# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001410368-26-007508
**Filing Date:** 2026-1
**Character Count:** 150344
**Document Hash:** ecd73025e08d07d54711828cc408c156
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-007508.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001410368-26-007508

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN BEACON FUNDS
- **CENTRAL INDEX KEY:** 0000809593

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04984
- **FILM NUMBER:** 26563448

**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 Ninety One International Franchise Fund (Series ID: S000088561)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000254863 | R6 Class     | ZIFRX           |
| C000254864 | Y Class      | ZIFAX           |
| C000254865 | R5 Class     | ZIFIX           |

## Nport-Ex

**United States** 

**Securities and Exchange Commission** 

**Washington, DC 20549** 

**FORM N-Q** 

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS** 

**OF REGISTERED MANAGEMENT INVESTMENT COMPANY** 

**Investment Company Act file number: 811-04984** 

## AMERICAN BEACON FUNDS
**(Exact name of Registrant as specified in charter)** 

**220 East Las Colinas Blvd., Suite 1200** 

**Irving, Texas 75039** 

**(Address of principal executive offices) (Zip code)** 

**Gregory J. Stumm, PRESIDENT** 

**220 East Las Colinas Blvd., Suite 1200** 

**Irving, Texas 75039** 

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

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

**Date of fiscal year end: August 31, 2026** 

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

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

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

------

ITEM 1. SCHEDULE OF INVESTMENTS.

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 0.0% |  |  |
|  **Communication Services - 0.0%** |  |  |
|  **Software - 0.0%** |  |  |
|  Internap Holding LLC<sup>A B C</sup> | 63490 | $**0** |
|  **Energy - 0.0%** |  |  |
|  **Oil, Gas & Consumable Fuels - 0.0%** |  |  |
|  Southcross Energy Partners LLC<sup>A B C</sup> | 533359 | **0** |
|  **Financials - 0.0%** |  |  |
|  **Financial Services - 0.0%** |  |  |
|  GEE Acquisition Holdings Corp.<sup>A B C</sup> | 94492 | **0** |
|  **Industrials - 0.0%** |  |  |
|  **Communications Equipment - 0.0%** |  |  |
|  4L Technologies, Inc.<sup>A</sup>  | 140935 | **1409** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $3,589,610)** |  | **1409** |
|  PREFERRED STOCKS - 0.0% (Cost $339,302) |  |  |
|  **Energy - 0.0%** |  |  |
|  **Oil, Gas & Consumable Fuels - 0.0%** |  |  |
|  Southcross Energy Partners LLC<sup>A B C D</sup> | 2077530 | **0** |
|  | **Principal Amount** |  |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 84.2% |  |  |
|  **Basic Materials - 1.4%** |  |  |
|  **Chemicals - 1.4%** |  |  |
|  Hexion Holdings Corp., 7.960%, Due 3/15/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%) | $271169 | 263598 |
|  INEOS Quattro Holdings U.K. Ltd., 8.166%, Due 10/7/2031, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.250%) | 99185 | 73460 |
|  INEOS U.S. Finance LLC, 7.166%, Due 2/18/2030, 2023 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%) | 94068 | 79252 |
|  Natgasoline LLC, 9.502%, Due 3/29/2030, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 5.500%) | 109308 | 109764 |
|  Qnity Electronics, Inc., 5.804%, Due 11/1/2032, Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 2.000%) | 265000 | 265663 |
|  |  | **791737** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **791737** |
|  **Communications - 9.4%** |  |  |
|  **Advertising - 0.2%** |  |  |
|  Clear Channel Outdoor Holdings, Inc., 8.030%, Due 8/23/2028, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.000%) | 145000 | **145103** |
|  **Internet - 2.4%** |  |  |
|  CNT Holdings I Corp., 6.090%, Due 11/8/2032, 2025 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.250%) | 254361 | 254651 |
|  MH Sub I LLC, 8.166%, Due 12/31/2031, 2024 Term Loan B4, (1 mo. USD Secured Overnight Financing Rate + 4.250%) | 398995 | 324351 |
|  Proofpoint, Inc., 6.916%, Due 8/31/2028, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 588506 | 590766 |
|  PUG LLC, 8.666%, Due 3/15/2030, 2024 Extended Term Loan B<sup>F</sup>  | 236943 | 230872 |
|  |  | **1400640** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 84.2% (continued) |  |  |
|  **Communications - 9.4% (continued)** |  |  |
|  **Media - 3.8%** |  |  |
|  Altice France SA, 10.860%, Due 5/31/2031, 2025 USD Term Loan B14, (3 mo. USD Secured Overnight Financing Rate + 6.875%) | $311891 | $312539 |
|  Cengage Learning, Inc., 7.322% - 7.416%, Due 3/24/2031, 2024 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.500%, 3 mo. USD Secured Overnight Financing Rate + 3.500%) | 364083 | 361145 |
|  DirecTV Financing LLC, 9.352%, Due 8/2/2029, 2024 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 5.250%) | 116879 | 116946 |
|  iHeartCommunications, Inc., 9.805%, Due 5/1/2029, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 5.775%) | 69824 | 62131 |
|  NEP Group, Inc., 8.416%, Due 10/17/2031, 2025 Term Loan B<sup>F</sup>  | 274757 | 253326 |
|  Nexstar Broadcasting, Inc., 6.416%, Due 6/28/2032, 2025 Term Loan B5, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 219450 | 219843 |
|  Sunrise Financing Partnership, 8.750%, Due 2/16/2032, Term Loan AAA1<sup>F</sup>  | 210000 | 210149 |
|  Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 1/31/2029, 2024 Term Loan B<sup>F</sup>  | 40000 | 39575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.252%, Due 6/24/2029, 2022 First Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%) | 289253 | 288651 |
|  Virgin Media Bristol LLC, 7.052%, Due 3/31/2031, 2023 USD Term Loan Y, (6 mo. USD Secured Overnight Financing Rate + 3.175%) | 235000 | 230481 |
|  Ziggo Financing Partnership, 6.706%, Due 4/30/2028, USD Term Loan I<sup>F</sup>  | 83539 | 83483 |
|  |  | **2178269** |
|  **Telecommunications - 3.0%** |  |  |
|  CommScope, Inc., 8.666%, Due 12/17/2029, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.750%) | 565000 | 567667 |
|  Frontier Communications Corp., Due 7/1/2031, 2025 Term Loan B<sup>F</sup>  | 195000 | 194696 |
|  GOGO Intermediate Holdings LLC, 7.780%, Due 4/30/2028, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%) | 210000 | 203962 |
|  Lumen Technologies, Inc., 6.380%, Due 4/16/2029, 2024 Extended Term Loan B1, (1 mo. USD Secured Overnight Financing Rate + 2.350%) | 533777 | 530243 |
|  Zayo Group Holdings, Inc., 7.530%, Due 3/11/2030, 2025 USD Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.500%) | 236939 | 224400 |
|  |  | **1720968** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **5444980** |
|  **Consumer, Cyclical - 18.1%** |  |  |
|  **Auto Manufacturers - 0.4%** |  |  |
|  Allison Transmission, Inc., Due 11/5/2032, 2025 Incremental Term Loan B<sup>F</sup>  | 260000 | **260780** |
|  **Auto Parts & Equipment - 1.4%** |  |  |
|  American Axle & Manufacturing, Inc., Due 2/24/2032, 2025 Incremental Term Loan C<sup>F</sup>  | 160000 | 160000 |
|  Clarios Global LP, 6.416%, Due 5/6/2030, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 573555 | 573269 |
|  DexKo Global, Inc., 7.780%, Due 10/4/2028, 2021 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%) | 104496 | 102959 |
|  |  | **836228** |
|  **Distribution/Wholesale - 2.1%** |  |  |
|  Gates Global LLC, 5.666%, Due 6/4/2031, 2024 Term Loan B5, (1 mo. USD Secured Overnight Financing Rate + 1.750%) | 608463 | 608433 |
|  Openlane, Inc., 6.365%, Due 10/8/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.500%) | 200000 | 200000 |
|  Resideo Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.839%, Due 6/13/2031, 2024 M&A 1st lien Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 2.000%) | 90570 | 90484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.038%, Due 8/13/2032, 2025 Incremental Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.000%) | 290000 | 289774 |
|  |  | **1188691** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 84.2% (continued) |  |  |
|  **Consumer, Cyclical - 18.1% (continued)** |  |  |
|  **Entertainment - 6.4%** |  |  |
|  Caesars Entertainment, Inc., 6.166%, Due 2/6/2031, 2024 Term Loan B1, (1 mo. USD Secured Overnight Financing Rate + 2.250%) | $593494 | $586324 |
|  Crown Finance U.S., Inc., 8.343%, Due 12/2/2031, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.500%) | 344175 | 343704 |
|  Delta 2 Lux SARL, 5.752%, Due 9/30/2031, 2024 Term Loan B1, (3 mo. USD Secured Overnight Financing Rate + 1.750%) | 278794 | 278794 |
|  Flutter Financing BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.002%, Due 6/4/2032, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.000%) | 74813 | 74563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.752%, Due 11/30/2030, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 1.750%) | 724526 | 721360 |
|  Light & Wonder International, Inc., 6.209%, Due 4/14/2029, 2024 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 2.250%) | 191339 | 191497 |
|  Live Nation Entertainment, Inc., 5.950%, Due 10/21/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%) | 200000 | 200000 |
|  Motion Finco SARL, 7.502%, Due 11/12/2029, 2024 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.500%) | 94763 | 81417 |
|  Ontario Gaming GTA LP, 8.240%, Due 8/1/2030, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%) | 239391 | 223005 |
|  OVG Business Services LLC, 6.916%, Due 6/25/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 429320 | 428517 |
|  Six Flags Entertainment Corp., 5.916%, Due 5/1/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%) | 239394 | 232961 |
|  TKO Worldwide Holdings LLC, 5.868%, Due 11/21/2031, 2025 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.000%) | 79800 | 80043 |
|  Voyager Parent LLC, 8.752%, Due 7/1/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.750%) | 265000 | 264979 |
|  |  | **3707164** |
|  **Food Service - 0.9%** |  |  |
|  Aramark Services, Inc., 5.916%, Due 6/22/2030, 2024 Term Loan B8, (1 mo. USD Secured Overnight Financing Rate + 2.000%) | 87782 | 87942 |
|  Golden State Food LLC, 8.163%, Due 12/4/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%) | 430465 | 432053 |
|  |  | **519995** |
|  **Home Furnishings - 0.9%** |  |  |
|  AI Aqua Merger Sub, Inc., 6.854% - 6.873%, Due 7/31/2028, 2024 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%, 3 mo. USD Secured Overnight Financing Rate + 3.000%) | 528509 | **529809** |
|  **Leisure Time - 1.3%** |  |  |
|  Alterra Mountain Co., 6.416%, Due 5/31/2030, 2025 Term Loan B8, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 30000 | 30038 |
|  GBT U.S. III LLC, 6.358%, Due 7/25/2031, 2025 Term Loan B1, (3 mo. USD Secured Overnight Financing Rate + 2.500%) | 187334 | 187484 |
|  LC AHAB U.S. Bidco LLC, 6.916%, Due 5/1/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 339144 | 339920 |
|  SGH2 LLC, 8.508%, Due 8/18/2032, 2025 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.500%) | 175000 | 175224 |
|  |  | **732666** |
|  **Lodging - 0.6%** |  |  |
|  Fertitta Entertainment LLC, 7.166%, Due 1/27/2029, 2022 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%) | 349096 | **348624** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 84.2% (continued) |  |  |
|  **Consumer, Cyclical - 18.1% (continued)** |  |  |
|  **Retail - 4.1%** |  |  |
|  Boots Group Bidco Ltd., 7.416%, Due 8/30/2032, USD Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.500%) | $175000 | $176094 |
|  EG America LLC, 7.322%, Due 2/7/2028, 2025 USD Repriced Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.500%) | 234413 | 235146 |
|  Great Outdoors Group LLC, Due 1/23/2032, 2025 Term Loan B<sup>F</sup>  | 210000 | 210420 |
|  LBM Acquisition LLC, 7.810%, Due 6/6/2031, 2024 Incremental Term Loan B<sup>F</sup>  | 164167 | 154453 |
|  LSF9 Atlantis Holdings LLC, 7.752%, Due 3/29/2029, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%) | 316000 | 316000 |
|  Michaels Cos., Inc., 8.513%, Due 4/17/2028, 2021 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%) | 84635 | 81030 |
|  NPC International, Inc., Due 4/19/2026, 1st Lien Term Loan<sup>B C F</sup> | 753204 | 0 |
|  PetSmart, Inc., 7.960%, Due 8/18/2032, 2025 USD Term Loan B<sup>F</sup>  | 215000 | 213028 |
|  Staples, Inc., 9.604%, Due 9/4/2029, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 5.750%) | 159194 | 149195 |
|  Whatabrands LLC, 6.416%, Due 8/3/2028, 2024 1st Lien Term Loan B<sup>F</sup>  | 523492 | 524529 |
|  White Cap Buyer LLC, 7.123%, Due 10/19/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%) | 331966 | 332809 |
|  |  | **2392704** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **10516661** |
|  **Consumer, Non-Cyclical - 16.1%** |  |  |
|  **Biotechnology - 0.3%** |  |  |
|  Genmab AS, Due 11/19/2032, Term Loan B<sup>F</sup>  | 140000 | **140466** |
|  **Commercial Services - 7.7%** |  |  |
|  AlixPartners LLP, 5.916%, Due 8/12/2032, 2025 USD Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.000%) | 376572 | 376056 |
|  Allied Universal Holdco LLC, 7.166%, Due 8/20/2032, 2025 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%) | 345000 | 346252 |
|  Boost Newco Borrower LLC, 6.002%, Due 1/31/2031, 2025 USD Term Loan B2, (3 mo. USD Secured Overnight Financing Rate + 2.000%) | 90801 | 90937 |
|  Camelot U.S. Acquisition LLC, 6.666%, Due 1/31/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%) | 220000 | 216385 |
|  Creative Artists Agency LLC, 6.416%, Due 10/1/2031, 2025 Repriced Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 188318 | 188604 |
|  EAB Global, Inc., 6.916%, Due 8/16/2030, 2021 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 109481 | 101704 |
|  Eagle Parent Corp., 8.252%, Due 4/2/2029, 2022 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%) | 318708 | 318160 |
|  Garda World Security Corp., 6.948%, Due 2/1/2029, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 363170 | 362444 |
|  Grant Thornton Advisors LLC, 6.666%, Due 6/2/2031, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%) | 588656 | 587555 |
|  ION Platform Finance U.S., Inc., 7.685%, Due 10/7/2032, USD Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.750%) | 340000 | 322789 |
|  Prime Security Services Borrower LLC, 5.585%, Due 3/7/2032, 2025 Incremental Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%) | 938032 | 932404 |
|  Veritiv Corp., 8.002%, Due 12/2/2030, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%) | 117088 | 115947 |
|  Vestis Corp., 6.072%, Due 2/22/2031, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.250%) | 36503 | 32853 |
|  VT Topco, Inc., 6.873%, Due 8/9/2030, 2024 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 112520 | 110860 |
|  Wand NewCo 3, Inc., 6.416%, Due 1/30/2031, 2025 Repriced Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 347310 | 347276 |
|  |  | **4450226** |
|  **Food - 1.5%** |  |  |
|  Froneri Lux Finco SARL, 6.122%, Due 8/2/2032, 2025 USD Term Loan B6, (6 mo. USD Secured Overnight Financing Rate + 2.250%) | 600000 | 600030 |
|  Savor Acquisition, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 2/19/2032, Delayed Draw Term Loan + 0.030%)<sup>G</sup>  | 21275 | 21381 |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 84.2% (continued) |  |  |
|  **Consumer, Non-Cyclical - 16.1% (continued)** |  |  |
|  **Food - 1.5% (continued)** |  |  |
|  Savor Acquisition, Inc., (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.840%, Due 2/19/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%) | $224948 | $226073 |
|  |  | **847484** |
|  **Health Care - Services - 3.7%** |  |  |
|  ADMI Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.405%, Due 12/23/2027, 2021 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 3.375%) | 90546 | 84123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.780%, Due 12/23/2027, 2021 Incremental Term Loan B3<sup>F</sup>  | 134519 | 125103 |
|  Aveanna Healthcare LLC, 7.666%, Due 9/17/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%) | 210000 | 210956 |
|  LifePoint Health, Inc., 7.335%, Due 5/19/2031, 2024 Incremental Term Loan B1, (1 mo. USD Secured Overnight Financing Rate + 3.500%) | 476655 | 477027 |
|  Pacific Dental Services LLC, Due 3/15/2031, 2024 Term Loan B<sup>F</sup> | 120000 | 120203 |
|  Parexel International Corp., 6.166%, Due 11/15/2028, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%) | 583530 | 585695 |
|  Radiology Partners, Inc., 8.502%, Due 6/30/2032, 2025 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.500%) | 350000 | 348369 |
|  Team Health Holdings, Inc., 8.340%, Due 6/30/2028, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.500%) | 194513 | 194701 |
|  |  | **2146177** |
|  **Household Products/Wares - 0.2%** |  |  |
|  Lavender Dutch BorrowerCo BV, Due 9/27/2032, Term Loan<sup>F</sup>  | 140000 | **140263** |
|  **Pharmaceuticals - 2.7%** |  |  |
|  Bausch Health Cos., Inc., 10.166%, Due 10/8/2030, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 6.250%) | 109725 | 108244 |
|  Gainwell Acquisition Corp., 8.102%, Due 10/1/2027, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%) | 428691 | 423868 |
|  Perrigo Investments LLC, 5.916%, Due 4/20/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%) | 362284 | 363037 |
|  Southern Veterinary Partners LLC, 6.365%, Due 12/4/2031, 2025 Term Loan B<sup>F</sup>  | 522417 | 521524 |
|  Vizient, Inc., 5.666%, Due 8/1/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%) | 169280 | 169619 |
|  |  | **1586292** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **9310908** |
|  **Diversified - 0.2%** |  |  |
|  **Holding Companies - Diversified - 0.2%** |  |  |
|  GC Ferry Acquisition I, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 8/16/2032, Delayed Draw Term Loan + 0.018%)<sup>G</sup>  | 17500 | 17465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.459%, Due 8/16/2032, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.500%) | 102500 | 102294 |
|  |  | **119759** |
|  **Energy - 2.3%** |  |  |
|  **Oil & Gas - 0.7%** |  |  |
|  Apro LLC, 7.677%, Due 7/9/2031, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%) | 334156 | 334888 |
|  Deep Blue Operating I LLC, 6.593%, Due 10/1/2032, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.750%) | 85000 | 85160 |
|  |  | **420048** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 84.2% (continued) |  |  |
|  **Energy - 2.3% (continued)** |  |  |
|  **Pipelines - 1.6%** |  |  |
|  Colossus Acquireco LLC, 5.870%, Due 7/30/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 1.750%) | $600000 | $597468 |
|  NGL Energy Partners LP, 7.416%, Due 2/3/2031, 2024 Term Loan B<sup>F</sup>  | 189519 | 190195 |
|  Stonepeak Bayou Holdings LP, 6.735%, Due 10/1/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%) | 120000 | 111076 |
|  |  | **898739** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **1318787** |
|  **Financial - 9.4%** |  |  |
|  **Diversified Financial Services - 2.4%** |  |  |
|  AllSpring Buyer LLC, 6.813%, Due 11/1/2030, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%) | 44887 | 45039 |
|  CPI Holdco B LLC, Due 5/19/2031, 2024 Term Loan<sup>F</sup>  | 35000 | 35011 |
|  Focus Financial Partners LLC, 6.416%, Due 9/15/2031, 2025 Incremental Term Loan B<sup>F</sup>  | 430378 | 430270 |
|  HighTower Holdings LLC, 6.651%, Due 2/3/2032, 2025 1st Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%) | 629679 | 628892 |
|  Pretzel Parent, Inc., 8.416%, Due 10/1/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.500%) | 105000 | 104344 |
|  Victory Capital Holdings, Inc., 6.102%, Due 9/23/2032, 2025 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.000%) | 60000 | 60325 |
|  Virtus Investment Partners, Inc., 6.166%, Due 9/27/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%) | 95000 | 95060 |
|  |  | **1398941** |
|  **Insurance - 5.1%** |  |  |
|  Acrisure LLC, 6.916%, Due 11/6/2030, 2024 1st Lien Term Loan B6, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 584847 | 583970 |
|  AmWINS Group, Inc., 6.252%, Due 1/30/2032, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%) | 289271 | 289899 |
|  Ardonagh Midco 3 PLC, 6.752% - 6.950%, Due 2/15/2031, 2024 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%, 6 mo. USD Secured Overnight Financing Rate + 2.750%) | 299250 | 298128 |
|  Asurion LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.280%, Due 1/20/2029, 2021 Second Lien Term Loan B4, (1 mo. USD Secured Overnight Financing Rate + 5.250%) | 110000 | 102804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.166%, Due 9/19/2030, 2025 Term Loan B13, (1 mo. USD Secured Overnight Financing Rate + 4.250%) | 299250 | 293415 |
|  HUB International Ltd., 6.120%, Due 6/20/2030, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%) | 240852 | 241681 |
|  OneDigital Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.916%, Due 7/2/2031, 2025 Repriced Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 783018 | 782376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.166%, Due 7/2/2031, 2024 2nd Lien Term Loan, (1 mo. USD Secured Overnight Financing Rate + 5.250%) | 60000 | 60375 |
|  Ryan Specialty Group LLC, 5.916%, Due 9/15/2031, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%) | 181145 | 181183 |
|  Sedgwick Claims Management Services, Inc., 6.416%, Due 7/31/2031, 2023 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 135000 | 135210 |
|  |  | **2969041** |
|  **Investment Companies - 0.1%** |  |  |
|  Nvent Electric PLC, 6.843%, Due 1/30/2032, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 35145 | **35311** |
|  **REITS - 1.8%** |  |  |
|  Iron Mountain, Inc., 5.916%, Due 1/31/2031, 2023 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%) | 907690 | 898051 |
|  Starwood Property Trust, Inc., 6.166%, Due 9/24/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%) | 125000 | 125469 |
|  |  | **1023520** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **5426813** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 84.2% (continued) |  |  |
|  **Industrial - 14.0%** |  |  |
|  **Aerospace/Defense - 2.0%** |  |  |
|  Kaman Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.322% - 6.544%, Due 2/26/2032, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.500%, 6 mo. USD Secured Overnight Financing Rate + 2.500%) | $240792 | $241469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.427%, Due 2/26/2032, 2025 Delayed Draw Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.500%)<sup>G</sup>  | 22768 | 22832 |
|  TransDigm, Inc., 6.502%, Due 8/19/2032, 2025 Term Loan M, (3 mo. USD Secured Overnight Financing Rate + 2.500%) | 875000 | 876715 |
|  |  | **1141016** |
|  **Building Materials - 2.4%** |  |  |
|  Chamberlain Group, Inc., 6.666%, Due 9/8/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%) | 269325 | 269831 |
|  Cornerstone Building Brands, Inc., Due 5/15/2031, 2024 Term Loan B<sup>F</sup>  | 199496 | 143139 |
|  EMRLD Borrower LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.072%, Due 5/31/2030, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%) | 201618 | 201609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.122%, Due 8/4/2031, 2024 Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 2.250%) | 277182 | 277166 |
|  Quikrete Holdings, Inc., 6.166%, Due 2/10/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%) | 523534 | 524005 |
|  |  | **1415750** |
|  **Electronics - 0.3%** |  |  |
|  NorthPole Newco SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 12/31/2025, 2022 PIK Term Loan<sup>B C H I J</sup> | 26112 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 12/31/2025, 2022 Revolver<sup>B C H I J</sup> | 279682 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 12/31/2025, 2022 Term Loan B1<sup>B C H J</sup> | 1314539 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 12/31/2025, Term Loan<sup>B C H J</sup> | 3425455 | 0 |
|  Pinnacle Buyer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 10/1/2032, Delayed Draw Term Loan<sup>G</sup>  | 12903 | 12960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.485%, Due 10/1/2032, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.500%) | 67097 | 67390 |
|  Spectris PLC, Due 9/30/2032, Term Loan<sup>F</sup>  | 100000 | 100375 |
|  |  | **180725** |
|  **Engineering & Construction - 3.7%** |  |  |
|  Blackfin Pipeline LLC, 6.916%, Due 9/29/2032, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 180000 | 180076 |
|  Brown Group Holding LLC, 6.416%, Due 7/1/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 350000 | 351312 |
|  DG Investment Intermediate Holdings 2, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.666%, Due 7/9/2032, 2025 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.750%) | 505000 | 505788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.416%, Due 7/31/2033, 2025 2nd Lien Term Loan, (1 mo. USD Secured Overnight Financing Rate + 5.500%) | 45000 | 44888 |
|  Green Infrastructure Partners, Inc., 6.753%, Due 9/24/2032, USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%) | 465000 | 465581 |
|  KKR Apple Bidco LLC, 6.416%, Due 9/23/2031, 2025 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 583530 | 585998 |
|  |  | **2133643** |
|  **Environmental Control - 1.7%** |  |  |
|  GFL Environmental, Inc., 6.273%, Due 3/3/2032, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.500%) | 182514 | 182740 |
|  Harsco Corp., 6.280%, Due 6/9/2028, 2021 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.250%) | 473763 | 473645 |
|  Madison IAQ LLC, 6.702%, Due 6/21/2028, Term Loan, (6 mo. USD Secured Overnight Financing Rate + 2.500%) | 353316 | 354397 |
|  |  | **1010782** |
|  **Hand/Machine Tools - 0.4%** |  |  |
|  Madison Safety & Flow LLC, Due 9/26/2031, 2025 Term Loan B + 0.025%) | 249526 | **250461** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 84.2% (continued) |  |  |
|  **Industrial - 14.0% (continued)** |  |  |
|  **Machinery - Diversified - 1.4%** |  |  |
|  Titan Acquisition Ltd., 7.589% - 7.590%, Due 2/15/2029, 2024 Term Loan B<sup>F</sup>  | $304306 | $305742 |
|  TK Elevator Midco GmbH, 6.947%, Due 4/30/2030, 2025 USD Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 2.750%) | 488726 | 491424 |
|  |  | **797166** |
|  **Metal Fabricate/Hardware - 0.1%** |  |  |
|  Tiger Acquisition LLC, 6.451%, Due 8/23/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 49875 | **50047** |
|  **Packaging & Containers - 1.5%** |  |  |
|  Clydesdale Acquisition Holdings, Inc., 7.091%, Due 4/13/2029, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.175%) | 390000 | 388343 |
|  Graham Packaging Co., Inc., 6.416%, Due 8/4/2027, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%) | 371337 | 372017 |
|  Trident TPI Holdings, Inc., 7.752%, Due 9/15/2028, 2024 Term Loan B7, (3 mo. USD Secured Overnight Financing Rate + 3.750%) | 114711 | 110798 |
|  |  | **871158** |
|  **Transportation - 0.5%** |  |  |
|  Kenan Advantage Group, Inc., 7.166%, Due 1/25/2029, 2024 Term Loan B4, (1 mo. USD Secured Overnight Financing Rate + 3.250%) | 287075 | **283127** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **8133875** |
|  **Technology - 11.5%** |  |  |
|  **Computers - 2.6%** |  |  |
|  Amentum Government Services Holdings LLC, 6.166%, Due 9/29/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%) | 438034 | 438582 |
|  McAfee LLC, 6.916%, Due 3/1/2029, 2024 USD 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 299246 | 275788 |
|  X Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 10/26/2029<sup>I</sup>  | 265000 | 262461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.340%, Due 10/26/2029, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 6.500%) | 544295 | 529599 |
|  |  | **1506430** |
|  **Software - 8.9%** |  |  |
|  Ascend Learning LLC, 6.916%, Due 12/11/2028, 2025 Repriced Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%) | 698246 | 698085 |
|  Athenahealth Group, Inc., 6.666%, Due 2/15/2029, 2022 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%) | 590574 | 589346 |
|  Boxer Parent Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.822%, Due 7/30/2031, 2025 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%) | 593509 | 590856 |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 84.2% (continued) |  |  |
|  **Technology - 11.5% (continued)** |  |  |
|  **Software - 8.9% (continued)** |  |  |
|  Boxer Parent Co., Inc., (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 7/30/2032, 2024 2nd Lien Term Loan<sup>F</sup>  | $105000 | $100909 |
|  Central Parent, Inc., 7.252%, Due 7/6/2029, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.250%) | 63827 | 52917 |
|  CoreLogic, Inc., 7.530%, Due 6/2/2028, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.500%) | 299221 | 298939 |
|  Cotiviti Corp., 6.623%, Due 5/1/2031, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.750%) | 431990 | 414710 |
|  Dayforce, Inc., Due 10/7/2032, 2025 Term Loan<sup>F</sup>  | 520000 | 518404 |
|  Mitchell International, Inc., 7.166%, Due 6/17/2031, 2024 1st Lien Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.250%) | 339845 | 340545 |
|  Polaris Newco LLC, 7.852%, Due 6/2/2028, USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%) | 239377 | 225258 |
|  RealPage, Inc., 7.263%, Due 4/24/2028, 1st Lien Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.000%) | 419091 | 418425 |
|  UKG, Inc., 6.338%, Due 2/10/2031, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.500%) | 600000 | 599490 |
|  Zelis Payments Buyer, Inc., 7.166%, Due 11/26/2031, 5th Amendment Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.250%) | 294259 | 291475 |
|  |  | **5139359** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **6645789** |
|  **Utilities - 1.8%** |  |  |
|  **Electric - 1.5%** |  |  |
|  Alpha Generation LLC, 5.916%, Due 9/30/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%) | 187331 | 187604 |
|  Cornerstone Generation LLC, 7.093%, Due 8/11/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.250%) | 188750 | 190540 |
|  NRG Energy, Inc., 5.593% - 5.666%, Due 4/16/2031, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 1.750%, 3 mo. USD Secured Overnight Financing Rate +1.750%) | 309127 | 309513 |
|  Talen Energy Supply LLC, Due 10/11/2032, 2025 Term Loan B<sup>F</sup>  | 200000 | 200000 |
|  |  | **887657** |
|  **Gas - 0.3%** |  |  |
|  Meade Pipeline Co. LLC, 6.003%, Due 9/22/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.000%) | 175000 | **175656** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **1063313** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Bank Loan Obligations (Cost $54,843,034)** |  | **48772622** |
|  CORPORATE OBLIGATIONS - 4.4% |  |  |
|  **Basic Materials - 0.1%** |  |  |
|  **Chemicals - 0.1%** |  |  |
|  Celanese U.S. Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 4/15/2030 | 5000 | 4992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 4/15/2033 | 5000 | 4976 |
|  Olin Corp., 6.625%, Due 4/1/2033<sup>K</sup>  | 5000 | 4967 |
|  Solstice Advanced Materials, Inc., 5.625%, Due 9/30/2033<sup>K</sup>  | 20000 | 20109 |
|  WR Grace Holdings LLC, 5.625%, Due 8/15/2029<sup>K</sup>  | 15000 | 14121 |
|  |  | **49165** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **49165** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 4.4% (continued) |  |  |
|  **Communications - 0.2%** |  |  |
|  **Advertising - 0.0%** |  |  |
|  Clear Channel Outdoor Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 6/1/2029<sup>K</sup>  | $5000 | $4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 2/15/2031<sup>K</sup>  | 5000 | 5204 |
|  Lamar Media Corp., 5.375%, Due 11/1/2033<sup>K</sup>  | 10000 | 10011 |
|  Neptune Bidco U.S., Inc., 10.375%, Due 5/15/2031<sup>K</sup>  | 5000 | 5055 |
|  |  | **25216** |
|  **Internet - 0.0%** |  |  |
|  Wayfair LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, Due 10/31/2029<sup>K</sup>  | 5000 | 5201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 11/15/2032<sup>K</sup>  | 10000 | 10204 |
|  |  | **15405** |
|  **Media - 0.1%** |  |  |
|  Directv Financing LLC, 8.875%, Due 2/1/2030<sup>K</sup>  | 10000 | 9892 |
|  DISH DBS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 12/1/2028<sup>K</sup>  | 10000 | 9663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, Due 6/1/2029 | 5000 | 4232 |
|  Gray Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.625%, Due 7/15/2032<sup>K</sup>  | 10000 | 10364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, Due 8/15/2033<sup>K</sup>  | 5000 | 5009 |
|  McGraw-Hill Education, Inc., 7.375%, Due 9/1/2031<sup>K</sup>  | 10000 | 10369 |
|  Univision Communications, Inc., 7.375%, Due 6/30/2030<sup>K</sup>  | 5000 | 5072 |
|  |  | **54601** |
|  **Telecommunications - 0.1%** |  |  |
|  Cipher Compute LLC, 7.125%, Due 11/15/2030<sup>K</sup>  | 5000 | 5080 |
|  Level 3 Financing, Inc., 6.875%, Due 6/30/2033<sup>K</sup>  | 30000 | 30551 |
|  Windstream Services LLC, 7.500%, Due 10/15/2033<sup>K</sup>  | 5000 | 5088 |
|  |  | **40719** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **135941** |
|  **Consumer, Cyclical - 1.1%** |  |  |
|  **Auto Manufacturers - 0.0%** |  |  |
|  Nissan Motor Acceptance Co. LLC, 6.125%, Due 9/30/2030<sup>K</sup>  | 10000 | **9911** |
|  **Auto Parts & Equipment - 0.1%** |  |  |
|  American Axle & Manufacturing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 10/15/2032<sup>K</sup>  | 10000 | 10062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, Due 10/15/2033<sup>K</sup>  | 5000 | 5050 |
|  Clarios Global LP/Clarios U.S. Finance Co., 6.750%, Due 9/15/2032<sup>K</sup>  | 30000 | 30857 |
|  Qnity Electronics, Inc., 6.250%, Due 8/15/2033<sup>K</sup>  | 10000 | 10363 |
|  |  | **56332** |
|  **Distribution/Wholesale - 0.0%** |  |  |
|  Dealer Tire LLC/DT Issuer LLC, 8.000%, Due 2/1/2028<sup>K</sup>  | 10000 | **9905** |
|  **Entertainment - 0.2%** |  |  |
|  Light & Wonder International, Inc., 6.250%, Due 10/1/2033<sup>K</sup>  | 45000 | 45277 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.625%, Due 2/1/2033<sup>K</sup>  | 30000 | 30397 |
|  Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.250%, Due 10/15/2030<sup>K</sup>  | 5000 | 5076 |
|  Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.054%, Due 3/15/2029 | 10000 | 9700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.279%, Due 3/15/2032 | 5000 | 4569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, Due 3/15/2042 | 5000 | 3999 |
|  |  | **99018** |
|  **Food Service - 0.2%** |  |  |
|  Aramark Services, Inc., 5.000%, Due 2/1/2028<sup>K</sup>  | 139000 | **139083** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 4.4% (continued) |  |  |
|  **Consumer, Cyclical - 1.1% (continued)** |  |  |
|  **Home Builders - 0.0%** |  |  |
|  Taylor Morrison Communities, Inc., 5.750%, Due 11/15/2032<sup>K</sup>  | $10000 | $**10307** |
|  **Housewares - 0.0%** |  |  |
|  Newell Brands, Inc., 6.375%, Due 5/15/2030 | 5000 | **4805** |
|  **Leisure Time - 0.3%** |  |  |
|  Acushnet Co., 5.625%, Due 12/1/2033<sup>K</sup>  | 10000 | 10078 |
|  Carnival Corp., 5.750%, Due 8/1/2032<sup>K</sup>  | 10000 | 10251 |
|  Life Time, Inc., 6.000%, Due 11/15/2031<sup>K</sup>  | 45000 | 45890 |
|  Lindblad Expeditions LLC, 7.000%, Due 9/15/2030<sup>K</sup>  | 10000 | 10256 |
|  NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 1/15/2031<sup>K</sup>  | 10000 | 9869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, Due 9/15/2033<sup>K</sup>  | 10000 | 9880 |
|  Sabre GLBL, Inc., 10.750%, Due 11/15/2029<sup>K</sup>  | 10000 | 8800 |
|  Viking Cruises Ltd., 5.875%, Due 10/15/2033<sup>K</sup>  | 35000 | 35567 |
|  |  | **140591** |
|  **Lodging - 0.2%** |  |  |
|  Hilton Domestic Operating Co., Inc., 3.625%, Due 2/15/2032<sup>K</sup>  | 127000 | **118019** |
|  **Retail - 0.1%** |  |  |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.750%, Due 1/15/2030<sup>K</sup>  | 5000 | 4663 |
|  QXO Building Products, Inc., 6.750%, Due 4/30/2032<sup>K</sup>  | 20000 | 20886 |
|  Staples, Inc., 10.750%, Due 9/1/2029<sup>K</sup>  | 10000 | 9829 |
|  Victra Holdings LLC/Victra Finance Corp., 8.750%, Due 9/15/2029<sup>K</sup>  | 30000 | 31764 |
|  |  | **67142** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **655113** |
|  **Consumer, Non-Cyclical - 1.0%** |  |  |
|  **Commercial Services - 0.1%** |  |  |
|  Dcli Bidco LLC, 7.750%, Due 11/15/2029<sup>K</sup>  | 15000 | 14749 |
|  Graham Holdings Co., 5.625%, Due 12/1/2033<sup>K</sup>  | 15000 | 15018 |
|  United Rentals North America, Inc., 5.375%, Due 11/15/2033<sup>K</sup>  | 5000 | 5011 |
|  Veritiv Operating Co., 10.500%, Due 11/30/2030<sup>K</sup>  | 10000 | 10747 |
|  |  | **45525** |
|  **Food - 0.6%** |  |  |
|  Mars, Inc., 1.625%, Due 7/16/2032<sup>K</sup>  | 128000 | 109443 |
|  Mondelez International, Inc., 1.875%, Due 10/15/2032 | 127000 | 109303 |
|  U.S. Foods, Inc., 5.750%, Due 4/15/2033<sup>K</sup>  | 139000 | 141502 |
|  |  | **360248** |
|  **Health Care - Products - 0.1%** |  |  |
|  Medline Borrower LP, 5.250%, Due 10/1/2029<sup>K</sup>  | 25000 | **25059** |
|  **Health Care - Services - 0.2%** |  |  |
|  IQVIA, Inc., 5.000%, Due 5/15/2027<sup>K</sup>  | 139000 | **138842** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **569674** |
|  **Energy - 0.3%** |  |  |
|  **Oil & Gas - 0.2%** |  |  |
|  Chord Energy Corp., 6.000%, Due 10/1/2030<sup>K</sup>  | 20000 | 20166 |
|  Kodiak Gas Services LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 10/1/2033<sup>K</sup>  | 10000 | 10201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 10/1/2035<sup>K</sup>  | 10000 | 10275 |
|  Matador Resources Co., 6.500%, Due 4/15/2032<sup>K</sup>  | 25000 | 25389 |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 4.4% (continued) |  |  |
|  **Energy - 0.3% (continued)** |  |  |
|  **Oil & Gas - 0.2% (continued)** |  |  |
|  Nabors Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.125%, Due 1/31/2030<sup>K</sup>  | $10000 | $10484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, Due 11/15/2032<sup>K</sup>  | 10000 | 9696 |
|  WBI Operating LLC, 6.500%, Due 10/15/2033<sup>K</sup>  | 20000 | 19990 |
|  Weatherford International Ltd., 6.750%, Due 10/15/2033<sup>K</sup>  | 20000 | 20470 |
|  |  | **126671** |
|  **Pipelines - 0.1%** |  |  |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.750%, Due 3/15/2034<sup>K</sup>  | 5000 | 5006 |
|  Venture Global LNG, Inc., 8.375%, Due 6/1/2031<sup>K</sup>  | 20000 | 20049 |
|  Venture Global Plaquemines LNG LLC, 6.500%, Due 1/15/2034<sup>K</sup>  | 10000 | 10343 |
|  |  | **35398** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **162069** |
|  **Financial - 0.4%** |  |  |
|  **Diversified Financial Services - 0.1%** |  |  |
|  Freedom Mortgage Holdings LLC, 8.375%, Due 4/1/2032<sup>K</sup>  | 5000 | 5252 |
|  OneMain Finance Corp., 6.500%, Due 3/15/2033 | 30000 | 30145 |
|  |  | **35397** |
|  **Insurance - 0.0%** |  |  |
|  APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.875%, Due 11/1/2029<sup>K</sup>  | 10000 | **10084** |
|  **Real Estate - 0.0%** |  |  |
|  Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.250%, Due 4/15/2030<sup>K</sup>  | 10000 | **9320** |
|  **REITS - 0.3%** |  |  |
|  SBA Communications Corp., 3.875%, Due 2/15/2027 | 139000 | 138336 |
|  Starwood Property Trust, Inc., 5.250%, Due 10/15/2028<sup>K</sup>  | 15000 | 15103 |
|  |  | **153439** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **208240** |
|  **Industrial - 0.7%** |  |  |
|  **Aerospace/Defense - 0.0%** |  |  |
|  TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, Due 1/31/2034<sup>K</sup>  | 5000 | 5184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 1/31/2034<sup>K</sup>  | 5000 | 5224 |
|  |  | **10408** |
|  **Building Materials - 0.1%** |  |  |
|  Cornerstone Building Brands, Inc., 9.500%, Due 8/15/2029<sup>K</sup>  | 10000 | 8030 |
|  Quikrete Holdings, Inc., 6.750%, Due 3/1/2033<sup>K</sup>  | 35000 | 36443 |
|  |  | **44473** |
|  **Electrical Components & Equipment - 0.0%** |  |  |
|  Energizer Holdings, Inc., 6.000%, Due 9/15/2033<sup>K</sup>  | 5000 | **4720** |
|  **Environmental Control - 0.3%** |  |  |
|  Madison IAQ LLC, 5.875%, Due 6/30/2029<sup>K</sup>  | 139000 | **137466** |
|  **Transportation - 0.3%** |  |  |
|  Genesee & Wyoming, Inc., 6.250%, Due 4/15/2032<sup>K</sup>  | 139000 | 142930 |
|  Watco Cos. LLC/Watco Finance Corp., 7.125%, Due 8/1/2032<sup>K</sup>  | 40000 | 41800 |
|  |  | **184730** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **381797** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 4.4% (continued) |  |  |
|  **Technology - 0.6%** |  |  |
|  **Software - 0.6%** |  |  |
|  AthenaHealth Group, Inc., 6.500%, Due 2/15/2030<sup>K</sup>  | $15000 | $14897 |
|  Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, Due 9/30/2029<sup>K</sup>  | 5000 | 5158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 8/15/2033<sup>K</sup>  | 10000 | 9982 |
|  CoreWeave, Inc., 9.250%, Due 6/1/2030<sup>K</sup>  | 5000 | 4613 |
|  Ellucian Holdings, Inc., 6.500%, Due 12/1/2029<sup>K</sup>  | 20000 | 20273 |
|  SS&C Technologies, Inc., 5.500%, Due 9/30/2027<sup>K</sup>  | 276000 | 275956 |
|  |  | **330879** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **330879** |
|  **Utilities - 0.0%** |  |  |
|  **Electric - 0.0%** |  |  |
|  NRG Energy, Inc., 6.000%, Due 2/1/2033<sup>K</sup>  | 10000 | 10212 |
|  Talen Energy Supply LLC, 6.250%, Due 2/1/2034<sup>K</sup>  | 10000 | 10189 |
|  |  | **20401** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **20401** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $2,485,175)** |  | **2513279** |
|  FOREIGN CORPORATE OBLIGATIONS - 0.3% |  |  |
|  **Communications - 0.0%** |  |  |
|  **Telecommunications - 0.0%** |  |  |
|  Altice France SA, 6.875%, Due 7/15/2032<sup>K</sup>  | 5000 | **4874** |
|  **Consumer, Non-Cyclical - 0.0%** |  |  |
|  **Commercial Services - 0.0%** |  |  |
|  Garda World Security Corp., 6.500%, Due 1/15/2031<sup>K</sup>  | 10000 | **10267** |
|  **Industrial - 0.3%** |  |  |
|  **Machinery - Diversified - 0.3%** |  |  |
|  TK Elevator U.S. Newco, Inc., 5.250%, Due 7/15/2027<sup>K</sup>  | 139000 | **139233** |
|  **Transportation - 0.0%** |  |  |
|  Seaspan Corp., 5.500%, Due 8/1/2029<sup>K</sup>  | 15000 | **14311** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **153544** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $167,142)** |  | **168685** |
|  | **Shares** |  |
|  EXCHANGE-TRADED INSTRUMENTS - 6.4% |  |  |
|  **Exchange-Traded Funds - 6.4%** |  |  |
|  Invesco Senior Loan ETF | 86548 | 1810584 |
|  State Street Blackstone Senior Loan ETF, Class USD INC | 45799 | 1900201 |
|  |  | **3710785** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Exchange-Traded Instruments (Cost $3,693,470)** |  | **3710785** |
|  FOREIGN COMMON STOCKS - 0.1% (Cost $31,253) |  |  |
|  **Industrials - 0.1%** |  |  |
|  **Electrical Components & Equipment - 0.1%** |  |  |
|  Luxco Co. Ltd.<sup>A</sup> <sup>B C</sup> | 1833 | **31047** |

---

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SHORT-TERM INVESTMENTS - 6.2% (Cost $3,602,517) |  |  |
|  **Investment Companies - 6.2%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 3.86%<sup>L M</sup> | 3602517 | $**3602517** |
|  **TOTAL INVESTMENTS - 101.6% (Cost $68,751,503)** |  | **58800344** |
|  **LIABILITIES, NET OF OTHER ASSETS - (1.6%)** |  | **(900401)** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**57899943** |

---

Percentages are stated as a percent of net assets.

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

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

<sup>C</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 $31,047 or 0.1% of net assets. 

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

<sup>E</sup> Bank loan obligations, unless otherwise stated, carry a floating rate of interest. The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

<sup>F</sup> Coupon rates may not be available for all or a portion of bank loans that are unsettled and/or unfunded as of November 30, 2025.

<sup>G</sup> All or a portion of the security is an Unfunded Loan Commitment. The rate represents the current interest rate if the loan is partially funded.

<sup>H</sup> Default Security. At period end, the amount of securities in default was $0 or 0.0% of net assets. 

<sup>I</sup> Fixed Rate.

<sup>J</sup> Zero coupon bank loan.

<sup>K</sup> Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $2,366,907 or 4.1% of net assets. The Fund has no right to demand registration of these securities. 

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

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

ETF - Exchange-Traded Fund.

LLC - Limited Liability Company.

LLP - Limited Liability Partnership.

LP - Limited Partnership.

PIK - Payment In Kind.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

USD - United States Dollar.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **American Beacon DoubleLine Floating Rate Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $— | $1409 | $0<sup>(1)</sup> | $1409<sup>(1)</sup> |
|  Preferred Stocks |  |  | 0<sup>(1)</sup> | 0<sup>(1)</sup> |
|  Bank Loan Obligations |  | 48772622 | 0<sup>(1)</sup> | 48772622<sup>(1)</sup> |
|  Corporate Obligations |  | 2513279 |  | 2513279 |
|  Foreign Corporate Obligations |  | 168685 |  | 168685 |
|  Exchange-Traded Instruments | 3710785 |  |  | 3710785 |
|  Foreign Common Stocks |  |  | 31047 | 31047 |
|  Short-Term Investments | 3602517 |  |  | 3602517 |
|  Total Investments in Securities - Assets | $7313302 | $51455995 | $31047<sup>(1)</sup> | $58800344 |

---

<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 November 30, 2025, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

**American Beacon DoubleLine Floating Rate Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Balance as<br>of<br>8/31/2025** | **Purchases** | **Sales** | **Accrued<br>Discount<br>(Premiums)** | **Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Transfer into<br>Level 3** | **Transfer out<br>of Level 3** | **Balance as<br>of<br>11/30/2025** | **Unrealized<br>Appreciation**<br>**(Depreciation)**<br>**at Period End\*** |
|  Common Stocks | $0<sup>(1)</sup> | $— | $– $|  | $– $|  | $– $|  | $0<sup>(1)</sup> | $(2638302) |
|  Preferred Stocks | 0<sup>(1)</sup> |  | – |  | – |  | – |  | 0<sup>(1)</sup> | (339302) |
|  Foreign Common Stocks |  | 31253 | – |  | – | (206) | – |  | 31047 | (206) |
|  Bank Loan Obligations | 0<sup>(1)</sup> |  | – | 42217 | – | (42217) | – |  | 0<sup>(1)</sup> | (5784919) |
|  | $0<sup>(1)</sup> | $31253 | $– $| 42217 | $– $| (42423) | $– $|  | $31047 | $(8762729) |

---

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

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

For the period ended November 30, 2025, three Common Stocks, one Preferred Stock and four Bank Loan Obligations have been fair valued at $0 and one Foreign Common Stock has been fair valued at $31,047 by the Valuation Committee due to the use of significant unobservable inputs.

*See accompanying notes* 

------

**American Beacon Ninety One Emerging Markets Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Argentina - 0.6% (Cost $1,774,362)** |  |  |
|  **Foreign Common Stocks - 0.6%** |  |  |
|  Vista Energy SAB de CV, ADR<sup>A</sup>  | 31627 | $**1554783** |
|  **Austria - 1.7% (Cost $1,779,044)** |  |  |
|  **Foreign Common Stocks - 1.7%** |  |  |
|  Erste Group Bank AG<sup>B</sup>  | 38034 | **4158697** |
|  **Brazil - 7.7%** |  |  |
|  **Foreign Common Stocks - 7.7%** |  |  |
|  Banco BTG Pactual SA<sup>C</sup>  | 207337 | 2098926 |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 79198 | 2093289 |
|  Embraer SA, ADR | 1437 | 90129 |
|  Embraer SA | 98384 | 1550020 |
|  NU Holdings Ltd., Class A<sup>A</sup>  | 149237 | 2595231 |
|  Raia Drogasil SA | 378349 | 1702987 |
|  Sendas Distribuidora SA | 805478 | 1426961 |
|  StoneCo Ltd., Class A<sup>A</sup>  | 104034 | 1752973 |
|  Ultrapar Participacoes SA | 353859 | 1458754 |
|  Vale SA, ADR | 213073 | 2686851 |
|  XP, Inc., Class A | 81126 | 1598993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **19055114** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Brazil (Cost $17,466,390)** |  | **19055114** |
|  **China - 24.1%** |  |  |
|  **Foreign Common Stocks - 24.1%** |  |  |
|  AAC Technologies Holdings, Inc.<sup>B</sup>  | 225500 | 1066290 |
|  AIA Group Ltd.<sup>B</sup>  | 254600 | 2652921 |
|  Alibaba Group Holding Ltd.<sup>B</sup>  | 445736 | 8784061 |
|  Anji Microelectronics Technology Shanghai Co. Ltd., Class A<sup>B</sup>  | 102249 | 2921989 |
|  China Construction Bank Corp., Class H<sup>B</sup>  | 3488000 | 3665214 |
|  China Mengniu Dairy Co. Ltd.<sup>B</sup>  | 710000 | 1371642 |
|  Contemporary Amperex Technology Co. Ltd., Class A<sup>B</sup>  | 84670 | 4480709 |
|  Eastroc Beverage Group Co. Ltd., Class A<sup>B</sup>  | 41522 | 1547441 |
|  Hong Kong Exchanges & Clearing Ltd.<sup>B</sup>  | 38200 | 2031224 |
|  JL Mag Rare-Earth Co. Ltd., Class A<sup>B</sup>  | 372497 | 1778523 |
|  Kuaishou Technology<sup>B</sup> <sup>D</sup> | 197100 | 1724818 |
|  NetEase, Inc.<sup>B</sup>  | 133700 | 3697290 |
|  Sany Heavy Industry Co. Ltd., Class A<sup>B</sup>  | 642241 | 1844953 |
|  Tencent Holdings Ltd.<sup>B</sup>  | 194300 | 15355354 |
|  WH Group Ltd.<sup>B</sup> <sup>D</sup> | 1534623 | 1608328 |
|  WuXi AppTec Co. Ltd., Class A<sup>B</sup>  | 165287 | 2137623 |
|  Zhejiang China Commodities City Group Co. Ltd., Class A<sup>B</sup>  | 759311 | 1766797 |
|  Zhejiang Leapmotor Technology Co. Ltd., Class H<sup>A B D</sup> | 171800 | 1172175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **59607352** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total China (Cost $50,610,833)** |  | **59607352** |
|  **Greece - 0.9% (Cost $1,183,395)** |  |  |
|  **Foreign Common Stocks - 0.9%** |  |  |
|  National Bank of Greece SA<sup>B</sup>  | 136883 | **2144505** |
|  **India - 13.5%** |  |  |
|  **Foreign Common Stocks - 13.5%** |  |  |
|  Bharti Airtel Ltd.<sup>B</sup>  | 140079 | 3294392 |
|  Cipla Ltd.<sup>B</sup>  | 111446 | 1907663 |
|  Eicher Motors Ltd.<sup>B</sup>  | 26353 | 2075970 |
|  HDFC Bank Ltd.<sup>B</sup>  | 427034 | 4814229 |
|  Hindustan Aeronautics Ltd.<sup>B E</sup> | 34009 | 1726163 |
|  ICICI Bank Ltd., ADR | 102276 | 3194079 |
|  InterGlobe Aviation Ltd.<sup>B D</sup> | 23678 | 1562677 |
|  Larsen & Toubro Ltd.<sup>B</sup>  | 41397 | 1888647 |

---

*See accompanying notes* 

------

**American Beacon Ninety One Emerging Markets Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **India - 13.5% (continued)** |  |  |
|  **Foreign Common Stocks - 13.5% (continued)** |  |  |
|  Lodha Developers Ltd.<sup>B</sup> <sup>D</sup> | 169949 | $2187816 |
|  Max Healthcare Institute Ltd.<sup>B</sup>  | 150819 | 1959228 |
|  One 97 Communications Ltd.<sup>A</sup> <sup>B</sup> | 109636 | 1617704 |
|  Reliance Industries Ltd.<sup>B</sup>  | 302186 | 5304476 |
|  Varun Beverages Ltd.<sup>B</sup>  | 346652 | 1862911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **33395955** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total India (Cost $31,371,580)** |  | **33395955** |
|  **Indonesia - 0.6% (Cost $1,424,620)** |  |  |
|  **Foreign Common Stocks - 0.6%** |  |  |
|  Bank Central Asia Tbk. PT<sup>B</sup>  | 2785966 | **1390235** |
|  **Malaysia - 0.5% (Cost $1,283,100)** |  |  |
|  **Foreign Common Stocks - 0.5%** |  |  |
|  Tenaga Nasional Bhd.<sup>B</sup>  | 420900 | **1342616** |
|  **Mexico - 2.8%** |  |  |
|  **Foreign Common Stocks - 2.8%** |  |  |
|  Arca Continental SAB de CV | 145075 | 1480553 |
|  Grupo Mexico SAB de CV, Series B | 449759 | 3929217 |
|  Ternium SA, ADR | 43122 | 1588183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **6997953** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Mexico (Cost $5,801,315)** |  | **6997953** |
|  **Peru - 0.9% (Cost $1,459,250)** |  |  |
|  **Foreign Common Stocks - 0.9%** |  |  |
|  Credicorp Ltd. | 8303 | **2135615** |
|  **Poland - 0.9%** |  |  |
|  **Foreign Common Stocks - 0.9%** |  |  |
|  Dino Polska SA<sup>A</sup> <sup>B D</sup> | 60820 | 679921 |
|  Powszechna Kasa Oszczednosci Bank Polski SA<sup>B</sup>  | 78789 | 1669591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **2349512** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Poland (Cost $1,974,206)** |  | **2349512** |
|  **Republic of Korea - 13.3%** |  |  |
|  **Foreign Common Stocks - 13.3%** |  |  |
|  Coupang, Inc.<sup>A</sup>  | 58129 | 1636913 |
|  Kia Corp.<sup>B</sup>  | 30057 | 2336288 |
|  LG Chem Ltd.<sup>B</sup>  | 10068 | 2565225 |
|  Samsung C&T Corp.<sup>B</sup>  | 15774 | 2420674 |
|  Samsung Electronics Co. Ltd.<sup>B</sup>  | 191932 | 13111518 |
|  Shinhan Financial Group Co. Ltd.<sup>B</sup>  | 47387 | 2522640 |
|  SK Hynix, Inc.<sup>B</sup>  | 23321 | 8399787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **32993045** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Republic of Korea (Cost $22,202,571)** |  | **32993045** |
|  **Saudi Arabia - 1.0%** |  |  |
|  **Foreign Common Stocks - 1.0%** |  |  |
|  Elm Co.<sup>B</sup>  | 5749 | 1174157 |
|  Saudi Awwal Bank<sup>B</sup>  | 154701 | 1264052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **2438209** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Saudi Arabia (Cost $3,080,326)** |  | **2438209** |

---

*See accompanying notes* 

------

**American Beacon Ninety One Emerging Markets Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Singapore - 0.6% (Cost $1,585,814)** |  |  |
|  **Foreign Common Stocks - 0.6%** |  |  |
|  Sea Ltd., ADR<sup>A</sup>  | 10339 | $**1437224** |
|  **South Africa - 4.5%** |  |  |
|  **Foreign Common Stocks - 4.5%** |  |  |
|  Capitec Bank Holdings Ltd.<sup>B</sup>  | 9951 | 2256350 |
|  MTN Group Ltd.<sup>B</sup>  | 235180 | 2174022 |
|  Naspers Ltd., Class N<sup>B</sup>  | 46325 | 2905513 |
|  Sanlam Ltd.<sup>B</sup>  | 380872 | 2042183 |
|  Valterra Platinum Ltd.<sup>B</sup>  | 26524 | 1842983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **11221051** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total South Africa (Cost $7,063,821)** |  | **11221051** |
|  **Taiwan - 17.5%** |  |  |
|  **Foreign Common Stocks - 17.5%** |  |  |
|  Accton Technology Corp.<sup>B</sup>  | 91000 | 2971774 |
|  ASE Technology Holding Co. Ltd., ADR | 130637 | 1953023 |
|  Delta Electronics, Inc.<sup>B</sup>  | 149000 | 4425206 |
|  MediaTek, Inc.<sup>B</sup>  | 61000 | 2714467 |
|  Taiwan Semiconductor Manufacturing Co. Ltd.<sup>B</sup>  | 679000 | 31212616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **43277086** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Taiwan (Cost $29,749,441)** |  | **43277086** |
|  **Thailand - 1.2%** |  |  |
|  **Foreign Common Stocks - 1.2%** |  |  |
|  CP ALL PCL<sup>B</sup>  | 708600 | 952909 |
|  Kasikornbank PCL<sup>B</sup>  | 346500 | 2008673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **2961582** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Thailand (Cost $2,800,847)** |  | **2961582** |
|  **Turkey - 1.1% (Cost $2,030,905)** |  |  |
|  **Foreign Common Stocks - 1.1%** |  |  |
|  Aselsan Elektronik Sanayi Ve Ticaret AS<sup>B</sup>  | 653924 | **2832918** |
|  **United Arab Emirates - 3.0%** |  |  |
|  **Foreign Common Stocks - 3.0%** |  |  |
|  Abu Dhabi Commercial Bank PJSC<sup>B</sup>  | 653951 | 2510259 |
|  Aldar Properties PJSC<sup>B</sup>  | 662136 | 1469124 |
|  Emaar Properties PJSC<sup>B</sup>  | 558547 | 2022266 |
|  Emirates NBD Bank PJSC<sup>B</sup>  | 218750 | 1453603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **7455252** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United Arab Emirates (Cost $7,094,273)** |  | **7455252** |
|  **United States - 1.1% (Cost $2,031,891)** |  |  |
|  **Common Stocks - 1.1%** |  |  |
|  BeOne Medicines Ltd., Class H<sup>A</sup> <sup>B</sup> | 105500 | **2764872** |

---

*See accompanying notes* 

------

**American Beacon Ninety One Emerging Markets Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SHORT-TERM INVESTMENTS - 2.8% (Cost $6,949,362) |  |  |
|  **Investment Companies - 2.8%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 3.86%<sup>F G</sup> | 6949362 | $**6949362** |
|  **TOTAL INVESTMENTS - 100.3% (Cost $200,717,346)** |  | **248462938** |
|  **LIABILITIES, NET OF ASSETS - (0.3)%** |  | **(674705)** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**247788233** |

---

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 $203,548,872 or 82.1% of net assets. 

<sup>C</sup> Unit - Usually consists of one common stock and/or rights and warrants.

<sup>D</sup> Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $8,935,735 or 3.6% of net assets. The Fund has no right to demand registration of these securities. 

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

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

ADR - American Depositary Receipt.

PCL - Public Company Limited (Thailand).

PJSC - Public Joint Stock Company.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ninety One Emerging Markets Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Foreign Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | $1554783 | $— | $— | $1554783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 4158697 |  | 4158697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 19055114 |  |  | 19055114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 59607352 |  | 59607352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 2144505 |  | 2144505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 3194079 | 30201876 |  | 33395955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1390235 |  | 1390235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 1342616 |  | 1342616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 6997953 |  |  | 6997953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 2135615 |  |  | 2135615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 2349512 |  | 2349512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 1636913 | 31356132 |  | 32993045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 2438209 |  | 2438209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1437224 |  |  | 1437224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 11221051 |  | 11221051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1953023 | 41324063 |  | 43277086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 2961582 |  | 2961582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 2832918 |  | 2832918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 7455252 |  | 7455252 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 2764872 |  | 2764872 |
|  Short-Term Investments | 6949362 |  |  | 6949362 |
|  Total Investments in Securities - Assets | $44914066 | $203548872 | $— | $248462938 |

---

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

*See accompanying notes* 

------

**American Beacon Ninety One Global Franchise Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **China - 4.1% (Cost $12,785,796)** |  |  |
|  **Foreign Common Stocks - 4.1%** |  |  |
|  NetEase, Inc., ADR | 136810 | $**18886621** |
|  **France - 3.3% (Cost $11,635,142)** |  |  |
|  **Foreign Common Stocks - 3.3%** |  |  |
|  LVMH Moet Hennessy Louis Vuitton SE<sup>A</sup>  | 20597 | **15280689** |
|  **Germany - 2.9% (Cost $14,781,653)** |  |  |
|  **Foreign Common Stocks - 2.9%** |  |  |
|  Beiersdorf AG<sup>A</sup>  | 126470 | **13608099** |
|  **Israel - 2.2% (Cost $7,438,159)** |  |  |
|  **Foreign Common Stocks - 2.2%** |  |  |
|  Check Point Software Technologies Ltd.<sup>B</sup>  | 53864 | **10060179** |
|  **Netherlands - 6.4% (Cost $18,007,078)** |  |  |
|  **Foreign Common Stocks - 6.4%** |  |  |
|  ASML Holding NV<sup>A</sup>  | 27938 | **29639621** |
|  **Republic of Korea - 1.0% (Cost $3,846,094)** |  |  |
|  **Foreign Common Stocks - 1.0%** |  |  |
|  Samsung Electronics Co. Ltd., GDR<sup>A</sup> <sup>C</sup> | 2560 | **4446531** |
|  **United Kingdom - 3.5%** |  |  |
|  **Foreign Common Stocks - 3.5%** |  |  |
|  London Stock Exchange Group PLC<sup>A</sup>  | 95810 | 11311584 |
|  St. James's Place PLC<sup>A</sup>  | 251185 | 4636556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **15948140** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United Kingdom (Cost $16,372,307)** |  | **15948140** |
|  **United States - 70.6%** |  |  |
|  **Common Stocks - 70.6%** |  |  |
|  Align Technology, Inc.<sup>B</sup>  | 44817 | 6596614 |
|  Alphabet, Inc., Class A | 100732 | 32252372 |
|  Autodesk, Inc.<sup>B</sup>  | 59579 | 18072694 |
|  Automatic Data Processing, Inc. | 40832 | 10424410 |
|  Booking Holdings, Inc. | 4140 | 20346817 |
|  Edwards Lifesciences Corp.<sup>B</sup>  | 148777 | 12894503 |
|  Electronic Arts, Inc. | 85593 | 17292354 |
|  FactSet Research Systems, Inc. | 22445 | 6223325 |
|  ICON PLC<sup>B</sup>  | 62184 | 11504040 |
|  Intuit, Inc. | 28801 | 18262138 |
|  Johnson & Johnson | 65594 | 13572710 |
|  Marsh & McLennan Cos., Inc. | 74717 | 13706834 |
|  Microsoft Corp. | 54274 | 26703351 |
|  Monster Beverage Corp.<sup>B</sup>  | 136768 | 10256232 |
|  Moody's Corp. | 17403 | 8541044 |
|  Motorola Solutions, Inc. | 15342 | 5671630 |
|  Philip Morris International, Inc. | 146649 | 23094284 |
|  Roche Holding AG<sup>A</sup>  | 36315 | 13893352 |
|  S&P Global, Inc. | 18001 | 8979439 |
|  VeriSign, Inc. | 35849 | 9033589 |
|  Visa, Inc., Class A | 112691 | 37688378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** |  | **325010110** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United States (Cost $239,744,091)** |  | **325010110** |

---

*See accompanying notes* 

------

**American Beacon Ninety One Global Franchise Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SHORT-TERM INVESTMENTS - 5.8% (Cost $26,798,809) | SHORT-TERM INVESTMENTS - 5.8% (Cost $26,798,809) | SHORT-TERM INVESTMENTS - 5.8% (Cost $26,798,809) |
|  **Investment Companies - 5.8%** | **Investment Companies - 5.8%** | **Investment Companies - 5.8%** |
|  American Beacon U.S. Government Money Market Select Fund, 3.86%<sup>D E</sup> | 26798809 | $**26798809** |
|  **TOTAL INVESTMENTS - 99.8% (Cost $351,409,129)** |  | **459678799** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.2%** |  | **887872** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**460566671** |

---

Percentages are stated as a percent of net assets.

<sup>A</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 $92,536,172 or 20.1% of net assets. 

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

<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> 7-day yield.

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

ADR - American Depositary Receipt.

GDR - Global Depositary Receipt.

PLC - Public Limited Company.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ninety One Global Franchise Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Foreign Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | $18886621 | $— | $— | $18886621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 15280689 |  | 15280689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 13608099 |  | 13608099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 10060179 |  |  | 10060179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 29639621 |  | 29639621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 280260 | 4166271 |  | 4446531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 15948140 |  | 15948140 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 311116758 | 13893352 |  | 325010110 |
|  Short-Term Investments | 26798809 |  |  | 26798809 |
|  Total Investments in Securities - Assets | $367142627 | $92536172 | $— | $459678799 |

---

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

*See accompanying notes* 

------

**American Beacon Ninety One International Franchise Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Australia - 2.2% (Cost $119,120)** |  |  |
|  **Foreign Common Stocks - 2.2%** |  |  |
|  REA Group Ltd.<sup>A</sup>  | 842 | $**108100** |
|  **Canada - 5.0%** |  |  |
|  **Foreign Common Stocks - 5.0%** |  |  |
|  Constellation Software, Inc. | 102 | **246924** |
|  **Warrants - 0.0%** |  |  |
|  Constellation Software, Inc.<sup>A</sup> <sup>B C</sup> | 40 | **0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Canada (Cost $314,073)** |  | **246924** |
|  **China - 8.5%** |  |  |
|  **Foreign Common Stocks - 8.5%** |  |  |
|  AIA Group Ltd.<sup>A</sup>  | 11800 | 122955 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class H<sup>A</sup> <sup>D</sup> | 10600 | 53775 |
|  NetEase, Inc.<sup>A</sup>  | 4300 | 118911 |
|  Tencent Holdings Ltd.<sup>A</sup>  | 1600 | 126447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **422088** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total China (Cost $391,473)** |  | **422088** |
|  **France - 12.1%** |  |  |
|  **Foreign Common Stocks - 12.1%** |  |  |
|  EssilorLuxottica SA<sup>A</sup>  | 600 | 214971 |
|  Hermes International SCA<sup>A</sup>  | 82 | 199768 |
|  L'Oreal SA<sup>A</sup>  | 426 | 185643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **600382** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total France (Cost $575,474)** |  | **600382** |
|  **Germany - 13.0%** |  |  |
|  **Foreign Common Stocks - 10.7%** |  |  |
|  Beiersdorf AG<sup>A</sup>  | 904 | 97270 |
|  SAP SE<sup>A</sup>  | 1423 | 344298 |
|  Siemens Healthineers AG<sup>A</sup> <sup>D</sup> | 1712 | 85087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **526655** |
|  **Foreign Preferred Stocks - 2.3%** |  |  |
|  Sartorius AG, 0.296%<sup>A</sup> <sup>E</sup> | 394 | **114945** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Germany (Cost $722,054)** |  | **641600** |
|  **Japan - 4.5% (Cost $174,812)** |  |  |
|  **Foreign Common Stocks - 4.5%** |  |  |
|  Nintendo Co. Ltd.<sup>A</sup>  | 2600 | **220471** |
|  **Netherlands - 5.8%** |  |  |
|  **Foreign Common Stocks - 5.8%** |  |  |
|  ASML Holding NV<sup>A</sup>  | 142 | 150649 |
|  Wolters Kluwer NV<sup>A</sup>  | 1272 | 135190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **285839** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Netherlands (Cost $314,274)** |  | **285839** |
|  **Spain - 3.3% (Cost $174,520)** |  |  |
|  **Foreign Common Stocks - 3.3%** |  |  |
|  Amadeus IT Group SA<sup>A</sup>  | 2225 | **163882** |

---

*See accompanying notes* 

------

**American Beacon Ninety One International Franchise Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Switzerland - 2.1% (Cost $103,434)** |  |  |
|  **Foreign Common Stocks - 2.1%** |  |  |
|  Lonza Group AG<sup>A</sup>  | 152 | $**104368** |
|  **Taiwan - 6.6% (Cost $178,200)** |  |  |
|  **Foreign Common Stocks - 6.6%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1113 | **324451** |
|  **United Kingdom - 8.9%** |  |  |
|  **Foreign Common Stocks - 8.9%** |  |  |
|  InterContinental Hotels Group PLC<sup>A</sup>  | 775 | 102836 |
|  London Stock Exchange Group PLC<sup>A</sup>  | 1854 | 218888 |
|  Reckitt Benckiser Group PLC<sup>A</sup>  | 1530 | 118592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks** |  | **440316** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United Kingdom (Cost $451,212)** |  | **440316** |
|  **United States - 25.1%** |  |  |
|  **Common Stocks - 25.1%** |  |  |
|  Alcon AG<sup>A</sup>  | 2371 | 188841 |
|  Aon PLC, Class A | 558 | 197488 |
|  Experian PLC<sup>A</sup>  | 2675 | 117758 |
|  ICON PLC<sup>B</sup>  | 732 | 135420 |
|  Mastercard, Inc., Class A | 570 | 313802 |
|  Novartis AG<sup>A</sup>  | 765 | 99786 |
|  Philip Morris International, Inc. | 1188 | 187086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** |  | **1240181** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total United States (Cost $1,257,975)** |  | **1240181** |
|  SHORT-TERM INVESTMENTS - 2.9% (Cost $141,302) | SHORT-TERM INVESTMENTS - 2.9% (Cost $141,302) | SHORT-TERM INVESTMENTS - 2.9% (Cost $141,302) |
|  **Investment Companies - 2.9%** | **Investment Companies - 2.9%** | **Investment Companies - 2.9%** |
|  American Beacon U.S. Government Money Market Select Fund, 3.86%<sup>F</sup> <sup>G</sup> | 141302 | **141302** |
|  **TOTAL INVESTMENTS - 100.0% (Cost $4,917,923)** |  | **4939904** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.0%** |  | **2301** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**4942205** |

---

Percentages are stated as a percent of net assets.

<sup>A</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 $3,393,431 or 68.7% of net assets. 

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

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

<sup>D</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 $138,862 or 2.8% of net assets. The Fund has no right to demand registration of these securities. 

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

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

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

ADR - American Depositary Receipt.

PLC - Public Limited Company.

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

*See accompanying notes* 

------

**American Beacon Ninety One International Franchise Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ninety One International Franchise Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Foreign Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $108100 | $— | $108100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 246924 |  |  | 246924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 422088 |  | 422088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 600382 |  | 600382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 526655 |  | 526655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 220471 |  | 220471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 285839 |  | 285839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 163882 |  | 163882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 104368 |  | 104368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 324451 |  |  | 324451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 440316 |  | 440316 |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada |  |  | 0<sup>(1)</sup> | 0<sup>(1)</sup> |
|  Foreign Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 114945 |  | 114945 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 833796 | 406385 |  | 1240181 |
|  Short-Term Investments | 141302 |  |  | 141302 |
|  Total Investments in Securities - Assets | $1546473 | $3393431 | $0<sup>(1)</sup> | $4939904 |

---

<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 November 30, 2025, there were no material transfers into or out of Level 3.

*See accompanying notes* 

------

**American Beacon SiM High Yield Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  PREFERRED STOCKS - 3.9% |  |  |
|  **Financials - 3.9%** |  |  |
|  **Banks - 0.2%** |  |  |
|  Synovus Financial Corp., Series D, 7.401%, (3 mo. USD Term SOFR + 3.614%)<sup>A</sup> <sup>B</sup> | 176037 | $**4471340** |
|  **Mortgage Real Estate Investment Trusts (REITs) - 3.7%** |  |  |
|  AGNC Investment Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 9.160%, (3 mo. USD Term SOFR + 5.373%)<sup>A B</sup> | 298378 | 7551947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 8.498%, (3 mo. USD Term SOFR + 4.594%)<sup>A B</sup> | 239065 | 5835577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 9.042%, (3 mo. USD Term SOFR + 5.255%)<sup>A B</sup> | 640201 | 16113859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, 8.746%, (3 mo. USD Term SOFR + 4.959%)<sup>A B</sup> | 398977 | 9902609 |
|  Annaly Capital Management, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, 9.042%, (3 mo. USD Term SOFR + 5.255%)<sup>A B</sup> | 689787 | 17672343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, 8.435%, (3 mo. USD Term SOFR + 4.434%)<sup>A B</sup> | 560157 | 14143964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, 9.252%, (3 mo. USD Term SOFR + 5.251%)<sup>A B</sup> | 217680 | 5576962 |
|  |  | **76797261** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **81268601** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks (Cost $80,154,546)** |  | **81268601** |
|  | **Principal Amount** |  |
|  CORPORATE OBLIGATIONS - 62.5% |  |  |
|  **Communications - 1.4%** |  |  |
|  **Internet - 0.6%** |  |  |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, Due 3/1/2029<sup>C</sup>  | $12435000 | **11900366** |
|  **Telecommunications - 0.8%** |  |  |
|  Ciena Corp., 4.000%, Due 1/31/2030<sup>C</sup>  | 17687000 | **17054268** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **28954634** |
|  **Consumer, Cyclical - 8.8%** |  |  |
|  **Apparel - 0.2%** |  |  |
|  Hanesbrands, Inc., 9.000%, Due 2/15/2031<sup>C</sup>  | 3995000 | **4208489** |
|  **Entertainment - 3.5%** |  |  |
|  Churchill Downs, Inc., 6.750%, Due 5/1/2031<sup>C</sup>  | 23942000 | 24693922 |
|  SeaWorld Parks & Entertainment, Inc., 5.250%, Due 8/15/2029<sup>C</sup>  | 24571000 | 23768688 |
|  Vail Resorts, Inc., 6.500%, Due 5/15/2032<sup>C</sup>  | 22700000 | 23596741 |
|  |  | **72059351** |
|  **Leisure Time - 1.2%** |  |  |
|  Life Time, Inc., 6.000%, Due 11/15/2031<sup>C</sup>  | 24400000 | **24882705** |
|  **Lodging - 2.5%** |  |  |
|  Boyd Gaming Corp., 4.750%, Due 6/15/2031<sup>C</sup>  | 28973000 | 28226888 |
|  Station Casinos LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/15/2028<sup>C</sup>  | 3938000 | 3895206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 12/1/2031<sup>C</sup>  | 21015000 | 19885935 |
|  |  | **52008029** |
|  **Retail - 1.4%** |  |  |
|  FirstCash, Inc., 6.875%, Due 3/1/2032<sup>C</sup>  | 27025000 | **28100406** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **181258980** |
|  **Consumer, Non-Cyclical - 27.2%** |  |  |
|  **Agriculture - 1.2%** |  |  |
|  Turning Point Brands, Inc., 7.625%, Due 3/15/2032<sup>C</sup>  | 23245000 | **24763108** |

---

*See accompanying notes* 

------

**American Beacon SiM High Yield Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 62.5% (continued) |  |  |
|  **Consumer, Non-Cyclical - 27.2% (continued)** |  |  |
|  **Commercial Services - 5.2%** |  |  |
|  AMN Healthcare, Inc., 6.500%, Due 1/15/2031<sup>C</sup>  | $29520000 | $29604636 |
|  Carriage Services, Inc., 4.250%, Due 5/15/2029<sup>C</sup>  | 24431000 | 23401972 |
|  CPI CG, Inc., 10.000%, Due 7/15/2029<sup>C</sup>  | 19494000 | 20478447 |
|  GEO Group, Inc., 10.250%, Due 4/15/2031 | 31475000 | 34537452 |
|  |  | **108022507** |
|  **Cosmetics/Personal Care - 0.9%** |  |  |
|  Prestige Brands, Inc., 3.750%, Due 4/1/2031<sup>C</sup>  | 20355000 | **18967473** |
|  **Food - 3.9%** |  |  |
|  Post Holdings, Inc., 6.250%, Due 10/15/2034<sup>C</sup>  | 21825000 | 22166387 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, Due 3/1/2029<sup>C</sup>  | 25980000 | 24981466 |
|  TreeHouse Foods, Inc., 4.000%, Due 9/1/2028 | 32745000 | 32419610 |
|  |  | **79567463** |
|  **Health Care - Products - 5.1%** |  |  |
|  Avantor Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 7/15/2028<sup>C</sup>  | 5000000 | 5784330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 7/15/2028<sup>C</sup>  | $9255000 | 9167589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 11/1/2029<sup>C</sup>  | 10410000 | 9935613 |
|  Insulet Corp., 6.500%, Due 4/1/2033<sup>C</sup>  | 18975000 | 19818515 |
|  Medline Borrower LP, 3.875%, Due 4/1/2029<sup>C</sup>  | 20300000 | 19706436 |
|  Neogen Food Safety Corp., 8.625%, Due 7/20/2030<sup>C</sup>  | 19600000 | 20866023 |
|  Teleflex, Inc., 4.250%, Due 6/1/2028<sup>C</sup> | 19625000 | 19359120 |
|  |  | **104637626** |
|  **Health Care - Services - 10.9%** |  |  |
|  Acadia Healthcare Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/1/2028<sup>C</sup>  | 19953000 | 19766811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/15/2029<sup>C</sup>  | 6345000 | 6164475 |
|  Charles River Laboratories International, Inc., 4.000%, Due 3/15/2031<sup>C</sup>  | 31248000 | 29559958 |
|  Concentra Health Services, Inc., 6.875%, Due 7/15/2032<sup>C</sup>  | 22700000 | 23766355 |
|  Encompass Health Corp., 4.750%, Due 2/1/2030 | 16840000 | 16778081 |
|  Option Care Health, Inc., 4.375%, Due 10/31/2029<sup>C</sup>  | 19920000 | 19524244 |
|  Pediatrix Medical Group, Inc., 5.375%, Due 2/15/2030<sup>C</sup>  | 23630000 | 23696991 |
|  Select Medical Corp., 6.250%, Due 12/1/2032<sup>C</sup>  | 30410000 | 30195329 |
|  Sotera Health Holdings LLC, 7.375%, Due 6/1/2031<sup>C</sup>  | 18625000 | 19615200 |
|  Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 5/15/2031 | 21260000 | 22150411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 11/15/2032<sup>C</sup>  | 13025000 | 13231394 |
|  |  | **224449249** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **560407426** |
|  **Energy - 3.3%** |  |  |
|  **Oil & Gas - 3.3%** |  |  |
|  Helix Energy Solutions Group, Inc., 9.750%, Due 3/1/2029<sup>C</sup>  | 20765000 | 21802461 |
|  Tidewater, Inc., 9.125%, Due 7/15/2030<sup>C</sup>  | 6965000 | 7446323 |
|  Transocean International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 4/15/2031 | 25685000 | 24666477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 5/15/2031<sup>C</sup>  | 9950000 | 10030883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.800%, Due 3/15/2038 | 4850000 | 4343602 |
|  |  | **68289746** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **68289746** |

---

*See accompanying notes* 

------

**American Beacon SiM High Yield Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 62.5% (continued) |  |  |
|  **Financial - 7.7%** |  |  |
|  **Diversified Financial Services - 5.2%** |  |  |
|  Encore Capital Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 6/1/2028<sup>C</sup>  | 5910000 | $7428868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 4/1/2029<sup>C</sup>  | $1555000 | 1636677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 4/15/2031<sup>C</sup>  | 10800000 | 10796688 |
|  EZCORP, Inc., 7.375%, Due 4/1/2032<sup>C</sup>  | 23354000 | 24483259 |
|  Jefferson Capital Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, Due 2/15/2029<sup>C</sup>  | 2592000 | 2736670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 5/15/2030<sup>C</sup>  | 15135000 | 15833420 |
|  PRA Group Europe Holding II SARL, 6.250%, Due 9/30/2032<sup>C</sup>  | 10300000 | 11594876 |
|  PRA Group, Inc., 8.875%, Due 1/31/2030<sup>C</sup>  | $9115000 | 9449521 |
|  Rfna LP, 7.875%, Due 2/15/2030<sup>C</sup>  | 23000000 | 23317975 |
|  |  | **107277954** |
|  **Real Estate - 2.1%** |  |  |
|  Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 1/15/2029<sup>C</sup>  | 4990000 | 4799006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 4/15/2030<sup>C</sup>  | 15965000 | 14879594 |
|  Greystar Real Estate Partners LLC, 7.750%, Due 9/1/2030<sup>C</sup>  | 21233000 | 22536452 |
|  |  | **42215052** |
|  **REITS - 0.4%** |  |  |
|  Iron Mountain Information Management Services, Inc., 5.000%, Due 7/15/2032<sup>C</sup>  | 8375000 | **8061583** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **157554589** |
|  **Industrial - 6.0%** |  |  |
|  **Aerospace/Defense - 1.1%** |  |  |
|  AAR Escrow Issuer LLC, 6.750%, Due 3/15/2029<sup>C</sup>  | 22760000 | **23622695** |
|  **Electronics - 1.2%** |  |  |
|  TTM Technologies, Inc., 4.000%, Due 3/1/2029<sup>C</sup>  | 25531000 | **24728288** |
|  **Environmental Control - 0.2%** |  |  |
|  Clean Harbors, Inc., 5.750%, Due 10/15/2033<sup>C</sup>  | 3220000 | **3291053** |
|  **Machinery - Construction & Mining - 0.9%** |  |  |
|  BWX Technologies, Inc., 4.125%, Due 4/15/2029<sup>C</sup>  | 18742000 | **18392559** |
|  **Miscellaneous Manufacturing - 1.9%** |  |  |
|  Axon Enterprise, Inc., 6.250%, Due 3/15/2033<sup>C</sup>  | 22917000 | 23793163 |
|  Entegris, Inc., 5.950%, Due 6/15/2030<sup>C</sup>  | 14220000 | 14557227 |
|  |  | **38350390** |
|  **Packaging & Containers - 0.7%** |  |  |
|  Sealed Air Corp., 6.500%, Due 7/15/2032<sup>C</sup>  | 14000000 | **14491174** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **122876159** |
|  **Technology - 8.1%** |  |  |
|  **Computers - 6.7%** |  |  |
|  Amentum Holdings, Inc., 7.250%, Due 8/1/2032<sup>C</sup>  | 28391879 | 29801734 |
|  Booz Allen Hamilton, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 9/1/2028<sup>C</sup>  | 6246000 | 6145803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, Due 8/4/2033 | 13060000 | 13745810 |
|  CACI International, Inc., 6.375%, Due 6/15/2033<sup>C</sup>  | 28500000 | 29711364 |
|  Gartner, Inc., 3.750%, Due 10/1/2030<sup>C</sup>  | 13155000 | 12477462 |
|  KBR, Inc., 4.750%, Due 9/30/2028<sup>C</sup>  | 16221000 | 15916644 |

---

*See accompanying notes* 

------

**American Beacon SiM High Yield Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 62.5% (continued) |  |  |
|  **Technology - 8.1% (continued)** |  |  |
|  **Computers - 6.7% (continued)** |  |  |
|  Science Applications International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 4/1/2028<sup>C</sup>  | $14098000 | $14002786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 11/1/2033<sup>C</sup>  | 15825000 | 15763792 |
|  |  | **137565395** |
|  **Office & Business Equipment - 0.7%** |  |  |
|  Zebra Technologies Corp., 6.500%, Due 6/1/2032<sup>C</sup>  | 14150000 | **14670508** |
|  **Semiconductors - 0.7%** |  |  |
|  Qorvo, Inc., 3.375%, Due 4/1/2031<sup>C</sup>  | 16500000 | **15160512** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **167396415** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $1,263,802,299)** |  | **1286737949** |
|  FOREIGN CONVERTIBLE OBLIGATIONS - 1.5% |  |  |
|  **Consumer, Non-Cyclical - 0.6%** |  |  |
|  **Biotechnology - 0.6%** |  |  |
|  Pharming Group NV, 4.500%, Due 4/25/2029 <sup>D</sup>  | 8300000 | **13358994** |
|  **Energy - 0.9%** |  |  |
|  **Oil & Gas - 0.9%** |  |  |
|  Borr Drilling Ltd., 5.000%, Due 2/8/2028 <sup>D</sup>  | $20400000 | **18789912** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Convertible Obligations (Cost $28,580,405)** |  | **32148906** |
|  FOREIGN CORPORATE OBLIGATIONS - 28.7% |  |  |
|  **Basic Materials - 2.1%** |  |  |
|  **Chemicals - 2.1%** |  |  |
|  Cerdia Finanz GmbH, 9.375%, Due 10/3/2031<sup>C</sup>  | 29850000 | 30812066 |
|  Nynas AB, 11.750%, Due 6/17/2028<sup>D</sup>  | 12125000 | 12697113 |
|  |  | **43509179** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **43509179** |
|  **Communications - 0.6%** |  |  |
|  **Internet - 0.6%** |  |  |
|  Momox Holding AG, 8.500%, Due 12/16/2028, (3 mo. EURIBOR + 6.500%)<sup>A</sup>  | 9900000 | **11374901** |
|  **Consumer, Cyclical - 3.6%** |  |  |
|  **Distribution/Wholesale - 0.8%** |  |  |
|  Magellan Bidco SARL, 7.024%, Due 12/19/2029, (3 mo. EURIBOR + 5.000%)<sup>A D</sup> | 14600000 | **16893664** |
|  **Entertainment - 1.6%** |  |  |
|  Flutter Treasury DAC, 5.875%, Due 6/4/2031<sup>C</sup>  | $31965000 | **32284970** |
|  **Leisure Time - 1.2%** |  |  |
|  Cruise Yacht Upper HoldCo Ltd., 11.875%, Due 7/5/2028 | 27000000 | **23600006** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **72778640** |
|  **Consumer, Non-Cyclical - 2.5%** |  |  |
|  **Food - 1.8%** |  |  |
|  Minerva Luxembourg SA, 8.875%, Due 9/13/2033<sup>C</sup>  | 27897000 | 30538064 |
|  Nova Austral SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.701%, Due 11/30/2026<sup>E F G</sup> | 917204 | 917204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.002%, Due 11/30/2026<sup>E F G</sup> | 2060757 | 2060757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 4/30/2027<sup>E G</sup> | 3982794 | 3982794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 11/30/2100<sup>E G H</sup> | 4098252 | 410 |
|  |  | **37499229** |
|  **Health Care - Products - 0.7%** |  |  |
|  180 Medical, Inc., 3.875%, Due 10/15/2029<sup>C</sup>  | 14000000 | **13609151** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **51108380** |

---

*See accompanying notes* 

------

**American Beacon SiM High Yield Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 28.7% (continued) |  |  |  |
|  **Energy - 9.9%** |  |  |  |
|  **Oil & Gas - 9.9%** |  |  |  |
|  Archer Norge AS, 9.500%, Due 2/25/2030 | $— | 23500000 | $24738326 |
|  Borr IHC Ltd./Borr Finance LLC, 10.375%, Due 11/15/2030<sup>C</sup>  |  | 22654078 | 22397113 |
|  CES Energy Solutions Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 5/24/2029<sup>C</sup>  |  | 11715000 | 8652238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 5/24/2029, OCT<sup>C</sup>  |  | 1375000 | 1014901 |
|  DOF Group ASA, 8.125%, Due 9/16/2030<sup>D</sup>  | $— | 9900000 | 10144332 |
|  Floatel International Ltd., 9.750%, Due 4/10/2029 |  | 23625000 | 21911185 |
|  Paratus Energy Services Ltd., 9.500%, Due 6/27/2029 |  | 34800000 | 34732829 |
|  Secure Waste Infrastructure Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 3/22/2029<sup>C</sup>  |  | 10220000 | 7552625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 11/20/2032<sup>C</sup>  |  | 6025000 | 4317741 |
|  Shearwater GeoServices AS, 9.500%, Due 4/3/2029 | $— | 14800000 | 11834702 |
|  TGS ASA, 8.500%, Due 1/15/2030<sup>C</sup>  |  | 22495000 | 23324412 |
|  Viridien, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 10/15/2030<sup>C</sup>  |  | 3879474 | 4716578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, Due 10/15/2030<sup>C</sup>  | $— | 27602000 | 29097338 |
|  |  |  | **204434320** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | **204434320** |
|  **Financial - 3.0%** |  |  |  |
|  **Real Estate - 3.0%** |  |  |  |
|  Heimstaden AB, 8.375%, Due 1/29/2030<sup>D</sup>  |  | 15500000 | 18943147 |
|  Samhallsbyggnadsbolaget I Norden Holding AB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, Due 7/12/2027<sup>D</sup>  |  | 34120000 | 37202987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, Due 9/26/2029<sup>D</sup>  |  | 6815000 | 6326288 |
|  |  |  | **62472422** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  |  | **62472422** |
|  **Industrial - 6.0%** |  |  |  |
|  **Aerospace/Defense - 1.5%** |  |  |  |
|  Czechoslovak Group AS, 6.500%, Due 1/10/2031<sup>C</sup>  | $— | 6755000 | 6953790 |
|  Efesto Bidco SpA Efesto U.S. LLC, 7.500%, Due 2/15/2032, XR<sup>C</sup>  |  | 24461000 | 24845894 |
|  |  |  | **31799684** |
|  **Machinery - Diversified - 1.6%** |  |  |  |
|  ATS Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 12/15/2028<sup>C</sup>  |  | 10615000 | 10301474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 8/21/2032<sup>C</sup>  |  | 31500000 | 22855903 |
|  |  |  | **33157377** |
|  **Transportation - 2.9%** |  |  |  |
|  Euronav Luxembourg SA, 6.250%, Due 9/14/2026 | $— | 26450000 | 26414782 |
|  Scorpio Tankers, Inc., 7.500%, Due 1/30/2030 |  | 16500000 | 16659752 |
|  TORM PLC, 8.250%, Due 1/25/2029 |  | 15600000 | 16229337 |
|  |  |  | **59303871** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  |  | **124260932** |
|  **Technology - 1.0%** |  |  |  |
|  **Software - 1.0%** |  |  |  |
|  Verve Group SE, 6.016%, Due 4/1/2029, (3 mo. EURIBOR + 4.000%)<sup>A D</sup> |  | 18510000 | **20913591** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $583,198,487)** |  |  | **590852365** |
|  | **Shares** | **Shares** |  |
|  FOREIGN COMMON STOCKS - 0.6% |  |  |  |
|  **Consumer Staples - 0.3%** |  |  |  |
|  **Food Products - 0.3%** |  |  |  |
|  Nova Austral SA<sup>E</sup> <sup>G I</sup> |  | 10322247 | **6611028** |

---

*See accompanying notes* 

------

**American Beacon SiM High Yield Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  FOREIGN COMMON STOCKS - 0.6% (continued) |  |  |
|  **Energy - 0.3%** |  |  |
|  **Oil, Gas & Consumable Fuels - 0.3%** |  |  |
|  KNOT Offshore Partners LP | 503895 | $**4998638** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks (Cost $14,856,973)** |  | **11609666** |
|  SHORT-TERM INVESTMENTS - 1.1% (Cost $22,044,206) | SHORT-TERM INVESTMENTS - 1.1% (Cost $22,044,206) | SHORT-TERM INVESTMENTS - 1.1% (Cost $22,044,206) |
|  **Investment Companies - 1.1%** | **Investment Companies - 1.1%** | **Investment Companies - 1.1%** |
|  American Beacon U.S. Government Money Market Select Fund, 3.86%<sup>J</sup> <sup>K</sup> | 22044206 | **22044206** |
|  **TOTAL INVESTMENTS - 98.3% (Cost $1,992,636,916)** |  | **2024661693** |
|  **OTHER ASSETS, NET OF LIABILITIES - 1.7%** |  | **35364194** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**2060025887** |

---

Percentages are stated as a percent of net assets.

<sup>A</sup> Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on November 30, 2025. 

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

<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 $1,411,370,764 or 68.5% of net assets. The Fund has no right to demand registration of these securities. 

<sup>D</sup> Reg S - Security purchased under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. 

<sup>E</sup> 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 $13,572,193 or 0.7% of net assets. 

<sup>F</sup> Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

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

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

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

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

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

DAC - Designated Activity Company.

EURIBOR - Euro Interbank Offered Rate.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

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

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

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

**Currency Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  CME British Pound Currency Futures | 92 | December 2025 | $(7793093) | $(7610125) | $182968 |
|  CME Canadian Dollar Currency Futures | 630 | December 2025 | (45713564) | (45123750) | 589814 |
|  CME Euro Foreign Exchange Currency Futures | 630 | December 2025 | (92932838) | (91440563) | 1492275 |
|  |  |  | $(146439495) | $(144174438) | $2265057 |

---

*See accompanying notes* 

------

**American Beacon SiM High Yield Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased<sup>\*</sup>** | **Currency Purchased<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Currency Sold<sup>\*</sup>** | **Settlement Date** | **Counterparty** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 55895000 | EUR | 59620614 | 12/7/2027 | GST | $– $| (3725614) | $(3725614) |
|  |  |  |  |  |  | $– $| (3725614) | $(3725614) |

---

<sup>\*</sup> *All values denominated in USD.*

***Glossary:***

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

GST Goldman Sachs International

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

---

| | |
|:---|:---|
|  CAD | Canadian Dollar |
|  EUR | Euro |
|  GBP | British Pound |
|  USD | United States Dollar |

---

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

CME Chicago Mercantile Exchange.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SiM High Yield Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Preferred Stocks | $76797261 | $4471340 | $— | $81268601 |
|  Corporate Obligations |  | 1286737949 |  | 1286737949 |
|  Foreign Convertible Obligations |  | 32148906 |  | 32148906 |
|  Foreign Corporate Obligations |  | 583891200 | 6961165 | 590852365 |
|  Foreign Common Stocks | 4998638 |  | 6611028 | 11609666 |
|  Short-Term Investments | 22044206 |  |  | 22044206 |
|  Total Investments in Securities - Assets | $103840105 | $1907249395 | $13572193 | $2024661693 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $2265057 | $— | $— | $2265057 |
|  Total Financial Derivative Instruments - Assets | $2265057 | $— | $— | $2265057 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $(3725614) | $— | $(3725614) |
|  Total Financial Derivative Instruments - Liabilities | $— | $(3725614) | $— | $(3725614) |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Balance as**<br>**of**<br>**8/31/2025** | **Purchases** | **Sales** | **Accrued**<br>**Discount**<br>**(Premiums)** | **Realized**<br>**Gain**<br>**(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Transfer into<br>Level 3** | **Balance as**<br>**of**<br>**11/30/2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**at Period End\*** |
|  Foreign Corporate Obligations | $6443140 | $518025 | $– $| (18) | $– $| 18 | $– $– $| 6961165 | $300 |

---

*See accompanying notes* 

------

**American Beacon SiM High Yield Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Balance as**<br>**of**<br>**8/31/2025** | **Purchases** | **Sales** | **Accrued**<br>**Discount**<br>**(Premiums)** | **Realized**<br>**Gain (Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Transfer into<br>Level 3** | **Transfer out<br>of Level 3** | **Balance as**<br>**of**<br>**11/30/2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**at Period End\*** |
|  Foreign Common Stocks | 6987573 |  | 27934788 |  | – | 27558243 | – |  | 6611028 | (3711220) |
|  | $13430713 | $518025 | $27934788 | $(18) | $– $| 27558261 | $– $|  | $13572193 | $(3710920) |

---

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

For the period ended November 30, 2025, one Foreign Common Stock has been fair valued at $6,611,028 and four Foreign Corporate Obligations have been valued at $6,961,165 by the Valuation Committee due to the use of significant unobservable inputs.

*See accompanying notes* 

------

**American Beacon The London Company Income Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 89.4% |  |  |
|  **Consumer Discretionary - 5.7%** |  |  |
|  **Hotels, Restaurants & Leisure - 2.4%** |  |  |
|  Starbucks Corp. | 308329 | $**26858539** |
|  **Specialty Retail - 3.3%** |  |  |
|  Lowe's Cos., Inc. | 154577 | **37481831** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **64340370** |
|  **Consumer Staples - 6.5%** |  |  |
|  **Tobacco - 6.5%** |  |  |
|  Altria Group, Inc. | 429270 | 25331223 |
|  Philip Morris International, Inc. | 305720 | 48144785 |
|  |  | **73476008** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **73476008** |
|  **Energy - 3.4%** |  |  |
|  **Oil, Gas & Consumable Fuels - 3.4%** |  |  |
|  Chevron Corp. | 248878 | **37612932** |
|  **Financials - 19.9%** |  |  |
|  **Capital Markets - 8.2%** |  |  |
|  Blackrock, Inc. | 46542 | 48743436 |
|  Charles Schwab Corp. | 463079 | 42941316 |
|  |  | **91684752** |
|  **Financial Services - 3.8%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>A</sup>  | 84176 | **43250471** |
|  **Insurance - 7.9%** |  |  |
|  Chubb Ltd. | 70878 | 20992646 |
|  Cincinnati Financial Corp. | 165311 | 27704470 |
|  Progressive Corp. | 175306 | 40108260 |
|  |  | **88805376** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **223740599** |
|  **Health Care - 6.6%** |  |  |
|  **Health Care Providers & Services - 2.8%** |  |  |
|  UnitedHealth Group, Inc. | 94345 | **31112151** |
|  **Pharmaceuticals - 3.8%** |  |  |
|  Johnson & Johnson | 207334 | **42901551** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **74013702** |
|  **Industrials - 16.3%** |  |  |
|  **Aerospace & Defense - 2.9%** |  |  |
|  Northrop Grumman Corp. | 56146 | **32129548** |
|  **Ground Transportation - 5.1%** |  |  |
|  Norfolk Southern Corp. | 196600 | **57424894** |
|  **Machinery - 3.6%** |  |  |
|  Cummins, Inc. | 81178 | **40425020** |
|  **Professional Services - 2.1%** |  |  |
|  Paychex, Inc. | 214114 | **23914393** |

---

*See accompanying notes* 

------

**American Beacon The London Company Income Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Fair Value** | **Fair Value** |
|  COMMON STOCKS - 89.4% (continued) |  |  |  |
|  **Industrials - 16.3% (continued)** |  |  |  |
|  **Trading Companies & Distributors - 2.6%** |  |  |  |
|  Fastenal Co. | 728689 | $| **29439036** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | **183332891** |
|  **Information Technology - 21.8%** |  |  |  |
|  **Communications Equipment - 3.3%** |  |  |  |
|  Cisco Systems, Inc. | 484286 |  | **37260965** |
|  **Electronic Equipment, Instruments & Components - 5.6%** |  |  |  |
|  Corning, Inc. | 750982 |  | **63232684** |
|  **Semiconductors & Semiconductor Equipment - 3.3%** |  |  |  |
|  Texas Instruments, Inc. | 218459 |  | **36760096** |
|  **Software - 3.8%** |  |  |  |
|  Microsoft Corp. | 85393 |  | **42014210** |
|  **Technology Hardware, Storage & Peripherals - 5.8%** |  |  |  |
|  Apple, Inc. | 235016 |  | **65534212** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | **244802167** |
|  **Materials - 3.7%** |  |  |  |
|  **Chemicals - 3.7%** |  |  |  |
|  Air Products & Chemicals, Inc. | 158184 |  | **41293933** |
|  **Real Estate - 1.6%** |  |  |  |
|  **Specialized REITs - 1.6%** |  |  |  |
|  Crown Castle, Inc. | 191473 |  | **17477656** |
|  **Utilities - 3.9%** |  |  |  |
|  **Multi-Utilities - 3.9%** |  |  |  |
|  Dominion Energy, Inc. | 705005 |  | **44253164** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $529,259,757)** |  |  | **1004343422** |
|  **FOREIGN COMMON STOCKS - 8.0%** |  |  |  |
|  **Communication Services - 4.2%** |  |  |  |
|  **Entertainment - 4.2%** |  |  |  |
|  Nintendo Co. Ltd., ADR<sup>B</sup>  | 2253509 |  | **47684250** |
|  **Information Technology - 3.8%** |  |  |  |
|  **Electronic Equipment, Instruments & Components - 3.8%** |  |  |  |
|  TE Connectivity PLC | 186257 |  | **42122021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks (Cost $56,923,881)** |  |  | **89806271** |
|  SHORT-TERM INVESTMENTS - 2.3% (Cost $26,105,891) | SHORT-TERM INVESTMENTS - 2.3% (Cost $26,105,891) | SHORT-TERM INVESTMENTS - 2.3% (Cost $26,105,891) | SHORT-TERM INVESTMENTS - 2.3% (Cost $26,105,891) |
|  **Investment Companies - 2.3%** | **Investment Companies - 2.3%** | **Investment Companies - 2.3%** | **Investment Companies - 2.3%** |
|  American Beacon U.S. Government Money Market Select Fund, 3.86%<sup>C</sup> <sup>D</sup> | 26105891 |  | **26105891** |

---

*See accompanying notes* 

------

**American Beacon The London Company Income Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SECURITIES LENDING COLLATERAL - 0.0% (Cost $36,975) |  |  |
|  **Investment Companies - 0.0%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 3.86%<sup>C</sup> <sup>D</sup> | 36975 | $**36975** |
|  **TOTAL INVESTMENTS - 99.7% (Cost $612,326,504)** |  | **1120292559** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.3%** |  | **3117659** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**1123410218** |

---

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 November 30, 2025.

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

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

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

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

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  CME E-Mini S&P 500 Index Futures | 89 | December 2025 | $29654924 | $30524775 | $869851 |
|  |  |  | $29654924 | $30524775 | $869851 |

---

***Glossary:***

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

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

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

CME Chicago Mercantile Exchange.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The London Company Income Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $1004343422 | $— | $— | $1004343422 |
|  Foreign Common Stocks | 89806271 |  |  | 89806271 |
|  Short-Term Investments | 26105891 |  |  | 26105891 |
|  Securities Lending Collateral | 36975 |  |  | 36975 |
|  Total Investments in Securities - Assets | $1120292559 | $— | $— | $1120292559 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $869851 | $— | $— | $869851 |
|  Total Financial Derivative Instruments - Assets | $869851 | $— | $— | $869851 |

---

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

*See accompanying notes* 

------

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

**Supplementary Notes to Schedules of Investments** 

November 30, 2025 (Unaudited)

**Security Valuation and Fair Value Measurements** 

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

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

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

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

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

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

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

------

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

**Supplementary Notes to Schedules of Investments** 

November 30, 2025 (Unaudited)

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

*Valuation Inputs* 

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

---

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

---

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

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

Fixed-income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, and non-U.S. bonds are normally valued by pricing service providers that use broker dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. Fixed-income securities purchased on a delayed-delivery basis are marked-to-market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

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

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

------

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

**Supplementary Notes to Schedules of Investments** 

November 30, 2025 (Unaudited)

*Level 3 trading assets and trading liabilities, at fair value* 

The valuation techniques and significant inputs used in determining the fair values of financial instruments classified as Level 3 of the fair value hierarchy are as follows.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Manager or persons acting under their oversight and may be categorized as Level 3 of the fair value hierarchy.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the Exchange close, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board has designated the Manager as responsible for monitoring significant events that may materially affect the fair values of a Fund's securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

The Manager has selected methods for valuing securities and other assets in circumstances where market quotes are not readily available, and oversees the application of those valuation methods. In the event that the security or asset cannot be valued, pursuant to one of the valuation methods selected by the Manager, the fair value of the security or asset will be determined in good faith by the Valuation Committee.

When a Fund uses fair valuation methods that use significant unobservable inputs to determine its NAV, the securities priced using this methodology are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot guarantee that values determined by the Manager or persons acting under their oversight would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AMERICAN BEACON FUNDS

- **b. Investment Company Act file number:** 811-04984

- **c. CIK number of Registrant:** 0000809593

- **d. LEI of Registrant:** 549300EXCES9V5RWB620

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 220 EAST LAS COLINAS BOULEVARD

  - **City:** IRVING

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75039

  - **Telephone number:** 817-391-6100

**Item A.2. Information about the Series.**

- **a. Name of Series:** American Beacon Ninety One International Franchise Fund

- **b. EDGAR series identifier (if any):** S000088561

- **c. LEI of Series:** 529900VNKWE9ZB8GGV13

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5035086.97

**Total Liabilities:** $92881.50

**Net Assets:** $4942205.47

**Cash Not Reported:** $2106.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254863 | -1.03%               | -0.69%               | -1.13%               |
| Class ID C000254864 | -1.03%               | -0.69%               | -1.13%               |
| Class ID C000254865 | -0.94%               | -0.69%               | -1.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-22276.00               | $-59229.52                                 |
| Month 2  | $483400.59               | $-493129.42                                |
| Month 3  | $307541.70               | $-371136.25                                |

### Schedule of Portfolio Investments

| Name                                         | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Constellation Software Inc/Canada            | Constellation Software, Inc.                      | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |       102 | NS      | $246923.74    | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC                   | Constellation Software, Inc.                      | CUSIP: 000000000<br>LEI: 549300B6PYHMCTDWQV29 | N/A              | DE               |  | CA        |        40 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| L'Oreal SA                                   | L'Oreal SA                                        | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |       426 | NS      | $185643.61    | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                       | SAP SE                                            | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      1423 | NS      | $344298.18    | 6.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                | Beiersdorf AG                                     | CUSIP: 000000000<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |       904 | NS      | $97269.88     | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International SCA                     | Hermes International SCA                          | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |        82 | NS      | $199767.77    | 4.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                            | Wolters Kluwer NV                                 | CUSIP: 000000000<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      1272 | NS      | $135190.47    | 2.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                               | Mastercard, Inc.                                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       570 | NS      | $313802.10    | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius AG                                 | Sartorius AG                                      | CUSIP: 000000000<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |       394 | NS      | $114944.95    | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| REA Group Ltd                                | REA Group Ltd.                                    | CUSIP: 000000000<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |       842 | NS      | $108100.42    | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                              | Nintendo Co. Ltd.                                 | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |      2600 | NS      | $220471.25    | 4.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                  | Novartis AG                                       | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |       765 | NS      | $99786.12     | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc              | Philip Morris International, Inc.                 | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      1188 | NS      | $187086.24    | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| EssilorLuxottica SA                          | EssilorLuxottica SA                               | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |       600 | NS      | $214970.99    | 4.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                               | Lonza Group AG                                    | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |       152 | NS      | $104368.46    | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd    | Taiwan Semiconductor Manufacturing Co. Ltd.       | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1113 | NS      | $324450.63    | 6.56%             |  |  |  | No            |                  1 | On Loan: No      |
| American Beacon U.S. Government Money Market | American Beacon U.S. Government Money Market Fund | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |    141302 | NS      | $141301.55    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                              | ASML Holding NV                                   | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       142 | NS      | $150648.80    | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                     | Alcon AG                                          | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |      2371 | NS      | $188840.78    | 3.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd          | Hangzhou Tigermed Consulting Co. Ltd.             | CUSIP: 000000000<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |     10600 | NS      | $53775.08     | 1.09%             |  |  |  | Yes           |                  2 | On Loan: No      |
| London Stock Exchange Group PLC              | London Stock Exchange Group PLC                   | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      1854 | NS      | $218888.18    | 4.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                 | Experian PLC                                      | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      2675 | NS      | $117757.95    | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                  | Reckitt Benckiser Group PLC                       | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |      1530 | NS      | $118592.02    | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA                          | Amadeus IT Group SA                               | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |      2225 | NS      | $163881.55    | 3.32%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                | AIA Group Ltd.                                    | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     11800 | NS      | $122955.47    | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                      | Siemens Healthineers AG                           | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |      1712 | NS      | $85087.02     | 1.72%             |  |  |  | Yes           |                  2 | On Loan: No      |
| InterContinental Hotels Group PLC            | InterContinental Hotels Group PLC                 | CUSIP: 000000000<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |       775 | NS      | $102835.81    | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                  | NetEase, Inc.                                     | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |      4300 | NS      | $118910.60    | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                         | Tencent Holdings Ltd.                             | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      1600 | NS      | $126446.56    | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                      | Aon PLC                                           | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       558 | NS      | $197487.36    | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                     | ICON PLC                                          | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |       732 | NS      | $135420.00    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**Name of Applicant:** AMERICAN BEACON FUNDS

**Signature:** Sonia Bates

**Name of Signer:** Sonia Bates

**Title:** Treasurer