1) | 814 |  | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 442922 | (84833) | (277828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (19353118) | (141116) | (1213753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (249663209) | (2789911) | (17146781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | 24149 | (623105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>C</sup> | (1136115) | 214065 | 3489810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 7573632 | 97143 | 422242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (78264022) | (529310) | (1475127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4627186) | 394892 | 6732010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | 28401 | 101056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (loss) from investments | (344624503) | (2810455) | (11679934) |
|  Net decrease in net assets resulting from operations | $(316403302) | $(2332240) | $(7954384) |
|  <sup>†</sup> Foreign taxes | $- | $- | $98 |
|  <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. |
|  <sup>B</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | <sup>B</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | <sup>B</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | <sup>B</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. |
|  <sup>C</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. | <sup>C</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. | <sup>C</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. | <sup>C</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Consolidated Statements of Changes in Net Assets<sup>A</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AHL Managed Futures Strategy Fund | AHL Managed Futures Strategy Fund | AHL Multi-Alternatives Fund | AHL Multi-Alternatives Fund |
|  | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | | (unaudited) | |
|  Increase (decrease) in net assets: |  |  |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $28221201 | $105573622 | $478215 | $1221459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments in unaffiliated securities, commission recapture, foreign currency transactions, forward foreign currency contracts, futures contracts, and swap agreements | (268170812) | (110557494) | (3015646) | 429147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities, foreign currency transactions, forward foreign currency contracts, futures contracts, and swap agreements | (76453691) | 68525969 | 205191 | (412889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (316403302) | 63542097 | (2332240) | 1237717 |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class |  | (3156272) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class |  | (10622659) |  | (390558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (201961) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | (143482) |  | (4495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  |  |  | (4442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  |  |  | (1191336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders |  | (14124374) |  | (1590831) |
|  Capital share transactions (Note 10): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 683765608 | 1423958304 | 1836531 | 11206724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions |  | 12503770 |  | 1590831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1378429148) | (1553452340) | (1105168) | (2199485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | (694663540) | (116990266) | 731363 | 10598070 |
|  Net increase (decrease) in net assets | (1011066842) | (67572543) | (1600877) | 10244956 |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3072928252 | 3140500795 | 37959237 | 27714281 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2061861410 | $3072928252 | $36358360 | $37959237 |
|  <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Consolidated Statements of Changes in Net Assets<sup>A</sup>

---

| | | |
|:---|:---|:---|
|  | AHL TargetRisk Fund | AHL TargetRisk Fund |
|  | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | |
|  Increase (decrease) in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3725550 | $9499604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments in unaffiliated securities, commission recapture, foreign currency transactions, forward foreign currency contracts, futures contracts, and swap agreements | (20949925) | 24426618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities, foreign currency transactions, forward foreign currency contracts, futures contracts, and swap agreements | 9269991 | (15888074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (7954384) | 18038148 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class |  | (1257168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class |  | (12561368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (186775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | (116032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  | (255290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders |  | (14376633) |
|  Capital share transactions (Note 10): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 43774271 | 103238112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions |  | 14081085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (82074122) | (117236170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | (38299851) | 83027 |
|  Net increase (decrease) in net assets | (46254235) | 3744542 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 277718436 | 273973894 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $231464201 | $277718436 |
|  <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. | <sup>A</sup> See Note 1 in the Consolidated Notes to Financial Statements for additional information. |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

American Beacon Funds (the "Trust") is organized as a Massachusetts business trust. The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940, as amended (the "Act"), as non-diversified, open-end management investment companies. As of June 30, 2025, the Trust consists of twenty-seven active series, three of which are presented in this filing: American Beacon AHL Managed Futures Strategy Fund, American Beacon AHL Multi-Alternatives Fund and American Beacon AHL TargetRisk Fund (collectively, the "Funds" and each individually a "Fund"). The remaining twenty-four active series are reported in separate filings.

American Beacon Advisors, Inc. (the "Manager") is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. ("RIM") organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. ("Topco"), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Funds acts as the Funds' CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Funds' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statements of operations.

Class Disclosure

Each Fund has multiple classes of shares designed to meet the needs of different groups of investors; however, not all of the Funds offer all classes. The following table sets forth the differences amongst the classes:

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| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| R5 Class | Large institutional investors - sold directly or through intermediary channels. | $250000 |
| Y Class | Large institutional retirement plan investors - sold directly or through intermediary channels. | $100000 |
| Investor Class | All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors. | $2500 |
| A Class | All investors who invest through intermediary organizations, such as broker-dealers or third party administrator. Retail investors who invest directly through a financial intermediary such as a broker, bank, or registered investment advisor which may include a front-end sales charge and a contingent deferred sales charge ("CDSC"). | $2500 |

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| C Class | Retail investors who invest directly through a financial intermediary, such as a broker or through employee directed benefit plans with applicable sales charges which may include CDSC. | $1000 |
| R6 Class | Large institutional retirement plan investors - sold through retirement plan sponsors. |  |

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Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses are allocated daily to each class based on the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include service, distribution, transfer agent fees, and sub-transfer agent fees that vary amongst the classes as described more fully in Note 2.

Consolidation of Subsidiaries

The Schedules of Investments of AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and AHL TargetRisk Fund are consolidated to include the accounts of American Beacon Cayman Managed Futures Strategy Fund, Ltd., American Beacon Cayman Multi-Alternatives Company, Ltd. and American Beacon Cayman TargetRisk Company, Ltd., respectively, each of which are wholly-owned and controlled subsidiaries (the "Subsidiaries") of the applicable Fund. All intercompany accounts and transactions have been eliminated in consolidation for AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and AHL TargetRisk Fund.

For Federal tax purposes, taxable income for each Fund and its Subsidiary are calculated separately. The Subsidiaries are classified as controlled foreign corporations under the Internal Revenue Code of 1986 (the "Code") and each Subsidiary's taxable income is included in the calculation of the applicable Fund's taxable income. Net losses of the Subsidiaries are not deductible by AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and AHL TargetRisk Fund either in the current period or future periods. The Subsidiaries have a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

Each Fund may invest up to 25% of its total assets in its Subsidiary, which acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies. AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and AHL TargetRisk Fund expect to achieve a significant portion of their exposure to commodities and commodities-related investments through investment in the Subsidiaries. Unlike AHL Managed Futures Strategy Fund, AHL Multi-Alternatives Fund and AHL TargetRisk Fund, the Subsidiaries may invest without limitation in commodities and commodities-related investments.

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| | | | |
|:---|:---|:---|:---|
| Fund | Inception Date<br>of Subsidiary | Subsidiary Net<br>Assets at<br>June 30, 2025 | % of Total<br>Assets of the<br>Fund at<br>June 30, 2025 |
|  American Beacon Cayman Managed Futures Strategy Fund, Ltd. | August 19, 2014 | $306097174 | 13.96% |
|  American Beacon Cayman Multi-Alternatives Company, Ltd. | August 17, 2023 | 8000181 | 21.68% |
|  American Beacon Cayman TargetRisk Company, Ltd. | December 31, 2018 | 51596783 | 21.91% |

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CFTC Regulation

On August 13, 2013, the Commodity Futures Trading Commission ("CFTC") adopted rules to harmonize conflicting SEC and CFTC disclosure, reporting and recordkeeping requirements for registered investment companies that do not meet an exemption from the definition of commodity pool. The harmonization rules provide that the CFTC will accept the SEC's disclosure, reporting, and recordkeeping regime as substituted compliance for substantially all of the otherwise applicable CFTC regulations as long as such investment companies meet the applicable SEC requirements.

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

The Funds are commodity pools, as defined in the regulation of the CFTC and operated by the Manager, a commodity pool operator regulated by the CFTC.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Funds in preparation of the financial statements. The Funds are considered investment companies and accordingly, follow the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, *Financial Services – Investment Companies,* a part of Generally Accepted Accounting Principles ("U.S. GAAP").

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Funds. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined based on specific lot identification.

Distributions to Shareholders

The Funds distribute most or all of their net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income and distributions of realized net capital gains and net gains from foreign currency transactions on an annual basis. The Funds do not have a fixed dividend rate and do not guarantee that they will pay any distributions in any particular period. Dividends to shareholders are determined in accordance with federal income tax regulations, which may differ in amount and character from net investment income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Funds may designate earnings and profits distributed to shareholders on the redemption of shares.

Allocation of Income, Trust Expenses, Gains, and Losses

Investment income and realized and unrealized gains and losses from investments of the Funds are allocated daily to each class of shares based upon the relative proportion of net assets of each class to the total net assets of the Funds. Expenses directly charged or attributable to a Fund will be paid from the assets of a Fund. Generally, expenses of the Trust will be allocated among and charged to the assets of the Funds on a basis that the Trust's Board of Trustees (the "Board") deems fair and equitable, which may be based on the relative net assets of the Funds or nature of the services performed and relative applicability to the Funds.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

Other

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities.

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

The Trust's maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Funds and the Manager are parties to a Management Agreement that obligates the Manager to provide the Funds with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized management fee based on a percentage of each Fund's average daily net assets that is calculated and accrued daily, according to the following schedules:

AHL Managed Futures Strategy Fund

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| | | |
|:---|:---|:---|
|  All Assets | 0.35 | % |

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AHL Multi-Alternatives Fund and AHL TargetRisk Fund

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| | |
|:---|:---|
|  First $5 billion | 0.35% |
|  Next $5 billion | 0.325% |
|  Next $10 billion | 0.3% |
|  Over $20 billion | 0.275% |

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The Trust, on behalf of the Funds, and the Manager have entered into an Investment Advisory Agreement with AHL Partners LLP (the "Sub-Advisor"), pursuant to which each Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on the Funds' average daily net assets according to the following schedules:

AHL Managed Futures Strategy Fund

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| | | |
|:---|:---|:---|
|  All Assets | 1 | % |

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AHL Multi-Alternatives Fund

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| | |
|:---|:---|
|  First $500 million | 0.775% |
|  Next $500 million | 0.745% |
|  Next $500 million | 0.725% |
|  Over $1.5 billion | 0.7% |

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AHL TargetRisk Fund

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| | |
|:---|:---|
|  First $500 million | 0.55% |
|  Next $500 million | 0.5% |
|  Next $500 million | 0.45% |
|  Over $1.5 billion | 0.4% |

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The Management and Sub-Advisory Fees paid by the Funds for the period ended June 30, 2025 were as follows:

AHL Managed Futures Strategy Fund

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $4638198 |
|  Sub-Advisory Fees | 1.00% | 13251994 |
|  Total | 1.35% | $17890192 |

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

AHL Multi-Alternatives Fund

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $63017 |
|  Sub-Advisory Fees | 0.78% | 139536 |
|  Total | 1.13% | $202553 |

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AHL TargetRisk Fund

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $460144 |
|  Sub-Advisory Fees | 0.55% | 723084 |
|  Total | 0.90% | $1183228 |

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Distribution Plans

Separate Distribution Plans (the "Distribution Plans") have been adopted pursuant to Rule 12b-1 under the Act for the A and C Classes of the Funds. Under the Distribution Plans, as compensation for distribution and shareholder servicing assistance, the Manager receives an annual fee of 0.25% of the average daily net assets of the A Class and 1.00% of the average daily net assets of the C Class. The fee will be payable without regard to whether the amount of the fee is more or less than the actual expenses incurred in a particular month by the Manager for distribution assistance.

Service Plans

The Manager and the Trust entered into Service Plans that obligate the Manager to oversee additional shareholder servicing of the Investor, A, and C Classes of the Funds. As compensation for performing the duties required under the Service Plans, the Manager receives an annualized fee up to 0.25% of the average daily net assets of the A and C Classes and up to 0.375% of the average daily net assets of the Investor Class of the Funds.

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the R5 and Y Classes of the Funds and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. Certain services would have been provided by the Funds' transfer agent and other service providers if the shareholders' accounts were maintained directly by the Funds' transfer agent. Accordingly, the Funds, pursuant to Board approval, have agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary's average net assets in the R5 and Y Classes on an annual basis. During the period ended June 30, 2025, the sub-transfer agent fees, as reflected in "Transfer agent fees" on the Statements of Operations, were as follows:

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| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  AHL Managed Futures Strategy | $1026979 |
|  AHL Multi-Alternatives | 4473 |
|  AHL TargetRisk | 96902 |

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

As of June 30, 2025, the Funds owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in "Transfer agent fees payable" on the Statements of Assets and Liabilities:

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| | |
|:---|:---|
| Fund | Reimbursement Sub-<br>Transfer Agent Fees |
|  AHL Managed Futures Strategy | $133084 |
|  AHL Multi-Alternatives | 741 |
|  AHL TargetRisk | 14207 |

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Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC"), the Funds, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for a fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager's asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended June 30, 2025, the Funds did not utilize the credit facility.

Expense Reimbursement Plan

The Manager contractually agreed to reduce fees and/or reimburse expenses for the classes of the Funds, through April 30, 2026, to the extent that total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses) exceed the Funds' expense cap. During the period ended June 30, 2025, the Manager waived and/or reimbursed expenses as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Expense Cap | | | | |
| Fund | Class | 1/1/2025 –<br>4/30/2025 | 5/1/2025 –<br>6/30/2025 | Reimbursed<br>Expenses | (Recouped)<br>Expenses | Expiration of<br>Reimbursed<br>Expenses |
|  AHL Multi-Alternatives | Y | $1.33% | $1.33% | $84918 | $– | 2028 |
|  AHL Multi-Alternatives | A | 1.56% | 1.56% | 914 |  | 2028 |
|  AHL Multi-Alternatives | C | 2.31% | 2.31% | 903 |  | 2028 |
|  AHL Multi-Alternatives | R6 | 1.23% | 1.23% | 251015 |  | 2028 |
|  AHL TargetRisk | R5 | 1.04% | 1.04% | 13628 |  | 2028 |
|  AHL TargetRisk | Y | N/A | N/A |  |  | 2028 |
|  AHL TargetRisk | Investor | N/A | N/A |  |  | 2028 |
|  AHL TargetRisk | A | 1.44% | 1.44% | 1987 |  | 2028 |
|  AHL TargetRisk | C | N/A | N/A |  |  | 2028 |

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Of the above amounts, $80,436 and $3,084 was disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at June 30, 2025 for AHL Multi-Alternatives Fund and the AHL TargetRisk Fund, respectively.

The Funds have adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Funds for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager's waiver/reimbursement and (b) does not cause the Funds' annual operating expenses to exceed the lesser of the contractual percentage

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

limit in effect at the time of the waiver/reimbursement or time of recoupment. The reimbursed expenses listed above will expire in 2028. The Funds did not record a liability for potential contingent reimbursements due to the current assessment that reimbursements are uncertain. The carryover of excess expenses potentially reimbursable to the Manager, but not recorded as a liability are as follows:

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|:---|:---|:---|:---|:---|
| Fund | Recouped<br>Expenses | Excess Expense<br>Carryover | Expired<br>Expense<br>Carryover | Expiration of<br>Reimbursed<br>Expenses |
|  AHL Managed Futures Strategy | $– $| 15728 | $– | 2026 |
|  AHL Multi-Alternatives | – | 386298 |  | 2026 |
|  AHL Multi-Alternatives | – | 506080 |  | 2027 |
|  AHL TargetRisk | – | 30638 | 9621 | 2025 |
|  AHL TargetRisk | – | 47203 |  | 2026 |
|  AHL TargetRisk | – | 18758 |  | 2027 |

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Concentration of Ownership

From time to time, the Funds may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of the Funds' outstanding shares could have a material impact on the Funds. As of June 30, 2025, based on management's evaluation of the shareholder account base, one account in AHL Multi-Alternatives Fund has been identified as representing an affiliated significant ownership of approximately 13% of the Fund's outstanding shares.

Sales Commissions

The Funds' Distributor, Resolute Investment Distributors, Inc. ("RID" or "Distributor"), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended June 30, 2025, RID collected $186 and $794 for AHL Managed Futures Strategy Fund and AHL TargetRisk Fund, respectively, from the sale of A Class Shares.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Funds' Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the period ended June 30, 2025, there were no CDSC fees collected for the A Class Shares of the Funds.

A CDSC of 1.00% will be deducted with respect to C Class Shares redeemed within 12 months of purchase, unless waived as discussed in the Funds' Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended June 30, 2025, CDSC fees of $1,469 and $76 were collected for the C Class Shares of AHL Managed Futures Strategy Fund and AHL TargetRisk Fund, respectively.

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the "Trusts"), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. 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.

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

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

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.

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.

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| 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. |

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

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

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

Fixed-income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, and non-U.S. bonds are normally valued by pricing service providers that use broker dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. Fixed-income securities purchased on a delayed-delivery basis are marked-to-market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

the product and the terms of the transaction, the fair value of the financial derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends, and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

4. Securities and Other Investments

Commodity Instruments

Exposure to physical commodities may subject the Funds to greater volatility than investments in traditional securities. The value of such investments may be affected by overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as supply and demand, drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Their value may also respond to investor perception of instability in the national or international economy, whether or not justified by the facts. However, these investments may help to moderate fluctuations in the value of a Fund's other holdings, because these investments may not correlate with investments in traditional securities. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of a Fund's shares to fall. No active trading market may exist for certain commodities investments, which may impair the ability of the Fund to sell or realize the full value of such investments in the event of the need to liquidate such investments. Certain commodities are subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks and result in greater volatility than investments in traditional securities. Because physical commodities do not generate investment income, the return on such investments will be derived solely from the appreciation or depreciation on such investments. Certain types of commodities instruments (such as commodity-linked swaps and commodity-linked structured notes) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument.

Fixed Income Investments

The Funds exposure to fixed-income instruments may include:

• Emerging Markets Debt. The Funds may invest a significant portion of their assets in a particular geographic region or country, including emerging markets. The Funds may consider a country to be an emerging market country based on a number of factors including, but not limited to, if the country is classified as an emerging or developing economy by any supranational organization such as the World Bank, International Finance Corporation or the United Nations, or related entities, or if the country is considered an emerging market country for purposes of constructing emerging market indices.

• High-Yield Bonds. High-yield, non-investment grade bonds (also known as "junk bonds") are low-quality, high-risk corporate bonds that generally offer a high level of current income. These bonds are considered speculative by rating organizations. For example, Moody's, S&P Global Ratings and Fitch, Inc. rate them below Baa 3 and BBB-, respectively. High-yield bonds are often issued as a result of corporate restructurings, such as leveraged buyouts, mergers, acquisitions, or other similar events. They may also be issued by smaller, less creditworthy companies or by highly leveraged firms, which are generally less able to make scheduled payments of interest and principal than more financially stable firms. Because of their low credit quality, high-yield bonds must pay higher interest to compensate investors for the substantial credit risk they assume. Lower-rated securities are subject to certain risks that may not be present with investments in higher-grade securities. Investors should consider carefully their ability to assume the risks associated with lower-rated securities before investing in the Fund. The lower rating of certain high yielding corporate income securities reflects a greater possibility that the financial condition of the issuer

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

or adverse changes in general economic conditions may impair the ability of the issuer to pay income and principal. Changes by rating agencies in their ratings of a fixed income security also may affect the value of these investments. However, allocating investments in the Fund among securities of different issuers should reduce the risks of owning any such securities separately. The prices of these high yielding securities tend to be less sensitive to interest rate changes than higher-rated investments, but more sensitive to adverse economic changes or individual corporate developments. During economic downturns, highly leveraged issuers may experience financial stress that adversely affects their ability to service principal and interest payment obligations, to meet projected business goals or to obtain additional financing, and the markets for their securities may be more volatile. If an issuer defaults, a Fund may incur additional expenses to seek recovery. Additionally, accruals of interest income for a Fund may have to be adjusted in the event of default. In the event of an issuer's default, a Fund may write off prior income accruals for that issuer, resulting in a reduction in the Fund's current dividend payment. Frequently, the higher yields of high-yielding securities may not reflect the value of the income stream that holders of such securities may expect, but rather the risk that such securities may lose a substantial portion of their value as a result of their issuer's financial restructuring or default. Additionally, an economic downturn or an increase in interest rates could have a negative effect on the high-yield securities market and on the market value of the high-yield securities held by a Fund, as well as on the ability of the issuers of such securities to repay principal and interest on their borrowings.

• Inflation Index Linked Securities. Inflation-indexed securities, also known as inflation-protected securities, are fixed income instruments structured such that their interest and principal payments are adjusted to keep up with inflation. In periods of deflation when the inflation rate is declining, the principal value of an inflation-indexed security will be adjusted downward. This will result in a decrease in the interest payments.

• Investment Grade Securities. Investment grade securities that the Funds may purchase, either as part of its principal investment strategy or to implement a temporary defensive policy, include securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities, as well as securities rated in one of the four highest rating categories by a rating organization rating that security (such as S&P Global Ratings, Moody's Investors Service, Inc., or Fitch, Inc.) or comparably rated by the sub-advisor if unrated by a rating organization. The Funds, at the discretion of the sub-advisor, may retain a security that has been downgraded below the initial investment criteria.

• Sovereign Debt. Sovereign debt securities are typically issued or guaranteed by national governments in order to finance the issuing country's growth and/or budget. Investing in foreign sovereign debt securities will expose funds investing in such securities to the direct or indirect consequences of political, social or economic changes in the countries that issue the debt securities.

• U.S. Government Securities. U.S. Government securities may include U.S. Treasury securities or debt obligations of U.S. Government-sponsored enterprises.

Illiquid and Restricted Securities

Generally, an illiquid asset is an asset that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to Rule 22e-4 under the Act or as otherwise permitted or required by SEC rules and interpretations. Historically, illiquid securities have included securities that have not been registered under the Securities Act, securities that are otherwise not readily marketable, and repurchase agreements having a remaining maturity of longer than seven calendar days. Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. These securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. A large institutional market exists for certain securities that are not registered under the Securities Act, including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. However, the fact that there are contractual or legal restrictions on resale of such investments to the general public or to certain institutions may not be indicative of their liquidity.

Limitations on resale may have an adverse effect on the marketability of portfolio securities, and a Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven calendar days. In addition, a Fund may get only limited information about an issuer, so it may be less able to predict a loss. A Fund also might have to register such restricted securities in order to dispose of them resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

In recognition of the increased size and liquidity of the institutional market for unregistered securities and the importance of institutional investors in the formation of capital, the SEC adopted Rule 144A under the Securities Act. Rule 144A is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by a Fund qualify under Rule 144A and an institutional market develops for those securities, a Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could increase the level of a Fund's illiquidity. The Manager or the Sub-Advisor, as applicable, may determine that certain securities qualified for trading under Rule 144A are liquid. Regulation S under the Securities Act permits the sale abroad of securities that are not registered for sale in the United States and includes a provision for U.S. investors, such as a Fund, to purchase such unregistered securities if certain conditions are met.

Securities sold in private placement offerings made in reliance on the "private placement" exemption from registration afforded by Section 4(a)(2) of the Securities Act and resold to qualified institutional buyers under Rule 144A under the Securities Act ("Section 4(a)(2) securities") are restricted as to disposition under the federal securities laws, and generally are sold to institutional investors, such as a Fund, that agree they are purchasing the securities for investment and not with an intention to distribute to the public. Any resale by the purchaser must be pursuant to an exempt transaction and may be accomplished in accordance with Rule 144A. Section 4(a)(2) securities normally are resold to other institutional investors through or with the assistance of the issuer or dealers that make a market in the Section 4(a)(2) securities, thus providing liquidity. The Manager and the sub-advisor will carefully monitor the Fund's investments in Section 4(a)(2) securities offered and sold under Rule 144A, focusing on such important factors, among others, as valuation, liquidity, and availability of information. Investments in Section 4(a)(2) securities could have the effect of reducing the Fund's liquidity to the extent that qualified institutional buyers no longer wish to purchase these restricted securities.

Restricted securities outstanding during the period ended June 30, 2025 are disclosed in the Consolidated Notes to the Schedules of Investments.

Other Investment Company Securities and Other Exchange-Traded Products

The Funds at times may invest in shares of other investment companies, including open-end funds, closed-end funds, ETFs, unit investment trusts, and other investment companies of the Trust. The Funds may invest in securities of an investment company advised by the Manager or the Sub-Advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Funds become a shareholder of that investment company. As a result, the Funds' shareholders indirectly will bear the Funds' proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Funds' shareholders directly bear in connection with the Funds' own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Funds in their Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer's portfolio securities.

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

The Funds can invest free cash balances in registered open-end investment companies regulated as government money market funds under the Act, to provide liquidity or for defensive purposes. The Funds could invest in government money market funds rather than purchasing individual short-term investments. If the Funds invest in government money market funds, shareholders will bear their proportionate share of the expenses, including for example, advisory and administrative fees, of the government money market funds in which the Funds invest, including advisory fees charged by the Manager to any applicable money market funds advised by the Manager.

U. S. Treasury Obligations

U.S. Treasury obligations include bills (initial maturities of one year or less), notes (initial maturities between two and ten years), and bonds (initial maturities over ten years) issued by the U.S. Treasury, Separately Traded Registered Interest and Principal component parts of such obligations (known as "STRIPS") and inflation-indexed securities. The prices of these securities (like all debt securities) change between issuance and maturity in response to fluctuating market interest rates. U.S. Treasury obligations are subject to credit risk and interest rate risk.

5. Financial Derivative Instruments

The Funds may utilize derivative instruments to enhance return, hedge risk, gain efficient exposure to an asset class or to manage liquidity.

Forward Foreign Currency Contracts

The Funds may have exposure to foreign currencies for investment or hedging purposes by purchasing or selling forward currency exchange contracts in non-U.S. currencies and by purchasing securities denominated in non-U.S. currencies. Foreign currencies may decline in value relative to the U.S. dollar and affect the Funds' investments in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Not all forward contracts require a counterparty to post collateral, which may expose the Funds to greater losses in the event of a default by a counterparty.

Forward contracts are two-party contracts pursuant to which one party agrees to pay the counterparty a fixed price for an agreed upon amount of commodities or securities, or the cash value of commodities, securities or a securities index, at an agreed upon future date. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. An NDF is a forward contract where there is no physical settlement of the two currencies at maturity. Rather, on the contract settlement date, a net cash settlement will be made by one party to the other based on the difference between the contracted forward rate and the prevailing spot rate, on an agreed notional amount. Not all forward contracts require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

During the period ended June 30, 2025, the Funds entered into forward foreign currency contracts primarily for investing and/or hedging foreign currency fluctuations.

The Funds' forward foreign currency contract notional dollar values outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of forward foreign currency contracts. For the purpose of this disclosure, volume is measured by the amounts bought and sold in USD at each month end.

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| Average Forward Foreign Currency Notional Amounts Outstanding<br> Period Ended June 30, 2025 | Average Forward Foreign Currency Notional Amounts Outstanding<br> Period Ended June 30, 2025 | Average Forward Foreign Currency Notional Amounts Outstanding<br> Period Ended June 30, 2025 |
| Fund | Purchased Contracts | Sold Contracts |
|  AHL Managed Futures Strategy | $6398744971 | $7113804791 |
|  AHL Multi-Alternatives | 31567516 | 36557620 |
|  AHL TargetRisk | 14157830 | 45686934 |

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Futures Contracts

A futures contract is a contract to purchase or sell a particular security, or the cash value of an asset, such as securities, indices, or currencies, at a specified future date at a price agreed upon when the contract is made. Under many such contracts, no delivery of the actual underlying asset is required. Rather, upon the expiration of the contract, settlement is made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the asset (e.g., a security or an index) at expiration, net of the initial and variation margin that was previously paid. A Treasury futures contract is a contract for the future delivery of a U.S. Treasury security. An equity index futures contract is based on the value of an underlying index. A Fund may, from time to time, use futures positions to equitize cash and expose its portfolio to changes in securities prices or index prices. This can magnify gains and losses in a Fund. A Fund also may have to sell assets at inopportune times to satisfy its settlement or collateral obligations. The risks associated with the use of futures contracts also include that there may be an imperfect correlation between the changes in market value of the futures contracts and the assets underlying such contracts and that there may not be a liquid secondary market for a futures contract.

During the period ended June 30, 2025, the Funds entered into futures contracts primarily for investing and/ or hedging purposes.

The Funds' average futures contracts outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

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| | |
|:---|:---|
| Average Futures Contracts Outstanding | Average Futures Contracts Outstanding |
| Fund | Period Ended June 30, 2025 |
|  AHL Managed Futures Strategy | 88989 |
|  AHL Multi-Alternatives | 684 |
|  AHL TargetRisk | 2473 |

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Swap Agreements

A swap is a transaction in which a Fund and a counterparty agree to pay or receive payments at specified dates based upon or calculated by reference to changes in specified prices or rates (e.g., interest rates in the case of interest rate swaps) or the performance of specified securities or indices based on a specified amount (the "notional" amount). Nearly any type of derivative, including forward contracts, can be structured as a swap.

Swap agreements can be structured to provide exposure to a variety of different types of investments or market factors. For example, in an interest rate swap, fixed-rate payments may be exchanged for floating rate payments; in a currency swap, U.S. dollar-denominated payments may be exchanged for payments denominated in a foreign currency; and in a total return swap, payments tied to the investment return on a particular asset, group of assets or index may be exchanged for payments that are effectively equivalent to interest payments or for payments tied to the return on another asset, group of assets, or index. Swaps may have a leverage component, and adverse changes in the value or level of the underlying asset, reference rate or index can result in gains or losses that are substantially greater than the amount invested in the swap itself.

Some swaps currently are, and more in the future will be, centrally cleared. Swaps that are centrally-cleared are exposed to the creditworthiness of the clearing organizations (and, consequently, that of their members—generally, banks and broker-dealers) involved in the transaction. For example, an investor could lose

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

margin payments it has deposited with the clearing organization as well as the net amount of gains not yet paid by the clearing organization if it breaches its agreement with the investor or becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the investor may be able to recover only a portion of the net amount of gains on its transactions and of the margin owed to it, potentially resulting in losses to the investor.

Swaps that are not centrally cleared, involve the risk that a loss may be sustained as a result of the insolvency or bankruptcy of the counterparty or the failure of the counterparty to make required payments or otherwise comply with the terms of the agreement. To mitigate this risk, a Fund will only enter into swap agreements with counterparties considered by a sub-advisor to present minimum risk of default and a Fund normally obtains collateral to secure its exposure. Changing conditions in a particular market area, whether or not directly related to the referenced assets that underlie the swap agreement, may have an adverse impact on the creditworthiness of a counterparty.

The centrally cleared and OTC swap agreements into which a Fund enters normally provide for the obligations of a Fund and its counterparty in the event of a default or other early termination to be determined on a net basis. Similarly, periodic payments on a swap transaction that are due by each party on the same day normally are netted. To the extent that a swap agreement is subject to netting, a Fund's cover and asset segregation responsibilities will normally be with respect to the net amount owed by a Fund. However, a Fund may be required to segregate liquid assets equal to the full notional amount of certain swaps, such as written credit default swaps on physically settled forwards or written options. The amount that a Fund must segregate may be reduced by the value of any collateral that it has pledged to secure its own obligations under the swap.

Credit Default Swap Agreements

Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of periodic premiums throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure up to the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation that a Fund owns or to take an active long or short position with respect to the likelihood of a particular referenced obligation's default that a Fund does not own.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the Notes to the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent a market participant view of the likelihood or risk of default for the underlying referenced security to credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of June 30, 2025, for which a Fund is the seller of protection is disclosed in the Notes to the Schedule of Investments.

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

During the period ended June 30, 2025, AHL Multi-Alternatives Fund and AHL TargetRisk Fund entered into credit default swaps primarily for return enhancement and hedging.

The Fund's credit default swap contract notional amounts outstanding fluctuate throughout the operating year as required to meet the strategic requirements. The following table illustrates the average monthly volume of credit default swap contracts. For the purpose of this disclosure, the volume is measure by the notional amounts outstanding at each month end.

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| | |
|:---|:---|
| Average Credit Default Swap Notional Amounts Outstanding | Average Credit Default Swap Notional Amounts Outstanding |
| Fund | Period Ended June 30, 2025 |
|  AHL Multi-Alternatives | 12142857 |
|  AHL TargetRisk | 155628593 |

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Total Return Swap Agreements

A Fund may enter into total return swaps in order to take a "long" or "short" position with respect to an underlying referenced asset, which will subject the Fund to the Fund to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

A Fund's total return swap contracts outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of total return swap contracts. For the purpose of this disclosure, volume is measured by notional amounts outstanding at each month end:

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| | |
|:---|:---|
| Average Total Return Swap Notional Amounts Outstanding | Average Total Return Swap Notional Amounts Outstanding |
| Fund | Period Ended June 30, 2025 |
|  AHL Multi-Alternatives | 2779058 |
|  AHL TargetRisk | 38833977 |

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

The following is a summary of the fair valuations of the Funds' derivative instruments categorized by risk exposure<sup>(1)</sup>:

AHL Managed Futures Strategy Fund

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |  |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Unrealized appreciation of forward foreign currency contracts | $– | $147812065 | $– | $– | $– | $147812065 |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> |  | 905625 | 20449280 | 4666910 | 14317636 | 40339451 |
| Liabilities: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Unrealized depreciation of forward foreign currency contracts | $– | $(120560712) | $– | $– | $– | $(120560712) |
| Payable for variation margin from open futures contracts<sup>(2)</sup> |  |  | (24475108) | (5067755) | (1039668) | (30582531) |
| **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |  |
| Realized gain (loss) from derivatives<br>recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Forward foreign currency |  |  |  |  |  |  |
| contracts | $– | $(19353118) | $- | $- | $- | $(19353118) |
| Futures contracts |  | (1928178) | (79261388) | (85641863) | (82831780) | (249663209) |
| Net change in unrealized<br>appreciation (depreciation) of<br>derivatives recognized as a result<br>from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Forward foreign currency contracts | $– | $(78264022) | $– | $– | $– | $(78264022) |
| Futures contracts |  | (3072961) | (26416176) | (9632057) | 34494008 | (4627186) |
| AHL Multi-Alternatives Fund<br>|  |  |  |  |  |  |
| **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |  |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Unrealized appreciation of forward foreign currency contracts | $– | $613369 | $– | $– | $– | $613369 |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> |  | 7783 | 153847 | 130604 | 248794 | 541028 |
| Unrealized appreciation from swap agreements | 62842 |  |  |  | 17723 | 80565 |
| Liabilities: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Unrealized depreciation of forward foreign currency contracts | $– | $(401159) | $– | $– | $– | $(401159) |
| Payable for variation margin from open futures contracts<sup>(2)</sup> |  |  | (167548) | (39869) | (18006) | (225423) |

---

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |  |
| Realized gain (loss) from derivatives<br>recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Forward foreign currency contracts | $– | $(141116) | $– | $– | $– | $(141116) |
| Futures contracts |  | (11846) | (537019) | (662508) | (1578538) | (2789911) |
| Swap agreements | (76752) |  |  |  | 100901 | 24149 |
| Net change in unrealized<br>appreciation (depreciation) of<br>derivatives recognized as a result<br>from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Forward foreign currency contracts | $– | $(529310) | $– | $– | $– | $(529310) |
| Futures contracts |  | (16592) | (174841) | 113938 | 472387 | 394892 |
| Swap agreements | 50727 |  |  |  | (22326) | 28401 |

---

AHL TargetRisk Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |  |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Unrealized appreciation of forward foreign currency contracts | $– | $38396 | $- | $– | $– | $38396 |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> |  |  |  | 1836745 | 1858436 | 3695181 |
| Unrealized appreciation from swap agreements | 687177 |  |  |  | 188569 | 875746 |
| Liabilities: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Unrealized depreciation of forward foreign currency contracts | $– | $(682644) | $- | $– | $– | $(682644) |
| Payable for variation margin from open futures contracts<sup>(2)</sup> |  |  |  | (197447) | (125742) | (323189) |
| **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |  |
| Realized gain (loss) from derivatives<br>recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Forward foreign currency contracts | $– | $(1213753) | $– | $– | $– | $(1213753) |
| Futures contracts |  |  |  | (2613615) | (14533166) | (17146781) |
| Swap agreements | (2122462) |  |  |  | 1499357 | (623105) |
| Net change in unrealized<br>appreciation<br>(depreciation) of derivatives<br>recognized as a result from<br>operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Forward foreign currency contracts | $– | $(1475127) | $– | $– | $– | $(1475127) |
| Futures contracts |  |  |  | 3202807 | 3529203 | 6732010 |
| Swap agreements | 510877 |  |  |  | (409821) | 101056 |

---

<sup>(1)</sup> See Note 3 in the Consolidated Notes to Financial Statements for additional information.

<sup>(2)</sup> Includes cumulative appreciation (depreciation) of futures contracts as reported in the Fund's Consolidated Schedule of Investments footnotes. Only current day's variation margin is reported within the Consolidated Statements of Assets and Liabilities.

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

Master Agreements

International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") with counterparties govern transactions in OTC derivative and foreign exchange contracts entered into by the Funds and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. Since different types of forward and OTC financial derivative transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty.

As the ISDA Master Agreements are specific to unique operations of different asset types, they allow a Fund to net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as delayed delivery or sale-buyback financing transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Offsetting Assets and Liabilities

The Funds are parties to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Funds employ multiple money managers and counterparties and have elected not to offset qualifying financial and derivative instruments on the Statements of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, June 30, 2025.

AHL Managed Futures Strategy Fund

---

| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of June 30, 2025:** | **Offsetting of Financial and Derivative Assets as of June 30, 2025:** | **Offsetting of Financial and Derivative Assets as of June 30, 2025:** |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)(2)</sup> | $40339451 | $30582531 |
| Forward Foreign Currency Contracts | 147812065 | 120560712 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $188151516 | $151143243 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(40339451) | $(30582531) |
| Total derivative assets and liabilities subject to an MNA | $147812065 | $120560712 |

---

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** |  |
|  |  |  | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities |  |
| Counterparty | Gross Amounts of Assets<br>Presented in the Statements<br>of Assets and Liabilities | Derivatives<br>Available for<br>Offset | Non-Cash<br>Collateral<br>Pledged<sup>(2)</sup> | Cash Collateral<br>Pledged<sup>(2)</sup> | Net Amount |
| BNP Paribas, N.A. | $376709 | $(376709) | $- | $- | $- |
| Citibank, N.A. | 40517280 | (25961447) |  |  | 14555833 |
| HSBC Bank PLC | 36111433 | (23289201) |  |  | 12822232 |
| NatWest Markets PLC | 70669076 | (69301544) |  |  | 1367532 |
| State Street Bank & Trust Co. | 137567 | (127458) |  |  | 10109 |
| Total | $147812065 | $(119056359) | $- | $- | $28755706 |
|  |  |  | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities |  |
| Counterparty | Gross Amounts of Liabilities<br>Presented in the Statements<br>of Assets and Liabilities | Derivatives<br>Available for<br>Offset | Non-Cash<br>Collateral<br>Received<sup>(2)</sup> | Cash Collateral<br>Received<sup>(2)</sup> | Net Amount |
| BNP Paribas, N.A. | $1881062 | $(376709) | $- | $(1504353) | $- |
| Citibank, N.A. | 25961447 | (25961447) |  |  |  |
| HSBC Bank PLC | 23289201 | (23289201) |  |  |  |
| NatWest Markets PLC | 69301544 | (69301544) |  |  |  |
| State Street Bank & Trust Co. | 127458 | (127458) |  |  |  |
| Total | $120560712 | $(119056359) | $- | $(1504353) | $- |

---

AHL Multi-Alternatives Fund

---

| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of June 30, 2025:** | **Offsetting of Financial and Derivative Assets as of June 30, 2025:** | **Offsetting of Financial and Derivative Assets as of June 30, 2025:** |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)(2)</sup> | $541028 | $225423 |
| Swap Contract Agreements-Centrally cleared<sup>(2)</sup> | 62842 |  |
| Swap Agreement-OTC | 17723 |  |
| Forward Foreign Currency Contracts | 613369 | 401159 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $1234962 | $626582 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(603870) | $(225423) |
| Total derivative assets and liabilities subject to an MNA | $631092 | 401159 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** |  |
|  |  |  | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities |  |
| Counterparty | Gross Amounts of Assets<br>Presented in the Statements<br>of Assets and Liabilities | Derivatives<br>Available for<br>Offset | Non-Cash<br>Collateral<br>Pledged<sup>(2)</sup> | Cash Collateral<br>Pledged<sup>(2)</sup> | Net Amount |
| BNP Paribas, N.A. | $2232 | $(2232) | $- | $- | $- |
| Citibank, N.A. | 175341 | (51578) |  |  | 123763 |
| HSBC Bank PLC | 203828 | (99818) |  |  | 104010 |
| JPMorgan Securities LLC | 17723 |  |  |  | 17723 |
| NatWest Markets PLC | 231767 | (202015) |  |  | 29752 |
| State Street Bank & Trust Co. | 201 | (201) |  |  |  |
| Total | $631092 | $(355844) | $- | $- | $275248 |

---

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities | |
| Counterparty | Gross Amounts of Liabilities<br>Presented in the Statements<br>of Assets and Liabilities | Derivatives<br>Available for<br>Offset | Non-Cash<br>Collateral<br>Received<sup>(2)</sup> | Cash Collateral<br>Received<sup>(2)</sup> | Net Amount |
| BNP Paribas, N.A. | $14615 | $(2232) | $- | $- | $12383 |
| Citibank, N.A. | 51578 | (51578) |  |  |  |
| HSBC Bank PLC | 99818 | (99818) |  |  |  |
| NatWest Markets PLC | 202015 | (202015) |  |  |  |
| State Street Bank & Trust Co. | 33133 | (201) |  |  | 32932 |
| Total | $401159 | $(355844) | $- | $- | $45315 |

---

AHL TargetRisk Fund

---

| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of June 30, 2025:** | **Offsetting of Financial and Derivative Assets as of June 30, 2025:** | **Offsetting of Financial and Derivative Assets as of June 30, 2025:** |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)(2)</sup> | $3695181 | $323189 |
| Swap Agreement-Centrally cleared<sup>(2)</sup> | 687177 |  |
| Swap Agreement-OTC | 188569 |  |
| Forward Foreign Currency Contracts | 38396 | 682644 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $4609323 | $1005833 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(4382358) | $(323189) |
| Total derivative assets and liabilities subject to an MNA | $226965 | $682644 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** | **Financial Assets, Derivatives, and Collateral Received/(Pledged) by Counterparty as of June 30, 2025:** |  |
|  |  |  | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities |  |
| Counterparty | Gross Amounts of Assets<br>Presented in the Statements<br>of Assets and Liabilities | Derivatives<br>Available for<br>Offset | Non-Cash Collateral<br>Pledged<sup>(2)</sup> | Cash Collateral<br>Pledged<sup>(2)</sup> | Net Amount |
| JPMorgan Chase Bank, N.A. | $188569 | $- | $- | $- | $188569 |
| State Street Bank & Trust Co. | 38396 | (38396) |  |  |  |
| Total | $226965 | $(38396) | $- | $- | $188569 |
|  |  |  | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities | Gross Amounts Not Offset in the<br>Statements of Assets and<br>Liabilities |  |
| Counterparty | Gross Amounts of Liabilities<br>Presented in the Statements<br>of Assets and Liabilities | Derivatives<br>Available for<br>Offset | Non-Cash Collateral<br>Received<sup>(2)</sup> | Cash Collateral<br>Received<sup>(2)</sup> | Net Amount |
| State Street Bank & Trust Co. | $682644 | $(38396) | $- | $(370000) | $274248 |
| Total | $682644 | $(38396) | $- | $(370000) | $274248 |

---

<sup>(1)</sup> Includes cumulative appreciation or (depreciation) of futures contracts as reported in the Schedule of Investments footnotes. Only current day's variation margin is reported within the Consolidated Statements of Assets and Liabilities.

<sup>(2)</sup> The securities presented here within are not subject to master netting agreements. As such, this is disclosed for informational purposes only.

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

6. Principal Risks

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Commodities Risk

The Funds' investments in commodity-linked derivative instruments may subject the Funds to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in supply and demand, drought, floods, weather, livestock disease, embargoes, tariffs, war, acts of terrorism and international economic, political and regulatory developments. The Funds and the Subsidiaries each may concentrate its assets in a particular sector of the commodities market (such as oil, metal or agricultural products). As a result, the Funds and the Subsidiaries may be more susceptible to risks associated with those sectors. The Funds' investments in commodity-related instruments may lead to losses in excess of the Funds' investment in such products. Such losses can significantly and adversely affect the NAV of the Funds and, consequently, a shareholder's interest in the Funds.

Counterparty Risk

There are two separate categories of counterparty risk that arise out of a Fund's investments in derivatives. The first relates to the risk that its swap counterparty defaults, and the second category relates to the risk that a futures commission merchant ("FCM") would default on an obligation set forth in an agreement between a Fund and the FCM. As for the first category of risk, entering into derivatives in the OTC market involves counterparty risk, which is the risk that the dealer providing the derivative or other product will fail to timely perform its payment and other obligations or experience financial difficulties, which may include filing for bankruptcy. Therefore, to the extent that a Fund engages in trading in OTC markets, a Fund could be exposed to greater risk of loss through default than if it confined its trading to transactions that are centrally cleared. The second category of risk exists at and from the time that a Fund enters into derivatives transactions that are centrally cleared. In such cases, a clearing organization becomes a Fund's counterparty and the principal counterparty risk is that the clearing organization itself will default. In addition, the FCM may hold margin posted in connection with those contracts and that margin may be rehypothecated (or re-pledged) by the FCM and lost or its return delayed due to a default by the FCM or other customer of the FCM. The FCM may itself file for bankruptcy, which would either delay the return of, or jeopardize altogether the assets posted by the FCM as margin in response to margin calls relating to cleared positions. If a counterparty fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruptions, a Fund could miss investment opportunities or otherwise hold investments it would prefer to sell, resulting in losses for a Fund.

Credit Risk

The Funds are subject to the risk that the issuer or guarantor of a debt security, or the counterparty to a derivatives contract or a loan will fail to make timely payment of interest or principal or otherwise honor its obligations or default completely. A decline in the credit rating of an individual security held by the Funds may have an adverse impact on its price and make it difficult for the Funds to sell it. Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer's ability to make timely payments on its obligations. Credit risk is typically greater for securities with ratings that are below investment grade. Since the Funds can invest significantly in high-yield investments considered speculative in nature, this risk may be substantial.

Currency Risk

The Funds may have exposure to foreign currencies by making direct investments in non-U.S. currencies or in securities denominated in non-U.S. currencies, or by purchasing or selling forward currency exchange contracts

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

in non-U.S. currencies. Foreign currencies may decline in value relative to the U.S. dollar, or, in the case of hedging positions, the U.S. dollar may decline in value relative to the currency being hedged, and thereby affect a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Funds' investments in foreign currency denominated securities may reduce the returns of the Funds. Currency futures, forwards, options or swaps may not always work as intended, and in specific cases, the Funds may be worse off than if it had not used such instrument(s). There may not always be suitable hedging instruments available. Even where suitable hedging instruments are available, the Funds may choose to not hedge its currency risks.

Derivatives Risk

Derivatives may involve significant risk. The use of derivative instruments may expose the Funds to additional risks that it would not be subject to if it invested directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and potential material and prolonged deviations between the theoretical value and realizable value of a derivative. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may at times be illiquid, and the Funds may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives may be difficult to value, and valuation may be more difficult in times of market turmoil.

Derivatives may also be more volatile than other types of investments. The Funds may buy or sell derivatives not traded on an exchange, which may be subject to heightened liquidity and valuation risk. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk and credit risk. As a result, the Funds may not recover their investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose the Funds to greater losses in the event of a default by a counterparty. Ongoing changes to the regulation of the derivatives markets and potential changes in the regulation of funds using derivative instruments could limit a Fund's ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or performance.

Foreign Investing and Emerging Markets Risk

Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks include, but are not limited to: (1) currency exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing and financial reporting standards, (5) increased price volatility, (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays in transaction settlement in some foreign markets. To the extent the Funds invest a significant portion of its assets in securities of a single country or region, it is more likely to be affected by events or conditions of that country or region. In addition, the economies and political environments of emerging market countries tend to be more unstable than those of developed countries, resulting in more volatile rates of return than the developed markets and substantially greater risk to investors. There may be very limited oversight of certain foreign banks or securities depositories that hold foreign securities and currency and the laws of certain countries may limit the ability to recover such assets if a foreign bank or depository or their agents goes bankrupt. When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets have unique risks that are greater than, or in addition to, investing in developed markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

number of potential buyers for such securities, resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. In addition, there may be less information available to make investment decisions and more volatile rates of return.

Forward Foreign Currency Contracts Risk

Forward foreign currency contracts, including non-deliverable forwards, are derivative instruments pursuant to a contract with a counterparty to pay a fixed price for an agreed amount of securities or other underlying assets at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the contract. The use of forward foreign currency contracts may expose the Funds to additional risks that it would not be subject to if it invested directly in the securities or currencies underlying the forward foreign currency contract.

Futures Contracts Risk

Futures contracts are derivative instruments where one party pays a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Funds to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There can be no assurance that any strategy used will succeed. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that a Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of a Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract).

Hedging Risk

If the Funds use a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the Funds' return, or create a loss.

High Portfolio Turnover Risk

Portfolio turnover is a measure of a Fund's trading activity over a one-year period. A portfolio turnover rate of 100% would indicate that a Fund sold and replaced the entire value of its securities holdings during the period. High portfolio turnover could increase a Fund's transaction costs because of increased broker commissions resulting from such transactions. These costs are not reflected in the Funds' annual operating expenses or in the expense example, but they can have a negative impact on performance. Frequent trading by the Funds could also result in increased realized net capital gains, distributions of which are taxable to the Funds' shareholders (including net short-term capital gain distributions, which are taxable to them as ordinary income).

High-Yield Securities Risk

Exposure to high-yield, below investment-grade securities (commonly referred to as "junk bonds") generally involves significantly greater risks than an investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is weak or expected to become weak. These securities also may be difficult to sell at the time and price a Fund desires. High-yield securities are considered to be speculative with respect to an issuer's ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Funds may lose its entire investment.

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

Interest Rate Risk

Generally, the value of investments with interest rate risk, such as fixed income securities or derivatives, will move in the opposite direction to movements in interest rates. The prices of fixed income securities or derivatives are also affected by their durations. Fixed income securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond. An increase in interest rates can impact markets broadly as well. Extremely low or negative interest rates may become more prevalent among U.S. and foreign issuers. To the extent a Fund holds an investment with a negative interest rate to maturity, a Fund may generate a negative return on that investment. Conversely, in the future, interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to a Fund.

Leverage Risk

Financial leverage magnifies the exposure to the movement in prices of an asset or class of assets underlying a derivative instrument and results in increased volatility, which means that a Fund will have the potential for greater losses than if a Fund does not use the derivative instruments that have a leveraging effect. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in a Fund's exposure to an asset or class of assets and may cause a Fund's NAV to be volatile.

A Fund may experience leveraging risk in connection with investments in derivatives because its investments in derivatives may be purchased with a fraction of the assets that would be needed to purchase the securities directly, so that the remainder of the assets may be invested in other investments. Such investments may have the effect of leveraging a Fund because a Fund may experience gains or losses not only on its investments in derivatives, but also on the investments purchased with the remainder of the assets. If the value of a Fund's investments in derivatives is increasing, this could be offset by declining values of a Fund's other investments. Conversely, it is possible that the rise in the value of a Fund's non-derivative investments could be offset by a decline in the value of a Fund's investments in derivatives. In either scenario, a Fund may experience losses. In a market where the value of a Fund's investments in derivatives is declining and the value of its other investments is declining, a Fund may experience substantial losses. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. In addition, the costs that a Fund pays to engage in these practices are additional costs borne by a Fund and could reduce or eliminate any net investment profits.

LIBOR Risk

Certain of the instruments identified in a Fund's principal investment strategies have coupon rates or may provide exposure to underlying investments with coupon rates, that are based on the ICE LIBOR ("LIBOR"), the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offered Rate and other similar types of reference rates (each, a "Reference Rate"). These Reference Rates are generally intended to represent the rate at which contributing banks may obtain short-term borrowings within certain financial markets.

Most maturities and currencies of LIBOR were phased out at the end of 2021, with the remaining ones phased out on June 30, 2023. These events and any additional regulatory or market changes may have an adverse impact on a Fund or its investments, including increased volatility or illiquidity in markets for instruments that rely on LIBOR. SOFR has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a Reference Rate in the United States and U.S. law required that contracts without a practicable LIBOR alternative default to SOFR plus a set spread beginning in mid-2023. Other countries have undertaken similar initiatives to identify replacement Reference Rates for LIBOR in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new Reference Rate, as well as risks associated with using a new Reference Rate with respect to new investments and transactions. The transition process, or the failure of an industry to transition, could lead to

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

increased volatility and illiquidity in markets for instruments that relied on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments, all of which would impact a Fund. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a Fund's performance and/or NAV.

Liquidity Risk

When there is little or no active trading market for a specific type of security, it can become more difficult to purchase or sell the securities at or near their perceived value. During such periods, certain investments held by a Fund may be difficult to sell or other investments may be difficult to purchase at favorable times or prices. As a result, a Fund may have to lower the price on certain securities that it is trying to sell, sell other securities instead or forgo an investment opportunity, any of which could have a negative effect on Fund management or performance. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer.

Market Direction Risk

Since the Funds will typically hold both long and short positions, an investment in the Funds will involve market risks associated with different types of investment decisions than those made for a typical "long only" fund. The Funds' results could suffer both when there is a general market advance and the Funds hold significant "short" positions, and when there is a general market decline and the Funds hold significant "long" positions. In recent years, the markets have shown considerable volatility from day to day and even in intra-day trading.

Market Timing Risk

The Funds are subject to the risk of market timing activities by investors due to the Funds' investments in high yield, and foreign securities, or its exposure to foreign securities through the derivatives it holds. If the Funds trade foreign securities, it generally prices these foreign securities using their closing prices from the foreign markets in which they trade, which typically is prior to the Funds' calculation of its net asset value ("NAV"). These prices may be affected by events that occur after the close of a foreign market but before the Fund prices its shares. In such instances, the Funds may fair value high yield and foreign securities. However, some investors may engage in frequent short-term trading in the Funds to take advantage of any price differentials that may be reflected in the NAV of the Funds' shares. Frequent trading by Funds shareholders poses risks to other shareholders in the Funds, including (i) the dilution of the Funds' NAV, (ii) an increase in the Funds' expenses, and (iii) interference with the portfolio manager's ability to execute efficient investment strategies. While the Manager monitors trading in the Funds, there is no guarantee that it can detect all market timing activities.

Market Risk

The Funds are subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect a Fund's performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. The value of a

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, including the U.S. presidential election, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government's debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Non-Diversification Risk

The Funds are non-diversified, which means the Funds may focus their investments in the securities of a comparatively small number of issuers. Investments in securities of a limited number of issuers exposes the Funds to greater market risk and potential losses than if assets were diversified among the securities of a greater number of issuers.

Obsolescence Risk

The Funds are unlikely to be successful in its quantitative trading strategies unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated. If and to the extent that the models do not reflect certain factors, and the sub-advisor does not successfully address such omission through its testing and evaluation and modify the models accordingly, major losses may result – all of which will be borne by the Funds. The sub-advisor will continue to test, evaluate and add new Models, which may lead to the Models being modified from time to time. Any modification of the Models or strategies will not be subject to any requirement that shareholders receive notice of the change or that they consent to it. There can be no assurance as to the effects (positive or negative) of any modification to the Models or strategies on a Fund's performance.

Other Investment Companies Risk

The Funds may invest in shares of other registered investment companies, including money market funds and ETFs. To the extent that the Funds invest in shares of other registered investment companies, the Funds will indirectly bear the fees and expenses, including for example, advisory and administrative fees, charged by those investment companies in addition to the Funds' direct fees and expenses and will be subject to the risks associated with investments in those companies. For example, the Funds' investments in money market funds are subject to interest rate risk, credit risk, and market risk. The Funds must rely on the investment company in which it invests to achieve its investment objective. If the investment company fails to achieve its investment objective, the value

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

of the Funds' investment may decline, adversely affecting the Funds' performance. ETFs are subject to the following risks that do not apply to conventional funds: (1) the market price of an ETF's shares may trade at a discount or premium to its NAV; (2) an active trading market for an ETF's shares may not develop or be maintained; or (3) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. An ETF that tracks an index may not precisely replicate the returns of its benchmark index. To the extent the Funds invest in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Funds are subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. ETFs have expenses associated with their operation, typically including advisory fees.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a Fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems. Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; and the possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time. Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund's ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Short Position Risk

The Funds' losses are potentially unlimited in a short position transaction because there is potentially no limit on the amount that the security that the Funds are required to purchase may have appreciated. Because the Funds may invest the proceeds of a short sale, another effect of short selling on the Funds is similar to the effect of leverage, in that it amplifies changes in the Funds' net asset value since it increases the exposure of the Funds to the market.

Sovereign and Quasi Sovereign Debt Risk

An investment in sovereign and quasi-sovereign debt obligations involves special risks not present in corporate debt obligations. Sovereign and quasi-sovereign debt securities. These investments are issued or guaranteed by a sovereign government or entity affiliated with or backed by a sovereign government. The issuer of the sovereign or quasi-sovereign debt that controls the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Funds may have limited recourse in the event of a default. In addition, these investments are subject to risk of payment delays or defaults due to (1) country cash flow problems, (2) insufficient foreign currency reserves, (3) political considerations, (4) large debt positions relative to the country's economy, (5) policies toward foreign lenders or investors, (6) the failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or unwillingness to repay debts. It may be particularly difficult to enforce the rights of debt holders in frontier and emerging markets. A governmental entity that defaults on an obligation may request additional time in which to pay or receive further loans or may seek to restructure its obligations to reduce interest rates or outstanding principal. There is no legal process for collecting sovereign and quasi-sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign and quasi-sovereign debt risk is increased for emerging and frontier markets issuers, which are among the largest debtors to commercial banks and foreign governments. At times, certain emerging market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness.

Subsidiaries Risk

There can be no assurance that the investment objective of a Subsidiary will be achieved. The Subsidiaries are not registered under the Act, and are not subject to all the investor protections of the Act. However, each Fund wholly owns and controls its respective Subsidiary, and each Fund and its respective Subsidiary are both managed by the Manager and the sub-advisor pursuant to separate agreements, making it unlikely that a Subsidiary will take action contrary to the interests of its respective Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Funds, including its investment in the Subsidiaries, and each Fund's role as sole shareholder of its respective Subsidiary. Changes in the laws of the United States and/or the Cayman Islands, under which the Funds and Subsidiaries, respectively, are organized, could result in the inability of the Funds and/or Subsidiaries to operate as described in the Prospectus and could negatively affect the Funds and their respective shareholders. For example, the Cayman Islands government has undertaken not to impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiaries. If Cayman Islands law changes such that the Subsidiaries must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. Rulemaking by the CFTC or other regulatory initiatives may affect the Funds' ability to use its respective Subsidiary to pursue its investment strategies.

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

Swap Agreement Risk

Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically include a certain amount of embedded leverage and as such are subject to leveraging risk. If swaps are used as a hedging strategy, the Funds are subject to the risk that the hedging strategy may not eliminate the risk that is intended to offset, due to, among other reasons, the occurrence of unexpected price movements or the non-occurrence of expected price movements. Swaps also may be difficult to value. Interest rate swaps, total return swaps, currency swaps, credit default swaps and commodities swaps are subject to counterparty risk, credit risk and liquidity risk. In addition, interest rate swaps are subject to interest rate risk, total return swaps are subject to market risk, and interest rate risk if the underlying securities are bonds or other debt obligations, currency swaps are subject to currency risk, and commodities swaps are subject to commodities risk.

Tax Risk

To qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code") ("RIC"), the Funds must, among other requirements, derive at least 90% of their gross income for each taxable year from "qualifying income." Income from certain commodity-linked derivative instruments in which AHL Managed Futures Strategy and AHL TargetRisk Funds invest is not considered qualifying income. These Funds will therefore restrict their income from direct investments in those instruments, such as commodity-linked swaps, to a maximum of 10% of their gross income for each taxable year. Each of these Fund's investment in its Subsidiary is expected to provide the Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M. The Internal Revenue Service ("IRS") issued a large number of private letter rulings ("PLRs") (which the Funds may not cite as precedent) from 2006 to 2011 that income a RIC derives from a wholly owned foreign subsidiary (a "controlled foreign corporation" or "CFC") (such as the Subsidiary) that earns income derived from commodity-linked derivative instruments is qualifying income. Treasury regulations published on March 19, 2019, provide that income inclusions of a RIC from a CFC are qualifying income for the RIC whether or not the CFC makes distributions to the RIC out of its associated earnings and profits for the applicable taxable year. The federal income tax treatment of a Fund's commodity-linked investments and income from its Subsidiary may be materially adversely affected by future legislation, other Treasury regulations, and/or guidance issued by the IRS that could affect whether income from such investments is qualifying income under Subchapter M or otherwise materially affect the character, timing or recognition, and/or amount of a Fund's taxable income and/or net capital gains and, therefore, the distributions the Funds make.

Valuation Risk

This is the risk that a Fund has valued a security at a price different from the price at which it can be sold. This risk may be especially pronounced for investments, such as derivatives, which may be illiquid or which may become illiquid and for securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market conditions make it difficult to value certain investments, a Fund may value these investments using more subjective methods, such as fair-value methodologies. Investors who purchase or redeem Fund shares on days when a Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received if the Fund had not fair-valued the securities or had used a different valuation methodology. The value of foreign securities, certain fixed-income securities and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded, but before a Fund determines its NAV. A Fund's ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third-party service providers, such as pricing services or accounting agents.

Volatility Risk

The Funds may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Funds' NAV per share to experience significant increases or declines in value over short

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American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

periods of time. Market interest rate changes may also cause the Funds' NAV per share to experience volatility. This is because the value of an obligation asset in the Funds is partially a function of whether it is paying what the market perceives to be a market rate of interest for the particular obligation given its individual credit and other characteristics. If market interest rates change, an obligation's value could be affected to the extent the interest rate paid on that obligation does not reset at the same time.

7. Federal Income and Excise Taxes

It is the policy of each Fund to qualify as a regulated investment company ("RIC"), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each Fund is treated as a single entity for the purpose of determining such qualification.

The Funds do not have any unrecorded tax liabilities in the accompanying financial statements. Each of the tax years in the four year period ended December 31, 2024 for AHL Managed Futures Strategy Fund and AHL TargetRisk Fund and two year period ended December 31, 2024 for AHL Multi-Alternatives Fund remain subject to examination by the Internal Revenue Service. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in "Other expenses" on the Statements of Operations.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

Dividends are categorized in accordance with income tax regulations which may treat certain transactions differently than U.S. GAAP. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. The Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

As of June 30, 2025, the tax cost for each Fund and their respective gross unrealized appreciation (depreciation) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  AHL Managed Futures Strategy | $1903085117 | $185454750 | $(275655239) | $(90200489) |
|  AHL Multi-Alternatives | 31884756 | 1219243 | (1806040) | (586797) |
|  AHL TargetRisk | 201536321 | 2797827 | (793295) | 2004532 |

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Under the Regulated Investment Company Modernization Act of 2010 ("RIC MOD"), net capital losses recognized by the Funds in taxable years beginning after December 22, 2010 are carried forward indefinitely and retain their character as short-term and/or long-term losses.

As of December 31, 2024 the Funds had the following capital loss carryforwards.

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| | | |
|:---|:---|:---|
| Fund | Short-Term Capital<br>Loss Carryforwards | Long-Term Capital Loss<br>Carryforwards |
|  AHL Managed Futures Strategy | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155012825) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141385110) |
|  AHL Multi-Alternatives Fund |  |  |
|  AHL TargetRisk | (55835644) | (53707950) |

---

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Purchases (non-U.S.<br>Government<br>Securities) | Purchases of U.S.<br>Government<br>Securities | Sales (non-U.S.<br>Government<br>Securities) | Sales of U.S.<br>Government<br>Securities |
|  AHL Managed Futures Strategy | $– | $– | $– | $– |
|  AHL Multi-Alternatives | 3028078 | 4017267 | 4164033 | 4527443 |
|  AHL TargetRisk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40875611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50162396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50328128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61063494 |

---

9. Borrowing Arrangements

Effective November 8, 2024 (the "Effective Date"), the Funds, along with certain other funds managed by the Manager ("Participating Funds"), renewed a committed revolving line of credit (the "Committed Line") agreement with State Street Bank and Trust Company (the "Bank") to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a rate equal to the higher of (a) Overnight Bank

Funding Rate ("OBFR") daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2024.

On the Effective Date, the Funds, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the "Uncommitted Line") agreement with the

Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a rate equal to the higher of (a) OBFR daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed on each outstanding loan. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2024.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Line of credit interest expense" on the Statements of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the period ended June 30, 2025, the Funds did not utilize these facilities.

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

10. Capital Share Transactions

The tables below summarize the activity in capital shares for each Class of the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL Managed Futures Strategy Fund | Shares | Amount | Shares | Amount |
| Shares sold | 9589610 | $90947116 | 30956164 | $315983783 |
| Reinvestment of dividends |  |  | 191442 | 1918256 |
| Shares redeemed | (32142685) | (290530650) | (48402121) | (490116505) |
| Net (decrease) in shares outstanding | (22553075) | $(199583534) | (17254515) | $(172214466) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL Managed Futures Strategy Fund | Shares | Amount | Shares | Amount |
| Shares sold | 52874757 | $497106074 | 101908099 | $1030105840 |
| Reinvestment of dividends |  |  | 1028452 | 10243379 |
| Shares redeemed | (103140212) | (938229289) | (98532899) | (1000140053) |
| Net increase (decrease) in shares outstanding | (50265455) | $(441123215) | 4403652 | $40209166 |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL Managed Futures Strategy Fund | Shares | Amount | Shares | Amount |
| Shares sold | 9236474 | $86172718 | 4479467 | $44266550 |
| Reinvestment of dividends |  |  | 20426 | 200580 |
| Shares redeemed | (7747471) | (70381201) | (2167916) | (21728899) |
| Net increase in shares outstanding | 1489003 | $15791517 | 2331977 | $22738231 |
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL Managed Futures Strategy Fund | Shares | Amount | Shares | Amount |
| Shares sold | 937068 | $8690299 | 2834748 | $28451645 |
| Reinvestment of dividends |  |  | 14385 | 141555 |
| Shares redeemed | (7850382) | (74190817) | (3088156) | (30864245) |
| Net (decrease) in shares outstanding | (6913314) | $(65500518) | (239023) | $(2271045) |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL Managed Futures Strategy Fund | Shares | Amount | Shares | Amount |
| Shares sold | 94387 | $849401 | 536833 | $5150486 |
| Reinvestment of dividends |  |  |  |  |
| Shares redeemed | (588655) | (5097191) | (1113186) | (10602638) |
| Net (decrease) in shares outstanding | (494268) | $(4247790) | (576353) | $(5452152) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL Multi-Alternatives Fund | Shares | Amount | Shares | Amount |
| Shares sold | 179026 | $1701353 | 320921 | $3443159 |
| Reinvestment of dividends |  |  | 38517 | 390558 |
| Shares redeemed | (87210) | (842138) | (105609) | (1126162) |
| Net increase in shares outstanding | 91816 | $859215 | 253829 | $2707555 |

---

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL Multi-Alternatives Fund | Shares | Amount | Shares | Amount |
| Shares sold |  | $– |  | $– |
| Reinvestment of dividends |  |  | 445 | 4495 |
| Shares redeemed |  |  |  |  |
| Net increase in shares outstanding |  | $- | 445 | $4495 |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL Multi-Alternatives Fund | Shares | Amount | Shares | Amount |
| Shares sold |  | $– |  | $– |
| Reinvestment of dividends |  |  | 444 | 4442 |
| Shares redeemed |  |  |  |  |
| Net increase in shares outstanding |  | $- | 444 | $4442 |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL Multi-Alternatives Fund | Shares | Amount | Shares | Amount |
| Shares sold | 13723 | $135178 | 742561 | $7763565 |
| Reinvestment of dividends |  |  | 117373 | 1191336 |
| Shares redeemed | (27186) | (263030) | (100442) | (1073323) |
| Net increase (decrease) in shares outstanding | (13463) | $(127852) | 759492 | $7881578 |
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL TargetRisk Fund | Shares | Amount | Shares | Amount |
| Shares sold | 383159 | $4130601 | 571619 | $6429044 |
| Reinvestment of dividends |  |  | 95172 | 1019297 |
| Shares redeemed | (244597) | (2541626) | (814051) | (9031766) |
| Net increase (decrease) in shares outstanding | 138562 | $1588975 | (147260) | $(1583425) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL TargetRisk Fund | Shares | Amount | Shares | Amount |
| Shares sold | 3454543 | $36840614 | 8116151 | $91393875 |
| Reinvestment of dividends |  |  | 1167689 | 12505945 |
| Shares redeemed | (7142586) | (74429334) | (8682913) | (96236786) |
| Net increase (decrease) in shares outstanding | (3688043) | $(37588720) | 600927 | $7663034 |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL TargetRisk Fund | Shares | Amount | Shares | Amount |
| Shares sold | 216651 | $2340931 | 348648 | $3906249 |
| Reinvestment of dividends |  |  | 17356 | 185540 |
| Shares redeemed | (276923) | (2950414) | (674841) | (7359776) |
| Net (decrease) in shares outstanding | (60272) | $(609483) | (308837) | $(3267987) |

---

------

American Beacon Funds<sup>SM</sup>

Consolidated Notes to Financial Statements

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL TargetRisk Fund | Shares | Amount | Shares | Amount |
| Shares sold | 44047 | $456545 | 94543 | $1047128 |
| Reinvestment of dividends |  |  | 10825 | 115178 |
| Shares redeemed | (92432) | (973237) | (126312) | (1377686) |
| Net (decrease) in shares outstanding | (48385) | $(516692) | (20944) | $(215380) |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| AHL TargetRisk Fund | Shares | Amount | Shares | Amount |
| Shares sold | 537 | $5580 | 44067 | $461816 |
| Reinvestment of dividends |  |  | 24137 | 255125 |
| Shares redeemed | (113357) | (1179511) | (296272) | (3230156) |
| Net (decrease) in shares outstanding | (112820) | $(1173931) | (228068) | $(2513215) |

---

11. Subsequent Events

The Board of Trustees of the Trust, at the recommendation of the Manager, has ratified and approved a contractual expense limitation agreement for the American Beacon AHL Managed Futures Strategy Fund (the "Fund"), effective August 25, 2025, to waive its fees and/or reimburse expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses related to securities sold short, litigation and other extraordinary expenses) for all classes of the Fund. The expense ratio caps are as set forth below:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Expense Cap** | **Expiration** |
| AHL Managed Futures Strategy | R5 | 1.53% | 4/30/2026 |
| AHL Managed Futures Strategy | Y | 1.65% | 4/30/2026 |
| AHL Managed Futures Strategy | Investor | 1.94% | 4/30/2026 |
| AHL Managed Futures Strategy | A | 1.85% | 4/30/2026 |
| AHL Managed Futures Strategy | C | 2.62% | 4/30/2026 |

---

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br> Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br> Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $10.06 | $9.91 | $10.42 | $10.49 | $10.72 | $10.22 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.11 <sup>B</sup> | 0.12 | 0.43 | 0.41 | (0.18)<sup>B</sup> | (1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (1.09) | 0.09 | (0.83) | 1.36 | 0.74 | 2.10 |
|  Total income (loss) from investment operations | (0.98) | 0.21 | (0.40) | 1.77 | 0.56 | 1.07 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.06) | (0.11) | (0.52) | (0.47) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (1.32) | (0.32) | (0.23) |
|  Total distributions |  | (0.06) | (0.11) | (1.84) | (0.79) | (0.57) |
|  Net asset value, end of period | $9.08 | $10.06 | $9.91 | $10.42 | $10.49 | $10.72 |
|  Total return<sup>C</sup>  | (9.74)%<sup>D</sup> | 2.07% | (3.85)% | 16.93% | 5.12% | 10.67% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $312243798 | $572740617 | $735326328 | $693916735 | $473334156 | $195920482 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments . | 1.73 %<sup>E</sup> | 1.53% | 1.51% | 1.49% | 1.55% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.73 %<sup>EG</sup> | 1.53% | 1.51% | 1.48% | 1.54% | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 2.25 %<sup>E</sup> | 3.30% | 3.15% | 0.08% | (1.58)% | (3.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 2.25 %<sup>E</sup> | 3.30% | 3.15% | 0.09% | (1.57)% | (3.14)% |
|  Portfolio turnover rate<sup>F</sup>  | - %<sup>D</sup> | -% | -% | -% | - % | -% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period.* 

*<sup>G</sup>* *Effective August 25, 2025, a contractual fee waiver was implemented. See Note 11 for further information.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $10.00 | $9.85 | $10.36 | $10.43 | $10.67 | $10.17 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.10 <sup>A</sup> | 0.35 | 0.23 | 0.40 | (0.17)<sup>A</sup> | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (1.08) | (0.15) | (0.64) | 1.36 | 0.72 | 0.99 |
|  Total income (loss) from investment operations | (0.98) | 0.20 | (0.41) | 1.76 | 0.55 | 1.07 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.05) | (0.10) | (0.51) | (0.47) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (1.32) | (0.32) | (0.23) |
|  Total distributions |  | (0.05) | (0.10) | (1.83) | (0.79) | (0.57) |
|  Net asset value, end of period | $9.02 | $10.00 | $9.85 | $10.36 | $10.43 | $10.67 |
|  Total return<sup>B</sup>  | (9.80)%<sup>C</sup> | 1.99% | (3.99)% | 16.95% | 5.04% | 10.71% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $1637489973 | $2317399884 | $2239856084 | $2650349111 | $1608801856 | $888669539 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments . | 1.85 %<sup>D</sup> | 1.63% | 1.60% | 1.56% | 1.54% | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.85 %<sup>DG</sup> | 1.63% | 1.60% | 1.55% | 1.53% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 2.13 %<sup>D</sup> | 3.17% | 3.03% | 0.00 %<sup>E</sup> | (1.48)% | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 2.13 %<sup>D</sup> | 3.17% | 3.03% | 0.01% | (1.47)% | 0.04% |
|  Portfolio turnover rate<sup>F</sup>  | - %<sup>C</sup> | -% | -% | - % | - % | -% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

*<sup>E</sup>* *Amount rounds to less than 0.005%.* 

*<sup>F</sup>* *Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period.* 

*<sup>G</sup>* *Effective August 25, 2025, a contractual fee waiver was implemented. See Note 11 for further information.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $9.86 | $9.72 | $10.21 | $10.32 | $10.56 | $10.07 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.08 <sup>A</sup> | 0.65 | 0.27 <sup>A</sup> | (0.02)<sup>A</sup> | (0.17) | (0.04)<sup>A</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (1.05) | (0.48) | (0.70) | 1.72 | 0.67 | 1.07 |
|  Total income (loss) from investment operations | (0.97) | 0.17 | (0.43) | 1.70 | 0.50 | 1.03 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.03) | (0.06) | (0.49) | (0.42) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (1.32) | (0.32) | (0.23) |
|  Total distributions |  | (0.03) | (0.06) | (1.81) | (0.74) | (0.54) |
|  Net asset value, end of period | $8.89 | $9.86 | $9.72 | $10.21 | $10.32 | $10.56 |
|  Total return<sup>B</sup>  | (9.84)%<sup>C</sup> | 1.74% | (4.20)% | 16.47% | 4.69% | 10.42% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $74795119 | $68313579 | $44699687 | $66007099 | $37408089 | $31217881 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments . | 2.14 %<sup>D</sup> | 1.91% | 1.86% | 1.84% | 1.93% | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 2.14 %<sup>DF</sup> | 1.91% | 1.86% | 1.83% | 1.92% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 1.84 %<sup>D</sup> | 2.87% | 2.74% | (0.20)% | (2.84)% | (0.44)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 1.84 %<sup>D</sup> | 2.87% | 2.74% | (0.19)% | (2.83)% | (0.39)% |
|  Portfolio turnover rate<sup>E</sup>  | - %<sup>C</sup> | -% | - % | - % | -% | - % |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

*<sup>E</sup>* *Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period.* 

*<sup>F</sup>* *Effective August 25, 2025, a contractual fee waiver was implemented. See Note 11 for further information.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class | A Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $9.88 | $9.73 | $10.19 | $10.32 | $10.56 | $10.08 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.09 <sup>A</sup> | 0.29 | 0.27 <sup>A</sup> | 1.04 | (0.16)<sup>A</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (1.07) | (0.12) | (0.70) | 0.66 | 0.68 | 1.03 |
|  Total income (loss) from investment operations | (0.98) | 0.17 | (0.43) | 1.70 | 0.52 | 1.02 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.02) | (0.03) | (0.51) | (0.44) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (1.32) | (0.32) | (0.23) |
|  Total distributions |  | (0.02) | (0.03) | (1.83) | (0.76) | (0.54) |
|  Net asset value, end of period | $8.90 | $9.88 | $9.73 | $10.19 | $10.32 | $10.56 |
|  Total return<sup>B</sup>  | (9.92)%<sup>C</sup> | 1.71% | (4.21)% | 16.53% | 4.88% | 10.31% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $17981491 | $88263305 | $89278134 | $195971375 | $9680124 | $4653583 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments . | 2.05 %<sup>D</sup> | 1.92% | 1.89% | 1.80% | 1.82% | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 2.05 %<sup>DF</sup> | 1.92% | 1.89% | 1.79% | 1.81% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 1.89 %<sup>D</sup> | 2.89% | 2.70% | 0.45% | (1.44)% | (0.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 1.89 %<sup>D</sup> | 2.89% | 2.70% | 0.46% | (1.43)% | (0.68)% |
|  Portfolio turnover rate<sup>E</sup>  | - %<sup>C</sup> | -% | - % | -% | - % | -% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

*<sup>E</sup>* *Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period.* 

*<sup>F</sup>* *Effective August 25, 2025, a contractual fee waiver was implemented. See Note 11 for further information.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class | C Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $9.43 | $9.34 | $9.81 | $10.00 | $10.27 | $9.82 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.05 <sup>A</sup> | 0.10 | 0.16 | (0.09)<sup>A</sup> | (0.33)<sup>A</sup> | (0.11)<sup>A</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (1.01) | (0.01) | (0.63) | 1.66 | 0.75 | 1.04 |
|  Total income (loss) from investment operations | (0.96) | 0.09 | (0.47) | 1.57 | 0.42 | 0.93 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.44) | (0.37) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (1.32) | (0.32) | (0.23) |
|  Total distributions |  |  |  | (1.76) | (0.69) | (0.48) |
|  Net asset value, end of period | $8.47 | $9.43 | $9.34 | $9.81 | $10.00 | $10.27 |
|  Total return<sup>B</sup>  | (10.18)%<sup>C</sup> | 0.96% | (4.79)% | 15.71% | 4.01% | 9.62% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $19351030 | $26210867 | $31340562 | $34906077 | $15052491 | $9482185 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments . | 2.82 %<sup>D</sup> | 2.59% | 2.55% | 2.53% | 2.55% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 2.82 %<sup>D F</sup> | 2.59% | 2.55% | 2.52% | 2.54% | 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 1.16 %<sup>D</sup> | 2.22% | 2.09% | (0.82)% | (3.06)% | (1.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 1.16 %<sup>D</sup> | 2.22% | 2.09% | (0.81)% | (3.05)% | (1.06)% |
|  Portfolio turnover rate<sup>E</sup>  | - %<sup>C</sup> | -% | -% | - % | - % | - % |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

*<sup>E</sup>* *Portfolio turnover is based on the lesser of long-term purchases or sales divided by the average long-term fair value during the period. The Fund did not invest in any long-term securities during the reporting period.* 

*<sup>F</sup>* *Effective August 25, 2025, a contractual fee waiver was implemented. See Note 11 for further information.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | |
|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class |
|  | Six Months<br> Ended<br> June 30,<br> 2025 | Year Ended<br> December 31,<br> 2024 | August 17,<br> 2023<sup>A</sup> to<br> December 31,<br> 2023 |
|  | (unaudited) | | |
|  Net asset value, beginning of period | $10.17 | $10.20 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.12 <sup>B</sup> | 0.30 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.76) | 0.12 | 0.27 |
|  Total income (loss) from investment operations | (0.64) | 0.42 | 0.35 |
|  Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.20) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.25) | (0.07) |
|  Total distributions |  | (0.45) | (0.15) |
|  Net asset value, end of period | $9.53 | $10.17 | $10.20 |
|  Total return<sup>C</sup>  | (6.29)%<sup>D</sup> | 4.06% | 3.51 %<sup>D</sup> |
|  Ratios and supplemental data: |  |  |  |
|  Net assets, end of period | $9651286 | $9357645 | $6800010 |
|  Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 3.21 %<sup>E</sup> | 2.72 %<sup>F</sup> | 3.99 %<sup>E</sup> <sup>F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.33 %<sup>E</sup> | 1.33% | 1.33 %<sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.71 %<sup>E</sup> | 1.84 %<sup>F</sup> | 0.81 %<sup>E</sup> <sup>F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.59 %<sup>E</sup> | 3.23% | 3.47 %<sup>E</sup> |
|  Portfolio turnover rate | 162 %<sup>D</sup> | 141% | 83 %<sup>D</sup> |

---

*<sup>A</sup>* *Commencement of operations.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Includes non-recurring organization and offering costs.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | |
|:---|:---|:---|:---|
|  | A Class | A Class | A Class |
|  | Six Months<br> Ended<br> June 30,<br> 2025 | Year Ended<br> December 31,<br> 2024 | August 17,<br> 2023<sup>A</sup> to<br> December 31,<br>2023 |
|  | (unaudited) | | |
|  Net asset value, beginning of period | $10.13 | $10.19 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.11 <sup>B</sup> | 0.31 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.75) | 0.08 | 0.22 |
|  Total income (loss) from investment operations | (0.64) | 0.39 | 0.34 |
|  Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.20) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.25) | (0.07) |
|  Total distributions |  | (0.45) | (0.15) |
|  Net asset value, end of period | $9.49 | $10.13 | $10.19 |
|  Total return<sup>C</sup>  | (6.32)%<sup>D</sup> | 3.77% | 3.41 %<sup>D</sup> |
|  Ratios and supplemental data: |  |  |  |
|  Net assets, end of period | $100540 | $107328 | $103423 |
|  Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 3.37 %<sup>E</sup> | 3.79 %<sup>F</sup> | 8.22 %<sup>E F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.56 %<sup>E</sup> | 1.56% | 1.56 %<sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 0.54 %<sup>E</sup> | 0.79 %<sup>F</sup> | (3.53)%<sup>E F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.35 %<sup>E</sup> | 3.02% | 3.13 %<sup>E</sup> |
|  Portfolio turnover rate | 162 %<sup>D</sup> | 141% | 83 %<sup>D</sup> |

---

*<sup>A</sup>* *Commencement of operations.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Includes non-recurring organization and offering costs.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | |
|:---|:---|:---|:---|
|  | C Class | C Class | C Class |
|  | Six Months<br> Ended<br> June 30,<br> 2025 | Year Ended<br> December 31,<br> 2024 | August 17,<br> 2023<sup>A</sup> to<br> December 31,<br> 2023 |
|  | (unaudited) | | |
|  Net asset value, beginning of period | $10.03 | $10.16 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.08 <sup>B</sup> | 0.24 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.75) | 0.07 | 0.22 |
|  Total income (loss) from investment operations | (0.67) | 0.31 | 0.31 |
|  Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.19) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.25) | (0.07) |
|  Total distributions |  | (0.44) | (0.15) |
|  Net asset value, end of period | $9.36 | $10.03 | $10.16 |
|  Total return<sup>C</sup>  | (6.68)%<sup>D</sup> | 3.04% | 3.11 %<sup>D</sup> |
|  Ratios and supplemental data: |  |  |  |
|  Net assets, end of period | $99142 | $106227 | $103135 |
|  Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 4.12 %<sup>E</sup> | 4.55 %<sup>F</sup> | 8.97 %<sup>E F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 2.31 %<sup>E</sup> | 2.31% | 2.31 %<sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | (0.20)%<sup>E</sup> | 0.03 %<sup>F</sup> | (4.28)%<sup>E F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.61 %<sup>E</sup> | 2.27% | 2.38 %<sup>E</sup> |
|  Portfolio turnover rate | 162 %<sup>D</sup> | 141% | 83 %<sup>D</sup> |

---

*<sup>A</sup>* *Commencement of operations.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Includes non-recurring organization and offering costs.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | |
|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class |
|  | Six Months<br> Ended<br> June 30,<br> 2025 | Year Ended<br> December 31,<br> 2024 | August 17,<br> 2023<sup>A</sup> to<br> December 31,<br> 2023 |
|  | (unaudited) | | |
|  Net asset value, beginning of period | $10.18 | $10.20 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.13 <sup>B</sup> | 0.33 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.76) | 0.10 | 0.21 |
|  Total income (loss) from investment operations | (0.63) | 0.43 | 0.35 |
|  Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.20) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.25) | (0.07) |
|  Total distributions |  | (0.45) | (0.15) |
|  Net asset value, end of period | $9.55 | $10.18 | $10.20 |
|  Total return<sup>C</sup>  | (6.19)%<sup>D</sup> | 4.16% | 3.51 %<sup>D</sup> |
|  Ratios and supplemental data: |  |  |  |
|  Net assets, end of period | $26507392 | $28388037 | $20707713 |
|  Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 3.11 %<sup>E</sup> | 2.59 %<sup>F</sup> | 3.83 %<sup>E F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.23 %<sup>E</sup> | 1.23% | 1.23 %<sup>E</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.80 %<sup>E</sup> | 1.98 %<sup>F</sup> | 0.86 %<sup>E F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.68 %<sup>E</sup> | 3.34% | 3.46 %<sup>E</sup> |
|  Portfolio turnover rate | 162 %<sup>D</sup> | 141% | 83 %<sup>D</sup> |

---

*<sup>A</sup>* *Commencement of operations.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Includes non-recurring organization and offering costs.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $10.73 | $10.55 | $9.64 | $12.17 | $12.75 | $12.16 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.16 <sup>B</sup> | 0.12 | 0.33 <sup>B</sup> | 0.13 <sup>B</sup> | 0.21 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.41) | 0.63 | 1.01 | (2.12) | 1.53 | 0.74 |
|  Total income (loss) from investment operations | (0.25) | 0.75 | 1.34 | (1.99) | 1.74 | 0.69 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.57) | (0.43) | (0.36) | (0.97) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.18) | (1.35) | (0.07) |
|  Total distributions |  | (0.57) | (0.43) | (0.54) | (2.32) | (0.10) |
|  Net asset value, end of period | $10.48 | $10.73 | $10.55 | $9.64 | $12.17 | $12.75 |
|  Total return<sup>C</sup>  | (2.33)%<sup>D</sup> | 7.13% | 13.92% | (16.42)% | 13.69% | 5.68% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $24596296 | $23702057 | $24839297 | $69246839 | $116339052 | $95337373 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments . | 1.15 %<sup>E</sup> | 1.11% | 1.12% | 1.08% | 1.05% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.04 %<sup>E</sup> | 1.04% | 1.05 %<sup>F</sup> | 1.05 %<sup>F</sup> | 1.04% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 2.95 %<sup>E</sup> | 3.33% | 3.21% | 1.14% | 0.62% | (0.97)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 3.06 %<sup>E</sup> | 3.40% | 3.28% | 1.17% | 0.63% | (0.93)% |
|  Portfolio turnover rate | 166 %<sup>D</sup> | 138% | 135% | 277% | 195% | 197% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Includes non-operating expenses consisting of prime broker fees, dividends and interest expense from securities sold short. The Expenses, net of reimbursements, excluding non-operating expenses is 1.04% and 1.04% for the year ended December 31, 2023 and year ended December 31, 2022, respectively.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $10.73 | $10.55 | $9.64 | $12.16 | $12.74 | $12.16 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.15 <sup>A</sup> | 0.43 | 0.33 <sup>A</sup> | 0.11 <sup>A</sup> | 0.28 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.41) | 0.31 | 0.99 | (2.11) | 1.46 | 0.73 |
|  Total income (loss) from investment operations | (0.26) | 0.74 | 1.32 | (2.00) | 1.74 | 0.68 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.56) | (0.41) | (0.34) | (0.97) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.18) | (1.35) | (0.07) |
|  Total distributions |  | (0.56) | (0.41) | (0.52) | (2.32) | (0.10) |
|  Net asset value, end of period | $10.47 | $10.73 | $10.55 | $9.64 | $12.16 | $12.74 |
|  Total return<sup>B</sup>  | (2.42)%<sup>C</sup> | 7.00% | 13.77% | (16.45)% | 13.66% | 5.55% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $196206628 | $240697355 | $230217307 | $340103816 | $756225072 | $665119502 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments . | 1.21 %<sup>D</sup> | 1.19% | 1.17% | 1.11% | 1.07% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.21 %<sup>D</sup> | 1.19% | 1.16% | 1.10% | 1.07% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 2.84 %<sup>D</sup> | 3.26% | 3.25% | 1.03% | 0.58% | (1.18)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 2.84 %<sup>D</sup> | 3.26% | 3.26% | 1.04% | 0.58% | (1.16)% |
|  Portfolio turnover rate | 166 %<sup>C</sup> | 138% | 135% | 277% | 195% | 197% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $10.71 | $10.52 | $9.61 | $12.11 | $12.70 | $12.14 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.13 <sup>A</sup> | 0.32 <sup>A</sup> | 0.30 <sup>A</sup> | 0.09 <sup>A</sup> | 0.21 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.41) | 0.38 | 0.99 | (2.10) | 1.47 | 0.76 |
|  Total income (loss) from investment operations | (0.28) | 0.70 | 1.29 | (2.01) | 1.68 | 0.63 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.51) | (0.38) | (0.31) | (0.92) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.18) | (1.35) | (0.07) |
|  Total distributions |  | (0.51) | (0.38) | (0.49) | (2.27) | (0.07) |
|  Net asset value, end of period | $10.43 | $10.71 | $10.52 | $9.61 | $12.11 | $12.70 |
|  Total return<sup>B</sup>  | (2.61)%<sup>C</sup> | 6.71% | 13.48% | (16.65)% | 13.24% | 5.18% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $3315599 | $4050432 | $7227795 | $11271945 | $18344072 | $16012197 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 1.55 %<sup>D</sup> | 1.53% | 1.41% | 1.41% | 1.42% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.55 %<sup>D</sup> | 1.53% | 1.41% | 1.41% | 1.42% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 2.49 %<sup>D</sup> | 2.88% | 2.96% | 0.80% | 0.29% | (1.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 2.49 %<sup>D</sup> | 2.88% | 2.96% | 0.80% | 0.29% | (1.67)% |
|  Portfolio turnover rate | 166 %<sup>C</sup> | 138% | 135% | 277% | 195% | 197% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class | A Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $10.65 | $10.48 | $9.58 | $12.08 | $12.68 | $12.12 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.14 <sup>A</sup> | 0.19 | 0.29 <sup>A</sup> | 0.10 <sup>A</sup> | 0.25 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.41) | 0.50 | 0.98 | (2.10) | 1.45 | 0.73 |
|  Total income (loss) from investment operations | (0.27) | 0.69 | 1.27 | (2.00) | 1.70 | 0.63 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.52) | (0.37) | (0.32) | (0.95) | 0.00 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.18) | (1.35) | (0.07) |
|  Total distributions |  | (0.52) | (0.37) | (0.50) | (2.30) | (0.07) |
|  Net asset value, end of period | $10.38 | $10.65 | $10.48 | $9.58 | $12.08 | $12.68 |
|  Total return<sup>C</sup>  | (2.54)%<sup>D</sup> | 6.63% | 13.25% | (16.56)% | 13.38% | 5.19% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $2000980 | $2568834 | $2745472 | $3656374 | $5381597 | $4007021 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 1.63 %<sup>E</sup> | 1.61% | 1.58% | 1.33% | 1.30% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.44 %<sup>E</sup> | 1.51 %<sup>F</sup> | 1.57% | 1.32% | 1.30% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 2.42 %<sup>E</sup> | 2.82% | 2.84% | 0.89% | 1.06% | (1.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 2.61 %<sup>E</sup> | 2.92% | 2.85% | 0.90% | 1.06% | (1.56)% |
|  Portfolio turnover rate | 166 %<sup>D</sup> | 138% | 135% | 277% | 195% | 197% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Amount represents less than $0.01 per share.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on May 1, 2024.* 

See accompanying notes

------

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

Consolidated Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class | C Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $10.58 | $10.39 | $9.49 | $11.92 | $12.55 | $12.09 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.09 <sup>A</sup> | 0.25 <sup>A</sup> | 0.23 <sup>A</sup> | 0.01 <sup>A</sup> | (0.02)<sup>A</sup> | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | (0.40) | 0.36 | 0.96 | (2.06) | 1.59 | 0.70 |
|  Total income (loss) from investment operations | (0.31) | 0.61 | 1.19 | (2.05) | 1.57 | 0.53 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.42) | (0.29) | (0.20) | (0.85) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.18) | (1.35) | (0.07) |
|  Total distributions |  | (0.42) | (0.29) | (0.38) | (2.20) | (0.07) |
|  Net asset value, end of period | $10.27 | $10.58 | $10.39 | $9.49 | $11.92 | $12.55 |
|  Total return<sup>B</sup>  | (2.93)%<sup>C</sup> | 5.91% | 12.59% | (17.19)% | 12.51% | 4.37% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $5344698 | $6699758 | $8944023 | $11650636 | $20623659 | $14969947 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments . | 2.22 %<sup>D</sup> | 2.19% | 2.15% | 2.10% | 2.06% | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 2.22 %<sup>D</sup> | 2.19% | 2.14% | 2.09% | 2.06% | 2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 1.83 %<sup>D</sup> | 2.28% | 2.26% | 0.09% | (0.15)% | (2.34)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 1.83 %<sup>D</sup> | 2.28% | 2.27% | 0.10% | (0.15)% | (2.33)% |
|  Portfolio turnover rate | 166 %<sup>C</sup> | 138% | 135% | 277% | 195% | 197% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Affirmation of the Commodity Pool Operator

June 30, 2025 (Unaudited)

To the best of my knowledge and belief, the information contained in the attached financial statements for the American Beacon AHL Managed Futures Strategy Fund, American Beacon AHL Multi-Alternatives Fund and American Beacon AHL TargetRisk Fund for the period from January 1, 2025 to June 30, 2025, is accurate and complete.

![LOGO](g803606g91z44.jpg)

Sonia L. Bates, Assistant Treasurer

American Beacon Advisors, Inc.

Commodity Pool Operator for the

American Beacon AHL Managed Futures Strategy Fund,

American Beacon AHL Multi-Alternatives Fund, and

American Beacon AHL TargetRisk Fund

------

![LOGO](g803606g01a06.jpg)

Delivery of Documents

If you invest in the Fund through a financial institution, you may be able to receive the Fund's regulatory mailings, such as the Prospectus, Annual Report, Semi-Annual Report and Financial Statement Reports, by e-mail. If you are interested in this option, please go to www.icsdelivery.com and search for your financial institution's name or contact your financial institution directly.

You may request a paper copy of this document at no charge by contacting your financial institution. This document is also available for download at www.americanbeaconfunds.com or you can request an electronic copy by contacting your financial institution.

#### To obtain more information about the Fund:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g803606g02b06.jpg) | ![LOGO](g803606g03c06.jpg) |
| &nbsp;&nbsp;&nbsp;**By E-mail:** | **On the Internet:** |
| &nbsp;&nbsp;&nbsp; american_beacon.funds@ambeacon.com | Visit our website at<br> www.americanbeaconfunds.com |
| &nbsp;&nbsp;&nbsp; ![LOGO](g803606g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g803606g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g803606g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g803606g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g803606g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g803606g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g803606g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g803606g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

#### Fund Service Providers:
CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts DISTRIBUTOR Resolute Investment Distributors, Inc. Irving, Texas

*This report is prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current Prospectus or Summary Prospectus.* 

American Beacon Funds, American Beacon AHL Managed Futures Strategy Fund, American Beacon AHL Multi-Alternatives Fund and American Beacon AHL TargetRisk Fund are service marks of American Beacon Advisors, Inc.

SAR 06/25

------

![LOGO](g803645g02a01.jpg)

------

American Beacon Funds<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  Schedules of Investments: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Man Large Cap Growth Fund](#toc803645_1) | 1 |
| &nbsp;&nbsp;&nbsp; [American Beacon Man Large Cap Value Fund](#toc803645_2) | 5 |
|  [Financial Statements](#toc803645_3) | 10 |
|  [Notes to Financial Statements](#toc803645_4) | 13 |
|  Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Man Large Cap Growth Fund](#toc803645_5) | 33 |
| &nbsp;&nbsp;&nbsp; [American Beacon Man Large Cap Value Fund](#toc803645_6) | 39 |

---

---

| | |
|:---|:---|
|  [Additional Fund Information](#toc803645_7) | Back Cover |

---

American Beacon Funds June 30, 2025

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 96.75% |  |  |
| Communication Services - 12.08% |  |  |
| Interactive Media & Services - 12.08% |  |  |
| Alphabet, Inc., Class A | 70200 | $12371346 |
| Meta Platforms, Inc., Class A | 12800 | 9447552 |
| Pinterest, Inc., Class A<sup>A</sup> | 62200 | 2230492 |
|  |  | 24049390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 24049390 |
| Consumer Discretionary - 10.25% |  |  |
| Broadline Retail - 6.01% |  |  |
| Amazon.com, Inc.<sup>A</sup> | 54500 | 11956755 |
| Hotels, Restaurants & Leisure - 3.57% |  |  |
| Booking Holdings, Inc. | 1229 | 7114976 |
| Textiles, Apparel & Luxury Goods - 0.67% |  |  |
| Deckers Outdoor Corp.<sup>A</sup> | 12900 | 1329603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 20401334 |
| Consumer Staples - 1.25% |  |  |
| Consumer Staples Distribution & Retail - 1.25% |  |  |
| Costco Wholesale Corp. | 2510 | 2484749 |
| Financials - 6.67% |  |  |
| Financial Services - 5.39% |  |  |
| Mastercard, Inc., Class A | 13920 | 7822205 |
| Visa, Inc., Class A | 8200 | 2911410 |
|  |  | 10733615 |
| Insurance - 1.28% |  |  |
| Aon PLC, Class A | 2140 | 763472 |
| Arch Capital Group Ltd. | 19600 | 1784580 |
|  |  | 2548052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 13281667 |
| Health Care - 11.01% |  |  |
| Biotechnology - 3.63% |  |  |
| AbbVie, Inc. | 17900 | 3322598 |
| Exelixis, Inc.<sup>A</sup> | 26700 | 1176803 |
| Incyte Corp.<sup>A</sup> | 21300 | 1450530 |
| Regeneron Pharmaceuticals, Inc. | 2430 | 1275750 |
|  |  | 7225681 |
| Health Care Equipment & Supplies - 0.78% |  |  |
| Edwards Lifesciences Corp.<sup>A</sup> | 19900 | 1556379 |
| Health Care Providers & Services - 2.01% |  |  |
| Chemed Corp. | 510 | 248334 |
| McKesson Corp. | 5120 | 3751834 |
|  |  | 4000168 |
| Health Care Technology - 1.98% |  |  |
| Veeva Systems, Inc., Class A<sup>A</sup> | 13700 | 3945326 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 96.75% (continued) |  |  |
| Health Care - 11.01% (continued) |  |  |
| Pharmaceuticals - 2.61% |  |  |
| Merck & Co., Inc. | 30500 | $2414380 |
| Zoetis, Inc. | 17900 | 2791505 |
|  |  | 5205885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 21933439 |
| Industrials - 4.73% |  |  |
| Building Products - 1.23% |  |  |
| Trane Technologies PLC | 5590 | 2445122 |
| Construction & Engineering - 0.86% |  |  |
| EMCOR Group, Inc. | 3210 | 1716997 |
| Electrical Equipment - 0.37% |  |  |
| Generac Holdings, Inc.<sup>A</sup> | 5100 | 730371 |
| Ground Transportation - 1.49% |  |  |
| Uber Technologies, Inc.<sup>A</sup> | 31900 | 2976270 |
| Machinery - 0.78% |  |  |
| Caterpillar, Inc. | 3990 | 1548958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 9417718 |
| Information Technology - 50.76% |  |  |
| Communications Equipment - 1.38% |  |  |
| Arista Networks, Inc.<sup>A</sup> | 26840 | 2746000 |
| Electronic Equipment, Instruments & Components - 0.68% |  |  |
| Amphenol Corp., Class A | 13600 | 1343000 |
| IT Services - 2.68% |  |  |
| EPAM Systems, Inc.<sup>A</sup> | 2600 | 459732 |
| GoDaddy, Inc., Class A<sup>A</sup> | 4900 | 882294 |
| MongoDB, Inc.<sup>A</sup> | 1400 | 293986 |
| Okta, Inc.<sup>A</sup> | 16200 | 1619514 |
| Twilio, Inc., Class A<sup>A</sup> | 16800 | 2089248 |
|  |  | 5344774 |
| Semiconductors & Semiconductor Equipment - 16.43% |  |  |
| Advanced Micro Devices, Inc.<sup>A</sup> | 26600 | 3774540 |
| Applied Materials, Inc. | 19100 | 3496637 |
| Broadcom, Inc. | 7290 | 2009488 |
| Lam Research Corp. | 27600 | 2686584 |
| Marvell Technology, Inc. | 31000 | 2399400 |
| Monolithic Power Systems, Inc. | 820 | 599732 |
| NVIDIA Corp. | 81400 | 12860386 |
| Onto Innovation, Inc.<sup>A</sup> | 7500 | 756975 |
| QUALCOMM, Inc. | 18600 | 2962236 |
| Teradyne, Inc. | 12900 | 1159968 |
|  |  | 32705946 |
| Software - 24.27% |  |  |
| Adobe, Inc.<sup>A</sup> | 9200 | 3559296 |
| ANSYS, Inc.<sup>A</sup> | 4310 | 1513758 |
| Atlassian Corp., Class A<sup>A</sup> | 11500 | 2335535 |
| Autodesk, Inc.<sup>A</sup> | 4600 | 1424022 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 96.75% (continued) |  |  |
| Information Technology - 50.76% (continued) |  |  |
| Software - 24.27% (continued) |  |  |
| Cadence Design Systems, Inc.<sup>A</sup> | 7380 | $2274147 |
| Datadog, Inc., Class A<sup>A</sup> | 13500 | 1813455 |
| Docusign, Inc.<sup>A</sup> | 10200 | 794478 |
| Dropbox, Inc., Class A<sup>A</sup> | 9300 | 265980 |
| Dynatrace, Inc.<sup>A</sup> | 35500 | 1959955 |
| Elastic NV<sup>A</sup> | 10600 | 893898 |
| Fortinet, Inc.<sup>A</sup> | 55600 | 5878032 |
| HubSpot, Inc.<sup>A</sup> | 2480 | 1380443 |
| Intuit, Inc. | 4670 | 3678232 |
| Manhattan Associates, Inc.<sup>A</sup> | 3000 | 592410 |
| Microsoft Corp. | 22680 | 11281259 |
| Nutanix, Inc., Class A<sup>A</sup> | 7700 | 588588 |
| Salesforce, Inc. | 11490 | 3133208 |
| ServiceNow, Inc.<sup>A</sup> | 2727 | 2803574 |
| Workday, Inc., Class A<sup>A</sup> | 9000 | 2160000 |
|  |  | 48330270 |
| Technology Hardware, Storage & Peripherals - 5.32% |  |  |
| Apple, Inc. | 41170 | 8446849 |
| NetApp, Inc. | 20200 | 2152310 |
|  |  | 10599159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 101069149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $130,765,788) |  | 192637446 |
| RIGHTS - 0.00% (Cost $4,590) |  |  |
| Health Care - 0.00% |  |  |
| ABIOMED, Inc.<sup>A B C</sup> | 4500 | 0 |
| SHORT-TERM INVESTMENTS - 2.60% (Cost $5,175,040) |  |  |
| Investment Companies - 2.60% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.27%<sup>D E</sup> | 5175040 | 5175040 |
|  TOTAL INVESTMENTS - 99.35% (Cost $135,945,418) |  | 197812486 |
|  OTHER ASSETS, NET OF LIABILITIES - 0.65% |  | 1302112 |
|  TOTAL NET ASSETS - 100.00% |  | $199114598 |
| Percentages are stated as a percent of net assets. |  |  |

---

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

<sup>B</sup> Security has been fair valued pursuant to the Manager's procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security's true market value. At period end, the value of these securities amounted to $0 or 0.00% of net assets.

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

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

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

PLC - Public Limited Company.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: |
| Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | 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 | 18 | September 2025 | $5429334 | $5628375 | $199041 |
|  |  |  | $5429334 | $5628375 | $199041 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Index Abbreviations: | Index Abbreviations: |
| S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |
| Exchange Abbreviations: | Exchange Abbreviations: |
| CME | Chicago Mercantile Exchange. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Man Large Cap Growth Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $192637446 | $- | $- | $192637446 |
|  Rights |  |  | 0<sup>(1)</sup> | 0<sup>(1)</sup> |
|  Short-Term Investments | $5175040 | $- | $- | $5175040 |
|  Total Investments in Securities - Assets | $197812486 | $- | $0<sup>(1)</sup> | $197812486 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $199041 | $- | $- | $199041 |
|  Total Financial Derivative Instruments - Assets | $199041 | $- | $- | $199041 |

---

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

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

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 96.35% |  |  |
| Communication Services - 4.51% |  |  |
| Entertainment - 1.84% |  |  |
| Electronic Arts, Inc. | 16200 | $2587140 |
| Walt Disney Co. | 12400 | 1537724 |
|  |  | 4124864 |
| Interactive Media & Services - 0.97% |  |  |
| Alphabet, Inc., Class A | 12300 | 2167660 |
| Media - 1.70% |  |  |
| Comcast Corp., Class A | 70700 | 2523283 |
| New York Times Co., Class A | 22800 | 1276344 |
|  |  | 3799627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 10092151 |
| Consumer Discretionary - 5.05% |  |  |
| Automobile Components - 0.76% |  |  |
| BorgWarner, Inc. | 51100 | 1710828 |
| Broadline Retail - 2.57% |  |  |
| eBay, Inc. | 77300 | 5755758 |
| Hotels, Restaurants & Leisure - 0.62% |  |  |
| Booking Holdings, Inc. | 136 | 787337 |
| Expedia Group, Inc. | 3500 | 590380 |
|  |  | 1377717 |
| Household Durables - 1.10% |  |  |
| Toll Brothers, Inc. | 21600 | 2465208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 11309511 |
| Consumer Staples - 3.47% |  |  |
| Beverages - 0.66% |  |  |
| Coca-Cola Consolidated, Inc. | 3300 | 368445 |
| Monster Beverage Corp.<sup>A</sup> | 17700 | 1108728 |
|  |  | 1477173 |
| Consumer Staples Distribution & Retail - 1.46% |  |  |
| Walmart, Inc. | 33300 | 3256074 |
| Food Products - 1.35% |  |  |
| Ingredion, Inc. | 13000 | 1763060 |
| Tyson Foods, Inc., Class A | 22500 | 1258650 |
|  |  | 3021710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 7754957 |
| Energy - 1.43% |  |  |
| Oil, Gas & Consumable Fuels - 1.43% |  |  |
| HF Sinclair Corp. | 24300 | 998244 |
| Valero Energy Corp. | 16400 | 2204488 |
|  |  | 3202732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 3202732 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 96.35% (continued) |  |  |
| Financials - 28.54% |  |  |
| Banks - 2.72% |  |  |
| Citigroup, Inc. | 27400 | $2332288 |
| Citizens Financial Group, Inc. | 84100 | 3763475 |
|  |  | 6095763 |
| Capital Markets - 2.97% |  |  |
| Cboe Global Markets, Inc. | 9100 | 2122211 |
| MarketAxess Holdings, Inc. | 3000 | 670020 |
| State Street Corp. | 36200 | 3849508 |
|  |  | 6641739 |
| Consumer Finance - 7.41% |  |  |
| Ally Financial, Inc. | 100200 | 3902790 |
| Capital One Financial Corp. | 26000 | 5531760 |
| Synchrony Financial | 107000 | 7141180 |
|  |  | 16575730 |
| Financial Services - 3.01% |  |  |
| Berkshire Hathaway, Inc., Class B<sup>A</sup> | 5870 | 2851470 |
| PayPal Holdings, Inc.<sup>A</sup> | 34100 | 2534312 |
| Voya Financial, Inc. | 19100 | 1356100 |
|  |  | 6741882 |
| Insurance - 12.43% |  |  |
| Allstate Corp. | 15790 | 3178685 |
| American Financial Group, Inc. | 9500 | 1198995 |
| American International Group, Inc. | 5200 | 445068 |
| Arch Capital Group Ltd. | 31700 | 2886285 |
| Axis Capital Holdings Ltd. | 4400 | 456808 |
| Chubb Ltd. | 9040 | 2619068 |
| Cincinnati Financial Corp. | 8500 | 1265820 |
| Everest Group Ltd. | 6340 | 2154649 |
| Hartford Insurance Group, Inc. | 22300 | 2829201 |
| MetLife, Inc. | 62100 | 4994082 |
| Principal Financial Group, Inc. | 26300 | 2089009 |
| Progressive Corp. | 7300 | 1948078 |
| Reinsurance Group of America, Inc. | 2100 | 416556 |
| Willis Towers Watson PLC | 4330 | 1327145 |
|  |  | 27809449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 63864563 |
| Health Care - 21.85% |  |  |
| Biotechnology - 7.06% |  |  |
| AbbVie, Inc. | 12000 | 2227440 |
| Biogen, Inc.<sup>A</sup> | 12400 | 1557316 |
| Exelixis, Inc.<sup>A</sup> | 61500 | 2710612 |
| Gilead Sciences, Inc. | 47700 | 5288499 |
| Incyte Corp.<sup>A</sup> | 33100 | 2254110 |
| Regeneron Pharmaceuticals, Inc. | 3330 | 1748250 |
|  |  | 15786227 |
| Health Care Equipment & Supplies - 3.81% |  |  |
| Edwards Lifesciences Corp.<sup>A</sup> | 39300 | 3073653 |
| Hologic, Inc.<sup>A</sup> | 33600 | 2189376 |
| Medtronic PLC | 37300 | 3251441 |
|  |  | 8514470 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 96.35% (continued) |  |  |
| Health Care - 21.85% (continued) |  |  |
| Health Care Providers & Services - 5.38% |  |  |
| Cardinal Health, Inc. | 26500 | $4452000 |
| Chemed Corp. | 1340 | 652486 |
| Cigna Group | 1360 | 449589 |
| Elevance Health, Inc. | 6140 | 2388215 |
| Humana, Inc. | 880 | 215142 |
| McKesson Corp. | 5310 | 3891062 |
|  |  | 12048494 |
| Life Sciences Tools & Services - 1.02% |  |  |
| Agilent Technologies, Inc. | 19400 | 2289394 |
| Pharmaceuticals - 4.58% |  |  |
| Bristol-Myers Squibb Co. | 77200 | 3573588 |
| Jazz Pharmaceuticals PLC<sup>A</sup> | 8900 | 944468 |
| Johnson & Johnson | 32000 | 4888000 |
| Merck & Co., Inc. | 10600 | 839096 |
|  |  | 10245152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 48883737 |
| Industrials - 11.86% |  |  |
| Aerospace & Defense - 5.22% |  |  |
| General Dynamics Corp. | 8320 | 2426611 |
| RTX Corp. | 53600 | 7826672 |
| Textron, Inc. | 17700 | 1421133 |
|  |  | 11674416 |
| Building Products - 2.41% |  |  |
| A.O. Smith Corp. | 22000 | 1442540 |
| Builders FirstSource, Inc.<sup>A</sup> | 21600 | 2520504 |
| Owens Corning | 10400 | 1430208 |
|  |  | 5393252 |
| Construction & Engineering - 1.47% |  |  |
| EMCOR Group, Inc. | 3650 | 1952349 |
| MasTec, Inc.<sup>A</sup> | 7900 | 1346397 |
|  |  | 3298746 |
| Machinery - 2.18% |  |  |
| Cummins, Inc. | 9370 | 3068675 |
| Graco, Inc. | 21100 | 1813967 |
|  |  | 4882642 |
| Professional Services - 0.58% |  |  |
| FTI Consulting, Inc.<sup>A</sup> | 3400 | 549100 |
| Leidos Holdings, Inc. | 4700 | 741472 |
|  |  | 1290572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 26539628 |
| Information Technology - 15.56% |  |  |
| Communications Equipment - 3.60% |  |  |
| Cisco Systems, Inc. | 107500 | 7458350 |
| Motorola Solutions, Inc. | 1410 | 592848 |
|  |  | 8051198 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 96.35% (continued) |  |  |
| Information Technology - 15.56% (continued) |  |  |
| Electronic Equipment, Instruments & Components - 1.08% |  |  |
| Keysight Technologies, Inc.<sup>A</sup> | 14800 | $2425128 |
| IT Services - 1.19% |  |  |
| Amdocs Ltd. | 21100 | 1925164 |
| Twilio, Inc., Class A<sup>A</sup> | 6000 | 746160 |
|  |  | 2671324 |
| Semiconductors & Semiconductor Equipment - 4.61% |  |  |
| Advanced Micro Devices, Inc.<sup>A</sup> | 11900 | 1688610 |
| Applied Materials, Inc. | 20600 | 3771242 |
| Cirrus Logic, Inc.<sup>A</sup> | 5000 | 521275 |
| Qorvo, Inc.<sup>A</sup> | 5800 | 492478 |
| QUALCOMM, Inc. | 13800 | 2197788 |
| Skyworks Solutions, Inc. | 14400 | 1073088 |
| Teradyne, Inc. | 6400 | 575488 |
|  |  | 10319969 |
| Software - 4.99% |  |  |
| ANSYS, Inc.<sup>A</sup> | 7150 | 2511223 |
| Dolby Laboratories, Inc., Class A | 18700 | 1388662 |
| Dropbox, Inc., Class A<sup>A</sup> | 58500 | 1673100 |
| Salesforce, Inc. | 20500 | 5590145 |
|  |  | 11163130 |
| Technology Hardware, Storage & Peripherals - 0.09% |  |  |
| NetApp, Inc. | 1800 | 191790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 34822539 |
| Materials - 3.50% |  |  |
| Containers & Packaging - 0.22% |  |  |
| AptarGroup, Inc. | 3200 | 500576 |
| Metals & Mining - 3.28% |  |  |
| Newmont Corp. | 55800 | 3250908 |
| Nucor Corp. | 25200 | 3264408 |
| Royal Gold, Inc. | 4600 | 818064 |
|  |  | 7333380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 7833956 |
| Real Estate - 0.58% |  |  |
| Health Care REITs - 0.58% |  |  |
| Healthpeak Properties, Inc. | 73500 | 1286985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $178,610,822) |  | 215590759 |
| FOREIGN COMMON STOCKS - 0.57% |  |  |
| Financials - 0.44% |  |  |
| Insurance - 0.44% |  |  |
| RenaissanceRe Holdings Ltd. | 4100 | 995890 |
| Information Technology - 0.13% |  |  |
| IT Services - 0.13% |  |  |
| Accenture PLC, Class A | 940 | 280957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks (Cost $1,093,982) |  | 1276847 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| SHORT-TERM INVESTMENTS - 2.22% (Cost $4,960,779) |  |  |
| Investment Companies - 2.22% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.27%<sup>B C</sup> | 4960779 | $4960779 |
|  TOTAL INVESTMENTS - 99.14% (Cost $184,665,583) |  | 221828385 |
|  OTHER ASSETS, NET OF LIABILITIES - 0.86% |  | 1919756 |
|  TOTAL NET ASSETS - 100.00% |  | $223748141 |
| Percentages are stated as a percent of net assets. |  |  |

---

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

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

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

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: | Long Futures Contracts Open on June 30, 2025: |
| Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | Equity Futures Contracts | 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 | 14 | September 2025 | $4222816 | $4377625 | $154809 |
|  |  |  | $4222816 | $4377625 | $154809 |

---

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Index Abbreviations: | Index Abbreviations: |
| S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |
| Exchange Abbreviations: | Exchange Abbreviations: |
| CME | Chicago Mercantile Exchange. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Man Large Cap Value Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $215590759 | $- | $- | $215590759 |
|  Foreign Common Stocks | 1276847 |  |  | 1276847 |
|  Short-Term Investments | 4960779 |  |  | 4960779 |
|  Total Investments in Securities - Assets | $221828385 | $- | $- | $221828385 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $154809 | $- | $- | $154809 |
|  Total Financial Derivative Instruments - Assets | $154809 | $- | $- | $154809 |

---

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

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Man Large Cap<br>Growth Fund | Man Large Cap<br>Value Fund |
|  Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup> | $192637446 | $216867606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡</sup> | 5175040 | 4960779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5255 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts | 431000 | 374000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 74109 | 169466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 4243535 | 4839624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 5082 | 48094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) | 199089 | 154798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 48699 | 52082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 202819255 | 227469062 |
|  Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3183585 | 2965508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 110020 | 292080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for expense recoupment (Note 2) | 5200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts | 172080 | 132967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 85374 | 103747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 24980 | 24461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 5246 | 10236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 11629 | 15090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 72754 | 80612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 28904 | 49866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 4885 | 46354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3704657 | 3720921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |  |
|  Net assets | $199114598 | $223748141 |
|  Analysis of net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $125834343 | $173467497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 73280255 | 50280644 |
|  Net assets | $199114598 | $223748141 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 2541562 | 3101844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 190253 | 2915473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 2588211 | 1928810 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 65574 | 1026852 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 24070 | 237239 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 348430 | 86164 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $89687535 | $75289304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $6649248 | $70312353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $87442330 | $46299094 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $2231582 | $24403033 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $728228 | $5350926 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $12375675 | $2093431 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $35.29 | $24.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $34.95 | $24.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $33.78 | $24.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $34.03 | $23.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $36.11 | $25.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $30.25 | $22.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $35.52 | $24.30 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $130770378 | $179704804 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $5175040 | $4960779 |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Statements of Operations

For the period ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Man Large Cap<br>Growth Fund | Man Large Cap<br>Value Fund |
|  Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities | $529147 | $2095825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 90500 | 96573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 4245 | 5256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) |  | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 623892 | 2199013 |
|  Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 520148 | 619548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 23089 | 13362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 3240 | 37938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 4654 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 69 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 14 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 445 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 32087 | 35067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 53963 | 59618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 47490 | 48269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 146869 | 79082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 799 | 14204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 349 | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 2715 | 29218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 3700 | 29286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 19849 | 21022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 9336 | 11481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 813 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 30547 | 13547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 900176 | 1019131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net fees waived and expenses (reimbursed) (Note 2) | (1750) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 898426 | 1019131 |
|  Net investment income (loss) | (274534) | 1179882 |
|  Realized and unrealized gain (loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>A</sup> | 10278606 | 10931608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (124537) | (81200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>B</sup> | 1368691 | 1019620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 307597 | 219448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments | 11830357 | 12089476 |
|  Net increase in net assets resulting from operations | $11555823 | $13269358 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Man Large Cap Growth Fund | Man Large Cap Growth Fund | Man Large Cap Value Fund | Man Large Cap Value Fund |
|  | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | | (unaudited) | |
|  Increase (decrease) in net assets: |  |  |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(274534) | $(350325) | $1179882 | $2413908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities and futures contracts | 10154069 | 29491427 | 10850408 | 40020443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities and futures contracts | 1676288 | 12720141 | 1239068 | (657398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 11555823 | 41861243 | 13269358 | 41776953 |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class |  | (11698459) |  | (12355548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class |  | (825395) |  | (12570382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (12140088) |  | (7339841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | (324044) |  | (3689160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  | (118688) |  | (1099467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  | (1593816) |  | (305029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders |  | (26700490) |  | (37359427) |
|  Capital share transactions (Note 11): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 1370559 | 7674494 | 7602425 | 24047441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions |  | 26577671 |  | 36346436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (15137682) | (32392525) | (36835009) | (119318770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | (13767123) | 1859640 | (29232584) | (58924893) |
|  Net increase (decrease) in net assets | (2211300) | 17020393 | (15963226) | (54507367) |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 201325898 | 184305505 | 239711367 | 294218734 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $199114598 | $201325898 | $223748141 | $239711367 |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

American Beacon Funds (the "Trust") is organized as a Massachusetts business trust. The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940, as amended (the "Act"), as diversified, open-end management investment companies. As of June 30, 2025, the Trust consists of twenty-seven active series, two of which are presented in this filing: American Beacon Man Large Cap Value Fund and American Beacon Large Cap Growth Fund (collectively, the "Funds" and each individually a "Fund"). The remaining twenty-five active series are reported in separate filings.

American Beacon Advisors, Inc. (the "Manager") is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. ("RIM") organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. ("Topco"), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Funds acts as the Funds' CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Funds' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statements of operations.

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Class Disclosure

Each Fund has multiple classes of shares designed to meet the needs of different groups of investors. The following table sets forth the differences amongst the classes:

---

| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| R5 Class | Large institutional investors - sold directly or through intermediary channels. | $250000 |
| Y Class | Large institutional retirement plan investors - sold directly or through intermediary channels. | $100000 |
| Investor Class | All investors using intermediary organizations such as broker-dealers or retirement plan sponsors. | $2500 |
| A Class | All investors who invest through intermediary organizations, such as broker dealers or third party administrator. Retail investors who invest directly through a financial intermediary such as a broker, bank, or registered investment advisor which may include a front-end sales charge and a contingent deferred sales charge ("CDSC"). | $2500 |
| C Class | Retail investors who invest directly through a financial intermediary, such as a broker or through employee directed benefit plans with applicable sales charges which may include CDSC. | $1000 |
| R6 Class | Large institutional retirement plan investors - sold through retirement plan sponsors. |  |

---

Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses are allocated daily to each class based on the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include service, distribution, transfer agent fees, and sub-transfer agent fees that vary amongst the classes as described more fully in Note 2.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Funds in preparation of the financial statements. The Funds are considered investment companies and accordingly, follow the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*, a part of Generally Accepted Accounting Principles ("U.S. GAAP").

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Funds. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined based on specific lot identification.

Distributions to Shareholders

The Funds distribute most or all of their net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income and distributions of realized net capital gains and net gains from foreign currency transactions on an annual basis. The Funds do not have a fixed dividend rate and do not guarantee that they will pay any distributions in any particular period. Dividends to shareholders are determined in accordance with federal income tax regulations, which may differ in amount and character from net investment

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Funds may designate earnings and profits distributed to shareholders on the redemption of shares.

Commission Recapture

The Funds have established brokerage commission recapture arrangements with certain brokers or dealers. If the Funds' investment advisor chooses to execute a transaction through a participating broker, the broker rebates a portion of the commission back to the Funds. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Funds. This amount is reported with the net realized gain (loss) in the Funds' Statements of Operations, if applicable.

Allocation of Income, Trust Expenses, Gains, and Losses

Investment income and realized and unrealized gains and losses from investments of the Funds are allocated daily to each class of shares based upon the relative proportion of net assets of each class to the total net assets of the Funds. Expenses directly charged or attributable to a Fund will be paid from the assets of a Fund. Generally, expenses of the Trust will be allocated among and charged to the assets of the Funds on a basis that the Trust's Board deems fair and equitable, which may be based on the relative net assets of the Funds or nature of the services performed and relative applicability to the Funds.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

Other

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities. The Trust's maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Funds and the Manager are parties to a Management Agreement that obligates the Manager to provide the Funds with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized management fee based on a percentage of each Fund's average daily net assets that is calculated and accrued daily according to the following schedule:

---

| | |
|:---|:---|
|  First $5 billion | 0.35% |
|  Next $5 billion | 0.325% |
|  Next $10 billion | 0.3% |
|  Over $20 billion | 0.275% |

---

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

The Trust, on behalf of the Funds, and the Manager have entered into an Investment Advisory Agreement with Numeric Investors LLC (the "Sub- Advisor") pursuant to which each Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on each Fund's average daily net assets according to the following schedule:

Numeric Investors LLC

---

| | |
|:---|:---|
|  First $600 million | 0.2% |
|  Next $400 million to $1 billion | 0.18% |
|  Over $1 billion | 0.15% |

---

The Management and Sub-Advisory Fees paid by the Funds for the period ended June 30, 2025 were as follows:

Man Large Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $331003 |
|  Sub-Advisory Fees | 0.20% | 189145 |
|  Total | 0.55% | $520148 |

---

Man Large Cap Value Fund

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $394313 |
|  Sub-Advisory Fees | 0.20% | 225235 |
|  Total | 0.55% | $619548 |

---

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in "Income derived from securities lending" and "Management and sub-advisory fees" on the Statements of Operations. During the period ended June 30, 2025, the Manager received securities lending fees of $109 for the securities lending activities of the Man Large Cap Value Fund.

Distribution Plans

Separate Distribution Plans (the "Distribution Plans") have been adopted pursuant to Rule 12b-1 under the Act for the A and C Classes of the Funds. Under the Distribution Plans, as compensation for distribution and shareholder servicing assistance, the Manager receives an annual fee of 0.25% of the average daily net assets of the A Class and 1.00% of the average daily net assets of the C Class. The fee will be payable without regard to whether the amount of the fee is more or less than the actual expenses incurred in a particular month by the Manager for distribution assistance.

Service Plans

The Manager and the Trust entered into Service Plans that obligate the Manager to oversee additional shareholder servicing of the Investor, A, and C Classes of the Funds. As compensation for performing the duties required under the Service Plans, the Manager receives an annualized fee up to 0.25% of the average daily net assets of the A and C Classes, and up to 0.375% of the average daily net assets of the Investor Class of the Funds.

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the R5 and Y Classes of the Funds and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. Certain services would have been provided by the Funds' transfer agent and other service providers if the shareholders' accounts were maintained directly by the Funds' transfer agent. Accordingly, the Funds, pursuant to Board approval, have agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary's average net assets in the R5 and Y Classes on an annual basis.

During the period ended June 30, 2025, the sub-transfer agent fees, as reflected in "Transfer agent fees" on the Statements of Operations, were as follows:

---

| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  Man Large Cap Growth | $18657 |
|  Man Large Cap Value | 43180 |

---

As of June 30, 2025, the Funds owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in "Transfer agent fees payable" on the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  Man Large Cap Growth | $3014 |
|  Man Large Cap Value | 6762 |

---

Investments in Affiliated Funds

The Funds may invest in the American Beacon U.S. Government Money Market Select Fund (the "USG Select Fund"). Cash collateral received by the Funds in connection with securities lending may also be invested in the USG Select Fund. The Funds listed below held the following shares with a June 30, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | June 30,<br>2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized<br>Gain<br>(Loss) | Dividend<br>Income | June 30,<br>2025<br>Fair Value |
| U.S. Government Money Market Select | Direct | Man Large Cap Growth | $5175040 | $– $|  | $90500 | $5175040 |
| U.S. Government Money Market Select | Direct | Man Large Cap Value | 4960779 | – |  | 96573 | 4960779 |

---

The Funds and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the period ended June 30, 2025, the Manager earned fees on the Funds' direct investments and securities lending collateral investments in the USG Select Fund as shown below:

---

| | |
|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund |
|  Man Large Cap Growth | $2175 |
|  Man Large Cap Value | 2332 |

---

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC"), the Funds, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for a fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager's asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended June 30, 2025, the Funds did not utilize the credit facility.

Expense Reimbursement Plan

The Manager contractually agreed to reduce fees and/or reimburse expenses for the classes of the Funds, through April 30, 2026, to the extent that total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses) exceed the Funds' expense cap. During the period ended June 30, 2025, the Manager waived and/or reimbursed expenses as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Expense Cap | Expense Cap | | |  | Expiration of<br>Reimbursed<br>Expenses |
| Fund | Class | 1/1/2025 -<br>4/30/2025 | 5/1/2025 -<br>06/30/2025 | Reimbursed<br>Expenses | (Recouped)<br>Expenses |  | Expiration of<br>Reimbursed<br>Expenses |
|  Man Large Cap Growth | R5 | 0.80% | 0.80% | $1260 | $(3755) |)\* | 2028 |
|  Man Large Cap Growth | Y | 0.83% | 0.83% | 447 | (21) |)\* | 2028 |
|  Man Large Cap Growth | Investor | 1.12% | 1.12% | 5 | (9051) |)\* | 2028 |
|  Man Large Cap Growth | A | 1.09% | 1.09% | 2 | (229) |)\* | 2028 |
|  Man Large Cap Growth | C | 1.83% | 1.83% | 36 | (10) |)\* | 2028 |
|  Man Large Cap Growth | R6 | 0.77% | 0.77% |  | (1370) |)\* | 2028 |

---

\* These amounts represent Recouped Expenses from prior fiscal years and are reflected in Other expenses on the Statements of Operations. 

Of the above amounts, $5,200, was disclosed as a Payable for expense recoupment on the Statements of Assets and Liabilities at June 30, 2025 for the Man Large Cap Growth Fund.

The Funds have adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Funds for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager's waiver/reimbursement and (b) does not cause the Funds' annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/ reimbursement or time of recoupment. The reimbursed expenses listed above will expire in 2028. The Funds did not record a liability for potential contingent reimbursements due to the current assessment that reimbursements are uncertain. The carryover of excess expenses potentially reimbursable to the Manager, but not recorded as a liability are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Recouped<br>Expenses | Excess Expense<br>Carryover | Expired Expense<br>Carryover | Expiration of<br>Reimbursed<br>Expenses |
|  Man Large Cap Growth | $14436 | $107507 | $117657 | 2025 |
|  Man Large Cap Growth |  | 277452 |  | 2026 |
|  Man Large Cap Growth |  | 126361 |  | 2027 |

---

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Sales Commissions

The Funds' Distributor, Resolute Investment Distributors, Inc. ("RID" or "Distributor"), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended June 30, 2025, RID collected $155 and $23 for Man Large Cap Growth Fund and Man Large Cap Value Fund, respectively, from the sale of A Class Shares.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Funds' Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the period ended June 30, 2025, there were no CDSC fees collected for the A Class Shares of the Funds.

A CDSC of 1.00% will be deducted with respect to C Class Shares redeemed within 12 months of purchase, unless waived as discussed in the Funds' Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended June 30, 2025, there were no CDSC fees collected for the C Class Shares of the Funds.

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the "Trusts"), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. 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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

A Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day's opening prices in the same markets and adjusted prices.

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

Valuation Inputs

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

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| |
|:---|
| 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. |

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

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

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.

4. Securities and Other Investments

Common Stock

Common stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company's common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company's products or services. A stock's value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company's stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company's common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Other Investment Company Securities and Other Exchange-Traded Products

The Funds at times may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies ("BDCs"), ETFs, unit investment trusts, and other investment companies of the Trust. The Funds may invest in securities of an investment company advised by the Manager or the Sub-Advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Funds become a shareholder of that investment company. As a result, the Funds' shareholders indirectly will bear the Funds' proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Funds' shareholders directly bear in connection with the Funds' own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Funds in their Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer's portfolio securities.

Real Estate Investment Trusts ("REITs")

The Funds may own shares of REITs which report information on the source of their distributions annually. The Funds re-characterize distributions received from REIT investments based on information provided by the REITs into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REITs, the re-characterization will be estimated based on available information, which may include the previous year allocation. If new or additional information becomes available from the REITs at a later date, a re-characterization will be made the following year.

5. Financial Derivative Instruments

The Funds may utilize derivative instruments to gain market exposure on cash balances. When considering the Funds' use of derivatives, it is important to note that the Funds do not use derivatives for the purpose of creating financial leverage.

Futures Contracts

A futures contract is a contract to purchase or sell a particular security, or the cash value of an asset, such as securities, indices, or currencies, at a specified future date at a price agreed upon when the contract is made. Under many such contracts, no delivery of the actual underlying asset is required. Rather, upon the expiration of the contract, settlement is made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the asset (e.g., a security or an index) at expiration, net of the initial and variation margin that was previously paid. A Treasury futures contract is a contract for the future delivery of a U.S. Treasury security. An equity index futures contract is based on the value of an underlying index. A Fund may, from time to time, use futures positions to equitize cash and expose its portfolio to changes in securities prices or index prices. This can magnify gains and losses in a Fund. A Fund also may have to sell assets at inopportune times to satisfy its settlement or collateral obligations. The risks associated with the use of futures contracts also include that there may be an imperfect correlation between the changes in market value of the futures contracts and the assets underlying such contracts and that there may not be a liquid secondary market for a futures contract.

During the period ended June 30, 2025, the Funds entered into futures contracts primarily for exposing cash to markets.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

The Funds' average futures contracts outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

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| | |
|:---|:---|
| Average Futures Contracts Outstanding | Average Futures Contracts Outstanding |
| Fund | Period Ended June 30, 2025 |
|  Man Large Cap Growth | 17 |
|  Man Large Cap Value | 19 |

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The following is a summary of the fair valuations of the Funds' derivative instruments categorized by risk exposure<sup>(1)</sup>:

Man Large Cap Growth Fund

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> | $- | $- | $- | $- | $199041 | $199041 |
| **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Realized gain (loss) from derivatives<br>recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $(124537) | $(124537) |
| Net change in unrealized appreciation<br>(depreciation) of derivatives recognized<br>as a result from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $307597 | $307597 |

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Man Large Cap Value Fund

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** | **Fair values of financial instruments on the Statements of Assets and Liabilities as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> | $- | $- | $- | $- | $154809 | $154809 |
| **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** | **The effect of financial derivative instruments on the Statements of Operations as of June 30, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Realized gain (loss) from derivatives<br>recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $(81200) | $(81200) |
| Net change in unrealized appreciation<br>(depreciation) of derivatives recognized<br>as a result from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $219448 | $219448 |

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<sup>(1)</sup> See Note 3 in the Notes to Financial Statements for additional information.

<sup>(2)</sup> Includes cumulative appreciation (depreciation) of futures contracts as reported in the Fund's Schedule of Investments footnotes. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Offsetting Assets and Liabilities

The Funds are parties to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Funds employ multiple money managers and counterparties and have elected not to offset qualifying financial and derivative instruments on the Statements of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts

of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, June 30, 2025.

Man Large Cap Growth Fund

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of June 30, 2025:** |  |  |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)</sup> | $199041 | $- |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $199041 | $- |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(199041) | $- |

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Man Large Cap Value Fund

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivative Assets as of June 30, 2025:** |  |  |
|  | Assets | Liabilities |
| Futures Contracts<sup>(1)</sup> | $154809 | $- |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | $154809 | $- |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(154809) | $- |

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<sup>(1)</sup> Includes cumulative appreciation or (depreciation) of futures contracts as reported in the Schedule of Investments footnotes. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

6. Principal Risks

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Equity Investments Risk

Equity securities are subject to investment risk and market risk. The Funds' investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, REITs, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Funds to additional risk. The value of a company's common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities' investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Futures Contracts Risk

Futures contracts are derivative instruments where one party pays a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Funds to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There can be no assurance that any strategy used will succeed. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that a Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of a Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract).

Investment Risk

An investment in the Funds is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your shares of the Funds, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Funds.

Market Risk

The Funds are subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect a Fund performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, including the U.S. presidential election, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government's debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies,

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Other Investment Companies Risk

The Funds may invest in shares of other registered investment companies, including money market funds that are advised by the Manager. To the extent that a Fund invests in shares of other registered investment companies, the Funds will indirectly bear the fees and expenses, including for example advisory and administrative fees, charged by those investment companies in addition to the Funds' direct fees and expenses and will be subject to the risks associated with investments in those companies. For example, the Funds' investments in money market funds are subject to interest rate risk, credit risk, and market risk. The Funds must rely on the investment company in which it invests to achieve its investment objective. If the investment company fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Funds' performance. To the extent the Funds invest in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Funds are subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a Fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems. Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; imposition of tariffs and resulting impacts on global prices and supply chains; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time. Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to a Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Funds' ability to pursue its investment strategies or make certain investments, or may make it more costly for a Fund to operate, which may impact performance.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Environmental, Social, and/or Governance Investing Risk

The use of environmental, social, and/or governance ("ESG") considerations by a sub-advisor may cause a Fund to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other issuers or help reduce risk in a Fund. A Fund may underperform funds that do not incorporate these considerations.

Securities Lending Risk

A Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of a Fund's securities provide collateral either in the form of cash, which a Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. A Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. A Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or "rebate" for the use of that cash collateral in connection with the loan. A Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a Fund's ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, a Fund could incur delays in its ability to enforce its rights in its collateral. There also is a risk that a borrower may default on its obligation to return loaned securities at a time when the value of a Fund's collateral is inadequate. Although a Fund's securities lending agent may indemnify a Fund against that risk, it is also possible that the securities lending agent will be unable to satisfy its indemnification obligations. In any case in which the loaned securities are not returned to a Fund before an ex-dividend date, whether or not due to a default by the borrower, the payment in lieu of the dividend that a Fund receives from the securities' borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as "qualified dividend income."

7. Federal Income and Excise Taxes

It is the policy of each Fund to qualify as a regulated investment company ("RIC"), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each Fund is treated as a single entity for the purpose of determining such qualification.

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

The Funds do not have any unrecorded tax liabilities in the accompanying financial statements. Each of the tax years in the four year period ended December 31, 2024 remain subject to examination by the Internal Revenue Service. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in "Other expenses" on the Statements of Operations.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

Dividends are categorized in accordance with income tax regulations which may treat certain transactions differently than U.S. GAAP. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.

As of June 30, 2025, the tax cost for each Fund and their respective gross unrealized appreciation (depreciation) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Man Large Cap Growth | $135945432 | $66340806 | $(4473752) | $61867054 |
|  Man Large Cap Value | 184688648 | 44172090 | (7032353) | 37139737 |

---

For federal income tax purposes, the Funds measure their capital loss carryforwards annually at December 31, their fiscal year end. Capital loss carryforwards retain their character as short-term and/or long-term and may be carried forward and applied against future realized capital gains with no expiration date.

As of December 31, 2024, the Funds did not have any capital loss carryforwards.

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases (non-U.S.<br>Government<br>Securities) | Sales (non-U.S.<br>Government<br>Securities) |
| Man Large Cap Growth | $23096970 | $37438220 |
| Man Large Cap Value | 27251153 | 56266996 |

---

A summary of the Funds' transactions in the USG Select Fund for the period ended June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | December 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | June 30,<br>2025<br>Shares/Fair<br>Value |
| Man Large Cap Growth | Direct | $5792568 | $24234848 | $24852376 | $5175040 |
| Man Large Cap Value | Direct | 5395636 | 46863941 | 47298798 | 4960779 |

---

9. Securities Lending

The Funds may lend their securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with collateral in an amount at

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

least equal to the fair value of the securities loaned, initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Collateral is monitored and marked-to-market daily. Daily mark-to-market amounts are required to be paid to the borrower or received from the borrower by the end of the following business day. This one day settlement for mark-to-market amounts may result in the collateral being temporarily less than the value of the securities on loan or temporarily more than the required minimum collateral.

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the "Agent") in money market mutual funds and other short-term investments, provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in the Funds' Schedule of Investments and the collateral is shown on the Statements of Assets and Liabilities as a payable.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Funds, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

While securities are on loan, the Funds continue to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount is received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Funds would be subject to on the dividend.

Securities lending transactions pose certain risks to the Funds, including that the borrower may not provide additional collateral when required or return the securities when due, that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower, that non-cash collateral may be subject to legal constraints in the event of a borrower bankruptcy, and that the cash collateral investments could become illiquid and unable to be used to return collateral to the borrower. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the cash collateral available for return to the borrower and any action which impairs its ability to liquidate non-cash collateral to satisfy a borrower default.

The Funds did not have any securities on loan or hold any securities lending as of the period ended June 30, 2025.

Cash collateral is listed on the Funds' Schedules of Investments and is shown on the Statements of Assets and Liabilities. Income earned on these investments is included in "Income derived from securities lending" on the Statements of Operations.

Non-cash collateral received by the Funds may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Funds' Schedules of Investments or Statements of Assets and Liabilities.

10. Borrowing Arrangements

Effective November 8, 2024 (the "Effective Date"), the Funds, along with certain other funds managed by the Manager ("Participating Funds"), renewed a committed revolving line of credit (the "Committed Line") agreement with State Street Bank and Trust Company (the "Bank") to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

(b) the Federal Funds daily fluctuating rate per annum on amounts borrowed. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2024.

On the Effective Date, the Funds, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the "Uncommitted Line") agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a rate equal to the higher of (a) OBFR daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed on each outstanding loan. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2024.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Line of credit interest expense" on the Statements of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the period ended June 30, 2025, the Funds did not utilize these facilities.

11. Capital Share Transactions

The tables below summarize the activity in capital shares for each Class of the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 3284 | $109237 | 26939 | $890053 |
| Reinvestment of dividends |  |  | 344857 | 11580300 |
| Shares redeemed | (130791) | (4321199) | (433622) | (14972358) |
| Net (decrease) in shares outstanding | (127507) | $(4211962) | (61826) | $(2502005) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 24309 | $801690 | 73918 | $2535348 |
| Reinvestment of dividends |  |  | 24809 | 825395 |
| Shares redeemed | (27645) | (885515) | (26651) | (934649) |
| Net increase (decrease) in shares outstanding | (3336) | $(83825) | 72076 | $2426094 |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 8360 | $267786 | 98518 | $3373006 |
| Reinvestment of dividends |  |  | 376760 | 12135428 |
| Shares redeemed | (280592) | (8699917) | (409510) | (13718463) |
| Net increase (decrease) in shares outstanding | (272232) | $(8432131) | 65768 | $1789971 |

---

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 3568 | $117867 | 16566 | $562735 |
| Reinvestment of dividends |  |  | 9989 | 324044 |
| Shares redeemed | (9240) | (291440) | (12433) | (422167) |
| Net increase (decrease) in shares outstanding | (5672) | $(173573) | 14122 | $464612 |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 502 | $14500 | 4397 | $131968 |
| Reinvestment of dividends |  |  | 4100 | 118688 |
| Shares redeemed | (4493) | (127178) | (21274) | (668399) |
| Net (decrease) in shares outstanding | (3991) | $(112678) | (12777) | $(417743) |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1804 | $59479 | 5151 | $181384 |
| Reinvestment of dividends |  |  | 47154 | 1593816 |
| Shares redeemed | (26523) | (812433) | (48295) | (1676489) |
| Net increase (decrease) in shares outstanding | (24719) | $(752954) | 4010 | $98711 |
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 123089 | $2861764 | 238378 | $6064246 |
| Reinvestment of dividends |  |  | 529947 | 12130486 |
| Shares redeemed | (505004) | (11711059) | (1117186) | (28463754) |
| Net (decrease) in shares outstanding | (381915) | $(8849295) | (348861) | $(10269022) |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 83853 | $1906877 | 211986 | $5287207 |
| Reinvestment of dividends |  |  | 531147 | 12083590 |
| Shares redeemed | (664010) | (15059825) | (1201546) | (29941151) |
| Net (decrease) in shares outstanding | (580157) | $(13152948) | (458413) | $(12570354) |
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 27092 | $623194 | 49420 | $1234789 |
| Reinvestment of dividends |  |  | 322227 | 7304895 |
| Shares redeemed | (208425) | (4748363) | (661996) | (16555784) |
| Net (decrease) in shares outstanding | (181333) | $(4125169) | (290349) | $(8016100) |

---

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 88133 | $2010997 | 402635 | $10017737 |
| Reinvestment of dividends |  |  | 153066 | 3436324 |
| Shares redeemed | (125049) | (2860274) | (310728) | (7737701) |
| Net increase (decrease) in shares outstanding | (36916) | $(849277) | 244973 | $5716360 |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 2009 | $42513 | 12641 | $297319 |
| Reinvestment of dividends |  |  | 50777 | 1086112 |
| Shares redeemed | (103105) | (2246857) | (493104) | (11719944) |
| Net (decrease) in shares outstanding | (101096) | $(2204344) | (429686) | $(10336513) |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Man Large Cap Value Fund | Shares | Amount | Shares | Amount |
| Shares sold | 6801 | $157080 | 46190 | $1146143 |
| Reinvestment of dividends |  |  | 13326 | 305029 |
| Shares redeemed | (8863) | (208631) | (990718) | (24900436) |
| Net (decrease) in shares outstanding | (2062) | $(51551) | (931202) | $(23449264) |

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12. Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Funds' financial statements through this date.

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>B</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $33.15 | $30.64 | $23.50 | $36.78 | $36.24 | $29.84 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.02)<sup>C</sup> | (0.00)<sup>D</sup> | 0.07 | 0.12 | 0.01 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 2.16 | 7.39 | 7.30 | (9.37) | 7.82 | 10.21 |
|  Total income (loss) from investment operations | 2.14 | 7.39 | 7.37 | (9.25) | 7.83 | 10.28 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.00)<sup>D</sup> | (0.10) |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.88) | (0.13) | (4.03) | (7.29) | (3.81) |
|  Total distributions |  | (4.88) | (0.23) | (4.03) | (7.29) | (3.88) |
|  Net asset value, end of period | $35.29 | $33.15 | $30.64 | $23.50 | $36.78 | $36.24 |
|  Total return<sup>E</sup>  | 6.46 %<sup>F</sup> | 23.93% | 31.37% | (25.17)% | 21.82% | 34.44% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $89687535 | $88492829 | $83676439 | $69755325 | $112640010 | $114246613 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.80 %<sup>G</sup> | 0.87% | 0.97% | 0.94% | 0.92% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.80 %<sup>G</sup> | 0.80% | 0.80% | 0.80% | 0.81% | 0.82 %<sup>H</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | (0.14)%<sup>G</sup> | (0.10)% | (0.02)% | 0.25% | (0.10)% | (0.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | (0.14)%<sup>G</sup> | (0.03)% | 0.15% | 0.39% | 0.01% | 0.07% |
|  Portfolio turnover rate | 12 %<sup>F</sup> | 52% | 78% | 72% | 57% | 58% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *Amount represents less than $0.01 per share.* 

*<sup>E</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>F</sup>* *Not annualized.* 

*<sup>G</sup>* *Annualized.* 

*<sup>H</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $32.84 | $30.37 | $23.30 | $36.53 | $36.05 | $29.72 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03)<sup>B</sup> | (0.02)<sup>B</sup> | 0.05 | 0.03 | (0.04) | 0.00 <sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 2.14 | 7.37 | 7.25 | (9.23) | 7.81 | 10.21 |
|  Total income (loss) from investment operations | 2.11 | 7.35 | 7.30 | (9.20) | 7.77 | 10.21 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.10) |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.88) | (0.13) | (4.03) | (7.29) | (3.81) |
|  Total distributions |  | (4.88) | (0.23) | (4.03) | (7.29) | (3.88) |
|  Net asset value, end of period | $34.95 | $32.84 | $30.37 | $23.30 | $36.53 | $36.05 |
|  Total return<sup>D</sup> | 6.43 %<sup>E</sup> | 24.00% | 31.34% | (25.21)% | 21.77% | 34.34% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $6649248 | $6357762 | $3690269 | $608328 | $2237130 | $3168012 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.85 %<sup>F</sup> | 0.91% | 1.03% | 1.17% | 0.95% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.83 %<sup>F</sup> | 0.83% | 0.83% | 0.84 %<sup>G</sup> | 0.86% | 0.89 %<sup>H</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.19)%<sup>F</sup> | (0.13)% | (0.12)% | 0.00 %<sup>I</sup> | (0.15)% | (0.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | (0.17)%<sup>F</sup> | (0.05)% | 0.08% | 0.33% | (0.06)% | (0.01)% |
|  Portfolio turnover rate | 12 %<sup>E</sup> | 52% | 78% | 72% | 57% | 58% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Amount represents less than $0.01 per share.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>E</sup>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on May 31, 2022.* 

*<sup>H</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

*<sup>I</sup>* *Amount rounds to less than 0.005%.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $31.79 | $29.62 | $22.74 | $35.89 | $35.61 | $29.42 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.07)<sup>B</sup> | (0.10) | (0.06) | 0.05 | (0.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 2.06 | 7.15 | 7.11 | (9.17) | 7.65 | 10.08 |
|  Total income (loss) from investment operations | 1.99 | 7.05 | 7.05 | (9.12) | 7.57 | 10.00 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.04) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.88) | (0.13) | (4.03) | (7.29) | (3.81) |
|  Total distributions |  | (4.88) | (0.17) | (4.03) | (7.29) | (3.81) |
|  Net asset value, end of period | $33.78 | $31.79 | $29.62 | $22.74 | $35.89 | $35.61 |
|  Total return<sup>C</sup> | 6.26 %<sup>D</sup> | 23.60% | 31.01% | (25.44)% | 21.48% | 33.98% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $87442330 | $90941583 | $82767017 | $66552222 | $95710995 | $84109027 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.12 %<sup>E</sup> | 1.18% | 1.28% | 1.25% | 1.24% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.12 %<sup>E</sup> | 1.12% | 1.12% | 1.12% | 1.12% | 1.15 %<sup>F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.46)%<sup>E</sup> | (0.41)% | (0.32)% | (0.06)% | (0.42)% | (0.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | (0.46)%<sup>E</sup> | (0.35)% | (0.16)% | 0.07% | (0.30)% | (0.27)% |
|  Portfolio turnover rate | 12 %<sup>D</sup> | 52% | 78% | 72% | 57% | 58% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class | A Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $32.02 | $29.81 | $22.90 | $36.08 | $35.77 | $29.51 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.07)<sup>B</sup> | (0.11)<sup>B</sup> | (0.04)<sup>B</sup> | 0.03 <sup>B</sup> | (0.16) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 2.08 | 7.20 | 7.14 | (9.18) | 7.76 | 10.17 |
|  Total income (loss) from investment operations | 2.01 | 7.09 | 7.10 | (9.15) | 7.60 | 10.07 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.88) | (0.13) | (4.03) | (7.29) | (3.81) |
|  Total distributions |  | (4.88) | (0.19) | (4.03) | (7.29) | (3.81) |
|  Net asset value, end of period | $34.03 | $32.02 | $29.81 | $22.90 | $36.08 | $35.77 |
|  Total return<sup>C</sup> | 6.28 %<sup>D</sup> | 23.58% | 31.00% | (25.38)% | 21.47% | 34.11% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $2231582 | $2281303 | $1702761 | $1102933 | $1955909 | $2212193 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.09 %<sup>E</sup> | 1.15% | 1.26% | 1.36% | 1.21% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.09 %<sup>E</sup> | 1.09% | 1.09% | 1.09% | 1.10% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.43)%<sup>E</sup> | (0.37)% | (0.32)% | (0.18)% | (0.40)% | (0.39)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | (0.43)%<sup>E</sup> | (0.31)% | (0.15)% | 0.09% | (0.29)% | (0.26)% |
|  Portfolio turnover rate | 12 %<sup>D</sup> | 52% | 78% | 72% | 57% | 58% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class | C Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $28.57 | $27.20 | $21.01 | $33.81 | $34.15 | $28.53 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.16)<sup>B</sup> | (1.23) | (0.22)<sup>B</sup> | (1.11) | (0.46) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.84 | 7.48 | 6.54 | (7.66) | 7.41 | 9.44 |
|  Total income (loss) from investment operations | 1.68 | 6.25 | 6.32 | (8.77) | 6.95 | 9.43 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.88) | (0.13) | (4.03) | (7.29) | (3.81) |
|  Total distributions |  | (4.88) | (0.13) | (4.03) | (7.29) | (3.81) |
|  Net asset value, end of period | $30.25 | $28.57 | $27.20 | $21.01 | $33.81 | $34.15 |
|  Total return<sup>C</sup> | 5.88 %<sup>D</sup> | 22.75% | 30.09% | (25.97)% | 20.58% | 33.04% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $728228 | $801704 | $1110747 | $684305 | $2109687 | $2575041 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.84 %<sup>E</sup> | 1.92% | 2.01% | 2.20% | 1.95% | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.83 %<sup>E</sup> | 1.83% | 1.83% | 1.83% | 1.84% | 1.87 %<sup>F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (1.18)%<sup>E</sup> | (1.16)% | (1.08)% | (1.04)% | (1.14)% | (1.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (1.17)%<sup>E</sup> | (1.07)% | (0.90)% | (0.67)% | (1.03)% | (1.00)% |
|  Portfolio turnover rate | 12 %<sup>D</sup> | 52% | 78% | 72% | 57% | 58% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $33.37 | $30.77 | $23.59 | $36.89 | $36.31 | $29.86 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.02)<sup>B</sup> | 0.00 <sup>C</sup> | 0.07 | 0.12 | 0.03 | 0.04 <sup>B</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 2.17 | 7.48 | 7.34 | (9.39) | 7.84 | 10.29 |
|  Total income (loss) from investment operations | 2.15 | 7.48 | 7.41 | (9.27) | 7.87 | 10.33 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.00)<sup>C</sup> | (0.10) |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.88) | (0.13) | (4.03) | (7.29) | (3.81) |
|  Total distributions |  | (4.88) | (0.23) | (4.03) | (7.29) | (3.88) |
|  Net asset value, end of period | $35.52 | $33.37 | $30.77 | $23.59 | $36.89 | $36.31 |
|  Total return<sup>D</sup> | 6.44 %<sup>E</sup> | 24.12% | 31.42% | (25.15)% | 21.90% | 34.58% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $12375675 | $12450717 | $11358272 | $9989847 | $18361929 | $16307767 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.77 %<sup>F</sup> | 0.82% | 0.92% | 0.90% | 0.88% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.77 %<sup>F</sup> | 0.77% | 0.77% | 0.76% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | (0.11)%<sup>F</sup> | (0.05)% | 0.04% | 0.29% | (0.06)% | (0.05)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | (0.11)%<sup>F</sup> | 0.00 %<sup>G</sup> | 0.19% | 0.43% | 0.06% | 0.10% |
|  Portfolio turnover rate | 12 %<sup>E</sup> | 52% | 78% | 72% | 57% | 58% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Amount represents less than $0.01 per share.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>E</sup>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

*<sup>G</sup>* *Amount rounds to less than 0.005%.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>B</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $22.84 | $23.18 | $23.35 | $26.55 | $23.73 | $27.14 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.14 <sup>C</sup> | 0.23 | 0.12 | 0.49 | 0.69 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.29 | 3.55 | 2.49 | (2.55) | 4.71 | (1.48) |
|  Total income (loss) from investment operations | 1.43 | 3.78 | 2.61 | (2.06) | 5.40 | (0.89) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.34) | (0.53) | (0.56) | (1.59) | (0.00)<sup>D</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.78) | (2.25) | (0.58) | (0.99) | (2.52) |
|  Total distributions |  | (4.12) | (2.78) | (1.14) | (2.58) | (2.52) |
|  Net asset value, end of period | $24.27 | $22.84 | $23.18 | $23.35 | $26.55 | $23.73 |
|  Total return<sup>E</sup>  | 6.26 %<sup>F</sup> | 16.24% | 11.25% | (7.74)% | 22.93% | (3.05)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $75289304 | $79563790 | $88833933 | $220554216 | $364332529 | $445009590 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.75 %<sup>G</sup> | 0.81% | 0.87% | 0.81% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.75 %<sup>G</sup> | 0.81% | 0.87% | 0.81% | 0.74% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.20 %<sup>G</sup> | 1.06% | 1.68% | 1.81% | 1.37% | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.20 %<sup>G</sup> | 1.06% | 1.68% | 1.81% | 1.38% | 1.76% |
|  Portfolio turnover rate | 12 %<sup>F</sup> | 64% | 54% | 54% | 51% | 43% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>C</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>D</sup>* *Amount represents less than $0.01 per share.* 

*<sup>E</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>F</sup>* *Not annualized.* 

*<sup>G</sup>* *Annualized.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $22.70 | $23.06 | $23.24 | $26.43 | $23.63 | $27.06 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.13 <sup>B</sup> | 0.25 | 0.42 | 0.48 | 0.89 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.29 | 3.48 | 2.17 | (2.54) | 4.46 | (1.58) |
|  Total income (loss) from investment operations | 1.42 | 3.73 | 2.59 | (2.06) | 5.35 | (0.91) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.31) | (0.52) | (0.55) | (1.56) | (0.00)<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.78) | (2.25) | (0.58) | (0.99) | (2.52) |
|  Total distributions |  | (4.09) | (2.77) | (1.13) | (2.55) | (2.52) |
|  Net asset value, end of period | $24.12 | $22.70 | $23.06 | $23.24 | $26.43 | $23.63 |
|  Total return<sup>D</sup> | 6.26 %<sup>E</sup> | 16.13% | 11.19% | (7.81)% | 22.84% | (3.14)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $70312353 | $79350343 | $91172593 | $121618005 | $191459312 | $284218555 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.82 %<sup>F</sup> | 0.90% | 0.94% | 0.88% | 0.82% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.82 %<sup>F</sup> | 0.90% | 0.94% | 0.87% | 0.82% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.13 %<sup>F</sup> | 0.97% | 1.59% | 1.71% | 1.29% | 1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.13 %<sup>F</sup> | 0.97% | 1.59% | 1.72% | 1.29% | 1.66% |
|  Portfolio turnover rate | 12 %<sup>E</sup> | 64% | 54% | 54% | 51% | 43% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Amount represents less than $0.01 per share.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>E</sup>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $22.62 | $22.99 | $23.17 | $26.35 | $23.56 | $27.05 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.10 <sup>B</sup> | 0.67 | 1.05 | 0.95 | 1.39 | 2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.28 | 2.97 | 1.47 | (3.07) | 3.87 | (3.09) |
|  Total income (loss) from investment operations | 1.38 | 3.64 | 2.52 | (2.12) | 5.26 | (0.97) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.23) | (0.45) | (0.48) | (1.48) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.78) | (2.25) | (0.58) | (0.99) | (2.52) |
|  Total distributions |  | (4.01) | (2.70) | (1.06) | (2.47) | (2.52) |
|  Net asset value, end of period | $24.00 | $22.62 | $22.99 | $23.17 | $26.35 | $23.56 |
|  Total return<sup>C</sup> | 6.10 %<sup>D</sup> | 15.78% | 10.92% | (8.04)% | 22.51% | (3.36)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $46299094 | $47734675 | $55177185 | $68797588 | $96839009 | $121683174 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.07 %<sup>E</sup> | 1.19% | 1.18% | 1.13% | 1.08% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.07 %<sup>E</sup> | 1.19% | 1.18% | 1.13% | 1.08% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.88 %<sup>E</sup> | 0.68% | 1.36% | 1.46% | 1.04% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.88 %<sup>E</sup> | 0.68% | 1.36% | 1.46% | 1.04% | 1.44% |
|  Portfolio turnover rate | 12 %<sup>D</sup> | 64% | 54% | 54% | 51% | 43% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class | A Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $22.40 | $22.81 | $23.02 | $26.18 | $23.43 | $26.92 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.10 <sup>B</sup> | 0.17 | 0.36 | 0.41 | 0.45 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.26 | 3.45 | 2.12 | (2.50) | 4.78 | (1.81) |
|  Total income (loss) from investment operations | 1.36 | 3.62 | 2.48 | (2.09) | 5.23 | (0.97) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.25) | (0.44) | (0.49) | (1.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.78) | (2.25) | (0.58) | (0.99) | (2.52) |
|  Total distributions |  | (4.03) | (2.69) | (1.07) | (2.48) | (2.52) |
|  Net asset value, end of period | $23.76 | $22.40 | $22.81 | $23.02 | $26.18 | $23.43 |
|  Total return<sup>C</sup> | 6.07 %<sup>D</sup> | 15.80% | 10.81% | (8.00)% | 22.51% | (3.38)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $24403033 | $23827119 | $18676222 | $19853284 | $26438159 | $24734491 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.10 %<sup>E</sup> | 1.20% | 1.23% | 1.12% | 1.08% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.10 %<sup>E</sup> | 1.20% | 1.23% | 1.12% | 1.07% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 0.85 %<sup>E</sup> | 0.68% | 1.30% | 1.47% | 1.05% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 0.85 %<sup>E</sup> | 0.68% | 1.30% | 1.47% | 1.06% | 1.40% |
|  Portfolio turnover rate | 12 %<sup>D</sup> | 64% | 54% | 54% | 51% | 43% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class | C Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $21.34 | $21.84 | $22.11 | $25.17 | $22.60 | $26.25 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.01 <sup>B</sup> | (1.84) | 0.13 <sup>B</sup> | 0.17 <sup>B</sup> | 0.21 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.21 | 5.12 | 2.09 | (2.37) | 4.63 | (1.35) |
|  Total income (loss) from investment operations | 1.22 | 3.28 | 2.22 | (2.20) | 4.84 | (1.13) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.24) | (0.28) | (1.28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.78) | (2.25) | (0.58) | (0.99) | (2.52) |
|  Total distributions |  | (3.78) | (2.49) | (0.86) | (2.27) | (2.52) |
|  Net asset value, end of period | $22.56 | $21.34 | $21.84 | $22.11 | $25.17 | $22.60 |
|  Total return<sup>C</sup> | 5.72 %<sup>D</sup> | 14.96% | 10.08% | (8.73)% | 21.58% | (4.08)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $5350926 | $7218739 | $16771478 | $20717120 | $29384166 | $30186523 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.84 %<sup>E</sup> | 1.93% | 1.94% | 1.88% | 1.84% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.84 %<sup>E</sup> | 1.93% | 1.94% | 1.88% | 1.83% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | 0.13 %<sup>E</sup> | (0.07)% | 0.59% | 0.72% | 0.28% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | 0.13 %<sup>E</sup> | (0.07)% | 0.59% | 0.72% | 0.29% | 0.69% |
|  Portfolio turnover rate | 12 %<sup>D</sup> | 64% | 54% | 54% | 51% | 43% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024<sup>A</sup> | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $22.86 | $23.14 | $23.32 | $26.53 | $23.71 | $27.12 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.14 <sup>B</sup> | 0.26 <sup>B</sup> | 0.23 | 0.45 <sup>B</sup> | 0.53 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 1.30 | 3.56 | 2.39 | (2.50) | 4.87 | (1.12) |
|  Total income (loss) from investment operations | 1.44 | 3.82 | 2.62 | (2.05) | 5.40 | (0.88) |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.32) | (0.55) | (0.58) | (1.59) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.78) | (2.25) | (0.58) | (0.99) | (2.52) |
|  Total distributions |  | (4.10) | (2.80) | (1.16) | (2.58) | (2.53) |
|  Net asset value, end of period | $24.30 | $22.86 | $23.14 | $23.32 | $26.53 | $23.71 |
|  Total return<sup>C</sup> | 6.30 %<sup>D</sup> | 16.49% | 11.29% | (7.74)% | 22.99% | (3.03)% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $2093431 | $2016701 | $23587323 | $25796145 | $71972572 | $97789536 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.73 %<sup>E</sup> | 0.81% | 0.84% | 0.77% | 0.72% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.73 %<sup>E</sup> | 0.81% | 0.84% | 0.77% | 0.72% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 1.21 %<sup>E</sup> | 1.05% | 1.71% | 1.81% | 1.39% | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 1.21 %<sup>E</sup> | 1.05% | 1.71% | 1.81% | 1.39% | 1.77% |
|  Portfolio turnover rate | 12 %<sup>D</sup> | 64% | 54% | 54% | 51% | 43% |

---

*<sup>A</sup>* *On April 30, 2024 Bridgeway Capital Management, LLC was terminated and ceased managing assets of the Fund. On May 1, 2024, Numeric Investors LLC, began managing assets of the Fund.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

See accompanying notes

------

![LOGO](g803645g01a06.jpg)

Delivery of Documents

If you invest in the Fund through a financial institution, you may be able to receive the Fund's regulatory mailings, such as the Prospectus, Annual Report, Semi-Annual Report and Financial Statement Reports, by e-mail. If you are interested in this option, please go to www.icsdelivery.com and search for your financial institution's name or contact your financial institution directly.

You may request a paper copy of this document at no charge by contacting your financial institution. This document is also available for download at www.americanbeaconfunds.com or you can request an electronic copy by contacting your financial institution.

#### To obtain more information about the Fund:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g803645g02b06.jpg) | ![LOGO](g803645g03c06.jpg) |
| &nbsp;&nbsp;&nbsp;**By E-mail:** | **On the Internet:** |
| &nbsp;&nbsp;&nbsp; american_beacon.funds@ambeacon.com | Visit our website at<br> www.americanbeaconfunds.com |
| &nbsp;&nbsp;&nbsp; ![LOGO](g803645g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g803645g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g803645g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g803645g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g803645g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g803645g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g803645g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g803645g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

#### Fund Service Providers:
CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts DISTRIBUTOR Resolute Investment Distributors, Inc. Irving, Texas

*This report is prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current Prospectus or Summary Prospectus.* 

American Beacon Funds, American Beacon Man Large Cap Growth Fund, and American Beacon Man Large Cap Value Fund are service marks of American Beacon Advisors, Inc.

SAR 06/25

------

![LOGO](g817153g02a01.jpg)

------

American Beacon Funds<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  Schedules of Investments: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Stephens Mid-Cap Growth Fund](#toc817153_1) | 1 |
| &nbsp;&nbsp;&nbsp; [American Beacon Stephens Small Cap Growth Fund](#toc817153_2) | 6 |
|  [Financial Statements](#toc817153_3) | 11 |
|  [Notes to Financial Statements](#toc817153_4) | 14 |
|  Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Stephens Mid-Cap Growth Fund](#toc817153_5) | 33 |
| &nbsp;&nbsp;&nbsp; [American Beacon Stephens Small Cap Growth Fund](#toc817153_6) | 39 |

---

---

| | |
|:---|:---|
|  [Additional Fund Information](#toc817153_7) | Back Cover |

---

American Beacon Funds June 30, 2025

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 97.99% |  |  |
| Communication Services - 8.21% |  |  |
| Entertainment - 7.32% |  |  |
| Electronic Arts, Inc. | 68237 | $10897449 |
| Live Nation Entertainment, Inc.<sup>A</sup> | 79509 | 12028121 |
| Spotify Technology SA<sup>A</sup> | 18276 | 14023906 |
| Take-Two Interactive Software, Inc.<sup>A</sup> | 47942 | 11642715 |
|  |  | 48592191 |
| Interactive Media & Services - 0.89% |  |  |
| Reddit, Inc., Class A<sup>A</sup> | 39458 | 5941191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 54533382 |
| Consumer Discretionary - 11.01% |  |  |
| Distributors - 0.56% |  |  |
| Pool Corp. | 12788 | 3727446 |
| Diversified Consumer Services - 1.00% |  |  |
| Bright Horizons Family Solutions, Inc.<sup>A</sup> | 53690 | 6635547 |
| Hotels, Restaurants & Leisure - 4.20% |  |  |
| Domino's Pizza, Inc. | 20735 | 9343191 |
| Dutch Bros, Inc., Class A<sup>A</sup> | 46943 | 3209493 |
| Viking Holdings Ltd.<sup>A</sup> | 66039 | 3519218 |
| Wingstop, Inc. | 35216 | 11858636 |
|  |  | 27930538 |
| Specialty Retail - 5.25% |  |  |
| Burlington Stores, Inc.<sup>A</sup> | 45489 | 10582561 |
| Five Below, Inc.<sup>A</sup> | 59728 | 7835119 |
| Ross Stores, Inc. | 70079 | 8940679 |
| Tractor Supply Co. | 142140 | 7500728 |
|  |  | 34859087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 73152618 |
| Energy - 4.01% |  |  |
| Energy Equipment & Services - 0.91% |  |  |
| Baker Hughes Co. | 158043 | 6059369 |
| Oil, Gas & Consumable Fuels - 3.10% |  |  |
| Antero Resources Corp.<sup>A</sup> | 122519 | 4935065 |
| Diamondback Energy, Inc. | 32948 | 4527055 |
| Expand Energy Corp. | 95084 | 11119123 |
|  |  | 20581243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 26640612 |
| Financials - 10.90% |  |  |
| Capital Markets - 5.34% |  |  |
| Evercore, Inc., Class A | 37312 | 10074986 |
| Robinhood Markets, Inc., Class A<sup>A</sup> | 140611 | 13165408 |
| Tradeweb Markets, Inc., Class A | 83580 | 12236112 |
|  |  | 35476506 |
| Consumer Finance - 1.58% |  |  |
| FirstCash Holdings, Inc. | 77865 | 10522676 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 97.99% (continued) |  |  |
| Financials - 10.90% (continued) |  |  |
| Financial Services - 1.43% |  |  |
| Toast, Inc., Class A<sup>A</sup> | 214231 | $9488291 |
| Insurance - 2.55% |  |  |
| Kinsale Capital Group, Inc. | 15314 | 7410445 |
| Ryan Specialty Holdings, Inc. | 140015 | 9519620 |
|  |  | 16930065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 72417538 |
| Health Care - 14.47% |  |  |
| Biotechnology - 2.09% |  |  |
| Exact Sciences Corp.<sup>A</sup> | 60643 | 3222569 |
| Exelixis, Inc.<sup>A</sup> | 241852 | 10659627 |
|  |  | 13882196 |
| Health Care Equipment & Supplies - 6.07% |  |  |
| Dexcom, Inc.<sup>A</sup> | 110654 | 9658988 |
| Hologic, Inc.<sup>A</sup> | 75366 | 4910848 |
| IDEXX Laboratories, Inc.<sup>A</sup> | 13449 | 7213237 |
| Insulet Corp.<sup>A</sup> | 24781 | 7785695 |
| ResMed, Inc. | 36302 | 9365916 |
| Tandem Diabetes Care, Inc.<sup>A</sup> | 74469 | 1388102 |
|  |  | 40322786 |
| Health Care Providers & Services - 1.83% |  |  |
| HealthEquity, Inc.<sup>A</sup> | 69619 | 7293286 |
| Henry Schein, Inc.<sup>A</sup> | 66323 | 4844895 |
|  |  | 12138181 |
| Health Care Technology - 1.10% |  |  |
| Veeva Systems, Inc., Class A<sup>A</sup> | 25300 | 7285894 |
| Life Sciences Tools & Services - 3.38% |  |  |
| Bio-Techne Corp. | 86343 | 4442347 |
| ICON PLC<sup>A</sup> | 42023 | 6112245 |
| Illumina, Inc.<sup>A</sup> | 34699 | 3310632 |
| Medpace Holdings, Inc.<sup>A</sup> | 11840 | 3716103 |
| Repligen Corp.<sup>A</sup> | 39419 | 4902935 |
|  |  | 22484262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 96113319 |
| Industrials - 21.09% |  |  |
| Aerospace & Defense - 9.19% |  |  |
| AeroVironment, Inc.<sup>A</sup> | 57719 | 16447029 |
| Axon Enterprise, Inc.<sup>A</sup> | 20482 | 16957867 |
| BWX Technologies, Inc. | 51378 | 7401515 |
| HEICO Corp., Class A | 41385 | 10708369 |
| L3Harris Technologies, Inc. | 28591 | 7171766 |
| Leonardo DRS, Inc. | 51262 | 2382658 |
|  |  | 61069204 |
| Building Products - 0.39% |  |  |
| Trex Co., Inc.<sup>A</sup> | 47266 | 2570325 |
| Commercial Services & Supplies - 1.53% |  |  |
| Copart, Inc.<sup>A</sup> | 207059 | 10160385 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 97.99% (continued) |  |  |
| Industrials - 21.09% (continued) |  |  |
| Electrical Equipment - 4.10% |  |  |
| Generac Holdings, Inc.<sup>A</sup> | 28820 | $4127312 |
| Hubbell, Inc. | 13909 | 5680575 |
| Rockwell Automation, Inc. | 25590 | 8500230 |
| Vertiv Holdings Co., Class A | 69588 | 8935795 |
|  |  | 27243912 |
| Ground Transportation - 1.22% |  |  |
| JB Hunt Transport Services, Inc. | 30022 | 4311159 |
| Saia, Inc.<sup>A</sup> | 13862 | 3798049 |
|  |  | 8109208 |
| Machinery - 1.34% |  |  |
| RBC Bearings, Inc.<sup>A</sup> | 23177 | 8918510 |
| Professional Services - 1.71% |  |  |
| Verisk Analytics, Inc. | 36400 | 11338600 |
| Trading Companies & Distributors - 1.61% |  |  |
| Fastenal Co. | 201921 | 8480682 |
| SiteOne Landscape Supply, Inc.<sup>A</sup> | 18187 | 2199536 |
|  |  | 10680218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 140090362 |
| Information Technology - 25.78% |  |  |
| Electronic Equipment, Instruments & Components - 2.08% |  |  |
| Cognex Corp. | 91794 | 2911706 |
| Coherent Corp.<sup>A</sup> | 68172 | 6081624 |
| Keysight Technologies, Inc.<sup>A</sup> | 29557 | 4843210 |
|  |  | 13836540 |
| IT Services - 1.58% |  |  |
| MongoDB, Inc.<sup>A</sup> | 19211 | 4034118 |
| Okta, Inc.<sup>A</sup> | 64532 | 6451264 |
|  |  | 10485382 |
| Semiconductors & Semiconductor Equipment - 3.48% |  |  |
| Lattice Semiconductor Corp.<sup>A</sup> | 75600 | 3703644 |
| Marvell Technology, Inc. | 85711 | 6634031 |
| Microchip Technology, Inc. | 110353 | 7765541 |
| Teradyne, Inc. | 56063 | 5041185 |
|  |  | 23144401 |
| Software - 17.80% |  |  |
| ANSYS, Inc.<sup>A</sup> | 13407 | 4708807 |
| Autodesk, Inc.<sup>A</sup> | 16584 | 5133909 |
| Cadence Design Systems, Inc.<sup>A</sup> | 30909 | 9524608 |
| Crowdstrike Holdings, Inc., Class A<sup>A</sup> | 9127 | 4648472 |
| CyberArk Software Ltd.<sup>A</sup> | 16588 | 6749325 |
| Dynatrace, Inc.<sup>A</sup> | 87712 | 4842580 |
| Fortinet, Inc.<sup>A</sup> | 53071 | 5610666 |
| Gitlab, Inc., Class A<sup>A</sup> | 86011 | 3879956 |
| Guidewire Software, Inc.<sup>A</sup> | 55127 | 12979652 |
| Manhattan Associates, Inc.<sup>A</sup> | 46619 | 9205854 |
| Monday.com Ltd.<sup>A</sup> | 15964 | 5020359 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 97.99% (continued) |  |  |
| Information Technology - 25.78% (continued) |  |  |
| Software - 17.80% (continued) |  |  |
| Nutanix, Inc., Class A<sup>A</sup> | 82172 | $6281228 |
| Palo Alto Networks, Inc.<sup>A</sup> | 23971 | 4905425 |
| Procore Technologies, Inc.<sup>A</sup> | 33772 | 2310680 |
| PTC, Inc.<sup>A</sup> | 39173 | 6751075 |
| Roper Technologies, Inc. | 10456 | 5926879 |
| SailPoint, Inc.<sup>A</sup> | 196882 | 4500723 |
| Tyler Technologies, Inc.<sup>A</sup> | 18037 | 10693055 |
| Unity Software, Inc.<sup>A</sup> | 188895 | 4571259 |
|  |  | 118244512 |
| Technology Hardware, Storage & Peripherals - 0.84% |  |  |
| Pure Storage, Inc., Class A<sup>A</sup> | 96673 | 5566431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 171277266 |
| Real Estate - 1.23% |  |  |
| Real Estate Management & Development - 1.23% |  |  |
| CoStar Group, Inc.<sup>A</sup> | 101841 | 8188017 |
| Utilities - 1.29% |  |  |
| Independent Power & Renewable Electricity Producers - 1.29% |  |  |
| Vistra Corp. | 44177 | 8561944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $530,520,772) |  | 650975058 |
| FOREIGN COMMON STOCKS - 1.36% (Cost $4,754,106) |  |  |
| Energy - 1.36% |  |  |
| Energy Equipment & Services - 1.36% |  |  |
| TechnipFMC PLC | 263567 | 9077247 |
| SHORT-TERM INVESTMENTS - 0.79% (Cost $5,226,032) |  |  |
| Investment Companies - 0.79% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.27%<sup>B</sup> <sup>C</sup> | 5226032 | 5226032 |
|  TOTAL INVESTMENTS - 100.14% (Cost $540,500,910) |  | 665278337 |
|  LIABILITIES, NET OF OTHER ASSETS - (0.14)% |  | (946476) |
|  TOTAL NET ASSETS - 100.00% |  | $664331861 |
| Percentages are stated as a percent of net assets. |  |  |

---

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

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

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

PLC - Public Limited Company.

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Stephens Mid-Cap Growth Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $650975058 | $– | $– | $650975058 |
|  Foreign Common Stocks | 9077247 |  |  | 9077247 |
|  Short-Term Investments | 5226032 |  |  | 5226032 |
|  Total Investments in Securities - Assets | $665278337 | $– | $– | $665278337 |

---

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

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.41% |  |  |
| Communication Services - 2.10% |  |  |
| Media - 2.10% |  |  |
| Magnite, Inc.<sup>A</sup> <sup>B</sup> | 351676 | $8482425 |
| Consumer Discretionary - 12.14% |  |  |
| Broadline Retail - 1.81% |  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>A</sup> | 55600 | 7326968 |
| Diversified Consumer Services - 1.21% |  |  |
| Bright Horizons Family Solutions, Inc.<sup>A</sup> | 39629 | 4897748 |
| Hotels, Restaurants & Leisure - 3.41% |  |  |
| First Watch Restaurant Group, Inc.<sup>A</sup> <sup>B</sup> | 199097 | 3193516 |
| Sweetgreen, Inc., Class A<sup>A</sup> <sup>B</sup> | 214975 | 3198828 |
| Wingstop, Inc. | 22062 | 7429158 |
|  |  | 13821502 |
| Household Durables - 0.55% |  |  |
| Installed Building Products, Inc. | 12311 | 2219919 |
| Specialty Retail - 5.16% |  |  |
| Academy Sports & Outdoors, Inc.<sup>B</sup> | 108015 | 4840152 |
| Boot Barn Holdings, Inc.<sup>A</sup> | 38862 | 5907024 |
| Five Below, Inc.<sup>A</sup> | 44537 | 5842364 |
| Revolve Group, Inc.<sup>A</sup> | 214019 | 4291081 |
|  |  | 20880621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 49146758 |
| Consumer Staples - 2.61% |  |  |
| Consumer Staples Distribution & Retail - 0.26% |  |  |
| Chefs' Warehouse, Inc.<sup>A</sup> | 16432 | 1048526 |
| Food Products - 1.06% |  |  |
| Simply Good Foods Co.<sup>A</sup> | 136234 | 4303632 |
| Personal Products - 1.29% |  |  |
| BellRing Brands, Inc.<sup>A</sup> | 89927 | 5209471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 10561629 |
| Energy - 3.90% |  |  |
| Energy Equipment & Services - 0.49% |  |  |
| Solaris Energy Infrastructure, Inc. | 70654 | 1998802 |
| Oil, Gas & Consumable Fuels - 3.41% |  |  |
| Antero Resources Corp.<sup>A</sup> | 58900 | 2372492 |
| Expand Energy Corp. | 11608 | 1357439 |
| Gulfport Energy Corp.<sup>A</sup> | 9635 | 1938273 |
| Magnolia Oil & Gas Corp., Class A | 168379 | 3785160 |
| Viper Energy, Inc. | 113782 | 4338508 |
|  |  | 13791872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 15790674 |
| Financials - 11.54% |  |  |
| Capital Markets - 3.03% |  |  |
| Piper Sandler Cos. | 20984 | 5832293 |
| Virtu Financial, Inc., Class A | 143099 | 6409404 |
|  |  | 12241697 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.41% (continued) |  |  |
| Financials - 11.54% (continued) |  |  |
| Consumer Finance - 4.33% |  |  |
| Encore Capital Group, Inc.<sup>A</sup> | 114915 | $4448360 |
| EZCORP, Inc., Class A<sup>A</sup> <sup>B</sup> | 424640 | 5894003 |
| FirstCash Holdings, Inc. | 53222 | 7192421 |
|  |  | 17534784 |
| Financial Services - 0.71% |  |  |
| Toast, Inc., Class A<sup>A</sup> | 64905 | 2874642 |
| Insurance - 3.47% |  |  |
| Kinsale Capital Group, Inc. | 7847 | 3797163 |
| Palomar Holdings, Inc.<sup>A</sup> | 45455 | 7011434 |
| Ryan Specialty Holdings, Inc. | 47822 | 3251418 |
|  |  | 14060015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 46711138 |
| Health Care - 15.43% |  |  |
| Biotechnology - 2.99% |  |  |
| Amicus Therapeutics, Inc.<sup>A</sup> | 221449 | 1268903 |
| Exelixis, Inc.<sup>A</sup> | 136913 | 6034440 |
| Halozyme Therapeutics, Inc.<sup>A</sup> | 91985 | 4785060 |
|  |  | 12088403 |
| Health Care Equipment & Supplies - 2.85% |  |  |
| Globus Medical, Inc., Class A<sup>A</sup> | 44300 | 2614586 |
| Insulet Corp.<sup>A</sup> | 2379 | 747434 |
| iRhythm Technologies, Inc.<sup>A</sup> | 38547 | 5934696 |
| Tandem Diabetes Care, Inc.<sup>A</sup> | 120004 | 2236875 |
|  |  | 11533591 |
| Health Care Providers & Services - 1.63% |  |  |
| HealthEquity, Inc.<sup>A</sup> | 63156 | 6616223 |
| Health Care Technology - 1.77% |  |  |
| HealthStream, Inc. | 84281 | 2332055 |
| Schrodinger, Inc.<sup>A</sup> | 180321 | 3628058 |
| Simulations Plus, Inc.<sup>B</sup> | 69348 | 1210123 |
|  |  | 7170236 |
| Life Sciences Tools & Services - 3.93% |  |  |
| Azenta, Inc.<sup>A</sup> | 70420 | 2167528 |
| Bio-Techne Corp. | 47561 | 2447013 |
| BioLife Solutions, Inc.<sup>A</sup> | 139588 | 3006726 |
| ICON PLC<sup>A</sup> | 9827 | 1429337 |
| Medpace Holdings, Inc.<sup>A</sup> | 10618 | 3332565 |
| OmniAb, Inc.<sup>A</sup> <sup>C D</sup> | 25374 | 0 |
| Repligen Corp.<sup>A</sup> | 28196 | 3507019 |
|  |  | 15890188 |
| Pharmaceuticals - 2.26% |  |  |
| Ligand Pharmaceuticals, Inc.<sup>A</sup> | 48909 | 5559975 |
| Supernus Pharmaceuticals, Inc.<sup>A</sup> | 113544 | 3578907 |
|  |  | 9138882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 62437523 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.41% (continued) |  |  |
| Industrials - 21.45% |  |  |
| Aerospace & Defense - 8.76% |  |  |
| AeroVironment, Inc.<sup>A</sup> | 32541 | $9272558 |
| BWX Technologies, Inc. | 30486 | 4391813 |
| HEICO Corp., Class A | 10407 | 2692811 |
| Karman Holdings, Inc.<sup>A</sup> | 90869 | 4577072 |
| Kratos Defense & Security Solutions, Inc.<sup>A</sup> <sup>B</sup> | 171822 | 7981132 |
| Leonardo DRS, Inc. | 141034 | 6555260 |
|  |  | 35470646 |
| Air Freight & Logistics - 0.68% |  |  |
| Hub Group, Inc., Class A | 82811 | 2768372 |
| Building Products - 2.49% |  |  |
| AAON, Inc. | 42321 | 3121174 |
| AZEK Co., Inc.<sup>A</sup> | 76722 | 4169840 |
| Trex Co., Inc.<sup>A</sup> | 50982 | 2772401 |
|  |  | 10063415 |
| Commercial Services & Supplies - 2.42% |  |  |
| Montrose Environmental Group, Inc.<sup>A</sup> <sup>B</sup> | 172423 | 3774340 |
| VSE Corp. | 45988 | 6023508 |
|  |  | 9797848 |
| Electrical Equipment - 1.53% |  |  |
| Generac Holdings, Inc.<sup>A</sup> | 11803 | 1690308 |
| Powell Industries, Inc.<sup>B</sup> | 21367 | 4496685 |
|  |  | 6186993 |
| Machinery - 2.61% |  |  |
| Lindsay Corp. | 24268 | 3500659 |
| RBC Bearings, Inc.<sup>A</sup> | 18345 | 7059156 |
|  |  | 10559815 |
| Professional Services - 0.75% |  |  |
| Maximus, Inc. | 43455 | 3050541 |
| Trading Companies & Distributors - 2.21% |  |  |
| SiteOne Landscape Supply, Inc.<sup>A</sup> | 28895 | 3494561 |
| Titan Machinery, Inc.<sup>A</sup> <sup>B</sup> | 99979 | 1980584 |
| Xometry, Inc., Class A<sup>A</sup> | 102042 | 3447999 |
|  |  | 8923144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 86820774 |
| Information Technology - 22.22% |  |  |
| Communications Equipment - 0.96% |  |  |
| Ciena Corp.<sup>A</sup> | 47928 | 3897984 |
| Electronic Equipment, Instruments & Components - 2.19% |  |  |
| Cognex Corp. | 53335 | 1691786 |
| nLight, Inc.<sup>A</sup> | 270813 | 5329600 |
| PAR Technology Corp.<sup>A</sup> <sup>B</sup> | 26650 | 1848711 |
|  |  | 8870097 |
| Semiconductors & Semiconductor Equipment - 5.50% |  |  |
| Ambarella, Inc.<sup>A</sup> | 35684 | 2357464 |
| Credo Technology Group Holding Ltd.<sup>A</sup> | 6512 | 602946 |
| Impinj, Inc.<sup>A</sup> | 9268 | 1029397 |
| Lattice Semiconductor Corp.<sup>A</sup> | 46612 | 2283522 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 92.41% (continued) |  |  |
| Information Technology - 22.22% (continued) |  |  |
| Semiconductors & Semiconductor Equipment - 5.50% (continued) |  |  |
| MACOM Technology Solutions Holdings, Inc.<sup>A</sup> | 36039 | $5164028 |
| Onto Innovation, Inc.<sup>A</sup> | 12371 | 1248605 |
| Power Integrations, Inc. | 53674 | 3000377 |
| Rambus, Inc.<sup>A</sup> | 51124 | 3272958 |
| Silicon Laboratories, Inc.<sup>A</sup> | 22567 | 3325473 |
|  |  | 22284770 |
| Software - 12.92% |  |  |
| Agilysys, Inc.<sup>A</sup> | 33171 | 3802723 |
| Braze, Inc., Class A<sup>A</sup> | 94218 | 2647526 |
| Clearwater Analytics Holdings, Inc., Class A<sup>A</sup> | 162715 | 3568340 |
| CyberArk Software Ltd.<sup>A</sup> | 16773 | 6824598 |
| Guidewire Software, Inc.<sup>A</sup> | 21655 | 5098670 |
| Intapp, Inc.<sup>A</sup> | 32641 | 1684928 |
| Manhattan Associates, Inc.<sup>A</sup> | 22510 | 4445050 |
| PROS Holdings, Inc.<sup>A</sup> | 112790 | 1766291 |
| Rubrik, Inc., Class A<sup>A</sup> | 59623 | 5341625 |
| SentinelOne, Inc., Class A<sup>A</sup> | 132345 | 2419267 |
| SPS Commerce, Inc.<sup>A</sup> | 27260 | 3709813 |
| Tenable Holdings, Inc.<sup>A</sup> | 82517 | 2787424 |
| Varonis Systems, Inc.<sup>A</sup> | 120283 | 6104362 |
| Zeta Global Holdings Corp., Class A<sup>A</sup> | 134683 | 2086240 |
|  |  | 52286857 |
| Technology Hardware, Storage & Peripherals - 0.65% |  |  |
| Pure Storage, Inc., Class A<sup>A</sup> | 45472 | 2618278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 89957986 |
| Materials - 1.02% |  |  |
| Chemicals - 1.02% |  |  |
| Balchem Corp. | 26065 | 4149548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $251,265,945) |  | 374058455 |
| FOREIGN COMMON STOCKS - 5.34% |  |  |
| Consumer Discretionary - 1.01% |  |  |
| Broadline Retail - 0.51% |  |  |
| Global-e Online Ltd.<sup>A</sup> | 61082 | 2048690 |
| Hotels, Restaurants & Leisure - 0.50% |  |  |
| Genius Sports Ltd.<sup>A</sup> | 195262 | 2030725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 4079415 |
| Energy - 1.31% |  |  |
| Energy Equipment & Services - 1.31% |  |  |
| TechnipFMC PLC | 153563 | 5288710 |
| Industrials - 0.87% |  |  |
| Machinery - 0.87% |  |  |
| Kornit Digital Ltd.<sup>A</sup> | 177186 | 3527773 |
| Information Technology - 2.15% |  |  |
| Electronic Equipment, Instruments & Components - 0.87% |  |  |
| Fabrinet<sup>A</sup> | 11935 | 3517006 |

---

See accompanying notes

------

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

Schedule of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 5.34% (continued) |  |  |
| Information Technology - 2.15% (continued) |  |  |
| Software - 1.28% |  |  |
| Descartes Systems Group, Inc.<sup>A</sup> <sup>B</sup> | 51002 | $5184098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 8701104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks (Cost $17,394,981) |  | 21597002 |
| SHORT-TERM INVESTMENTS - 2.50% (Cost $10,138,230) |  |  |
| Investment Companies - 2.50% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.27%<sup>E</sup> <sup>F</sup> | 10138230 | 10138230 |
|  TOTAL INVESTMENTS - 100.25% (Cost $278,799,156) |  | 405793687 |
|  LIABILITIES, NET OF OTHER ASSETS - (0.25)% |  | (1019066) |
|  TOTAL NET ASSETS - 100.00% |  | $404774621 |
| 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 June 30, 2025 (Note 8).

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

<sup>D</sup> Security has been fair valued pursuant to the Manager's procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security's true market value. At period end, the value of these securities amounted to $0 or 0.00% of net assets.

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

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

PLC - Public Limited Company.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Stephens Small Cap Growth Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $374058455 | $- | $0<sup>(1)</sup> | $374058455 |
|  Foreign Common Stocks | 21597002 |  |  | 21597002 |
|  Short-Term Investments | 10138230 |  |  | 10138230 |
|  Total Investments in Securities - Assets | $405793687 | $- | $0<sup>(1)</sup> | $405793687 |

---

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

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

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Stephens Mid-Cap<br>Growth Fund | Stephens Small Cap<br>Growth Fund |
|  Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup> <sup>§</sup> | $660052305 | $395655457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡</sup> | 5226032 | 10138230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 7174 | 54941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 503853 | 1085680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for expense reimbursement (Note 2) | 12482 | 22293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 62215 | 52429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 665864061 | 407009030 |
|  Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased |  | 1550339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 1014929 | 307201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 416040 | 290939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees payable (Note 2) | 12090 | 11537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 19285 | 12667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 13452 | 13223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 28310 | 28215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 27157 | 17793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 937 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1532200 | 2234409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |  |
|  Net assets | $664331861 | $404774621 |
|  Analysis of net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $383797561 | $253781911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 280534300 | 150992710 |
|  Net assets | $664331861 | $404774621 |
|  Shares outstanding at no par value (unlimited shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 9653454 | 14712643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | 3725447 | 3850522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1049012 | 2869215 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | 195273 | 494558 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | 48094 | 68503 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 1451462 | 5121267 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $405841607 | $225904310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $154641320 | $57933682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $34908476 | $35472073 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $6449340 | $5958274 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $1387736 | $637242 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $61103382 | $78869040 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; R5 Class | $42.04 | $15.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y Class | $41.51 | $15.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $33.28 | $12.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class | $33.03 | $12.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; A Class (offering price) | $35.05 | $12.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; C Class | $28.85 | $9.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Class | $42.10 | $15.40 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $535274878 | $268660926 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $5226032 | $10138230 |
|  <sup>§</sup> Fair value of securities on loan | $- | $38051862 |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at period end. |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Statements of Operations

For the period ended June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Stephens Mid-Cap<br>Growth Fund | Stephens Small Cap<br>Growth Fund |
|  Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities | $1525185 | $695274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 334869 | 175016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 8) | 1897 | 15584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1861951 | 885874 |
|  Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 3013952 | 1647991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class | 40612 | 31784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class | 50869 | 19078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1412 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 228 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 85 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class | 1235 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 57121 | 36856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 51227 | 36547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees and expenses | 55142 | 52278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 47545 | 52709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 6389 | 5546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 600 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class | 7393 | 6087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class | 7929 | 3279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 25914 | 13661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 37321 | 16979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan interest expense (Note 2) | 25676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 9) | 3222 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 72202 | 26020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3506074 | 1953620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net fees waived and expenses (reimbursed) (Note 2) | (38277) | (131355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3467797 | 1822265 |
|  Net investment (loss) | (1605846) | (936391) |
|  Realized and unrealized gain (loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>A</sup> | 146470346 | 14948127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>B</sup> | (93596863) | (435161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments | 52873483 | 14512966 |
|  Net increase in net assets resulting from operations. | $51267637 | $13576575 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at period end. |

---

See accompanying notes

------

American Beacon Funds<sup>SM</sup>

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Stephens Mid-Cap Growth Fund | Stephens Mid-Cap Growth Fund | Stephens Small Cap Growth Fund | Stephens Small Cap Growth Fund |
|  | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | | (unaudited) | |
|  Increase (decrease) in net assets: |  |  |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | $(1605846) | $(2172919) | $(936391) | $(1644436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities | 146470346 | 43767524 | 14948127 | 45759565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments in unaffiliated securities | (93596863) | 51931722 | (435161) | 5349793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 51267637 | 93526327 | 13576575 | 49464922 |
|  Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R5 Class |  | (25125555) |  | (13995053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class |  | (2272657) |  | (2896475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (1362282) |  | (2780546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Class |  | (285019) |  | (380537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C Class |  | (106525) |  | (80873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R6 Class |  | (1335784) |  | (3583475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders |  | (30487822) |  | (23716959) |
|  Capital share transactions (Note 10): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 173011381 | 168368231 | 73361925 | 116661438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions |  | 17173362 |  | 22675703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (360102612) | (127846633) | (46546058) | (117679450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | (187091231) | 57694960 | 26815867 | 21657691 |
|  Net increase (decrease) in net assets | (135823594) | 120733465 | 40392442 | 47405654 |
|  Net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 800155455 | 679421990 | 364382179 | 316976525 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $664331861 | $800155455 | $404774621 | $364382179 |

---

See accompanying notes

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

1. Organization and Significant Accounting Policies

American Beacon Funds (the "Trust") is organized as a Massachusetts business trust. The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940, as amended (the "Act"), as diversified, open-end management investment companies. As of June 30, 2025, the Trust consists of twenty-seven active series, two of which are presented in this filing: American Beacon Stephens Mid-Cap Growth Fund and American Beacon Stephens Small Cap Growth Fund (collectively, the "Funds" and each individually a "Fund"). The remaining twenty-five active series are reported in separate filings.

American Beacon Advisors, Inc. (the "Manager") is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. ("RIM") organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. ("Topco"), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Funds acts as the Funds' CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Funds' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statements of operations.

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Class Disclosure

Each Fund has multiple classes of shares designed to meet the needs of different groups of investors. The following table sets forth the differences amongst the classes:

---

| | | |
|:---|:---|:---|
| Class | Eligible Investors | Minimum Initial<br>Investments |
| R5 Class | Large institutional investors - sold directly or through intermediary channels. | $250000 |
| Y Class | Large institutional retirement plan investors - sold directly or through intermediary channels. | $100000 |
| Investor Class | All investors using intermediary organizations, such as broker-dealers or retirement plan sponsors. | $2500 |
| A Class | All investors who invest through intermediary organizations, such as broker-dealers or third party administrator. Retail investors who invest directly through a financial intermediary such as a broker, bank, or registered investment advisor which may include a front-end sales charge and a contingent deferred sales charge ("CDSC"). | $2500 |
| C Class | Retail investors who invest directly through a financial intermediary, such as a broker or through employee directed benefit plans with applicable sales charges which may include CDSC. | $1000 |
| R6 Class | Large institutional retirement plan investors - sold through retirement plan sponsors. |  |

---

Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses are allocated daily to each class based on the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include service, distribution, transfer agent fees, and sub-transfer agent fees that vary amongst the classes as described more fully in Note 2.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Funds in preparation of the financial statements. The Funds are considered investment companies and accordingly, follow the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*, a part of Generally Accepted Accounting Principles ("U.S. GAAP").

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Funds. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined based on specific lot identification.

Distributions to Shareholders

The Funds distribute most or all of their net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income and distributions of realized net capital gains and net gains from foreign currency transactions on an annual basis. The Funds do not have a fixed dividend rate and do not guarantee that they will pay any distributions in any particular period. Dividends to shareholders are determined in

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

accordance with federal income tax regulations, which may differ in amount and character from net investment income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Funds may designate earnings and profits distributed to shareholders on the redemption of shares.

Allocation of Income, Trust Expenses, Gains, and Losses

Investment income and realized and unrealized gains and losses from investments of the Funds are allocated daily to each class of shares based upon the relative proportion of net assets of each class to the total net assets of the Funds. Expenses directly charged or attributable to a Fund will be paid from the assets of a Fund. Generally, expenses of the Trust will be allocated among and charged to the assets of the Funds on a basis that the Trust's Board deems fair and equitable, which may be based on the relative net assets of the Funds or nature of the services performed and relative applicability to the Funds.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

Other

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities. The Trust's maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Funds and the Manager are parties to a Management Agreement that obligates the Manager to provide the Funds with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized management fee based on a percentage of each Fund's average daily net assets that is calculated and accrued daily according to the following schedule:

---

| | |
|:---|:---|
|  First $5 billion | 0.35% |
|  Next $5 billion | 0.325% |
|  Next $10 billion | 0.3% |
|  Over $20 billion | 0.275% |

---

The Trust, on behalf of the Funds, and the Manager have entered into an Investment Advisory Agreement with Stephens Investment Management Group LLC (the "Sub-Advisor") pursuant to which each Fund has agreed to pay an annualized sub-advisory fee that is calculated and accrued daily based on each Fund's average daily net assets according to the following schedule:

Stephens Mid-Cap Growth

---

| | | |
|:---|:---|:---|
|  All assets | 0.45 | % |

---

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Stephens Small Cap Growth

---

| | |
|:---|:---|
|  First $200 million | 0.65% |
|  Over $200 million | 0.55% |

---

The Management and Sub-Advisory Fees paid by the Funds for the period ended June 30, 2025 were as follows:

Stephens Mid-Cap Growth

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $1318722 |
|  Sub-Advisory Fees | 0.45% | 1695230 |
|  Total | 0.80% | $3013952 |

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Stephens Small Cap Growth

---

| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.35% | $622760 |
|  Sub-Advisory Fees | 0.58% | 1025231 |
|  Total | 0.93% | $1647991 |

---

As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in "Income derived from securities lending" and "Management and sub-advisory fees" on the Statements of Operations. During the period ended June 30, 2025, the Manager received securities lending fees of $241 and $1,978 for the securities lending activities of the Stephens Mid-Cap Growth Fund and Stephens Small Cap Growth Fund, respectively.

Distribution Plans

Separate Distribution Plans (the "Distribution Plans") have been adopted pursuant to Rule 12b-1 under the Act for the A and C Classes of the Funds. Under the Distribution Plans, as compensation for distribution and shareholder servicing assistance, the Manager receives an annual fee of 0.25% of the average daily net assets of the A Class and 1.00% of the average daily net assets of the C Class. The fee will be payable without regard to whether the amount of the fee is more or less than the actual expenses incurred in a particular month by the Manager for distribution assistance.

Service Plans

The Manager and the Trust entered into Service Plans that obligate the Manager to oversee additional shareholder servicing of the Investor, A, and C Classes of the Funds. As compensation for performing the duties required under the Service Plans, the Manager receives an annualized fee up to 0.25% of the average daily net assets of the A and C Classes, and up to 0.375% of the average daily net assets of the Investor Class of the Funds.

Sub-Transfer Agent Fees

The Manager has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

customers of the intermediaries that hold positions in the R5 and Y Classes of the Funds and has agreed to compensate the intermediaries for providing these services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. Certain services would have been provided by the Funds' transfer agent and other service providers if the shareholders' accounts were maintained directly by the Funds' transfer agent. Accordingly, the Funds, pursuant to Board approval, have agreed to reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries for the R5 and Y Classes. The reimbursement amounts (sub-transfer agent fees) paid to the Manager are subject to a fee limit of up to 0.10% of an intermediary's average net assets in the R5 and Y Classes on an annual basis. During the period ended June 30, 2025, the sub-transfer agent fees, as reflected in "Transfer agent fees" on the Statements of Operations, were as follows:

---

| | |
|:---|:---|
| Fund | Sub-Transfer Agent Fees |
|  Stephens Mid-Cap Growth | $76668 |
|  Stephens Small Cap Growth | 45388 |

---

As of June 30, 2025, the Funds owed the Manager the following reimbursement of sub-transfer agent fees, as reflected in "Transfer agent fees payable" on the Statements of Assets and Liabilities:

---

| | |
|:---|:---|
| Fund | Reimbursement<br>Sub-Transfer Agent Fees |
|  Stephens Mid-Cap Growth | $14788 |
|  Stephens Small Cap Growth | 10209 |

---

Investments in Affiliated Funds

The Funds may invest in the American Beacon U.S. Government Money Market Select Fund (the "USG Select Fund"). Cash collateral received by the Funds in connection with securities lending may also be invested in the USG Select Fund. The Funds listed below held the following shares with a June 30, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | June 30, 2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized<br>Gain (Loss) | Dividend<br>Income | June 30, 2025<br>Fair Value |
| U.S. Government Money Market Select | Direct | Stephens Mid-Cap<br>Growth | $5226032 | $– $|  | $334869 | $5226032 |
| U.S. Government Money Market Select | Direct | Stephens Small Cap<br>Growth | 10138230 | – |  | 175016 | 10138230 |

---

The Funds and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the period ended June 30, 2025, the Manager earned fees on the Funds' direct investments and securities lending collateral investments in the USG Select Fund as shown below:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in USG<br>Select Fund | Total |
|  Stephens Mid-Cap Growth | $8039 | $– | $8039 |
|  Stephens Small Cap Growth | 4195 | 6 | 4201 |

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Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC"), the Funds, along with other registered investment companies having management contracts with the Manager, may

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for a fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager's asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the period ended June 30, 2025, the Stephens Mid-Cap Growth Fund borrowed on average $11,784,885 for 15 days at an average interest rate of 5.14% with interest charges of $25,676. These amounts are recorded as "Loan interest expense" in the Statements of Operations. During the period ended June 30, 2025 the Stephens Small Cap Growth Fund did not utilize the credit facility.

Expense Reimbursement Plan

The Manager contractually agreed to reduce fees and/or reimburse expenses for the classes of the Funds, through April 30, 2026, to the extent that total operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses) exceed the Funds' expense cap. During the period ended June 30, 2025, the Manager waived and/or reimbursed expenses as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Expense Cap | Expense Cap | | |  | Expiration of<br>Reimbursed<br>Expenses |
| Fund | Class | 1/1/2025 –<br>4/30/2025 | 5/1/2025 -<br>06/30/2025 | Reimbursed<br>Expenses | (Recouped)<br>Expenses |  | Expiration of<br>Reimbursed<br>Expenses |
|  Stephens Mid-Cap Growth | R5 | 0.89% | 0.89% | $13977 | $(22632) |)\* | 2028 |
|  Stephens Mid-Cap Growth | Y | 0.95% | 0.95% | 11572 | (721) |)\* | 2028 |
|  Stephens Mid-Cap Growth | Investor | 1.15% | 1.15% | 7215 |  |  | 2028 |
|  Stephens Mid-Cap Growth | A | 1.20% | 1.20% | 4328 |  |  | 2028 |
|  Stephens Mid-Cap Growth | C | 1.94% | 1.94% | 169 | (19) |)\* | 2028 |
|  Stephens Mid-Cap Growth | R6 | 0.88% | 0.88% | 1016 | (1468) |)\* | 2028 |
|  Stephens Small Cap Growth | R5 | 0.99% | 0.99% | 74737 | (1695) |)\* | 2028 |
|  Stephens Small Cap Growth | Y | 1.05% | 1.05% | 14653 |  |  | 2028 |
|  Stephens Small Cap Growth | Investor | 1.27% | 1.27% | 13482 |  |  | 2028 |
|  Stephens Small Cap Growth | A | 1.28% | 1.28% | 5752 |  |  | 2028 |
|  Stephens Small Cap Growth | C | 2.06% | 2.06% | 283 |  |  | 2028 |
|  Stephens Small Cap Growth | R6 | 0.96% | 0.96% | 22448 |  |  | 2028 |

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\* These amounts represent Recouped Expenses from prior fiscal years and are reflected in Other expenses on the Statements of Operations. 

Of the above amounts, $12,482 and $22,293 were disclosed as a Receivable for expense reimbursement on the Statements of Assets and Liabilities at June 30, 2025 for the Stephens Mid-Cap Growth Fund and Stephens Small Cap Growth Fund, respectively.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

The Funds have adopted an Expense Reimbursement Plan whereby the Manager may seek repayment of contractual or voluntary fee reductions and expense reimbursements. Under the policy, the Manager can be reimbursed by the Funds for any contractual or voluntary fee reductions or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager's waiver/reimbursement and (b) does not cause the Funds' annual operating expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/ reimbursement or time of recoupment. The reimbursed expenses listed above will expire in 2028. The Funds did not record a liability for potential contingent reimbursements due to the current assessment that reimbursements are uncertain. The carryover of excess expenses potentially reimbursable to the Manager, but not recorded as a liability are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Recouped<br>Expenses | Excess Expense <br>Carryover | Expired Expense<br>Carryover | Expiration of<br>Reimbursed Expenses |
|  Stephens Mid-Cap Growth | $23377 | $36453 | $6731 | 2025 |
|  Stephens Mid-Cap Growth | 1090 | 61395 |  | 2026 |
|  Stephens Mid-Cap Growth | 373 | 59620 |  | 2027 |
|  Stephens Small Cap Growth | 1695 | 178307 | 111679 | 2025 |
|  Stephens Small Cap Growth |  | 288569 |  | 2026 |
|  Stephens Small Cap Growth |  | 312331 |  | 2027 |

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Concentration of Ownership

From time to time, the Funds may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of the Funds' outstanding shares could have a material impact on the Funds. As of June 30, 2025, based on management's evaluation of the shareholder account base, one account has been identified as representing an affiliated significant ownership of approximately 36% for the Stephens Mid-Cap Growth Fund.

Sales Commissions

The Funds' Distributor, Resolute Investment Distributors, Inc. ("RID" or "Distributor"), may receive a portion of A Class sales charges from broker dealers which may be used to offset distribution related expenses. During the period ended June 30, 2025, RID collected $91 and $690 for Stephens Mid-Cap Growth Fund and Stephens Small Cap Growth Fund, respectively, from the sale of A Class Shares.

A CDSC of 0.50% will be deducted with respect to A Class Shares on certain purchases of $1,000,000 or more that are redeemed in whole or part within 18 months of purchase, unless waived as discussed in the Funds' Prospectus. Any applicable CDSC will be 0.50% of the lesser of the original purchase price or the value of the redemption of the A Class Shares redeemed. During the period ended June 30, 2025, there were no CDSC fees collected for the A Class Shares of the Funds.

A CDSC of 1.00% will be deducted with respect to C Class Shares redeemed within 12 months of purchase, unless waived as discussed in the Funds' Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the C Class Shares redeemed. During the period ended June 30, 2025, CDSC fees of $148 were collected for the C Class Shares of the Stephens Mid-Cap Growth Fund. There were no CDSC fees collected for the C Class Shares of the Stephens Small Cap Growth Fund.

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the "Trusts"), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

3. 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.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

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.

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.

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| |
|:---|
| 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. |

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

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

Common stocks, ETFs, preferred securities, and financial derivative instruments, such as futures contracts 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.

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.

4. Securities and Other Investments

Common Stock

Common stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company's common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company's products or services. A stock's value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company's stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company's common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

Depositary Receipts and U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges

ADRs are U.S. dollar-denominated receipts issued generally by domestic banks and represent the deposit with the bank of a security of a foreign issuer. Depositary receipts may not be denominated in the same currency as the securities into which they may be converted. Investing in depositary receipts entails substantially the same risks as direct investment in foreign securities. There is generally less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. In addition, such companies may use different accounting and financial standards (and certain currencies may become unavailable for transfer from a foreign currency), resulting in the Funds' possible inability to convert immediately into U.S. currency proceeds realized upon the sale of portfolio securities of the affected foreign companies. In addition, the Funds may invest in unsponsored depositary receipts, the issuers of which are not obligated to disclose material information about the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the Funds to the same benefits and rights as ownership of a sponsored depositary receipt or the underlying security.

Other Investment Company Securities and Other Exchange-Traded Products

The Funds at times may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies ("BDCs"), ETFs, unit investment trusts, and other investment companies of the Trust. The Funds may invest in securities of an investment company advised by the Manager or the Sub-Advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Funds become a shareholder of that investment company. As a result, the Funds' shareholders indirectly will bear the Funds' proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Funds' shareholders directly bear in connection with the Funds' own operations. These other fees and

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Funds in their Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer's portfolio securities.

Publicly Traded Partnerships/Master Limited Partnerships ("MLPs")

The Funds may invest in publicly traded partnerships such as MLPs. MLPs issue units that are registered with the SEC and are freely tradable on a securities exchange or in the OTC market. An MLP may have one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. The general partner or partners are jointly and severally responsible for the liabilities of the MLP. (An MLP also may be an entity similar to a limited partnership, such as an LLC, which has one or more managers or managing members and non-managing members (who are like limited partners)). The Funds invest in an MLP as a limited partner and normally would not be liable for the debts of an MLP beyond the amount a Fund has invested therein, but it would not be shielded to the same extent that a shareholder of a corporation would be. In certain instances, creditors of an MLP would have the right to seek a return of capital that had been distributed to a limited partner. The right of an MLP's creditors would continue even after a Fund had sold its investment in the partnership. MLPs typically invest in real estate and oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

5. Principal Risks

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Equity Investments Risk

Equity securities are subject to investment risk and market risk. The Funds' investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, real estate investment trusts ("REITs"), depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Funds to additional risk. The value of a company's common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities' investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock.

Foreign Investing Risk

Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks include, but are not limited to: (1) currency exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing and financial reporting standards, (5) increased price volatility, (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays in transaction settlement in some foreign markets.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Investment Risk

An investment in the Funds is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your shares of the Funds, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Funds.

Market Risk

The Funds are subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect a Fund's performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, including the U.S. presidential election, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government's debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Other Investment Companies Risk

The Funds may invest in shares of other registered investment companies, including money market funds and ETFs. To the extent that the Funds invest in shares of other registered investment companies, the Funds will indirectly bear the fees and expenses, including for example, advisory and administrative fees, charged by those investment companies in addition to the Funds' direct fees and expenses and will be subject to the risks associated with investments in those companies. For example, the Funds' investments in money market funds are subject to interest rate risk, credit risk, and market risk. The Funds must rely on the investment company in which it invests

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

to achieve its investment objective. If the investment company fails to achieve its investment objective, the value of the Funds' investment may decline, adversely affecting the Funds' performance. ETFs are subject to the following risks that do not apply to conventional funds: (1) the market price of an ETF's shares may trade at a discount or premium to its NAV; (2) an active trading market for an ETF's shares may not develop or be maintained; or (3) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. An ETF that tracks an index may not precisely replicate the returns of its benchmark index. To the extent the Funds invest in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Funds are subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. ETFs have expenses associated with their operation, typically including advisory fees.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a Fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems. Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; imposition of tariffs and resulting impacts on global prices and supply chains; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time. Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to a Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Funds' ability to pursue its investment strategies or make certain investments, or may make it more costly for a Fund to operate, which may impact performance.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Sector Risk

Sector risk is the risk associated with a Fund holding a significant amount of investments in similar businesses, which would be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of the equity and debt securities of companies in a particular sector of the market to change. To the extent a Fund has substantial holdings within a particular sector, the risks to a Fund associated with that sector increase.

To the extent a Fund invests significantly in the information technology sector, the value of a Fund's shares may be particularly vulnerable to factors affecting that sector, such as a greater degree of market risk and sharp price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. The value of a Fund's shares could experience significantly greater volatility than investment companies investing more broadly.

Securities Lending Risk

A Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of a Fund's securities provide collateral either in the form of cash, which a Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. A Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. A Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or "rebate" for the use of that cash collateral in connection with the loan. A Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a Fund's ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, a Fund could incur delays in its ability to enforce its rights in its collateral. There also is a risk that a borrower may default on its obligation to return loaned securities at a time when the value of a Fund's collateral is inadequate. Although a Fund's securities lending agent may indemnify a Fund against that risk, it is also possible that the securities lending agent will be unable to satisfy its indemnification obligations. In any case in which the loaned securities are not returned to a Fund before an ex-dividend date, whether or not due to a default by the borrower, the payment in lieu of the dividend that a Fund receives from the securities' borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as "qualified dividend income."

Offsetting Assets and Liabilities

The Funds are parties to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Funds employ multiple money managers and counterparties and have elected not to offset qualifying financial and derivative instruments on the Statements of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default. Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity.

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American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

6. Federal Income and Excise Taxes

It is the policy of each Fund to qualify as a regulated investment company ("RIC"), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each Fund is treated as a single entity for the purpose of determining such qualification.

The Funds do not have any unrecorded tax liabilities in the accompanying financial statements. Each of the tax years in the four year period ended December 31, 2024 remain subject to examination by the Internal Revenue Service. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in "Other expenses" on the Statements of Operations.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

As of June 30, 2025, the tax cost for each Fund and their respective gross unrealized appreciation (depreciation) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Stephens Mid-Cap Growth | $541738627 | $158868443 | $(35328733) | $123539710 |
|  Stephens Small Cap Growth | 282737815 | 139772035 | (16716163) | 123055872 |

---

Under the Regulated Investment Company Modernization Act of 2010 ("RIC MOD"), net capital losses recognized by the Funds in taxable years beginning after December 22, 2010 are carried forward indefinitely and retain their character as short-term and/or long-term losses.

As of December 31, 2024, the Funds did not have any capital loss carryforwards.

7. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the period ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases (non-U.S.<br>Government<br>Securities) | Sales (non-U.S.<br>Government<br>Securities) |
| Stephens Mid-Cap Growth | $200471219 | $378031767 |
| Stephens Small Cap Growth | 83716423 | 61380285 |

---

A summary of the Funds' transactions in the USG Select Fund for the period ended June 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | December 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Purchases | Sales | Sales | June 30,<br>2025<br>Shares/Fair<br>Value |
| Stephens Mid-Cap Growth | Direct | $16210936 | $— | 174833400 | $— | 185818304 | $5226032 |
| Stephens Small Cap Growth | Direct | 6060205 |  | 65256737 |  | 61178712 | 10138230 |
| Stephens Small Cap Growth | Securities Lending |  |  | 408627 |  | 408627 |  |

---

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

8. Securities Lending

The Funds may lend their securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with collateral in an amount at least equal to the fair value of the securities loaned, initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Collateral is monitored and marked-to-market daily. Daily mark-to-market amounts are required to be paid to the borrower or received from the borrower by the end of the following business day. This one day settlement for mark-to-market amounts may result in the collateral being temporarily less than the value of the securities on loan or temporarily more than the required minimum collateral.

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the "Agent") in money market mutual funds and other short-term investments, provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in the Funds' Schedule of Investments and the collateral is shown on the Statements of Assets and Liabilities as a payable.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Funds, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

While securities are on loan, the Funds continue to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount is received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Funds would be subject to on the dividend.

Securities lending transactions pose certain risks to the Funds, including that the borrower may not provide additional collateral when required or return the securities when due, that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower, that non-cash collateral may be subject to legal constraints in the event of a borrower bankruptcy, and that the cash collateral investments could become illiquid and unable to be used to return collateral to the borrower. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the cash collateral available for return to the borrower and any action which impairs its ability to liquidate non-cash collateral to satisfy a borrower default.

As of June 30, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Fair Value<br>of Securities<br>on Loan | Cash<br>Collateral<br>Received | Non-Cash<br>Collateral<br>Received | Total<br>Collateral<br>Received |
|  Stephens Small Cap Growth | $38051862 | $– $| 37769793 | $37769793 |

---

Cash collateral is listed on the Funds' Schedules of Investments and is shown on the Statements of Assets and Liabilities. Income earned on these investments is included in "Income derived from securities lending" on the Statements of Operations.

Non-cash collateral received by the Funds may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Funds' Schedules of Investments or Statements of Assets and Liabilities.

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

9. Borrowing Arrangements

Effective November 8, 2024 (the "Effective Date"), the Funds, along with certain other funds managed by the Manager ("Participating Funds"), renewed a committed revolving line of credit (the "Committed Line") agreement with State Street Bank and Trust Company (the "Bank") to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2024.

On the Effective Date, the Funds, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the "Uncommitted Line") agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a rate equal to the higher of (a) OBFR daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10% or (b) the Federal Funds daily fluctuating rate per annum on amounts borrowed on each outstanding loan. Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 7, 2025, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2024.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Line of credit interest expense" on the Statements of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the period ended June 30, 2025, the Funds did not utilize these facilities.

10. Capital Share Transactions

The tables below summarize the activity in capital shares for each Class of the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Mid-Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1445269 | $54481048 | 3831638 | $143684617 |
| Reinvestment of dividends |  |  | 309838 | 12071309 |
| Shares redeemed | (9192574) | (339753460) | (2952921) | (110852386) |
| Net increase (decrease) in shares outstanding | (7747305) | $(285272412) | 1188555 | $44903540 |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Mid-Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 2356508 | $85544919 | 362374 | $13399668 |
| Reinvestment of dividends |  |  | 55399 | 2131195 |
| Shares redeemed | (211993) | (7941512) | (125706) | (4673152) |
| Net increase in shares outstanding | 2144515 | $77603407 | 292067 | $10857711 |

---

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Mid-Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 160100 | $4721030 | 71951 | $2148376 |
| Reinvestment of dividends |  |  | 40300 | 1244451 |
| Shares redeemed | (72681) | (2191934) | (151249) | (4570912) |
| Net increase (decrease) in shares outstanding | 87419 | $2529096 | (38998) | $(1178085) |
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Mid-Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 3817 | $118160 | 19161 | $574122 |
| Reinvestment of dividends |  |  | 9269 | 284098 |
| Shares redeemed | (7514) | (229892) | (50747) | (1530239) |
| Net (decrease) in shares outstanding | (3697) | $(111732) | (22317) | $(672019) |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Mid-Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 563 | $15425 | 10713 | $285910 |
| Reinvestment of dividends |  |  | 3963 | 106525 |
| Shares redeemed | (31194) | (778343) | (23281) | (614601) |
| Net (decrease) in shares outstanding | (30631) | $(762918) | (8605) | $(222166) |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Mid-Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 747366 | $28130799 | 220583 | $8275538 |
| Reinvestment of dividends |  |  | 34242 | 1335784 |
| Shares redeemed | (237702) | (9207471) | (149808) | (5605343) |
| Net increase in shares outstanding | 509664 | $18923328 | 105017 | $4005979 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | R5 Class | R5 Class | R5 Class | R5 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Small Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1656585 | $23523693 | 3818279 | $56370620 |
| Reinvestment of dividends |  |  | 862831 | 12976977 |
| Shares redeemed | (1745682) | (25078286) | (4098862) | (58582990) |
| Net increase (decrease) in shares outstanding | (89097) | $(1554593) | 582248 | $10764607 |
|  | Y Class | Y Class | Y Class | Y Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Small Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1489038 | $20716509 | 1399723 | $21168252 |
| Reinvestment of dividends |  |  | 195359 | 2879601 |
| Shares redeemed | (693202) | (9870273) | (667259) | (9744610) |
| Net increase in shares outstanding | 795836 | $10846236 | 927823 | $14303243 |

---

------

American Beacon Funds<sup>SM</sup>

Notes to Financial Statements

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Small Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 95546 | $1107267 | 298839 | $3586746 |
| Reinvestment of dividends |  |  | 228740 | 2774610 |
| Shares redeemed | (234445) | (2766853) | (597243) | (7376103) |
| Net (decrease) in shares outstanding | (138899) | $(1659586) | (69664) | $(1014747) |
|  | A Class | A Class | A Class | A Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Small Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 129067 | $1431276 | 4188 | $50020 |
| Reinvestment of dividends |  |  | 32163 | 380167 |
| Shares redeemed | (41847) | (485507) | (146431) | (1741212) |
| Net increase (decrease) in shares outstanding | 87220 | $945769 | (110080) | $(1311025) |
|  | C Class | C Class | C Class | C Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Small Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 13219 | $98495 | 14069 | $139110 |
| Reinvestment of dividends |  |  | 8829 | 80873 |
| Shares redeemed | (34795) | (305975) | (9783) | (93489) |
| Net increase (decrease) in shares outstanding | (21576) | $(207480) | 13115 | $126494 |
|  | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | (unaudited) | (unaudited) |  |  |
| Stephens Small Cap Growth Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1834418 | $26484685 | 2548037 | $35346690 |
| Reinvestment of dividends |  |  | 237631 | 3583475 |
| Shares redeemed | (548124) | (8039164) | (2715221) | (40141046) |
| Net increase (decrease) in shares outstanding | 1286294 | $18445521 | 70447 | $(1210881) |

---

11. Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Funds' financial statements through this date.

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $38.33 | $35.08 | $27.94 | $39.90 | $37.67 | $27.17 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.08)<sup>B</sup> | (0.06) | (0.08)<sup>B</sup> | (0.13) | (0.14) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.79 | 4.79 | 7.22 | (11.06) | 4.80 | 11.02 |
|  Total income (loss) from investment operations | 3.71 | 4.73 | 7.14 | (11.19) | 4.66 | 10.95 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Total distributions |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Net asset value, end of period | $42.04 | $38.33 | $35.08 | $27.94 | $39.90 | $37.67 |
|  Total return<sup>C</sup> | 9.68 %<sup>D</sup> | 13.41% | 25.55% | (28.04)% | 12.46% | 40.30% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $405841607 | $666887131 | $568803340 | $384632608 | $611720453 | $476150642 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.90 %<sup>E</sup> | 0.89% | 0.90% | 0.90% | 0.90% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.90 %<sup>E F</sup> | 0.89% | 0.89% | 0.89% | 0.89% | 0.89 %<sup>G</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.40)%<sup>E</sup> | (0.27)% | (0.26)% | (0.24)% | (0.54)% | (0.52)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.40)%<sup>E</sup> | (0.27)% | (0.25)% | (0.23)% | (0.53)% | (0.50)% |
|  Portfolio turnover rate | 27 %<sup>D</sup> | 24% | 16% | 20% | 28% | 22% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>D</sup>* *Not annualized.* 

*<sup>E</sup>* *Annualized.* 

*<sup>F</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $37.85 | $34.69 | $27.64 | $39.51 | $37.34 | $26.95 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.09)<sup>A</sup> | (0.12)<sup>A</sup> | (0.18) | (0.34) | (0.20) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.75 | 4.76 | 7.23 | (10.76) | 4.80 | 10.88 |
|  Total income (loss) from investment operations | 3.66 | 4.64 | 7.05 | (11.10) | 4.60 | 10.84 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Total distributions |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Net asset value, end of period | $41.51 | $37.85 | $34.69 | $27.64 | $39.51 | $37.34 |
|  Total return<sup>B</sup> | 9.67 %<sup>C</sup> | 13.30% | 25.51% | (28.09)% | 12.41% | 40.22% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $154641320 | $59837617 | $44706237 | $38984552 | $82970930 | $69132838 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.98 %<sup>D</sup> | 0.98% | 0.99% | 0.98% | 0.97% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.96 %<sup>D E</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.96 %<sup>F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.50)%<sup>D</sup> | (0.36)% | (0.36)% | (0.32)% | (0.64)% | (0.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.48)%<sup>D</sup> | (0.33)% | (0.32)% | (0.29)% | (0.62)% | (0.57)% |
|  Portfolio turnover rate | 27 %<sup>C</sup> | 24% | 16% | 20% | 28% | 22% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

*<sup>E</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>F</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $30.37 | $28.15 | $22.48 | $32.42 | $31.09 | $22.56 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.10)<sup>A</sup> | (0.24) | (0.32) | (0.13)<sup>A</sup> | (0.41) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.01 | 3.94 | 5.99 | (9.04) | 4.17 | 9.59 |
|  Total income (loss) from investment operations | 2.91 | 3.70 | 5.67 | (9.17) | 3.76 | 8.98 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Total distributions |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Net asset value, end of period | $33.28 | $30.37 | $28.15 | $22.48 | $32.42 | $31.09 |
|  Total return<sup>B</sup> | 9.58 %<sup>C</sup> | 13.05% | 25.22% | (28.28)% | 12.20% | 39.80% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $34908476 | $29208326 | $28162111 | $24969273 | $16964278 | $17203402 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.21 %<sup>D</sup> | 1.21% | 1.22% | 1.23% | 1.14% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.16 %<sup>D E</sup> | 1.15% | 1.18 %<sup>F</sup> | 1.23% | 1.14% | 1.23 %<sup>G</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.71)%<sup>D</sup> | (0.59)% | (0.58)% | (0.54)% | (0.79)% | (0.85)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.66)%<sup>D</sup> | (0.53)% | (0.54)% | (0.54)% | (0.79)% | (0.85)% |
|  Portfolio turnover rate | 27 %<sup>C</sup> | 24% | 16% | 20% | 28% | 22% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

*<sup>E</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>F</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on May 1, 2023.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class | A Class |
|  | Six Months<br> Ended<br> June 30,<br> 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $30.15 | $27.96 | $22.34 | $32.22 | $30.92 | $22.43 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.10)<sup>A</sup> | (0.73) | (0.42) | (0.04) | (0.80) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 2.98 | 4.40 | 6.04 | (9.07) | 4.53 | 9.43 |
|  Total income (loss) from investment operations | 2.88 | 3.67 | 5.62 | (9.11) | 3.73 | 8.94 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Total distributions |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Net asset value, end of period | $33.03 | $30.15 | $27.96 | $22.34 | $32.22 | $30.92 |
|  Total return<sup>B</sup> | 9.55 %<sup>C</sup> | 13.03% | 25.16% | (28.27)% | 12.17% | 39.85% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $6449340 | $5999749 | $6187739 | $5243837 | $7400729 | $8166847 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.35 %<sup>D</sup> | 1.38% | 1.40% | 1.22% | 1.14% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.21 %<sup>D E</sup> | 1.20% | 1.21 %<sup>F</sup> | 1.22% | 1.13% | 1.23 %<sup>G</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.84)%<sup>D</sup> | (0.76)% | (0.76)% | (0.55)% | (0.75)% | (0.86)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.70)%<sup>D</sup> | (0.58)% | (0.57)% | (0.55)% | (0.74)% | (0.85)% |
|  Portfolio turnover rate | 27 %<sup>C</sup> | 24% | 16% | 20% | 28% | 22% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

*<sup>E</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>F</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to the change in the contractual expense caps on May 1, 2023.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class | C Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $26.44 | $24.86 | $20.01 | $29.19 | $28.44 | $20.81 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.19)<sup>A</sup> | (0.80) | (0.28) | (0.83) | (0.63) | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 2.60 | 3.86 | 5.13 | (7.58) | 3.81 | 9.02 |
|  Total income (loss) from investment operations | 2.41 | 3.06 | 4.85 | (8.41) | 3.18 | 8.08 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Total distributions |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Net asset value, end of period | $28.85 | $26.44 | $24.86 | $20.01 | $29.19 | $28.44 |
|  Total return<sup>B</sup> | 9.12 %<sup>C</sup> | 12.20% | 24.24% | (28.80)% | 11.29% | 38.82% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $1387736 | $2081631 | $2171329 | $1740775 | $2977572 | $3107948 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.97 %<sup>D</sup> | 1.95% | 1.97% | 1.97% | 1.98% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.95 %<sup>D E</sup> | 1.94% | 1.94% | 1.94% | 1.94% | 1.94 %<sup>F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (1.46)%<sup>D</sup> | (1.33)% | (1.34)% | (1.31)% | (1.65)% | (1.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (1.44)%<sup>D</sup> | (1.32)% | (1.31)% | (1.28)% | (1.61)% | (1.55)% |
|  Portfolio turnover rate | 27 %<sup>C</sup> | 24% | 16% | 20% | 28% | 22% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

*<sup>E</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>F</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $38.37 | $35.12 | $27.97 | $39.94 | $37.70 | $27.18 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.07)<sup>A</sup> | (0.03) | (0.10)<sup>A</sup> | (0.23) | (0.14) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 3.80 | 4.76 | 7.25 | (10.97) | 4.81 | 11.03 |
|  Total income (loss) from investment operations | 3.73 | 4.73 | 7.15 | (11.20) | 4.67 | 10.97 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Total distributions |  | (1.48) |  | (0.77) | (2.43) | (0.45) |
|  Net asset value, end of period | $42.10 | $38.37 | $35.12 | $27.97 | $39.94 | $37.70 |
|  Total return<sup>B</sup> | 9.72 %<sup>C</sup> | 13.39% | 25.56% | (28.04)% | 12.47% | 40.36% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $61103382 | $36141001 | $29391234 | $24219148 | $55701734 | $37373802 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.89 %<sup>D</sup> | 0.88% | 0.89% | 0.89% | 0.88% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.89 %<sup>D E</sup> | 0.88% | 0.88% | 0.89% | 0.87% | 0.84 %<sup>F</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.39)%<sup>D</sup> | (0.26)% | (0.26)% | (0.26)% | (0.50)% | (0.49)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.39)%<sup>D</sup> | (0.26)% | (0.25)% | (0.26)% | (0.49)% | (0.43)% |
|  Portfolio turnover rate | 27 %<sup>C</sup> | 24% | 16% | 20% | 28% | 22% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>C</sup>* *Not annualized.* 

*<sup>D</sup>* *Annualized.* 

*<sup>E</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to loan interest expenses.* 

*<sup>F</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> | R5 Class<sup>A</sup> |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br>June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $14.91 | $13.74 | $11.64 | $18.31 | $19.27 | $15.40 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.04)<sup>B</sup> | (0.07)<sup>B</sup> | (0.09) | (0.17)<sup>C</sup> | (0.17)<sup>B</sup> | (0.31)<sup>D</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.48 | 2.23 | 2.36 | (5.06) | 2.89 | 6.11 |
|  Total income (loss) from investment operations | 0.44 | 2.16 | 2.27 | (5.23) | 2.72 | 5.80 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Total distributions |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Net asset value, end of period | $15.35 | $14.91 | $13.74 | $11.64 | $18.31 | $19.27 |
|  Total return<sup>E</sup> | 2.95 %<sup>F</sup> | 15.69% | 19.51% | (28.50)% | 14.34% | 37.56% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $225904310 | $220665620 | $195356581 | $167776189 | $280613603 | $261976294 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.06 %<sup>G</sup> | 1.08% | 1.09% | 1.08% | 1.04% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.99 %<sup>G</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99 %<sup>H</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.56)%<sup>G</sup> | (0.54)% | (0.61)% | (0.70)%<sup>C</sup> | (0.86)% | (0.82)%<sup>D</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.49)%<sup>G</sup> | (0.45)% | (0.51)% | (0.61)%<sup>C</sup> | (0.81)% | (0.76)%<sup>D</sup> |
|  Portfolio turnover rate | 17 %<sup>F</sup> | 37% | 15% | 27% | 28% | 18% |

---

*<sup>A</sup>* *Prior to February 28, 2020, the R5 Class was known as Institutional Class.* 

*<sup>B</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Viper Energy Partners LP and Wingstop, Inc. amounting to $0.0132.* 

*<sup>D</sup>* *Net investment income includes a significant dividend payment from Wingstop, Inc. amounting to $0.0083.* 

*<sup>E</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>F</sup>* *Not annualized.* 

*<sup>G</sup>* *Annualized.* 

*<sup>H</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Y Class | Y Class | Y Class | Y Class | Y Class | Y Class |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $14.61 | $13.49 | $11.44 | $18.04 | $19.05 | $15.24 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.04)<sup>A</sup> | (0.07)<sup>A</sup> | (0.24) | (0.96)<sup>B</sup> | (0.13) | (0.56)<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.48 | 2.18 | 2.46 | (4.20) | 2.80 | 6.30 |
|  Total income (loss) from investment operations | 0.44 | 2.11 | 2.22 | (5.16) | 2.67 | 5.74 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Total distributions |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Net asset value, end of period | $15.05 | $14.61 | $13.49 | $11.44 | $18.04 | $19.05 |
|  Total return<sup>D</sup> | 3.01 %<sup>E</sup> | 15.61% | 19.42% | (28.54)% | 14.23% | 37.56% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $57933682 | $44637961 | $28695634 | $25622348 | $55841696 | $58341053 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.12 %<sup>F</sup> | 1.13% | 1.13% | 1.13% | 1.10% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.05 %<sup>F</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.06 %<sup>G</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.62)%<sup>F</sup> | (0.59)% | (0.65)% | (0.75)%<sup>B</sup> | (0.88)% | (0.89)%<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.55)%<sup>F</sup> | (0.51)% | (0.57)% | (0.67)%<sup>B</sup> | (0.83)% | (0.83)%<sup>C</sup> |
|  Portfolio turnover rate | 17 %<sup>E</sup> | 37% | 15% | 27% | 28% | 18% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Viper Energy Partners LP and Wingstop, Inc. amounting to $0.0152.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Wingstop, Inc. amounting to $0.0081.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>E</sup>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | | | | | |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $12.02 | $11.27 | $9.60 | $15.51 | $16.88 | $13.70 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.04)<sup>A</sup> | (0.16) | (0.09)<sup>A</sup> | (4.03)<sup>B</sup> | (0.04) | (0.14)<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.38 | 1.90 | 1.93 | (0.44) | 2.35 | 5.25 |
|  Total income (loss) from investment operations | 0.34 | 1.74 | 1.84 | (4.47) | 2.31 | 5.11 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Total distributions |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Net asset value, end of period | $12.36 | $12.02 | $11.27 | $9.60 | $15.51 | $16.88 |
|  Total return<sup>D</sup> | 2.83 %<sup>E</sup> | 15.40% | 19.18% | (28.74)% | 13.93% | 37.18% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $35472073 | $36158013 | $34697255 | $14745379 | $78747464 | $78610201 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.35 %<sup>F</sup> | 1.41% | 1.32% | 1.35% | 1.35% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.27 %<sup>F</sup> | 1.27% | 1.28% | 1.30% | 1.30% | 1.31 %<sup>G</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.85)%<sup>F</sup> | (0.87)% | (0.87)% | (1.00)%<sup>B</sup> | (1.13)% | (1.15)%<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.77)%<sup>F</sup> | (0.73)% | (0.83)% | (0.95)%<sup>B</sup> | (1.08)% | (1.07)% |
|  Portfolio turnover rate | 17 % <sup>E</sup> | 37% | 15% | 27% | 28% | 18% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Viper Energy Partners LP and Wingstop, Inc. amounting to $0.0146.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Wingstop, Inc. amounting to $0.0074.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>E</sup>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | A Class | A Class | A Class | A Class | A Class | A Class |
|  | Six Months<br>Ended<br> June 30,<br>2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $11.71 | $11.01 | $9.38 | $15.20 | $16.60 | $13.49 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.04)<sup>A</sup> | (0.67) | (1.72) | (0.10)<sup>A</sup> <sup>B</sup> | (0.19)<sup>A</sup> | (0.15)<sup>A</sup> <sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.38 | 2.36 | 3.52 | (4.28) | 2.47 | 5.19 |
|  Total income (loss) from investment operations | 0.34 | 1.69 | 1.80 | (4.38) | 2.28 | 5.04 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Total distributions |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Net asset value, end of period | $12.05 | $11.71 | $11.01 | $9.38 | $15.20 | $16.60 |
|  Total return<sup>D</sup> | 2.90 %<sup>E</sup> | 15.31% | 19.20% | (28.74)% | 13.99% | 37.25% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $5958274 | $4771737 | $5696802 | $22160000 | $7203359 | $6575393 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.52 %<sup>F</sup> | 1.56% | 1.48% | 1.43% | 1.38% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 1.28 %<sup>F</sup> | 1.28% | 1.28% | 1.28% | 1.28% | 1.28 %<sup>G</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (1.01)%<sup>F</sup> | (1.02)% | (0.98)% | (1.03)%<sup>B</sup> | (1.18)% | (1.11)%<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.77)%<sup>F</sup> | (0.74)% | (0.78)% | (0.88)%<sup>B</sup> | (1.08)% | (1.04)%<sup>C</sup> |
|  Portfolio turnover rate | 17 %<sup>E</sup> | 37% | 15% | 27% | 28% | 18% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Viper Energy Partners LP and Wingstop, Inc. amounting to $0.0115.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Wingstop, Inc. amounting to $0.0078.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>E</sup>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | C Class | C Class | C Class | C Class | C Class | C Class |
|  | Six Months<br> Ended<br> June 30,<br> 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br> Ended<br> June 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $9.08 | $8.79 | $7.58 | $12.91 | $14.63 | $12.15 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.07)<sup>A</sup> | (0.14)<sup>A</sup> | (0.13)<sup>A</sup> | (1.65)<sup>B</sup> | (0.53) | (1.69)<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.29 | 1.42 | 1.51 | (2.24) | 2.49 | 6.10 |
|  Total income (loss) from investment operations | 0.22 | 1.28 | 1.38 | (3.89) | 1.96 | 4.41 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Total distributions |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Net asset value, end of period | $9.30 | $9.08 | $8.79 | $7.58 | $12.91 | $14.63 |
|  Total return<sup>D</sup> | 2.42 %<sup>E</sup> | 14.51% | 18.22% | (30.04)% | 12.91% | 36.16% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $637242 | $817857 | $676861 | $262215 | $566124 | $675112 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 2.15 %<sup>F</sup> | 2.14% | 2.16% | 2.17% | 2.24% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 2.06 %<sup>F</sup> | 2.06% | 2.06% | 2.06% | 2.06% | 2.06 %<sup>G</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (1.66)%<sup>F</sup> | (1.60)% | (1.68)% | (1.79)%<sup>B</sup> | (2.04)% | (1.93)%<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (1.57)%<sup>F</sup> | (1.52)% | (1.58)% | (1.68)%<sup>B</sup> | (1.86)% | (1.84)%<sup>C</sup> |
|  Portfolio turnover rate | 17 %<sup>E</sup> | 37% | 15% | 27% | 28% | 18% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Viper Energy Partners LP and Wingstop, Inc. amounting to $0.0104.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Wingstop, Inc. amounting to $0.0063.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>E</sup>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

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

Financial Highlights

(For a share outstanding throughout the period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class | R6 Class |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | | | | | |
|  | Six Months<br>Ended<br> June 30,<br> 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|  | (unaudited) | | | | | |
|  Net asset value, beginning of period | $14.95 | $13.77 | $11.67 | $18.34 | $19.30 | $15.40 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss) | (0.03)<sup>A</sup> | (0.07) | (0.04) | (0.08)<sup>A B</sup> | (0.11) | (0.08)<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.48 | 2.24 | 2.31 | (5.15) | 2.83 | 5.91 |
|  Total income (loss) from investment operations | 0.45 | 2.17 | 2.27 | (5.23) | 2.72 | 5.83 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
| Total distributions |  | (0.99) | (0.17) | (1.44) | (3.68) | (1.93) |
|  Net asset value, end of period | $15.40 | $14.95 | $13.77 | $11.67 | $18.34 | $19.30 |
|  Total return<sup>D</sup> | 3.01 %<sup>E</sup> | 15.73% | 19.46% | (28.45)% | 14.30% | 37.76% |
|  Ratios and supplemental data: |  |  |  |  |  |  |
|  Net assets, end of period | $78869040 | $57330991 | $51853392 | $38307599 | $21521147 | $17036408 |
|  Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 1.04 %<sup>F</sup> | 1.04% | 1.05% | 1.04% | 1.01% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.96 %<sup>F</sup> | 0.96% | 0.96% | 0.96% | 0.96% | 0.95 %<sup>G</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), before expense reimbursements and/or recoupments | (0.54)%<sup>F</sup> | (0.48)% | (0.57)% | (0.63)%<sup>B</sup> | (0.80)% | (0.76)%<sup>C</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment (loss), net of reimbursements and/or recoupments | (0.46)%<sup>F</sup> | (0.40)% | (0.48)% | (0.55)%<sup>B</sup> | (0.75)% | (0.69)%<sup>C</sup> |
|  Portfolio turnover rate | 17 %<sup>E</sup> | 37% | 15% | 27% | 28% | 18% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Net investment income includes a significant dividend payment from Viper Energy Partners LP and Wingstop, Inc. amounting to $0.0141.* 

*<sup>C</sup>* *Net investment income includes a significant dividend payment from Wingstop, Inc. amounting to $0.0084.* 

*<sup>D</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

*<sup>E</sup>* *Not annualized.* 

*<sup>F</sup>* *Annualized.* 

*<sup>G</sup>* *Expense ratios may exceed stated expense caps in Note 2 due to security lending expenses, which are not reimbursable under the agreement with the Manager.* 

See accompanying notes

------

![LOGO](g817153g01a06.jpg)

Delivery of Documents

If you invest in the Fund through a financial institution, you may be able to receive the Fund's regulatory mailings, such as the Prospectus, Annual Report, Semi-Annual Report and Financial Statement Reports, by e-mail. If you are interested in this option, please go to www.icsdelivery.com and search for your financial institution's name or contact your financial institution directly.

You may request a paper copy of this document at no charge by contacting your financial institution. This document is also available for download at www.americanbeaconfunds.com or you can request an electronic copy by contacting your financial institution.

#### To obtain more information about the Fund:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g817153g02b06.jpg) | ![LOGO](g817153g03c06.jpg) |
| &nbsp;&nbsp;&nbsp;**By E-mail:** | **On the Internet:** |
| &nbsp;&nbsp;&nbsp; american_beacon.funds@ambeacon.com | Visit our website at<br> www.americanbeaconfunds.com |
| &nbsp;&nbsp;&nbsp; ![LOGO](g817153g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g817153g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g817153g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g817153g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g817153g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g817153g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| &nbsp;&nbsp;&nbsp; ![LOGO](g817153g04d06.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g817153g05e06.jpg) <br> **By Mail:**<br> American Beacon Funds<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

#### Fund Service Providers:
CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts DISTRIBUTOR Resolute Investment Distributors, Inc. Irving, Texas

*This report is prepared for shareholders of the American Beacon Funds and may be distributed to others only if preceded or accompanied by a current Prospectus or Summary Prospectus.* 

American Beacon Funds, American Beacon Stephens Mid-Cap Growth Fund and American Beacon Stephens Small Cap Growth Fund are service marks of American Beacon Advisors, Inc.

SAR 06/25

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The remuneration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Renewal and Approval of Management Agreement and Investment Advisory Agreement

At meetings held on May 20, 2025 and June 4, 2025 (collectively, the "Meetings"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Funds (the "Trust") considered and then, at its June 4, 2025 meeting, approved the renewal of: (1) the Management Agreement between American Beacon Advisors, Inc. ("Manager") and the Trust on behalf of the American Beacon AHL Managed Futures Strategy Fund ("Managed Futures Fund"), the American Beacon AHL TargetRisk Fund ("TargetRisk Fund") and the American Beacon AHL Multi-Alternatives Fund ("Multi-Alternatives Fund") (each, a "Fund" and collectively, the "Funds"); and (2) the Investment Advisory Agreement among the Manager, AHL Partners LLP (the "sub-advisor"), and the Trust (the "Investment Advisory Agreement"), on behalf of the Funds. The Management Agreement and the Investment Advisory Agreement are referred to herein individually as an "Agreement" and collectively as the "Agreements."

In preparation for its consideration of the renewal of the Agreements, the Board undertook steps to gather and consider information furnished by the Manager, the sub-advisor, Broadridge, Inc. ("Broadridge") and Morningstar, Inc. ("Morningstar"). The Board, with the assistance of independent legal counsel, requested and received certain relevant information from the Manager and the sub-advisor.

In advance of the Meetings, the Board's Investment Committee and/or the Manager coordinated the production of information from Broadridge and Morningstar regarding the performance, fees and expenses of the Funds as well as information from the Manager and the sub-advisor. At the Meetings, the Board considered the information provided in connection with the renewal process, as well as information furnished to the Board throughout the year at regular meetings of the Board and its committees. In connection with the Board's consideration of the Agreements, the Trustees received and evaluated such information as they deemed necessary. This information is described below in the section summarizing the factors the Board considered in connection with its renewal of the Agreements, as well as the section describing additional Board considerations with respect to each Fund.

The Board considered that the Manager provides management and administrative services to the Funds pursuant to the Management Agreement. The Board considered that many funds have separate contracts governing each type of service and observed that, with respect to such funds, the actual management fee rates provided by Broadridge for peer group funds reflect the combined advisory and administrative fees, reduced by any fee waivers and/or reimbursements.

The Manager or the sub-advisor may not have been able to, or opted not to, provide information in response to certain requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations.

Provided below is an overview of certain factors the Board considered in connection with its decision to approve the renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the renewal of each Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the renewal of investment advisory contracts, such as the Agreements, and related regulatory guidelines. Based on its evaluation, the Board unanimously concluded that the terms of each Agreement were reasonable and fair and that the renewal of each Agreement was in the best interests of the Funds and their shareholders.

#### Considerations With Respect to the Renewal of the Management Agreement and the Investment Advisory Agreement
In determining whether to approve the renewal of the Agreements, the Board considered each Fund's investment management and sub-advisory relationships separately. In each instance, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services provided; (2) the investment performance of each Fund and the sub-advisor for the Funds; (3) the profits, if any, earned by the Manager, in rendering services to the Funds; (4) comparisons of services and fee rates with contracts entered into by the

------

Renewal and Approval of Management Agreement and Investment Advisory Agreement

Manager or the sub-advisor or their affiliates with other clients (such as pension funds and other institutional clients); (5) the extent to which economies of scale, if any, have been taken into account in setting each fee rate schedule; (6) whether fee rate levels reflect economies of scale, if any, for the benefit of Fund investors; and (7) any other benefits derived or anticipated to be derived by the Manager or the sub-advisor from its relationship with a Fund.

*Nature, Extent and Quality of Services.* With respect to the renewal of the Management Agreement, the Board considered, among other factors: the Managed Futures Fund's and TargetRisk Fund's long-term performance, and the Multi-Alternatives Fund's performance since its inception on August 17, 2023; the length of service of key investment personnel at the Manager; the cost structure of the Funds; the financial capital structure of the Manager and its parent company; the Manager's culture of compliance and support that reduce risks to the Funds; the Manager's quality of services; the Manager's active role in monitoring and, as appropriate, recommending additional or replacement sub-advisors; and the Manager's representations regarding its efforts to retain key employees and maintain staffing levels.

With respect to the renewal of the Investment Advisory Agreement, the Board considered, among other factors: each Fund's investment performance; the representations made by the sub-advisor regarding the sub-advisor's level of staffing; the financial stability of the sub-advisor; and its compliance program. Based on the foregoing information, the Board concluded that the nature, extent and quality of the management and advisory services provided by the Manager and the sub-advisor were appropriate for each Fund.

*Investment Performance.* The Board evaluated the comparative information provided by Broadridge and the Manager regarding the performance of each Fund relative to its Broadridge Performance Universe, Morningstar Category, and/or benchmark index(es), as well as the Fund's Morningstar rating. The Board considered the information provided by Broadridge regarding its independent methodology for selecting each Fund's Broadridge Performance Universe. The Board also considered that the Performance Universes selected by Broadridge may not provide appropriate comparisons for a Fund due to the Fund's unique or distinctive investment strategies. In addition, the Board considered the performance reports and discussions with management at meetings of the Board and its committees throughout the year. The Board also evaluated the comparative information provided by the sub-advisor regarding the performance of each Fund relative to its benchmark index for the strategy and, for the TargetRisk Fund, relative to the performance of a comparable investment account managed by the sub-advisor. In addition, the Board considered the Manager's recommendation to continue to retain the sub-advisor. A discussion regarding the Board's considerations with respect to each Fund's performance appears below under "Additional Considerations and Conclusions with Respect to Each Fund."

*Costs of the Services Provided to the Funds and the Profits Realized by the Manager from its Relationship with the Funds.* In analyzing the costs of services and profitability of the Manager, the Board considered the revenues earned and the expenses incurred by the Manager, before and after the payment of distribution-related expenses by the Manager. The profits or losses were noted at both an aggregate level for all funds within the group of funds sponsored by the Manager (the "Fund Complex") and at an individual Fund level, with the Manager earning a profit before the payment of distribution-related expenses with respect to the Managed Futures Fund and Target Risk Fund and sustaining a loss with respect to the Multi-Alternatives Fund, and the Manager earning a profit with respect to the Managed Futures Fund after the payment of distribution-related expenses and sustaining a loss with respect to the TargetRisk Fund and Multi-Alternatives Fund. The Board also considered comparative information provided by the Manager regarding the Manager's overall profitability with respect to the Fund Complex relative to the overall profitability of other firms in the fund industry, as disclosed in publicly available sources. Although the Board considered that, in certain cases, the fee rates paid by other clients of the Manager are lower than the fee rates paid by the Funds, the Manager represented that the difference is attributable to, among other factors, the fact that the Manager does not perform administrative services for non-investment company clients and reflects the greater level of responsibility and regulatory requirements associated with managing the Funds. The Board also considered that, for all shares classes of the Multi-Alternatives Fund and for certain share classes of the TargetRisk Fund, the Manager is waiving fees and/or reimbursing expenses.

------

Renewal and Approval of Management Agreement and Investment Advisory Agreement

The Board further considered that, with respect to each Fund, the Management Agreement provides for the Manager to receive a management fee comprised of an annualized fee that is retained by the Manager. The Board also considered that certain share classes of the Funds maintain higher expense ratios in order to compensate third-party financial intermediaries.

In analyzing the fee rates charged by the sub-advisor in connection with its investment advisory services to a Fund, the Board considered representations made by the sub-advisor that with respect to the Managed Futures Fund and the Multi-Alternatives Fund, the sub-advisor does not manage any comparable client accounts and therefore did not provide fee schedules for comparable investment accounts, and with respect to the TargetRisk Fund, the sub-advisory fee rate schedule generally was favorable compared to other comparable client accounts. The Board did not request profitability data from the sub-advisor because the Board did not view this data as imperative to its deliberations given the arm's-length nature of the relationship between the Manager and the sub-advisor with respect to the negotiation of sub-advisory fee rates. In addition, the Board considered that the sub-advisor may not account for its profits on an account-by-account basis and that different firms likely employ different methodologies in connection with these calculations.

Based on the foregoing information, the Board concluded that the profitability levels of the Manager were reasonable in light of the services performed by the Manager. A discussion regarding the Board's considerations with respect to each Fund's fee rates is set forth below under "Additional Considerations and Conclusions with Respect to Each Fund."

*Economies of Scale.* In considering the reasonableness of the management and investment advisory fee rates, the Board considered whether economies of scale will be realized as each Fund grows and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. In this regard, the Board considered that, with respect to the TargetRisk Fund and Multi-Alternatives Fund, the Manager has negotiated breakpoints for the sub-advisory fee rates. The Board also considered that the current assets of the TargetRisk Fund and Multi-Alternatives Fund did not exceed the threshold necessary to reach the first sub-advisory fee rate breakpoint.

In addition, the Board considered the Manager's representation that the Management Agreement contains fee schedule breakpoints at higher asset levels with respect to each Fund. In this regard, the Board considered that each Fund's current assets did not exceed the threshold necessary to reach the first management fee breakpoint. Based on the foregoing information, the Board concluded that the Manager and sub-advisor fee rate schedules for each Fund provide for a reasonable sharing of benefits from any economies of scale with each Fund.

*Benefits Derived from the Relationship with the Funds.* The Board considered the Manager's and sub-advisor's responses to inquiries regarding "fall-out" or ancillary benefits that accrue to the Manager and/or the sub-advisor as a result of the advisory relationships with the Funds. For example, the Board considered that the Manager may invest the Funds' cash balances in the American Beacon U.S. Government Money Market Select Fund, which the Manager manages directly, and for which the Manager receives a fee. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Manager and the sub-advisor by virtue of their relationships with the Funds appear to be fair and reasonable.

#### Additional Considerations and Conclusions with Respect to Each Fund
The performance comparisons below were made for the Managed Futures Fund's and TargetRisk Fund's R5 Class shares relative to the Fund's Broadridge Performance Universe and Morningstar Category. The Multi-Alternatives Fund does not offer R5 Class shares. Therefore, that Fund's performance comparisons were made to the Fund's Y Class shares. With respect to the Broadridge Performance Universe, the 1st Quintile represents the top 20 percent of the universe based on performance, and the 5th Quintile represents the bottom 20 percent of the universe based on performance. References to a Fund's Broadridge Performance Universe are to the respective universe of funds with comparable investment classifications and objectives as determined by Broadridge.

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

In reviewing the performance, the Board considered that the Manager views longer-term performance over a full market cycle, which is typically three to five years, as being the most important consideration because relative performance over shorter periods may be significantly impacted by market or economic events and not necessarily reflective of sub-advisor skill. The Board noted that, while the Managed Futures Fund and TargetRisk Fund had more than five years of performance, the Multi-Alternatives Fund had a shorter-term performance record, and evaluated the information provided.

The expense comparisons in the Additional Considerations and Conclusions sections below were made for the Managed Futures Fund's and TargetRisk Fund's R5 Class shares relative to the Fund's Broadridge Expense Universe and Broadridge Expense Group. For the Multi-Alternatives Fund, which does not offer R5 Class shares, the Fund's Y Class shares were used for the purposes of expense comparisons to the Broadridge Expense Universe and Broadridge Expense Group. The expense comparisons below were made for each Fund's Y Class shares relative to the Fund's Morningstar Fee Level universe. The 1st Quintile represents the lowest 20 percent of the universe or group based on lowest total expense, and the 5th Quintile represents the highest 20 percent of the universe or group based on highest total expense. References to each Fund's Expense Group and Expense Universe are to the respective group or universe of comparable funds as determined by Broadridge. Broadridge Expense Groups consist of the Fund and a representative sample of funds with similar operating structures and asset sizes, as selected by Broadridge. A Broadridge Expense Universe includes all funds with comparable investment classifications/objectives and similar operating structures to that of the share class under review for each Fund, including funds in the Broadridge Expense Group. The Broadridge expense comparisons are based on the most recent audited financial information publicly available for a Fund as of December 31, 2024. References to each Fund's Morningstar Fee Level ranking are to the institutional share class of comparable funds as determined by Morningstar.

For each Fund, the Board considered a Fund's Morningstar fee level category with the 1st Quintile representing the lowest 20 percent of the category constituents and the 5th Quintile representing the highest 20 percent of the category in terms of total expense.

#### Additional Considerations and Conclusions with Respect to the American Beacon AHL Managed Futures Strategy Fund
In considering the renewal of the Agreements for the Managed Futures Fund, the Board considered the following additional factors:

---

| | | |
|:---|:---|:---|
| Broadridge Total Expenses Excluding 12b-1 Fees and Morningstar Fee Level Ranking | Broadridge Total Expenses Excluding 12b-1 Fees and Morningstar Fee Level Ranking |  |
|  Compared to Broadridge Expense Group | 3 | <sup>rd</sup> Quintile |
|  Compared to Broadridge Expense Universe | 3 | <sup>rd</sup> Quintile |
|  Morningstar Fee Level Ranking | 4 | <sup>th</sup> Quintile |

---

---

| | | |
|:---|:---|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) | Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) |  |
|  Compared to Broadridge Performance Universe | 2 | <sup>nd</sup> Quintile |
|  Compared to Morningstar Category | 2 | <sup>nd</sup> Quintile |

---

The Board also considered: (1) that while the Fund's Morningstar Fee Level Ranking was in the 4th quintile, the Fund's Broadridge Expense Group and Broadridge Expense Universe rankings were in the 3rd quintile; and (2) the Manager's recommendation to continue to retain the sub-advisor.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and sub-advisor under the Management and Investment Advisory Agreements are fair and reasonable; and (2) determined that the Managed Futures Fund and its shareholders would benefit from the Manager's and sub-advisor's continued management of the Fund.

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

#### Additional Considerations and Conclusions with Respect to the American Beacon AHL Multi-Alternatives Fund
In considering the renewal of the Agreements for the Multi-Alternatives Fund, the Board considered the following additional factors:

---

| | | |
|:---|:---|:---|
| Broadridge Total Expenses Excluding 12b-1 Fees and Morningstar Fee Level Ranking | Broadridge Total Expenses Excluding 12b-1 Fees and Morningstar Fee Level Ranking |  |
|  Compared to Broadridge Expense Group | 3 | <sup>rd</sup> Quintile |
|  Compared to Broadridge Expense Universe | 4 | <sup>th</sup> Quintile |
|  Morningstar Fee Level Ranking | 3 | <sup>rd</sup> Quintile |

---

---

| | | |
|:---|:---|:---|
| Broadridge and Morningstar Performance Analysis (one-year period ended December 31, 2024) | Broadridge and Morningstar Performance Analysis (one-year period ended December 31, 2024) |  |
|  Compared to Broadridge Performance Universe | 4 | <sup>th</sup> Quintile |
|  Compared to Morningstar Category | 4 | <sup>th</sup> Quintile |

---

The Board also considered: (1) that while the Fund's Broadridge Expense Universe ranking was in the 4th quintile, the Broadridge Expense Group ranking and Morningstar Fee Level Ranking were in the 3rd quintile; and (2) the Manager's recommendation to continue to retain the sub-advisor based upon, among other factors, the relatively brief period that this Fund has been in operation, given that the Board typically gives greater weight to a Fund's longer-term performance.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and sub-advisor under the Management and Investment Advisory Agreements are fair and reasonable; and (2) determined that the Multi-Alternatives Fund and its shareholders would benefit from the Manager's and sub-advisor's continued management of the Fund.

#### Additional Considerations and Conclusions with Respect to the American Beacon AHL TargetRisk Fund
In considering the renewal of the Agreements for the TargetRisk Fund, the Board considered the following additional factors:

---

| | | |
|:---|:---|:---|
| Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking | Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking |  |
|  Compared to Broadridge Expense Group | 2 | <sup>nd</sup> Quintile |
|  Compared to Broadridge Expense Universe | 3 | <sup>rd</sup> Quintile |
|  Morningstar Fee Level Ranking | 2 | <sup>nd</sup> Quintile |

---

---

| | | |
|:---|:---|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) | Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) |  |
|  Compared to Broadridge Performance Universe | 2 | <sup>nd</sup> Quintile |
|  Compared to Morningstar Category | 4 | <sup>th</sup> Quintile |

---

The Board also considered: (1) the Manager's discussion of the challenges in evaluating the Fund's performance relative to its Morningstar Category, given that few of the funds in its Morningstar Category pursue a comparable investment strategy; and (2) the Manager's recommendation to continue to retain the sub-advisor.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and the sub-advisor under the Management and Investment Advisory Agreements are fair and reasonable; and (2) determined that the TargetRisk Fund and its shareholders would benefit from the Manager's and sub-advisor's continued management of the Fund.

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

At meetings held on May 20, 2025 and June 4, 2025 (collectively, the "Meetings"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Funds (the "Trust") considered and then, at its June 4, 2025 meeting, approved the renewal of: (1) the Management Agreement between American Beacon Advisors, Inc. ("Manager") and the Trust on behalf of the American Beacon Man Large Cap Growth Fund ("LCG Fund") and the American Beacon Man Large Cap Value Fund ("LCV Fund") (each, a "Fund" and collectively, the "Funds"); and (2) the Investment Advisory Agreement among the Manager, Numeric Investors LLC ("Numeric" or the "sub-advisor"), and the Trust (the "Investment Advisory Agreement"), on behalf of the Funds. The Management Agreement and the Investment Advisory Agreement are referred to herein individually as an "Agreement" and collectively as the "Agreements."

In preparation for its consideration of the renewal of the Agreements, the Board undertook steps to gather and consider information furnished by the Manager, the sub-advisor, Broadridge, Inc. ("Broadridge") and Morningstar, Inc. ("Morningstar"). The Board, with the assistance of independent legal counsel, requested and received certain relevant information from the Manager and the sub-advisor.

In advance of the Meetings, the Board's Investment Committee and/or the Manager coordinated the production of information from Broadridge and Morningstar regarding the performance, fees and expenses of the Funds as well as information from the Manager and the sub-advisor. At the Meetings, the Board considered the information provided in connection with the renewal process, as well as information furnished to the Board throughout the year at regular meetings of the Board and its committees. In connection with the Board's consideration of the Agreements, the Trustees received and evaluated such information as they deemed necessary. This information is described below in the section summarizing the factors the Board considered in connection with its renewal of the Agreements, as well as the section describing additional Board considerations with respect to each Fund.

The Board considered that the Manager provides management and administrative services to the Funds pursuant to the Management Agreement. The Board considered that many funds have separate contracts governing each type of service and observed that, with respect to such funds, the actual management fee rates provided by Broadridge for peer group funds reflect the combined advisory and administrative fees, reduced by any fee waivers and/or reimbursements.

The Manager or the sub-advisor may not have been able to, or opted not to, provide information in response to certain requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations.

Provided below is an overview of certain factors the Board considered in connection with its decision to approve the renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the renewal of each Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the renewal of investment advisory contracts, such as the Agreements, and related regulatory guidelines. Based on its evaluation, the Board unanimously concluded that the terms of each Agreement were reasonable and fair and that the renewal of each Agreement was in the best interests of the Funds and their shareholders.

#### Considerations With Respect to the Renewal of the Management Agreement and the Investment Advisory Agreement
In determining whether to approve the renewal of the Agreements, the Board considered each Fund's investment management and sub-advisory relationships separately. In each instance, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services provided; (2) the investment performance of the Funds and the sub-advisor for the Funds; (3) the profits, if any, earned by the Manager, in rendering services to the Funds; (4) comparisons of services and fee rates with contracts entered into by the

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

Manager or the sub-advisor or their affiliates with other clients (such as pension funds and other institutional clients); (5) the extent to which economies of scale, if any, have been taken into account in setting each fee rate schedule; (6) whether fee rate levels reflect economies of scale, if any, for the benefit of Fund investors; and (7) any other benefits derived or anticipated to be derived by the Manager or the sub-advisor from its relationship with a Fund.

*Nature, Extent and Quality of Services.* With respect to the renewal of the Management Agreement, the Board considered, among other factors: each Fund's investment performance; the length of service of key investment personnel at the Manager; the cost structure of the Funds; the financial capital structure of the Manager and its parent company; the Manager's culture of compliance and support that reduce risks to the Funds; the Manager's quality of services; the Manager's active role in monitoring and, as appropriate, recommending additional or replacement sub-advisors; and the Manager's representations regarding its efforts to retain key employees and maintain staffing levels.

With respect to the renewal of the Investment Advisory Agreement, the Board considered, among other factors: each Fund's investment performance; the representations made by the sub-advisor regarding the sub-advisor's level of staffing; the financial stability of the sub-advisor; and its compliance program. Based on the foregoing information, the Board concluded that the nature, extent and quality of the management and advisory services provided by the Manager and the sub-advisor were appropriate for each Fund.

*Investment Performance.* The Board evaluated the comparative information provided by Broadridge and the Manager regarding the performance of each Fund relative to its Broadridge Performance Universe, Morningstar Category, and/or benchmark index(es), as well as the Fund's Morningstar rating. The Board considered the information provided by Broadridge regarding its independent methodology for selecting each Fund's Broadridge Performance Universe. In addition, the Board considered the performance reports and discussions with management at meetings of the Board and its committees throughout the year. The Board also evaluated the comparative information provided by the sub-advisor regarding the performance of each Fund relative to its benchmark index for the strategy. In addition, the Board considered the Manager's recommendation to continue to retain the sub-advisor. A discussion regarding the Board's considerations with respect to each Fund's performance appears below under "Additional Considerations and Conclusions with Respect to Each Fund."

*Costs of the Services Provided to the Funds and the Profits Realized by the Manager from its Relationship with the Funds.* In analyzing the costs of services and profitability of the Manager, the Board considered the revenues earned and the expenses incurred by the Manager, before and after the payment of distribution-related expenses by the Manager. The profits or losses were noted at both an aggregate level for funds within the group of funds sponsored by the Manager (the "Fund Complex") and at an individual Fund level, with the Manager earning a profit before and after the payment of distribution-related expenses by the Manager, with respect to each Fund. The Board also considered comparative information provided by the Manager regarding the Manager's overall profitability with respect to the Fund Complex relative to the overall profitability of other firms in the fund industry, as disclosed in publicly available sources. Although the Board considered that, in certain cases, the fee rates paid by other clients of the Manager are lower than the fee rates paid by the Funds, the Manager represented that the difference is attributable to, among other factors, the fact that the Manager does not perform administrative services for non-investment company clients and reflects the greater level of responsibility and regulatory requirements associated with managing the Funds. The Board also considered that, for the LCG Fund and its share classes, the Manager is waiving a portion of its fees and/or reimbursing certain expenses.

The Board further considered that, with respect to each Fund, the Management Agreement provides for the Manager to receive a management fee comprised of an annualized fee that is retained by the Manager. In addition, the Board considered that the Manager receives fees for administering and overseeing the securities lending program on behalf of the Funds. The Board also considered that certain share classes of the Funds maintain higher expense ratios in order to compensate third-party financial intermediaries.

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

In analyzing the fee rates charged by the sub-advisor in connection with its investment advisory services to a Fund, the Board considered representations made by the sub-advisor that with respect to each Fund, the sub-advisor does not manage any other client accounts in the strategy of either Fund. Therefore, the sub-advisor did not provide fee schedules for comparable investment accounts managed by the sub-advisor. The Board did not request profitability data from the sub-advisor because the Board did not view this data as imperative to its deliberations given the arm's-length nature of the relationship between the Manager and the sub-advisor with respect to the negotiation of sub-advisory fee rates. In addition, the Board considered that the sub-advisor may not account for its profits on an account-by-account basis and that different firms likely employ different methodologies in connection with these calculations.

Based on the foregoing information, the Board concluded that the profitability levels of the Manager were reasonable in light of the services performed by the Manager. A discussion regarding the Board's considerations with respect to each Fund's fee rates is set forth below under "Additional Considerations and Conclusions with Respect to Each Fund."

*Economies of Scale.* In considering the reasonableness of the management and investment advisory fee rates, the Board considered whether economies of scale will be realized as each Fund grows and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. In this regard, the Board considered that, with respect to each Fund, the Manager has negotiated breakpoints for the sub-advisory fee rates. The Board also considered that the current assets of each Fund did not exceed the threshold necessary to reach the first sub-advisory fee rate breakpoint.

In addition, the Board considered the Manager's representation that the Management Agreement contains fee schedule breakpoints at higher asset levels with respect to each Fund. In this regard, the Board considered that each Fund's current assets did not exceed the threshold necessary to reach the first management fee breakpoint. Based on the foregoing information, the Board concluded that the Manager and sub-advisor fee rate schedules for each Fund provide for a reasonable sharing of benefits from any economies of scale with each Fund.

*Benefits Derived from the Relationship with the Funds.* The Board considered the Manager's and sub-advisor's responses to inquiries regarding "fall-out" or ancillary benefits that accrue to the Manager and/or the sub-advisor as a result of the advisory relationships with the Funds. For example, the Board considered that the Manager may invest the Funds' cash balances and cash collateral provided by the borrowers of the Funds' securities in the American Beacon U.S. Government Money Market Select Fund, which the Manager manages directly, and for which the Manager receives a fee. Similarly, the Board considered that the sub-advisor benefits from soft dollar arrangements for proprietary and/or third-party research. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Manager and the sub-advisor by virtue of their relationships with the Funds appear to be fair and reasonable.

#### Additional Considerations and Conclusions with Respect to Each Fund
The performance comparisons below were made for each Fund's R5 Class shares relative to the Fund's Broadridge Performance Universe and Morningstar Category. With respect to the Broadridge Performance Universe, the 1st Quintile represents the top 20 percent of the universe based on performance, and the 5th Quintile represents the bottom 20 percent of the universe based on performance. References to each Fund's Broadridge Performance Universe are to the respective universe of funds with comparable investment classifications and objectives as determined by Broadridge.

In reviewing the performance, the Board considered that the Manager views longer-term performance over a full market cycle, which is typically three to five years, as being the most important consideration because relative performance over shorter periods may be significantly impacted by market or economic events and not necessarily reflective of sub-advisor skill.

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

The expense comparisons in the Additional Considerations and Conclusions sections below were made for each Fund's R5 Class shares relative to the Fund's Broadridge Expense Universe and Broadridge Expense Group, and Y Class shares relative to the Fund's Morningstar Fee Level universe. The 1st Quintile represents the lowest 20 percent of the universe or group based on lowest total expense, and the 5th Quintile represents the highest 20 percent of the universe or group based on highest total expense. References to each Fund's Expense Group and Expense Universe are to the respective group or universe of comparable funds as determined by Broadridge. Broadridge Expense Groups consist of the Fund and a representative sample of funds with similar operating structures and asset sizes, as selected by Broadridge. A Broadridge Expense Universe includes all funds with comparable investment classifications/objectives and similar operating structures to that of the share class under review for each Fund, including funds in the Broadridge Expense Group. The Broadridge expense comparisons are based on the most recent audited financial information publicly available for a Fund as of December 31, 2024. References to each Fund's Morningstar Fee Level ranking are to the institutional share class of comparable funds as determined by Morningstar.

For each Fund, the Board considered a Fund's Morningstar fee level category with the 1st Quintile representing the lowest 20 percent of the category constituents and the 5th Quintile representing the highest 20 percent of the category in terms of total expense.

#### Additional Considerations and Conclusions with Respect to the American BeaconMan Large Cap Growth Fund
In considering the renewal of the Agreements for the LCG Fund, the Board considered the following additional factors:

---

| | | |
|:---|:---|:---|
| Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking | Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking |  |
|  Compared to Broadridge Expense Group | 2 | <sup>nd</sup> Quintile |
|  Compared to Broadridge Expense Universe | 3 | <sup>rd</sup> Quintile |
|  Morningstar Fee Level Ranking | 4 | <sup>th</sup> Quintile |

---

---

| | | |
|:---|:---|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024)\* | Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024)\* |  |
|  Compared to Broadridge Performance Universe | 2 | <sup>nd</sup> Quintile |
|  Compared to Morningstar Category | 4 | <sup>th</sup> Quintile |

---

\* Numeric began managing the Fund effective May 1, 2024. Performance through April 30, 2024, reflects the Fund's performance under the management of its prior sub-advisor.

The Board also considered: (1) that, at the Manager's recommendation, the Board had approved the termination of the Fund's prior sub-advisor and the retention of Numeric as the Fund's sub-advisor effective May 1, 2024; (2) that while the Fund's Morningstar Fee Level Ranking was in the 4th quintile, the Fund's Broadridge Expense Group and Broadridge Expense Universe rankings were in the 2nd and 3rd quintile, respectively; and (3) the Manager's recommendation to continue to retain the sub-advisor based upon, among other factors, the relatively brief period that the sub-advisor has been managing assets for the Fund, given that the Board typically gives greater weight to a Fund's longer-term performance.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and sub-advisor under the Agreements are fair and reasonable; and (2) determined that the LCG Fund and its shareholders would benefit from the Manager's and sub-advisor's continued management of the LCG Fund.

#### Additional Considerations and Conclusions with Respect to the American BeaconMan Large Cap Value Fund
In considering the renewal of the Agreements for the LCV Fund, the Board considered the following additional factors:

---

| | | |
|:---|:---|:---|
| Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking | Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking |  |
|  Compared to Broadridge Expense Group | 4 | <sup>th</sup> Quintile |
|  Compared to Broadridge Expense Universe | 5 | <sup>th</sup> Quintile |
|  Morningstar Fee Level Ranking | 5 | <sup>th</sup> Quintile |

---

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

---

| | | |
|:---|:---|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024)\* | Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024)\* |  |
|  Compared to Broadridge Performance Universe | 5 | <sup>th</sup> Quintile |
|  Compared to Morningstar Category | 5 | <sup>th</sup> Quintile |

---

\* Numeric began managing the Fund effective May 1, 2024. Performance through April 30, 2024, reflects the Fund's performance under the management of its prior sub-advisor.

The Board also considered: (1) that, at the Manager's recommendation, the Board had approved the termination of the Fund's prior sub-advisor and the retention of Numeric as the Fund's sub-advisor effective May 1, 2024; (2) that while the Fund's Broadridge Expense Group ranking was in the 4th quintile, and the Fund's Broadridge Expense Universe and Morningstar Fee Level rankings were in the 5th quintile, Numeric's fee is lower than that of the prior sub-advisor, and the impact of the fee reduction is only reflected in the Fund's expense ratio beginning May 1, 2024; and (3) the Manager's recommendation to continue to retain the sub-advisor based upon, among other factors, the relatively brief period that the sub-advisor has been managing assets for the Fund, given that the Board typically gives greater weight to a Fund's longer-term performance.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and sub-advisor under the Agreements are fair and reasonable; and (2) determined that the LCV Fund and its shareholders would benefit from the Manager's and sub-advisor's continued management of the LCV Fund.

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

At meetings held on May 20, 2025 and June 4, 2025 (collectively, the "Meetings"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Funds (the "Trust") considered and then, at its June 4, 2025 meeting, approved the renewal of: (1) the Management Agreement between American Beacon Advisors, Inc. ("Manager") and the Trust on behalf of the American Beacon Stephens Mid-Cap Growth Fund ("MCG Fund") and the American Beacon Stephens Small Cap Growth Fund ("SCG Fund") (each, a "Fund" and collectively, the "Funds"); and (2) the Investment Advisory Agreement among the Manager, Stephens Investment Management Group, LLC (the "sub-advisor"), and the Trust (the "Investment Advisory Agreement"), on behalf of the Funds. The Management Agreement and the Investment Advisory Agreement are referred to herein individually as an "Agreement" and collectively as the "Agreements."

In preparation for its consideration of the renewal of the Agreements, the Board undertook steps to gather and consider information furnished by the Manager, the sub-advisor, Broadridge, Inc. ("Broadridge") and Morningstar, Inc. ("Morningstar"). The Board, with the assistance of independent legal counsel, requested and received certain relevant information from the Manager and the sub-advisor.

In advance of the Meetings, the Board's Investment Committee and/or the Manager coordinated the production of information from Broadridge and Morningstar regarding the performance, fees and expenses of the Funds as well as information from the Manager and the sub-advisor. At the Meetings, the Board considered the information provided in connection with the renewal process, as well as information furnished to the Board throughout the year at regular meetings of the Board and its committees. In connection with the Board's consideration of the Agreements, the Trustees received and evaluated such information as they deemed necessary. This information is described below in the section summarizing the factors the Board considered in connection with its renewal of the Agreements, as well as the section describing additional Board considerations with respect to each Fund.

The Board considered that the Manager provides management and administrative services to the Funds pursuant to the Management Agreement. The Board considered that many funds have separate contracts governing each type of service and observed that, with respect to such funds, the actual management fee rates provided by Broadridge for peer group funds reflect the combined advisory and administrative fees, reduced by any fee waivers and/or reimbursements.

The Manager or the sub-advisor may not have been able to, or opted not to, provide information in response to certain requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations.

Provided below is an overview of certain factors the Board considered in connection with its decision to approve the renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the renewal of each Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the renewal of investment advisory contracts, such as the Agreements, and related regulatory guidelines. Based on its evaluation, the Board unanimously concluded that the terms of each Agreement were reasonable and fair and that the renewal of each Agreement was in the best interests of the Funds and their shareholders.

#### Considerations With Respect to the Renewal of the Management Agreement and the Investment Advisory Agreement
In determining whether to approve the renewal of the Agreements, the Board considered each Fund's investment management and sub-advisory relationships separately. In each instance, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services provided; (2) the investment performance of the Funds and the sub-advisor for the Funds; (3) the profits, if any, earned by the Manager in rendering services to the Funds; (4) comparisons of services and fee rates with contracts entered into by the

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Renewal and Approval of Management Agreement and Investment Advisory Agreement

Manager or the sub-advisor or their affiliates with other clients (such as pension funds and other institutional clients); (5) the extent to which economies of scale, if any, have been taken into account in setting each fee rate schedule; (6) whether fee rate levels reflect economies of scale, if any, for the benefit of Fund investors; and (7) any other benefits derived or anticipated to be derived by the Manager or the sub-advisor from its relationship with a Fund.

*Nature, Extent and Quality of Services.* With respect to the renewal of the Management Agreement, the Board considered, among other factors: each Fund's investment performance; the length of service of key investment personnel at the Manager; the cost structure of the Funds; the financial capital structure of the Manager and its parent company; the Manager's culture of compliance and support that reduce risks to the Funds; the Manager's quality of services; the Manager's active role in monitoring and, as appropriate, recommending additional or replacement sub-advisors; and the Manager's representations regarding its efforts to retain key employees and maintain staffing levels.

With respect to the renewal of the Investment Advisory Agreement, the Board considered, among other factors: each Fund's investment performance; the representations made by the sub-advisor regarding the sub-advisor's level of staffing; financial stability of the sub-advisor; and its compliance program. Based on the foregoing information, the Board concluded that the nature, extent and quality of the management and advisory services provided by the Manager and the sub-advisor were appropriate for each Fund.

*Investment Performance.* The Board evaluated the comparative information provided by Broadridge and the Manager regarding the performance of each Fund relative to its Broadridge Performance Universe, Morningstar Category, and/or benchmark index(es), as well as the Fund's Morningstar rating. The Board considered the information provided by Broadridge regarding its independent methodology for selecting each Fund's Broadridge Performance Universe. In addition, the Board considered the performance reports and discussions with management at meetings of the Board and its committees throughout the year. The Board also evaluated the comparative information provided by the sub-advisor regarding the performance of each Fund relative to the performance of a composite of other comparable investment accounts managed by the sub-advisor and the Fund's benchmark index for the strategy. In addition, the Board considered the Manager's recommendation to continue to retain the sub-advisor. A discussion regarding the Board's considerations with respect to each Fund's performance appears below under "Additional Considerations and Conclusions with Respect to Each Fund."

*Costs of the Services Provided to the Funds and the Profits Realized by the Manager from its Relationship with the Funds.* In analyzing the costs of services and profitability of the Manager, the Board considered the revenues earned and the expenses incurred by the Manager, before and after the payment of distribution-related expenses by the Manager. The profits or losses were noted at both an aggregate level for all funds within the group of funds sponsored by the Manager (the "Fund Complex") and at an individual Fund level, with the Manager earning a profit before and after the payment of distribution-related expenses by the Manager for each Fund. The Board also considered comparative information provided by the Manager regarding the Manager's overall profitability with respect to the Fund Complex relative to the overall profitability of other firms in the fund industry, as disclosed in publicly available sources. Although the Board considered that, in certain cases, the fee rates paid by other clients of the Manager are lower than the fee rates paid by the Funds, the Manager represented that the difference is attributable to, among other factors, the fact that the Manager does not perform administrative services for non-investment company clients and reflects the greater level of responsibility and regulatory requirements associated with managing the Funds. The Board also considered that, for each Fund and certain of its share classes, the Manager is waiving a portion of its fees and/or reimbursing certain expenses.

The Board further considered that, with respect to each Fund, the Management Agreement provides for the Manager to receive a management fee comprised of an annualized fee that is retained by the Manager. In addition, the Board considered that the Manager receives fees for administering and overseeing the securities lending program on behalf of the Funds. The Board also considered that certain share classes of the Funds maintain higher expense ratios in order to compensate third-party financial intermediaries.

------

Renewal and Approval of Management Agreement and Investment Advisory Agreement

In analyzing the fee rates charged by the sub-advisor in connection with its investment advisory services to a Fund, the Board considered representations made by the sub-advisor that each Fund's sub-advisory fee rate schedule generally was favorable compared to other comparable client accounts. The Board did not request profitability data from the sub-advisor because the Board did not view this data as imperative to its deliberations given the arm's-length nature of the relationship between the Manager and the sub-advisor with respect to the negotiation of sub-advisory fee rates. In addition, the Board considered that the sub-advisor may not account for its profits on an account-by-account basis and that different firms likely employ different methodologies in connection with these calculations.

Based on the foregoing information, the Board concluded that the profitability levels of the Manager were reasonable in light of the services performed by the Manager. A discussion regarding the Board's considerations with respect to each Fund's fee rates is set forth below under "Additional Considerations and Conclusions with Respect to Each Fund."

*Economies of Scale.* In considering the reasonableness of the management and investment advisory fee rates, the Board considered whether economies of scale will be realized as each Fund grows and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. In this regard, the Board considered that, with respect to the SCG Fund, the Manager has negotiated a breakpoint for the sub-advisory fee rate. The Board also considered that the current assets of the SCG Fund did exceed the threshold necessary to reach the sub-advisory fee rate breakpoint.

In addition, the Board considered the Manager's representation that the Management Agreement contains fee schedule breakpoints at higher asset levels with respect to each Fund. In this regard, the Board considered that each Fund's current assets did not exceed the threshold necessary to reach the first management fee breakpoint. Based on the foregoing information, the Board concluded that the Manager and sub-advisor fee rate schedules for each Fund provide for a reasonable sharing of benefits from any economies of scale with each Fund.

*Benefits Derived from the Relationship with the Funds.* The Board considered the Manager's and sub-advisor's responses to inquiries regarding "fall-out" or ancillary benefits that accrue to the Manager and/or the sub-advisor as a result of the advisory relationships with the Funds. For example, the Board considered that the Manager may invest the Funds' cash balances and cash collateral provided by the borrowers of the Funds' securities in the American Beacon U.S. Government Money Market Select Fund, which the Manager manages directly, and for which the Manager receives a fee. Similarly, the Board considered that the sub-advisor benefits from soft dollar arrangements for proprietary and/or third-party research. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Manager and the sub-advisor by virtue of their relationships with the Funds appear to be fair and reasonable.

#### Additional Considerations and Conclusions with Respect to Each Fund
The performance comparisons below were made for each Fund's R5 Class shares relative to the Fund's Broadridge Performance Universe and Morningstar Category. With respect to the Broadridge Performance Universe, the 1st Quintile represents the top 20 percent of the universe based on performance, and the 5th Quintile represents the bottom 20 percent of the universe based on performance. References to each Fund's Broadridge Performance Universe are to the respective universe of funds with comparable investment classifications and objectives as determined by Broadridge.

In reviewing the performance, the Board considered that the Manager views longer-term performance over a full market cycle, which is typically three to five years, as being the most important consideration because relative performance over shorter periods may be significantly impacted by market or economic events and not necessarily reflective of sub-advisor skill.

The expense comparisons in the Additional Considerations and Conclusions sections below were made for each Fund's R5 Class shares relative to the Fund's Broadridge Expense Universe and Broadridge Expense Group, and

------

Renewal and Approval of Management Agreement and Investment Advisory Agreement

Y Class shares relative to the Fund's Morningstar Fee Level universe. The 1st Quintile represents the lowest 20 percent of the universe or group based on lowest total expense, and the 5th Quintile represents the highest 20 percent of the universe or group based on highest total expense. References to each Fund's Expense Group and Expense Universe are to the respective group or universe of comparable funds as determined by Broadridge. Broadridge Expense Groups consist of the Fund and a representative sample of funds with similar operating structures and asset sizes, as selected by Broadridge. A Broadridge Expense Universe includes all funds with comparable investment classifications/objectives and similar operating structures to that of the share class under review for each Fund, including funds in the Broadridge Expense Group. The Broadridge expense comparisons are based on the most recent audited financial information publicly available for a Fund as of December 31, 2024. References to each Fund's Morningstar Fee Level ranking are to the institutional share class of comparable funds as determined by Morningstar.

For each Fund, the Board considered a Fund's Morningstar fee level category with the 1st Quintile representing the lowest 20 percent of the category constituents and the 5th Quintile representing the highest 20 percent of the category in terms of total expense.

#### Additional Considerations and Conclusions with Respect to the American Beacon Stephens Mid-Cap Growth Fund
In considering the renewal of the Agreements for the MCG Fund, the Board considered the following additional factors:

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| | | |
|:---|:---|:---|
| Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking | Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking |  |
|  Compared to Broadridge Expense Group | 4 | <sup>th</sup> Quintile |
|  Compared to Broadridge Expense Universe | 4 | <sup>th</sup> Quintile |
|  Morningstar Fee Level Ranking | 4 | <sup>th</sup> Quintile |

---

---

| | | |
|:---|:---|:---|
| Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) | Broadridge and Morningstar Performance Analysis (five-year period ended December 31, 2024) |  |
|  Compared to Broadridge Performance Universe | 2 | <sup>nd</sup> Quintile |
|  Compared to Morningstar Category | 2 | <sup>nd</sup> Quintile |

---

The Board also considered: (1) that while the Fund's Broadridge Expense Group and Expense Universe rankings and its Morningstar Fee Level Ranking were in the 4th quintile, the Fund's trailing five-year performance, net of expenses, was in the 2nd quintile of its Broadridge Performance Universe and Morningstar Category; and (2) the Manager's recommendation to continue to retain the sub-advisor.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and sub-advisor under the Management and Investment Advisory Agreements are fair and reasonable; and (2) determined that the MCG Fund and its shareholders would benefit from the Manager's and sub-advisor's continued management of the MCG Fund.

#### Additional Considerations and Conclusions with Respect to the American Beacon Stephens Small Cap Growth Fund
In considering the renewal of the Agreements for the SCG Fund, the Board considered the following additional factors:

---

| | | |
|:---|:---|:---|
| Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking | Broadridge Total Expense Analysis Excluding 12b-1 Fees and Morningstar Fee Level Ranking |  |
|  Compared to Broadridge Expense Group | 3 | <sup>rd</sup> Quintile |
|  Compared to Broadridge Expense Universe | 4 | <sup>th</sup> Quintile |
|  Morningstar Fee Level Ranking | 4 | <sup>th</sup> Quintile |

---

---

| | | |
|:---|:---|:---|
| Broadridge Fund Performance Analysis (five-year period ended December 31, 2024) | Broadridge Fund Performance Analysis (five-year period ended December 31, 2024) |  |
|  Compared to Broadridge Performance Universe | 2 | <sup>nd</sup> Quintile |
|  Compared to Morningstar Category | 2 | <sup>nd</sup> Quintile |

---

------

Renewal and Approval of Management Agreement and Investment Advisory Agreement

The Board also considered: (1) the Manager's explanation that the SCG Fund employs a limited-capacity strategy as the sub-advisor focuses on profitable, high quality small-capitalization growth companies; (2) that while the Fund's Broadridge Expense Universe Ranking and Morningstar Fee Level Ranking were in the 4th quintile, the Fund's Broadridge Expense Group ranking was in the 3rd quintile; (3) that the Fund's trailing five-year performance, net of expenses, was in the 2nd quintile of its Broadridge Performance Universe and Morningstar Category; and (4) the Manager's recommendation to continue to retain the sub-advisor.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and the sub-advisor under the Management and Investment Advisory Agreements are fair and reasonable; and (2) determined that the SCG Fund and its shareholders would benefit from the Manager's and sub-advisor's continued management of the SCG Fund.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

The registrant has made no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees.

Item 16. Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing of this report as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based upon their review, such officers have concluded that the registrant's disclosure controls and procedures are effective in ensuring that information required to be disclosed in the report is appropriately recorded, processed, summarized and reported and made know to them by others within the registrant and by the registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not Applicable.

Item 19. Exhibits

(a)(1) Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as [EX-99.CERT](d802783dex99cert.htm).

(a)(3) Not applicable.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as [EX-99.906CERT](d802783dex99906cert.htm).

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): American Beacon Funds

---

| | |
|:---|:---|
| By | /s/ Gregory J. Stumm |
| Gregory J. Stumm | Gregory J. Stumm |
| Principal Executive Officer | Principal Executive Officer |
| American Beacon Funds | American Beacon Funds |
| Date: September 4, 2025 | Date: September 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Gregory J. Stumm |
| Gregory J. Stumm | Gregory J. Stumm |
| Principal Executive Officer | Principal Executive Officer |
| American Beacon Funds | American Beacon Funds |
| Date: September 4, 2025 | Date: September 4, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Sonia L. Bates |
| Sonia L. Bates | Sonia L. Bates |
| Principal Financial Officer | Principal Financial Officer |
| American Beacon Funds | American Beacon Funds |
| Date: September 4, 2025 | Date: September 4, 2025 |

---

## Ex-99.Cert

EXHIBIT 99.CERT

EXHIBIT (A)(2)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Sonia L. Bates, certify that:

1. I have reviewed this report on Form N-CSRS of American Beacon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Sonia L. Bates |
|  | Sonia L. Bates |
|  | Principal Financial Officer |
|  | American Beacon Funds |

---

------

I, Gregory J. Stumm, certify that:

1. I have reviewed this report on Form N-CSRS of American Beacon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Gregory J. Stumm |
|  | Gregory J. Stumm |
|  | Principal Executive Officer |
|  | American Beacon Funds |

---

## Exhibit 99.906

EXHIBIT 99.906.CERT

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Gregory J. Stumm and Sonia L. Bates, respectively, the Principal Executive Officer and Principal Financial Officer of the American Beacon Funds (the "Registrant"), each certify to the best of his or her knowledge and belief that:

1. The Registrant's periodic report on Form N-CSRS for the period covered by the Report (the "Form N-CSRS") fully complies with the requirements of Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in such Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 4, 2025

---

| |
|:---|
| /s/ Gregory J. Stumm |
| Gregory J. Stumm |
| Principal Executive Officer |
| American Beacon Funds |
| /s/ Sonia L. Bates |
| Sonia L. Bates |
| Principal Financial Officer |
| American Beacon Funds |

---

This certification is being furnished pursuant to the requirements of Form N-CSRS and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906 has been provided to American Beacon Funds and will be retained by American Beacon Funds and furnished to the U.S. Securities and Exchange Commission or its staff upon request.